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Car Finance Expert Q&A

Hi, I'm Edwin and I'm here to help you!
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Edwin Miles. Underwriting Manager

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What happens if you default on a car lease?

Hi, I had a car on lease for two years and never missed a payment, but I ended up missing the last 3 as I thought I was due a deposit back. They then defaulted the agreement and are now trying to get me to pay the shortfall and they are threatening me with legal action and bankruptcy. Can you please give me some information or help? I thought I would avoid this stuff leasing or renting cars. Many thanks Yvonne x

Posted by Yvonne Young on


Hi Yvonne, thank you for your question and apologies for the delayed response. Unfortunately it looks like the leasing company are within their rights to chase you for the remaining 3 monthly payments. What other charges are they trying to hit you with though? Where is the car now? Have you handed it back to the leasing company? If you default halfway through an agreement the leasing company can recover the car from you as it is legally theirs. My honest reading on this situation is to try and seek some free advice from a local solicitor or read your lease agreement in full yourself to find out where you stand. They can't force bankruptcy on you however, missing the 3 payments will have left a bad mark on your credit profile. How come you thought you were due a deposit back? Were you told this when you first took out the agreement? Kind Regards, Edwin

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