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Is default on a lease a repossession?

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βˆ™ 2007-12-05 14:41:15

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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?"

2007-12-05 14:41:15
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Related Questions

What are the consequences of not making car payments?

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.

How does repo of a leased vehicle differ from repo of a financed vehicle?

NO, a lease is simply a contract like a loan. DEFAULT of either calls for 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 a lease repossession the same as a purchase repossession?

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.

What is a default?

A default is when someone does meet the terms on an agreement. When it comes to repossession, it means they missed 1 or more payments on a loan.

What is the concept of repossession about?

Is is common knowledge that the concept of repossession is the taking back of property by a lender or seller from the borrower or buyer, usually due to default.

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.

When the borrower agrees to a voluntary repossession but their mother contests the action is that a wrongful act of repossession?

No, if the vehicle is subject to repossession due to a default in the lending agreement, it is irrelevant whether or not the parent agrees to the action.

What is default lease period for DHCP Server?

8 Days

What is the lease repossession law in MD? Contact them, they are very helpful....

What happens when your leased vehicle is repossessed?

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

How do you find the date the car was repoed?

By calling the original loan facility that was associated with the vehicle is one way to locate the repossession date. You can request that the original document of repossession be sent to you by way of fax or US mail (if you feel there is discrepancy). *Note* The time of default does not deem the time of repossession. Be sure to ask specifically for the actual repossession date and unfortunately you may have to clarify that you are not seeking the default date.

Can a default payment amount stop repossession?

No, once the loan is in default, the only way to assure that you keep your stuff is to pay off the loan in full.

What is the default lease duration of a wired subnet type?

Eight days

What are the auto repossession laws in Tennessee?

is there limitatons on a default of loan on a vehicle as far as civil action?

If I default on my personal loan agreement, can they repossess my collateral?

Your property can be subject to repossession if you default on a loan. This can be the case if you put up part of your collateral as a guarantee for your loan.

Can i be evicted for not getting renters insurance?

Yes, you can. If it's in your lease contract that you signed and you don't have it, then you are considered in default or violation of the lease already.

Can an person be evicted from their apartment after they sue you?

Only if the Lessee is in default of the terms of his/her Lease.

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.

Can a landlord go after my eighteen year old daughter if I default on my lease agreement?

Your daughter would have no legal obligation to pay the lease, unless her name is on the lease and she was over eighteen when she signed it. Otherwise the lease you signed is not enforceable against your daughter.

What is the default period of time after which a dhcp client attempts to RENEW ITS IP?

8 days Above answer is not exactly correct. The default period of time (T1) is 1/2 the time of the original DHCP lease time. So if you have a lease time of 2 days then the first attempt to renew the lease will be in 1 day.

When a car loan is in default what is the proper procedure for a legal repossession in North Carolina?

What is the default lease period for a DHCP server running on Microsoft Windows Server 2003?


Can your wages be garnished for an auto lease repossession in Florida even if the leased vehicle has been turned in?

Yes, if there is still an amount owed.

Your husband was deported and you cannot afford to pay rent can you terminate your lease early?

Since the default has nothing to do with the landlord, and is not his fault, you would be breaching the lease, and would be liable for the rent until the end of the lease, unless he rerents it.