What can be done when your leased vehicle gets repossessed?

Answer by  silverkatcreationsyahoocom (324)

Pretty much same as any reposession. Ruins your credit. Theuy can go after you for balance on lease even if they resell it per terms of your lease agreement.

Answer by  bbq1 (25)

You can contact your lease holder, bring your payments to date and retrieve your car. It's the same as a conventional purchase. They want your money, not the car.

Answer by  yarman (26)

There's a couple of options , call the leasing company and try to arrange payment and release of the vehicle. If thats not a good option the leasing company should send a letter when they auction the vehicle and should include the name and address of the auction company, you have the right to bid back your own car.

Answer by  kane (7)

You can contact the lender and either offer to bring all the payments up to date and pay the repossession fees or you can wait until the process is over and offer them a settlement at a substantially lower amount to help save your credit.

Answer by  versace (17)

My leased vehicle is repossessed, this is one of the most happiest moments of one's life. when that person has lost hope and a ray of hope is found