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 choices by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this website come from companies that compensate us. This compensation could affect how and where products appear on the site, such as for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other products for home loans. This compensation, however, does affect the information we provide, or the reviews that you see on this site. We do not contain the vast array of companies or financial offers that may be accessible to you. SHARE: Klaus Vedfelt/Getty Images
2 min read Published June 22, 2022
The article was written by Josephine Nesbit Written by Josephine Nesbit is a former 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 passionate about helping readers gain confidence to manage their finances through providing clear, well-researched information that reduces complex topics into manageable bites. The Bankrate promise
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We are compensated in exchange for the promotion of sponsored goods and services or when you click on specific links on our website. So, this compensation can influence the manner, place and when products appear within listing categories, except where prohibited by law. We also offer credit, mortgage and other home lending products. Other elements, like our own website rules and whether the product is offered in the area you reside in or is within your self-selected credit score range may also influence the way and place products are listed on this website. While we strive to provide a wide range offers, Bankrate does not include details about each credit or financial product or service. A car lease agreement is a legally binding contract in which the lender owns the vehicle and you are required to pay a set monthly sum to use the vehicle. But what happens if unexpected circumstance stops you from driving the vehicle? It's not a guarantee that you can end a lease because of disability. However, you do have alternatives other than giving the car back or paying hefty charges. Do I have the option of ending my lease earlier due to an illness? A disability doesn't necessarily mean you are free of the lease on a car. There is a relationship between you and the lessor. To break the contract it is necessary for both parties to agree to terminate the lease or prove that the contract allows for the termination. A lease that is terminated because of disability could be costly. There's typically an early termination charge and depending on the leaser and the terms of the lease, you may be required to make the remaining payments on the lease. The sooner your lease ends, the greater this charge may be. You can also speak with your lender and explain why you're violating a lease agreement for medical reasons. They could be able work with you to find the best solution or give you more information about early termination policies. How do you end an early car lease There are many ways to break your lease to avoid penalties. When you're trying to get out of your car lease, you need to be aware of your alternatives. Check your contract. The best source of information for breaking a car lease early is your lease. The lease agreement will contain an agreement on the process of early termination and the fees associated with it. Depending on the agreement and your financial situation the fees could be manageable for you. However, make sure you check if the contract allows you to break the lease of a vehicle due to medical reasons like disability. These could include an option to transfer the lease, buyout of the lease or complete termination of the contract. Ask for an exception Even if there are no clauses that allow for exceptions in the lease, you should inquire whether the leasing company is willing to help. In the ideal scenario, you'll be able to support the request with proof of an official medical certificate stating that you are unable to drive. If you find that early termination isn't feasible or too pricey, you might consider finding someone who can take over the car lease. In some cases the case that a family member becomes the lease, this can be done at a low cost. Swap your car lease Almost all lease agreements permit you to transfer your car lease to another individual -as long as the new owner meets credit requirements. Different lessors have different lease transfers, so be sure to consult with your lease provider prior to making any decisions. There are online marketplaces such as SwapALease and LeaseTrader which match lessees looking to get out of car leases with potential lessees for a small fee. Most automotive brands permit lease takeovers and these third-party companies handle the associated paperwork so you can feel confident they've done it right. Although you could look for yourself a person to do it but this can take a long time. You're still accountable for taking care of the lease until it is transferred. The bottom line is that early ending a lease on a car could result in fees and other charges that can add up hundreds of dollars. While you cannot automatically terminate the lease because of disability, it does not mean that you're locked in. You may be able to minimize any penalties through the transfer of your lease. Check your lease agreement to determine if it contains an agreement regarding early termination and then call with the company leasing to inquire about your options. More information SHARE:
The writer, 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 since the end of 2021. They are passionate about helping readers gain confidence to take control of their finances through providing precise, well-studied information that break down complex topics into manageable bites.
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