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Early lease termination

PoloPolo MiamiPosts: 4
edited May 13 in Toyota
I am looking to lease a Hyundai Kona SEL 2020. I want to trade-in another lease that I have 12 months left. It is a Toyota RAV4 XLE, and lease is for 36months/54K miles year. I requested a payoff amount, and the amount came up to $25K, but the actual value of the car from comparisons in websites is between 15k to 18K. Could someone please explain how these numbers work? Thanks

Comments

  • MichaellMichaell ColoradoPosts: 165,284
    edited May 13
    Polo said:

    I am looking to lease a Hyundai Kona SEL 2020. I want to trade-in another lease that I have 12 months left. It is a Toyota RAV4 XLE, and lease is for 36months/54K miles year. I requested a payoff amount, and the amount came up to $25K, but the actual value of the car from comparisons in websites is between 15k to 18K. Could someone please explain how these numbers work? Thanks

    What it means is that it will be prohibitavely expensive to terminate your current lease early - $7-10K means your new lease will have $200-300/mo added on to the payment. For a car you aren't driving.

    Your best bet is to keep the RAV4 until that lease is up, then shop for your next car.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


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    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • PoloPolo MiamiPosts: 4
    Thanks for the response. The price depreciation between 7k and 10k is quite drastic in a year span. Based on your response, it is how the lease works. Thanks
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