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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 providing you with interactive tools and financial calculators that provide objective and original content. This allows you to conduct your own research and compare information for free to help you make sound financial decisions. 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 offers that appear on this site are from companies that pay us. This compensation could affect how and where products appear on this site, including, for example, the order in which they appear within the listing categories, except where prohibited by law for our mortgage or home equity, and also other products for home loans. This compensation, however, does not influence the content we publish or the reviews appear on this website. We do not cover the vast array of companies or financial offerings that could be available to you.



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4 minutes read. Published November 28th, 2022.
The story was written by TJ Porter. Written by Contributing writer

TJ Porter is a contributing writer for Bankrate with eight years of experience in writing about financial matters. TJ writes about a range of subjects, from to .







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 take control of their finances by providing concise, well-studied, and well-researched content that breaks down otherwise complex topics into manageable bites.









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Leasing is convenient for many. However, if you are having trouble making your payments the car you leased could get repossessed. Similar to repossession of a car owned by the owner, car lease repossession is a costly and financially damaging process. But there are actions you can take to avoid the car from being taken away -- or at least reduce some of the 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 able to delay or prevent repossession. Review the terms of the contract. Your lease agreement will define the time and date when your vehicle can be repossessed. It also details the fees and obligations after the repossession. Knowing what requirements must be fulfilled and how you can prevent them before your car is repossessed can assist you in determining a the best strategy for moving forward. Make a list of the things you want to do. Think about whether you want to maintain the vehicle whether you are able to afford it. You might be better off looking to replace it with a less expensive one. Remove all personal items from your vehicle. The car is able to be taken at any point. You can take anything you wish to keep from the vehicle. Retrieving personal items if your car is being towed away is a pain. Consider voluntary repossession. If you know your car that you lease is likely to be repossess and you are able to surrender it to the lender in exchange for a voluntary surrender. This could reduce the amount you pay, and also lessen the harm to your credit. Strategies to avoid a lease car repossession If you find that the vehicle you lease is due to be repossessed There are ways you can try to keep the vehicle. Pay the missed payments In many cases, lease agreements allow you to "cure" your lease in the event that you don't pay on time and pay the accrued fees. For instance, if paying $250 per month, and you missed the last two monthly payments, you can pay $750, plus late fees -- to the leasing firm to pay your monthly installment and pay for the two previous ones to get you back into good standing. In certain states, you might be able to "redeem" the vehicle you leased following repossession. The lender should provide you with a letter outlining the steps you need to follow and the amount you'll need to pay to redeem your car prior to its sale at auction. Contact the leasing firm If you reach out to the leasing company, they may be willing to collaborate with you to help you keep the car. This could include letting you put off payments or changing the conditions of your contract to make your lease more affordable. Leasing companies are not obliged to make any changes to your contract. Their willingness to help depend on the company you have leased through as well as your past payments and whether or not you have informed them of financial difficulty. In the event that you agree to give your vehicle for repossession on your own, the leasing company will likely charge fewer fees than if it required an individual to tow it. Although you'll still be unable to drive the vehicle however, a voluntary repossession could save you money and aid to recover faster. Not every lender will allow repossession of your vehicle but they will. If you are unable to make payments and keep in touch with the lender until it takes action on the repossession. What is the cost of a leased vehicle repossession costs Once the car you leased is repossessed it isn't completely free from obligations. There is still money to be owed to the leasing company, and it is likely that there will be substantial charges added to any your previous payments. It is possible to be charged: The costs of getting your car ready to sell. The balance remaining on your lease is typically 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 costs. The costs that are incurred during the repossession, like towing and storage before auction. Your when your car 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 removed from your credit record. In the meantime, you is more difficult to get new loans. Expect higher interest rates on loans you're granted. If you do not repay the lender in full for this repossession, then you might be taken to the court. If the court requires you to pay, you could be liable for court costs and attorney fees in addition to the amount you have already owed. My car was confiscated. What do I have rights? Your rights are determined by your state's laws. As long as the repossession does not involve violence or forced, or taken from a closed garage, it can occur anytime without notice. Check your state's laws prior to and after your car is taken away. After the vehicle is taken the state might require the leasing company to supply the date and time that the vehicle was auctioned. It is also possible to obtain your vehicle back once the past-due amount and fees are repaid. While you must remove all your personal property from the vehicle prior to when it is repossessed The leasing company or a third-party firm hired to repo your car is required to return any property inside the vehicle. And in the event that your car is sold for more than what you owe, you to any excess amount. The main point is that dealing with a leased car repossession can be stressful. If you do not prepare, you will face massive charges and may find it difficult to pay for a replacement vehicle. Talk to your lender to see if there is any way to amend your lease. If not then you should prepare for repossession so that you can minimize the negative impact on your credit and financial situation.


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Written by the writer who contributed to the article.

TJ Porter is a contributing writer for Bankrate with over eight years of experience writing about financial matters. TJ writes about a wide range of subjects, from to .



Editor: 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 with clear, well-researched information that breaks down complicated subjects into digestible pieces.






Auto loans editor




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