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How do I know if I have equity in my car if I turn my lease in early?

crob125crob125 Member Posts: 18
edited August 2015 in Acura
I was wondering if I have any equity in my car. I have an 2013 ACURA MDX Base Model (Dark Cherry w/roof rack and running boards) and I have 31700 miles with 4 months left on my lease at $439/month.

My residual value says $24378.75 and the dealer said it appraised at $27500.

I would've thought I had about $1365 equity if I take out what I have left to pay. However, he said that Acura has a program where they forgive last 3 payments. So then I would think that I have more equity.

I never turned in a lease before, so I'm not sure how it works.
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