Legal Question in Credit and Debt Law in Virginia

Auto Lease

If I have a 4-year Auto lease and after two years need to leave the country as an ex-patriot, can I get out of the lease without penalty under any special circumstances? If not, am I able to transfer the remainder of the lease to an interested party without personal credit risk? What are my options?


Asked on 4/27/99, 9:41 pm

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Auto Lease

You are bound by the terms of the lease. There is no provision of law that would let you terminate the lease w/o liability. There should be in most leases a provision allowing you to terminate it upon paying a fee. Remember, with a car lease, you are paying 4 years estimated depreciation of the car over 4 years. Most of that depreciation occurs up front, so you have received more than your money's worth. If you want to shorten the lease, you may not need to pay for all 4 years, but you do need to pay for the fair depreciation over the 2 that you had the car.

Read more
Answered on 5/01/99, 9:31 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Virginia