How to end a car lease early after becoming disabled Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive financial calculators and financial tools that provide objective and original content. This allows you to conduct your own research and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this website are provided by companies that compensate us. This compensation may impact how and when products are featured on this website, for example the order in which they may be listed within the categories of listing, except where prohibited by law for our mortgage home equity, mortgage and other home lending products. But this compensation does have no impact on the content we publish or the reviews that appear on this website. We do not contain the vast array of companies or financial offerings that could 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 previously a journalist for Bankrate. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down complicated subjects into digestible pieces. The Bankrate promises
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So, this compensation can influence the manner, place and when products appear within listing categories and categories, unless it is prohibited by law. We also offer credit, mortgage, and other products for home loans. Other elements, like our own website rules and whether or not a product is available within the area you reside in or is within your personal credit score may also influence how and where products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include specific information on every credit or financial product or service. A car lease agreement is a legally binding agreement that entitles the lessee to the vehicle and you pay a predetermined monthly fee to use the vehicle. But what happens when some unexpected circumstance stops you from driving the vehicle? There’s no way to guarantee that you won’t terminate a lease due to disability. However, you have alternatives to not having to give the car back or paying high costs. What if I want to end my lease earlier due to an illness? A disability doesn’t automatically get you out of the car lease. A agreement between you and the leaser. In order to break the lease, both parties must accept the termination of the lease or prove that the contract allows for termination. A lease that is terminated because of disability could be costly. There’s typically an early termination fee and according to the terms of the lessor as well as the conditions of your contract, you may be required to make the remaining payments for the lease. The earlier the lease ends the higher the cost may be. But you can also talk to your lessor and explain that you are breaking a car lease for medical reasons. They may be able to assist you in finding the most appropriate solution, or give you additional information on early termination policy. How to end a car lease early There are a few ways to break your lease to avoid penalties. Before trying to get out of your lease, be aware and think about your alternatives. Check your contract. The best source of information for breaking the lease of your car early is your lease. The lease agreement will have an express clause regarding the process for early termination as well as the associated fees. Depending on the agreement and your budget the fees could be feasible for you. Make sure to check if your agreement provides options to terminate the lease of a vehicle due to medical reasons such as disability. This could be an option to transfer the lease, lease buyout or full end of the lease. Ask for an exception Even if there are no exceptions stated in the contract, you should inquire if the lessor is willing to help. Ideally, you would be able to prove your request with documentation such as the medical evidence that states that you’re unable to drive. If you find that early termination isn’t feasible or costly, you might consider finding someone who can take over the car lease. In some cases, if another family member is able to take over the lease, this can be done for a small fee. Swap your car lease Most lease agreements permit you to transfer your vehicle lease to another individual -as long as the new owner is able to meet the credit requirements. Different lenders have different rules regarding lease transfers, so be sure to consult with your lessor prior to making any plans. There are online marketplaces like SwapALease or LeaseTrader that connect lessees seeking to get rid of leases on cars with potential lessees at a minimal cost. Most automotive brands permit lease takeovers and third-party firms handle the necessary paperwork so you’re assured they’ve done it right. If you want to attempt to locate an individual on your own but this can take a long time. You’re still accountable for making until the lease is transferred. The bottom line Early termination of a car lease may come with fees and other costs that can add up hundreds of dollars. While you cannot automatically terminate an agreement due to disability, it doesn’t mean that you’re stuck. There are ways to avoid penalties with an agreement to transfer your lease. Examine your lease contract to see if there’s an agreement regarding early termination and contact your leasing firm to talk about options. Learn more SHARE:
Writer: Josephine Nesbit is a former contributor to Bankrate. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances with precise, well-studied information that dissects complicated topics into digestible pieces.
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