After paying two additional months after the initial 36 month period, the GM dealership called and told me that I had to return the car/could not further extend the lease. That's what I did. I ended up not having my own car for several months thereafter. The purchase price of the original lease was $35,583.90. Over the 38 months I paid $9,528.12 in lease payments and $3,750.00 at the origination of the lease for a total of $13,278.12. According to the documents that I have and base on the 36 month lease, the residual value is $20,995.95. Do I still have to pay tax on the $15,000.00 total settlement of which I only got $5k? Thank you for the help.
