How to end a car lease early after becoming disabled Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by providing you with interactive financial calculators and financial tools, publishing original and objective content, by enabling users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site are from companies that compensate us. This compensation can affect the way and when products are featured on this website, for example 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. However, this compensation will affect the content we publish or the reviews that you read on this site. We do not contain the vast array of companies or financial deals that might 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 previously a writer for 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 passionate about helping readers gain the confidence to take control of their finances by providing precise, well-researched and well-researched data that breaks down otherwise complex topics into manageable bites. The Bankrate promises
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We are compensated for the placement of sponsored products and, services, or through you clicking certain links posted on our site. Therefore, this compensation may affect the way, location and in what order items appear in listing categories and categories, unless it is prohibited by law for our loan products, such as mortgages and home equity, and other home lending products. Other elements, like our own website rules and whether or not a product is available in the area you reside in or is within your own personal credit score can also impact the way and place products are listed on this website. We strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial products or services. Car lease agreements are legally binding agreement where the lessor owns the vehicle and you are required to pay a set monthly sum to use the car. But what happens if unforeseeable circumstance hinders you from driving your car? There's no way to guarantee that you can end a lease because of disability. However, you do have options outside of giving the car back or paying steep costs. Can I end my lease early due to a disability? Disability does not immediately mean that you're out of a car lease. There is a relationship agreement between you and the leaser. In order to break the lease, both parties must agree to terminate the lease or prove that the contract permits the termination. Breaking a lease because of disability could be costly. There's usually an early termination charge and according to the terms of the lessor and the terms of the contract, you may be required to make the remaining payments for your lease. The sooner your lease is terminated, the greater this charge could be. You can also speak to your lessor and explain that you're breaking a car lease for medical reasons. They could be able assist you in finding the best solution or give you further information regarding early termination policy. How to end an early car lease There are several methods to terminate your lease and avoid paying penalties. Before trying to get out of your lease, you need to be aware and think about your options. Examine your contract. Your primary source of information for breaking an early lease on a vehicle is the contract. The lease contract will include an express clause regarding the early termination process and the associated charges. Depending on the agreement and your budget they may be easily 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 the transfer of a lease, a purchase of a lease, or a complete termination of the contract. Request an exception even if there are no conditions within the agreement, see whether the lender is willing to help. Ideally, you would be able to support the request with evidence such as an official medical certificate stating that you are unable to drive. If it turns out that early termination is unrealistic or too pricey, you might consider finding an individual to assume the lease. In some cases, if another family member takes over the lease, this could be accomplished for a minimal fee. Swap your car lease Almost all lease agreements permit the transfer of your lease to a different personin the event that the new party has the required credit score. Different lenders have different rules regarding transfer of leases, therefore check with your lease provider before you make any plans. There are marketplaces online, like SwapALease or LeaseTrader, that match lessees seeking to get rid of leases on cars with potential lessees at a minimal cost. The majority of car manufacturers allow lease takeovers, and third-party firms handle the necessary paperwork so you're assured you're getting it done right. While you can also attempt to locate yourself a person to do it but this can take some time. And you're still responsible for taking care of the lease until it is transferred. The bottom line Early end of a lease may come with fees and other costs that can add up hundreds of dollars. While you cannot automatically terminate the lease because of disability, that doesn't mean you're stuck. It is possible to avoid penalties with an agreement to transfer your lease. Review your lease agreement to determine if it contains an agreement regarding early termination and contact with the company leasing to inquire about options. Find out more about SHARE:
Written by Josephine Nesbit is a former contributor to Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 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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