Early Lease Termination
05-24-2003, 11:39 PM
#1
Intermediate
Thread Starter
Join Date: Apr 2001
Location: brooklyn, usa
Age: 47
Posts: 40
Likes: 0
Received 0 Likes
on
0 Posts
Early Lease Termination
Help: I am in a 4 year Type S, Non Navi lease with 2 years left. Need advice on early lease termination consequences. Got laid off back in December 2002, and thinks aren't looking any better. Looking for a job w/nypd and need to switch outerstate license and you all know how expensive ny insurance rates are. So maybe i need to turn in the car and deal with less headaches. Any suggestions for confused lease holder.
05-25-2003, 09:56 AM
#3
Advanced
Join Date: May 2003
Location: Hamilton, Ontario
Age: 50
Posts: 67
Likes: 0
Received 0 Likes
on
0 Posts
Honda Canada lets you get out of your lease w/ no penalties as long as they can value the car at more than the buyout. (If the car is worth less than the buyout, then you pay the difference). I don't know about Honda in the US.
There's also some good websites that allow you to offer your car for lease take-over. It will cost you to list your car, but them someone assumes the rest of your lease. In Canada, there's www.leasebusters.com and www.easyrelease.ca. I know there's some sites in the US too.
There's also some good websites that allow you to offer your car for lease take-over. It will cost you to list your car, but them someone assumes the rest of your lease. In Canada, there's www.leasebusters.com and www.easyrelease.ca. I know there's some sites in the US too.
05-25-2003, 10:30 AM
#4
Burning Brakes
Join Date: Mar 2001
Location: Hoboken, NJ
Age: 64
Posts: 780
Likes: 0
Received 0 Likes
on
0 Posts
AHFC is very strict about early termination. The payoff is the total of the agreed to residual on your lease contract and any remaining payments. You can register on AHM-ownerlink.com and it will show you the pay off. They also won't allow you to transfer the lease so the only option is to buy the car at the pay off amount. With the used car market what it is today, I'm afraid most of you are going to be upside down unless you put down a big cap cost reduction.
05-25-2003, 03:30 PM
#5
Three Wheelin'
Join Date: May 2001
Age: 53
Posts: 1,377
Likes: 0
Received 0 Likes
on
0 Posts
Re: Early Lease Termination
Originally posted by melotical
Help: I am in a 4 year Type S, Non Navi lease with 2 years left. Need advice on early lease termination consequences. Got laid off back in December 2002, and thinks aren't looking any better. Looking for a job w/nypd and need to switch outerstate license and you all know how expensive ny insurance rates are. So maybe i need to turn in the car and deal with less headaches. Any suggestions for confused lease holder.
Help: I am in a 4 year Type S, Non Navi lease with 2 years left. Need advice on early lease termination consequences. Got laid off back in December 2002, and thinks aren't looking any better. Looking for a job w/nypd and need to switch outerstate license and you all know how expensive ny insurance rates are. So maybe i need to turn in the car and deal with less headaches. Any suggestions for confused lease holder.
You can try Lease Trader
Also some of my friends took their leased cars to CarMax and CarMax took over their leases.
05-25-2003, 09:07 PM
#6
www.swapalease.com
I think that's the site.
But if what BarryH said about Honda not allowing lease transfer is true, then I guess it's not doable.
I think that's the site.
But if what BarryH said about Honda not allowing lease transfer is true, then I guess it's not doable.
05-26-2003, 08:08 AM
#7
Advanced
Join Date: May 2003
Location: Hamilton, Ontario
Age: 50
Posts: 67
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by Pure Adrenaline
But if what BarryH said about Honda not allowing lease transfer is true, then I guess it's not doable.
But if what BarryH said about Honda not allowing lease transfer is true, then I guess it's not doable.
Trending Topics
05-26-2003, 10:37 AM
#8
Three Wheelin'
Join Date: May 2001
Age: 53
Posts: 1,377
Likes: 0
Received 0 Likes
on
0 Posts
I have seen plenty Acuras on www.leasetrader.com
05-26-2003, 11:23 AM
#9
Burning Brakes
Join Date: Mar 2001
Location: Hoboken, NJ
Age: 64
Posts: 780
Likes: 0
Received 0 Likes
on
0 Posts
From AHFC:
Can someone else purchase my leased vehicle?
Honda Financial Services is unable to conduct third-party sales. Your leased vehicle may only be bought by the original lessee(s) or by a dealer.
You can sell the car to a dealer, but what they'll give you is going to be thousands less than the lease pay off. You'll have to make up the difference. The dealer can re-lease the car to someone else, but it will be a brand new lease based on the purchasers qualifications and at the much higher used car interest rate. The Honda's on leasetrader may have been leased through Chase or other third party leasining companies with more liberal assignment rules. Or AHFC lessors are posting there and will get a big surprise when they approach AHFC with a request for assignment. Read your lease contract, this is all in there.
Leasing is a great way to get more car for the same monthly payment but can crush you if you need to get out early.
Can someone else purchase my leased vehicle?
Honda Financial Services is unable to conduct third-party sales. Your leased vehicle may only be bought by the original lessee(s) or by a dealer.
You can sell the car to a dealer, but what they'll give you is going to be thousands less than the lease pay off. You'll have to make up the difference. The dealer can re-lease the car to someone else, but it will be a brand new lease based on the purchasers qualifications and at the much higher used car interest rate. The Honda's on leasetrader may have been leased through Chase or other third party leasining companies with more liberal assignment rules. Or AHFC lessors are posting there and will get a big surprise when they approach AHFC with a request for assignment. Read your lease contract, this is all in there.
Leasing is a great way to get more car for the same monthly payment but can crush you if you need to get out early.
05-27-2003, 11:36 AM
#10
Rock Star
Join Date: Nov 2002
Location: Belleville NJ
Age: 45
Posts: 1,544
Likes: 0
Received 0 Likes
on
0 Posts
it all depends on how long u have 2 yrs and even a year is alot 3-6 mos till the end is doable most cars that have been leased in my family have been brought back somewhat early my uncle had a 00 tl w a 3yr lease and he brought it back 6 mos early he got another tl so that may be y they did it however my gf had a 00 cavalier Z24 and her lease was up July of 03 however she brought it back in Jan of 03 to lease a grand am gt and the dealership picked up the last 6 mos true it was gm car to gm car same company but orignally we were gonna pay 2 out of the last 6 payments but once we worked it they took it all so w like 6 mos left u can go in there and say ok will u split the remaining payments or offer 2 pay 2 more mos and if they want a sale thell do it but more often than not u can work somethin out 2 yrs through i cant see many places agreein on.......peace
05-27-2003, 07:54 PM
#11
Three Wheelin'
Join Date: May 2001
Age: 53
Posts: 1,377
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by BarryH
From AHFC:
Can someone else purchase my leased vehicle?
Honda Financial Services is unable to conduct third-party sales. Your leased vehicle may only be bought by the original lessee(s) or by a dealer.
You can sell the car to a dealer, but what they'll give you is going to be thousands less than the lease pay off. You'll have to make up the difference. The dealer can re-lease the car to someone else, but it will be a brand new lease based on the purchasers qualifications and at the much higher used car interest rate. The Honda's on leasetrader may have been leased through Chase or other third party leasining companies with more liberal assignment rules. Or AHFC lessors are posting there and will get a big surprise when they approach AHFC with a request for assignment. Read your lease contract, this is all in there.
Leasing is a great way to get more car for the same monthly payment but can crush you if you need to get out early.
From AHFC:
Can someone else purchase my leased vehicle?
Honda Financial Services is unable to conduct third-party sales. Your leased vehicle may only be bought by the original lessee(s) or by a dealer.
You can sell the car to a dealer, but what they'll give you is going to be thousands less than the lease pay off. You'll have to make up the difference. The dealer can re-lease the car to someone else, but it will be a brand new lease based on the purchasers qualifications and at the much higher used car interest rate. The Honda's on leasetrader may have been leased through Chase or other third party leasining companies with more liberal assignment rules. Or AHFC lessors are posting there and will get a big surprise when they approach AHFC with a request for assignment. Read your lease contract, this is all in there.
Leasing is a great way to get more car for the same monthly payment but can crush you if you need to get out early.
Well, they are talking about "purchase"
LeaseTrader does lease transfer (or lease assumption)
Thread
Thread Starter
Forum
Replies
Last Post
rp_guy
Member Cars for Sale
9
07-16-2017 07:33 AM
lanechanger
Member Cars for Sale
4
10-13-2015 10:56 AM
3rd, accomplished, acura, assumption, buyout, conduct, dealer, financial, honda, lease, leasetrader, options, party, services, takes, thirdparty, transfer
