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About the same. Don't make your payments and they will come get it. Then you still owe the difference as stated on the contract.

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βˆ™ 2011-09-13 00:38:14
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Q: Is a lease repossession the same as a purchase repossession?
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Related questions

Can you break a lease on a car?

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.


Does a voluntary repossession affect credit the same way as a reposession?

Yes, there is no difference. A repossession is a repossession.


Does state of Nevada have a auto purchase rescind law?

new purchase not in repossession


What happens when your leased vehicle is repossessed?

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


What is the lease repossession law in MD?

http://www.dllr.state.md.us/finance/repossession.htm Contact them, they are very helpful....


How Lease option tractor trailer is it good?

Most Lease/Purchase programmes are not....


Can a landlord evict you if you signed a lease option to purchase?

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).


Is A lease as good as agreement to lease?

A lease in itself, is an agreement to lease. All the same.


Was Alaska a lease to the US?

No it was an outright purchase.


What happens if i can pay for my lease?

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.


Capital lease and financing lease are the same thing?

Finance lease and operating lease are different things.


Should you call the lease creditor that you want them to reposes my lease auto?

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.

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