Ending Lease Early

[sheamichael20]

So I looked into it and I have about 25 moths left on my Si. I owe about $16,000 on it and have read that Honda does not do lease transfers. I was thinking go down to Honda and pay them the $16,000 and then turn around with the title in my name and sell it back to them? On KBB my car with only 3k miles on it is going for $18,000 for trade in value. Thoughts/Opinions?

 

[KennyGS]

Why are you considering this?

 

[andre12dbsi]

In the past I've been able to end my lease early with Honda but I've always leased another car from them so I guess they were willing to buy out the lease knowing they're selling another Honda. As long as the buyout is close to what the car is worth they usually work with you.

Your buyout seems pretty close to what you owe. I'd suggest looking in the classifieds to see what used ones are going for in your area to see if its worth the hassle to buy the car from Honda and then try to sell it back for them. I'm thinking it won't be thousands.

 

[webby]

They are not going to give you 18k on trade in. A member here last week just purchased a brand new 2012 si for 18k with no miles. That's not to say that you couldn't sell it to someone on craigslist or something.

 

[sheamichael20]

Why are you considering this?

I like the car but with always having to make these payments I dont really have room to modify my car which is something I really enjoy doing. Also if I did not have payments and an older car all paid off I would prefer that.

In the past I've been able to end my lease early with Honda but I've always leased another car from them so I guess they were willing to buy out the lease knowing they're selling another Honda. As long as the buyout is close to what the car is worth they usually work with you.

Your buyout seems pretty close to what you owe. I'd suggest looking in the classifieds to see what used ones are going for in your area to see if its worth the hassle to buy the car from Honda and then try to sell it back for them. I'm thinking it won't be thousands.

I looked into this but my negative equity on my Si would drag over to what ever else I got. And I would have to start the lease over from the beginning.

They are not going to give you 18k on trade in. A member here last week just purchased a brand new 2012 si for 18k with no miles. That's not to say that you couldn't sell it to someone on craigslist or something.

Damn that is a good deal!

 

[bobshur]

How could you have neg equity at 16,000? What do you have 40,000 miles? When I discussed trading my si coupe in on a 13 with nav and summer tires,my payment went from 400 to 425 non lease.there was no neg equity.i owe around 18,000.the dealer said I had pos equity to work with hence the payment going up only 25 a month on a 60 month.this was yesterday,in the end I'm not doing it,but just wanted to give you a heads up...

 

[webby]

They aren't in negative territory. They saw they had a 16k left to pay, and the car was maybe worth 18k...so they were thinking about selling it.