Call and get a payoff quote. It's that simple. You mail them a check. They mail you back the title. Of course, as was said, assuming you leased from a better company... like Honda Finance.

Generally, the payoff will be: residual + remaining payments - security deposit - "lease fees" or unpaid interest (on most leases for an S this is probably in the $125/mo range).

Example:
+20000 - Residual
+12 * 325 - Payments left (don't include tax) * payments
- 500 - Security deposit if you have one
- 12 * 125 lease charges ("Interest)
+ unpaid fees, tickets, or taxes, if any

20000 + 3900 -500 - 1500 = 21900

This is basically how it works...

 

actually, with chase at least, the payoff is:

current residual+$100 termination.

You do NOT have to pay the remaining payments. current residual is the current value according to their depreciation schedule. I'm sure many other financiers have these terms, too.

 

That's a good point. The thing is, the payments, minus the lease fees are basically going to equal the current residual =)

 

I'm curious, how did you get right-side up at this point on your lease? Did you put a sizeable down payment on the initial lease? Most leases become upside down pretty quickly with the mileage restrictions and damage/wear'n tear/ evaluations. Seems to me, unless you are getting a business tax deduction, a lease is an albatross around one's neck. A Lease just doesn't make financial sense to me, generally.

 

kinda, but the main difference is you do not have to pay the future interest (aka money factor) portion of your future lease payments.

but, true, the current residual is equal to the end residual plus the depreciation portion of future payments.

 

it is really impossible in just about any case to be rightside up on a lease in the first 2 years unless you put many thousands down.

often, in the last few months, one can be rightside up in the last few months, IF AND ONLY IF the car depreciates slower than expected.


a lease makes PERFECT financial sense if you know you will only have a car a few years. It removes ALL resale risk, and if the car is worth more than residual, you can flip it. Financially it is exactly the same as buying and selling in a few years. the only diff. would be if it were paid off completely, you may not pay as much interest due to the short length of the loan.

if you had bought a chevy in 2000 and sold it in 2003, you would be crying. if you had leased it you could walk away and the leasing company eats the loss.

 

You could see if the company you lease off will give you a mortgage.