Do I have lease equity?
An important factor in deciding between any of these options is finding out if you have "lease equity." A unique situation that can occur in certain leasing scenarios, similar to how a financed vehicle can have equity, a leased vehicle can gain equity too. At the start of every lease agreement the vehicle is assigned a predicted residual value, or expected value it will have at the end of the lease term. Expected value is based on the vehicle make, model, your miles limit, and the length of the lease.
If you drove the vehicle fewer miles than were allotted in the lease agreement, if the vehicle you leased became more popular during the leasing period, or if you took great care of it you may have "lease equity." It means the leased vehicle is worth more than it was predicted to be at the end of the lease. Wilsonville Subaru can help determine if you have any lease equity and help you decide what to do with it.
If you have lease equity you can roll it over into the down payment of a vehicle purchase, or use it as a cap cost reduction for a new lease agreement, or you could also purchase the leased vehicle with the equity rolled into the payoff amount. You can even just turn in the vehicle and take the money and go. Having lease equity leaves you with a ton of options.
Not all dealers will tell you if you have lease equity, because they could potentially get a great condition pre-owned vehicle for a lower price. Always check your miles driven against your allotted miles in your lease agreement as that will be the prime indicator of having lease equity.
As part of Wilsonville Subaru's "No Bull" promise, we will always be up-front with you about your lease and give you all your available options.
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