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The answer depends on how the lease is written. If the lease payments stop then the company can choose to repossess the vehicle. If the family of the deceased and the company can reach an agreement then the family could take over the lease if all parties agree. as a death is involved an attorney may need to be involved.
What else can I help you with?
How do you register a leased car in NJ?
Even leased cars must be registered to the leasee. You must go to your local department of motor vehicles to have your vehicle registered.
Who is responsible for breakdowns on a leased vehicle?
The leasee is responsible, unless the vehicle is still under warranty and the problem is covered under said warranty
Can a cosigner who is on the title of a leased car be sued for not paying any payments on the car when the primary leasee is paying off the loan?
First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.
Can a leased car be used as collateral?
Not really. There is no residual value assigned to the leasee, so there is nothing to foreclose on. At the end of the lease you have nothing.
Is a leased vehicle considered an asset?
Yes, a leased vehicle is considered an asset because it has value and can be used to generate future economic benefits.
Can you return a leased vehicle after one day?
why not.
Can a teen drive a leased vehicle?
No They Cannot.
Which term describes the person who pays money for the privilege of using someone else vehicle or property for a set period of time?
leasee
Why are monthly payments usually higher when you buy a vehicle than when you lease a vehicle?
because when you buy it, it's yours. when you lease it, you give it back to the leasee. In the latter case you are just paying for the opportunity to use the vehicle.
What term describes the person who pays money for the privilege of using someone else vehicle ot property for a set oeriod of time?
Leasee
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.
How do you find where your old leased vehicle is?
Purchase a Car Fax report.
