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Leased car repossession: What to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies who pay us. This compensation could affect how and when products are featured on the site, such as such things as the order in which they may appear in the listing categories, except where prohibited by law. This applies to our mortgage or home equity, and also other home lending products. But this compensation does not influence the information we provide, or the reviews you read on this site. We do not cover the entire universe of businesses or financial deals that may be open to you.

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4 min read Published November 28th, 2022.

The story was written by TJ Porter Written by the writer who contributed to the writing

TJ Porter works as a contributor writer for Bankrate with over eight years of experience writing about finance. TJ writes on a variety of subjects, including .

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing precise, well-researched and well-studied information that break down complicated topics into manageable bites.

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At Bankrate we aim to help you make better financial decisions. We adhere to the highest standards of ethical standards ,

This post could contain some references to products offered by our partners. Here's how we make money .

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In 1976, Bankrate was founded. Bankrate has a long track history of helping people make wise financial decisions.

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who ensure everything we publish ensures that everything we publish is accurate, objective and trustworthy. The loans reporter and editor focus on the things that consumers care about the most -- the different kinds of lending options, the best rates, the best lenders, ways to repay debt, and more -- so you'll be able to feel secure when investing your money.

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Leasing is an option that is beneficial to many. But if you have trouble paying the rent the car you leased could get repossessed. As with repossession of a car owned by the owner, car lease repossession is an expensive and financially destructive procedure. But there are actions which you may take to avoid the car from being taken away -- or at least reduce some of the negative consequences. Things to do prior to repossession If you're missing payments on the lease of your car, your vehicle might get taken away. But you may still be capable of delaying or preventing repossession. Check the terms of your contract. The lease contract will specify what happens to your vehicle and when it could be repossed. It also details the fees and obligations after the repossession. Understanding what conditions need to be fulfilled and how you can stay clear of them prior to the vehicle is repossessable can help you come up with the best strategy for moving forward. Create a plan. Think about whether you want you to retain the car and whether you are able to afford it. You might be better off taking the initiative to replace it with a cheaper one. Remove all personal items from your car. The car could be taken at any point. Take anything that you want to keep away from your car -- recovering personal items when your car is being towed away is an issue. Consider voluntary repossession. If you're aware that the car you lease is going to be taken away and you are able to surrender it to the lender in exchange for a voluntary surrender. This will reduce the amount of fees you pay, and also lessen the harm on your credit. Methods to avoid a leased car repossession If the vehicle you lease is due to be taken away There are a few steps you can take to ensure that the vehicle is kept. Pay the missed payments In many cases, lease agreements permit you to "cure" your lease in the event that you fail to pay your lease and pay the accrued fees. For instance, if you're paying $250 a month and missed the last two monthly installments, you could make a payment of $750 -- plus late fees -- to the leasing company in order to cover your monthly payments and pay for the previous two payments to put you back in good standing. In some states, you might be allowed to "redeem" the vehicle you leased after repossession. The lender is required to send you a notice outlining the steps you need to follow and the amount you'll need to make payment to redeem your vehicle before it is sold at auction. Contact the leasing company if you reach out to the leasing company, they could be willing to work with you to help you keep the vehicle. It could be possible to put off payments or changing the conditions of your contract to make your lease less expensive. The leasing company isn't required to make any modifications to your contract. The willingness of their staff to assist will depend on which company you have leased through as well as your past payment history , and whether you have notified them of financial problems. Voluntary repossession If you give up your car voluntarily the leasing company is likely to charge less than if it had to send someone to tow it. Although you'll still lose your car but a voluntary repossession can save you money and aid to recover faster. It is not the case that every lender will repossess your car however. If the , keep making payments and keep in touch with the lender until it acts on the repossession. What's the price of a car leased repossession will cost you? When your car is repossed but you're not completely clear from your debts. You'll still owe money to the leasing company and it is likely that there will be significant fees added to repayments you've already made. You can expect to pay the costs for getting your car ready to sell. The remaining balance of your lease is typically reduced by the price the company sells your car for. Any past due amount. Charges for excess mileage and wear and tear. Unpaid interest, other lease-end charges. Costs incurred during repossession, such as towing and storage before auction. Your when your car is repossed. Unfortunately, there isn't much you can do about that and you'll have to wait until the default is off the credit file. In the meantime, you will be harder to qualify for new loans. Also, expect more expensive interest rates for the loans that you've been approved for. If you fail to repay the lender for this repossession, then you could be brought to the court. If the judge orders you to pay, you may be responsible for legal fees and court costs as well as the amount you already owed. My car was taken away. What rights do I have? Your rights are determined by your state's laws. So long as the repossession does not involve violence and forced or from a garage that has been closed, it can occur at any moment without notice. Check your state's laws prior to and after your vehicle is repossessed. When the car is repossessed the state might require the leasing company to provide the time and date for the sale. It is also possible to obtain your vehicle back after the overdue fee and amount are paid. Although you should remove any personal belongings you have from the vehicle prior to when it is taken away, the leasing company or a third-party firm hired to repo your car is required to return any property inside the vehicle. And in the event that your car is sold at a price higher than the amount you owe, you to any surplus amount. The main point is that dealing with repossessions of your car on lease is stressful. If you aren't prepared, you will face hefty fees and might have trouble affording a replacement vehicle. Call your lender to see what options are available to modify your lease agreement. And if that fails, try to get ready for repossession so that you can minimize the negative effects on your credit score and finances.

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TJ Porter is a contributor writer for Bankrate with over eight years of experience in writing about finance. TJ writes on a variety of subjects, from to .

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to manage their finances with clear, well-researched data that breaks otherwise complex topics into manageable bites.

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Auto Credit Express

Auto Credit Express: 2023 Auto loan review Published 2023-01-01 00:00:00

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely borrowing money to purchase a car.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down complicated topics into manageable bites.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with financial calculators and interactive tools that provide objective and original content. This allows users to conduct research and compare data for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies who pay us. This compensation can affect the way and when products are listed on the site, such as for instance, the sequence in which they be listed within the categories of listing, except where prohibited by law for our loan products, such as mortgages and home equity, or other products for home loans. However, this compensation will affect the content we publish or the reviews you read on this site. We do not cover the vast array of companies or financial offerings that could be available to you.

About our reviews . Editorial disclosure: All reviews are prepared by our staff. The opinions expressed are solely those of the reviewer and have not been checked or accepted by any advertiser. The information that is included, including rates and fees, presented in the review is accurate as of the date that the review was written. Look over the information at the top of this page and the lender's website for the most up-to-date details.

A look 3.6 rating: 3.6 stars out of five

Bankrate Score

Rating of Availability: 3.7 stars out of 5

The Affordability Score: 3.4 stars out of 5

The Customer Service Rating is 3.4 5 stars. 5

Transparency Rating: 4 stars out of 5

Compare rates for auto loan rates

About Auto Credit Express Loans from between $5,000 and $45,000

Min. credit score not specified

The APR Varies by lender

Funds available in As soon as the day that you apply

Auto Credit Express features Auto Credit Express allows the possibility of owning a car for those with bad credit, yet they can be a bit expensive.

PROS Poor credit loans

Encourages co-signers

A low monthly income requirement

CONS Limited vehicle inventory

Transparency limited

Limited customer support

Auto Credit Express serves as an online lender marketplace primarily serving people with bad credit with no credit or who were previously denied due to bankruptcy. The goal of the company is to help customers get loans from a trusted dealer even with less than perfect credit. Auto Credit Express works with more than 900 dealers across the country to fit the needs of every driver for both new and used refinance loans.

Do you qualify? The requirements for eligibility vary based on the lender and the lender, however Auto Credit Express outlines the most important requirements to apply to get a bad credit loan. Be at minimum the age of 18. At least $1500 in monthly earnings. Proof of residence and address residency. Three years of working experience without major gaps Full-time employment for at least six months or have other fixed income. able to get auto insurance from six to eight personal references when it comes to bad credit loans you can also expect to make the down payment of at least 1,000 or 10 percent of the purchase price of the vehicle. Following the lender agreement, the borrower can anticipate a hard credit check.

What we enjoy and what don't like Weigh the advantages and drawbacks of a loan with Auto Credit Express prior to submitting an application.

What we like Specialize In bad credit loans. Auto Credit Express partners directly with bad credit lenders to help people with poor credit access to auto loans. Encourages co-signers. Co-signing with a co-signer can help bad credit drivers receive competitive rates. A low monthly income requirements. Auto Credit Express as a minimum monthly income requirement of $1,500. What we do not like is limited vehicle inventory. You will be stuck with vehicles from partner dealerships. Low transparency. There isn't any information on potential APRs on the website. Limited customer support. Assistance is available only on the weekdays. How to contact Auto Credit Express Customer support is accessible through an online contact form or via phone at 855-439-0814. Agents are available Monday through Friday from 8:30 a.m. to 5:30 p.m. ET.

Auto loan types available Auto Credit Express offers loans for buying new or used vehicles, loans refinancing, cash out, refinance and leasing. The loan ranges between $5,000 and $45,000. Used and new auto loans

Loan quick facts Amounts: Between $5,000 and $45,000 Terms of the loan: 36 to 72 month APR: Varies by lender

If you are trying to finance a new or used car, Auto Credit Express offers various options via its lender network. The rates and terms are different, but the available loans cater directly to drivers with good, bad or none even. If you're purchasing new, you'll only be limited to Auto Credit Express's partnered dealerships. Refinance

Quick facts about loans: Between $5,000 and $45,000 Terms are 36 to 72 months APR: varies by lender

Refinancing your current auto loan could be a good option to lower your monthly payments and to adjust your rate. While Auto Credit Express does not provide specific requirements for credit however, their website says that most lenders approve drivers who have "good" (or above-average) credit. Therefore, even though Auto Credit Express specializes in bad credit loans, refi caters more to drivers who have better credit. How do you apply for a loan through Auto Credit Express An application with Auto Credit Express can be done fully online or via the phone. It will likely take just three minutes, and you will be matched with a dealer within the first 24 hours of your application. After you have been matched with a lender you will receive a message from a local dealership if you are purchasing a new or used vehicle and you'll then be able choose your vehicle.

Information required for application: Full name Social Security number Birth date, address and time living there Email address and telephone number Housing payment Employment information Monthly income

Auto Credit Express FAQs

Are you able to use Auto Credit Express to find lease financing? Yes, you are able to use Auto Credit Express to find lease financing options even in the event that you do not have perfect credit.

Will a bankruptcy prevent you from being approved for an auto loan through Auto Credit Express? Auto Credit Express can help you secure an auto loan in the event of bankruptcy or following. Ideally, you should aim to purchase a car with an lower cost and make a down payment equal to the lesser of 10% of the sale price or $1000, and bring a cosigner on board (if possible).

What rates do Bankrate offer? Auto Credit Express

Overall score

3.6

Availability

3.7

While new, used and refi loans are available, the dealership requirement or middle-tier loan amounts produce a lower score.

Affordability

3.4

Acceptance criteria are designed to accommodate people with poor credit, but with terms and rates that are influenced according to the lender, affordability is tough to measure.

Customer experience

3.4

In the combination of limited hours and poor online reviews, customer service is skewed lower.

Transparency

4

Auto Credit Express lacks transparency about the terms and rates however, it does offer prequalification.

Methodology Bankrate considers 18 data points when rating auto loan lenders. Acceptance criteria, charges and rates are accessible and the APR range all affect lender scores. These scores are broken up in four different categories. Availability : Loan amounts and repayment options, dealership requirements and state availability all are a part of this category. Accessibility: This section includes APR ranges and acceptance criteria, as well as fees and discounts. Customer experience: The length of time you'll need to shop, the customer service availability, whether there's an app and autopay availability are accounted for in this section. Transparency: This category accounts for the accessibility of rates and fees as well as the availability of prequalification.

Disclosure of author Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been evaluated or accepted by any advertising company. The information, including rates and fees provided in the review is correct up to the date that the review was written. Look over the information in the upper right hand corner of the page, and the lender's website for the most up-to-date details.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of using loans to buy a car.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances with clear, well-researched information that break down complex topics into manageable bites.

Auto loans editor

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and, services, or for you clicking certain links posted on our site. So, this compensation can impact how, where and in what order items are displayed within the categories of listing in the event that they are not permitted by law. We also offer mortgage home equity, mortgage and other home loan products. Other factors, like our own rules for our website and whether the product is offered in the area you reside in or is within your own personal credit score can also impact the way and place products are listed on this site. While we strive to provide an array of offers, Bankrate does not include information about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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How to file for bankruptcy and keep your car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive financial calculators and tools that provide objective and original content. We also allow users to conduct research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including for instance, the order in which they may be displayed within the listing categories in the event that they are not permitted by law. Our mortgage or home equity products, as well as other home lending products. However, this compensation will have no impact on the content we publish or the reviews appear on this website. We do not contain the vast array of companies or financial deals that may be accessible to you.

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5 min read Published March 20, 2023

Authored by Mia Taylor Written by Contributing Writer

Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to manage their finances with concise, well-researched and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.

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More information

At Bankrate we strive to help you make better financial decisions. We adhere to the highest standards of journalistic integrity ,

this post may contain the mention of products made by our partners. Here's how we make money .

The promise of the Bankrate promise

In 1976, Bankrate was founded. Bankrate has a long track experience of helping customers make smart financial choices.

We've maintained our reputation for more than 40 years by demystifying the financial decision-making

process, and giving people confidence about the actions they should take next. process and gives people confidence in the next step.

so you can trust that we're putting your interests first. Our content is written by and edited by ,

They ensure that what we write ensures that everything we publish is accurate, objective and reliable. Our loans reporters and editors focus on the points consumers care about the most -- the different kinds of loans available as well as the best rates, the best lenders, ways to pay off debt and much more. So you'll be able to feel secure when making your investment.

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Bankrate has a strict policy and rigorous policy, so you can rest assured that we'll put your needs first. Our award-winning editors and reporters provide honest and trustworthy content that will aid you in making the best financial decisions. The key principles We value your trust. Our goal is to provide our readers with reliable and honest information, and we have established editorial standards to ensure that happens. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure the information you're receiving is accurate. We keep a barrier with our advertising partners and the editorial team. Our editorial team does not receive any direct payment from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU as the reader. Our goal is to give you the best advice that will assist you in making smart personal financial decisions. We follow rigorous guidelines that ensure our content is not in any way influenced by advertising. Our editorial team receives no directly from advertisers, and our content is checked for accuracy to ensure its truthfulness. Therefore, whether you're reading an article or review, you'll be able to trust that you're getting reliable and dependable information.

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If you have questions about money. Bankrate can help. Our experts have been helping you master your finances for more than four decades. We are constantly striving to provide our readers with the professional guidance and the tools necessary to make it through life's financial journey. Bankrate follows a strict policy, which means you can trust that our content is truthful and precise. Our award-winning editors and journalists provide honest and trustworthy content that will help you make the right financial decisions. The content created by our editorial team is factual, objective and uninfluenced from our advertising. We're honest about how we are capable of bringing high-quality information, competitive rates and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods or services, or through you clicking certain links posted on our website. Therefore, this compensation may impact how, where and in what order products are displayed within the listing categories, except where it is prohibited by law for our mortgage, home equity, and other home lending products. Other elements, such as our own website rules and whether the product is available in your area or at your personal credit score could also affect the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on each financial or credit item or service.

If you're thinking about it the possibility of bankruptcy, there are options which can prevent your car from being taken away -- even if you haven't fully repaid the auto loan. In several states, you could be able to stay away from repossession of your car through bankruptcy code exemptions, though the laws differ between states. Can you protect your car through bankruptcy?

The two chapters Chapter 7 and Chapter 13 bankruptcy contain provisions that you might be able keep a vehicle that you bought using a secured loan.

How do you keep your car by filing Chapter 7 bankruptcy Car loans are , meaning the car is pledged as collateral in order to back the loan. Because the vehicle serves as collateral, it can be repossessed by the lender if you fail to keep up with the payments. However, under Chapter 7, the most frequent bankruptcy for individuals, you have a few alternatives to keep your car. "To keep a vehicle while you go through Chapter 7, the debtor must be current and stay current with the lender and perform a'redemption or redemption,' which is making payments to the lender, or perform the'reaffirmation', which may require changing the loan conditions, but it will require lender approval," says Lamar Hawkins, a bankruptcy lawyer with Guidant Law. Here's how redemption and reaffirmation work: Redemption: Pursuing redemption means paying your lender the vehicle's actual fair market value. If you're able to make this happen it can make your life simpler in the future since you'll have eliminated car payments. But because most people file for bankruptcy during a time when cash isn't readily available it's not an option for you. Reaffirmation: This option permits you to continue to pay on your loan until you file for bankruptcy. By reaffirming your debt you agree a second time to continue making payments in accordance with a plan agreed upon by you and your creditor and may also include revised loan conditions. Bankrate's tip

If neither of these options is a good fit for your financial situation You can also surrender your vehicle to the lender and get the debt wiped off.

"When you receive an Chapter 7 Discharge, you won't have any personal obligation to pay your loan," says Pennsylvania-based bankruptcy attorney Dai Rosenblum. "All the creditor can do is seize their collateralthat is, your vehicle. They are not able to pursue you for money." Exemptions from bankruptcy you file to file for Chapter 7, your assets are sold off or liquidated to pay your creditors. However, a bankruptcy court permits the holder to retain a certain amount of your assets up to a specific amount of money, as per Debt.org. This is known as"exemption. "exemption." It is a federal exemption limit. maximum federal exemption is $4,000. However, some states set their own limits that must be followed Some states' exemptions exceed more than $4,000 while some are lower. What you can expect to receive for your vehicle in bankruptcy filings is not based on what you paid for it. In many states, the value is based on the value of the car's cash value determined by factors like the year, model, and mileage. Car industry sources like Kelley Blue Book or Edmunds can be used to determine the value of your vehicle. If the current value of your car is determined to be lower than your state's exemption limit, then you will be allowed to keep the vehicle even though you're filing for bankruptcy. On the other hand when the vehicle is more valuable than the exemption, a bankruptcy trustee may opt to sell the vehicle in order to you pay off your creditors. This is how it works If the exemption for your state is $4,000 and your car's value is $2,000, you're likely to be permitted to keep the vehicle because it's worth less that the amount of exemption. If, on the other hand the exemption for your state is $4,000 and your car is valued at $10,000, a bankruptcy trustee may take the car off the market and use the profits to pay off your debt. Reasons you wouldn't keep your car during Chapter 7 bankruptcy Keeping your car isn't always feasible when making a Chapter 7 bankruptcy. Plus, sometimes it simply does not make financial sense to try and hang on to the car. When sorting through these questions, the value of your car as well as your equity in your car are crucial factors. Car equity and bankruptcy Similar as a mortgage on an investment property equity is determined by subtracting what you still owe on your car loan from the vehicle's current market value. "For example, if have a car with a fair market value of $10,000 and the 1,000 loan balance, you have $9,000 of equity," says Rosenblum. If the equity is higher than the exemption, a bankruptcy trustee could decide to sell the vehicle and apply the proceeds toward paying off debts. It's not economically sensible for you to hold on to the car. Finally you should keep to your mind the vehicle's current fair market value is included in the loan and you want to keep the vehicle will not necessarily be a wise financial move. "Very often it is the case that the loan balance is more than what you can get for the car, and without the means or desire to keep the car, the person filing bankruptcy lets go of the vehicle," says Michael Sullivan who is a personal financial advisor working with the non-profit financial counseling agency Take Charge America. How to keep your car during Chapter 13 bankruptcy Chapter 13 bankruptcy offers a variety of ways to keep your vehicle. "The Chapter 7 framework is the basis for Chapter 13," says Rosenblum. "But with Chapter 13, you reorganize your debt." The process of creating the payment plan is a part the Chapter 13 debt reorganization, an initial three to five-year repayment plan is created that takes into consideration your earnings and assets. The purpose for the Chapter 13 process is to enable you to keep your possessions, including your car, while paying the debt. Additionally, if you're behind on payments, the plan will need you to make up the gap and pay on time moving forward. Revising the conditions that apply to your loan The court may also demand that the lender amend the car loan conditions, such as decreasing the interest rate this is another method to aid in keeping the vehicle. The terms will be revised, and the monthly payments will be lower. "A Rewrite of the debt due to the lender could be done by way of a Chapter 13 plan, and market terms can be forced upon the lender," says Hawkins. The reduction of the loan balance altering your auto loan terms as part of Chapter 13 may also include the process known as"cramdown. "cramdown," which reduces the amount you pay the lender according to the vehicle's actual market value. The timing of your purchase of a car is an important factor in a cramdown. In particular, there is the 910 rule which applies to cramdowns. Newer vehicles: If you bought your car within 910 days of your bankruptcy, then you are required to be able to pay the entire amount of the car loan but the rate of interest may be reduced. Older vehicles: If you purchased your vehicle more than 910 days prior to filing for bankruptcy then you're only required repay the car's current actual market value. Reasons you wouldn't keep your vehicle during Chapter 13 bankruptcy In certain situations, it might not be feasible to keep your vehicle when you are pursuing Chapter 13, or hanging on to it may not be the best option. Examples of when this may hold true include: The loan is in arrears and you don't have the financial resources in order to make the loan current or the ability to pay the monthly installments. In this situation it is possible to give up the vehicle. The car isn't in good condition or not reliable. In these situations, surrendering the vehicle could make more sense. The car is particularly valuable and selling it would provide the funds for the repayment of your obligations. There is a significant equity stake in the car, which exceeds the bankruptcy exemption levels in your state. The final result Filing bankruptcy does not automatically guarantee that a vehicle purchased through secured loan is repossessed. In the both Chapter 7 and Chapter 13 bankruptcy codes, you can secure your vehicle. A bankruptcy lawyer can assist you in deciding which bankruptcy option is most appropriate for your financial situation.

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Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances through providing precise, well-studied information that breaks down otherwise complex topics into manageable bites.

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How much an oil change costs Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and compare information for free - so that you can make financial decisions with confidence. Bankrate has agreements with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on the site, such as, for example, the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. But this compensation does not influence the content we publish or the reviews that you read on this site. We do not contain the universe of companies or financial offerings that could be available to you.

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The price of an oil change will vary dependent on the kind of vehicle you own, where you have the service done and the service provider you select. But it is important to be aware of how often you need to change your oil as well as an estimate of how much it will cost in order to understand your actual cost of owning a vehicle. What is the average cost of changing your oil? Your vehicle's make, model and year are contributing factors in the price of oil changes. For instance, a compact vehicle will cost less than an SUV because it needs less oil. The majority of cars require specific oils that include synthetic or synthetic blend high mileage or conventional -- which can also add up the cost. Conventional typically costs the least, while full synthetic is the most expensive. In May 2022, the cost for an oil change calculated based on six franchises across the nation is $31.66 for the most basic service with no extra quarts or extra quarts, and $75.32 for the highest-end service with no extra quarts. It is very unlikely to get an oil change for lesser than $29. Factors that impact the cost for an oil replacement The cost of an oil change is not set in stone. Here's how the various factors affect what you will have to pay. The kind of vehicle the type of has the biggest influence on the cost of an oil change. It is important to know the amount of oil your vehicle uses and the kind recommended by the manufacturer prior to you go to the store. Larger vehicles, like trucks and SUVs, may need more time and effort to finish the job. Make sure to inquire with the adviser for special pricing they might offer. Some places offer discounts if you select their preferred oil or additional services. Location The cost of the oil change is dependent on your location. If you live in an area that is more expensive of the country -- for instance, a major metropolitan area -- you can expect to pay more than someone who lives in an area that has a lower cost of living. Service provider The price of an oil change may also vary by which service company you choose. Many areas have numerous service providers to select from. Don't only compare prices when choosing which shop to bring your vehicle to. It's also important to consider the credibility of the business you choose. If you're considering discounts, make sure it is with a shop that is reputable and trustworthy. When should you change your oil? It's vital to change your oil as recommended by the manufacturer if you want to keep your vehicle running smoothly. If you don't do this, it will cause your car to work harder and cause unnecessary strain. While you might be tempted in the interest of saving money, by putting off the next oil change, you'll end up paying more over the long term. But that doesn't mean you have to change your oil every 3,000 miles, or every four months. Newer cars have improved systemsthat allow more time between maintenance. Go through your owner's manual to find the exact numbers for your car. Oil service add-ons Several additional services are offered alongside the basic oil service. Many shops offer these services for a lower cost when you buy them in combination of an oil replacement. But the downside is that these extras add up. There's no guarantee you'll receive a discount. Be aware that certain add-ons are only offered as a part of an overall package and can't be available as a separate service. Tire rotation typically included in the oil change service package, but you may have to pay a small cost if you decide to purchase this service on the side. Cabin air filter change The suggested intervals for replacement for an air filter can vary according to the car and the manufacturer. Be sure to check the filter before deciding to buy this extra. You may also be able to change the cabin filter by yourself. If it's dirty and it's past the time when replacement is due, you might be able to simply vacuum the dirt off. Air filter replacement for the engine Much as the cabin air filter, the recommended replacement interval varies. Check to see if you're in a position where you require a new filter before you opt to have it changed during an oil change. Windshield wipers Although you might be able to have your wipers replaced during one oil swap, the process might be less expensive to do by yourself. Be sure it is at discounted prices, otherwise, this task will take only 15 minutes and is to be something you can do yourself. The key to remember when comparing costs, don't just look at the total cost of an oil replacement. Instead, look at the different costs and potential additions that could be that are involved. Don't forget to schedule your next oil change when your car needs it. If you aren't sure, make sure you check your owner's manual or ask your dealer. Learn more

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How to calculate interest on a car loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare information at no cost and help you make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this site come from companies that compensate us. This compensation can affect the way and when products are featured on this site, including, for example, the order in which they may be listed within the categories of listing and other categories, unless prohibited by law for our loan products, such as mortgages and home equity and other home loan products. This compensation, however, does affect the information we publish, or the reviews appear on this website. We do not contain the vast array of companies or financial deals that may be available to you.

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who ensure everything we publish is objective, accurate and trustworthy. We have a team of loans journalists and editors concentrate on the points consumers care about most -- the various kinds of loans available as well as the best rates, the most reliable lenders, ways to repay debt, and more -- so you'll be able to feel secure when making your investment.

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Bankrate follows a strict and rigorous policy, so you can rest assured that we're putting your interests first. Our award-winning editors and reporters create honest and accurate content that will assist you in making the right financial choices. The key principles We value your trust. Our goal is to provide our readers with truthful and impartial information. We have editorial standards in place to ensure that this happens. Our reporters and editors rigorously verify the truthfulness of content in order to make sure that the information you're reading is true. We have a strict separation between advertisers as well as our editorial staff. The editorial team of Editorial Independence Bankrate does not receive compensation directly by our advertising partners. Editorial Independence Bankrate's editorial staff writes in the name of YOU the reader. Our aim is to provide you the most accurate advice to assist you in making smart financial decisions for your personal finances. We adhere to strict guidelines in order to make sure that the content we publish is not influenced by advertisers. Our editorial staff receives no directly from advertisers, and our content is verified to guarantee its accuracy. Therefore, whether you're reading an article or a review, you'll be able to trust that you're getting credible and dependable information.

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You have money questions. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We continually strive to give our customers the right guidance and the tools necessary to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our information is trustworthy and reliable. Our award-winning editors, reporters and editors create honest and accurate content that will help you make the best financial decisions. The content we create by our editorial team is objective, factual and is not influenced from our advertising. We're open about the ways we're able to bring quality content, competitive rates, and helpful tools for our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and, services, or when you click on certain links posted on our site. This compensation could affect the way, location and in what order items appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage or home equity products, as well as other home loan products. Other factors, like our own proprietary website rules and whether or not a product is available in your area or at your self-selected credit score range could also affect how and where products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include specific information on each financial or credit item or service.

Auto loan rates are the price of borrowing money to purchase the vehicle. The lender will scrutinize the credit rating of your score as well as debt-to-income ratio , and other variables to determine the rate of interest it will offer. In order to create your budget, it is important to be aware of your rate and how much you pay towards the loan balance each month. What is the interest rate for an auto loan? Most lenders use for auto loans. The calculation of interest is based on the amount that you owe -- principal- each month. When you pay off your loan you'll pay less on interest and put more towards the principal. This isn't as popular and could be utilized on auto loans for those who have bad credit. The lender will calculate the total interest paid over the loan period. The total is in addition to your principal amount and split among your monthly payments. Since interest isn't amortized in a uniform manner, you'll be charged the same amount of interest no matter what. If you aren't planning to pay off your loan earlier, there's no distinction between basic and precomputed interest. If you do make the effort to pay off your loan in advance, you'll get a better deal with an auto loan. How do you determine your car loan installments There's many ways to determine your monthly auto loan cost of interest. You can utilize the internet to make a loan payment or work directly with a lender. If you are aware of the principal, and the interest rate, you'll be able estimate your monthly payment as well as the amount of interest you'll be paying. Utilize an online auto loan calculator. Online and free auto loan calculators let you avoid the pencil and paper and instantly determine your interest payment. The calculators let you find the monthly payment that is based on different rate of interest and loan terms. They also give you a full amortization schedule so you can see the amount of interest that you are paying each month as well as the total amount of interest that you pay over the course of your loan. Talk directly to an lender You may also speak to an lender directly to . Engaging with a loan officer means you can have a personalized idea of what your loan could be like, and even the possible interest rates based on the amount you'll need to take out. The factors that affect the car loan interest rates. To know the interest rates accessible to you, it is possible to work with several lenders. It is recommended to prequalify with at least three . The auto loan price is determined by various factors such as credit score. Creditors consider your credit score when they set rates. The lower your credit score the more expensive your rate. According to Experian data, the average rate for someone with excellent credit buying a new automobile was . People who have bad credit paid significantly more and had an average interest percentage that was 12.84 percent. Debt-to-income ratio. This can lead to a better rate as lenders will view you less at risk of defaulting. The term of the loan. In general, the longer loan terms . It also means a higher amount that will be paid over the course of the loan but can carry lower monthly installments. The down payment. A large down payment means that you're taking out less money and are less likely to on your loan. The age of the car. Typically, the older the car, the greater the cost. If you are looking to purchase a car over the age of 10, you might struggle to find auto financing at a reasonable interest rate. Experience in education and work. Certain lenders are now looking at your work history and educational background when determining your interest rate, which implies that you might be eligible for a reasonable rate even without the best credit score. What can you do to keep from paying too much interest. With the right strategy you'll save money on interest. Here are some tips to aid you in saving cash. Find the most competitive deal. Like other kinds of loans the total cost of the car loan is determined by one major factor: APR, which is the rate at which you earn a percentage per year. The APR comprises both interest and lender charges, expressed as a percentage. Knowing the APR that each lender will charge will help you to find the car loan that will have the lowest overall cost. The interest rate listed in the top of this page could be just the starting rate. You will likely need of 740 or more and steady income to be eligible for this low rate. You can finance and purchase at the same time. But often, a dealership can't offer the most favorable interest rate. Instead, apply for preapproval with some lenders first, so that you can negotiate like a cash buyer. You should also look at the requirements of the lender and the restrictions. They can be viewed on the lender's website , or by using the request form for quotes or applications. You may also want to consider . Saving up prior to buying If you have money that you own, you can use that as a down payment for your vehicle, which can reduce your monthly payments and cost of interest. A larger down payment can be more economical than a longer loan term because you will have a lower principal and pay less interest over time. Experts often recommend you put at least 20 percent down, however it's not a requirement in most cases. Because both new and used car prices have been increasing and will be over $6,000 in 2022, according to Edmunds.

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Autopay

Autopay: 2023 Auto Loan Review Published 2023-01-01 00:00:00

Written by Allison Martin Written by

Allison Martin's work began over 10 years prior to that as a digital content strategist. Since then, she's been featured in a variety of top financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to control their finances with clear, well-researched information that break down complex subjects into bite-sized pieces.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare information at no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on this site, including for instance, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage or home equity products, as well as other products for home loans. But this compensation does not influence the information we provide, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial deals that could be accessible to you.

About our reviews Editorial disclosure: All reviews are prepared by staff. The opinions expressed in them are only the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information such as rates and charges that are included in the review is correct at the time of the review. Look over the information on the right as well as the lender's site for the most up-to-date details.

A glance 4.2 rating: 4.2 stars out of 5

Bankrate Score

Availability Rating: 4.5 stars out of 5

The Affordability Score: 3.6 stars out of 5

Customer Experience Rating: 4 stars out of 5.

Transparency Rating: 4.5 stars out of 5

Check rates for auto loan rates

About Autopay Loan amount $2,500-$100,000

Min. credit score Unspecified

APR from 2.99%

Funds available in As little as one business day

Autopay Pros and Cons There are a few key advantages and drawbacks to Autopay auto loans to consider before applying.

PROS Convenient

Streamlined application

No credit score is required for perfect credit.

CONS Insufficient transparency regarding APR maximum

Down payment

Purchase not used

Autopay can be described as an internet-based marketplace for lending that helps consumers find the best deal on car loan financing. You can view potential loan deals from lenders on their network in minutes without affecting your credit score. If you find a match, the process is simplified, allowing you to swiftly approve your new auto loan, minus all the hassle.

Do you qualify? Autopay does not specify requirements for lending through its web site. But, you'll have to provide specific information about your vehicle when you apply for a loan with the lender for approval. Prequalification can be obtained in minutes using the online form to view possible loan offers. It's easy to complete, and getting prequalified won't impact your credit score. What we like and what don't think we like. Take a look at these advantages and disadvantages of an auto loan that comes with Autopay prior to approving the application.

We like the convenience: It allows you to explore loan options from multiple banks, credit unions and online lenders in one place without hurting your credit score. A streamlined application process: Autopay features a simplified application process designed to help you seal the deal on your new auto loan in a fraction of the time it's going to require at the dealership or bank. Perfect credit not required: You can get an auto loan with an auto lender through Autopay's Autopay network even when you don't have perfect credit. We are not a fan of the lack of clarity regarding maximum APR: The minimum APR of 2.99 percent advertised on the website is only available to well-qualified borrowers with excellent credit. The down payment: Some applicants need cash down in order to secure a new car loan. However, down payments generally aren't necessary for automobile loan refinancing. For used items: If you're looking to purchase a second-hand car, you'll have to shop elsewhere. Contact Autopay If you're thinking of applying the auto loan through Autopay go to the site to submit an online inquiry or contact Customer Service by phone. Customer support is available Monday through Friday from 7 a.m. until 7 p.m. MT and Saturday from 9 a.m. until 5 p.m. (MT). You can also connect with a representative via text message.

Types of Auto loan kinds offered The lenders within the Autopay network offer new car loans as well as three kinds of refinancing.

New and used cars loans

Quick facts about loans: $2,500 to $100,000 Terms: 24-96 months APR: Starting at 2.99 2.9%

If you're looking for a new car, you can work with Autopay to find the ideal auto loan that fits your budget. With prequalification, it allows you to shop without trepidation at the dealership and save time sitting around waiting for finance departments to accept your loan. The Autopay team assists applicants throughout the process of applying. Traditional refinancing

Quick facts about loans: $2,500-$100,000 Terms: 24-96 months APR: Beginning at 2.99 2.9%

If you're looking to cut the amount of your auto loan payment or obtain lower interest rates, refinancing with a lender within the Autopay network could aid you in achieving your goals. You can also go this route to shorten your loan term and to pay off your car loan faster. Cash out refinancing

Loan quick facts Amounts: $2,500-$100,000 . Terms: 2496 months APR: Beginning at 2.99 2.9%

If you're planning to tap into your car's equity, refinancing it with cash back could be a viable option. You can get up to $12,000 cash and make use of the funds as you see fit. Some people choose to pay off high-interest debt and make money available for other financial goals. Lease buyout

The loan amount is $2,500 to $100,000 Terms: 24-96 months APR: Beginning at 2.99%

This financing option may help you when the lease period is over. It is also possible to take the lease off early. In addition, you'll save on mileage charges if you've exceeded the limit stipulated in the lease contract. How to apply for a loan using Autopay After obtaining the required documents, fill out Autopay's application form. It does not require a credit check. Autopay will search your data to lenders that are part of its network and will present possible Auto loan deals to applicants in the event that there's a connection. If you choose to proceed with the loan, the lender will pull your credit report and scrutinize documents supporting it before granting approval.

The required information for your application is Driver's License Evidence of insurance Proof that you earn income residence A letter of payoff (if refinancing) Additional documents as needed for your lender match

Autopay FAQs

Do you need good credit to qualify for an auto loan with Autopay? Some lenders in Autopay's extensive network are able to accommodate borrowers with less credit scores. The majority of the time, good or excellent credit is required to obtain the best deal for auto financing.

Do you have to submit co-applicants to boost your chances of getting approved? Absolutely, Autopay allows applicants to increase their chances of approval. The person you add should have a good credit score and a consistent, verifiable source of income to give you the best chance at getting approved.

Does Autopay offer service contracts for vehicles for the borrowers? Yes, you can purchase a vehicle service contract when you get the fresh loan or refinance your existing one. This type of insurance can stop you from incurring costly maintenance and repair expenses. Some service contracts for vehicles also provide roadside assistance.

How Bankrate rates Autopay

Overall score

4.2

The availability

4.5

Autopay's wide network of lenders provides broad coverage in terms of loan amounts, availability to states and conditions. It also doesn't have dealership limitations.

Affordability

3.6

Affordability will vary depending on the lender you're working with This means that Autopay is in an upper middle.

Customer experience

4.0

Autopay offers customer service six days a week, complete online access and a purchase period of 30 days, earning it a higher customer service score.

Transparency

4.5

Fees and rates are only accessible on Autopay's website in part Prequalification options boost its score.

Methodology Bankrate considers 18 data points when choosing the best auto loans. Criteria for acceptance, whether rates and fees are readily available and APR range all influence lender scores. These scores are split in four different categories. Accessibility: Loan amounts and repayment options, dealership requirements, and state availability all contribute to this category. Affordability: This section contains APR ranges as well as acceptance criteria, discounts and fees. Customer experience: The length of time you'll need to spend shopping, customer service availability, whether there's an app or autopay available are all covered in this section. Transparency: This category is responsible for the availability of fees and rates as well as whether prequalification is available.

Disclaimer Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and are not reviewed or approved by any advertising company. The information such as rates and charges, presented in the review is correct at the time of the review. Review the information on the right and the lender's site for the most recent details.

Written by

Allison Martin

Allison Martin's career began more than 10 years prior to that as a digital content strategist. She's been published in several leading financial outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping their readers to control their finances through providing clear, well-researched information that breaks down complicated topics into digestible chunks.

Auto loans editor

About

Help

Legal Cookie settings Do not share my information with anyone else.

How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the promotion of sponsored goods and, services, or by you clicking on specific links on our website. So, this compensation can affect the way, location and when products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home loan products. Other elements, like our own rules for our website and whether a product is available in your region or within your personal credit score could also affect the way and place products are listed on this website. Although we try to provide an array of offers, Bankrate does not include information about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Pros and cons of taking over car lease payments Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this site come from companies who pay us. This compensation may impact how and when products are featured on this website, for example for instance, the order in which they appear in the listing categories in the event that they are not permitted by law for our mortgage or home equity, and also other home loan products. But this compensation does have no impact on the information we provide, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial offerings that could be available to you.

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3 minutes read. 13th October, 2022.

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely borrowing money to purchase a car.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers to take control of their finances through providing concise, well-researched, and well-studied information that breaks down otherwise complicated topics into bite-sized pieces.

The Bankrate promise

More information

At Bankrate we strive to help you make smarter financial decisions. While we are committed to strict ethical standards ,

This post could contain some references to products offered by our partners. Here's a brief explanation of how we earn money .

The Bankrate promise

In 1976, Bankrate was founded. Bankrate has a long track history of helping people make wise financial decisions.

We've maintained this reputation for over four decades by demystifying the financial decision-making

process and giving people confidence in which actions to do next. process that is a strict ,

So you can be sure that we're putting your interests first. Our content is authored with and edited

who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. Our loans reporters and editors concentrate on the points consumers care about the most -- the different types of lending options, the best rates, the best lenders, how to pay off debt , and more -- so you'll be able to feel secure when investing your money.

Editorial integrity

Bankrate adheres to a strict code of conduct and rigorous policy, so you can rest assured that we put your interests first. Our award-winning editors and reporters provide honest and trustworthy content to assist you in making the right financial choices. Our main principles are that we respect your confidence. Our aim is to provide readers with reliable and honest information. We have established editorial standards to ensure that happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that the information you're reading is true. We maintain a firewall between our advertisers and our editorial team. Our editorial team doesn't receive any direct payment from our advertisers. Editorial Independence Bankrate's team of editors writes for YOU - the reader. Our aim is to provide you the best information to assist you in making wise financial choices for yourself. We adhere to strict guidelines in order to ensure that our editorial content isn't in any way influenced by advertising. Our editorial team receives no directly from advertisers, and our content is thoroughly verified to guarantee its accuracy. So, whether you're reading an article or review, you'll be able to trust that you're getting reliable and reliable information.

How do we earn money?

If you have questions about money. Bankrate has answers. Our experts have been helping you manage your finances for more than four years. We continually strive to give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our content is truthful and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the best financial decisions. The content created by our editorial staff is factual, objective and is not influenced by our advertisers. We're transparent about how we are in a position to provide quality content, competitive rates, and useful tools to our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or through you clicking certain links posted on our site. Therefore, this compensation may affect the way, location and in what order items appear in listing categories and categories, unless it is prohibited by law. This is the case for our mortgage or home equity products, as well as other products for home loans. Other factors, such as our own website rules and whether a product is offered in your area or at your self-selected credit score range may also influence the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include information about every credit or financial product or service.

In a time when the market for cars is struggling to keep up with the shortage of inventory and a lack of cash, taking over lease payments can be an ideal option to get behind the wheel. Third-party websites can help you connect with someone looking to terminate their lease earlier. But since lease contracts generally run for up to three years, you may have to buy the car -- or return it to the dealer before you're in a position to do so. Would a lease-to-own takeover be a good idea?

Based on your situation depending on your circumstances, borrowing someone else's lease can be a smart option as it could come with lower monthly costs and more options for vehicles compared to purchasing.

Benefits of a lease takeover assuming a lease has clear benefits in the event that you want to purchase a more modern vehicle for a brief period. Car availability: With car buyers holding onto their new vehicles for the typical 6.5 years, as per the most recent data from and leases usually last for two or three years, it can be challenging to find a good deal on a newer car that isn't the current model year. It is possible that you'll find a reasonably new vehicle with a lease assumption. A short-term lease whereas the typical leasing contract lasts two or three years, a lease assumption ends sooner. This allows you to test drive a car without signing an extended-term contract. It is rare to discover this type of timing at traditional leasing outlets. Cash incentives Many drivers want to take their car off their hands when they are in a lease assumption situation. It's not uncommon for the initial lessee to provide a cash bonus. They might also offer to pay for any transfer fees that a leasing company may charge and could help you save many hundreds. Discuss with the leasee to negotiate the best deal. Pay less monthly if the initial lessee has excellent credit and has made a significant down payment, it's probable that the monthly installment isn't too high. Since you'll take on that monthly installment and will be able to benefit from the conditions. Advantages of a lease assumption Low car payments and the flexibility offered by leasing a car for a short period of time could be appealing but prior to signing the lease, be aware of potential dangers. There is no renegotiation of the lease. The lease you take over is the lease you sign. You will not be able to negotiate lease conditions that the initial lessee agreed to. If their credit score was low and you were unable to negotiate, you could be in a position to be paying a greater monthly payment than you would have received when you signed a lease yourself. It is also possible to have an increased lease-end price than what you'd otherwise pay. Limited mileage Taking over a lease means that you be required to adhere to the mileage limits originally set in the lease agreement. If you exceed this limit, it could cost you -the penalties are between 10 and 25 cents per miles. Try and estimate how many miles you will drive prior to the lease expiring to ensure you don't have to pay a penalty. Also, be sure to ensure that the original leasee hasn't already been charged costs for mileage overage. Costs for wear and tear that could be high if the previous driver did not keep the automobile in good condition, you'll be responsible for the wear-and-tear fees. Just like any used car take the vehicle to inspect it in person and have it inspected before you sign a contract to take on the lease. If the vehicle is showing significant wear, see if the original lessee will be able to cover the cost as part of your transfer. Additional fees There are three major charges that are associated with a lease takeover: lease transfer or credit application . According to Swapalease it is possible for the cost to range from $395-$895. Make sure you are aware of the details of these charges prior to signing your lease's assumption. How to assume the car lease decided to take on the lease, you have several options to choose from. Lessees who wish to hand over their leases can use websites like Swapalease, LeaseTrader and QuitALease to locate someone who will take on that role. It is also possible to reach out to the leasing company. They could be able offer suggestions or in establishing a relationship with a potential lessee. Even though the lease's terms will be determined by the original credit of the lessee however, your credit will be taken into consideration. Be prepared to bargain with the lessee about any potential cash rewards as well. The final word: If you decide to take over a lease, keep your mind in the forefront that the obligation you are taking over is greater than a typical auto lease due to the background of the initial driver. The lease will be liable for the remainder of the costs of the vehicle, including any damage or costs incurred by the original lessee. Shop around and compare different alternatives before signing any agreements. Find out more

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Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely taking out loans to purchase an automobile.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers gain the confidence to take control of their finances through providing clear, well-researched data that breaks otherwise complex subjects into digestible pieces.

Auto loans editor

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About

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Legal Cookie settings Don't share my information with anyone else.

How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. This compensation could affect the way, location and in what order products appear in listing categories and categories, unless it is prohibited by law. We also offer mortgage, home equity and other products for home loans. Other factors, such as our own proprietary website rules and whether a product is available within your region or within your own personal credit score can also impact how and where products appear on this website. While we strive to provide a wide range offers, Bankrate does not include details about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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(c) 2023 Bankrate, LLC. The Red Ventures company. All Rights Reserved.

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