Ending Lease One Month Early

RykonRykon Member Posts: 8
edited August 2019 in Honda
Hello,

I have one $188 payment remaining on a 36/12 lease 2016 Honda Civic EX-T. I had been getting some offers to buyout the lease and begin a new lease early. Residual Value $14,051. (Market value for car in area is $16,500 dealer, $14,500 private). 500 miles over limit, at 15cents/mile. A few minor scratches, not expecting any major wear and tear fees. If I take up a dealer on this offer does my car provide any value towards lowering my new lease payments?

Currently dealers are offering to waive all fees remaining on old car, and my only out of pocket costs would be my downpayment of $1.5k plus $500 incentive for $2k downpayment total + first months payment:
2019 Honda CR-V EX AWD 36/15
MSRP: $29,845
Sale: $26,561
Residual: $17,506
Monthly payment: $275
Area code 06825 (unsure of MF)

From what I’ve read so far I will try to get a recalculation for 0 out of pocket downpayment, only the $500 incentive. If you need any more information I will provide! Thanks for the help.
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Comments

  • lowmoneyfactorlowmoneyfactor Member Posts: 66
    Rykon said:

    Hello,

    A few minor scratches, not expecting any major wear and tear fees.

    Current AHFC leases have $1000 (2x500 "incidents" or such that a long time customer may get pooled into 1x1000) . No worries if just giving it back to AHFC.

    What did your AHFC Vehicle Inspection Report (turn in pre-inspection) say?
    Rykon said:

    If I take up a dealer on this offer does my car provide any value towards lowering my new lease payments?

    No automatic value towards your new lease.

    However, find out what Carvana or others are willing to buy it at. Above residual may net some $. Thats your negotiation.

    If you just turn it in AND its low mileage, they might just CPO and put it on their lot for 4-5K more than residual.

    Over six 36/12k leases made this mistake once, the first turn in. Never again.
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