That depends on a couple of things. Who is your lease with. Have you and your insurance company arrived at a value for the vehicle? When your car is totalled or stolen and not recovered your lease comes due, meaning it has to be paid in full remaining payments and residual value, the same way if you had a normal loan with a bank. Your payment each month is to rent the car so therefor your payments belong to the leasing company, unless you have paid in advance some payments you may be able to get those back. When it comes to downpayment depending on how much you put down and what the money was used for you may not get that back. Example: First months payment made in advance pretty standard wont get it back, paid the fees such as tax on downpayment and rebates if any, plate and title, dealer documentation fee, lease origination fee, these items are not coming back to you same as if you purchased the vehicle. If your insurance company(with your assistance) sets the value of the vehicle high enough that there is money left over after satisfying the lease you would be intitled to that money. When it comes to arriving at a value your insurance company may over state the value they may be right on or they may understate the value, car values are very subjective you need to do your hmework as to the value.That means go to used car lots find some with similar miles, year, and similar condition. Remember even though you leased ti new we are dealing with a used car now. Insurance companies always say they dont have to pay to replace it, however they do have to pay what it is worth. call your leasing company get your payoff of the car (make sure you let them know it has been totaled ) some bank leases penalize you for early termination. Not Chrysler or Gmac. One final subject your lease should have GAP insurance on it(double check with your dealer) If for some reason your vehicle value is less than what is owed to the leasing company the GAP company will step in and pay the difference on your behalf companies like Chrysler Finandial and Gmac include Guaranteed Assett protection at no extra cost on all leases. Good Luck don't be alarmed just follow the process leasing truly is the best way to get a car as loong as it is done right with a good dealer and leasing company> Sincerely, Kurt
You will have to make the payments to the company that purchases their assets, it doesn't mean you get a free car.
Technically yes, he probably did, but you are entitled to your part of the payment.
Leased departments have such advantages as generating direct revenues, bringing new customers and cutting down on operational costs. The disadvantages include delayed payments and facing fierce competition.
What happens if a life estate is abandoned depends on state laws.
IF her name is NOT on the title, you can just go get your car.
leased
You will have to pay any balance due after the car is sold and then it ruins your credit.
Get someone to take over payments, via an ad in the paper. Trade it in, or give it back to the bank, and take the hit on your credit.
no its not!! it is technically your car so you can pull it out but you still have to make the monthly payments! you can't pull the engine out of a leased car though!!
A leased car could not be used as collateral. If the loan amount were larger than that which the lending institution considered a "personal loan" the borrower would need to present property that would secure the debt.
First of all it would not be possible to be on the title of a leased vehicle, as the leasor retains ownership rights. A cosigner is only responsible for the debt if the primary borrower defaults on the lending agreement.
the company leasing them gets them back they own them same as renting things.