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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 aim is to assist you make better financial decisions by offering you interactive financial calculators and financial tools, publishing original and objective content, by enabling you to conduct research and compare information at no cost to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on this website, for example, for example, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage home equity, mortgage and other home lending products. This compensation, however, does not influence the information we provide, or the reviews that appear on this website. We do not contain the entire universe of businesses or financial deals that might be open 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 is a former contributor to Bankrate. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to control their finances by providing precise, well-researched and well-researched data that reduces complex topics into manageable bites. The Bankrate promises

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You have money questions. Bankrate has answers. Our experts have helped you understand your money for more than four years. We are constantly striving to give our customers the right advice and tools required to make it through life’s financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our information is trustworthy and precise. Our award-winning editors, reporters and editors provide honest and trustworthy content to help you make the best financial choices. The content created by our editorial team is factual, objective and uninfluenced from our advertising. We’re transparent about how we are able to bring quality content, competitive rates, and helpful tools to you by explaining how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services, or through you clicking certain links posted on our site. Therefore, this compensation may influence the manner, place and in what order items appear in listing categories, except where prohibited by law for our credit, mortgage and other home lending products. Other factors, like our own proprietary website rules and whether or not a product is offered in the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this site. While we strive to provide an array of 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 car, and you pay a predetermined monthly fee for the use of the vehicle. But what happens if unforeseen circumstance prevents you from driving the car? There’s no way to guarantee that you won’t break a lease due to disability. But, there are options outside of giving the vehicle back and paying steep fees. What if I want to end my lease early due to an illness? 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 terminate the lease, both parties must agree to terminate the lease or prove that the lease allows cancellation. The breaking of a lease due to disability can be costly. There’s typically an early termination fee and according to the terms of the lessor as well as the conditions of your contract, you may be required to make the remaining payments on your lease. The sooner the lease ends, the greater this charge might be. However, you could also speak to your lessor and explain that you’re violating a lease agreement for medical reasons. They could be able help you find the most effective solution or provide you additional information on early termination policy. How do you end the lease of your car early There are many methods to terminate your lease and avoid paying penalties. When you’re trying to get out of your lease, you need to be aware of your alternatives. Examine your contract. Your primary source of information for breaking a car lease early is your lease. The lease agreement will contain an agreement on the process for early termination as well as the associated fees. Based on the terms of the contract and your financial situation they may be manageable for you. Make sure to check if your agreement allows you to break the lease of a vehicle due to medical reasons like disability. These could include an option to transfer the lease, purchase of a lease, or a complete termination of the contract. Ask for an exception Even if there are no exceptions stated within the agreement, see whether the lender is willing to assist. Ideally, you would be able to prove your request with evidence such as an official medical certificate stating that you can no longer drive. If you discover that early termination is not feasible or costly, you might consider finding someone to take over the car lease. In some cases when a family member becomes the lease, this can be done at a low cost. Swap your car lease Most lease agreements allow the transfer of your lease to a different personas long as the new owner is able to meet the credit requirements. Different lessors have different rules for lease transfers, so check with your lease provider prior to making any decisions. There are online marketplaces, like SwapALease or LeaseTrader that connect lessees looking to get out of car leases with potential lessees at a minimal cost. Most automotive brands permit lease takeovers and these third-party companies handle the paperwork involved so that you are assured that they’ve done it right. Although you could look for someone on your own however, it could take a long time. And you’re still responsible for making until the lease is transferred. The bottom line Early end of a lease could result in charges and other expenses which could amount in the thousands. Although you aren’t able to automatically end a lease due to disability, this does not mean that you’re locked in. You may be able to reduce any penalties by an agreement to transfer your lease. Review your lease agreement to determine if it contains an agreement regarding early termination and then call your leasing firm to talk about options. Find out more about 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 late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing precise, well-studied information that break down complex topics into manageable bites.

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