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Car lease Discharged, does one keep car?

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Car lease Discharged, does one keep car?

Hello I need some advice for my brother, he said his lease says discharged on his credit report. They have not attempted to repo the car, does that mean he just keeps the car until further notice. What could happen worse case senario? I told him they could still come after him if he owes a balance if the collection was sold which most likely it was they can collect the $$ or the car right? Thanks for your help in advance.  Cuteblossom  

 

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Established Member

Re: Car lease Discharged, does one keep car?

Oh, yeah.....if he owes a balance on the car   Remember a lease is just "renting" a car.  Someone else owns the title. 
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Senior Contributor

Re: Car lease Discharged, does one keep car?

If the lease was included in BK, then they cannot come after him for the loan or deficiencies, and this would apply to CA's.

 

However, he can still be liable for damage, theft or loss to the vehicle while in his possession.  Keep insurance in force and make arrangements with finance company for "surrender" asap.

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