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Title: Can you get out of a car lease if you lose your job
Can you get out of a car lease if you lose your job
I have just lost my job and I leased a car about one year ago when I thought I had a stable job. Now I just lost my job and I have a lease payment on a car that I cannot afford. Is there something that leasing companies can do, like lowering my payments or something like that.
QA
The only answer is to call the leasing company and let them know. They may or may not work with you on deferring payments to the end of the term or lowering payments. Best to call them very early (like now), do not wait until you've missed a payment. The more proactive you are, the more likely they will work with you.
Check your contract as well. You may have an early termination clause, but they usually cost quite a bit in fees to pull off. If you have the money in the bank, though, it might be worth it if you think you'll be unemployed for awhile.
Another route is voluntary repossession. Only use this as a last-ditch route. You turn the car in, the lender sells it at auction, you are responsible for paying them the difference between what you owe and what the car brings at auction. It'll hurt your credit, and you might still owe thousands. If you can't pay that difference, they can get a judgment against you and possibly garnish wages. Beg, borrow (don't steal) to try and make the payments. Do not let this scenario happen.
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