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What happens to your car if are in the middle of a lease and can not make the payments?
Wiki User
∙ 16y ago
you should contact the lien holder and advise them of your situation. you might be able to get an extension for a few months and maybe during this time you have remedied your situation. if you simplycant affordthe car, we recommend you call and let them know. its always best to be in contant with them and voluntarily give up the car than to wait and them take it.
Wiki User
∙ 16y ago
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What happens if you already have a lease on your car and you co sign for your boyfriends car?
It means you are legally reliable for your boyfriends car if he does not make payments.
Can someone lease a car and someone else make the payments?
Yes, all the bank cares about is that someone is making the payments.
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.
Do you still make lease payments although the lease vehicle was totaled?
I was sued by my lease company eventhough my vehicle was totaled for not paying. I'm no expert but if I were you then I would because they have no hearts.
Can you Lease a car from someone with a loan on the car?
No. In my experience and from what I've read, it is not wise to lease a car from someone with a loan. They can still be held responsible for the car if anything happens to it. If you cannot afford to make the payments and the bank comes to collect the car, and the owner does not have it, they can be arrested.
Where can I find a car lease calculator?
Edmunds is the best site to go to to find a car lease calculator to help you make accurate calculations on what your brother is paying with his car lease payments.
Where can one go to auto lease a vehicle?
You can lease a car from most dealerships. You can only lease new vehicles and not every vehicle is available to be leased. To lease a car you simply make a small down payment. Usually less than 20% of the cars value. Then you make monthly payments for the rest of the lease. When the lease expires you have to return the car.
What are the differences between an automobile lease and an automobile loan?
When you take out a loan to buy a vehicle, you will be asked to make monthly payments for a certain number of years. At the end of that time you will own the vehicle. When you lease a vehicle, you make monthly payments for a certain number of years and then you give the automobile back to the dealer.
What is the difference between finance lease and installment paying?
When you enter into a retail installment sales contract for the purchase of a vehicle, your down payment and your monthly payments go toward the total purchase price of your vehicle. When you have paid off the financing, you own your car. When you lease a vehicle, you make payments to use the vehicle over the term of your lease. However, you don't own your car. At the end of your lease, you return it to the lessor.
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 guarantor?
A guarantor is someone who agrees to sign an agreement (most typically a rental agreement) and basically guarantees that if for some reason the tenant cannot pay, the guarantor will make the payments. This most commnoly happens in a college evironment when a student needs to have a parent sign onto the lease as a guarantor so the Landlord feels comfortable that if the student cannot make the payments, the parents will.
How do you record Obligations under capital lease contracts?
When you book the capital lease, record the asset at its fair market value or the present value of minimum lease payments, whichever is less. The capital lease obligation is recorded at the same amount. Minimum lease payments include all rental payments required during the term of the lease plus any residual value guaranteed by the lessee. They also include any payment the lessee must make for not renewing or extending the lease, including a requirement to purchase the asset. They do not include any guarantee of the lessor's debt by the lessee, contingent rentals, or any penalty for which the term of the lease has been extended. They also do not include the portion of the rent payments which represent executory costs, such as insurance, taxes, and maintenance, and any related profit. Sources: SFAS No. 13; RIA Checkpoint
