Best Answer

Most repossession laws are vertually identical, except for small variations, the law in the U.K. is, if you have not got in writing from the repossession company that when you hand back the car, that this will be "In full and final settlement" they can come after the leasee/garauntor for the short fall. But, if the garauntor has not secured his property against the lease/loan the repossessor has to start a small claims against the leasee and then to the garauntor, at this point the judges do not favour the repossessor. In any instance as far as i am aware you must always try to deal directly with the repossessor,(who will try to put his/her charges on top)and get a settlement figure from them in writing, DO NOT accept a telephone answer as this will give you no chance of proof if they decide to take you to court. At the end of the day they only want to get there money, but bare in mind that at some point you or the leasee paid a deposit to get the lease and must have made some payment before the repossession started to take place, this must be deducted before the repossessor puts his/her charges on to the final settlement. Again, the judge will not favour the repossessor if you are in financial difficulty and have made every effort to avoid court action.

User Avatar

Wiki User

โˆ™ 2015-07-15 18:38:00
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: Can the lender take your home and land for the deficiency owed on a leased car that was voluntarily repossessed in the state of South Carolina?
Write your answer...

Related Questions

When your car is leased when can it get repossessed?

When the lease expires

What happens when your leased vehicle is repossessed?

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

Who is responsible for damage to a vehicle during a repossession?

the person the vehicle was leased to is responsible as they are the ones that have caused the vehicle to need to be repossessed.

Is money still owed if leased car is repossessed?

Yes, and potentially more than was owed before the repossession due to accrued fees.

If a vehicle leased to you is being driven by ex-fiance who refuses to make payments can you get it legally repossessed?

IF her name is NOT on the title, you can just go get your car.

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.

How can you find original contract information on a repossessed lease vehicle in Texas that has been re-leased to a different party?

One could contact CARFAX.

I recently had a leased vehicle repossessed. Now the bank is trying to collect a large lump sum deficiency amount from me. If they get a judgement against me for this amount can they take the money from my bank accounts?

No, they can't. They can put a judgement on your home, so if you try to sell it and do. They will get the money owed to them, and then you will get the rest. Yes, they can seek a garnishment for the amount. However, garnishments can be filed for your paycheck as well.

What is the homophone for leased?


Is there any way to get a repossessed car back without paying the car insurance?

Not Unless you can prove that you already had the required insurance.AnswerNo. as soon as you have no insurance on a leased vehicle, the lein holder has the legal right to repo it.

In Tennessee is it better to get the car back or let the dealership have it?

The dealership is not involved unless the vehicle is leased. If the dealership has repossessed a leased vehicle, it is gone; you will not get it back. If the vehicle was being purchased by loan and the lender has repossessed it, you may get it back, but you have to balance what you would owe against what you do owe. To recover a repossessed vehicle, you may have to pay the following fees: * Past due balance * Any late fees associated with the delinquency * Repossession fees * Storage fees * Legal fees * Court costs * Recovery fees (the cost associated with processing the paperwork to return the vehicle to you). However, if you do not retake possession of the vehicle, you will still be responsible for most of these additional costs, and you will have nothing to show for it.

What is leased line?

must read:

Does a bank have to pay tickets on a car it has financed or leased?

No. Tickets must be paid by the driver or the individual leasing the vehicle, and not by the bank. However, once the vehicle has been repossessed, the bank is then responsible for the vehicle (including any tickets which may accrue).

What is the difference between telephone and leased line?

diffrent between telephone lines & leased lines

Can they repo a leased car 2 months before the end of the contract with payment schedule in place?

READ your lease. The lender can repo as long as you are in DEFAULT. As long as there is money owed on a contract, the collateral can be repossessed IF the contract is in default. Subject to some state guidelines.

Can your leased car be repossessed because of no insurance even if you are up to date with your payments?

If the terms of the lease include the requirement that you must provide insurance on the vehicle, and I've never seen a lease agreement that doesn't, yes, they can hold you in violation of the lease and repossess the vehicle.

What is a homophone for leased?

Answer: Homophones are words that sound alike, but mean different things. Therefore, a homophone for LEASED (he LEASED the apartment for a year) would be LEAST (he will live there at LEAST a year).leapt

What is the homophone for least?


What is Homophone for least?


What is iplc?

IPLC stands for international private leased circuit IPLC stands for international private leased circuit

How can you find the original agreement on a repossessed lease vehicle that has been re-leased to a different party in the state of Texas?

IF you knew the original lease date, you might be able to backtrack thru the UCC listings in TX. OR you may be able to track the VIN in the same place.

How many silverados were purchased or leased in 2007?

According to the Chevrolet website, there were 502,105 Silverado's purchased or leased in the year 2007

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

How do bullion banks get back the gold they have leased?

The bullion banks simply take back the gold that they have leased after the period runs out.

What are the release dates for Last but Not Leased - 1931?

Last but Not Leased - 1931 was released on: USA: 18 December 1931