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Lease Car Repossession – Getting it Back

My vehicle was repossessed over the weekend. I am 75 days passed due. I called to make arrangement to pay for the 3 months that are behind so I could get my vehicle back. I’ve been a perfect customer for the 5 year lease and have paid every payment on time. Now that there is only 4 months left in my contract they told me I couldn’t get my vehicle back unless I bought it out. That doesn’t seem legal, I’m willing to pay and it’s a lease, why should I have to buy it out??

Posted from: Alberta

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One Response to “Lease Car Repossession – Getting it Back”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Unfortunately the moment you missed the first payment you gave the lender the ability to seize the vehicle. Now it is ultimately up to the lender what terms they will require for the vehicle to be returned. So you may not have any choice.