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Yes when a leasing company regains control of an asset it is still considered a Repossession repossession is much easier in a lease agreement than it is in a finance agreement due to the fact that the asset is owned by the leasing company, in a finance agreement you control ownership and the bank only holds security in the asset.

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โˆ™ 2009-09-26 20:33:46
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Q: Can a leasing company consider it a repossession if you turn a leased car in early?
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Related questions

How do you turn in a leased car?

All you do is call a dealer that sell that make. If not leased by the manufactuer call the leasing company for instructions


if a apartment building was under forclosure or sold under forclosure what happens if their were appliances leased i that building Do they automatically go to bought the place or does the company that leased them get them back?

the company leasing them gets them back they own them same as renting things.


Is it illegal to remove parts from a lease car?

Yes. If the car is leased then you do not own it, it belongs to someone else (the leasing company), and you have no right to their property.


Is it legal for a leasing company to disable leased equipment in Texas?

If the leasing company owns the equipment AND they are not being paid per the provisions of the lease they can legally take possession (re-possess) their assets. Disabling it could be a viable alternative to physically re-possessing it.


How do you lease deceased mothers car?

If the car was leased to the (now deceased) person... It should be returned to the leasing company. The lease agreement is now null and void - if you simply keep the car and try to pay the leasing company - technically you're guilty of theft !


Can you get your leased car out of repossession?

It's not really clear what you mean by "out of repossession". Repossession is an event, not a condition. If you're asking if you can get it back after it's been repossessed, it's at least theoretically possible if you act quickly enough; you should contact the leasing agency and find out what you need to do. At minimum, you should expect to have to bring the payments current and pay the repossession expenses; you may also be asked to provide a deposit against future defaults.


Repossession of a leased car in ct?

YES LEASED VEHICLE SCAN BE REPO'D, YOU NEED TO READ YOU LEASE AGREEMENT AND CHACK LOCAL AND STATE LAWS.


The meaning of repossession?

Repossession is generally used to refer to a financial institution taking back an object that was either used as collateral or rented or leased in a transaction.


Do airlines own the jet engines?

Many commercial aircraft are owned by the airline, which would include the jet engines. A substantial fraction of commercial aircraft are owned by aircraft leasing companies, and leased to the airlines; in this case, the leasing company would own the engines.


What happens when your leased vehicle is repossessed?

READ your lease contract. It should specify the results of repossession.


Lease and Buy Agreement?

Lease and Buy Agreement(Download)______________________, referred to as LEASING COMPANY and ______________________, referred to as CUSTOMER, agree:CUSTOMER shall lease from LEASING COMPANY the following items:_____________________________________________________________LEASING COMPANY shall purchase the items set forth above as CUSTOMERS agent. LEASING COMPANY provides no warranty upon the goods, and the sole warranty shall be that offered, if any, by the MANUFACTURERS and sellers of the leased equipment. The equipment shall be located at:_________________________________________________________________and may not be moved without prior approval of LEASING COMPANY.All expenses of delivery, set up and taxes of the leased goods shall be paid directly by CUSTOMER to the providers of such services.CUSTOMER shall maintain insurance coverage, at its expense, upon the leased property with broad form coverage through an insurance carrier authorized to transact business in the State of ________ acceptable to LEASING COMPANY, which approval shall not be unreasonably withheld.CUSTOMER agrees to pay LEASING COMPANY the total sum of $____ (_______________&___/100 dollars) in consideration of the lease of the equipment, to be paid in ____ installments due ______________, with the first payment due on __________________.Upon the failure of CUSTOMER to pay any installment due, or to comply with the provisions of this lease agreement, the LEASING COMPANY may accelerate the payment of all remaining sums due. The CUSTOMER shall pay all taxes and levies upon the equipment.Any payment late by 10 days will incur a late charge of 5% of the face amount of that payment as described above.Upon default the LEASING COMPANY may take possession of the leased items, and may enter the premises of CUSTOMER to do so.CUSTOMER shall have the option to purchase the leased equipment at the conclusion of the term of the lease, provided that all payments have been made, for the sum of $________(______________& ___/100 dollars). Should CUSTOMER decline to exercise this option, CUSTOMER shall return the equipment, at its expense, to LEASING COMPANY.The customer shall be responsible for all maintenance upon the leased items, and shall keep the equipment in good operating condition.Upon default, CUSTOMER agrees to pay any and all costs of collection including attorneys fees incurred by LEASING COMPANY. CUSTOMER shall not move the leased items without the prior approval of LEASING COMPANY.CUSTOMER agrees to execute financing statements or other documents reasonably required by LEASING COMPANY.Dated: ______________________________________________________________________Customer______________________________________Leasing CompanyLease and Buy AgreementReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. This is a lease agreement intended to help a customer buy a large item. It is set up as an installment loan, with leasing provisions, and will work fine as long as the customer makes the payments. The simplicity of the agreement will make it easier for the Seller to entice the Buyer into buying. The agreement provides for repossession, late payments, collection costs, and the like.1. Make multiple copies. Each signatory should get one. Keep one in the related file.


Can any insured driver drive someone else's insured leased car?

You are covered if you are a licensed driver regardless what they say. A leased vehicle is owned by the leasing agency not by the person who is leasing it. The terms of the contract will designate who may or may not drive the vehicle and nothing else applies.

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