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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 that provide objective and original content. This allows users to conduct research and compare information for free – so that you can make financial decisions with confidence. Bankrate has partnerships 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 are provided by companies that pay us. This compensation may impact how and where products appear on this site, including such things as the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage or home equity, and also other home lending products. This compensation, however, does not influence the information we provide, or the reviews you see on this site. We do not cover the entire universe of businesses or financial offerings that could be accessible to you.


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4 min read Published November 28th, 2022.

The story was written by TJ Porter Written by the writer who contributed to the writing

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

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to manage their finances by providing precise, well-researched and well-studied information that breaks down otherwise complex subjects into bite-sized pieces.

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Leasing is convenient for many. However, if you are having trouble paying the rent the car you lease could get repossessed. Like repossessions of an owned car reposession of car leases is a costly and financially destructive procedure. However, there are steps you can take to avoid it from being repossessed or at least reduce some of the negative consequences. Steps to take before repossession If you’re in default on your lease on your car, your vehicle might get repossessing. However, you might be in a position to prevent or delay repossession. Read the terms of your contract. Your lease contract will outline what happens to your vehicle and when it is able to be taken away. It also details the fees and what you will owe following the repossession. Understanding the conditions that must be fulfilled and how you can prevent them before the car is taken away assist you in determining a a plan for moving forward. Make a list of the things you want to do. You should consider whether you’d like to maintain the vehicle the cost. It might be worth looking to replace it with a less expensive one. Get rid of all personal belongings from your car. The car is able to be taken at any point. Consider taking anything you would like to keep away from your vehicle. Retrieving personal items when your car is taken away an issue. Consider voluntary repossession. If you’re aware that your car that you lease is likely to be repossess You can decide to hand it over voluntarily. This will reduce the amount of fees you pay, and also lessen the harm for your credit. Ways to prevent a leased car repossession If you find that the vehicle you lease is set to be repossess There are a few steps you can take to try to keep the vehicle. Make the missed payments Many lease agreements allow you to “cure” your lease in the event that you make missed payments and pay any accrued charges. For instance, if you’re paying $250 a month and failed to make the two previous monthly payments, you can make a payment of $750 — plus late fees — to the leasing company in order to cover your monthly payment and pay for the two previous ones to get you back on the right track. In certain states, you may be able to “redeem” a leased vehicle after repossession. Your lender is required to send you a notice outlining the steps you need to complete and the amount you will have to pay to redeem your car before it is sold at auction. Contact the leasing company If you contact your leasing company, it could be willing to cooperate together to help you keep the vehicle. This could include letting you defer payments or adjusting the conditions of your 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’ve leased with as well as your past payment history , and whether you have informed them of financial problems. Repossession on your own volition If you offer up your car voluntarily and the leasing company accepts it, they is likely to charge less than if they needed to hire someone to take it. Although you’ll still be unable to drive the vehicle however, a voluntary repossession could save you money and help you get back on track faster. There aren’t all lender will repossess your car but they will. If the , keep making 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 your car is repossed it isn’t completely free of debts. You’ll still owe money to the leasing company, and you could face substantial fees added to the your previous payments. It is possible to be charged: The costs of preparation of the vehicle for sale. The balance remaining on your lease, often decreased by the amount that the company sells your car for. Any past due amount. Costs for mileage over the limit and wear and tear. Unpaid interest and other lease-end costs. Any costs incurred during the repossession like towing or storage before auction. Your when your car is repossed. Unfortunately, there isn’t much you can do about that — you will have keep waiting until that default is removed from your credit record. In the meantime, you will be more difficult to qualify for new loans. Expect higher interest rates on loans that you’ve been approved for. If you do not repay the lender for this repossession, then you may be taken to the court. If the court requires that you pay, you could be responsible for legal fees and court costs along with the amount you have already owed. My car was taken away. What rights do I have? Your rights depend on your state’s laws. So long as the repossession isn’t violent or forced, or taken from a closed garage, it can occur anytime without notice. Be aware of the laws in your state prior to and after the car is repossessed. Once the vehicle is repossessed the state might require the leasing company to supply the time and date for the sale. You could also be able to have your vehicle returned when the outstanding amount and fees have been paid. Although you should remove your personal property from the vehicle before it is repossessing and the leasing company, or a third-party company who is hired to repo the car is required to return any property inside the vehicle. And if your vehicle is sold for more than what you owe, you are responsible for any surplus amount. The main point is that dealing with the repossession of a car leased to you is stressful. If you don’t prepare your vehicle, you’ll be faced with high costs and could be unable to afford a new vehicle. Talk to your lender to find out whether there’s a way to amend your lease. And if that fails attempt to prepare for repossession in order to limit the impact it has on your credit and financial situation.


Written by the writer who contributed to the article.

TJ Porter is a contributing writer at Bankrate with over eight years of experience in writing about finance. TJ writes about a wide range of topics, ranging from .

The edit was done 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 confidence to control their finances by providing clear, well-researched data that breaks complicated topics into bite-sized pieces.

Auto loans editor

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