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As it relates to bankruptcy, with most car leases you do have a "security interest" in the vehicle that you're leasing under certain circumstances, particularly when, over the whole of the lease, you pay substantially more than the fair market value of the vehicle at the time you bought it. In theory a lease entitles you to the use and enjoyment of the vehicle, but doesn't grant you an interest in the title to the property. This rule, however, comes from the law of real property (real estate). It doesn't apply very well to a vehicle (though the leasing agent wants it to apply, because they don't want the lessee to have any permanent interest in the car). The bankruptcy courts, however, may find that a lease entitles the lessee to some security interest, i.e. some ownership interest in the vehicle (much like equity in a house).
Hope that helps.
-Laelth
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