The lawsuit, filed Friday in Superior Court by Delaware-based DCFS Trust, said West's Konman Entertainment leased a 2003 Mercedes G500 in September 2002, with the agreement calling for 39 consecutive payments of $1,295 a month.
As Konman's president, West signed as lease guarantor, according to the lawsuit.
DCFS Trust claimed the luxury sport utility vehicle was not returned as scheduled and holdover fees were not paid.
Phone messages left Wednesday for the 27-year-old rapper's publicist, Gabe Tesoriero, were not immediately returned. Konman Entertainment could not be reached because the firm has an unlisted phone number.
DCFS Trust, which took over the lease from Prestige Motors Inc., is seeking $53,747, plus attorney fees, accruing lease payments, late charges, interest and punitive damages.
DCFS Trust declined comment on the legal action.
"Our client does not address ongoing litigation," DCFS Trust's attorney, Rebecca Caley, said.