I have a large automotive lease on an electric vehicle, and some extra cash. Of the investments and debts I have it's currently at the highest rate (5.5%), Does making early or larger payments reduce my monthly payment on a typical lease, or just shorten the period before the lease expires?
Some banks allow you to choose the outcome: shorten the term or lower the payments.
Also, some companies state in their contracts, that making early payments will cost you. So read the fine print about it.
Basically it depends on your provider/bank/financial company.