I have a leased vehicle. when asked the fair market value of my vehicle on the first day of lease, is that the same of as gross cost of car when I first purchased it?
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1 Best answer
CathiM
New Member
Jun 4, 2019 6:08:04 PM
Yes, the FMV of your leased car is the gross cost of the car (like the negotiated purchase price if you were buying it) before they do any adjustments and calculate the lease payments, residual value, etc.
1 Replies
CathiM
New Member
Jun 4, 2019 6:08:04 PM
Yes, the FMV of your leased car is the gross cost of the car (like the negotiated purchase price if you were buying it) before they do any adjustments and calculate the lease payments, residual value, etc.