Leasing a car is one of the most affordable ways to get behind the wheel. It’s not uncommon to see people lease cars with $0 money down and low monthly payments. But if you find yourself in an unfortunate situation where you need to get out of your lease early, then what do you do? Is there any way out?
This article will discuss some options for the early termination of your car lease, including getting out of it in 30 days or less.
What is a Car Lease and How Does it Work
A car lease is a contract between you and the car leasing company where you agree to pay a monthly fee for the vehicle and return it after an agreed-upon number of months.
In California, most lease agreements range from 24 to 36 months. At the end of the lease, the purchaser has the option to either buy the car for a predetermined price or return it. If they choose to return it, they can get into another lease on a newer model with the same car company or decide to lease or buy another vehicle altogether.
Common Reasons for Someone Wanting to get out of a Lease Early
There are a variety of reasons why someone would want to terminate their contract early. However, some of the most common reasons are :
- They need a car with more room for their family or themselves (i.e., SUV, minivan).
- The car is costing them too much in the long run due to higher monthly payments and gas use.
- They cannot make payments on time because of unforeseen circumstances such as medical emergencies or layoffs from work.
- Mechanical issues with the car itself.
Is it possible to get out of a Car Lease Early in California?
One of the most important details you should be aware of is whether or not your lease contract has a cancellation grace period. This clause may allow for 24-48 hours initially, which could provide an easy escape from any financial obligations after just one weekend with a car that’s too expensive and/or doesn’t suit your needs. If there’s no mention of it, it means don’t count on being able to get out early and be prepared to pay any early termination fees associated with your agreement.
Leases sometimes have contingencies. If the dealer doesn’t meet a contingency, they need to notify you, cancel their agreement, and refund you for anything paid upfront. Always review your agreement and check for contingencies.
Another way to get out of a lease early is by paying early termination fees. This will depend on the lease agreement you’re working with, but pay attention to your contract and determine if there’s anything about early termination fees. If you’re willing to pay them, then this could be your way out.
Is your Car Lease a Lemon?
In California, lemon laws are designed to protect consumers who have purchased defective vehicles. Lemon laws can apply to new, used, and leased vehicles. However, these laws can only apply if you meet the criteria, including making a reasonable attempt with the dealership or car manufacturer to remedy the situation by either getting them to repair the car or providing you with a replacement.
Whether your lease qualifies as a lemon will depend on many individual factors. It is best to consult an attorney that’s familiar with the process and practices in the state of California such as the folks at Luis Aguirre California Lemon Law Attorney, a firm based in Mission Viejo, CA, and who specialize in California’s laws. A lawyer can help you determine if you have a lemon and whether your car lease qualifies for the law.
Canceling your car lease early is possible in certain circumstances. . However, there are many things to consider before pursuing this route to determine if it’s even worth it. If it’s a personal situation such as unable to afford your lease or simply changing your mind, find out what recourse you have in your contract. If it’s a specific mechanical issue with the car, try to resolve it with the dealer or company that leased you the car. If all else fails, consider seeking advice from a legal professional knowledgeable in lemon law and car leases.