Hello All,

I am not sure if this is the correct spot for this question, but here goes..I have an 06 TL that I have leased, I am in the process of modding it, and want to convert the lease into a purchase this year....It was leased for 48 months I have paid 5 lease payments..

Does anyone have experience in doing this? Am I going to lose my a$$?

Thanks for your help!

 

I am not an expert, nor have I done this. We have consdered trading in or selling the car (ended up keeping it since we really do like the MDX). What I did learn is that the lease is really just like any other loan all said and done. You will have a pay off amount with AHFC. As long as they get that dollar amount from you (can be in the form of a traditional loan) that will satisfy your obligation to them.

I am not sure if they offer any plans where they will convert it to a loan through AHFC though???

Good Luck.

 

I was also interested in converting it from a lease to finance. Mainly b/c the miles are getting high and warranty purposses. It can be done tho. All you need to do is take out a loan from a bank or financial institution for the buyout price. Acura just changed the look of my monthly statement and now it does include the buyout price of the car. You can take a loan out for that price, which will have you making payments to the bank instead of Acura/ Honda. It would obviously be ideal to get a real low interest rate on this loan so then you won't be paying that much more for changing it from a lease deal. My only concern is that I paid the registration fees for the length of the lease and I'm assuming that I would have to get that change along with new license plates. I would like to avoid this if possible.

 

Thanks! Yeah I called American Honda finance and they gave me the payoff...I never look at the statements each month..they are just taken out of my account.. Car payments suck...lol