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Leased car repossession: What to know Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive financial calculators and tools as well as publishing original and impartial 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 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 are provided by companies who pay us. This compensation may impact how and where products appear on this website, for example, for example, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. This compensation, however, does not influence the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial offerings that could be accessible to you.


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4 min read . Published November 28, 2022

Written by TJ Porter Written by the writer who contributed to the writing

TJ Porter is a contributing writer at Bankrate with over eight years of experience writing about financial matters. TJ writes about a wide range of subjects, including .

The edit was done by 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 take control of their finances with clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.

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Leasing is an option that is beneficial to many people. However, if you are having trouble paying the rent the car you lease could be taken away. As with repossession of an owned car reposession of car leases can be a costly and financially damaging procedure. But there are actions that you could take in order to stop your car from being repossessable — or at most, reduce the negative consequences. What steps to take prior to repossession If you’re in default on your lease on your car and your car could be repossessed. But you may still be capable of delaying or preventing repossession. Review the terms of the contract. Your lease contract will outline whether and when your car can be repossessed. It also lists the cost and obligations after the repossession. Understanding what conditions need to be met and how you can avoid them before your car is repossessed can assist you in determining a the best strategy for moving forward. Make a list of the things you want to do. Consider whether you would like to maintain the vehicle the cost. You might be better off trying to and replacing it with a cheaper one. Remove all personal items from your car. The car is able to be taken at any time. Consider taking anything you would like to keep away from your vehicle. Retrieving personal belongings if your vehicle is being towed away is an issue. Consider voluntary repossession. If you are aware that the car you lease is going to be repossess and you are able to surrender it in a voluntary manner. This can limit fees that you will pay and might minimize the damage on your credit. Methods to avoid a leased car repossession If the car you lease is set to be repossess, there are some actions you can take to try to keep the vehicle. Make the missed payments Many lease agreements allow you to « cure » your lease if you fail to pay your lease and pay accrued fees. For example, if you’re paying $250 per month, and you missed the last two monthly payments, you could send $750 — including late fees to the leasing firm to cover your monthly payment and make up for the previous two to put you back in good standing. In certain states, you might be eligible to « redeem » a leased vehicle following repossession. The lender will give you a written notice detailing the steps you must follow and the amount you’ll have to pay to redeem your vehicle before it goes to auction. Contact the leasing firm If you reach out to the leasing company, they could be willing to work with you to assist you in obtaining the funds needed to keep the car. This could mean allowing you to put off payments or changing the conditions 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 leasing company you’ve leased with, your previous payments and whether or not you have reported to them about financial problems. In the event that you agree to give up your car voluntarily the leasing company is likely to charge less than if it had to send an individual to tow it. Even though you’ll be unable to drive the vehicle, voluntary repossession may save you money and help you recover more quickly. There aren’t all lender will take possession of your vehicle however. If you are unable to make payments and keep in touch with the lender until they decide to take action in the event of repossession. How much a leased car repossession cost? Once the car you leased is repossessed, you aren’t free and free from debts. There is still money to be owed to the leasing company and it is likely that there will be significant fees added to your previous payments. There is a chance that you will have to pay fees for preparing the car to sell. The remaining balance of your lease, which is usually reduced by the price the company sells your car for. Any past due amount. Costs for mileage over the limit and wear and wear. , unpaid interest and other lease-end charges. The costs that are incurred during the repossession, like towing and storage before auction. When your vehicle is repossed. Unfortunately, there isn’t much you can do to fix that — you will have be patient until your default has been removed from your credit record. In the meantime, it will be harder to be eligible for new loans. And expect higher interest rates on loans that you’ve been accepted for. If you fail to pay the leasing company for your repossessions, you might be taken to the court. If the court orders that you pay, you may be held accountable for legal fees and court costs as well as the amount you already owed. My car was taken away. What are my rights? Your rights are determined by your state’s laws. So long as the repossession does not involve violence and forced or from a closed garage the repossession can take place at any time without notice. Be aware of the laws in your state prior to and after your vehicle is taken away. Once the vehicle is repossessed the state might require your leasing firm to supply the date and time that the vehicle was auctioned. You may also be able to get your car back after the overdue amount and fees have been paid. However, you must remove any personal belongings you have from the vehicle before it is repossessed and the leasing company, or a third party company that is who is hired to repo the car must return any property within the vehicle. If your car is sold at a price higher than the amount you owe, you are responsible for any surplus amount. The final word: Dealing with repossessions of your car on lease can be stressful. If you don’t prepare your vehicle, you’ll be faced with hefty fees and might have trouble affording a replacement vehicle. Contact your lender to see whether there’s a way to amend your lease. And if that fails, try to get ready for repossession to minimize the negative impact on your credit and financial situation.


Written by a contributing writer

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

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing 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-researched and well-structured facts that break down complex topics into manageable bites.

Auto loans editor

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