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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 decisions by providing you with interactive financial calculators and tools as well as publishing original and impartial content. This allows users to conduct research and compare data for free and help you 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 Earn money The products that are advertised on this site are from companies that pay us. This compensation may impact how and where products appear on the site, such as for instance, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity, and also other home lending products. However, this compensation will have no impact on the content we publish or the reviews that you see on this site. We do not include the universe of companies or financial offerings that could be open to you.



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

TJ Porter works as a contributor writer for Bankrate with over eight years of experience in writing about finance. TJ writes on a variety 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 dedicated to helping readers gain the confidence to take control of their finances through providing concise, well-studied, and well-researched content that break down complicated topics into manageable bites.









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Leasing is an option that is beneficial to many. But if you have trouble making your payments the car you leased could be taken away. Similar to repossession of an owned car the repossession of a car lease is an expensive and financially destructive procedure. But there are actions you can take to prevent your car from being repossessable -- or at least ease some of the negative consequences. Steps to take before repossession If you're not making payments on your car leases, your vehicle might get taken away. But you may still be in a position to prevent or delay repossession. Check the terms of your contract. Your lease agreement will define what happens to your vehicle and when it is able to be taken away. It also lists the cost and obligations after repossession. Understanding what conditions need to be fulfilled and how you can stay clear of them prior to the vehicle is repossessable can aid you in coming up with an action plan to move forward. Come up with a plan. Consider whether you would like to maintain the vehicle and the cost. It may be more beneficial trying to and replacing the car with a lower cost one. Take all personal belongings out of your car. Your car can be repossessed at any point. Take anything that you want to keep from the car . Getting personal belongings if your vehicle is being towed away is an issue. Consider voluntary repossession. If you're aware that your car that you lease is likely to be repossess, you can agree to surrender it to the lender in exchange for a voluntary surrender. This will reduce the amount of fees you pay, and also minimize the damage for your credit. Strategies to avoid a lease car repossession If the car you lease is set to be repossessed There are a few steps you can take to try to keep the vehicle. Pay the missed payments In many cases, lease agreements permit you to "cure" you 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 you missed the last two monthly installments, you could make a payment of $750 -- plus late fees -- to the leasing company to cover your monthly payment and make up for the two previous ones to get you back in good standing. In certain states, you might be able to "redeem" a leased vehicle following repossession. Your lender should send you a notice outlining the steps you must follow and the amount you'll have to pay to redeem your car before it goes to auction. Contact the leasing company If you reach out to the leasing company, they could be willing to work with you to assist you in obtaining the funds needed to keep the car. This could include letting you delay payments or altering the conditions of your contract to make the lease less expensive. Leasing companies are not obliged to make any changes to your lease. Their willingness to help depend on the company you leased from as well as your past payments and whether or not you have reported to them about financial problems. Voluntary repossession If you give your vehicle for repossession on your own the leasing company is likely to charge less than if they required an individual to tow it. Although you'll still lose your car however, a voluntary repossession could reduce your expenses and help you recover more quickly. Not every lender will allow repossession of your vehicle, however. If you are unable to make payments and keep in touch with the lender until it acts in the event of repossession. What is the cost of a leased vehicle repossession costs Once your leased car gets repossessed it isn't completely clear from your debts. You will still owe money to the leasing company and you could face significant fees added to payments you already owed. There is a chance that you will have to pay fees for preparing the car for sale. The remaining balance of your lease, which is usually reduced by the amount the company sells your car for. Any past due amount. Charges for excessive mileage and wear and wear. Unpaid interest and other lease-end expenses. Costs incurred during repossession, such as towing and storage prior to auction. If your car is repossed. Unfortunately, there isn't much you can do about it and you'll have be patient until your default is off your credit record. In the meantime, it will be more difficult to be eligible for new loans. Also, expect more expensive interest rates for the loans that you've been approved for. If you fail to repay the lender for your repossessions, you could be taken to court. If the judge orders you to pay, you may be held accountable for the costs of court and attorney fees as well as the money you owe. My car was confiscated. What rights do I have? Your rights are determined by your state laws. So long as the repossession does not involve violence, forced or taken from a garage that is closed, it can occur anytime without notice. Be aware of the laws in your state prior to and after the car is taken away. Once the vehicle is repossessed, your state may require that the company leasing it to supply the time and date of the auction. You could also be able to obtain your vehicle back once the past-due amount and fees have been paid. Although you should remove your personal belongings from the vehicle before it is repossessing and the leasing company, or a third-party firm who is hired to repo the car is required to return any property inside the vehicle. And in the event that your car is sold for more than what that you owe, you must pay the excess amount. The bottom line Dealing with the repossession of a car leased to you is stressful. If you aren't prepared, you will face hefty fees and might be unable to afford a new vehicle. Talk to your lender to determine if there is any way to alter your lease. If that doesn't work then you should prepare for repossession in order to limit the negative effects on your credit and financial situation.


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Written by the writer who contributed to the article.

TJ Porter works as a contributing writer at Bankrate with eight years of experience in writing about finance. TJ writes on a variety of topics, from .



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 precise, well-researched and well-structured information that breaks down complex topics into manageable bites.






Auto loans editor




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