TXPearl
Active Member
None of this (the OP's scenario) makes sense because I think he's using the term "residual" when he means current payoff. Here are the details I can cobble together from the various posts....
Original Sticker was $40K
Paid $38K
$4K down payment
Residual is $18K (maybe, again unclear communication) [It's an third party lease (Ally Bank) so the residuals suck]
Monthly payment is $389 (so 20 or so payments left if total remaining is 8K in payments)
If you start with a balance of $34K ($38K less down payment....maybe higher with taxes/fees thrown in), you can't now owe more than that as long as you've kept up with the 16 or so payments that've been due so far.
Original Sticker was $40K
Paid $38K
$4K down payment
Residual is $18K (maybe, again unclear communication) [It's an third party lease (Ally Bank) so the residuals suck]
Monthly payment is $389 (so 20 or so payments left if total remaining is 8K in payments)
If you start with a balance of $34K ($38K less down payment....maybe higher with taxes/fees thrown in), you can't now owe more than that as long as you've kept up with the 16 or so payments that've been due so far.
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