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 better financial choices by providing you with interactive tools and financial calculators that provide objective and original content. We also allow you to conduct your own research and compare information at no cost to help you make informed financial decisions. Bankrate has agreements 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 come from companies who pay us. This compensation may impact how and where products appear on this site, including for instance, the sequence in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other home loan products. But this compensation does not influence the information we provide, or the reviews you see on this site. We do not contain 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 contributor to Bankrate. Written 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 the confidence to manage their finances with precise, well-researched and well-researched data that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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So, this compensation can impact how, where and in what order products appear in listing categories, except where prohibited by law. We also offer mortgage, home equity and other home lending products. Other elements, like our own proprietary website rules and whether or not a product is available within your area or at your personal credit score may also influence the way and place products are listed on this site. We strive to provide a wide range offers, Bankrate does not include information about each credit or financial item or product. Car lease agreements are legally binding agreement where the lessor owns the car, and you pay a predetermined monthly sum to use the vehicle. What happens if an unforeseeable circumstance hinders you from driving the car? There’s no guarantee that you won’t break a lease due to disability. But, there are alternatives other than giving the car back or paying hefty charges. Do I have the option of ending my lease early due to a disability? A disability does not necessarily mean you are free of the lease on a car. The lease is agreement between you and the leaser. To break the contract the parties must either be in agreement to end the lease, or show that the contract permits termination. Breaking a lease due to disability could be expensive. There’s usually an early termination fee and, depending on the lessor and terms in the lease it could be necessary to make the final payments on your lease. The sooner the lease is terminated, the greater this charge might be. But you can also talk with your lender and explain that you are breaking the lease of your car due to medical reasons. They might be able to work with you to find the most appropriate solution, or give you further information regarding early termination policies. How do you end the lease of your car early There are many methods to terminate your lease to avoid penalties. Before trying to get out of your car lease, you need to be prepared and consider your alternatives. Check your contract. The best source of information on breaking the lease of your car early is your lease. The lease agreement will have a clause on the early termination process and the fees associated with it. Based on the terms of the contract and your financial situation, these fees may be easily manageable for you. However, make sure you check if the contract allows you to break a car lease for medical reasons such as disability. It could be a lease transfer, buyout of the lease or complete termination of the contract. Request an exception even in the absence of any conditions within the agreement, you should inquire whether the lender is willing to help. In the ideal scenario, you’ll be able to support the request with documentation such as the medical evidence that states that you are unable to drive. If it turns out that early termination is unrealistic or costly then you may think about finding an individual to assume the lease. In some instances, if another family member becomes the lease, this can be accomplished for a minimal fee. Transfer your car lease lease agreements allow the transfer of your lease to a different person- provided the other party meets credit requirements. Different lenders have different rules regarding transfer of leases, therefore make sure to check with your lender prior to making any decisions. There are marketplaces online such as SwapALease and LeaseTrader which match lessees who want to get out of car leases with potential lessees in exchange for a modest fee. The majority of car manufacturers permit lease takeovers and third-party firms handle the necessary paperwork so you’re assured it is done correctly. While you can also attempt to locate someone on your own however, it could take a long time. And you’re still responsible for taking care of the lease until it is transferred. The bottom line Early termination of a car lease may come with fees and other charges that could add up to thousands of dollars. Although you aren’t able to automatically end a lease due to disability, this doesn’t mean you’re stuck. It is possible to avoid penalties with an agreement to transfer your lease. Check your lease agreement to see if there’s an agreement regarding early termination and then call the leasing company to discuss options. More information SHARE:
Written by Josephine Nesbit is a former contributor to Bankrate. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to take control of their finances with precise, well-studied information that dissects complicated subjects into bite-sized pieces.
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