My lease will expire next year
I did it with the help of this great community
When my lease expires I have two options:
a) return the car and get a new lease
b) pay the residual value and keep my car
how the residual value is calculated? in my lease is the 59% but of what? the MSRP or the Selling Price?
and this will be the $ that I have to pay to get my car, correct?
RV is from msrp. You pay RV + sales tax on RV.
Residual is based on MSRP. If you want to buy the car it will be the residual plus the purchase option fee plus tax, title, and license. The exact amounts for the residual and purchase option fee are on your lease contract.
its not the residual value, its the payoff amount you will use to buy out your leased car. They are both different figures, Ive been monitoring my the payoff on my Bmw 3 series for about 7 months now, and I have noticed every month its increased, it was about 22k now its up to 25k.
At lease end, the payoff is the residual value (plus applicable fees and taxes).
Prior to lease end, the payoff is the residual value plus unpaid depreciation from remaining payments (plus applicable fees and taxes).
Yah… your current lease payoff, since it’s before the end of your lease, is the residual value plus the unpaid depreciation portion of your remaining payments plus the applicable fees and taxes. That’s why it’s more than the residual value…
You are missing one important part of OP’s question.
When his lease expires the amount is RV, the screen shot you posted shows that your lease has not expired yet. You still have 2 months to go. And some of that is taxes and stuff.
correct, thats the point im kinda making LOL thanx!
Huh?
He asked about the residual value at lease end.
At lease end, that’s what you pay (residual plus fees and taxes), as @mllcb42 stated.
Your payoff now with x number of months remaining is irrelevant to what you pay at lease end.
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