Early return of leased Honda
Due to his deteriorating eyesight my 89 year old father is having to return
his Honda after 3 years of a 5 year lease. It has low mileage (18K), but I get the impression he is going to be facing a pretty hefty amount when he returns the car. Can someone advise us as to approximately what his cost will be for only using 3/5 ths of the lease? What are his options? Can he sell the car? Can the leasing company and/or he find another party to assume the lease? As you can see I am a novice when it comes to this leasing "stuff", so any help you can provide would be greatly appreciated. After all it is difficult enough for him to have to give up his license after all these years - much less take it on the chin from the leasing company. Thank you for your time. Michael T. |
Re: Early return of leased Honda
"Michael T" <anonymous@cox.net> wrote in message
news:pctAd.18549$8e5.16206@fed1read07... > Due to his deteriorating eyesight my 89 year old father is having to > return his Honda after 3 years of a 5 year lease. > > It has low mileage (18K), but I get the impression he is going to be > facing a pretty hefty amount when he returns the car. > > Can someone advise us as to approximately what his cost will be for only > using 3/5 ths of the lease? > > What are his options? Can he sell the car? Can the leasing company and/or > he find another party to assume the lease? > > As you can see I am a novice when it comes to this leasing "stuff", so any > help you can provide would be greatly appreciated. After all it is > difficult enough for him to have to give up his license after all these > years - much less take it on the chin from the leasing company. > > Thank you for your time. > > Michael T. > > > > I don't have encouraging news, I'm afraid. I was considering leasing a car once when I read an article about leases. It indicated the typical lease is usually just about unbreakable - he is probably required to make the payments as specified no matter what. The article indicated leases are usually enforced even when the lessee dies. If that is the case, he is responsible for 5 years lease payments no matter what. Read the lease contract to see what options there are, but actually returning the car is probably the least attractive option. I doubt the leasing company will help you in any way. I'm sure he can't sell the car, since the leasing company owns it, not him. Perhaps a family member will take on the car and lease payments for the remaining 2 years - it would be a bit of a sweetheart deal for them anyway since the car has such low miles on it now. Mike |
Re: Early return of leased Honda
"Michael T" <anonymous@cox.net> wrote in message
news:pctAd.18549$8e5.16206@fed1read07... > Due to his deteriorating eyesight my 89 year old father is having to > return his Honda after 3 years of a 5 year lease. > > It has low mileage (18K), but I get the impression he is going to be > facing a pretty hefty amount when he returns the car. > > Can someone advise us as to approximately what his cost will be for only > using 3/5 ths of the lease? > > What are his options? Can he sell the car? Can the leasing company and/or > he find another party to assume the lease? > > As you can see I am a novice when it comes to this leasing "stuff", so any > help you can provide would be greatly appreciated. After all it is > difficult enough for him to have to give up his license after all these > years - much less take it on the chin from the leasing company. > > Thank you for your time. > > Michael T. > > > > I don't have encouraging news, I'm afraid. I was considering leasing a car once when I read an article about leases. It indicated the typical lease is usually just about unbreakable - he is probably required to make the payments as specified no matter what. The article indicated leases are usually enforced even when the lessee dies. If that is the case, he is responsible for 5 years lease payments no matter what. Read the lease contract to see what options there are, but actually returning the car is probably the least attractive option. I doubt the leasing company will help you in any way. I'm sure he can't sell the car, since the leasing company owns it, not him. Perhaps a family member will take on the car and lease payments for the remaining 2 years - it would be a bit of a sweetheart deal for them anyway since the car has such low miles on it now. Mike |
Re: Early return of leased Honda
"Michael T" <anonymous@cox.net> wrote in message news:pctAd.18549$8e5.16206@fed1read07... > Due to his deteriorating eyesight my 89 year old father is having to return > his Honda after 3 years of a 5 year lease. Go to the dealership and speak with the sales manager there. He is the person you need to be asking these questions. Asking us from all over the world, isn't an efficient method to find the accurate and correct answers. Brian |
Re: Early return of leased Honda
"Michael T" <anonymous@cox.net> wrote in message news:pctAd.18549$8e5.16206@fed1read07... > Due to his deteriorating eyesight my 89 year old father is having to return > his Honda after 3 years of a 5 year lease. Go to the dealership and speak with the sales manager there. He is the person you need to be asking these questions. Asking us from all over the world, isn't an efficient method to find the accurate and correct answers. Brian |
Re: Early return of leased Honda
http://www.leasetrader.com/e/home.asp
"Michael T" <anonymous@cox.net> wrote in message news:pctAd.18549$8e5.16206@fed1read07... > Due to his deteriorating eyesight my 89 year old father is having to > return his Honda after 3 years of a 5 year lease. > > It has low mileage (18K), but I get the impression he is going to be > facing a pretty hefty amount when he returns the car. > > Can someone advise us as to approximately what his cost will be for only > using 3/5 ths of the lease? > > What are his options? Can he sell the car? Can the leasing company and/or > he find another party to assume the lease? > > As you can see I am a novice when it comes to this leasing "stuff", so any > help you can provide would be greatly appreciated. After all it is > difficult enough for him to have to give up his license after all these > years - much less take it on the chin from the leasing company. > > Thank you for your time. > > Michael T. > > > > |
Re: Early return of leased Honda
http://www.leasetrader.com/e/home.asp
"Michael T" <anonymous@cox.net> wrote in message news:pctAd.18549$8e5.16206@fed1read07... > Due to his deteriorating eyesight my 89 year old father is having to > return his Honda after 3 years of a 5 year lease. > > It has low mileage (18K), but I get the impression he is going to be > facing a pretty hefty amount when he returns the car. > > Can someone advise us as to approximately what his cost will be for only > using 3/5 ths of the lease? > > What are his options? Can he sell the car? Can the leasing company and/or > he find another party to assume the lease? > > As you can see I am a novice when it comes to this leasing "stuff", so any > help you can provide would be greatly appreciated. After all it is > difficult enough for him to have to give up his license after all these > years - much less take it on the chin from the leasing company. > > Thank you for your time. > > Michael T. > > > > |
Re: Early return of leased Honda
"Michael T" <anonymous@cox.net> wrote in message news:pctAd.18549$8e5.16206@fed1read07... : Due to his deteriorating eyesight my 89 year old father is having to return : his Honda after 3 years of a 5 year lease. : : It has low mileage (18K), but I get the impression he is going to be facing : a pretty hefty amount when he returns the car. : : Can someone advise us as to approximately what his cost will be for only : using 3/5 ths of the lease? : : What are his options? Can he sell the car? Can the leasing company and/or he : find another party to assume the lease? : : As you can see I am a novice when it comes to this leasing "stuff", so any : help you can provide would be greatly appreciated. After all it is difficult : enough for him to have to give up his license after all these years - much : less take it on the chin from the leasing company. : : Thank you for your time. : : Michael T. : I can't picture myself signing a five-year lease at age 86, assuming I last that long! Paul |
Re: Early return of leased Honda
"Michael T" <anonymous@cox.net> wrote in message news:pctAd.18549$8e5.16206@fed1read07... : Due to his deteriorating eyesight my 89 year old father is having to return : his Honda after 3 years of a 5 year lease. : : It has low mileage (18K), but I get the impression he is going to be facing : a pretty hefty amount when he returns the car. : : Can someone advise us as to approximately what his cost will be for only : using 3/5 ths of the lease? : : What are his options? Can he sell the car? Can the leasing company and/or he : find another party to assume the lease? : : As you can see I am a novice when it comes to this leasing "stuff", so any : help you can provide would be greatly appreciated. After all it is difficult : enough for him to have to give up his license after all these years - much : less take it on the chin from the leasing company. : : Thank you for your time. : : Michael T. : I can't picture myself signing a five-year lease at age 86, assuming I last that long! Paul |
Re: Early return of leased Honda
In article <pctAd.18549$8e5.16206@fed1read07>, "Michael T"
<anonymous@cox.net> wrote: > Due to his deteriorating eyesight my 89 year old father is having to return > his Honda after 3 years of a 5 year lease. > > It has low mileage (18K), but I get the impression he is going to be facing > a pretty hefty amount when he returns the car. > > Can someone advise us as to approximately what his cost will be for only > using 3/5 ths of the lease? > > What are his options? Can he sell the car? Can the leasing company and/or he > find another party to assume the lease? > > As you can see I am a novice when it comes to this leasing "stuff", so any > help you can provide would be greatly appreciated. After all it is difficult > enough for him to have to give up his license after all these years - much > less take it on the chin from the leasing company. > > Thank you for your time. > > Michael T. When you visit the leasing company, ask if you have an option of buying the car at this point in time. If it turns out to be the best option--buy the car and try to sell it. You could use the money you make from the sell of the car to cover any fees related to ending the lease two years too soon. You might end up with some money if it works out well. -- NEWSGROUP SUBSCRIBERS MOTTO We respect those subscribers that ask for advice or provide advice. We do NOT respect the subscribers that enjoy criticizing people. |
Re: Early return of leased Honda
In article <pctAd.18549$8e5.16206@fed1read07>, "Michael T"
<anonymous@cox.net> wrote: > Due to his deteriorating eyesight my 89 year old father is having to return > his Honda after 3 years of a 5 year lease. > > It has low mileage (18K), but I get the impression he is going to be facing > a pretty hefty amount when he returns the car. > > Can someone advise us as to approximately what his cost will be for only > using 3/5 ths of the lease? > > What are his options? Can he sell the car? Can the leasing company and/or he > find another party to assume the lease? > > As you can see I am a novice when it comes to this leasing "stuff", so any > help you can provide would be greatly appreciated. After all it is difficult > enough for him to have to give up his license after all these years - much > less take it on the chin from the leasing company. > > Thank you for your time. > > Michael T. When you visit the leasing company, ask if you have an option of buying the car at this point in time. If it turns out to be the best option--buy the car and try to sell it. You could use the money you make from the sell of the car to cover any fees related to ending the lease two years too soon. You might end up with some money if it works out well. -- NEWSGROUP SUBSCRIBERS MOTTO We respect those subscribers that ask for advice or provide advice. We do NOT respect the subscribers that enjoy criticizing people. |
Re: Early return of leased Honda
In article <pctAd.18549$8e5.16206@fed1read07>,
"Michael T" <anonymous@cox.net> wrote: > Due to his deteriorating eyesight my 89 year old father is having to return > his Honda after 3 years of a 5 year lease. > > It has low mileage (18K), but I get the impression he is going to be facing > a pretty hefty amount when he returns the car. actually, he faced a pretty hefty amount when he signed the contract that got him the car. The contract said that he agreed to pay $X amount of money, probably in monthly installments, and that in return he was allowed to drive the car Y number of miles. He could then return it in good shape to fulfill the contract. He also had the option of paying $Z amount of money to fulfill the contract, at which point he did not have to return the car. The point is, he entered into a contract to pay a finance company some amount of money. That he doesn't want the car anymore doesn't invalidate the contract. > Can someone advise us as to approximately what his cost will be for only > using 3/5 ths of the lease? READ THE CONTRACT. The contract has all the terms in it. No one here knows what that contract says. The contract spells it ALL out. If you are unable to comprehend the contract, I suggest you contact an attorney to help you. He has paid some amount of money. He owes the balance of the total. You can sell the car and give the finance company the amount remaining. No big deal. Or, maybe the contract spells out what happens if you want to return the car early. No one here knows that. > What are his options? Can he sell the car? Can the leasing company and/or he > find another party to assume the lease? Only the contract will tell that. But keep in mind: it's a financial contract, with monies and duties owed by both sides. At any time, he can fulfill the financial end of the contract by paying what the contract says he owes at this point. There are probably two calculations: the amount he'd owe if he gave the car back, and the amount he'd owe if he kept the car. The contract will spell it all out. > After all it is difficult > enough for him to have to give up his license after all these years - much > less take it on the chin from the leasing company. Well, he's not "taking it on the chin;" if anything, he invited the punch when he signed the contract. At this point, there's only a signed contract to fulfill. It's not about some "big, bad leasing company;" it's about the agreements he entered into and the fulfillment thereof. If you don't understand what your options are, consult an attorney. |
Re: Early return of leased Honda
In article <pctAd.18549$8e5.16206@fed1read07>,
"Michael T" <anonymous@cox.net> wrote: > Due to his deteriorating eyesight my 89 year old father is having to return > his Honda after 3 years of a 5 year lease. > > It has low mileage (18K), but I get the impression he is going to be facing > a pretty hefty amount when he returns the car. actually, he faced a pretty hefty amount when he signed the contract that got him the car. The contract said that he agreed to pay $X amount of money, probably in monthly installments, and that in return he was allowed to drive the car Y number of miles. He could then return it in good shape to fulfill the contract. He also had the option of paying $Z amount of money to fulfill the contract, at which point he did not have to return the car. The point is, he entered into a contract to pay a finance company some amount of money. That he doesn't want the car anymore doesn't invalidate the contract. > Can someone advise us as to approximately what his cost will be for only > using 3/5 ths of the lease? READ THE CONTRACT. The contract has all the terms in it. No one here knows what that contract says. The contract spells it ALL out. If you are unable to comprehend the contract, I suggest you contact an attorney to help you. He has paid some amount of money. He owes the balance of the total. You can sell the car and give the finance company the amount remaining. No big deal. Or, maybe the contract spells out what happens if you want to return the car early. No one here knows that. > What are his options? Can he sell the car? Can the leasing company and/or he > find another party to assume the lease? Only the contract will tell that. But keep in mind: it's a financial contract, with monies and duties owed by both sides. At any time, he can fulfill the financial end of the contract by paying what the contract says he owes at this point. There are probably two calculations: the amount he'd owe if he gave the car back, and the amount he'd owe if he kept the car. The contract will spell it all out. > After all it is difficult > enough for him to have to give up his license after all these years - much > less take it on the chin from the leasing company. Well, he's not "taking it on the chin;" if anything, he invited the punch when he signed the contract. At this point, there's only a signed contract to fulfill. It's not about some "big, bad leasing company;" it's about the agreements he entered into and the fulfillment thereof. If you don't understand what your options are, consult an attorney. |
Re: Early return of leased Honda
In article <t%zAd.20996$Y72.14527@edtnps91>,
"Brian Smith" <Halifax@NovaScotia.Canada> wrote: > Go to the dealership and speak with the sales manager there. He is the > person you need to be asking these questions. AAAAAAAAAAAAAH! RUN FAR AWAY from this advice. The dealership is a sales instrument. They don't finance cars. They may have acted as a sales instrument for the lease portion of the car in addition to the car itself, but they don't handle any of the lease details. A car dealership is there to sell cars. It's a one way street. They move it, forget about it, and move on. No salesman has any interest in this situation. |
Re: Early return of leased Honda
In article <t%zAd.20996$Y72.14527@edtnps91>,
"Brian Smith" <Halifax@NovaScotia.Canada> wrote: > Go to the dealership and speak with the sales manager there. He is the > person you need to be asking these questions. AAAAAAAAAAAAAH! RUN FAR AWAY from this advice. The dealership is a sales instrument. They don't finance cars. They may have acted as a sales instrument for the lease portion of the car in addition to the car itself, but they don't handle any of the lease details. A car dealership is there to sell cars. It's a one way street. They move it, forget about it, and move on. No salesman has any interest in this situation. |
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