Early Termination Options
To protect you during life's unexpected changes
The Smart HomeLeaseTM offers very consumer friendly ways of getting out of
the lease early. These options protect both you and the lease finance company
from high costs and expenses. If it becomes necessary to get out of a lease
early, you would be well advised to use the appropriate option, described under
Early Termination Options.
It’s not like renting. Some people who lease make the mistake of assuming
that they can simply return possession of their leased home to the lease
company any time before the lease end date and walk away with no further
obligation. Not true. There’s the matter of paying what they still owe on the
lease, which could be substantial. Contrary to popular belief, you can’t just go
out and find a friend or family member to move into your home and take over
your payments. Once discovered by the Leasing Agent, these unapproved
occupants may be evicted and you will become liable for the balance of the
unpaid lease. The impact on your credit could be significant.
Early Termination Options:
90-day Re-lease Option: Once you have maintained the lease for 12
months in good standing, your lease becomes assumable. Your lease can be
assumed and its term completed by another qualified lessee if your needs
change and you need out of the lease. Your Leasing Agent can help you with a
Lease Transfer.
After providing your Leasing Agent with a written 90-day Notice of Intent to
Vacate, we will search for a replacement Lessee to take over your payments so
there is no lapse in payments. You may not sublease your home to someone
of your choosing, as this is a violation of your lease terms. You must maintain
all financial responsibilities for the 90 days or until the Lease Assumption Date,
whichever comes first. Ask your Leasing Agent to provide you with a written
release once the new contract with the replacement lessee has been approved
and signed. This relieves you from further responsibility or costs related to the
lease.
We ask that you provide a clean, well-maintained home for us to show to
prospective lessees, and that you agree to move within a minimum of two
weeks (or as needed by the new lessee) after we find a qualified replacement
lessee. If the lease has not been assumed during the 90-day period, you may
move, paying any outstanding balance on your account and any Excess Wear &
Tear costs.
In case of involuntary job loss or disability after 12 months of the lease term:
Deferred Payment Option: If you involuntarily loose your job or
experience a disabling illness or injury and you are unable to make 1-2
month's payments, you need to contact your Leasing Agent and request the
Deferred Payment Option. This will enable you to defer up to two month’s
payments, without late fees, financing them over as much as 12 months, with
payments beginning on the third month. The financing period will be shortened
if the end of the lease is less than 12 months away.
Surrender Option: If you involuntarily loose your job or experience a
disabling illness or injury and you are left unable to make your payments for the
foreseeable future, you may surrender your Lease Agreement with a ‘30-day
Written Notice of Intent to Vacate the Lease’ to your Leasing Agent. You must
provide proper documentation of the involuntary job loss or disabling illness to
qualify. You will owe any outstanding balance on your account and any Excess
Wear & Tear Costs.
Military Option: In the event you are now or become a member of the
Armed Forces of the United States on active duty and received change-of-duty
orders to depart the local area, or are relieved or discharged from active duty,
you may terminate the Lease Agreement by giving a written ‘30 days Notice of
Intent to Vacate the Lease”, providing you are not otherwise in default or breach.
You must properly document orders that warrant this termination of the Lease
Agreement. You will owe any outstanding balance on your account and any
Excess Wear & Tear Costs. |
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