The term lease payoff, in car leasing, refers to the process of ending a lease before the normal end-of-lease date. It’s also called a lease termination or early termination.

A car lease can be ended early by returning the vehicle and paying off the remaining lease balance, less future finance charges, and less the “realized value” of the vehicle, a process that is explained in the “small print” of all car lease contracts.

See our article Get Out of Car Lease for more details.