Leasing a vehicle comes with its own set of financial responsibilities, and unexpected challenges may arise that make fulfilling lease payments difficult. In Credit 101 Episode 77, we provide valuable tips on navigating this situation:

1. Cancel Early if Feasible:
If you anticipate challenges in meeting future lease payments and your lease agreement allows for early termination, consider canceling before additional fees accrue. Evaluate the terms and conditions outlined in your lease agreement to understand the feasibility and potential costs associated with early cancellation.

2. Write to the Dealer for Clarification:
Initiate communication with the dealer promptly. Draft a letter expressing your situation, stating your intention to cancel the lease, and inquire about the amount owed. Request a breakdown of any fees or charges to gain clarity on the financial implications of early termination.

3. Contact the Leasing Company if the Dealer Sold Your Lease:
In some cases, your dealer might sell your lease to a leasing company. If this happens, reach out to the leasing company directly. Notify them of your circumstances, discuss the possibility of early termination, and inquire about any outstanding amounts or fees associated with the process.

4. Seek Legal Assistance for Ambiguous Amounts:
If the amounts owed are unclear, and you encounter challenges in obtaining transparent information from the dealer or leasing company, consider seeking legal advice. An attorney experienced in automotive and leasing matters can help you navigate the complexities, ensuring you understand your rights and obligations while avoiding unnecessary termination fees.

Conclusion:
Lease payments can become burdensome in unexpected circumstances, but proactive communication with the dealer or leasing company is crucial. Whether exploring early termination options, seeking clarification on owed amounts, or involving legal assistance when needed, taking decisive steps can help alleviate the financial strain associated with lease payments.