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 offering you interactive tools and financial calculators as well as publishing quality and impartial content. We also allow users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has agreements 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 pay us. This compensation may impact how and when products are featured on this website, for example the order in which they may appear in the listing categories in the event that they are not permitted by law. Our mortgage, home equity and other home loan products. This compensation, however, does affect the information we publish, or the reviews that appear on this website. We do not include the entire universe of businesses or financial offers that may be accessible to you. SHARE: Klaus Vedfelt/Getty Images
2 min read Published June 22, 2022
Writer: Josephine Nesbit Written by Josephine Nesbit was previously a journalist for Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to manage their finances with clear, well-researched information that reduces complex topics into manageable bites. The Bankrate promises
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We receive compensation for the placement of sponsored products and, services, or through you clicking certain links posted on our website. This compensation could influence the manner, place and in what order items are listed in the event that they are not permitted by law. This is the case for our mortgage, home equity and other products for home loans. Other factors, like our own proprietary website rules and whether the product is available within your area or at your self-selected credit score range may also influence how and where products appear on this website. Although we try to offer a wide range offers, Bankrate does not include details about each credit or financial products or services. Car lease agreements are legally binding contract that entitles the lessee to the vehicle, and you pay an agreed-upon monthly fee 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 hefty charges. What if I want to end my lease early due to an impairment? A disability doesn’t immediately mean that you’re out of a car lease. There is a relationship contract between you and the lender. In order to break the lease it is necessary for both parties to be in agreement to end the lease, or show that the contract permits the termination. The breaking of a lease due to disability can be expensive. There’s generally an early termination charge and, depending on the lessor and the terms of the contract the lease may require you to make the final payments for your lease. The sooner the lease ends the higher the cost could be. However, you could also speak with your lender and explain that you’re 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 rules. How to end an early car lease There are several ways to end the lease without penalty. Before trying to get out of your car lease, you need to be aware and think about your alternatives. Check your contract. The best source of information for breaking an early lease on a vehicle is the contract. The lease agreement will have a clause on the process of early termination and the associated charges. Depending on the agreement and your budget they may be easily manageable for you. However, make sure you check if the contract offers options for breaking a car lease for medical reasons like disability. These could include an option to transfer the lease, buyout of the lease or complete end of the lease. Request an exception even in the absence of any conditions in the contract, you should inquire if the lessor is willing to help. In the ideal scenario, you’ll be able to prove your request with evidence such as the medical evidence that states that you are unable to drive. If you find that early termination is unrealistic or costly then you may think about finding someone to take over the lease. In some cases when a family member is able to take over the lease, it can be accomplished for a minimal cost. Swap your car lease Almost all lease agreements allow you to transfer your car lease to another person -in the event that the new party meets credit requirements. Different lenders have different leasing transfers. So check with your lease provider prior to making any decisions. There are marketplaces online like SwapALease or LeaseTrader, that match lessees looking to get out of leases on cars with potential lessees for a small fee. Many automakers permit lease takeovers and third-party companies manage the associated paperwork so you’re assured they’ve done it right. While you can also attempt to locate someone on your own, this could take some time. You’re still accountable for making until the lease is transferred. The bottom line: Early termination of a car lease can result in fees and other charges which could amount to thousands of dollars. While you can’t automatically break a lease due to disability, it doesn’t mean that you’re stuck. It is possible to minimize any penalties through an agreement to transfer your lease. Check your lease agreement to determine if it contains a clause about early termination and then call the leasing company to discuss your options. More information SHARE:
Writer: Josephine Nesbit is a former contributor to Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to take control of their finances by providing precise, well-studied information that break down complicated topics into digestible pieces.
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