Needs some help...

I am leasing a 06 TL with navigation and the lease ends in June and am thinking about keeping it.

My buyout is 18,200
My residual is 16,500
I have $2,700 more in lease payments to make before the end of the lease.

The kelly blue book value is real low (16,000 for trade in) but all the dealers and even private party prices are around 21k....

Here is the question...

Will my remaining payments bring the buyout below the residual or will the buyout stop at the residual? If it stops it makes more sense to buy it now so the payments go towards the equity as apposed to just "renting".

Am i looking at this wrong?

 

Aren't residual and buyout usually the same number? Maybe I'm mistaken...

 

The buyout amount is the total of the residual + remaining contract/lease payments + taxes & fees.
The buyout amount drops as monthly lease payments are made, finally consisting of residual + taxes & fees.

 

you are in a position to negotiate a new buyout if you want the car
Acura would rather sell it to you than hassle with it in this economy
The original lease was based on the cars estimated ~some years in the future~ value, which has turned out to be less than expected based on what kbb is calling it

They have been renting you a car all this time, go negotiate for what its worth wholesale, not what people ASK for it (who knows what they really sold it for or how long it was on the market) or dealers high book value sale price

 

If you know you are going to keep the car for sure, you may want to look at buying it out early instead of waiting until June.

 

There's not a chance in hell that Acura will renegotiate your residual. It is what it is.

If you know you want the car, you might as well buy it out now and save yourself $1000 in taxes/interest. They're not going to go any lower on the residual or buyout.

 

Ive seen it done- the car biz is suffering like everyone else
If the value today is not what was predicted...everything is negotiable

 

looks to me if you buy it out now you will save 1k.

 

You guys do realize when you buy the car, sales tax will be added to the sale price. ALL sales are negotiable. They hope you don't know that. Also, the longer you wait to buy it, the better position you will be in to make a deal. I always wait for the last week. Done it twice & got a great deal. They don't want your car back, You also forgot to mention your miles. That would be a big factor in your offer.

 

On an Acura lease? They actually let you buy the car for less than the residual listed on your lease?

 

I have always pursued lease-end scenarios about 3 months before expiration. If you lease another Acura, they may buy out your remaining payments at this junction. If you decide to buy your car, you will get a better finance deal now than if you wait till lease end (at least that's been my own experience). It also gives you time to shop multiple banks/credit unions for the best deal. Let us know what happens.

 

Miles are a big factor on why I am looking at doing something now. I drive a lot in my car ('05 RL with 180k miles) and started driving the TL a few months ago to use up the miles before the expiration of the lease. I have about 8k left so I am good if I stop now. I am looking to buy it, since i know it's in good shape, and let my wife drive the RL.

I think the bottom line comes down to if they will make a better offer as I get closer. I think they would based on the blue book / auction values but every comparable TL in the city is on sale for 20K plus.

 

I just came to the end of a lease with Acura over the last couple of months. I had a 2007 TL with 16,000 miles on it. First I tried to see if I could sell it or shop it to the dealers. That was a no go with Acura. The only way they would let me do that was to buy the car and pay the sales tax and then sale the car on my own. I then tried for over a month to get a lower buy out and they stuck to the contract price of $21,700. The dealer said they would take the car if I turned it in for that price so I ended up having a friend buy the car for the $21,700 plus dealer fees. The dealer ended up giving him a 3.9% interest rate on the finance so you may want to go to the dealer and see what type of loan you can get and buy it now. If you are going to buy it anyway this could save you a bunch of money.

 

They won't

Not trying to burst your bubble, but they don't deal on lease residual values. Blue book be darned, they don't care.

I'd love for you to prove me wrong,, but it ain't gonna happen.