How to Determine the Payoff for a Vehicle Lease
- 1). Gather your lease payment paperwork. You need the phone number of the bank through which you lease the car and your account number. Check your vehicle's exact mileage, as it will be requested.
- 2). Call your leasing institution. Follow the voice prompts to reach the customer service department.
- 3). Tell the bank representative that you want your lease payoff amount. If you want to buy the car or trade it in, ask for the "buyout" amount, and if you want to end your lease early, ask for the "early termination" amount.
- 4). Give the representative your personal identifying information, including your account number, Social Security number and date of birth, which are usually requested.
- 5). Write down the amount that the representative gives you and the date until which it is valid. The amount should be good until your next payment is due.
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