How to end a car lease early after becoming disabled Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive financial calculators and financial tools, publishing original and objective content. This allows you to conduct research and compare data for free and help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this website are provided by companies that pay us. This compensation may impact how and where products appear on this site, including, for example, the order in which they appear within the listing categories in the event that they are not permitted by law. Our mortgage or home equity products, as well as other home loan products. But this compensation does not influence the content we publish or the reviews that you read on this site. We do not cover the entire universe of businesses or financial offers that may be open to you. SHARE: Klaus Vedfelt/Getty Images
2 min read Published June 22, 2022
Written by Josephine Nesbit Written by Josephine Nesbit was a contributor to Bankrate. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are committed to helping readers gain confidence to manage their finances through providing precise, well-researched and well-researched data that reduces complex topics into manageable bites. The Bankrate promise
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We receive compensation for placement of sponsored products and services, or when you click on specific links on our site. So, this compensation can affect the way, location and in what order products are listed and categories, unless it is prohibited by law. We also offer mortgage, home equity and other home lending products. Other elements, like our own rules for our website and whether a product is available in the area you reside in or is within your self-selected credit score range can also impact the manner in which products are featured on this site. We strive to provide an array of offers, Bankrate does not include specific information on every credit or financial products or services. The car lease contract is legally binding agreement that entitles the lessee to the vehicle and you are required to pay a set monthly amount for the use of the vehicle. But what happens if unforeseen circumstance prevents you from driving the car? There’s no way to guarantee that you can end a lease because of disability. However, you have alternatives other than giving the car back and paying high charges. What if I want to end my lease early due to an illness? Disability does not necessarily mean you are free of the lease on a car. A agreement between you and the leaser. To terminate the lease it is necessary for both parties to be in agreement to end the lease, or show that the contract permits the termination. A lease that is terminated due to disability can be expensive. There’s generally an early termination fee and, depending on the lessor and terms in the lease it could be necessary to pay the remaining installments in the lease. The sooner your lease ends the more expensive this fee may be. However, you could also speak with your lender and explain why you’re breaking a car lease for medical reasons. They could be able assist you in finding the most appropriate solution, or give you more information about early termination policies. How to end a car lease early There are a few methods to terminate your lease to avoid penalties. If you are looking to break out of your car lease, be prepared and consider your options. Examine your contract. Your primary source of information for breaking the lease of your car early is your contract. The lease contract will include an agreement on the process for early termination as well as the associated charges. Based on the terms of the contract and your finances, these fees may be manageable for you. Make sure to check if your agreement offers options for breaking the car lease due to medical reasons, such as disability. These could include an option to transfer the lease, buyout of the lease or complete termination of the contract. If you are unable to get an exception, even in the absence of any exceptions stated within the agreement, you should inquire whether the leasing company will assist. Ideally, you would be able to prove your request with evidence such as an official medical certificate stating that you are unable to drive. If you discover that early termination is not feasible or costly it is possible to find someone who can take over the lease. In some cases the case that a family member takes over the lease, it can be done for a small cost. Swap your car lease Almost all lease agreements permit the transfer of your lease to a different personin the event that the new party has the required credit score. Different lenders have different rules regarding leasing transfers. So make sure to check with your lender prior to making any decisions. There are online marketplaces, like SwapALease or LeaseTrader which match lessees seeking to get rid of car leases with potential lessees at a minimal cost. Many automakers allow lease takeovers, and these third-party companies handle the paperwork involved so that you can feel confident they’ve done it right. While you can also look for yourself a person to do it but this can take a long time. And you’re still responsible for your lease until it’s transferred. The bottom line Early ending a lease on a car may come with charges and other expenses that could add up in the thousands. Although you aren’t able to automatically end the lease because of disability, this doesn’t mean that you’re stuck. You may be able to reduce any penalties by an agreement to transfer your lease. Check your lease agreement to find out if there’s an agreement regarding early termination and then call with the company leasing to inquire about your options. Find out more about SHARE:
The writer, Josephine Nesbit is a former contributor to Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing clear, well-researched information that dissects complex topics into manageable bites.
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