How to Determine the Payoff for a Vehicle Lease

You can pay off a leased vehicle at any time. Some people believe there is no way out of a lease until the term is up, but you can actually buy the vehicle from the bank for an amount that is usually equal to any payments due and the balloon payment stated on your contract. You can then finance the remaining amount or trade the vehicle into a dealership towards another purchase. Getting your leased vehicle payoff amount should take you less than 10 minutes.

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.

Call your leasing institution. Follow the voice prompts to reach the customer service department.

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.

Give the representative your personal identifying information, including your account number, Social Security number and date of birth, which are usually requested.

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.


  • Get the payoff amount from your bank for an accurate number. A dealer may increase the buyout to make a profit. In addition, a bank representative can let you know if buying out the lease includes any additional fees of which you were unaware.