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 decisions by providing you with interactive financial calculators and financial tools as well as publishing quality and impartial content. We also allow you to conduct your own research and compare data for free to 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 Money The offers that appear on this website come from companies that pay us. This compensation could affect how and where products appear on this site, including for instance, the order in which they may appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. This compensation, however, does affect the information we provide, or the reviews that appear on this website. We do not include the entire universe of businesses or financial offers that may 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 previously a journalist for 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 passionate about helping readers gain the confidence to control their finances with precise, well-researched and well-researched data that breaks down otherwise complicated subjects into digestible pieces. The Bankrate promise
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This compensation could influence the manner, place and when products appear in listing categories, except where prohibited by law for our loan products, such as mortgages and home equity, and other home loan products. Other elements, like our own proprietary website rules and whether a product is available within your region or within your self-selected credit score range can also impact how and where products appear on this website. Although we try to offer a wide range offers, Bankrate does not include information about every financial or credit item or product. Car lease agreements are legally binding agreement in which the lender owns the vehicle and you are required to pay a set monthly amount for the use of the vehicle. But what happens if unexpected circumstance stops you from driving your car? There’s no guarantee that you’ll be able to end a lease because of disability. However, you have alternatives other than giving the car back or paying steep costs. Can I end my lease earlier due to a disability? A disability doesn’t automatically get you out of a car lease. A agreement between you and the leaser. To terminate the lease the parties must either agree to terminate the lease or prove that the contract allows for the termination. The breaking of a lease due to disability can be expensive. There’s generally an early termination fee and according to the terms of the lessor and the terms of the contract, you may be required to pay the remaining installments on your lease. The sooner the lease is terminated, the greater this charge could be. But you can also talk with your lender and explain why you’re violating a lease agreement for medical reasons. They could be able assist you in finding the most appropriate solution, or give you more information about early termination rules. How to break a car lease early There are many methods to terminate your lease and avoid paying penalties. When you’re trying to get out of your car lease, you need to be prepared and consider your options. Check your contract. The best source of information on breaking an early lease on a vehicle is the contract. The lease agreement will contain a clause on the process of early termination and the associated charges. Based on the terms of the contract and your finances, these fees may be manageable for you. But double-check if your contract allows you to break the car lease due to medical reasons like disability. These could include a lease transfer, purchase of a lease, or a complete termination of the contract. If you are unable to get an exception, even when there aren’t any conditions in the contract, you should inquire whether the leasing company is willing to help. Ideally, you would be able to prove your request with documentation such as the medical evidence that states that you can no longer drive. If you discover that early termination isn’t feasible or expensive it is possible to find an individual to assume the lease. In some cases the case that a family member becomes the lease, it can be accomplished for a minimal cost. Swap your car lease Most lease agreements allow the transfer of your lease to a different person- provided the other party has the required credit score. Different lease companies have different leasing transfers. So check with your lease provider prior to making any plans. There are marketplaces online like SwapALease or LeaseTrader that connect lessees looking to get out of car leases with potential lessees for a small fee. Most automotive brands allow lease takeovers, and third-party companies manage the associated paperwork so you can feel confident you’re getting it done right. While you can also try to find yourself a person to do it however, it could take a while. You’re still accountable for your lease until it’s transferred. The bottom line is that early termination of a car lease can result in charges and other expenses that could add up to thousands of dollars. While you can’t automatically break an agreement due to disability, that does not mean that you’re locked in. There are ways to reduce any penalties by the transfer of your lease. Examine your lease contract to determine if it contains an early termination clause and then call your leasing firm to talk about 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 since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing precise, well-studied information that dissects complex topics into manageable bites.
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