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 smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. This allows you to conduct your own research and compare information for free – so that you can 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 Make Money The deals that are advertised on this site are from companies that pay us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they appear in the listing categories in the event that they are not permitted by law. Our mortgage or home equity products, as well as other home loan products. However, this compensation will not influence the content we publish or the reviews appear on this website. We do not cover the vast array of companies or financial offerings that could be available to you. SHARE: Klaus Vedfelt/Getty Images
2 min read Published June 22, 2022
Written by Josephine Nesbit Written by Josephine Nesbit was a journalist for Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances through providing precise, well-researched and well-researched data that breaks down otherwise complex topics into manageable bites. The Bankrate promise
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We are compensated in exchange for the placement of sponsored products and, services, or by you clicking on certain links posted on our website. This compensation could impact how, where and when products 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, such as our own proprietary website rules and whether or not a product is available within your region or within your personal credit score may also influence the manner in which products are featured on this site. Although we try to offer a wide range offers, Bankrate does not include information about every financial or credit products or services. A car lease agreement is a legally binding contract that entitles the lessee to the vehicle and you pay a predetermined monthly sum to use the vehicle. But what happens when some unforeseeable circumstance hinders you from driving the vehicle? It’s not a guarantee that you won’t break a lease due to disability. But, there are alternatives other than giving the car back or paying hefty fees. Can I end my lease earlier due to an impairment? A disability doesn’t necessarily mean you are free of the car lease. The lease is between you and the lessor. In order to break the lease, both parties must be in agreement to end the lease or prove that the contract allows for termination. A lease that is terminated due to disability could be costly. There’s typically an early termination fee , and depending on the leaser and the terms of the contract the lease may require you to make the final payments on the lease. The sooner the lease is terminated the higher the cost may be. You can also speak to your lessor and explain that you are breaking the lease of your car due to medical reasons. They could be able work with you to find the most appropriate solution, or give you further information regarding early termination policies. How do you end an early car lease There are a few ways to end the lease without penalty. Before trying to get out of your lease, be aware of your options. Check your contract. The best source of information on breaking the lease of your car early is your lease. The lease agreement will have an agreement on the process for early termination as well as the associated charges. In the event of a contract that is in place and your financial situation the fees could be easily manageable for you. Make sure to check if your agreement allows you to break a car lease for medical reasons such as disability. It could be an option to transfer the lease, buyout of the lease or complete cancellation of the contract. Ask for an exception Even if there are no exceptions stated within the agreement, check whether the leasing company will assist. In the ideal scenario, you’ll be able to back your request with proof of a medical note stating that you’re unable to drive. If it turns out that early termination is unrealistic or expensive then you may think about finding someone to take over the car lease. In some cases the case that a family member takes over the lease, it can be accomplished for a minimal fee. Swap your car lease Almost all lease agreements allow you to transfer your car lease to a different person- provided the other party is able to meet the credit requirements. Different lenders have different rules regarding transfer of leases, therefore check with your lessor before you make any plans. There are online marketplaces such as SwapALease and LeaseTrader, that match lessees looking to get out of car leases with potential lessees for a small fee. Many automakers permit lease takeovers and third-party companies manage the necessary paperwork so you are assured that it is done correctly. Although you could try to find an individual 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 end of a lease can result in charges and other expenses that could add up in the thousands. While you can’t automatically break a lease due to disability, that does not mean that you’re locked in. You may be able to avoid penalties with an agreement to transfer your lease. Check your lease agreement to see if there’s a clause about early termination and then call with the company leasing to inquire about your options. Learn more 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 from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complicated subjects into bite-sized pieces.
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