Looking to turn in my 2021 Mazda CX-9 Touring Premium Package in. Residual value on original lease states $25,342.50 but recently called Mazda Financial and they provided vehicle purchase price of $27,849.64. Does this mean we have equity on the car? The car only has 20,514 miles and no significant…

RV and Purchase price are from the bank. Equity comes from shopping your car around to Carvana / Carmax and dealers to see if they will buy it out for more than $25342. (Assuming $27849 includes taxes and fees) Also really depends who is your bank.

Ignore the residual value. If you want to know if you currently have equity, you need to compare what your current buyout is and what you can currently sell it for.

So would that current buyout be the $27,849.64 provided be Mazda Financial? I appreciate the help!

Youll need to find out if that is your personal buyout or the dealer buyout amount. Often they will provide you your personal buyout, which may be higher due to taxes that don’t apply on a dealer buyout.

I believe it’s the personal buyout, we called Mazda financial to get it. Here’s a screenshot [IMG_5260]

Based on their language, it looks like they dont include taxes in their personal buyout numbers, so it should be the same price for a dealer buyout. So yes, compare any buyout quotes to that number to see where youre at equity wise.

How many months do you have left on the lease?

You should see why there is a $2000 delta if it is due next week.

Home Forum Deals

SIGNED!

Calculator

Leasing 101 About

Forum Deals SIGNED!

Calculator

Forum Deals

SIGNED!

Calculator

Leasehackr Forum

Lease Equity help-Residual Value

Ask the Hackrs

suv, ny, mazda

max_g October 15, 2023, 3:29pm 8

mllcb42:

and what you can currently sell it for.

List of places to sell or value your car online Wiki

For the quickest results: Copy your VIN to your clipboard and just paste it into each site. Quicker than plate lookup. Enter “I own the vehicle” where applicable — you don’t need to get into the details of your lease payoff or loan balance until you’ve eventually chosen one entity to sell to. Use a Google Voice or some other device you can turn off at will. Otherwise your real phone will be bombarded initially. In alphabetical order: Buyer Name Direct Link Review Link AutoCo…

show post in topic

Home
Categories
Guidelines
Terms of Service
Privacy Policy

Powered by Discourse, best viewed with JavaScript enabled