Leasing a Car - Revision history

Elena Renderos at 06:33, 30 September 2023

2023-09-30T06:33:13Z

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	{{REVIEWEDPLS \| reviewer = Mario Garcia, CarbonCure Technologies \|date= October 2022}} {{Dial-A-Law TOC\|expanded = cars}}		{{REVIEWEDPLS \| reviewer = [https://www.carboncure.com/ Mario Garcia], CarbonCure Technologies \|date= October 2022}} {{Dial-A-Law TOC\|expanded = cars}}
	Leasing a vehicle is quite different from buying one. Leasing can offer lower monthly payments, but you typically spend more in the long run. Learn your rights if you lease.		Leasing a vehicle is quite different from buying one. Leasing can offer lower monthly payments, but you typically spend more in the long run. Learn your rights if you lease.

2023-09-26T21:38:27Z

Drew Jackson moved page Leasing a Car (No. 196) to Leasing a Car: Taking out recording numbers

← Older revision	Revision as of 21:38, 26 September 2023
(No difference)

2023-09-26T05:28:35Z

What you should know

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	If you’ve already been making payments, the '''two-thirds rule''' comes into play if you’ve paid back at least two-thirds of what you owed. In this case, the creditor needs a court order before seizing the vehicle.		If you’ve already been making payments, the '''two-thirds rule''' comes into play if you’ve paid back at least two-thirds of what you owed. In this case, the creditor needs a court order before seizing the vehicle.

	~~====The dealer must tell you if there is a lien on the vehicle====~~
	Another [https://www.canlii.org/en/bc/laws/stat/rsbc-1996-c-410/latest/rsbc-1996-c-410.html#sec16_smooth BC law] requires a person leasing goods to tell you if there is any '''lien''' or charge on the goods in favour of a third party. A lien is a legal claim made on property — such as a vehicle — to make sure someone pays a debt. Liens are attached to a vehicle, not to its owner. If you lease a vehicle with a lien on it, the lien holder can take the vehicle from you as payment for the debt.

	==Protect yourself!==		==Protect yourself!==

2023-09-26T05:26:21Z

2019-03-22T23:03:02Z

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	:Web: [http://www.mvsabc.com/ mvsabc.com]		:Web: [http://www.mvsabc.com/ mvsabc.com]

			{{Dial-A-Law_Navbox\|type=consumer}}
	{{Dial-A-Law Copyright}}		{{Dial-A-Law Copyright}}

	~~{{Dial-A-Law_Navbox\|type=consumer}}~~

2019-03-22T22:25:47Z

If the lease is a true lease or for business use

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	====If the lease is a true lease or for business use====		====If the lease is a true lease or for business use====
	If the lease is a true lease, things are different. They’re also different if the vehicle is used primarily for business purposes. In either case, if you default on the lease, a creditor may be able to sue you '''and''' seize the vehicle. For more on the law relating to secured debts, see our information on [[Buying ~~Goods~~ on Credit~~, Credit Cards and Credit Bureaus~~ (~~Script~~ 246)\|buying on credit (no. 246)]].		If the lease is a true lease, things are different. They’re also different if the vehicle is used primarily for business purposes. In either case, if you default on the lease, a creditor may be able to sue you '''and''' seize the vehicle. For more on the law relating to secured debts, see our information on [[Buying on Credit (No. 246)\|buying on credit (no. 246)]].

	===Are there other ways the law is different for a business lease?===		===Are there other ways the law is different for a business lease?===

2019-03-22T22:25:11Z

Disadvantages of leasing

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	And at the end of the lease, you haven’t built up '''equity''' in the vehicle the way you would have if you had bought. At the end of paying off a car loan, you own the vehicle. At the end of a lease, you own nothing.		And at the end of the lease, you haven’t built up '''equity''' in the vehicle the way you would have if you had bought. At the end of paying off a car loan, you own the vehicle. At the end of a lease, you own nothing.

	The result is that leasing typically costs you more than borrowing money to buy a vehicle. For more on buying a vehicle, see our information on [[Buying a Used Car (~~Script~~ 197)\|buying a used car (no. 197)]].		The result is that leasing typically costs you more than borrowing money to buy a vehicle. For more on buying a vehicle, see our information on [[Buying a Used Car (No. 197)\|buying a used car (no. 197)]].

	===Types of vehicle leases===		===Types of vehicle leases===

2019-03-22T22:20:53Z

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	{{~~Dial-A-Law Blurb~~}}		{{REVIEWEDPLS \| reviewer = Ian Christman, Vehicle Sales Authority of BC \|date= February 2019}} {{Dial-A-Law TOC\|expanded = cars}}
			'''Leasing a vehicle''' is quite different from buying one. Leasing can offer lower monthly payments, but you typically spend more in the long run. Learn your rights if you lease.
	{{Dial-A-Law TOC\|expanded = ~~autos~~}}
	Leasing a vehicle is quite different from buying one. Leasing can offer lower monthly payments, but you typically spend more in the long run. Learn your rights if you lease.

	==Understand your legal rights==		==Understand your legal rights==
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	:Toll-free: 1-877-294-9889		:Toll-free: 1-877-294-9889
	:Web: [http://www.mvsabc.com/ mvsabc.com]		:Web: [http://www.mvsabc.com/ mvsabc.com]



	~~[updated February 2019]~~

	~~'''The above was last reviewed for legal accuracy by Ian Christman, Vehicle Sales Authority of BC.'''~~

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	{{Dial-A-Law Copyright}}		{{Dial-A-Law Copyright}}

	{{Dial-A-Law_Navbox\|type=~~auto~~}}		{{Dial-A-Law_Navbox\|type=consumer}}

2019-03-13T01:16:14Z

Drew Jackson moved page Leasing a Car (Script 196) to Leasing a Car (No. 196): Aligning title to new website

← Older revision	Revision as of 01:16, 13 March 2019
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2019-03-05T04:38:07Z

If you’re concerned about a dealer

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	[updated ~~June 2018~~]		[updated February 2019]

	'''The above was last reviewed for legal accuracy by Ian Christman, Vehicle Sales Authority of BC.'''		'''The above was last reviewed for legal accuracy by Ian Christman, Vehicle Sales Authority of BC.'''