hey guys so i have a question not sure if anyone has done it yet but i have a 2010 tl w 7 k miles tha i leased last nov.........ive had the car for a few months now but i would like to bring it back n maybe get a sh awd one........is it possible?...........

 

With money anything is possible. Realistically I don't see it happening without you taking a HUGE loss. The only way to find out though is to go and see. Good luck!

 

like sgt128 said, not a wise financial decision, but im sure u can do it if u want to

 

Contact Honda Financial Services and find out how much it would cost you to buy out the lease. That'll give you an idea of how much of a beating you're going to take if you break your lease contract after only 6 months.

An alternative might be a lease transfer. Checkout swapalease.com and/or give them a call. I'd still talk to Honda Financial first to see if they'd even allow you to transfer your lease to someone else.

 

It would be all of your remaining payments + the residual. You could walk then but it won't be very appealing.

 

?

 

Not really possible.. you signed a contract. It'd be the same as buying in that way. About all you can do is talk to them and see and possibly sell the car outright.. dunno for sure.

 

Find out how much your buy out is from Honda Financial...and then see how it stacks up to the price you get from either trading it in or selling it privately. Realistically that would be your best bet....but I can guarantee you aint gonna be pretty. You'll probably be backwards by at least 5-6 grand depending on how much you paid for the car initially. Could be even close to double that amount!

 

Stew...Actually, saying its impossible is not quite accurate. I will say that it will be costly and there is no doubt about it. I am into a 4 year lease and have 1 year to go and I will leave my current TSX and hop into a new TL SH-Awd (tech) and all this for a difference of 40$ a month extra from my current TSX payment. My dealer buys my car and put it in his used car lot and then will make more money on that car too. In the case of the Cl0ud8888's case, I am not sure the dealership is prepared to buy his TL and put it on the lot and if so, I suspect that he may not get as much for his TL as what his residual is. As n-spring suggested, contact Honda Financial and get your buyout...take that number to the dealership and see what they would offer for your TL.

Assuming your buyout is say (Example only) $35 000 but the dealership is only offering you $ 30 000, then you will have to pay that difference or roll some into your new lease. They will allow you to re-finance a portion of the difference but there is a limit ad I think its 10% of the purchase price of the vehicle. So if the new car cost $ 40 000, this means that you could roll an extra $4000 into the deal which means you spread it over the next lease (or purchase) and makes the lump sum payment not as big. If you owe more than the 10% that they will refinance, then you would have to pay that off yourself.

NOW....IF the dealership does not want to buy back your car (and put on their used car lot), then you either have to try and find someone who wants to buy it from you or else, you will have to stay in your lease. I will agree with Stew in that a contract is a contract ... so if you don't find any options to get out, you will be stuck with your TL until eventually, like with my TSX, its not costly to dump your lease early.

I think my dealership is actualy pretty smart, its in their best interest to buy back my lease and get me into another Acura before my lease ends because IF I carry my lease to maturity, then I become a free agent and COULD get anything else...this way, they take advantage of my vulnerability (and I like that they do) and keep me in the Acura family. The bottom line is that regardless I would stay with them...this dealership is just simply amazing!! I wish you guys could experience how great this Acura Dealership is, its truly amazing and they got their business act together!!

Hope this helps, if you have any questions, please let me know.

 

I don't care enough to argue with you about it... I could be blunt and speak my mind but... nah

 

Hey Stew...I am not sure if this was directed at me....but I was not disputing what you were saying. In my opinion, what will be required to proceed will be a very costly process and "nearly" impossible.

As a BWP soon to be owner (with aerokit like yours), the last thing I want to do is be rude to anyone. You have been very helpful to me and justtrying to be helpful to other members here too.

If I did say something wrong or innacurate, please let me know as I would hate to promote inaccurate info....

 

my payoff is 26k.......left..............they have to give me more then 26 no?......for a 2010 tl w 7500 k miles......

 

Holy crap!..That's pretty low for only six months of leasing. you can definitely get out of it but that wouldn't negate the fact that you probably must have had a hefty down payment.

In other words...instead of being backwards in this scenario you'll probably just lose everything you put down, which is pretty much the same thing.

 

ya payments are 230 a month....................i traded my 2001 bmw x5 which had lotttttz of miles

 

Getting out of a lease early is not always as bad as people may think. As you make your lease payments, the "payoff" on your lease goes down just like a regular loan. So yes you can get out of your lease at any time, depending on what the trade value is of your car and what the payoff is of the lease you could either break even, end up owing, or even have some extra left. Assuming you have a base 2010 TL with no additional options and at 7,000 miles, the average trade according to NADA would be around $28,200 and for KBB around $29,950. The average between the two would be roughly $29,075. If this is the case and you wanted to trade, I wouldn’t take less than $29,000 for it, and put the difference between your trade and the payoff towards the new lease, or you could even take the money if you were to get into a sign and drive that required nothing up front. You may even try to go a little higher like $29,500, as an Acura dealer will be able to sell your car certified and get more for it than another dealer may be able to not certified. I traded a 2010 MDX after only 6 months and 6,000 miles for a 2011 TL (MDX was a sign & drive lease). At the time Acura was offering $1,500 cash back on the TL’s to current Acura owners. So I was able to negotiate the trade and use the $1,500 to make up the difference. I took possession of the TL on a sign & drive special as well and left paying only my state sales tax for the cash back offer ($82.50). In this example had the cash back offer not been available I was only $1,500 in the hole if I truly wanted to take a loss (not too bad for only being 6 months in) So, my point is, it can be done if the numbers work right. I would never do it if I had to pay out of my pocket to end a lease early, and I would not want any negative equity to be rolled into a new lease or loan. In that case I would simply wait for the trade value to meet the payoff so no loss is taken and you break even. Luckily Acura’s hold their value well. Good luck whatever you decide.

 

thanx.....well my payoff is 26500...............and the way u are sayin it they might give me 29500 at most........so i would be +3000.........

 

you can try

 

No no, you are fine.. I am just one one of those anti-lease guys.

 

If that's the case you are in a good position. You must have put a load down though.