What should I do about my vehicle situation?

pure_hp

I need some advice on what to do and I need it rather quickly. I have a 2016 Honda Odyssey that I'm leasing and no longer have a need for it, plus the lease payments are extremely high so I need to find a way to get out of it without penalty. I've thought about swap-a-lease and lease trader but I'm afraid because of the lease amount ($500+/mo) no one will want it. To make matters worse, it's 3yr/36k lease that started on 12/17/16 and I already have 21k miles on it. Should I try to go the swap-a-lease/leasetrader route or should I go back to Honda to see what they can do about moving me into a lower payment vehicle.......or another dealership altogether? Thank you in advance for your help.

kyfdx

Getting out of a lease, especially a high-priced one, can be very expensive.

You say you don't need the vehicle... do you not need a vehicle, at all? Or, just don't need a mini-van?

kyfdx

If you have a CarMax nearby, take it in for a bid.. They'll call Honda and get the payoff, and see how much it will cost you to get out of it.

I don't give that much hope, but at least you'll know where you are.

pure_hp

I know, that's my fear. I have another vehicle, just do not need this one.

kyfdx

pure_hp said:

I know, that's my fear. I have another vehicle, just do not need this one.

Then, you don't have to worry about the mileage, right?

So, keep both, until your mileage is under control, then ditch the other one... or, ride out the lease. You'll at least get use out of the $10K you have left on your lease payments. If you try to get out of it, you may lose $5000+ for nothing.

pure_hp

I can't afford the payments, that's the first problem. The second problem is that if I were to get it up on lease trader or swap a lease, it'll probably only be good for about 500 or so miles a month to end the lease as close to the 36k mileage amount as possible to avoid mileage penalties. So, that's the squeeze I'm in; can't afford the monthly payments and I'm well over on mileage to do much at this point.

pure_hp

I do, I'll do that, thanks!

Michaell

Be advised that some captive finance companies don't allow lease assumptions; can't tell you if HFS does or not.