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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 offering you interactive tools and financial calculators that provide objective and original content. This allows you to conduct research and compare information at no cost - so that you can make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website come from companies who pay us. This compensation may impact how and where products are displayed on this website, for example, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other home lending products. However, this compensation will affect the content we publish or the reviews you read on this site. We do not include the universe of companies or financial offers that may be open to you.
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4 min read Published November 28th, 2022.
Authored by TJ Porter Written by a contributing writer
TJ Porter is a contributing writer at Bankrate with over eight years of experience in writing about financial matters. TJ writes about a range of subjects, from to .
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 manage their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.
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Leasing is convenient for many. However, if you are having trouble paying your bills the car you leased could be taken away. Similar to repossession of a vehicle owned by you, car lease repossession is an expensive and financially damaging procedure. There are steps which you may take to stop your car from being repossessable -- or at most, reduce the negative consequences. Steps to take before repossession If you're in default on your lease on your car, your vehicle might get repossessing. However, you might be able to delay or prevent repossession. Read the terms of your contract. The lease contract will specify whether and when your car is able to be taken away. It also outlines the costs and what you will owe after the repossession. Understanding what conditions need to be fulfilled and how you can stay clear of them prior to your car is repossessed can assist you in determining a the best strategy for moving forward. Create a plan. Think about whether you want to maintain the vehicle if you can afford it. It may be more beneficial trying to and replacing it with a less expensive one. Get rid of all personal belongings from your car. Your car can be repossessed at any time. Take anything that you want to keep out of the car . Getting personal items if your car is towed away can be a pain. Consider voluntary repossession. If you are aware that your leased car is about to be taken away, you can agree to surrender it to the lender in exchange for a voluntary surrender. This could reduce the amount you will pay and might minimize the damage for your credit. Methods to avoid a leased car repossession If the vehicle you are leasing is about to be taken away, there are some actions you can take to try to keep the vehicle. Pay the missed payments In many cases, lease contracts let you "cure" your lease in the event that you make missed payments and pay any accrued charges. For instance, if paying $250 a month and failed to make the two previous monthly payments, you could send $750 -- with late fees to the leasing firm to cover your monthly payments and to make up the previous two payments to put you back into good standing. In some states, you may be eligible to "redeem" a leased vehicle following repossession. The lender is required to send you a notice outlining the steps you have to follow and the amount you'll have to pay to redeem your vehicle prior to its sale at auction. Contact the leasing company If you reach out to your leasing company, it might be willing to collaborate with you to assist you in obtaining the funds needed to keep the vehicle. It could be possible to defer payments or adjusting the terms of your contract to make your lease less expensive. A leasing company is not required to make any modifications to your lease. Their willingness to help will depend on which company you have leased through, your previous payment history and whether you have notified them of financial difficulties. Voluntary repossession If you give the car away voluntarily and the leasing company accepts it, they will likely charge fewer fees than if they needed to hire an individual to tow it. Even though you'll be unable to drive the vehicle but a voluntary repossession can reduce your expenses and help you get back on track faster. It is not the case that every lender will take possession of your vehicle but they will. If the , keep making payments and keep in touch with the lender until they decide to take action in the event of repossession. What is the cost of a leased vehicle repossession cost? Once the car you leased is repossessed it isn't completely free from debts. There is still money to be owed to the leasing firm, and there will likely be substantial charges added to any payments you already owed. It is possible to be charged fees for getting your car ready to sell. The balance remaining on your lease, often decreased by the amount that the business sells your car for. Any past due amount. Charges for excess mileage and wear and tear. Unpaid interest, other lease-end charges. Any costs incurred during the repossession like towing or storage prior to auction. When your vehicle is repossed. There's nothing you can do about that and you'll have keep waiting until that default is off your credit report. As of now, it will be harder to be eligible for new loans. Also, expect higher interest rates on loans you are accepted for. If you do not make payments to the company leasing you in full for this repossession, then you may be brought to the court. If the court requires you to pay, you could be responsible for court costs and attorney fees as well as the amount you owe. My car was taken away. What do I have rights? Your rights are based on state laws. So long as the repossession does not involve violence and forced or from a closed garage, it can occur anytime without notice. Check your state's laws prior to and after your car is repossessed. When the car is repossessed, your state may require the leasing company to disclose the time and date of the auction. You could also be able to get your car back after the overdue fee and amount are paid. While you must remove all your personal property from the vehicle prior to when it is repossessed and the leasing company, or a third-party company that is contracted to repool your vehicle must return all property in the vehicle. If your car is sold at a price higher than the amount you owe, you are responsible for the excess amount. The final word: Dealing with repossessions of your car on lease can be stressful. If you do not prepare for it, you could be charged hefty fees and might find it difficult to pay for a replacement vehicle. Contact your lender to determine if there is any way to alter your lease. And if that fails, try to get ready for repossession so that you can minimize the impact it has on your credit and finances.
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Written by the writer who contributed to the article.
TJ Porter is a contributing writer for Bankrate with eight years of experience writing about finance. TJ writes about a wide range of subjects, from to .
Edited 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 manage their finances through providing precise, well-researched and well-structured data that breaks otherwise complicated subjects into digestible pieces.
Auto loans editor
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