Car Buying
Auto Loans and Financing
Repossession

If you have two years left on a leased vehicle but you can no longer afford the payments can you return the car to the dealer?

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2015-07-16 19:25:02
2015-07-16 19:25:02

You will have to pay any balance due after the car is sold and then it ruins your credit.

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All you do is call a dealer that sell that make. If not leased by the manufactuer call the leasing company for instructions

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.

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

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.

First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.

As long as you continue to make the payments, they would have no reason the instigate a repossession. When a vehicle is financed or leased, the creditor has an interest in the vehicle and rights under the contract you signed. If you are in default of the contract either by default in payment or otherwise (failure to insure or other terms) the vehicle can be repossessed.

YES LEASED VEHICLE SCAN BE REPO'D, YOU NEED TO READ YOU LEASE AGREEMENT AND CHACK LOCAL AND STATE LAWS.

Off-Balance Sheet refers to assets and liabilities which are not reflected on the Balance Sheet. The most common would be leased equipment or property. A leased vehicle, for example, is not owned by the company - so the monthly payments are reflected as Auto Expense, but there is no vehicle included as a fixed asset, no Accumulated Depreciation and no Loan Payable. Lease obligations are generally disclosed in notes to the financial statements.

If it's leased from you, there's no need for a lien, as the terms of the lease already cover what a lien would cover insofar as asset recovery goes. If you're leasing the vehicle, then no, since you don't own the vehicle to put a lien on to begin with. Mechanic's liens, and government liens (e.g., impound liens), however are still applicable to a leased vehicle.

Even leased cars must be registered to the leasee. You must go to your local department of motor vehicles to have your vehicle registered.

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".

The answer depends on how the lease is written. If the lease payments stop then the company can choose to repossess the vehicle. If the family of the deceased and the company can reach an agreement then the family could take over the lease if all parties agree. as a death is involved an attorney may need to be involved.

That would depend on what it says in your lease agreement.

If a leased vehicle is in an accident, the lessor has to notify the lease company, along with their insurance company. Sometime the lease company will have you go through your insurance for repairs, other times they send you to their repair shop (if they have one).

Cause they have a buyer willing to pay top dollar for your car. So they will offer you a new one with new payments, and sell your car to the other buyer. It's all about the $$$$$

Yes, the estate can be required to return a leased vehicle according to the terms of the lease. If you read the fine print, it's there. Do you think that the vehicle should remain the property of the estate when it was only leased in the first place? That's the idea of a lease, the vehicle belongs to the leasing company and they let you use the vehicle for the terms of the lease. The terms of the lease are defined in the contract. If the estate of the deceased has been sued, I'm sure it is consistent with the terms of the contract.

Leased departments have such advantages as generating direct revenues, bringing new customers and cutting down on operational costs. The disadvantages include delayed payments and facing fierce competition.

NO, a lease is simply a contract like a loan. DEFAULT of either calls for repossession.

The leasee is responsible, unless the vehicle is still under warranty and the problem is covered under said warranty

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


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