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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 financial calculators and tools that provide objective and original content. We also allow users to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The products that appear on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they may appear in the listing categories in the event that they are not permitted by law for our mortgage or home equity products, as well as other home lending products. However, this compensation will have no impact on the information we provide, or the reviews 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
Writer: Josephine Nesbit Written by Josephine Nesbit was previously a journalist for 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 committed to helping readers gain confidence to manage their finances with clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate promises
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This compensation could affect the way, location and in what order items are listed, except where prohibited by law. This is the case for our loan products, such as mortgages and home equity and other products for home loans. Other factors, such as our own rules for our website and whether a product is available in your region or within your personal credit score could also affect the way and place products are listed on this website. While we strive to provide an array of offers, Bankrate does not include information about every credit or financial product or service. A car lease agreement is a legally binding agreement in which the lender owns the car, and you pay a predetermined monthly fee for the use of the vehicle. What happens if an unexpected circumstance stops you from driving your car? There's no guarantee that you can terminate a lease due to disability. But, there are options outside of giving the car back and paying high costs. What if I want to end my lease earlier due to an impairment? A disability doesn't necessarily mean you are free of the car lease. There is a relationship agreement between you and the leaser. In order to break the lease it is necessary for both parties to accept the termination of the lease, or show that the contract permits termination. The breaking of a lease due to disability can be costly. There's generally an early termination fee , and, depending on the lessor and the terms of the contract the lease may require you to make the final payments on your lease. The earlier the lease is terminated the higher the cost could be. However, you could also speak with your lender and explain that you're breaking a car lease for medical reasons. They could be able work with you to find the best solution or give you additional information on early termination rules. How to break an early car lease There are many ways to end your lease and avoid paying penalties. When you're trying to get out of your car lease, you need to be aware of your alternatives. Check your contract. The best source of information on breaking the lease of your car early is the contract. The lease contract will include a clause on the process for early termination as well as the fees associated with it. Based on the terms of the contract and your finances the fees could be easily manageable for you. But double-check if your contract provides options to terminate the lease of a vehicle due to medical reasons, such as disability. It could be a lease transfer, purchase of a lease, or a complete cancellation of the contract. Ask for an exception Even when there aren't any conditions in the contract, you should inquire whether the lender will assist. If you're lucky, you'll be able to prove your request with evidence such as an official medical certificate stating that you can no longer drive. If you find that early termination is not feasible or expensive, you might consider finding an individual to assume the lease. In some cases when a family member becomes the lease, this could be done for a small fee. Transfer your car lease lease agreements allow you to transfer your car lease to another person -- provided the other party is able to meet the credit requirements. Different lease companies have different rules for leasing transfers. So check with your lease provider before you make any plans. There are marketplaces online such as SwapALease and LeaseTrader, that match lessees looking to get out of car leases with potential lessees for a small fee. The majority of car manufacturers permit lease takeovers and these third-party companies handle the associated paperwork so you are assured that you're getting it done right. If you want to look for an individual on your own, this could take a while. You're still accountable for making until the lease is transferred. The bottom line: Early termination of a car lease can result in charges and other expenses that can add up hundreds of dollars. While you cannot automatically terminate a lease due to disability, it does not mean that you're locked in. There are ways to avoid penalties with an agreement to transfer your lease. Examine your lease contract to see if there's an agreement regarding early termination and then contact with the company leasing to inquire about your options. Find out more about 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 from late 2021. They are dedicated to helping readers gain confidence to control their finances by providing precise, well-studied information that breaks down otherwise complicated subjects into bite-sized pieces.
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