Difference between revisions of "Leasing a Car"

If you default on a consumer lease (stop paying it), the dealer or creditor may be able to take the car back (seize it) or sue you for all remaining lease payments. Depending on the type of lease (a security lease or a true lease), they may be able to do both. You would need legal advice on that and on whether the “seize or sue” rule and the “two-thirds rule” apply. Business leases are different—a dealer or creditor may be able to sue you and seize the car. Generally, your rights and responsibilities depend on whether you sign a lease or a secured lease agreement. You can talk to a lawyer before you lease to find out what type of agreement you are signing. As well, check script number [[Buying Goods on Credit, Credit Cards and Credit Bureaus (Script 246) (Script 246)|246]], called “Buying Goods on Credit, Credit Cards & Credit Bureaus”.