Consumer Law, Warranties Auto Lease

[apachedragon]

I am a resident of Kentucky and am at the end of a 36 month lease. The value of the vehicle was $22,500 when I leased it, and I put $12,500 down in the form of a trade in, leaving $10,000. Now I am being told that I have no equity in the vehicle and must pay $15,500 to buy it outright? How can this be possible?

 

[unclemoon]

Because the lease is figured with a predetermined termination figure (residual). That would have been disclosed on your lease agreement. You have 3 choices - buy it, trade it, or walk away.