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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 goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators as well as publishing quality and impartial content. This allows you to conduct your own research and compare information at no cost - so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this website are provided by companies that compensate us. This compensation could affect how and where products appear on the site, such as the order in which they be listed within the categories of listing and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. This compensation, however, does not influence the content we publish or the reviews you read on this site. We do not cover the vast array 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 is a former journalist for Bankrate. Written 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 the confidence to manage their finances with clear, well-researched information that reduces complex topics into manageable bites. The Bankrate guarantee
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At Bankrate we strive to help you make better financial choices. While we adhere to strict editorial integrity ,
This article may include the mention of products made by our partners. Here's how we earn money . The Bankrate promise
Established in 1976, Bankrate has a long history of helping people make wise financial decisions.
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So you can be sure that we'll put your interests first. All of our content was authored in the hands of and edited by ,
who ensure everything we publish will ensure that our content is reliable, honest and trustworthy. We have loans journalists and editors focus on the things that consumers care about the most -- the various types of loans available and the most competitive rates, the most reliable lenders, how to repay debt, and many more. So you'll be able to feel secure when investing your money. Editorial integrity
Bankrate has a strict policy standard of conduct, which means you can be confident that we're putting your interests first. Our award-winning editors, reporters and editors create honest and accurate content to assist you in making the right financial choices. Our main principles are that we value your trust. Our mission is to provide readers with accurate and unbiased information, and we have established editorial standards to ensure this happens. Our reporters and editors rigorously fact-check editorial content to ensure the information you're reading is accurate. We have a strict separation between advertisers as well as our editorial staff. The editorial team of Editorial Independence Bankrate does not receive direct compensation by our advertising partners. Editorial Independence Bankrate's editorial staff writes in the name of YOU - the reader. Our goal is to give you the best advice that will aid you in making informed personal financial decisions. We follow strict guidelines to ensure that our editorial content isn't influenced by advertisers. Our editorial team is not paid directly from advertisers, and all of our content is fact-checked to ensure accuracy. So, whether you're reading an article or reviewing you can be sure that you're receiving reliable and dependable information. How we make money
If you have questions about money. Bankrate has the answers. Our experts have been helping you master your finances for more than four years. We strive to continuously provide our readers with the professional advice and tools required to be successful throughout their financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and accurate. Our award-winning editors and journalists create honest and accurate information to assist you in making the best financial decisions. The content we create by our editorial team is objective, factual and is not influenced from our advertising. We're open about the ways we're capable of bringing high-quality content, competitive rates, and useful tools for you , by describing how we make 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 website. This compensation could impact how, where and in what order products appear within listing categories in the event that they are not permitted by law. This is the case for our credit, mortgage and other home lending products. Other factors, like our own rules for our website and whether the product is available within your region or within your own personal credit score could also affect how and where products appear on this site. We strive to provide a wide range offers, Bankrate does not include information about every financial or credit item or product. A car lease agreement is a legally binding agreement in which the lender owns the car, and you pay an agreed-upon monthly sum to use the vehicle. But what happens if unforeseeable circumstance hinders you from driving the vehicle? There's no way to guarantee that you can terminate a lease due to disability. But, there are alternatives other than giving the car back and paying high charges. Can I end my lease early because of a disability? Disability does not automatically get you out of a car lease. The lease is between you and the lessor. To break the contract the parties must either accept the termination of the lease or prove that the lease allows the termination. Breaking 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, you may be required to make the final payments for your lease. The earlier the lease ends, the greater this charge might be. But you can also talk with your lender and explain that you're violating a lease agreement for medical reasons. They might be able to assist you in finding the best solution or give you further information regarding early termination policies. How do you end the lease of your car early There are many ways to break your lease to avoid penalties. When you're trying to get out of your car lease, 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 agreement will have a clause on the early termination process and the associated charges. In the event of a contract that is in place and your finances they may be easily manageable for you. But double-check if your contract offers options for breaking the lease of a vehicle due to medical reasons like disability. It could be an option to transfer the lease, lease buyout or full termination of the contract. Request an exception even when there aren't any conditions in the contract, check whether the leasing company is willing to help. If you're lucky, you'll be able to support the request with documentation such as an official medical certificate stating that you are unable to drive. If you discover that early termination is not feasible or too pricey, you might consider finding an individual to take over the car lease. In certain instances when a family member takes over the lease, this could be accomplished for a minimal fee. Transfer your car lease lease agreements allow you to transfer your car lease to another individual -- provided the other party meets credit requirements. Different lessors have different rules for lease transfers, so be sure to consult with your lease provider before you make any plans. There are online marketplaces such as SwapALease and LeaseTrader which match lessees looking to get out of leases on cars with potential lessees at a minimal cost. Many automakers permit lease takeovers and third-party companies manage the associated paperwork so you can feel confident you're getting it done right. While you can also try to find 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 could result in fees and other charges which could amount in the thousands. While you can't automatically break an agreement due to disability, this does not mean that you're locked in. It is possible to avoid penalties with a lease transfer. Examine your lease contract to determine if it contains an early termination clause and contact your leasing firm to talk about your options. Learn more SHARE:
Written by 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 take control of their finances with concise, well-studied and well-researched content that breaks down otherwise complicated topics into digestible pieces.
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