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

harpua728

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.

kyfdx

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.