Question: I want to cancel my new, day-old car lease immediately. Can you guide me through this?

June 23, 2005

Hi Tony

I am in a big dilemma and badly need your help. I just signed a lease agreement for a new car yesterday and today I realized that this is putting my new house mortgage application in trouble as told to me by my banker.

I want to cancel the lease immediately. Can You please guide me through this?

Thanks in advance for your help.

Vibe

Answer:

Hi Vibe,

Once you sign the lease documents you're pretty much locked in. You can't simply cancel a lease. A lease is just another form of a finance contract.

What you can do is go to the dealer and talk to the General Manager, and if you don't get anywhere with him or her go to the owner of the dealership.

Explain the problem and ask them to cancel the deal. IF . . . I say IF . . . they haven't processed the lease contract yet they can just cancel the deal and tear up the contract (If they want to).

If they have already transferred the title to the car and cashed the lease contract then I'm afraid you're stuck.

Tell them that after you get your mortgage in order that you will be back, and that you absolutely will not go anywhere else to get a car except from them.

If it's not too late, and they have any compassion you might get your way. It's a real long shot though. Time is of the essence, so get over there quickly.

Good luck and may God Bless You . . .

Tony Iorio