Many people get sucked into a lease agreement for their car because the monthly payments are much lower, but after you factor in the up-front fee due at signing and the amount of money you would have to pay to buy out the vehicle at the end of the lease, it becomes the single most expensive way to operate a vehicle. Getting into a lease is never a good idea, but if you’re already stuck in one, there are ways that you can make your existing car lease more financially viable.

There are no state or federal laws which require the leasing company to tell you the effective interest rate you are paying on your vehicle, and often times you are paying much more than you need to. With a traditional loan you could simply refinance it if you were stuck in a bad loan. It turns out that you can do the same thing with car leases if you have reasonably good credit. You will likely be able to refinance your lease, end up paying less on a monthly basis and even get out of the lease earlier. If you have a credit score of 720 or above and have a car lease, checking into refinancing your lease is definitely worthwhile.

There’s a website specifically designed to help people out in this situation. LowerMyLease.com will help you figure out whether or not it makes sense for you to refinance your lease and help you get the loan to make that happen.

They have a guide on their website which discusses the process:

1. Call your current lender and ask them for your current payoff without sales tax.
2. Check the current odometer reading on the vehicle, and pull out your original window sticker for the vehicle. It’s most probably in the glove box or with your orginal lease contract.
3. To find out your new payment options, select your vehicle and enter the current payoff amount and mileage.
4. If you find a new payment or term you like, then submit your credit application and get pre-approved. Here are some things to consider when re-leasing:
o A lower payment for any selected term
o The same payment for a shorter term
o A lower residual value which gives you more options during and at the end of the lease
5. We’ll re-write your lease with the new lease program you selected. The leases offered on LowerMyLease.com are from national financial institutions that you may already be doing business with.
6. New lease contracts are printed and sent to you for review.
7. Upon your approval, sign and overnight them back to us in the envelope provided.
8. We pay off your current lease and your new re-lease begins!

LowerMyLease.com has come up with a great service to help you get a better deal on the lease that you’re stuck in. It won’t always be a better deal, but it’s definitely worth checking into if you drive a leased vehicle.

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