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YES, its legal. The lease you signed was a legal contract calling for you to do certain things at certain times. You defaulted on those terms and the Lender is reporting that you defaulted.

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โˆ™ 2015-07-16 19:24:00
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Q: If you fail to return a car when the lease ends and they repossess is it legal for them to report this as a repo on your credit?
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Related questions

How does a late payment on an apartment lease affect your credit rating?

Late Payment on Apartment LeaseA lease will not show on your credit report; unless there was a judgment against you.


Does a car lease show up on your credit report as debt you owe?

Yes, a car lease does show up on your credit report as a debt you owe. It shows up just the same as a loan with installments would.


Will your lease help build your credit score?

No. A lease is not a credit or "trade line" and therefore is not reported monthly. They will inquire on your credit but will not show up on your report other than in the inquiries and address fields.


Does a lease appear on your credit report?

Yes. Find out what car dealers don't want you to know at www.dealertricks.com


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.


How do you report delinquency to credit bureaus?

reporting credit delinquenciesI am a landlord. My tenant is seriously in default of her lease and is in arrears in excess of $5,500. and refuses to pay. How can I report her to the credit agencies?-----------------You will need to take her to court (small claims court) and get a judgment against her. The judgment is a legal action against her and will show up on her credit report.


What will happen if you break your apt lease?

It depends on your lease contract. More than likely your landlord will report to credit agencies that you have defaulted on your lease and you will subsequently have a huge ding on your credit score and have a very hard time getting anyone else to rent you an apt or loan you money for a house.


Does a car lease show up on your credit report as a debt you owe?

yes it does because when u get approved for a car lease, they use the same verification as if you were buying a car. They check the three main credit bureaus which are transunion ,experian,and equifax.


Will apartment lease show up on co-signers credit score?

When the co-signer signed for the signer then the co-signer accepted the debt as his/her own. If the signer does not fulfil the terms of the lease then the co-signer will be responsible and it will appear on the credit report. If and when it effects the credit score will depend what is contained in the report now, example to many debts, not paying per the guidelines of the other debts, etc. Some credit report sites have scenerio calculators, most times they are free to use.


If you volunteer a reposession on a lease car and the car is not operable what happens?

They repossess it anyway and you could be responsible for the repair cost, depending on the lease contract.


If you cosign for an apartment lease will an amount show up on your credit report even though you are not the primary borrower?

A lease is not an agreement to lend money, but to accept monthly installments in exchange for housing over a period of time. Since there is no debt, there is nothing to report on a credit report. The leasing agency will pull both of your credit reports to make sure they want to offer you the lease, and it may create a small address variance on your report (this is unlikely to be of consequence and will not affect your score) unless they make the pull with your correct address. Nothing from your leasing company will appear on your credit unless you default on monies owed (leave without paying a portion of rent or a deposit). If that occurs, they will usually sell the debt to a collection agency that will report you to the credit agencies. A lease is not an agreement to lend money, but to accept monthly installments in exchange for housing over a period of time. Since there is no debt, there is nothing to report on a credit report. The leasing agency will pull both of your credit reports to make sure they want to offer you the lease, and it may create a small address variance on your report (this is unlikely to be of consequence and will not affect your score) unless they make the pull with your correct address. Nothing from your leasing company will appear on your credit unless you default on monies owed (leave without paying a portion of rent or a deposit). If that occurs, they will usually sell the debt to a collection agency that will report you to the credit agencies.


If you broke a apartment lease can you get another apartment?

Might be harder if it goes on your credit report. Most apartments check credit these days and also ask for a reference. However, EZ Lease Rentals make it possible for you to get another apartment even if you have broken lease. The company accepts people with such issue and other problems like bankruptcy, eviction, foreclosure and bad credit

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