Lacie Romano, a Los Angeles resident, is stuck paying for a vehicle she no longer needs. Like many Americans, her situation has been upended by the pandemic. “I leased a 2019 Lexus NX 300 before the pandemic started but I’m only driving it a couple times a week now,” Romano said. “I really like my Lexus but it’s hard to justify the monthly payments.” What should people in this situation do?
On the surface, getting out of a car lease isn’t difficult. A typical lease agreement has instructions on how to end or terminate early. It’s the potential financial penalties for doing so that are the issue. Minimizing this financial fallout is key.