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YES - the fact that the original term of the lease had past has nothing to do with it since the payments weren't made.

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โˆ™ 2003-12-29 07:22:17
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Q: Will it affect your credit if a car is repossessed after the lease has ended?
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Related Questions

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.


How does a late payment on an apartment lease affect your credit rating?

Late Payment on Apartment LeaseA lease will not show on your credit report; unless there was a judgment against you.


When your car is leased when can it get repossessed?

When the lease expires


Will my credit score affect my lease price?

Yes, and even your ability to get a lease. Because of the lower down payment, a lease may be harder to get than normal car financing.


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.


If you LEASE a car and have it voluntarily repossessed will you still owe money on it?

Yes


If you turn in your lease early will it effect your credit?

As long as you pay any early termination fees tied to your lease, and pay off your remaining payments, it will not affect your credit. However, like with any contract that involves money, if you 'run away' from the lease, it can be turned over to collection agencies, which could then harm your credit. Hope that helps!


How to get back a repossessed vehicle if it was a lease?

Bring all the payments up to date.


If you are leasing and your veichle gets repossessed what do you owe?

You will need to read you lease contract.


Can a car be repossessed if the owner dies before the first payment is due?

The car can be repossessed. The estate is responsible to return the vehicle and resolve the lease or loan.


What happens when your leased vehicle is repossessed?

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


How does failure on a business car lease agreement affect personal credit?

Failure on a business or car lease agreement will still be attached to your name and social security number. It will lower your total credit score unless these leases were only attached to the business or someone else's number.


Someone with a poor credit score should be able to lease a car.?

Someone with a poor credit score should be able to lease a car.


Can you lease a car with bad credit?

Yes


What is the operating lease?

Operating Lease is a lease other than finance lease. A leasing transaction wherein the lessor takes the asset risk and the credit risk.


How do you get a car lease with bad credit?

If is difficult for you to get a lease with bad credit, due to the fact new car dealers require a much higher credit score, usually 650 and higher to qualify for a lease. But you can always finance a used car relatively easier.


Will your lease help build your credit score?

No. A lease is not a credit or "trade line" and therefore is not reported monthly. They will inquire on your credit but will not show up on your report other than in the inquiries and address fields.


How do you apply liaise?

Lease, you sign a lease agreement with a finance officer if your credit is very good.


Where can a person with bad credit go to get information on car leasing?

Even those with bad credit can apply for a car lease. Some helpful websites include Top Car Lease Deals, Lease Guide, Cash Fast 123, and Auto Credit Express.


What is meant by operating lease?

Operating Lease is a lease other than finance lease. A leasing transaction wherein the lessor takes the asset risk and the credit risk.


Definition of operating lease?

Operating Lease is a lease other than finance lease. A leasing transaction wherein the lessor takes the asset risk and the credit risk.


Does breaking a rental lease agreement affect your credit rating?

Not in and of itself. Lease agreements are not typically reported on your credit report and are not normally part of your "rating". However, there are other credit bureaus used by apartment complexes. These agencies, called tenant screening bureaus, have different information than your credit report. They focus on rental payment history, evictions, lease agreements and utilities. It is possible that breaking your lease would be reported on one of these lesser known bureaus. This might impact your ability to rent in the future. Another possibility is that the lease holder can always sue you for the balance due on the contract. If a judgment were granted against you, all the provisions allowed under your state's laws would come into play. These include garnishment of wages, freezing of bank accounts, and reporting the judgment on the public records portion of your standard credit report. That would most certainly affect your credit.


What is a BMWs lease rate in general?

In general the lease rate you can obtain varies and depends on your credit worthiness. Those who have excellent credit can obtain a great, while those who have bad credit may not be approved.


How do you book a fixed asset that is a lease?

[Debit] Asset Under finance lease xxxx [Credit] Liability Under finance lease xxxx


Will sharing a lease with someone that has bad credit bring your credit score down?

Yes