joerockt

So a year and a half ago, I leased my 08 TL-S. It made sense at the time because I got a good deal on it and I only drove 8 miles to work.

Then in Sept, after I lost my job a few months prior and then found a new one, I'm now driving 50 miles to work. So in 6 short months, I've gone from 7000+ miles to almost 20000 on the TL-S. And since my lease is only good for 10K miles a year, I'm going to be way over come Aug of '10.

So I'm considering dropping it and getting an Insight. Now my question is, since its leased, I know that's going to be a problem. But I'm wondering if since it all falls under the Honda umbrella, they might be able to work with it?

The goal is to try and get out without any money out of pocket. So has anyone had any experience in doing this?

I guess my other option would be to keep it and just buy it out at the end. I get 30mpg from almost every tank, which isnt bad at all. But I'm sure I can squeeze 60+ from the Insight from what I've been reading. So not only would my car payment be lower, but I'd see some gas savings as well (also because of the switch from Premium to Regular).

Thoughts?

ZhenyaF

iTrader: (6)

According to your last statement from Honda, what is the current buyout?

If the buyout is close to the current value of the car, the dealer may work with you, but thats pretty much the only way you can replace one leased car with another (even if its the same manufacturer)

Alternative: you can buyout the car right now and then sell it private party.

Crazy Bimmer

If the deal is that good then maybe you can try getting someone to take over the lease?

www.leasetrader.com ?

ZhenyaF

iTrader: (6)

With Honda's leases this is a little more tricky. The website (swapalease or leasetrader) will buyout you car and then list it as a new lease on their website (at least this is how it was 1.5 years ago when I tried to give in my TSX). The deal then becomes less attractive since the monthly payment from their bank will be (in most cases) higher than the current monthly payment that OP pays

joerockt

I'll have to look when I get home. I think its somewhere around $29K

I was actually thinking about buying the Insight instead of leasing. Too many miles are going on the car...

Yea, I think buying it out now is a good option as well. A bit more of a hassle though, but an option never the less.

joerockt

Yup, I look into this as an option. HFS doesnt make it easy...

csmeance

have you thought about calling up honda and seeing if they would renegotiate the terms?

F23A4

Has anyone here had any luck renegotiating lease terms with AHFC?

A few years ago, this may been unheard of but nowadays, it seems like something the auto finance companies might want to engage in....mainly to mitigate probably losses on lease returns.

teranfon

Forgive my ignorance, but does AHFC stand for America Honda Finance Corporation?

Regardless, my company has done a number of commercial leases throughout the years. In every instance, the truck was purchased at the end of the term at a price less than the negotiated buyout.

I would imagine that any manufacturer in today's economic climate does NOT want a vehicle returned once the lease is completed. Who's going to buy it? The dealers aren't as they have their own issues at the moment, and they are undoubtedly aware that the average consumer isn't in a situation to buy it either. A friend's daughter just bought her pickup from GM after her lease was completed. The pre-determined buyout was a tick over $18 000. They eventually settled for $13 000.

I have never negotiated with the lending division of Honda, but I'm sure they would be receptive to negotiation, whether to renegotiate the terms or to outright purchase the vehicle. Never hurts to try.


Terry

tsxgoogs

You can actually turn in you car to any company if the buyout is near the current value of the car, because most turned in leases go to a wholesaler.

F23A4

Your friend's daughter did well.

Although I have no intention of keeping my AV6 post lease, my mother inlaw has expressed an interest in buying it off of me when the lease expires. (She previously purchased my 99 Accord off lease but I did not reneg the residual on that one.)

Given that she could almost get a current used AV6 now for less than the residual will be in 10 months, I would 'sleep better' if I could get her a negotiated price closer to the comparable retail. That said, I'll definitely give it a try....particularly given that the ball is in my court with this economy.