36K lease matures in October 2020.
I current have 31K, and project to have 50K at the end of the term.
Please educate me on the residual value which is just under $15,000. If I buy it, I won’t be penalized, correct?
Thanks
If you buy out the car, you will not he penalized for going overmileage
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You will not be penalized for buying it, but because the buyout price is set in stone, you will likely be overpaying. Further, if you go way over miles, you risk that the buyout price is so much higher than the actual value, and no bank will finance the car. But going 14k over on a Honda, that’s not a scenario you need to concern yourself.
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I would call Honda and find out the buy out price right now, as it will be higher than the residual value to take into account the 14 or so months left on your lease.
If you time it right, there may be an opportunity to buy it out and sell it to a third party with minimum loss vs. paying the mileage overage, especially if you don’t plan on keeping it.
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$357.
I had a 15 Accord Sport and got into the ‘17 with 10 months remaining on the ‘15. I rolled some negative equity into the current lease.