If you have a 3 year lease and want to terminate after 2 years, what does Honda/Acura usually charge? My guess is you would have to pay off the remaining lease payments (a year's worth) as well as the payoff amount set for what you would pay to buy if you had kept with the lease for the full 3 years. Is that right?

 

Your answers and obligations to your lease agreement are contained in your lease document. If you are looking to walk away from the lease and car itself, my guess (without seeing your lease) will be the remaining lease payments and any associated fees due at lease turn in. If you are looking to buy out your lease and keep the car, I would contact AHFC ( or whomever holds the lease) to get an updated quote. It's been years since I have done it, but I bought out my lease with AHFC 6 months early and it was less than the remaining lease payments. You may be able to get an updated payoff on line.

 

What do you mean by "it was less than the remaining lease payments"? Are you saying that they reduced your responsibility for those remaining months? And they didn't increase the cost to buy the car to make up for that?

 

Yes - exactly that. Similar to paying off a regular finance contract early and not paying all of the interest. Again keep in mind what I did was years ago so I can't promise you will see the same.

 

Was the buyback price the same as the pre-set 3 year residual amount or was it higher because you were buying after only 2 years and 6 months?

 

Like I said it has been a number of years, but believe the purchase price of the car was static. At the end of the day you need to find out what the total buyout price is vs. what the book value of the vehicle is and decide if it's a good deal for you.