0
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.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
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.
What is the lease repossession law in MD?
http://www.dllr.state.md.us/finance/repossession.htm Contact them, they are very helpful....
Does state of Nevada have a auto purchase rescind law?
new purchase not in repossession
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).
Does a voluntary repossession affect credit the same way as a reposession?
Yes, there is no difference. A repossession is a repossession.
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.
Is default on a lease a repossession?
Read your contract. It will tell you what default is. "Default" in leasing is when a Lessee fails to satisfy the conditions of the lease contract. Thus the lessee materially breaches the lease, and also usually when the lessee passes beyond the point of being able to remedy the breach as specified in the contract. Or, more simply, when the Lessee fails to live up to the lease contract and thus the lessor may take actions. "Repossession" is when a lessor acts to take back whatever property was leased. Terms for repossession are usually spelled out in the lease contract. Many lease contracts provide that when a breach occurs and the lessee is in default, the lessor may act to repossess the leased property. So the default may lead to repossession. But it is essential to study your contract and secure sound legal advice from a competent attorney in your jurisdiction to answer, "Can they take X away if I don't make my payments?"
How Lease option tractor trailer is it good?
Most Lease/Purchase programmes are not....
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.
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.
Do the same repossession laws mandated by the State of California apply when you purchase from a private party?
NO see CALIFORNIA CODES BUSINESS AND PROFESSIONS CODE SECTION 7507
