If you signed a leasing contract but refuse to take possession of the vehicle, it is often too late to change your mind without consequences.
Having to pay a penalty
The merchant may have the right to impose a penalty, according to a clause sometimes found on the back of the vehicle leasing contract. These fees are limited by regulations. They may not exceed the greater of these 2 amounts: $400 or 2% of the price of the vehicle.
Be required to lease the car
The merchant could also expect you to respect the contract (that you lease the vehicle) or pay compensation for the actual losses the merchant has suffered. The merchant could, for example, ask you to pay the interest charges for the additional month the vehicle remained on the lot available for leasing.
Last update : October 16, 2020
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The information contained on this page is presented in simple terms to make it easier to understand. It does not replace the texts of the laws and regulations.