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Lease Ending

mstrluckymstrlucky Member Posts: 91
edited September 2022 in Honda
Hello. Not sure where to post this.
So my lease is ending next month on my 2019 Honda Accord Hybrid.
The payoff is $18,000 if I want to buy it and it looks like they are selling for quite a bit more.
I really do want to lease again but I'm thinking that's a bad financial decision since I would have some nice equity in the car of I buy it out. Thanks for any insight.

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    MichaellMichaell Moderator Posts: 245,178
    mstrlucky said:

    Hello. Not sure where to post this.
    So my lease is ending next month on my 2019 Honda Accord Hybrid.
    The payoff is $18,000 if I want to buy it and it looks like they are selling for quite a bit more.
    I really do want to lease again but I'm thinking that's a bad financial decision since I would have some nice equity in the car of I buy it out. Thanks for any insight.

    You can lease another Honda and use the equity from your current lease as a down payment for the new lease.

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    mstrluckymstrlucky Member Posts: 91
    Really? How would that work? I mean.... at the lease turn in they would calculate the equity I have?

    How is the equity for turning in a lease calculated? Thanks a lot.
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    MichaellMichaell Moderator Posts: 245,178
    mstrlucky said:

    Really? How would that work? I mean.... at the lease turn in they would calculate the equity I have?

    How is the equity for turning in a lease calculated? Thanks a lot.

    If you tell the dealer you want to trade in your car (and, you must do this before the lease termination date), they will make you a buy bid and whatever that amount is, over the contracted residual value, is the equity you have.

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


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

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    mstrluckymstrlucky Member Posts: 91
    Michaell said:

    mstrlucky said:

    Really? How would that work? I mean.... at the lease turn in they would calculate the equity I have?

    How is the equity for turning in a lease calculated? Thanks a lot.

    If you tell the dealer you want to trade in your car (and, you must do this before the lease termination date), they will make you a buy bid and whatever that amount is, over the contracted residual value, is the equity you have.
    Wouldn't it be over the buyout amount and not the residual? Can I find out approximately what that is? Thanks
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    kyfdxkyfdx Moderator Posts: 243,471
    mstrlucky said:

    Michaell said:

    mstrlucky said:

    Really? How would that work? I mean.... at the lease turn in they would calculate the equity I have?

    How is the equity for turning in a lease calculated? Thanks a lot.

    If you tell the dealer you want to trade in your car (and, you must do this before the lease termination date), they will make you a buy bid and whatever that amount is, over the contracted residual value, is the equity you have.
    Wouldn't it be over the buyout amount and not the residual? Can I find out approximately what that is? Thanks
    If you've made your last payment, the buyout amount is the same as the residual (more or less). If you are trading out of the lease earlier, then the buyout amount will be slightly more.

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

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    MichaellMichaell Moderator Posts: 245,178
    mstrlucky said:

    Michaell said:

    mstrlucky said:

    Really? How would that work? I mean.... at the lease turn in they would calculate the equity I have?

    How is the equity for turning in a lease calculated? Thanks a lot.

    If you tell the dealer you want to trade in your car (and, you must do this before the lease termination date), they will make you a buy bid and whatever that amount is, over the contracted residual value, is the equity you have.
    Wouldn't it be over the buyout amount and not the residual? Can I find out approximately what that is? Thanks
    Call the bank. You’ll pay tax on the residual value.

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


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

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