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if i lease a commercial tractor from a company and it doesn't work out and i want to give it back does that go on my credit report?
Optional Information: State/Country of Question: Missouri Already Tried: thinking about lease purchasing a rig of my own but with the economy being the way it is it's a gamble. if they didn't do a credit check to get the truck if i give it back will it affect my credit.
Good Evening,
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If you return the tractor before the lease is up, or have failed to fulfill the terms of the lease the company can very well report that on your credit. Depending on the terms of the return, the company can choose to report it, choose to report it in such a way that it does not impact your credit, or report it as a default/breach of lease which can have a big impact on your credit. The company may be willing to work with you, but ulitmately they have the discretion to report it, and report it as a default/breach (if that is what happened).
I hope this information has been helpful. If you need more information please let me know.
Thanks.
Experience: I am a practicing attorney with experience in many fields