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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 decisions by offering you interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct your own research and compare information for free - so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation may impact how and when products are featured on the site, such as such things as the order in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage and home equity products, as well as other home loan products. However, this compensation will affect the information we provide, or the reviews appear on this website. We do not contain the vast array of companies or financial deals that may be accessible to you.



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

TJ Porter works as a contributing writer for Bankrate with eight years of experience writing about finance. TJ writes on a variety of subjects, including .







The edit was done by 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 confidence to take control of their finances by providing concise, well-studied, and well-researched content that break down complex subjects into bite-sized pieces.









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Leasing is convenient for many people. But if you have trouble paying your bills the car you lease could be taken away. Similar to repossession of a car owned by the owner reposession of car leases can be a costly and financially damaging process. There are steps that you could take in order to avoid it from being repossessed or at least ease some of the consequences. What steps to take prior to repossession If you're in default on your car leases, your vehicle might get taken away. However, you might be capable of delaying or preventing repossession. Check the terms of your contract. Your lease contract will outline whether and when your car is able to be taken away. It also outlines the costs and obligations after the repossession. Understanding the conditions that must be met and the ways you can avoid them before the vehicle is repossessable can assist you in determining a the best strategy for moving forward. Make a list of the things you want to do. You should consider whether you'd like to keep the car if you can afford it. It might be worth looking to replace it with a less expensive one. Get rid of all personal belongings from your car. The car could be taken at any point. Consider taking anything you would like to keep away from your car -- recovering personal belongings if your vehicle is being towed away is difficult. Consider voluntary repossession. If you're aware that your car that you lease is likely to be repossessed and you are able to hand it over to the lender in exchange for a voluntary surrender. This could reduce the amount you have to pay and could lessen the harm on your credit. Ways to prevent a leased car repossession If the car you lease is set to be repossessed There are ways you can make sure that you can keep the car. Make the missed payments Many lease agreements permit you to "cure" you lease if you fail to pay your lease and pay accrued fees. For instance, if you're paying $250 per month, and you missed the last two monthly payments, you could make a payment of $750 -- including late fees to the leasing company in order to cover your monthly payment and make up for the previous two payments to put you back into good standing. In certain states, you might be allowed to "redeem" an unleased vehicle after repossession. The lender will send you a notice outlining the steps you have to take and how much you will have to pay to redeem your car before it goes to auction. Contact the leasing company If you contact the leasing company, they may be willing to cooperate with you to help you keep the vehicle. This could mean allowing you to put off payments or changing the conditions of your contract to make the lease more affordable. A leasing company is not required to make any adjustments to your lease. Their willingness to help will depend on which leasing company you've leased with as well as your past payment history and whether you have reported to them about financial difficulty. In the event that you agree to give the car away voluntarily and the leasing company accepts it, they is likely to charge less than if they had to send someone to take it. Although you'll still lose your car, voluntary repossession may reduce your expenses and help to recover faster. There aren't all lender will take possession of your vehicle, however. If you are unable to make payments and contacting the lender until they decide to take action in the event of repossession. How much a leased car repossession will cost you? When your car is repossed it isn't completely clear from your debts. There is still money to be owed to the leasing company, and it is likely that there will be substantial charges added to any payments you already owed. It is possible to be charged fees for getting your car ready for sale. The balance remaining on your lease is typically reduced by the price the business sells your car for. Any past due amount. Charges for excessive mileage and wear and wear. Unpaid interest and other lease-end costs. Any costs incurred during the repossession, such as towing and storage before auction. When your vehicle is repossed. There's nothing you can do about that and you'll have be patient until your default has been removed from the credit file. In the meantime, you will be more difficult to qualify for new loans. Also, expect higher interest rates on the loans that you've been accepted for. If you don't make payments to the company leasing you in full for your repossessions, you could be taken to court. If the judge orders that you pay, you may be liable for legal fees and court costs as well as the money you owe. My car was taken away. What are my rights? Your rights are based on state's laws. As long as the repossession does not involve violence or forced, or taken from a garage that has been closed the repossession can take place anytime without notice. Check your state's laws prior to and after the car is taken away. Once the vehicle is repossessed and your state has a requirement for your leasing firm to disclose the date and time for the sale. You could also be able to have your vehicle returned after the overdue amount and fees have been paid. While you must remove all your personal property from the vehicle before it is repossessed, the leasing company or a third-party firm that is contracted to repool your vehicle must return all property in the vehicle. If your car is sold at a price higher than what you owe, you to the excess amount. The main point is that dealing with a leased car repossession is stressful. If you don't prepare for it, you could be charged massive charges and may find it difficult to pay for a replacement vehicle. Call your lender to see what options are available to modify your lease agreement. And if that fails attempt to 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 for Bankrate with eight years of experience in writing about financial matters. TJ writes about a range of subjects, from to .



Edited 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 confidence to manage their finances by providing precise, well-researched and well-structured facts that break down otherwise complex topics into manageable bites.






Auto loans editor




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