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Leased car repossession: What to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. This allows you to conduct your own research and compare data for free - so that you can make financial decisions with confidence. Bankrate has partnerships 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 website are provided by companies that compensate us. This compensation could affect how and where products are displayed on this website, for example, for example, the order in which they be listed within the categories of listing, except where prohibited by law for our mortgage and home equity products, as well as other home loan products. However, this compensation will have no impact on the content we publish or the reviews you see on this site. We do not cover the entire universe of businesses or financial offers that may be available to you.
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4 minutes read. Published November 28, 2022
The story was written by TJ Porter. Written by Contributing writer
TJ Porter is a contributing writer at Bankrate with eight years of experience in writing about financial matters. TJ writes about a wide range of subjects, from to .
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to manage their finances through providing concise, well-studied, and well-researched content that breaks down otherwise complex subjects into bite-sized pieces.
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Leasing is a convenient option for many people. But if you have trouble paying your bills the car you leased could be seized. Similar to repossession of a vehicle owned by you, car lease repossession is a costly and financially destructive process. However, there are steps which you may take to stop it from being repossessed -- or at least reduce some of the consequences. Steps to take before repossession If you're in default on your car leases, your vehicle might get taken away. But you may still be in a position to prevent or delay repossession. Review the terms of the contract. Your lease contract will outline whether and when your car could be repossed. It also outlines the costs and what you will owe after the repossession. Understanding what conditions need to be met and the ways you can avoid them before the car is taken away help you come up with the best strategy for moving forward. Come up with a plan. Think about whether you want to maintain the vehicle and if you can afford it. It might be worth trying to and replacing it with a less expensive one. Take all personal belongings out of your vehicle. Your car can be repossessed at any time. Consider taking anything you would like to keep from the car . Getting personal items if your car is being towed away is a pain. Consider voluntary repossession. If you know your leased car is about to be repossessed and you are able to surrender it in a voluntary manner. This could reduce the amount you will pay and might reduce the damage to your credit. Strategies to avoid a lease car repossession If you find that the vehicle you lease is due to be taken away There are a few actions you can take to ensure that the vehicle is kept. Make the missed payments Many lease agreements allow you to "cure" your lease in the event that you don't pay on time 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 -- with late fees to the leasing firm to cover your monthly payments and make up for the previous two payments to put you back in good standing. In certain states, you might be allowed to "redeem" an unleased vehicle after repossession. The lender should provide you with a letter outlining the steps you need to take and how much you will have to pay to redeem your vehicle before it is sold at auction. Contact the leasing company If you reach out to the leasing company, they might be willing to work with you to help you keep the vehicle. This could include letting you defer payments or adjusting the conditions of your contract to make the lease more affordable. Leasing companies are not required to make any modifications to your lease. Their willingness to help will depend on which company you've leased with and your payments and whether or not you have reported to them about financial problems. Voluntary repossession If you give your vehicle for repossession on your own the leasing company will likely charge fewer fees than it would if it required someone to take it. Even though you'll lose your car but a voluntary repossession can save you money and aid you recover more quickly. There aren't all lender will take possession of your vehicle, however. If you are unable to make payments and contacting the lender until it takes action on the repossession. How much a leased car repossession will cost you? When your car is repossed it isn't completely free from obligations. You will still owe money to the leasing company and you could face substantial fees added to the your previous payments. It is possible to be charged the costs for getting your car ready for sale. The remaining balance of your lease, which is usually reduced by the price the business sells your car for. Any past due amount. Charges for excess mileage and wear and wear. , unpaid interest and other lease-end expenses. The costs that are incurred during the repossession like towing or storage prior to auction. When your vehicle is repoed. There's nothing you can do about that as you'll need to wait until the default is removed from your credit report. As of now, it is more difficult to get new loans. Expect more expensive interest rates for the loans you are approved for. If you fail to repay the lender in full for the repossession, you may be brought to the court. If the judge orders that you pay, you may be responsible for court costs and attorney fees as well as the money you owe. My car was repossessed. What rights do I have? Your rights depend on your state's laws. If the repossession does not involve violence or forced, or taken from a garage that has been closed It can happen at any time without notice. Check your state's laws prior to and after your car is repossessed. After the vehicle is taken, your state may require your leasing firm to provide the date and time that the vehicle was auctioned. You may also be able to have your vehicle returned after the overdue amount and fees have been paid. Although you should remove any personal belongings you have from the vehicle prior to when it is repossessing, the leasing company or a third-party firm who is hired to repo the car must return any property within the vehicle. And in the event that your car is sold at a price higher than what you owe, you are responsible for any excess amount. The bottom line Dealing with a leased car repossession can be stressful. If you do not prepare for it, you could be charged high costs and could be unable to afford a new vehicle. Talk to your lender to see whether there's a way to amend your lease. If that doesn't work attempt to prepare for repossession to minimize the negative impact on your credit score and finances.
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Written by the writer who contributed to the article.
TJ Porter is a contributing writer for Bankrate with over eight years of experience writing about financial matters. TJ writes about a wide range of subjects, from to .
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about 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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