Returning Honda Lease

wco81

I have a 3 year lease ending in 5-6 months.

I've never leased through HFS before so had some questions about the process.

1. Is there a return lease fee?

2. I purchased a lease protection plan when I leased. I think the tires are fine, low mileage on this car, under 10k miles. There is a little chip on windshield. Do I schedule some inspection? Will they also see the protection package by looking up my VIN?

3. I checked KBB, the cash price they show is more than the "Today's Purchase Price" when I log into my HFS dashboard.

What are the options in using this as a trade in to start a new lease and the new lease won't be another Honda?

kyfdx

wco81 said:

I have a 3 year lease ending in 5-6 months.

I've never leased through HFS before so had some questions about the process.

1. Is there a return lease fee?

2. I purchased a lease protection plan when I leased. I think the tires are fine, low mileage on this car, under 10k miles. There is a little chip on windshield. Do I schedule some inspection? Will they also see the protection package by looking up my VIN?

3. I checked KBB, the cash price they show is more than the "Today's Purchase Price" when I log into my HFS dashboard.

What are the options in using this as a trade in to start a new lease and the new lease won't be another Honda?

Yes, there is a disposition fee. It should be on your lease contract

No info on your protection plan

Honda is pretty sticky on the payoff when trading in to another make's dealer. Best to try it out, see what they offer, and see what they say the payoff is to HFS. It's possible you could realize some equity. If you trade it in, you shouldn't have a disposition fee.

wco81

Well I have 6 months left.

It's showing "Today's Purchase Amount." I looked at the fine print just now. It's only valid to the lessee or Honda/Acura dealers, nobody else.

I sold my BMW lease to a non-BMW dealer but it was part of auto group and they have BMW dealerships so maybe that is how they got around it.

I don't know what BMW's terms are for purchasing at end of lease, compared to Honda.

kyfdx

wco81 said:

Well I have 6 months left.

It's showing "Today's Purchase Amount." I looked at the fine print just now. It's only valid to the lessee or Honda/Acura dealers, nobody else.

I sold my BMW lease to a non-BMW dealer but it was part of auto group and they have BMW dealerships so maybe that is how they got around it.

I don't know what BMW's terms are for purchasing at end of lease, compared to Honda.

The actual lease contract doesn't give you many "rights" on early disposal of your vehicle. For years and years, the banks didn't care, as long as they got their payoff.

But, now, they are a lot stickier and Honda Finance has gotten a lot tougher. BMWFS has, too, but not to this extent.

As HFS has shown, your payoff may not be a competing dealer's payoff. But, it never hurts to get a quote. It might not be materially different.

wco81

Just to update this, I did a lease buyout and sell directly to an Acura dealer in one transaction.

I had 3 payments left on the lease and a DMV registration bill due in 2 months.

KBB was showing a value which was $6600 more than the buyout price so I made the deal, got a check for a little over $6500 from the dealer.

Honda FS says you can only return the lease or re-sell to a dealer. When I tried to get quotes for the car, several non Honda dealers said that they could work around that, maybe because they're part of a dealer group which includes Honda dealership.

But some said that I would have to pay Honda FS and then bring the car, two different transactions.

Michaell

wco81 said:

Just to update this, I did a lease buyout and sell directly to an Acura dealer in one transaction.

I had 3 payments left on the lease and a DMV registration bill due in 2 months.

KBB was showing a value which was $6600 more than the buyout price so I made the deal, got a check for a little over $6500 from the dealer.

Honda FS says you can only return the lease or re-sell to a dealer. When I tried to get quotes for the car, several non Honda dealers said that they could work around that, maybe because they're part of a dealer group which includes Honda dealership.

But some said that I would have to pay Honda FS and then bring the car, two different transactions.

Thanks for circling back and following up on your situation. Looks like you made out pretty well.

Briskett09

Hi, my Honda lease ends in 4 months I'm trying to do a lease buyout because I do not want another Honda. I've already tried CarMax and Carvana and they said they cannot buy back Honda leases. Do you know if non Honda dealers can purchase the Honda lease? Any other options? Thank you.

kyfdx

Briskett09 said:

Hi, my Honda lease ends in 4 months I'm trying to do a lease buyout because I do not want another Honda. I've already tried CarMax and Carvana and they said they cannot buy back Honda leases. Do you know if non Honda dealers can purchase the Honda lease? Any other options? Thank you.

As far as we can tell, the answer is no. Only you or a Honda dealer can buy out the lease