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What typically happens is that the party financing the lease will repossess the vehicle. The vehicle will typically be sold and the party financing the lease will attempt to collect the balance remaining under the lease either through a collection agency or through formal legal action.
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∙ 15y ago
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If you turned in a lease vehicle and had one more payment but you can't pay at this time can they say its voluntary repossion in five days?
It appears they are trying to help you with the 5 days part. READ the lease agreement for more info on when the lease is in DEFAULT.
What are lease agreement forms used for?
Lease agreement forms are legally binding documents which can be used for a variety of things such as rent agreements, termination of rent agreement, "moving out" letters, and vehicle leases
What are the 2 types of vehicle leases?
The two types of vehicle leases are closed-end and open-end leases. A closed-end lease is a rental agreement that puts no obligation on the lessee (the person making periodic lease payments) to purchase the leased asset at the end of the agreement. Also called a "true lease", "walkaway lease" or "net lease". An open-end lease is a rental agreement that obliges the lessee (the person making periodic lease payments) to purchase the leased asset at the end of the agreement. Also called a "finance lease".
Can a cosigner of a house rental agreement be sued in Wisconsin?
They can be sued for a breach of the agreement. Co-signers are equally responsible for any default regarding a lease.
What would be good collateral for a lease agreement?
A good collateral for a lease agreement would be a tangible property, such as a house, motor vehicle, financial collateral as well as intellectual security.
What happens if one person moves out that signed a lease agreement?
They have violated the lease contract and can be held liable for damages.
Is A lease as good as agreement to lease?
A lease in itself, is an agreement to lease. All the same.
Can a landlord go after my eighteen year old daughter if I default on my lease agreement?
Your daughter would have no legal obligation to pay the lease, unless her name is on the lease and she was over eighteen when she signed it. Otherwise the lease you signed is not enforceable against your daughter.
How does repo of a leased vehicle differ from repo of a financed vehicle?
NO, a lease is simply a contract like a loan. DEFAULT of either calls for repossession.
Does a lease agreement have to be notorized in Ohio?
No, a lease agreement does not have to be notarized.
What is the difference between a lease agreement and a commercial lease agreement?
A lease agreement could be for the cases of private leasing including residential purposes. A commerical lease agreement is leasing for use of businesses.
What steps are involved in reposessing a car?
As soon as a lease expires on a vehicle that you have in your possession or you default on one of your car payments, the owner has the right to have your vehicle repossessed.
