Greetings:
I am about to turn in my leased 2015 Honda CRV EX-L. If I want to buy the car outright, my payout to Honda is $1,9296 (plus tax). Based on mileage/condition my dealer agreed on a trade-in value of $21,000.
$21,000 - $19,296 = $1,704 net trade allowance.
In my mind, this total ($1,704) is my trade-in value, and it should be reflected on my lease as a cap cost reduction. However, in the detailed offer sheet they shared, they are only using $750 toward the cap cost reduction. And the rest is being applied to my “Due on the delivery” in the form of lic fees and first payment.
Furthermore, the NET CAP COST on the offer sheet is higher than the GROSS CAP COST. They list my gross cap cost as $30,807.03 and my total cap reduction as $750.24 (instead of what I believe should be the full $1700 of my trade value.)
But then the very next line lists the Net Cap Cost as $31,407.27 which is 600 higher than the gross cap cost instead of $750 lower!
I have attached the full offer sheet – can anybody help me decipher what on earth is going on here? . Is there a reason they are structuring it this way?
I plan to ask them to re-work this by rolling my entire trade-value into the cap cost reduction, and paying my first month payment + lic fees upfront but they seem resistant to any changes and say “this is how they do it, mumble mumble.”
Thank you!
