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The terms of most auto leases require that you maintain insurance. Failing to do so is typically cause for termination of the lease. If you can't afford insurance, you can't afford to drive.
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∙ 17y ago
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When your car is leased when can it get repossessed?
When the lease expires
If you have a lease through GMAC and the car gets repossessed do you owe for the remaining payments or do you owe for the ACV of the car?
they sell the auto at an auction sell it to the highest bidder and you the remainder
What happens when lease cannot be paid back?
The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.
How to get back a repossessed vehicle if it was a lease?
Bring all the payments up to date.
If you are leasing and your veichle gets repossessed what do you owe?
You will need to read you lease contract.
Can a car be repossessed if the owner dies before the first payment is due?
The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.
Can you break a lease on a car?
It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.
Will it affect your credit if a car is repossessed after the lease has ended?
YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.
Where can information on auto lease takeovers be found online?
You can find information about auto lease takeovers at your local car selling locations like Toyota. If not, you can go to the Autos website to find information about auto lease takeovers.
Is a cosigner of an auto lease obligated to pay the lease?
Yes. That's the idea.
In Washington state can a auto be repossessed from a private business?
Yes.
How can you buy out a leased car when the lease expired and car was repossessed?
When a vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate. Check on the local regulations and restrictions on the auto auctions in your area.
