I have a lease I need to get out of now that I am entering military service. Does the SCRA provide any help here? What do I have to do?
Untitled
Yes. In Title III, Section 535 of the SCRA, it allows a lessee (you) to opt to terminate a covered lease after entering military service or after receiving military orders (deployment for more than 90 days or permanent change of station). A covered lease can be for a place you or your dependents occupied or were going to occupy as a residence or for business or agricultural or similar purpose.
We do have one word of caution. Some interpretations of the SCRA hold to the strict definition that only the servicemember is protected here. Any other person, including a spouse, may not be protected and may not be able to escape the lease unless protections are requested from a court (as provided for under Section 538).
A covered lease also includes those for automobiles for you or your dependents, for personal or business use. All you have to do for lease of premises is deliver written notice and a copy of your orders to the lessor or their agent through the mail, in person or private business carrier. If you are terminating an automobile lease, you must again provide written notice and also return the vehicle to the lessor or agent (or grantee of either). You do have to return the vehicle within 15 days after you deliver the written notice of termination.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.