It is possible but not advisable to break a lease on a car. The car would be repossessed, and the repossession would go on your credit report.
Yes, there is no difference. A repossession is a repossession.
new purchase not in repossession
READ your lease contract. It should specify the results of repossession.
http://www.dllr.state.md.us/finance/repossession.htm Contact them, they are very helpful....
Most Lease/Purchase programmes are not....
That it is a "lease - with an option to purchase" makes no difference. You would be subject to eviction like any lease tennant, the same as if it didn't have an option. (Agreeably , you MAY still have the option to exercise your right to purchase rather than move, if you are able to perform as required by the Option agreement. It is also possible, and said in most contracts, that breeching the lease eliminates the Option).
A lease in itself, is an agreement to lease. All the same.
No it was an outright purchase.
Er, then you can pay for it? ;) Seriously, though, since this was asked in category Repossession, I'm assuming that a notice of repossession has been sent out and/or the property has already been repossessed pusuant to a default or breach on a lease agreement. If whatever was leased was repossessed according to the terms of the lease or as the law allows, the Lessor would be under no obligation to re-lease or return the property just because you now have the money to satisfy the obligation. A breach for default effectively ends your lease. That said, your lessor may be willing to entertain continuing your lease or initiating a new lease. But that would be utterly at the lessor's discretion. If you have only received notice of repossession, your lease terms may still be active. A call to your lessor would clear up their position quickly. Either way, read your lease and pay close attention to what it says about default or breach of your lease, and especially if there are any time limits between breaching your lease and applying a remedy. It could turn out that your lease says something like you have 30 days following the breach to repair it before any action can be taken towards repossession.
Finance lease and operating lease are different things.
Yes, give them a call and work it out. If at all possible avoid a repossession. It will negatively effect your credit for 7 years.