[zarex]

The extended rents are not profit. There is additional depreciation (lower residual after 3 years v.s 2 years) and the cost of money over that extra year.

Correct, but the amount of depreciation between years 2-3 is far less than between 0-2, so if the payment remained the same it's an awesome deal for the dealer, and much more profitable. They payments should ideally be much lower for any lease extension. But good luck getting them to agree to it, which is why it's usually a bad idea.