My lease is up. Buyout is roughly $21K on my '07 Type-S 6MT with 29K miles. Should I just turn it in? Try to sell it? It really pains me because it is 100% perfect - no dings, scratches, accidents, etc. KBB value is $24,760.

I'd love to keep it, but it's just not in the finances right now. I have an '02 Subaru Legacy that I drive as my daily.

If I try to sell it, though, I would need to find a buyer that understands that it would need to be paid off, title transferred, etc - maybe not worth the headache.

Advice?

 

IMO not worth the headache ... if it will be a financial burden right now why risk it, just turn it back in a be done with it

 

Exactly what I'm thinking - "inspector" is coming on Tuesday.

 

If you know the car is in good running order, I say keep it. You've had it since new so you know how its been driven, by who, and also know that all maintenance has been done properly.

If you don't purchase a brand new car, you run the risk of getting a car that the previous owner didn't keep up to spec.

 

The car is rare in 6 speed and,it might be worth it to see what people would pay for it. I know for 04-06 TL only 10% of the cars were 6 speed. Honda really gets you on the lease. If you buy it, they made what ever profit they could from the lease and if you return it they can sell it for more than your buy out. Low mileage 6 speed in good condition might get you a nice little profit.

 

Wait a minute ... U had it leased ? So I am assuming you were paying what ? atleast $400 a month ? If you finance the 21k loan with acura (3.5%APR for qualified buyer program) your payment should be around the same.

Dude, your gona give it to the dealer who are going to detail it and sell it as ACURA CERTIFIED for atleast $26K plus Taxes !

I say stick with it ! Its the best TL acura ever came out with and holds more value than the 4th gen TL !

 

If you're with Acura financial, I believe they prohibit selling it as third party. Only a Honda/Acura dealer can purchase your car (or yourself, with financing arranged through Acura).

My lease on my 08 TL-S is also up too and am having the same dilemma as you.

 

I was thinking the same thing. My residual value on my 08 when my lease is up is $19,500 @ 33,000 miles. I've seen TL-S' that sell for $27 K at 36,000 miles.

 

There are several lenders that are offering roughly 4% for used auto loans. I financed my 07 TL-S for $22K for 60 months w/ 3.99% which comes out to $400/month.

If you have a DD then I would return it when the lease ends.

 

There is an 08 NBP TL-S at the Acura Dealership here locally w/ 22K miles and they are selling it for just under $30K. Here in GA its pretty common to see $30K for a low mileage 3G TL-S.

 

yea if u can swing it financially i agree with everyone that you should keep it ... you have it perfectly spec'd out ... aspec wheels with 6mt, IMO perfect TLS

 

I've been making rounds trying to test drive other cars as I'm going to be in a position where I DON'T have the best credit VERY soon (a first for me) so I was weighing my options.

BUT, the problem here is the TL is such a great car.

Good gas mileage but not the best
The best looks IMO
Good power and pretty fast but not the fastest
FWD, good for control, but not so good for fun
Great value
Amazing technology was included with the car

So I have many things dancing in my head...
EVERY other car I have has SOMETHING that is better than the TL, but not so good in every category like the TL.

1) Mustang 5.0, bad gas, good power, looks good with upgrades, expensive
2) Honda CRZ, great gas, ugly from the back, slow, cheap, 2 seat
3) Sti, expensive, bad gas, questionable looks
4) Hyundai, bang for your buck, good power, rwd, decent gas, warranty exceptional...was my 1st choice, but alas...they stopped making saddle interior leather and that's a dealbreaker for me. PLus, 30K.

Currently, I'm almost paid off on the TL and it looks how I love. a few annoyances that I keep fixing and I'm happy with it. I do a lot of the work myself so that helps.

If you notice most older wiser wealthy people that BUILT their wealth will tell you getting rid of a car payment is your first step and if you keep trading/leasing...you'll never get there.

I guess I hate the idea of feeling "stuck" with a car, but if one is gonna get stuck...the TL is a pretty badazz, jack of all trades well rounded one to be stuck in!

 

Similar situation as well, but I think I'm keeping it. Buy out is just under $20,000 w/ 36K. Otherwise, they'll resale it back in the mid $20K's.

 

If you want to keep it, offer them less for cash and get a loan from a bank if you need to. Co-worker got his off-lease Accord for $2600 less than the original asking price. They don't want it back, it is too much risk and they already made a mint off of the fleece...

 

Actually, this is not true. I had a lease on an 08 TL-S that I was able to sell to CarMax for several hundred more than the residual value on the lease. I walked away with a check and CarMax paid the car off and took possession to resell.

So long as you are paying off the full amount owed on the lease, Honda is willing to release you from the obligation of the lease, though until the financial obligation is satisfied (i.e. they have the money in hand), you are still financially liable for the vehicle. Once they have the money and everything is processed, you are released from the liability.

 

^ thats a good idea, carmax generally makes better offers on used cars compared to dealers ... OP maybe u should try this out?

 

How can you sell the car to carmax when while your leasing you don't own the car? That is the whole purpose of leasing, you don't own the car, the bank that Acura uses does so unless you bought the car at the end of the lease I don't see how you could legally sell it since you don't own it.

 

you would buy it out, and then sell it to carmax ... or maybe its like selling a car that still has a lien on it. you take the money to the bank/ in the case of lease the leasing company and they release the title

 

Good idea! I'll go to Carmax tomorrow and see what they have to say. Even the KBB trade-in value is $1500 higher than my payoff.

AFS' site says that third-party sales are prohibited UNLESS to a dealer - Carmax is a dealer, right?

 

I got the best solution: give it back and have no payments. Payments = stress

 

and from what ive heard 5% of tl's were made type s and less than 1% of those came 6mt...so it def is rare

 

yes, very rare, I say keep it, unless you have other cars in mind to lease

 

I wish I could keep it. I've just taken a huge pay cut and I can't afford it anymore. I took it to Carmax yesterday - they offered $35 bucks over the buyout. I told them to screw.

 

$35 over? Sorry man but

 

Carmax USED to be a great place to turn in a car and purchase one...but I feel in the last 3 cars I've taken to them to get appraised...they ALWAYS undervalue the car for one reason or another. I don't think they are what they used to be.

How about getting a loan for what you owe but for 5 more years? Probably will be lower than what you were paying before AND you'll have one of the most sought after and unique TL's out there. I can't help but ADORE your color car with paint matched headlights a la JNC.

Just food for thought...if you need transportation...the TL-S is a great car...you go out and spend 20 nowadays and you're not getting top of the line, even NEW.

 

Not only do they suck, but I waited over an hour for their "expert" to appraise it. He was probably 20 or so and didn't speak proper English. They knew what my buyout was beforehand also, thus the stupid offer....almost $2K below KBB trade-in value. There is not a SINGLE thing wrong with my car, and I brought it in completely detailed. It only has 28K as well.

Good advice on getting a new loan, but the way things stand now, my wife and I are so over-extended in terms of credit that we wouldn't get approved at a decent rate. I've recently taken a $20K pay cut and she is just starting a new job for peanuts.

Unfortunately, the SGS inspector for Acura Financial is coming in the morning

 

I am sorry to hear that man...
And I agree...last time I went there, I knew more than the guy appraising about the car. It's a strong arm tactic...and in general, when trading in I've learned my lesson. NEVER tell them what you owe, if anything. Never. They have your bottom line in one instance...

Do some math tonight man...I urge you, 20K loss sucks...and overextending yourself is definitely bad news...BUT, unless you plan to carpool with your wife (in which case my point is null)...you may be able to make it happen. Do a 6 year if you have to. Shoot, I took a 5.5 year loan to pay off my stepdad's lease and won't pay off my car till it's almost 10 years old!

 

BG, sorry to hear about your financial situation. It's a shame you don't feel like you can keep you Type S, especially since it's red 6 speed.

 

The rub is that I already have a daily driver - an "02 Subaru Legacy that is in great shape. She has her own car. The TL has always been just a luxury - thus the low mileage. Also, it's never been driven in the winter, and winter is just about here. The TL won't move from first snow until March, just about. Now my wife is up my ass to cut expenses, so I guess it has to go.

As far as Carmax knowing what I owe, they apparently looked at my registration and saw that it's registered to Honda Lease Trust. They called and got their own payoff figure - I never disclosed it to them. I acted like I had no idea.

 

Dang...can't run from the man!
Lol...I don't blame you then, if it's just a summer queen then let her go. No need for that much expense for no reason. I WOULD recommend you post it in the black market though...you never know...you may be able to walk away with a couple grand in your pocket and a fellow AZiner will be able to get a new TL!

J.

 

Three-party transaction. Carmax pays the leasing company the balance of the lease and I have signed over ownership of the vehicle to the Carmax. Like VQPower37 said, it's basically the same as selling a vehicle that has a lien on it except that as a business entity, Carmax handles all of the processing and all I had to do is sign the paperwork.

 

Exactly. Acura only allows the lessee to sell to a dealer. I wouldn't have been able to sell to a private party without first buying the car out and titling in my own name.

Anyway, the deed is done. Just dropped it off at the local Acura dealer and said my goodbyes

 

keep it

 

Oh, thanks for explaining it! I didn't know much about Carmax but now that you explained it, it makes sense!