Early Lease Termination-Death
Death of whom? The lease holder? What does the lease say?
Death doesn't terminate the lease. They will pick up the vehicle, sell it at auction most likely and if they receive less than what's due on the lease, the co-signer (if one exists) could be held responsible for the difference. If there is no-signer, then the 'estate' of the leaseholder is responsibile.
Really a moot conversation to be held here as everything is already contained in the lease agreement.
Death doesn't terminate the lease. They will pick up the vehicle, sell it at auction most likely and if they receive less than what's due on the lease, the co-signer (if one exists) could be held responsible for the difference. If there is no-signer, then the 'estate' of the leaseholder is responsibile.
Really a moot conversation to be held here as everything is already contained in the lease agreement.
Last edited by oohpapi44; Jun 9, 2014 at 12:31 PM.
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Yes of lease holder. I was told by Lexus dealer that, notwithstanding what the lease says, Lexus is pretty good at helping out in this situation and wanted to see if anyone had experience with them.
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It will all come down to the contract terms and what's owed to Lexus. Because of the Lexus resale value they may be able to recoup what's owed in the contract and thus willing to forgive a minor amount.
But in the end it is still a contract that needs to be fulfilled. The contract will dictate the terms of the conversation with Lexus (ie how much is owed, condition of car for resale, etc). Just stating that each conversation could vary greatly.
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