Personal Bankruptcy Vehicle Lease Question?

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RLColbert

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As I understand it, if a vehicle is reposessed for non-payment and sold to recover loss, if the sell price is more than the current value, the remainder goes to the former owner. Should this not also be the case in a lease agreement? Here is the situation, I had a vehicle leased with one year remaining in the lease term. I decided to terminate the lease early meaning I'd have to pay that year in full as per the terms of my contract. I don't have an issue with this, my question is: If I had carried the lease to term, I would have paid $9213 to keep the vehicle (the agreed value at time of lease term end). However, I know the dealership has sold the vehicle for more than the agreed value amount. I don't know the exact amount but for the purposes of this question let's say they sold it for $12000. Would I not be entitled to the difference between what they sold the vehicle for and the agreed value of $9213 to help offset the cost of the accelerated payments due to ending the lease early? If not, this is cheating in my opinion because the dealer is not only getting the vehicle which they sold for $2500+ what it was worth but asking me to pay the remainder of a lease for a vehicle that now belongs to someone else, in this case $3300+. This is giving the dealer almost a six thousand dollar bonus.
 
If a vehicle is used as collateral on a loan and is sold for more than the amount on the loan, then the owner of the car gets the excess. If you lease a car with an option to buy, then you don't actually own the car and did not undertake the risks associated with ownership -- you are holding the option to buy the vehicle. That option does come at a price as does the risk to the dealer.
 
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