How to Refinance a Leased Carby Jamie Lisse
A car lease can seem attractive to people who like to change cars every few years or who want a low car payment. Sometimes a car lease payment can be higher than expected though. If you have a leased car with a payment that is too high, you may want to consider refinancing. This should only be considered if you want to actually keep the car. The only way to refinance a leased car is to pay the buyout amount, which occurs at the end of the lease as well as the remaining amount on the lease.
Use your web browser to go to the website where you manage your car lease, if you do it online. If you do not manage your car lease online, look for a recent statement for the account.
Look for the payoff amount of the lease on your online account or lease statement. If the payoff amount is not listed, call the finance company and ask for the payoff amount.
Review your car lease contract for any mentions of penalties for refinancing the lease. Also look for the buyout amount listed in the contract, which may be listed as the "residual" amount.
Contact your auto loan lender of choice. MyAutoLoan.com offers quotes from up to four lenders at once.
Submit an application to a lender and wait for a decision. Once approved, you can pay off the old lease.