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

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โˆ™ 2005-06-19 17:54:18
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Q: What happens when your leased vehicle is repossessed?
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Related questions

Who is responsible for damage to a vehicle during a repossession?

the person the vehicle was leased to is responsible as they are the ones that have caused the vehicle to need to be repossessed.


When your car is leased when can it get repossessed?

When the lease expires


If a vehicle leased to you is being driven by ex-fiance who refuses to make payments can you get it legally repossessed?

IF her name is NOT on the title, you can just go get your car.


How can you find original contract information on a repossessed lease vehicle in Texas that has been re-leased to a different party?

One could contact CARFAX.


Does a bank have to pay tickets on a car it has financed or leased?

No. Tickets must be paid by the driver or the individual leasing the vehicle, and not by the bank. However, once the vehicle has been repossessed, the bank is then responsible for the vehicle (including any tickets which may accrue).


Can a disabled person's vehicle be repossessed in Florida?

A disabled person's vehicle can be repossessed just as any other person's vehicle can be repossessed. You must make all payments on your vehicle if you want to keep it.


What happens when you cannot locate a vehicle that is to be repossessed?

If there is evidence of fraud, the person hiding the vehicle can be prosecuted and possibly even put in prison.


In Tennessee is it better to get the car back or let the dealership have it?

The dealership is not involved unless the vehicle is leased. If the dealership has repossessed a leased vehicle, it is gone; you will not get it back. If the vehicle was being purchased by loan and the lender has repossessed it, you may get it back, but you have to balance what you would owe against what you do owe. To recover a repossessed vehicle, you may have to pay the following fees: * Past due balance * Any late fees associated with the delinquency * Repossession fees * Storage fees * Legal fees * Court costs * Recovery fees (the cost associated with processing the paperwork to return the vehicle to you). However, if you do not retake possession of the vehicle, you will still be responsible for most of these additional costs, and you will have nothing to show for it.


What happens if a leased vehicle is in an accident?

If a leased vehicle is in an accident, the lessor has to notify the lease company, along with their insurance company. Sometime the lease company will have you go through your insurance for repairs, other times they send you to their repair shop (if they have one).


How can you buy out a leased car when the lease expired and car was repossessed?

When a vehicle gets repossessed it either goes back to the dealer who leased it, or, and more commonly, it is auctioned by the reclamation company. You would need to attend one of these auctions to be able to bid on one, and even then, a lot of times you have to be a licensed dealer to participate. Check on the local regulations and restrictions on the auto auctions in your area.


How do you get out of a leased vehicle?

Open the door!


Can your vehicle be repossessed if you are awaiting to be paid by the federal government?

It depends on you locatily, but in general, yes, if you are behind on your payment, your vehicle can be repossessed.


What happens when lease cannot be paid back?

The vehicle will be repossessed and the leasor will be held responsible for the unpaid balance of the lease.


Can your leased car be repossessed because of no insurance even if you are up to date with your payments?

If the terms of the lease include the requirement that you must provide insurance on the vehicle, and I've never seen a lease agreement that doesn't, yes, they can hold you in violation of the lease and repossess the vehicle.


Can you return a leased vehicle after one day?

why not.


Can a teen drive a leased vehicle?

No They Cannot.


Can a lienholder repossess a car if it is not in default but in the impound?

As long as you continue to make the payments, they would have no reason the instigate a repossession. When a vehicle is financed or leased, the creditor has an interest in the vehicle and rights under the contract you signed. If you are in default of the contract either by default in payment or otherwise (failure to insure or other terms) the vehicle can be repossessed.


What happens if you get your car repossessed?

if i get my car repossessed, can they put a llien on the house?


Can you get your vehicle possession after your vehicle was repossessed?

by paying the bill or rebuy it at an aucton


Can a vehicle be repossessed if you allowed a military person to take over vehicle payments and he has not paid anything?

it doesn't matter if the pope takes over your vehicle payments. if he stops making them, your credit is damaged and the vehicle is repossessed.


Do you have to pay the whole vehicle off if it is repossessed?

Once a car has been repossessed, you as the owner of the vehicle have the obligation to repay any amount still owed on the loan. Once a car is repossessed, it is often sold in a repossessed cars auction by the finance company. The amount which the car was sold for will be deducted from the total loan amount and then the difference will be owed by yourself. So yes you would have to pay the whole vehicle off if it was repossessed.


If you are a cosigner on a vehicle and the other person gets the vehicle repossessed then files for bancruptcy what happens to the cosigner?

you are still liable for that loan. the lender may decide to not accept the bankruptcy charge and go after you for the money.


In Texas can a car be repossessed if it is blocked by another vehicle?

no!


What hours can a vehicle be repossessed in CT?

24/7


Can you trade in a vehicle that is about to be repossessed?

Technically (and leagally) yes.