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?
You will have to pay any balance due after the car is sold and then it ruins your credit.
If you voluntarily let a leased car go because you can not afford it following a bankruptcy will they chase you for the remainder of the lease payments or vehicle value?
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.
Can a cosigner who is on the title of a leased car be sued for not paying any payments on the car when the primary leasee is paying off the loan?
Can your leased car be repossessed because of no insurance even if you are up to date with your payments?
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.
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.
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 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.
What if you leased a vehicle and a month later find out that the leasing company had no record of the account being set up Can you just keep the car for free or maybe even give it back?
If you leased a vehicle and the leasing company had no record a month later there are a few options. You can keep the car dishonestly and hope someone doesnÕt report it stolen, or save the payments until the agreement is found and updated so when the agreement is found you are not behind. Lastly, you can turn the car back in.
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.
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…
You don't own a leased car, so you can't sell it. That'd be the same as renting a house and trying to sell it. If you can't afford it anymore, contact the leasing agent, and make arrangements with them. Without a doubt, there will be some stiff penalties, though. This isn't actually true at all. We are currently leasing a Toyota Corolla Sport and have contacted the company handling our lease and they have specifically…
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.
When leaseing a vehicle would your non-owned insurance coverage come into play on the leased vehicle?
depends on your definition of lease........if you rent a car to go on vacation for a week or so.....that is a ''temp replacement vehicle'' and would be covered.....non owned auto means, you have ins. on your vehicle you borrow mine that is uninsured for whatever reason, or just has liability but your vehicle has 'full coverage' you get in accident driving my uninsured vehicle.....(if no coverage on my vehicle now only)......then your policy will kick…
Does a car company have the right to repossess a leased vehicle if it is fully insured and all payments are on time and are you obligated to take it back if it is unlawfully repossessed?
if a vehicle is unlawfully repossesed, you can get the vehicle back, and claim back all monies you have paid, and keep the vehicle without any further payments being made as long as you have proof you were up to date You are never relieved of the responsibility of paying for a vehicle or the lease agreement simply because the vehicle was wrongly repossessed. Leasing companies include many stipulations in contracts, if a payment was…
No. Until the judge declared divorce, the cosignor is on the lease. The two parties must come to a decision on who is going to own the vehicle AFTER the divorce and the two parties agree that the owner will continue payment. IF for some reason the one person CANNOT afford the payment, then both parties are on the hook until end of lease. The OWNER of the vehicle may also declare that BOTH parties…
I assume by "financed" you are NOT referring to a leased vehicle but one purchased with a new-car loan. I also assume the vehicle is still pretty new and has very low miles, which is why you mentioned "returning" it. Basically, you cannot return a vehicle. It's not like buying and returning merchandise from Wal-Mart. You must sell the vehicle. The dealer from whom you purchased it might be willing to buy it back, if…
Could not afford car insurance let car sit for a while-in a car accident in another vehicle as a passenger-No Fault State-get into trouble for not having insurance the leased car that sat?
This depends on the state. For example in PA if you have a vehicle registered but do not insure it, then your medical claim will be denied. In FL your insurance covers your injures regardless of fault and regardless of the car your in. If you are injured as a passenger in some one elses car your injuries are only covered by the owners insurance if you do not own a vehicle.