How to end a car lease early after becoming disabled Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering you interactive tools and financial calculators, publishing original and objective content, by enabling users to conduct research and compare information at no cost 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 Make Money The deals that are advertised on this website come from companies who pay us. This compensation can affect the way and where products appear on this website, for example the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other products for home loans. But this compensation does affect the information we publish, or the reviews you see on this site. We do not include the entire universe of businesses or financial deals that might be accessible to you. SHARE: Klaus Vedfelt/Getty Images

2 min read Published June 22, 2022

Writer: Josephine Nesbit Written by Josephine Nesbit was a journalist for Bankrate. Written 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 control their finances by providing concise, well-studied information that reduces complicated subjects into digestible pieces. The Bankrate promise

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We are compensated in exchange for placement of sponsored products and services or through you clicking certain hyperlinks on our site. Therefore, this compensation may impact how, where and in what order items appear in listing categories and categories, unless it is prohibited by law. We also offer mortgage, home equity and other home loan products. Other factors, such as our own proprietary website rules and whether a product is available in your area or at your own personal credit score could also affect the manner in which products are featured on this site. While 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 where the lessor owns the vehicle and you are required to pay a set monthly amount for the use of the vehicle. What happens if an unforeseen circumstance prevents you from driving your car? It’s not a guarantee that you’ll be able to terminate a lease due to disability. However, you have options outside of giving the vehicle back and paying hefty charges. Can I end my lease early because of a disability? A disability does not automatically get you out of the car lease. A agreement between you and the leaser. To terminate the lease, both parties must accept the termination of the lease or prove that the contract permits cancellation. The breaking of a lease because of disability could be expensive. There’s generally an early termination fee , and depending on the leaser and terms in the contract, you may be required to make the remaining payments in the lease. The sooner your lease ends, the greater this charge could be. But you can also talk to your lessor and explain that you’re breaking a car lease for medical reasons. They could be able help you find the best solution or give you additional information on early termination rules. How to end an early car lease There are a few methods to terminate your lease and avoid paying 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 the contract. The lease agreement will contain a clause on the process for early termination as well as the associated fees. Based on the terms of the contract and your finances they may be easily manageable for you. Make sure to check if your agreement provides options to terminate a car lease for medical reasons such as disability. It could be an option to transfer the lease, purchase of a lease, or a complete termination of the contract. Request an exception even when there aren’t any conditions in the contract, check if the lessor will assist. If you’re lucky, you’ll be able to support the request with documentation such as an official medical certificate stating that you can no longer drive. If you discover that early termination is unrealistic or costly it is possible to find someone who can take over the lease. In some instances when a family member becomes the lease, this can be accomplished for a minimal fee. Swap your car lease Almost all lease agreements allow the transfer of your lease to another individual — provided the other party has the required credit score. Different lenders have different leasing transfers. So be sure to consult with your lender prior to making any plans. There are marketplaces online like SwapALease or LeaseTrader that connect lessees who want to get out of leases on cars with potential lessees for a small fee. Most automotive brands allow lease takeovers, and these third-party companies handle the associated paperwork so you’re assured it is done correctly. Although you could look for yourself a person to do it, this could take a long time. It’s still your responsibility to pay for the payments you’re taking care of the lease until it is transferred. The bottom line Early end of a lease may come with fees and other charges which could amount hundreds of dollars. While you cannot automatically terminate the lease because of disability, this doesn’t mean you’re stuck. You may be able 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 then contact your leasing firm to talk about your options. More information SHARE:

Written by Josephine Nesbit is a former 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 dedicated to helping readers gain confidence to control their finances by providing precise, well-studied information that break down complicated topics into digestible pieces.

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