swttsx007

Hi All,

Just out of curiosity, how many of you are currently leasing or did lease your Acura RDX? For those that did, was the turn-in process pretty straight forward and easy? I have a three year lease (coming up to my second year), and am seriously considering buying this vehicle outright after my lease is up. If doing so, how does that process work? Will I need to go through the whole financing again - credit check, applying for a loan, etc.? I'm assuming it's pretty straightforward as there is already the agreed upon price at the end of the lease.

Those that are currently in a lease with Acura, and are close to the end of the lease, has Acura called or sent you any type of offers to turn in your vehicle early and get into a new one? If so, how does that work if you are currently over your mileage limit? I know that Acura offers a 7,500 mileage forgiveness, or so I was told.

Anyway, currently with the market the way it is, you'd be crazy NOT to buy it out and then resell it I'd think, but I am new to this whole process, so I'd love to hear what your situation(s) are and what you ended up doing.

Thanks!

MetalMan55

I had a 2020 RDX Advance that I leased in July, 2020 with -0- down; payments ended up at $625/mo for 3yr / 36k miles.

Traded on February 18th for 2022 RDX Advance at MSRP. Note that the MSRP went up by $800 in January. Dealership honored the MSRP price as quoted in December; Acura ate $500 and dealership the $300 balance. We also did the credit approval ahead of the planned increase in the money factor which went into effect in early February.

Pay-off for the 2020 was around $36-37k and I was given $43k on the trade...18 months of ownership on a 36 month lease and just under 17k miles on the clock....How could I pass this up???

$500 deposit applied to the new lease, no other money down, and walked away at $602/mo for 3yr / 36k miles.

Happy camper....

BTW - Dealer has my 2020 listed for sale at $46,500

swttsx007

Sounds like you made out pretty good!

Did you go into the dealership, or were you inquiring about a new 2022, or did the dealership/finance company contact you trying to get you into a new lease?

I am currently at 9k miles out of my 12k allotted for the year (12yr/36k) lease. From what I understand, you can only get into a new lease WITH Acura, correct? I don't believe you can trade the vehicle in at say Lexus?

Although I love my Aspec, I have really been eye-balling up that TLX Type S. I know it is probably impossible to get one at this time, but when the market (if ever) gets better, I wouldn't mind getting into one of those.

jdorio

I have leased several Acuras & Hondas. They usually call you 6 months before lease end to discuss options though the dealer called me at the 8 month mark last year because they needed used cars. If you want to buy the car outright, you deal with Honda Financial not the dealer as Honda Financial owns the vehicle. Your lease document has the residual value (not market value) of the leased car when you purchased it that's the payoff price to buy it. Honda Financial will tell you the loan and tax options. With today's market conditions and used car drought, you can force this by calling Honda Financial or going to an Acura dealer prior to lease end to see what the options are.

In the past when turning in a lease, you had to make all the payments or be close to the end of the lease and the dealer would either eat the remaining payments (repeat customer perk) or bury them in the next lease. But today, there's such a shortage of cars, the market value of an existing Acuras can cover the remaining lease payments of the existing vehicle so you can turn in the current vehicle early and get into a new vehicle without penalty or money down/rolled into new lease. I did this last year with 7 months of payments left on a 2019 TLX lease. The market value of the 2019 TLX Advanced was high enough to cover the value of the trade in plus the remaining lease payments. Dealer required $500 downpayment to hold the car, no downpayment for a 2021 RDX Advanced 10k lease with 10k miles from the original lease rolled into the new one.

MetalMan55

Did you go into the dealership, or were you inquiring about a new 2022, or did the dealership/finance company contact you trying to get you into a new lease? I reached out to the dealership by telephone in December to inquire about the value of my 2020 RDX. When we crunched the numbers, it made a heckuva lot of sense to do the deal. Dealership had a 2020 Advance "on allocation" in the color combo that I wanted that was unclaimed at the time; I couldn't get my credit card out fast enough to put down the deposit.

I am currently at 9k miles out of my 12k allotted for the year (12yr/36k) lease. From what I understand, you can only get into a new lease WITH Acura, correct? I don't believe you can trade the vehicle in at say Lexus? That's correct. I also looked at Lexus, Toyota, Porsche and could only do this trade at Acura. I could have sold my car outright and paid off the lease but didn't want the hassle. Plus, I'd lose the tax reduction benefit obtained by the trade-in.

mathnerd88

Wow, that's a good trade in price you got. The dealer offered me $37k for my 2019 Acura RDX Advance SH-AWD with 34k miles on the odometer, which is higher than I thought I was going to get. CarMax offered me $36k and Carvana offered me $33k. I paid $42k for this car 3 years ago, so I was happy only having paid $5k for the past three years of using it to 34k miles.

tecwerks

Right, 42k for a new 2019 Advance…..after you put a few K down…..

mathnerd88

It wasn't brand new. I bought it used as a loaner from the dealer 6 months when after it was in service in May 2018. It had 10k miles when I bought it. It was a lukewarm deal at the time. Wasn't my best effort as it was my first car purchase. The VIN of my car was in the low 400's, which meant it was around the 400th RDX produced for the 3rd gen.

The best deal I got was $4500 off MSRP for my 2022 Acura MDX Advance SHAWD in October 2021 in the middle of the pandemic with a chip shortage. I only needed to wait a month after purchase to receive the vehicle.

Nowadays, you're lucky to get anything off MSRP.