Overhaulin'

What happens if you default car lease vs loan?

If you buy a car with a car loan, and default, you lose your car and owe the remaining balance of the loan. If you only lease a car for 3 years, and default, you lose your car and only owe the remaining balance until the end of 3 years? Is that the only difference? (in both cases, you have a bad credit report, no car, and owe money)

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