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 smarter financial decisions by offering you interactive financial calculators and tools as well as publishing quality and impartial content. We also allow you to conduct your own research and compare information for free and help you make informed 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 products that appear on this website are provided by companies that compensate us. This compensation could affect how and where products appear on the site, such as, for example, the sequence in which they appear in the listing categories, except where prohibited by law for our mortgage, home equity and other home loan products. However, this compensation will not influence the information we publish, or the reviews you read 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 was 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 late 2021. They are committed to helping readers gain confidence to control their finances by providing precise, well-researched and well-researched data that reduces complex topics into manageable bites. The Bankrate guarantee
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This compensation could affect the way, location and in what order items appear in listing categories, except where prohibited by law. This is the case for our credit, mortgage and other products for home loans. Other factors, such as our own rules for our website and whether a product is available in your area or at your self-selected credit score range can also impact how and where products appear on this site. We strive to provide a wide range offers, Bankrate does not include details about every financial or credit product or service. Car lease agreements are legally binding agreement where the lessor owns the vehicle and you pay an agreed-upon monthly amount to use the car. But what happens when some unforeseen circumstance prevents you from driving your car? There’s no guarantee that you’ll be able to break a lease due to disability. But, there are alternatives other than giving the car back or paying hefty costs. What if I want to end my lease earlier due to a disability? A disability does not immediately mean that you’re out of a car lease. There is a relationship between you and the lessor. To terminate the lease, both parties must accept the termination of the lease or prove that the lease allows termination. Breaking a lease due to disability can be costly. There’s typically an early termination charge and according to the terms of the lessor and terms in the lease it could be necessary to pay the remaining installments in the lease. The earlier the lease ends, the greater this charge could be. But you can also talk to your leaseholder and explain that you are breaking the lease of your car due to medical reasons. They could be able assist you in finding the best solution or give you additional information on early termination policies. How to end a car lease early There are a few ways to end your lease and avoid paying penalties. If you are looking to break out of your car lease, be aware of your options. Review your contract Your best source of information for breaking an early lease on a vehicle is the contract. The lease agreement will contain an express clause regarding the early termination process and the associated charges. In the event of a contract that is in place and your financial situation they may be feasible for you. However, make sure you check if the contract allows you to break a car lease for medical reasons like disability. These could include the transfer of a lease, a buyout of the lease or complete end of the lease. Ask for an exception Even if there are no exceptions stated in the contract, you should inquire whether the leasing company will assist. If you’re lucky, you’ll be able to prove your request with proof of a medical note stating that you’re unable to drive. If you find that early termination is not feasible or expensive it is possible to find someone who can take over the lease. In some instances, if another family member is able to take over the lease, it can be accomplished for a minimal fee. Swap your car lease Most lease agreements permit you to transfer your car lease to another person -in the event that the new party is able to meet the credit requirements. Different lessors have different lease transfers, so make sure to check with your lender prior to making any plans. There are online marketplaces such as SwapALease and LeaseTrader, that match lessees seeking to get rid of car leases with potential lessees at a minimal cost. The majority of car manufacturers permit lease takeovers and third-party companies manage the paperwork involved so that you’re assured they’ve done it right. Although you could attempt to locate yourself a person to do it, this could take some time. You’re still accountable for taking care of the lease until it is transferred. The bottom line Early ending a lease on a car could result in fees and other charges that can add up in the thousands. Although you aren’t able to automatically end a lease due to disability, it doesn’t mean that you’re stuck. You may be able to reduce any penalties by an agreement to transfer your lease. Examine your lease contract to see if there’s an early termination clause and contact with the company leasing to inquire about your options. More information 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 writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to manage their finances by providing clear, well-researched information that dissects complex topics into manageable bites.
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