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Depends on verbage original contract, but you may be held liable for the balance remaining on term.
If you need to exit a Car Lease in the UK the early termination costs can be extremely expensive, some companies want the full lease paid off, others want 50%, but it can vary a lot as there is no consistency. As an alternative you can consider novating the lease (getting someone else to assume it ie take the car off you and take on the remaining payments). It will be stipulated in your contract if you can do this, under terms such as "Novate", "Assume" or "Transfer". The finance company lending the money to fund the car lease will be the ones who actually transfer the lease. After transfer you can still be liable if the other party breaks the contract, so you much confirm this so you understand before doing so.
This will still cost a few hundred pounds but can be a lot cheaper. For example if you have £300 pcm to pay for another 20 months and no longer need the car, this could be a total liability of £3,000 to £6,000. You might be able to transfer the lease for around £300-£600.
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Can you buy a car and turn around and lease it?
you can for a private seller but if you buy multiple car's and lease them it would be illegal unless you have a dealer license.
What are the risks of early termination of a car lease?
Nissan charges a $500 additonal fee on top of whats remaining on your lease.
If you have a lease and can't pay any more and you are late a couple of months on top of that what will happen if you turn the car in?
Read your lease. it should addrewss what will happen if you turn it in before the lease is up. Likely you WILL have to pay.
What happens if you give up a car before lease is up turn into dealership after 13 months on a 3 year lease?
If you give the car back to the car dealership before your lease has expired, then the lease is over. You stop paying the monthly payments. This is very common in people who want a low monthly payment, thus they get a long car lease and then end up trading back in the car for a new car before the lease has expired.
Can you change your mind on a lease car and return it to the dealership?
If you already signed the lease, you are subject to the terms of the lease and/or any penalty the leasing document states for early termination.
Can you pay off a car lease early?
yES, but you wont save much, if anything.
Can you end a car lease early for a new one?
yes you sure can but i believe there will be some kind of penalty for ending it early.
Is An auto lease is like a rental if you have problems with the car or a problem paying you can just bring it back?
No. You sign a contract agreeing to keep the car for the specified time & any repairs not covered by the warranty are on you. you can turn the car in early but there are usually large penaltys involved.
Is there a difference between a term business car lease and a commercial auto lease, or are they one and the same?
A car lease is an individuals person lease for their car. A commercial car lease is the lease for a commercial vehicle which are used for businesses.
What if your husband files bankruptcy and you have a leased car?
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What is a car lease?
A car lease can be thought of as a long-term car rental. If you choose to lease rather than buy, you will not own the car. You will simply be leasing it for a predetermined period of time. When you lease a car, you are not leasing it from the car dealer itself. You instead lease it from a leasing company, who in effect buys the car and rents it to you in exchange for your monthly payments. This leasing company can be the financial arm of large automakers (such as GM Finance or BMW Finance) or may be an independent leasing company of the dealer's choice. The dealer generally acts as an agent on behalf of the leasing company in negotiating the terms of the car lease. The most common type of car lease is called a "Closed End Lease". In this type of lease, you and the dealer agree on the length of time and interest rate at which you will lease the car, and also on the final value of the car at the end of lease (called the "residual value" of the car). When your lease is over, you can either turn your keys in or you can exercise the option to buy the car at the pre-agreed residual value. It should be worth noting, that an open-ended lease is practically unheard of these days. Any legitimate car dealer should be offering a closed-end lease.
What happens when you can no longer no way pay your FL car lease?
Turn it in. It will go on your credit report as a defult.
