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2011-09-13 00:38:14
2011-09-13 00:38:14

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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Related Questions


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.



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


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


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).


Most Lease/Purchase programmes are not....


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


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.


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?"


Finance lease and operating lease are different things.


No it was an outright purchase.


Lease contracts can vary themselves. There are differences between lease purchase contracts and lease option. A hire purchase is just the legal term for a contract that is developed in the UK. There is quite a lot of information about the difference between the two of them. The best thing you can do is go to http://www.leasepurchasemadeeasy.com/lease-purchase-agreement.html and read the differences between the contracts. There is a lot of info there that can help you. Hope it helps.


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.


A lease purchase is a method of buying a home by way of a rental or lease agreement that includes a clause (option) allowing the renter/lessee to purchase the home within a specific time frame. Sometimes called an option or a rent to own purchase, this home-buying method is similar in concept to renting to own a property, only the financing of the property is generally transferred from the seller to a lender once the renter/lessee exercises the option to purchase the property. Lease purchases are popular amongst homebuyers with poor credit, who cannot get financing, and are often used as a means to secure a home at a set price while repairing credit issues in preparation for bank financing. These instructions will guide you through the process of a lease purchase.


No. You're not getting any bargains by buying the car at the end of a lease, rest assured of that.



No, a 17 year old can not legally lease or purchase a car. This is because minors can not legally enter binding contracts.


When you take out a mortgage, you are purchasing the house right then and there. A lease purchase is when you begin by renting out the house, but are also given the option to purchase it within a given period of time.



If you do not make car payments you will default on your loan or lease. It will ruin your credit and end up with a repossession.


In the end of the lease, you can purchase end up possessing the lease or perform a fair market price lease when in the finish of the term, you buy the equipment for the need for in those days.


At the end of a lease contract you walk away with nothing. In a hire purchase contract, if you keep the item for the appropriate length of time, you get the item. A lease is going to be less out of pocket, but there is no residual value for you.


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


Most cars that are leased are now availiable with a lease to purchase option. At the end of the contract, you may purchase the car for an agreed amount. But don't forget to look at the depreciation the car has exprienced.



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