How to Terminate a Lease Agreement
It's customary to sign a lease agreement prior to renting a home or leasing an automobile. These legal binding agreements protect the owner of a property. And if you fail to comply with the lease agreement, the owner can sue you for non-payment of funds. Unfortunately, unforeseen events can occur, wherein you'll have to terminate a lease agreement early. Consider various ways to terminate a lease without ruining your credit score.
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Instructions
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Terminate Rental Leases
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Make an appointment with your landlord. Rather than disappear and stop paying your rental lease, schedule an appointment with your landlord to discuss your situation and work out an agreement.
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State your case. Highlight your impeccable payment history (if applicable), and provide detailed information on your circumstances. For example, if you have to move due to family issues or employment opportunities, your landlord may agree to terminate the lease early.
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Continue to pay your rent. Agree to continue making monthly payments on your rental property until your landlord finds another tenant.
Terminate Auto Lease
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Return within three business days. Call the auto dealership and express your desire to terminate the auto lease. Read the auto lease contract carefully. Some states permit lease terminations within three business days of signing a contract.
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Pay the difference. Return the leased car to the dealership and pay off the balance to end a lease without damaging your credit rating.
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Transfer the lease. Contact a lease transfer company such as Swapalease and find someone to take over your lease. Get permission from your finance company prior to listing the car on a lease transfer website. The finance company must approve the transaction.
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References
- Photo Credit lease image by Renato Francia from Fotolia.com
