Auto Lease turn in - Positive equity?
I have a 2016 Honda CRV that is coming up to the end of its lease in May. The dealer is hot to get me to turn this car in early and get into a new lease, and I am generally happy to do that. However, I could use some help understanding if there is any positive equity in the leased car. I have looked around and everything indicates there could be... but never actually discloses how that gets figured. I fully understand how a lease is computed. I have no interest in capitalizing the 3 remaining payments into a new lease, so i'm happy to wait and not do the early turn in. I am definitely leasing a new car, and have no interest in buying out this lease.
Here are some details.
- I l live in Southern NH
- I have excellent credit
- The car is in excellent condition, its a 2016 Honda CR-V EX-L
- Currently at 22,000~ miles of a 36,000 mile lease.
- Residual is $17,700
- KBB shows the trade in value at $20,000
So, that leads me to believe there is some positive equity in the car. I understand that KBB is an estimate, but its something right? Maybe?
We talked to one dealer and they said something to the effect that leases don't work like owned cars and they are based on wholesale and not retail pricing for the equity calculation. But that stank of double talk to try to confuse us, so we left.
Can someone help me understand this better? I appreciate the help!