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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 better financial choices by offering you interactive tools and financial calculators as well as publishing original and impartial content. This allows users to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted 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 compensate us. This compensation may impact how and where products are displayed 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. Our mortgage and home equity products, as well as other home lending products. But this compensation does have no impact on the information we provide, or the reviews that you see on this site. We do not include the vast array of companies or financial offers that may be available to you.



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The EyeEm/ThamkeeChuan/Getty Images
4 minutes 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 in 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 writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances by providing concise, well-studied, and well-researched content that break down complex topics into manageable bites.









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Leasing is an option that is beneficial to many. However, if you are having trouble paying your bills the car you lease could get repossessed. As with repossession of a car owned by the owner reposession of car leases can be a costly and damaging financial process. However, there are steps that you could take in order to prevent your car from being repossessable -- or at least ease some of the consequences. Steps to take before repossession If you're not making payments on your lease on your car and your car could be repossessing. However, you might be capable of delaying or preventing repossession. Read the terms of your contract. Your lease contract will outline whether and when your car could be repossed. It also details the fees and what you will owe after repossession. Understanding the conditions that must be met and the ways you can prevent them before your car is repossessed can help you come up with an action plan to move forward. Come up with a plan. Consider whether you would like you to retain the car and if you can afford it. You might be better off looking to replace it with a cheaper one. Get rid of all personal belongings from your vehicle. Your car can be repossessed at any point. You can take anything you wish to keep from the vehicle. Retrieving 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 taken away and you are able to give it up to the lender in exchange for a voluntary surrender. This could reduce the amount you pay, and also reduce the damage for your credit. Strategies to avoid a lease car repossession If you find that the vehicle you lease is set to be taken away There are a few ways you can try to keep the vehicle. Make the missed payments Many lease agreements permit you to "cure" your lease in the event that you fail to pay your lease and pay accrued fees. For example, if you're paying $250 per month and have missed two of your monthly payments, you could make a payment of $750 -- plus late fees -- to the leasing firm to cover your monthly payment and make up for the previous two to put you back on the right track. In certain states, you may be eligible to "redeem" an unleased vehicle after repossession. The lender should give you a written notice detailing the steps you need to take and how much you will have to make payment to redeem your vehicle before it goes to 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 include letting you defer payments or adjusting the conditions of the contract to make your lease less expensive. A leasing company is not obliged to make any changes to your contract. The willingness of their staff to assist will depend on which leasing company you've leased with and your payment history and whether you have reported to them about financial difficulties. Voluntary repossession If you give the car away voluntarily the leasing company is likely to charge less than if they needed to hire an individual to tow it. Although you'll still lose your car but a voluntary repossession can save you money and aid you recover more quickly. It is not the case that every lender will take possession of your vehicle, however. If they do, continue making payments and contacting the lender until it takes action on the repossession. How much a leased car repossession costs Once your leased car gets repossessed it isn't completely free from 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 your previous payments. There is a chance that you will have to pay: The costs of preparation of the vehicle to sell. The remaining balance of your lease is typically reduced by the price the car is sold by the company for. Any past due amount. Costs for mileage over the limit and wear and tear. , unpaid interest and other lease-end charges. Any costs incurred during the repossession, like towing and storage prior to auction. When your vehicle is repossed. There's nothing you can do to fix that as you'll need keep waiting until that default has been removed from your credit report. In the meantime, you is more difficult to qualify for new loans. Expect more expensive interest rates for the loans that you've been approved for. If you don't make payments to the company leasing you for the repossession, you could be taken to court. If the judge orders you to pay, you could be liable for legal fees and court costs in addition to the amount you owe. My car was confiscated. What are my rights? Your rights depend on your state's laws. If the repossession is not violent, forced or taken from a garage that is closed the repossession can take place anytime without notice. Check your state's laws prior to and after the car is repossessed. After the vehicle is taken, your state may require that the company leasing it to disclose the time and date for the sale. It is also possible to obtain your vehicle back when the outstanding amount and fees are repaid. While you must remove all your personal property from the vehicle prior to when it is taken away The leasing company or a third party company that is that is contracted to repool your vehicle must return any property within the vehicle. If your car is sold at a price higher than the amount you owe, you to any surplus amount. The main point is that dealing with a leased car repossession can be stressful. If you don't prepare your vehicle, you'll be faced with hefty fees and might have trouble affording a replacement vehicle. Talk to your lender to see if there is any way to modify your lease agreement. If that doesn't work then you should prepare for repossession so that you can minimize the negative effects on your credit and financial situation.


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Written by a contributing writer

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



Edited 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 manage their finances through providing precise, well-researched and well-structured information that breaks down otherwise complex topics into manageable bites.






Auto loans editor




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