honda lease terms
Not sure where is most appropriate place to post this.
I have a lease on a 2006 Accord. Lease is up in July of 2009. Lease buyout is $13500. 57000 miles on car now (12000 over) at $.15/mile ($1800) and payments of $330/mo. Owe about $4000 to get out of car now. Can the lease be turned into any honda dealer? If I pay the $13500 buyout, do I still need to pay the milage penalty? Do used 2006 accords sell for $13500 (I saw many posted for $16000- $17000 online). My thought was to sell the car for $13500 then not have to pay out the lease penalties. Comments? |
Re: honda lease terms
On Mon, 05 Jan 2009 12:09:44 -0800, jIM wrote:
> Not sure where is most appropriate place to post this. > > I have a lease on a 2006 Accord. Lease is up in July of 2009. Lease > buyout is $13500. 57000 miles on car now (12000 over) at $.15/mile > ($1800) and payments of $330/mo. Owe about $4000 to get out of car now. > > Can the lease be turned into any honda dealer? If I pay the $13500 > buyout, do I still need to pay the milage penalty? Do used 2006 accords > sell for $13500 (I saw many posted for $16000- $17000 online). My > thought was to sell the car for $13500 then not have to pay out the > lease penalties. > > Comments? Ask you local Honda dealer, and then do your own research. -- "Ubuntu" -- an African word, meaning "Slackware is too hard for me". The Usenet Improvement Project: http://improve-usenet.org Ahhhhhhh!: http://brandybuck.site40.net/pics/relieve.jpg |
Re: honda lease terms
On Jan 5, 3:34 pm, Dan C <youmustbejok...@lan.invalid> wrote:
> On Mon, 05 Jan 2009 12:09:44 -0800, jIM wrote: > > Not sure where is most appropriate place to post this. > > > I have a lease on a 2006 Accord. Lease is up in July of 2009. Lease > > buyout is $13500. 57000 miles on car now (12000 over) at $.15/mile > > ($1800) and payments of $330/mo. Owe about $4000 to get out of car now. > > > Can the lease be turned into any honda dealer? If I pay the $13500 > > buyout, do I still need to pay the milage penalty? Do used 2006 accords > > sell for $13500 (I saw many posted for $16000- $17000 online). My > > thought was to sell the car for $13500 then not have to pay out the > > lease penalties. > > > Comments? > > Ask you local Honda dealer, and then do your own research. We went to 2 dealers over the weekend and were told 4 different things (trade in, penalties, buyouts and similar). I could not decipher what I am legally obligated to pay and need a non saleperson to comment. anyone else? Thanks in advance |
Re: honda lease terms
jIM wrote:
> On Jan 5, 3:34 pm, Dan C <youmustbejok...@lan.invalid> wrote: >> On Mon, 05 Jan 2009 12:09:44 -0800, jIM wrote: >>> Not sure where is most appropriate place to post this. >>> I have a lease on a 2006 Accord. Lease is up in July of 2009. Lease >>> buyout is $13500. 57000 miles on car now (12000 over) at $.15/mile >>> ($1800) and payments of $330/mo. Owe about $4000 to get out of car now. >>> Can the lease be turned into any honda dealer? If I pay the $13500 >>> buyout, do I still need to pay the milage penalty? Do used 2006 accords >>> sell for $13500 (I saw many posted for $16000- $17000 online). My >>> thought was to sell the car for $13500 then not have to pay out the >>> lease penalties. >>> Comments? >> Ask you local Honda dealer, and then do your own research. > We went to 2 dealers over the weekend and were told 4 different things > (trade in, penalties, buyouts and similar). I could not decipher what > I am legally obligated to pay and need a non saleperson to comment. > > > anyone else? Thanks in advance > These are questions you should have asked before you signed the lease. If you were to purchase the vehicle you would not have to pay the excess mileage charge. I have leased many vehicles over the years and have never paid a penalty for turning the vehicle in with excess mileage. I have also turned vehicles in prior to the end of the lease and leased a new vehicle without any penalty for the mileage being over the contracted amount. |
Re: honda lease terms
"Brian Smith" <Halifax@NovaScotia.Canada> wrote in message
news:gjtujh$6gh$1@news.datemas.de... > jIM wrote: >> On Jan 5, 3:34 pm, Dan C <youmustbejok...@lan.invalid> wrote: >>> On Mon, 05 Jan 2009 12:09:44 -0800, jIM wrote: >>>> Not sure where is most appropriate place to post this. >>>> I have a lease on a 2006 Accord. Lease is up in July of 2009. Lease >>>> buyout is $13500. 57000 miles on car now (12000 over) at $.15/mile >>>> ($1800) and payments of $330/mo. Owe about $4000 to get out of car >>>> now. >>>> Can the lease be turned into any honda dealer? If I pay the $13500 >>>> buyout, do I still need to pay the milage penalty? Do used 2006 accords >>>> sell for $13500 (I saw many posted for $16000- $17000 online). My >>>> thought was to sell the car for $13500 then not have to pay out the >>>> lease penalties. >>>> Comments? >>> Ask you local Honda dealer, and then do your own research. >> We went to 2 dealers over the weekend and were told 4 different things >> (trade in, penalties, buyouts and similar). I could not decipher what >> I am legally obligated to pay and need a non saleperson to comment. >> >> >> anyone else? Thanks in advance >> > > These are questions you should have asked before you signed the lease. If > you were to purchase the vehicle you would not have to pay the excess > mileage charge. I have leased many vehicles over the years and have never > paid a penalty for turning the vehicle in with excess mileage. I have also > turned vehicles in prior to the end of the lease and leased a new vehicle > without any penalty for the mileage being over the contracted amount. > That makes sense - if you buy the vehicle the mileage should not matter at all to the leasor. The charge is there because the leasor would otherwise take a loss if you turned in a car that more "used" than expected. Instead you would take whatever loss there really is when you resell the car. But the big question is what the contract says. Mike |
Re: honda lease terms
On Jan 5, 6:21 pm, "Michael Pardee" <n...@null.org> wrote:
> "Brian Smith" <Hali...@NovaScotia.Canada> wrote in message > > news:gjtujh$6gh$1@news.datemas.de... > > > > > > > jIM wrote: > >> On Jan 5, 3:34 pm, Dan C <youmustbejok...@lan.invalid> wrote: > >>> On Mon, 05 Jan 2009 12:09:44 -0800, jIM wrote: > >>>> Not sure where is most appropriate place to post this. > >>>> I have a lease on a 2006 Accord. Lease is up in July of 2009. Lease > >>>> buyout is $13500. 57000 miles on car now (12000 over) at $.15/mile > >>>> ($1800) and payments of $330/mo. Owe about $4000 to get out of car > >>>> now. > >>>> Can the lease be turned into any honda dealer? If I pay the $13500 > >>>> buyout, do I still need to pay the milage penalty? Do used 2006 accords > >>>> sell for $13500 (I saw many posted for $16000- $17000 online). My > >>>> thought was to sell the car for $13500 then not have to pay out the > >>>> lease penalties. > >>>> Comments? > >>> Ask you local Honda dealer, and then do your own research. > >> We went to 2 dealers over the weekend and were told 4 different things > >> (trade in, penalties, buyouts and similar). I could not decipher what > >> I am legally obligated to pay and need a non saleperson to comment. > > >> anyone else? Thanks in advance > > > These are questions you should have asked before you signed the lease. If > > you were to purchase the vehicle you would not have to pay the excess > > mileage charge. I have leased many vehicles over the years and have never > > paid a penalty for turning the vehicle in with excess mileage. I have also > > turned vehicles in prior to the end of the lease and leased a new vehicle > > without any penalty for the mileage being over the contracted amount. > > That makes sense - if you buy the vehicle the mileage should not matter at > all to the leasor. The charge is there because the leasor would otherwise > take a loss if you turned in a car that more "used" than expected. Instead > you would take whatever loss there really is when you resell the car. > > But the big question is what the contract says. > I called a 3rd Honda dealer to figure out what the two I visited did not tell me. I can pay the buyout amount and not be liable for anything except the extra payments. thx to those which responded. |
Re: honda lease terms
Thus spake jIM <noreplysoccer@hotmail.com> :
>Not sure where is most appropriate place to post this. > >I have a lease on a 2006 Accord. Lease is up in July of 2009. Lease >buyout is $13500. 57000 miles on car now (12000 over) at $.15/mile >($1800) and payments of $330/mo. Owe about $4000 to get out of car >now. > >Can the lease be turned into any honda dealer? >If I pay the $13500 buyout, do I still need to pay the milage penalty? >Do used 2006 accords sell for $13500 (I saw many posted for $16000- >$17000 online). My thought was to sell the car for $13500 then not >have to pay out the lease penalties. > >Comments? Have you read the contract? All the answers are in there. From what I've seen, in general: You will have to pay the mileage in addition to the buyout. If you bail now, you'll owe the four grand, plus the mileage. Read the contract on who you can turn it in to. In my zip, Edmunds says a third party sale for an EX automatic sedan with 57K would be around $14.5. Of course, those numbers are off stats about 4 months old. My numbers say you would pay $15.3 for a car you MIGHT be able to sell for $14.5. Read the contract. By the way, read the contract. If you don't understand it, pay a lawyer about $250 to read the contract. -- - dillon I am not invalid When you wish upon a falling star, your dreams come true. Unless it's really a meteorite hurtling to the Earth which will destroy all life. Then you're pretty much hosed no matter what you wish for. Unless it's death by meteor. |
Re: honda lease terms
In article <3aa5m4l07cd6aep7hcvlaku8u9k4648nfa@4ax.com>,
Dillon Pyron <invaliddmpyron@austin.rr.com> wrote: > From what I've seen, in general: > > You will have to pay the mileage in addition to the buyout. VERY doubtful. A lease is simply a loan with smaller up front payments and a larger balloon payment due at the end. That balloon payment can be satisfied with the car (in good condition, as spelled out by the contract) or cash. If you satisfy the balloon payment with cash, you get to keep the car. It's really very simple. If cash is on the table, they don't care if the car is a beat up 300K mile piece of . |
Re: honda lease terms
"jIM" <noreplysoccer@hotmail.com> wrote in message news:c7a41f25-7a9e-4880-a925-018098fa066a@i20g2000prf.googlegroups.com... On Jan 5, 3:34 pm, Dan C <youmustbejok...@lan.invalid> wrote: > On Mon, 05 Jan 2009 12:09:44 -0800, jIM wrote: > > Not sure where is most appropriate place to post this. > > > I have a lease on a 2006 Accord. Lease is up in July of 2009. > > Lease > > buyout is $13500. 57000 miles on car now (12000 over) at $.15/mile > > ($1800) and payments of $330/mo. Owe about $4000 to get out of car > > now. > > > Can the lease be turned into any honda dealer? If I pay the $13500 > > buyout, do I still need to pay the milage penalty? Do used 2006 > > accords > > sell for $13500 (I saw many posted for $16000- $17000 online). My > > thought was to sell the car for $13500 then not have to pay out > > the > > lease penalties. > > > Comments? > > Ask you local Honda dealer, and then do your own research. We went to 2 dealers over the weekend and were told 4 different things (trade in, penalties, buyouts and similar). I could not decipher what I am legally obligated to pay and need a non saleperson to comment. anyone else? Thanks in advance ----- It depends on what you can negotiate. You usually won't have to pay the over milaege if you notify them that you are buying it out at the end of the lease or if you agree to lease a newer vehicle. You can also negotiate the price of a new vehicle for lease, which will affect the monthly payment and residual. |
Re: honda lease terms
Thus spake "Elmo P. Shagnasty" <elmop@nastydesigns.com> :
>In article <3aa5m4l07cd6aep7hcvlaku8u9k4648nfa@4ax.com>, > Dillon Pyron <invaliddmpyron@austin.rr.com> wrote: > >> From what I've seen, in general: >> >> You will have to pay the mileage in addition to the buyout. > >VERY doubtful. > >A lease is simply a loan with smaller up front payments and a larger >balloon payment due at the end. That balloon payment can be satisfied >with the car (in good condition, as spelled out by the contract) or >cash. If you satisfy the balloon payment with cash, you get to keep the >car. > >It's really very simple. If cash is on the table, they don't care if >the car is a beat up 300K mile piece of . You may have misinterpreted what I was saying. If he surrenders the car prior to the expiration of the lease, that's called a buyout. It's basically the same sort of thing as if he went to the end of the lease, only the amount he pays is less (since he's not paying for interest to the end of the term. Yes, if he buys the car outright (pops for the balloon), they don't give a FF what the car looks or smells like, it's his problem now. -- - dillon I am not invalid When you wish upon a falling star, your dreams come true. Unless it's really a meteorite hurtling to the Earth which will destroy all life. Then you're pretty much hosed no matter what you wish for. Unless it's death by meteor. |
All times are GMT -4. The time now is 12:23 AM. |
© 2024 MH Sub I, LLC dba Internet Brands