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.

 

ditto....actually, im thinking of selling the car and that means breaking the lease to pay it off.

 

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.

 

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.

 

You can try Lease Trader

Also some of my friends took their leased cars to CarMax and CarMax took over their leases.

 

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 if you tell a car dealer that you don't have the money to pay them, they'll usually rather have someone take over the lease rather then lose their money. You should check the implications on your credit - though the dealer may make things (or threats) sound worse than they really are. With a lease transfer, you usually do have to pay a transfer fee to the dealer/Honda. They will need to do a credit check on the person taking over the lease. But if you can't pay, it really is in their interest if you can find someone to take over your lease.

 

I have seen plenty Acuras on www.leasetrader.com

 

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.

 

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

 

Well, they are talking about "purchase"

LeaseTrader does lease transfer (or lease assumption)