I wanted to see if anyone had experience with ending their lease through Acura Finance early. I have basically 8 months left on my RDX lease and am thinking about early termination. It was involved in an accident a few months ago, completely repaired but I'm just done with it given the accident.

KBB and Edmunds show the trade-in value to be just around what my current payoff amount is shown as through Acura Finance.

Since the numbers are equal in this case, is it similar to how a car that is financed (not leased) is handled? I could trade in the car to the dealer, they would pay off Honda with those proceeds and I would be clear? Or does Acura charge some sort of early termination fee?

What happens if the car's value is worth more than the payoff amount? Is that profit that can be out towards a new car at the dealer?

I am looking at getting out of this RDX and into an 09 TL that was a service loaner - less than 8k miles. I'd finance it, not lease.

Any info is appreciated. Thanks!

 

Your lease should contain all terms regarding early termination.

You will probably have to buyout, yourself, the amount owed to the end of the lease, and possibly subjected to an additional lease termination fee

Your lease is dominant regardless of whatever value may attach to the car - you can always buy the car out yourself, then, if its worth more than the buyout price trade it in or private sale it off to get your next car.

 

...if you are looking to turn a profit getting out of the lease, the leaseholder (you) are going to pay to get out of it, this is not a sale of a car because you do not want it anymore - the terms are structured around your residual amount which is provided by Acura.

 

FYI, The residual amount is about $17,600 and the payoff amount is around $21,500. KBB and Edmunds both show the trade-in value to be right around $21,500 as well.

 

again, what does the lease say...if you are confident about the higher value...then your option, right now, is to buy out your lease and then do what you want to get the TL. You may have some issues about disclosing the car accident, not sure how significant or insignificant the accident may have been, but its still a mark on the value of the car, at the very least subjectively to whoever buys it or accepts it as a trade.

 

The lease contract does not say - it's vague: "there may be penalties for ending this lease early..." nothing is spelled out.

I am heading to the dealer after work tonight and they are going to appraise my RDX tonight and see if we can make this work somehow. If not, I keep it until January and them turn it in then.

 

Dealers are essentially giving new cars away now, especially after the Toyota fiascos. I wouldn't necessarily trust printed prices unless you have already found someone to agree to that price. You could very easily buy the car and get stuck with it. I'd rather finish the lease and just let it go.