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Lease Purchase option for 2013 Honda Civic LX and Brand new 2016 Honda Civic EX

0myangela0myangela Posts: 7
edited June 2016 in Honda
Hello! :)

I am relatively new to posting on edmunds but have found great advice from here in the past. I had a question to ask regarding my 2013 honda civic which I am leasing for $217/mo with no money down, 3 years of free oil change, 12k miles/yr. Currently my mileage is at 21,000 and the lease will be ending on September 3, 2016.

My contract says the purchase option price will be $11655.45. My mother needs a car and I was planning on buying this lease to give to her and buying myself a brand new 2016 honda civic EX.

My question is, how do I go getting the best deals if I were to buy the lease AND buy a brand new 2016 honda civic EX? So simply, I would like to purchase two cars. I will be paying with my hard earned cash for the lease and planning on putting money down about $5000 for the brand new car. Thank you so much and I great appreciate any advice!

-angela

Comments

  • kyfdxkyfdx Posts: 128,188
    @0myangela You'll be buying the leased car from the bank (Honda Finance), and the new car from a Honda dealer. Don't think you have any sort of leverage on a two-for-one deal, as the transactions aren't related.

    One thing to check on. You'll have to buy the current lease from Honda Finance in your own name, and pay sales tax. Make sure that you can transfer that car to your mother without paying sales tax, again. Most states allow those types of transfers between relatives, but you want to be sure.

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

    Edmunds Moderator

  • 0myangela0myangela Posts: 7
    Hi @kyfdx Thank you so much for your reply!

    Couple more questions! I live in a different state than my mother. In that case, I probably would have to pay double sales tax? Do I just called American Honda Financial to ask these questions?

    Thank you!
  • kyfdxkyfdx Posts: 128,188
    0myangela said:

    Hi @kyfdx Thank you so much for your reply!

    Couple more questions! I live in a different state than my mother. In that case, I probably would have to pay double sales tax? Do I just called American Honda Financial to ask these questions?

    Thank you!

    The DMV in the respective states might be the best place to ask that question. There is no doubt you'll have to pay sales tax to acquire the vehicle from Honda Finance. It's still possible that you could transfer the vehicle to your mother in another state, without tax. But, the DMV in that state should have those answers.

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

    Edmunds Moderator

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