Last post on Feb 29, 2008 at 2:30 PM
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#374 of 375 Car man...2 quick questions
Feb 24, 2008 (6:11 pm)
1. I got a lease in May 2006 on a 2006 Acura RSX Type-S. I put $1300 down and my payments are $305 per month (including tax) for 36 months with 15k miles per year. Was this a good deal?
2. I have not put as many miles on my car as I thought I would be. Currently I have just under 24,000 miles. I will prob only be driving 750 miles per month going forward which will put me severley under the 45k I pay for. How does this affect me when my lease is up? Will I be able to get this equity out of the car being that it will be worth more than what it would be if I used all 45k? Or will I just lose this all since it's leased? Please explain how that will work.
#375 of 375 Re: Car man...2 quick questions [mrfurious214]
Feb 29, 2008 (2:30 pm)
This won't affect your lease, they will not reimburse you for the miles that you haven't driven. The only way to get some equity for the car is to sell it. You probably will have to buy it from the leasing bank first, then sell. Trading it in will effectively destroy any equity you had on the car.