Early Termination Charge

Definition

• If a leasee turns in a leased vehicle before the lease term expires, a fee is charged to terminate the lease.

Synonyms
termination charge, cancellation fee

Related Terms and Acronyms

• Lease (lse) — Abbreviation,
  • A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
• Mileage Allowance — Definition,
  • The number of miles, specified in a lease, that a car may be driven over the life of the lease.