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4 min read . Published November 28, 2022
Written by TJ Porter Written by Contributing writer
TJ Porter works as a contributing writer at Bankrate with over eight years of experience writing about finance. TJ writes about a range of subjects, from to .
Edited by Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances by providing clear, well-researched information that break down complicated topics into digestible chunks.
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Leasing is an option that is beneficial to many people. If you’re having difficulty paying the rent the car you lease could be taken away. As with repossession of a vehicle owned by you, car lease repossession can be a costly and financially damaging procedure. But there are actions you can take to avoid your car from being repossessable — or at least reduce some of the consequences. What steps to take prior to repossession If you’re not making payments on your lease on your car the car may be repossessed. However, you might be able to delay or prevent repossession. Read the terms of your contract. The lease contract will specify the time and date when your vehicle can be repossessed. It also outlines the costs and the amount you’ll be liable for after the repossession. Knowing what requirements must be met and the ways you can prevent them before the car is taken away assist you in determining a an action plan to move forward. Create a plan. Consider whether you would like you to retain the car and the cost. It might be worth trying to and replacing the car with a lower cost one. Take all personal belongings out of your vehicle. The car could be taken at any time. Take anything that you want to keep out of the car . Getting personal items if your car is being towed away is difficult. Consider voluntary repossession. If you are aware that the car you lease is going to be taken away You can decide to give it up voluntarily. This can limit fees that you pay, and also reduce the damage to your credit. Ways to prevent a leased car repossession If the vehicle you lease is due to be repossessed There are ways you can ensure that the vehicle is kept. Make the missed payments Many lease agreements permit you to « cure » you lease in the event that you make missed payments and pay the accrued fees. For instance, if you’re paying $250 per month and missed the last two monthly payments, you can pay $750, with late fees to the leasing company in order to cover your monthly payment and pay for the previous two to put you back on the right track. In some states, you might be able to « redeem » the vehicle you leased after repossession. Your lender should give you a written notice detailing the steps you must complete and the amount you will have to pay to redeem your car before it is sold at auction. Contact the leasing firm If you make contact with the leasing company, they may be willing to collaborate with you to assist you in obtaining the funds needed to keep the car. This could mean allowing you to delay payments or altering the conditions of the contract to make the lease more affordable. Leasing companies are not required to make any modifications to your contract. Their willingness to help will depend on the company you have leased through and your payments and whether or not you have informed them of financial difficulties. Repossession on your own volition If you offer up your car voluntarily, the leasing company will likely charge fewer fees than it would if it had to send someone to take it. Although you’ll still be unable to drive the vehicle but a voluntary repossession can reduce your expenses and help to recover faster. There aren’t all lender will repossess your car however. If the , keep making payments and contacting the lender until it acts on the repossession. What’s the price of a car leased repossession costs Once your car is repossed it isn’t completely free from obligations. There is still money to be owed to the leasing company and you could face significant fees added to payments you already owed. You can expect to pay: The costs of getting your car ready for sale. The balance remaining on your lease, often reduced by the price the company sells your car for. Any past due amount. Charges for excess mileage and wear and wear. Unpaid interest and other lease-end charges. Costs incurred during repossession, such as towing and storage before auction. If your car is repoed. There’s nothing you can do about it — you will have keep waiting until that default is removed from your credit report. In the meantime, it is more difficult to be eligible for new loans. Expect more expensive interest rates for the loans that you’ve been granted. If you do not pay the leasing company in full for this repossession, then you may be taken to court. If the court orders you to pay, you could be held accountable for legal fees and court costs in addition to the money you owe. My car was confiscated. What are my rights? Your rights depend on your state’s laws. As long as the repossession does not involve violence or forced, or taken from a closed garage It can happen anytime without notice. Check your state’s laws prior to and after your vehicle is taken away. When the car is repossessed the state might require that the company leasing it to disclose the time and date for the sale. It is also possible to obtain your vehicle back once the past-due amount and fees are repaid. Although you should remove your personal property from the vehicle prior to when it is taken away and the leasing company, or a third party company that is who is hired to repo the car must return all property in the vehicle. If your car is sold at a price higher than what that you owe, you must pay any surplus amount. The main point is that dealing with a leased car repossession can be stressful. If you aren’t prepared, you will face massive charges and may have trouble affording a replacement vehicle. Contact your lender to find out if there is any way to amend your lease. And if that fails then you should prepare for repossession so that you can minimize the negative effects on your credit and financial situation.
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Written by Contributing writer
TJ Porter is a contributing writer at Bankrate with eight years of experience writing about finance. TJ writes about a wide range of topics, from .
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 take control of their finances with clear, well-researched facts that break down complex topics into manageable bites.
Auto loans editor
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