Before understanding the lease return you should understand that what is lease first. Lease means that you get or buy something new or old on a contract that you will pay the cost or price of that particular thing in some amount of time which is decided by lessor and buyer in the contract and this process of the contract of buying a vehicle or land is known as a lease. You must have heard people saying this that they have bought xyz thing on the lease, this is what they actually meant.
What Is Lease Return
Lease return means when a person has bought some vehicle or any other thing on lease and was not able to pay the cost or price of that particular thing in the decided amount of time in the contract then that particular vehicle or any other thing which was on lease is taken back by the lessor and it depends on him that he can put it for resale or he can release the vehicle to some other consumer who is interested in it. Like if you have bought a truck on lease and you were not able to pay the amount in decided time then the owner has the right to lease return trucks you bought.
Is It Legal For The Lessor To Take The Vehicle Back When The Price Is Not Paid On Time
If you are thinking that it should be illegal to collect back the vehicle when the buyer is not able to pay the full price of the vehicle in the decided amount of time then you are going wrong because there is a proper contract of this leasing process that the lessor can retain the vehicle and he can easily lease return trucks when the price is not paid in the decided amount of time. It is clearly mentioned in the contract of the lease that the lessor is eligible to retain his vehicle back if you will not be able to pay the decided amount of price of that vehicle in the decided amount of time mentioned in the contract, there is point thinking or fighting over it. This is totally legal.
Lease returns are the worst nightmares for the people who have bought things on lease and it is very better to pay the price before the time of contract ends and save your vehicle from going away from you.