What is the Residual Value of My Car?

The residual value of your car is determined at the time of the signing of your lease agreement. The dealer uses this residual value to calculate your monthly car lease payment. Therefore, the residual value of a car that you are interested in leasing or that you have already leased becomes identifiable as soon as the dealer has prepared a lease deal with details including the required down payment and the required monthly payment.

If you want to know the exact residual value of your car, several methods are available in order to find out. Here are three different ways to find out the exact residual value of your car:

  1. Check your lease contract/lease agreement which definitely documents the residual value.
  2. Ask the dealer during the time when you are signing your new auto lease agreement.
  3. Call the finance company to whom you are responsible for making your monthly payments every month and ask them to provide you with the residual value of the car you have leased.

Although they may not precisely represent actual residual values, information about residual values can also be found online on websites like Cars.com. Keep in mind that precise residual values may vary from one finance company to another.