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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 smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing original and impartial content, by enabling you to conduct research and compare data for free and help you 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 Earn money The products that are advertised on this website come from companies that pay us. This compensation could affect how and where products appear on this website, for example such things as the order in which they may appear within the listing categories in the event that they are not permitted by law for our mortgage, home equity and other home loan products. This compensation, however, does affect the information we provide, or the reviews appear on this website. We do not contain the entire universe of businesses or financial offers that may be available to you.



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4 minutes read. Published November 28th, 2022.
Written by TJ Porter. Written by a contributing writer

TJ Porter is a contributor writer for Bankrate with over eight years of experience writing about financial matters. TJ writes about a wide 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 dedicated to helping readers gain confidence to take control of their finances by providing clear, well-researched information that break down complex subjects into bite-sized pieces.









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Leasing is an option that is beneficial to many. If you're having difficulty paying the rent, your leased car might get repossessed. Like repossessions of an owned car, car lease repossession is a costly and financially damaging process. However, there are steps you can take to avoid it from being repossessed or at the very least ease some of the negative consequences. What steps to take 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 in a position to prevent or delay repossession. Check the terms of your contract. Your lease contract will outline the time and date when your vehicle is able to be taken away. It also details the fees and the amount you'll be liable for following the repossession. Understanding what conditions need to be fulfilled and how you can prevent them before your car is repossessed can help you come up with the best strategy for moving forward. Create a plan. Consider whether you would like you to retain the car the cost. You might be better off looking to replace it with a less expensive one. Remove all personal items from your car. Your car can be repossessed at any point. You can take anything you wish to keep away from your car . Getting personal belongings if your vehicle is towed away can be difficult. Consider voluntary repossession. If you know the car you lease is going to be taken away You can decide to give it up to the lender in exchange for a voluntary surrender. This will reduce the amount of fees you have to pay and could lessen the harm for your credit. Methods to avoid a leased car repossession If you find that the vehicle you lease is due to be repossess There are a few ways you can make sure that you can keep the car. Make the missed payments Many lease agreements permit you to "cure" your lease if you make missed payments and pay the accrued fees. For instance, if you're paying $250 per month, and you have missed two of your monthly installments, you could send $750 -- including late fees to the leasing firm to pay your monthly installment and to make up the two previous ones to get you back into good standing. In some states, you may be allowed to "redeem" a leased vehicle following repossession. Your lender is required to provide you with a letter outlining the steps you have to take and how much you'll have to pay to redeem your vehicle before it is sold at auction. Contact the leasing company if you make contact with the leasing company, they may be willing to work with you to help you keep the vehicle. This could mean allowing you to put off payments or changing the conditions of the contract to make your lease more affordable. Leasing companies are not obliged to make any changes to your contract. The willingness of their staff to assist will depend on which company you leased from and your payments and whether or not you have reported to them about financial difficulties. Voluntary repossession If you give your vehicle for repossession on your own the leasing company will likely charge lower fees than it would if it required someone to take it. Although you'll still lose the 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 you are unable to make payments and contact the lender until it takes action in the event of repossession. What is the cost of a leased vehicle repossession costs Once your car is repossed but you're not completely free of debts. There is still money to be owed to the leasing company and there will likely be substantial charges added to any repayments you've already made. There is a chance that you will have to pay: The costs of preparing the car for sale. The balance remaining on your lease, often decreased by the amount that the car is sold by the company for. Any past due amount. Charges for excess mileage and wear and wear. Unpaid interest, other lease-end expenses. Costs incurred during repossession, like towing and storage prior to auction. If your car is repoed. It's unfortunate, but there's not much you can do about it -- you will have be patient until your default is off your credit record. In the meantime, it will be more difficult to qualify for new loans. Also, expect higher interest rates on loans you're approved for. If you don't repay the lender to complete your repossessions, you might be taken to court. If the court requires that you pay, you could be responsible for legal fees and court costs in addition to the money you already owed. My car was repossessed. What rights do I have? Your rights are determined by 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 moment without notice. Review your state laws before and after the car is taken. Once the vehicle is repossessed and your state has a requirement for the leasing company to provide the date and time of the auction. You may also be able to have your vehicle returned after the overdue amount and fees have been paid. While you must remove all any personal belongings you have from the vehicle before it is repossessing The leasing company or a third party company that is that is contracted to repool your vehicle must return any property within the vehicle. And in the event that your car is sold at a price higher than the amount that you owe, you must pay the excess amount. The main point is that dealing with a leased car repossession is stressful. If you don't prepare, you will face massive charges and may find it difficult to pay for a replacement vehicle. Talk to your lender to find out what options are available to modify your lease agreement. If not then you should prepare for repossession in order to limit the impact it has on your credit and finances.


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Written by Contributing writer

TJ Porter works as a contributing writer at Bankrate with eight years of experience writing about finance. TJ writes about a range of topics, ranging from .



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to control their finances with precise, well-researched and well-structured facts that break down otherwise complicated subjects into digestible pieces.






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