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Do you still make lease payments although the lease vehicle was totaled?
Wiki User
∙ 16y ago
I was sued by my lease company eventhough my vehicle was totaled for not paying. I'm no expert but if I were you then I would because they have no hearts.
Wiki User
∙ 16y ago
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Can a coporation deduct a lease payment?
Yes, corporations can deduct lease payments. Property lease payments and vehicle lease payments are deductible in the year paid or accrued.
What happens when you total a lease car?
When a lease car is totaled, the car company will require the car lessee to pay the lease balance to get out of the contract. This is applicable for a wrecked car and non-reparable vehicle.
How to get back a repossessed vehicle if it was a lease?
Bring all the payments up to date.
What is the difference between finance lease and installment paying?
When you enter into a retail installment sales contract for the purchase of a vehicle, your down payment and your monthly payments go toward the total purchase price of your vehicle. When you have paid off the financing, you own your car. When you lease a vehicle, you make payments to use the vehicle over the term of your lease. However, you don't own your car. At the end of your lease, you return it to the lessor.
Why are monthly payments usually higher when you buy a vehicle than when you lease a vehicle?
because when you buy it, it's yours. when you lease it, you give it back to the leasee. In the latter case you are just paying for the opportunity to use the vehicle.
What are the differences between an automobile lease and an automobile loan?
When you take out a loan to buy a vehicle, you will be asked to make monthly payments for a certain number of years. At the end of that time you will own the vehicle. When you lease a vehicle, you make monthly payments for a certain number of years and then you give the automobile back to the dealer.
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.
Where can one go to auto lease a vehicle?
You can lease a car from most dealerships. You can only lease new vehicles and not every vehicle is available to be leased. To lease a car you simply make a small down payment. Usually less than 20% of the cars value. Then you make monthly payments for the rest of the lease. When the lease expires you have to return the car.
What steps are involved in reposessing a car?
As soon as a lease expires on a vehicle that you have in your possession or you default on one of your car payments, the owner has the right to have your vehicle repossessed.
How to get out of auto lease?
There is not easy way to get out of a auto lease after you have driven the car off the lot. Read the auto lease before signing for the options to return the vehicle, rolling the payments into a New Vehicle if found defected under warranty, voluntary repossession due to income or health changes, bank refinancing for new ownership or for someone else to assure the payments.
What are the 2 types of vehicle leases?
The two types of vehicle leases are closed-end and open-end leases. A closed-end lease is a rental agreement that puts no obligation on the lessee (the person making periodic lease payments) to purchase the leased asset at the end of the agreement. Also called a "true lease", "walkaway lease" or "net lease". An open-end lease is a rental agreement that obliges the lessee (the person making periodic lease payments) to purchase the leased asset at the end of the agreement. Also called a "finance lease".
What happens to a lease truck that has been wrecked?
The same as a purchased truck that has been wrecked. You will have been required to insure the vehicle. Contact the insurance company and file a claim. An adjustor will determine if the vehicle should be repaired or totaled.
