atomarchio1

After leasing several acura products, I am now realizing that you have to pay a "turn-in" fee at lease end if you are not getting another vehicle.

So I was looking at the value of the vehicle to find that it's worth much more than the payoff amount. I am wondering if it's possible to sell a vehicle that's leased to a dealer at lease end. I don't want to title it, pay taxes, transfers, etc.

Just sell the leased vehicle to the dealer on last day of lease and have them write me a check for the difference.

Has anyone done this before? Please share. Thanks.

Midwestuser1

The Acura dealer has no interest in paying you more for it than what the residual value is on the paperwork as they can look up that residual value from your lease agreement. For you to get the higher value you’d have to trade it in on a new vehicle. Also the dealer doesn’t own the car the finance company does so you are technically turning it back into to the finance company. You could also sell the car yourself and then payoff the lease and pocket what you got above the residual value amount.

Maybe check an outfit like “Carvana” to see if they’ll pay you more than the residual value.

Texasrdx21

Great answers. Take into consideration if you buy out the lease - you'll have to pay taxes on that price in most states. Then try to "flip it", unless there is a Big gap in acquisition of the lease vehicle and sale - I'd just turn the keys in and move on.

However, if you like the vehicle and it was reliable - you could choose to buy out the lease too.

Almatti

I'm at this crossroad on my 22 MDX Advance. The MDX has 20K miles on the clock. Lease expires in August via Acura Finance directly. Lease buyout is $38,500 which compared to low mileage comparable models on dealer lots nearby me including my Dealer is circa $50K asking prices. I know They won't give me that "Equity" probably half _ if I'm lucky. They will Push Me to take a New MDX (or RDX) for much higher price : MDX at $65,000 +/- or a RDX circa $55K +/-. That will result in much higher monthly payments even with the "equity" (est at $6-7 K). I haven't priced that yet - so it's still an Unknown factor. Acura Finance does allow for a Lease Extension up to 6 Months. I would have to pay the Sales Taxes up front on my the Payments of $610 a month. The extension would be for the same payment per month. But, the Buyout will reduce to an estimated $35,500 (according to the agent at Acura) in 6 months. I'm 72 - 73 in October and will be required to take Required Minimum Distributions from my Pension plans (IRAs). I would pay Cash for the buyout bc of the higher Used Car loan rates. Recently a car offer has been made via a Acura Dealer (not mine) of a 2021 RDX Advance for $35,600 (just reduced form $35,900). I'm going to look into it - but with some reservations bc I really LIKE my MDX. I don't really need a 3 Row SUV, but love the room, comfort, ride and handling of the MDX. Not Crazy about the TTIP which is in Both Cars. My thinking (after test driving this RDX in Graphite with Ebony interior) is Bargain for the best "Equity" I can get for my MDX (say the $6-7K) apply it to a negotiated price for the RDX bringing me to roughly $28,000 without Taxes. As 2021, there is no more 3 year Warranty - it only has 13K MILES. As I write this - it is becoming very Tempting. The RDX has everything except the Power Steering Wheel adjustment working with the Auto Entry and Auto Exit to the SUV. I've had that feature on my last 6 cars (4 Infinitis & 2 Acura MDX s). Whatta You Folks Think!

Midwestuser1

I believe you'll also lose power folding mirrors if that's important to you at all. I don't recall if the 21 RDX Advance has those or not.

markAZ

Ours does not.

mvl

Power folding mirrors started with the 22 advance (one of the reasons we bought a 22 vs a 21).

Regarding the lease, you could get selling quotes from carvana/carmax/etc. Then buy out the lease at its quoted value and then afterwards sell it to carvana/carmax/etc to keep the higher equity for yourself. Just check on sales tax implications as that could hurt you a little or a lot depending on state. If you don't have the cash for buyout, you could look for unsecured personal loans with higher rates but no transaction fees (eg: credit union, etc), and pay off the loan in a month or so once you get the cash from the sale, thus the high interest would only accrue for the days that the transactions take to clear.

Federal leasing laws prevent dealers from charging to receive a car. A few dealers in Florida were sued for doing this. You can probably point to that if a dealer tries to charge you and threaten to report them to local attorney generals/etc. They'll might give you the free lease return to avoid the legal hassles.

Almatti

Mvl, good advice and food for thought ! As I wrestle with this issue, first and foremost is to test drive that 21 RDX. Not having power folding mirrors or power steering wheel adjustment (which still confounds me about the Acura commission) are not deal killer features. Assuming I like the RDX, I will approach the deal with the built in equity iny.lease. My buyout is $38,500. Dealers can often do a little better with Acura. My thinking is what I mentioned .... If the dealer can swing "buying the car from me" , give me another $6k which I would use toward a negotiated price on the RDX. Not sure about the sales tax implications. There will be a sales tax levied on the MDX if I buy it outright. Or I could try to "assign" my buyout to the dealer , avoiding the sales taxes. Based on the Market Value of my MDX of IMO is $50k. Take that equity apply it to the PP of the RDX thus making that equity equal to a trade amount reducing the PP and less sales taxes due??

As I mentioned, Acura Financial gives me the option of extending the lease on the MDX for 6 months at the same $610 per month ( I would have to pay the sales taxes on the $3660.up front. My math shows the FV of $35,500, $610 per month payment, the lease rate is about 3.25% per annum. I could then have the $$$$$ needed to.buy for $35,500 in 6 months deposited in a 6 month TBILL.at 5.5% per annum! I was a mortgage loan officer for over 40 years iny working years........AHHHHH retired now !!

RDX10

I just wanted to point out that the fuel economy in the RDX is probably the same if not WORSE than what you are currently getting in the MDX. So if you like the space, and you like the way the MDX drives, it actually might be the more economical choice in the long run. Not to mention the naturally aspirated V6 will likely live for much longer with less complications than the I4 with the turbo.

Just some food for thought.