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Why is my lease payoff more than my residual plus remaining payments?

harpua728harpua728 Posts: 23
edited June 2016 in Acura
My RDX lease expires next month and the residual is about $23,500. However, the current payoff amount is close to $26,000. I have one payment of $410 left so the payoff is about $2k more than I expected. Is this because of sales tax being added to the residual if I were to purchase it?

My KBB trade in value is about $25,500. Is there any way for me to get equity out of the car?

It has less than 20,000 miles after a 3 year lease so I thought I could get something.

Thanks.
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  • kyfdxkyfdx Posts: 148,174
    harpua728 said:

    My RDX lease expires next month and the residual is about $23,500. However, the current payoff amount is close to $26,000. I have one payment of $410 left so the payoff is about $2k more than I expected. Is this because of sales tax being added to the residual if I were to purchase it?

    My KBB trade in value is about $25,500. Is there any way for me to get equity out of the car?

    It has less than 20,000 miles after a 3 year lease so I thought I could get something.

    Thanks.

    If you called for your payoff, then yes, it most likely includes sales tax.

    Dealers get a different number, and an Acura dealer may get an even better number.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

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