Good Afternoon All,
The end of my lease is coming up in March of 2024. Although I still have some time left and with the inflated market prices, I’m trying to at least have an idea on what I should do at the end of my lease. In terms of buying-out, or leasing a new vehicle. I have a 2021 Acura RDX and at the end on my lease the pay off amount will be approximately $25,964.86 and the residual value according to my contract is $24,617.75. With such an inflated car market my questions are:
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If my payoff amount is more than the residual value what happens?
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I have a mileage allowance of 36,000 for the lease term and I’ve only used $15,000 as of today. What happens if I have extra mileage left over?
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How does the process work if wanted to sell my lease to a 3rd party? And how would I know if that’s the best decision?
I’m basically trying to determine if I should keep the vehicle, turn it in for a new lease or sell it to a 3rd party. My current monthly payments are $400 and regardless of what I decide to do I would like to stay in that pay range. I would appreciate some feedback on what is the best way to be able to stay in that payment range without having to put a huge chunk of money on a new car. Thanks in advance.