When a lease car is totaled, the car company will require the car lessee to pay the lease balance to get out of the contract. This is applicable for a wrecked car and non-reparable vehicle.
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Nothing changes as far as your lease goes.
They repossess it anyway and you could be responsible for the repair cost, depending on the lease contract.
At the end of a car lease u return the car to the dealership. The most u get is a 6 month extension. Hope that helped. Adios.
If you give the car back to the car dealership before your lease has expired, then the lease is over. You stop paying the monthly payments. This is very common in people who want a low monthly payment, thus they get a long car lease and then end up trading back in the car for a new car before the lease has expired.
The person who's name is on the Title is the owner of the car.
You will most likely still owe on the lease but the balance due might be dischargeable. But you will for sure lose the car. A bankruptcy attorney will be able to tell you for sure.
It means you are legally reliable for your boyfriends car if he does not make payments.
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.
A car lease is an individuals person lease for their car. A commercial car lease is the lease for a commercial vehicle which are used for businesses.
Usually, the lease car is required to be insured ... and the lease is most likely dependent on continued auto insurance being in force. If the car was destroyed (totalled) and there is no insurance to cover the loss, the car is then gone, but NOT the lease payments ... You will still be required to pay the lease as agreed upon ... would have been far cheaper to have had insurance.
Turn it in. It will go on your credit report as a defult.