stevenyc7

Hey everyone,
Here is my situation. I have a 06 TL lease for 42 months (I put 4k down and wound up paying 398.00 a month, with 12k a yr). I know now I got ripped off. My lease is coming to and end in April, and I am already at 42025miles. So basically I am going to be over my miles by a lot. I got a flyer from my dealer (Paragon Acura in Queens) saying that if I return for another Acura then they will avoid lease end charges, early termination fees, excess wear & tear (which i know i have), and avoid over mileage fees. The price they are giving me on the flyer is 0 down 459 a month for 36m. Does not mention 10k or 12k. They also said on the phone prices have dropped and they can do 399/m with 1999.00 down. What are my options? Some people suggested end lease early by getting a new lease and work something out with the dealer regarding the fees above. I am sure the price above is for the standard tl, what I want is the all wheel drive model, with navi, and tech package. Any suggestions or help would be appreciated.

Thanks

Colin

You can bet that the '09 lease is for 10K miles and it is a base. If they are going to 'Wipe your old lease' clean, they are probably taking it in on trade. They might also be thinking of making the remaining payments ie. 3 x $398 as an alternative.

If you keep your car till the end of the lease, you are looking at mileage charges of .15 (or is it .20? I can't remember when they changed it) cents x ~ 3000 miles or $450. (or $600 if .20)

IMO, taking the mileage hit is less than taking a 1200 hit to turn it in early. Having said that, if Acura continues to ramp down production, and if they remove the financing and lease specials due to lower inventory levels, the factory 'deals' might evaporate making it harder down the road to find your color/trim choice. In the end, you'll have to find the pricing for the AWD car you want and then see if it's worth waiting.

Finally, since it takes about 3 months to order a car, if you want a specific color/trim combo, its not a bad time to start now.

AcidHorse

Bad idea. Be wary of those invitations because they're not really directed towards you specifically but just part of a mass email. The ony interest their looking out for is theirs, not yours.

Just like stated above, most likely it is base model w/ 10k miles, based on the 459 payment. You need to find out what your current payoff on your lease first to analyze the deal if you decide to take their bait.

jeffkinetictypes

hey man i work at an Acura dealership in sales and what they mean by wiping out is just taking your car in on trade, so if i were you i would just negotiate the 09 lease separately from your 06 trade. the things you look at are this....

-what they are giving you for your trade, as compared to your pay off.(equity? or inequity?(that will get rolled over into the new loan)

-contact Honda Finance to see if they are running a promotion to take care of the last 3 payments to trade early? sometimes they do...

-negotiate the new lease, with no trade, because it may be beneficial for you to give it back to honda, esp if you only have 3-4 payments left.

-there shouldnt be any fees except any mileage overages, and damage(which you are allowed 1500.00 in credits) this is used for tire wear, windshield condition, dents, scratches, stuff like that, have honda finance fax or email or mail you the stipulations, because only certain dents and scratches will be accounted for(they have a sizing chart to see what ones will count towards your damage credit) if they are small enough tiny door dings they wont even care. as far as tires i think its a percentage of tread left

-i would have the inspection done by honda( right before you go into dealer) and see what it will take to give back, because you dont want to roll negative equity if you dont have to, and with the car market how it is now, the residual(your balance after all 42 payments are paid) will be higher than what the market value(what dealer will give you for it, regardless of your balance) youd be surprised what you can get away with just giving back to honda, they are somewhat lenient. If you can give back with paying less $$$ to honda for damages, then do that, if there is negative equity(probably) find out how much, and then decide wether its better for you to write a check to honda finance, and hand them the keys, or to just roll over the neg into a new lease, which you will have pre-negotiated ;-), then just raise the payments the amount of neg.

keep in mind... the dealer may be rolling your last few payments into the new lease also and then they just give back to honda themselves. so you need to find that out.

also just a mailer in the mail is them relaying Acura's specials to you, go to ACURA.COM and look at the current offers, print that an bring it to dealer when you negotiate off that online offer, there is a little room in it ;-), also that special wont include taxes, lic, and accessories etc... so bring it with you and have them break it down, so you know. the rate they have now on the TL lease is pretty good, as well as a pretty decent residual. which ends on 1-5-09 i think, at that point the residual will go down, so they may or may not have that special after that.

just like AcidHorse said, its a mass mailer, to anyone that bought a TL with in the last 3-4 years im sure. they will have to check credit, check equity and inequity on the trade and all that stuff, just do your homework.

hope that helps a little