In landlord-tenant law, default refers to the failure of a tenant to timely pay rent due. In anticipation of such an occurence, landlords commonly require a new tenant to pay a security deposit, which may be used to remedy defaults in payment of rent and other monetary obligations under the rental agreement. In general, the landlord is required to give the tenant notice of the default before bringing eviction proceedings or applying security deposit proceeds to the payment in default. The fixing of a definite default date for payment of rent can be critical if it becomes necessary to evict a tenant for a default in the payment of rent. Landlords often require a background and/or reference check on prospective tenants in an attempt to minimize defaults in rent payments.
Default On Lease Meaning For Car
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How to fill out Florida Notice Of Default On Residential Lease?
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FAQ
In this situation, not only will you lose the car, but you'll also owe a sum of money to the leasing company, like for the past-due amounts, the remaining lease balance, certain costs, and other amounts even after the repossession.
24, 36, and 48 month leases are frequently advertised, but other terms are available from some lease companies. ?MSRP? is shorthand for ?Manufacturer's Suggested Retail Price,? sometimes referred to as ?list price? or ?sticker price.? It is the price that appears on the vehicle's window sticker.
Leasing companies report to the credit bureaus the same way auto loan lenders do. A car lease shows up on your credit report in the installment account section, and your credit report details: The name of the leasing company. Your monthly payment.
Lenders sell repossessed cars at auction, and if it doesn't recoup the remaining balance of the loan financing it, you'll owe what's called a "deficiency balance." Ultimately, the lender could sue you for the money you owe. Your wages could be garnished; a lien could be put on your home.
Leasing a car gives you a vehicle to drive for a fixed number of miles and months. It's similar to renting an apartment instead of buying a house. There is less long-term commitment involved, but you still have to pay for it. The monthly cost of leasing a car is often lower than buying it with an auto loan.
