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Lease is ending....what should I do?

capaxonecapaxone Posts: 6
edited March 2015 in Honda
I leased my Honda CRV back in 2012 and it will end this May for 3 years. My initial down payment was 2500 dollars. According to the contract, if I decide to keep the car and pay it at the end of contract, it will be 16,700 dollars residual. I got into a car accident last year and it was a minor collision with total fix cost around 2000 (not my fault). My car is only 28,000 miles. I took to the dealer today and this is what the guy told me: If I want to buy that car, I have to pay

16,700 (residual value) + 1995 (RECON + SAFETY) + 1800 (TAX) = 20,495.

I was never informed about the 1995 dollars on RECON + SAFETY fee..

At the same time, the guy said he could make a deal with me paying for me the last 2 remaining of my monthly payments for April and May, and helped me lease another CRV-EX 2015 with same monthly payment that I have now (350/mon). What should I do now? Please advise...Thanks.

Comments

  • kyfdxkyfdx Posts: 120,033
    capaxone said:

    I leased my Honda CRV back in 2012 and it will end this May for 3 years. My initial down payment was 2500 dollars. According to the contract, if I decide to keep the car and pay it at the end of contract, it will be 16,700 dollars residual. I got into a car accident last year and it was a minor collision with total fix cost around 2000 (not my fault). My car is only 28,000 miles. I took to the dealer today and this is what the guy told me: If I want to buy that car, I have to pay

    16,700 (residual value) + 1995 (RECON + SAFETY) + 1800 (TAX) = 20,495.

    I was never informed about the 1995 dollars on RECON + SAFETY fee..

    At the same time, the guy said he could make a deal with me paying for me the last 2 remaining of my monthly payments for April and May, and helped me lease another CRV-EX 2015 with same monthly payment that I have now (350/mon). What should I do now? Please advise...Thanks.


    Is your lease through Honda Finance? If so, you should be able to purchase through them directly. The $1995 is BS. Depending on which state, you will probably have to pay sales tax to buy it, though $1800 seems excessive.

    If it's Honda Finance, you shouldn't need the dealer (and certainly not this dealer).

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • isellhondasisellhondas Issaquah WashingtonPosts: 20,225
    You can purchase directly from Honda if you write them a check.

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