I'm leasing a car, just lost my job, and have to turn the car to the dealer, what will happen to my credit?

7 Answers

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  • Anonymous
    1 month ago

    Your credit will be trashed for 7 years. If & when you do get a job, your paycheck could be garnished too. if you don't start paying when you can. If you never again need credit, and you never have an above the table job, it won't hurt you.

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  • Anonymous
    1 month ago

    It will be ruined unless you can pay the money they will want.

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  • Anonymous
    1 month ago

    Maybe try to get someone to take over your lease?

    • Never
      Lv 7
      1 month agoReport

      Easier said than done. Who wants to takeover a lease for a used car when they can get brand new for the same payment?

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  • Scott
    Lv 6
    1 month ago

    You can't just give the car back and walk away from this. You signed a contract and are expected to honor it. You could end up getting sued AND your credit goes right down the drain.

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  • Jay P
    Lv 7
    1 month ago

    A lease is not like a library book, you can't just return it early.

    The details will be written somewhere within your lease contract but I'm guessing there will be an early termination charge.  It may be substantial...both the hit to your pocketbook as well as the hit to your credit rating.

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  • Anonymous
    1 month ago

    Well you cannot just "return" your leased car.  You still have to pay a lot of fees to the dealer.  And yes, good luck in leasing or buying another car on credit soon.

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  • Anonymous
    1 month ago

    Credit score will take a hit, it will lower it.

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