- 1). Call your financial institution and ask for your vehicle's payoff. This is the amount the vehicle can be purchased for outright. Ask for the payoff amount without tax, and find out when the payoff is good through. Depending on when your monthly payment is due, your payoff information can be good for three weeks--or three days.
- 2). Check out websites such as LowerMyLease.com. Enter the current payoff (without sales tax), year, make, model and current mileage. You will then be shown different lease options. Choose the amount of months, mileage per year and amount of money down for your new lease. The site will search all major banks that have attractive lease offers. In some cases, you may even end up leasing your vehicle from the same bank.
- 3). After reviewing your new lease options, submit your information (credit application) and have a copy of the contracts sent to you. Review all of the contracts and sign and send them back. Your vehicle will be paid off by your new lender, and your new lease will begin.
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