My sister leased a new vehicle 5 months ago but lost her job and now cannot afford the lease. If she gives the car back or lets them come and pick it up...what happens? Will she owe the full amount of the lease or just for the months she has had it, since a lease is like renting a vehicle. I know what happens if a regular purchase is repossessed, but not in a lease situation.
2007-07-31 18:28:34 · 1 answers · asked by horizonflames 2 in Business & Finance ➔ Other - Business & Finance
She can be held financially liable for all expenses concerning the lease, the repossession, and all legal fees of trying to collect what money she does owe.
The lease will have the finite details in it, if she JUST lost her job, have her contact the finance company NOW, explain what happened, many times they will work with her, often pushing a payment or two off until the end of the term, pretty simple solution to help her out until she gets another job.
2007-07-31 18:34:20 · answer #1 · answered by Michael H 7 · 0⤊ 0⤋