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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 as well as publishing original and impartial content. This allows you to conduct research and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, 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 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 loan products. However, this compensation will not influence the information we publish, or the reviews that you read on this site. We do not cover the universe of companies or financial offers that may be accessible to you.



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

TJ Porter works as a contributor writer for Bankrate with eight years of experience writing about financial matters. TJ writes about a range of subjects, including .







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-studied, and well-researched content that break down complicated topics into manageable bites.









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Leasing is a convenient option for many people. But if you have trouble paying your bills, your leased car might be seized. Like repossessions of an owned car, car lease repossession is a costly and financially damaging process. There are steps you can take to avoid it from being repossessed -- or at most, reduce the negative consequences. Things to do prior to repossession If you're missing payments on your car leases and your car could be repossessed. However, you might be in a position to prevent or delay repossession. Check the terms of your contract. The lease contract will specify the time and date when your vehicle is able to be taken away. It also lists the cost and obligations following the repossession. Knowing what requirements must be fulfilled and how you can prevent them before the vehicle is repossessable can help you come up with an action plan to move forward. Make a list of the things you want to do. You should consider whether you'd like you to retain the car and if you can afford it. It might be worth looking to replace it with a less expensive one. Take all personal belongings out of your vehicle. The car is able to be taken at any point. You can take anything you wish to keep from the car -- recovering personal items if your car is being towed away is a pain. Consider voluntary repossession. If you know the car you lease is going to be repossess and you are able to surrender it voluntarily. This can limit fees that you have to pay and could 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 actions you can take to try to keep the vehicle. Make the missed payments Many lease contracts let you "cure" the lease in the event that you make missed payments and pay any accrued charges. For example, if you're paying $250 per month and have missed two of your monthly payments, you can make a payment of $750 -- plus late fees -- to the leasing firm to cover your monthly payment and make up for the two previous ones to get you back on the right track. In some states, you may be allowed to "redeem" the vehicle you leased following repossession. The lender will give you a written notice detailing the steps you need to complete and the amount you will have to make payment to redeem your vehicle before it is sold at auction. Contact the leasing company If you make contact with the leasing company, they might be willing to collaborate with you to assist you in obtaining the funds needed to keep the car. It could be possible to delay payments or altering the conditions of the contract to make the lease more affordable. The leasing company isn't required to make any adjustments to your contract. Their willingness to help depend on which company you've leased with as well as your past payment history and whether you have notified them of financial difficulties. Voluntary repossession If you give the car away voluntarily, the leasing company will likely charge lower fees than it would if it needed to hire someone to take it. Although you'll still lose the car however, a voluntary repossession could save you money and help you get back on track faster. Not every lender will allow repossession of your vehicle however. If they do, continue making payments and contacting the lender until it acts in the event of repossession. What's the price of a car leased repossession cost? Once the car you leased is repossessed it isn't completely free of debts. You will still owe money to the leasing firm, and it is likely that there will be substantial fees added to the payments you already owed. There is a chance that you will have to pay: The costs of 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 tear. Unpaid interest, other lease-end charges. Costs incurred during repossession, like towing and storage prior to auction. When your vehicle is repoed. It's unfortunate, but there's not much you can do about that as you'll need to wait until the default is off your credit record. In the meantime, you is more difficult to qualify for new loans. And expect higher interest rates on loans you are approved for. If you don't pay the leasing company in full for the repossession, you might be brought to court. If the court requires that you pay, you may be responsible for court costs and attorney fees along with the amount you have already owed. My car was repossessed. What are my rights? Your rights are based on state laws. If the repossession is not violent and forced or from a garage that has been closed the repossession can take place at any time without notice. Check your state's laws prior to and after your vehicle is taken. Once the vehicle is repossessed and your state has a requirement for your leasing firm to supply the time and date that the vehicle was auctioned. You could also be able to have your vehicle returned when the outstanding fee and amount are paid. Although you should remove your personal belongings from the vehicle prior to when it is taken away and the leasing company, or a third-party firm that is contracted to repool your vehicle must return any property within the vehicle. And if your vehicle is sold for more than the amount that you owe, you must pay any surplus amount. The bottom line Dealing with repossessions of your car on lease is stressful. If you don't prepare, you will face high costs and could have trouble affording a replacement vehicle. Contact 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 over eight years of experience writing about financial matters. TJ writes about a range of topics, from .



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 confidence to control their finances with precise, well-researched and well-structured data that breaks complicated subjects into digestible pieces.






Auto loans editor




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