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 better financial choices by providing you with interactive tools and financial calculators that provide objective and original content, by enabling you to conduct your own research and compare data for free and 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 Profit The products that appear on this site are from companies who pay us. This compensation can affect the way and where products appear on this website, for example, for example, the order in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage home equity, mortgage and other home loan products. However, this compensation will affect the information we publish, or the reviews you read on this site. We do not contain the universe of companies or financial offers that may be available 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 since late 2021. They are committed to helping readers gain confidence to control their finances through providing precise, well-researched and well-researched data that reduces complex topics into manageable bites. The Bankrate promises
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We are compensated in exchange for the promotion of sponsored goods and, services, or when you click on certain hyperlinks on our website. So, this compensation can impact how, where and in what order items appear within listing categories and categories, unless it is prohibited by law for our credit, mortgage and other products for home loans. Other factors, like our own website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Although we try to offer a wide range offers, Bankrate does not include specific information on each credit or financial products or services. A car lease agreement is a legally binding agreement in which the lender owns the car, and you are required to pay a set monthly fee to use the car. What happens if an unexpected circumstance stops you from driving your car? There’s no guarantee that you can end a lease because of disability. However, you do have options outside of giving the vehicle back and paying steep costs. Do I have the option of ending my lease earlier due to an impairment? A disability does not immediately mean that you’re out of a car lease. There is a relationship 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 lease allows the termination. Breaking a lease due to disability can be costly. There’s typically an early termination fee , and according to the terms of the lessor and terms in the lease the lease may require you to pay the remaining installments on your lease. The earlier the lease ends, the greater this charge may be. You can also speak with your lender and explain that you’re violating a lease agreement for medical reasons. They could be able help you find the most appropriate solution, or give you more information about early termination rules. How do you end the lease of your car early There are a few ways to end your lease and avoid paying penalties. When you’re trying to get out of your car lease, be prepared and consider your options. Check your contract. The best source of information on breaking a car lease early is your lease. The lease agreement will have an express clause regarding the early termination process and the fees associated with it. In the event of a contract that is in place and your finances they may be easily manageable for you. Make sure to check if your agreement provides options to terminate the lease of a vehicle due to medical reasons like disability. These could include the transfer of a lease, a lease buyout or full termination of the contract. If you are unable to get an exception, even when there aren’t any clauses that allow for exceptions in the lease, see whether the lender will assist. In the ideal scenario, you’ll be able to prove your request with documentation such as a medical note 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 take over the car lease. In some cases, if another family member takes over the lease, it can be done for a small cost. Swap your car lease Most lease agreements permit the transfer of your lease to another person -in the event that the new party is able to meet the credit requirements. Different lease companies have different rules regarding transfer of leases, therefore check with your lease provider prior to making any decisions. There are marketplaces online such as SwapALease and LeaseTrader that connect 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 companies manage the necessary paperwork so you’re assured you’re getting it done right. While you can also look for an individual on your own, this could take a long time. You’re still accountable for your lease until it’s transferred. The bottom line Early ending a lease on a car can result in fees and other charges that could add up hundreds of dollars. While you can’t automatically break a lease due to disability, this doesn’t mean that you’re stuck. It is possible to minimize any penalties through the transfer of your lease. Examine your lease contract to see if there’s a clause about early termination and then contact your leasing firm to talk about options. More information SHARE:
The writer, 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 late 2021. They are dedicated to helping readers gain the confidence to manage their finances through providing precise, well-studied information that break down complex topics into manageable bites.
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