Terminating your auto lease contract isn't easy, nor is it cheap. Sometimes, though, it's unavoidable. You might need to move, or you've lost your job and taken a significant pay cut in a new one, or perhaps you're a military member that's about to deploy (in which case, most of the time, you can terminate the lease without paying any early termination fees). How do you terminate your auto lease contract? The first thing to do is write an auto lease contract termination letter.
The first step to writing an auto lease contract termination letter is to gather up the lease paperwork and read it carefully. Often, the lease itself will tell you exactly what information you'll need to provide, and other details that you may need. It will also outline early termination fees, and if there are any other options to help you get out of your lease.
If you have anything that backs up your reason for terminating the lease, get that paperwork ready. This could be a letter terminating your employment, deployment paperwork, or paperwork from your employer or the military indicating that you need to move and where you're moving. Providing copies of this paperwork with your termination letter can help make it easier to get out of the lease.
Include all the pertinent information in the letter
The letter you are writing is going to a company that probably gets hundreds, or even thousands of documents every day related to various vehicle leases and more. You need to make sure you include all the information they could possibly need to identify your lease and connect your termination letter to it.
This means you should include:
You should also include information stating how you've sent the letter, acknowledging that you need to return the car to the dealership, and the effective date of the termination.
If the lease outlines specific instructions or information that should be included in the letter, make sure you include that as well.
Outline your obligations as you understand them
Specify your obligations, such as returning the car to the dealership, paying early termination fees, or anything else described in the lease. If you have an obligation, such as paying a fee that can be done with the letter or without it, specify when you intend to comply with that obligation.
Include an odometer reading statement
Federal law requires you to provide a signed statement with the vehicle's odometer reading at the time of termination. Mention that it is included, and include it on a separate piece of paper.
By Andre Bradley