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What happens when you total a lease car?
When a lease car is totaled, the car company will require the car lessee to pay the lease balance to get out of the contract. This is applicable for a wrecked car and non-reparable vehicle.
Do you have to pay the balance on a lease if you volunteer to surrender the car?
Yes
Can I trade in my car when there is a loan balance?
You can trade your car in, however the loan balance must still be satisfied.
Can you trade in a car your upside down on for a lease?
Sure, you can trade it in, but you will have to make up the difference in $$ between the selling price and what is still owed on the original lease.
Can you trade in a leased car?
Yes, you can. When you lease a car you have the option of purchasing the vehicle at any time. When you go in to make a trade, the dealership will have to call the leasing company and get your payoff. Basically the dealership will pay the remaining balance of the lease and purchase the vehicle from the leasing company. It really depends on your situation, in a perfect world, the vehicle buyout would be the same as its trade in value but that is ususally not the case. If you have a closed end lease, you would be better off if you waited the lease out before purchasing a new vehicle. You may be fortunate enough to have vehicle that is worth more than the lease buy out amount. These days, there are a number of services which match people who are looking to lease cars with those who are looking to get out of a lease.
You were late on your lease payment and your car was repode do you lose your trade in?
you defaulted, a contract is a contract and you have lost your trade in
If you lease a car and file for bankruptcy what happens to the car?
You will most likely still owe on the lease but the balance due might be dischargeable. But you will for sure lose the car. A bankruptcy attorney will be able to tell you for sure.
How can you find another person to take over their car lease?
If one is looking to get out of their car lease, they may trade it back to the dealer for another car. There are websites such as Swap A Lease or Lease Trader that may find someone interested in taking it over. It is possible to post on eBay Motors.
How do you buy a used car if you have a balance on trade in?
You will have to borrow enough money to pay off the balance on the car you now have plus the price of the car you are buying.
Is there a difference between a term business car lease and a commercial auto lease, or are they one and the same?
A car lease is an individuals person lease for their car. A commercial car lease is the lease for a commercial vehicle which are used for businesses.
What if your husband files bankruptcy and you have a leased car?
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When a leased car is reposessed do you owe just the amount left on your lease or the full amount of the car if you can't afford to pick it up and you let them keep it?
Both. You will owe the balance of the lease, payoff on the car, mileage, and repo fees, including storage and auction costs.
