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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 choices by offering you interactive financial calculators and tools as well as publishing quality and impartial content. This allows users to conduct research and compare information for free – so that you can 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 offers that appear on this website are provided by companies that compensate us. This compensation may impact how and where products appear on the site, such as, for example, the order in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. However, this compensation will have no impact on the content we publish or the reviews you read on this site. We do not cover the universe of companies or financial deals that might be open to you. SHARE: Klaus Vedfelt/Getty Images

2 min read Published June 22, 2022

Written by Josephine Nesbit 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 from late 2021. They are passionate about helping readers gain the confidence to control their finances with concise, well-studied information that reduces complicated subjects into digestible pieces. The Bankrate guarantee

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They ensure that what we write ensures that everything we publish is accurate, objective and reliable. The loans reporter and editor are focused on the points consumers care about most — the various types of loans available and the most competitive rates, the top lenders, how to repay debt, and many more. So you can feel confident when investing your money. Editorial integrity

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You have money questions. Bankrate has the answers. Our experts have helped you understand your finances for more than four years. We are constantly striving to provide our readers with the professional advice and tools required to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is truthful and accurate. Our award-winning editors, reporters and editors produce honest and reliable information to assist you in making the right financial decisions. The content we create by our editorial staff is factual, accurate, and not influenced through our sponsors. We’re open about how we are in a position to provide quality information, competitive rates and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and, services, or when you click on specific links on our site. So, this compensation can impact how, where and in what order products appear in listing categories in the event that they are not permitted by law for our loan products, such as mortgages and home equity and other home lending products. Other elements, like our own rules for our website and whether the product is available within the area you reside in or is within your own personal credit score can also impact the way and place products are listed on this website. Although we try to offer the most diverse selection of products, Bankrate does not include specific information on every credit or financial products or services. A car lease agreement is a legally binding contract where the lessor owns the car, and you pay a predetermined monthly fee for the use of the vehicle. But what happens when some unexpected circumstance stops you from driving your car? There’s no guarantee that you can break a lease due to disability. But, there are alternatives other than giving the car back or paying high costs. What if I want to end my lease earlier due to a disability? A disability doesn’t immediately mean that you’re out of a car lease. There is a relationship contract between you and the lender. To terminate the lease the parties must either accept the termination of the lease, or show that the contract allows for termination. Breaking a lease due to disability could be expensive. There’s typically an early termination fee and, depending on the lessor and terms in the contract, you may be required to make the final payments on your lease. The sooner the lease is terminated, the greater this charge might be. However, you could also speak to your leaseholder and explain why you’re violating a lease agreement for medical reasons. They may be able to help you find the most effective solution or provide you additional information on early termination rules. How do you end the lease of your car early There are many methods to terminate the lease without penalty. If you are looking to break out of your lease, be aware of your options. Review your contract Your best source of information on breaking a car lease early is your contract. The lease agreement will contain an express clause regarding the process of early termination and the associated charges. Based on the terms of the contract and your finances they may be easily manageable for you. But double-check if your contract offers options for breaking a car lease for medical reasons, such as disability. It could be the transfer of a lease, a lease buyout or full cancellation of the contract. If you are unable to get an exception, even when there aren’t any exceptions stated within the agreement, see whether the leasing company is willing to help. In the ideal scenario, you’ll be able to prove your request with proof of the medical evidence that states that you’re unable to drive. If you discover that early termination is unrealistic or costly, you might consider finding an individual to assume the lease. In some instances, if another family member becomes the lease, it can be done for a small cost. Transfer your car lease lease agreements permit you to transfer your car lease to a different person- provided the other party meets credit requirements. Different lessors have different rules for lease transfers, so be sure to consult with your lender prior to making any decisions. There are marketplaces online like SwapALease or LeaseTrader which match lessees seeking to get rid of car leases with prospective lessees in exchange for a modest fee. Many automakers 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 attempt to locate yourself a person to do it however, it could take some time. It’s still your responsibility to pay for the payments you’re your lease until it’s transferred. The bottom line Early ending a lease on a car may come with fees and other costs which could amount hundreds of dollars. While you can’t automatically break the lease because of disability, that doesn’t mean you’re stuck. It is possible to minimize any penalties through a lease transfer. Check your lease agreement to see if there’s a clause about early termination and contact your leasing firm to talk about your options. More information 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 passionate about helping readers gain the confidence to manage their finances through providing clear, well-researched information that breaks down otherwise complicated topics into digestible pieces.

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