zamo

Has anyone experienced a lease return with Honda Financial Service? My lease is expiring at the end of this year, and I wanted to know if AHFC gives incentives in order to buy the car. For instance discounting the payoff amount.

At this point I am very likely to just return the car, but if they offer a discount I might reconsider.

Thanks

NSXNEXT

iTrader: (2)

AHFC sucks. I can almost guarantee you they will not budge on the payoff amount. I had a similar situation back in 96 and they basically told me to go pound sand if I didn't like the deal.

fuzzy02CLS

iTrader: (2)

You can buy it out. You can get the payoff amount lowered. You also have a $1500 return allowance. Meaning anything that's needed up to $1500 will be cleared. (ie tires, dings etc)
Make sure to get it inspected before you turn it in, & if you do turn it in, get it signed off that it was checked, & you have no $$ owed.

Pure Adrenaline

iTrader: (2)

Returning the car -- Get it inspected about two months prior to the return date. Three incidents of damages less than $500 will be allowed, such as scratches, dents, etc. But they have pretty strict guidelines as to what size dents and stuff are allowed. You should've gotten a booklet with a damage measuring unit included in it. If not, call and ask for one. You will be responsible for excessive damage, wear/tear and excess mileage (17 cents per mile, if I remember right.)

Buying the car -- Call and get a buy-out price. It will be good for like a week or two; I can't remember exactly. Every day, it goes up a few dollars. But the quote you're given on a certain date is good for a week or two (check with them). As far as negotiating goes... pff, good luck. You can try, but you probably won't get anything. I went all the way up to the supervisor and tried to negotiate for days, but they kept saying no. Yeah, I really don't like them.

vwong

Isn't the buy-out pricing on a lease the same as the residual on the initial contract that you agreed on?

fuzzy02CLS

iTrader: (2)

Yes it is. However you can work numbers with it. My co worked did it when he turned in his 6MT CL lease in March. He bought it out. He res. was around 16.5 he got it for 15K rolled into a 4 year finance. He only had 40K miles on the car.

Maybe it's not normal. But you have to look at teh car. It's a killed model that doesn't sell well with a stick.

zamo

Thanks for reponse guys. Yes I have gotten the booklet and I am very well aware of the $1,500 damage allowance and the kind of scratches/dings that are accepted.

I am sure AHFC incurs on extra dollars when someone returns a car. This can be for transportation, reconditioning, certification, auctioning, etc. In theory, they should avoud the hassle.

I got a 48 month lease, and the car will be returned with 48k miles on the odo. The residual is ~$14,800.

You have a point fuzzy, I can dicuss about applying the $1,500 allowance against the residual (which will be the payoff at the lease maturity date). And yes, the stick does not sell well as most buyers are not enthusiasts, but ironically carmax sells the 6-speed for around a grand more than the autos (both Type-S). Go figure.

F900

Where did you lease the CL ?

fast-tl

You've gotta believe that wil the thousands of cars they lease, this would be factored into their lease pricing, so that's not really a good negotiation tactic for you. They know the startup and end costs for the lease before you drive off the lot, otherwise they'd be losing money.

Rarely have I seen an instance where buying the car at lease end is a good fiscal idea. Seven years worth of financing if you initially leased for 36 months now rolling the balance into another 48 months?

zamo

Rick Case Acura sold me the car. American Honda Finance Corp gave me the lease.

zamo

I would need to concur with the costs. That is right, they already factored the loss in advance.

The idea behind paying off the car, would be acceptable id the residual price is lower than market value. No finance involved tho.

But as I said, at this point, I am very likely to walk away.