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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 decisions by offering you interactive tools and financial calculators as well as publishing quality and impartial content. We also allow you to conduct your own research and compare information for free to help you make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this site are from companies that compensate us. This compensation can affect the way and where products appear on this site, including, for example, the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will have no impact on the content we publish or the reviews that you read on this site. We do not include 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 a 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 passionate about helping readers gain confidence to take control of their finances through providing clear, well-researched information that breaks down complex topics into manageable bites. The Bankrate guarantee

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If you have questions about money. Bankrate has the answers. Our experts have been helping you master your money for over four decades. We continually strive to provide our readers with the professional advice and tools needed to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is truthful and precise. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the best financial choices. The content we create by our editorial staff is objective, factual and uninfluenced from our advertising. We’re transparent regarding how we’re able to bring quality content, competitive rates, and useful tools to our customers by revealing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the placement of sponsored products and, services, or by you clicking on certain links posted on our site. So, this compensation can impact how, where and in what order items appear within listing categories in the event that they are not permitted by law for our mortgage, home equity, and other home loan products. Other elements, like our own rules for our website and whether or not a product is available within the area you reside in or is within your self-selected credit score range may also influence how and where products appear on this website. We strive to provide the most diverse selection of products, Bankrate does not include information about each credit or financial product or service. The car lease contract is legally binding contract where the lessor owns the car, and you are required to pay a set monthly amount to use the car. What happens if an unexpected circumstance stops you from driving the vehicle? There’s no guarantee that you’ll be able to end a lease because of disability. However, you have options outside of giving the car back and paying high charges. Do I have the option of ending my lease early because of a disability? Disability does not necessarily mean you are free of the car lease. A agreement between you and the leaser. To break the contract it is necessary for both parties to agree to terminate the lease, or show that the contract permits cancellation. The breaking of a lease due to disability can be expensive. There’s usually an early termination fee and, depending on the lessor and the terms of the lease it could be necessary to make the remaining payments for the lease. The sooner the lease is terminated, the greater this charge could be. You can also speak to your lessor and explain that you’re 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 rules. How do you end a car lease early There are a few methods to terminate the lease without penalty. If you are looking to break out of your car lease, be aware and think about your options. Review your contract Your best source of information to break a car lease early is your lease. The lease contract will include an express clause regarding the process of early termination and the associated charges. Depending on the agreement and your financial situation they may be manageable for you. Make sure to check if your agreement offers options for breaking the car lease due to medical reasons such as disability. This could be the transfer of a lease, a buyout of the lease or complete termination of the contract. Request an exception even in the absence of any exceptions stated in the contract, see whether the leasing company is willing to assist. In the ideal scenario, you’ll be able to support the request with evidence such as the medical evidence that states that you’re unable to drive. If it turns out that early termination is unrealistic or costly it is possible to find someone to take over the car lease. In some cases, if another family member is able to take over the lease, this can be done for a small cost. Swap your car lease Most lease agreements permit you to transfer your car lease to another person -in the event that the new party has the required credit score. Different lease companies have different rules for leasing transfers. So be sure to consult with your lessor before you make any plans. There are marketplaces online, like SwapALease or LeaseTrader, that match lessees who want to get out of leases on cars with potential lessees at a minimal cost. The majority of car manufacturers permit lease takeovers and third-party firms handle the paperwork involved so that you are assured that it is done correctly. While you can also try to find someone on your own but this can take a while. And you’re still responsible for taking care of the lease until it is transferred. The bottom line Early termination of a car lease can result in fees and other charges which could amount in the thousands. Although you aren’t able to automatically end the lease because of disability, that doesn’t mean that you’re stuck. You may be able to avoid penalties with an agreement to transfer your lease. Review your lease agreement to see if there’s an agreement regarding early termination and then call the leasing company to discuss options. Learn more SHARE:

Written by 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 since the end of 2021. They are dedicated to helping readers gain confidence to control their finances by providing precise, well-studied information that break down complicated subjects into bite-sized pieces.

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