Got a 2023 Prius Prime OOS (CT), NH resident. Leased to get the 4500 towards the capitalized cost (minus the 650 bank fee, so really $3850). I sold the previous 2022 Prime to Carvana a few days later and the end goal would be to use those funds (~26k) as part of a lease buyout, re-financing the remaining amount (thus taking advantage of the the ~$3850 remaininglease credit)
I could just get a refinance loan for the full remaining value ~35k and pre-pay that loan w/ the 26k, however that would still leave a net ~$660 payment on my credit report for a while, even if it is deferred into the future.
On previous regular finance transactions, I know that I can just initially pay the same 26k amount to the original lender (in this case Toyota finance) and then refinance the remaining value – that is simple because I know there’s a daily interest charge and basically the full amount will go towards the remaining payoff balance.
However, how does this work for a lease? Can I still expect that paying say 26k will leave me with a lease payoff balance of (35k-26k) = 9k? Or is there some additilonal math that needs to be taken into account in this case? For simplicity, fair to assume that this would happen before the 2nd lease payment is due. Just want to make sure there isn’t some weird loophole where I pay 26k and the remaining lease payoff balance is some other amount drastically different/higher than 9k, in this case.
Exact numbers in case they matter:
MF: 0.00415
Lease end value: $24,676
L.E.V %: 63%
term: 36 mths
initial cap cost/msrp: $39,168
toyota bank fee: $650
adjusted cap cost: $35,318
lease payment: $544.59
registration fees (NH): $1092.80
CT dealer conveyace fee: $995
current lease payoff according to TMF online: $35063.28 until 11/27 (counting initial lease payment)
