If you lease a car, are you technically in debt?

You are absolutely in debt. A lot of what people don't realize is you do - in fact - own the car, but are pushed off of the title by a lien holder - aka the financing company. When you pay it off completely, you own it outright. However, with a lease this is never the objective. read more

Yes, you are technically in debt. A lease is a loan. You owe money under contract. The money comes from a financial institution. Leases and loans have different terms, but they are both loans and both debt obligations. Both a lease and a loan are money payment obligations and each puts you in debt. read more

Leasing a vehicle, or getting an auto loan approved – after you consolidate your debt – is not all that problematic. But you do want to have a good grip on the realities of the situation, and set yourself up for success. Debt Consolidation hits your credit. The damage to your credit from debt consolidation will vary. read more

Leasing your car through your business will still count as debt, as I mentioned earlier. However, it will not appear on the business accounts. However, if you have a business contract hire, then the finance commitments of the lease is “off balance sheet”. read more