Can I get out of a brand new car lease?


Can I get out of a brand new car lease? Can I break a new car lease? Watch as Attorney Tom olsen answers these questions and more! 


Cordell: I'm in an auto lease, and when I was in there I asked them, “Can I take the car lease out to review it over night?” They told me that I could not take the lease out, it would be illegal for me to review the lease overnight. So I ended up signing the car lease, but I never took possession of the car or gave the deposit on the lease car. In other words I still owe $7,000 on the deposit. So I never gave that, I never took possession of the car. I just simply signed the paper. 

Attorney Tom Olsen: So, Cordell, I would say this old phrase that we use in the law school, and that is “a contract is a contract”. So you have signed it, Cordell. There is nothing within the law that I know of that would allow you to cancel a car lease within three days. But Cordell, how did they let you get out of the car store without giving them $7,000? What did they say, “Cordell, come back next week and pay it?” 

Cordell: Yes. Basically it’s that simple. They charged like $500 then and that was it. But yes, basically, "Come back next week and pay it." 

Attorney Tom Olsen: Well, Cordell, I wish I could give you some better news about this. Now, Cordell, you’re definitely on the right track about asking for a copy of that lease to review and have a 24 hour cool down period to really think about it. But it sounds like you have a legally valid automobile lease.