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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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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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Written by a contributing writer
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.
Auto loans editor
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