I'm looking to enlist soon, but I'm currently in a car lease agreement. What are the best options for ending or managing the lease when I join the military?
When enlisting in the military and have an existing car lease, you have a few options depending on your specific circumstances due to the potential changes in terms of income, location, and lifestyle.
1. The Servicemembers Civil Relief Act (SCRA): This provides certain protections for active duty military personnel. It includes the right to terminate a vehicle lease without incurring early termination charges if you're being deployed to a location outside the continental U.S for 180 days or longer, or if you're joining active duty after signing your lease and will be active for at least 180 days.
2. Transferring Your Lease: Some lease agreements might allow you to transfer your lease to another person. Check your lease agreement to see if this is an option. Keep in mind that the new lessee must be approved by the lease company.
3. Returning Your Car Early: This option might not be the most cost-effective, as there can be significant costs associated with early lease termination.
Lastly, remember to communicate with your lease company. They may be willing to work with you and provide options given your change in circumstances. It's important to make any decisions in consultation with a legal advisor, since there can be financial implications.
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