Early return of leased Honda
12-30-2004 | 11:57 PM
#16
Guest
Posts: n/a
Re: Early return of leased Honda
On Wed, 29 Dec 2004 20:12:39 GMT, "Jamco" <Homer@jamco.com> wrote:
>http://www.leasetrader.com/e/home.asp
>
>"Michael T" <anonymous@***.net> wrote in message
>news
ctAd.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 was just discussing such a situation with the Honda dealer the other
day - he told me that from what he knew it takes about 3 years on a 4
year lease to break even - that is when the physical depreciation
catches up with the calculated depreciation on which your lease is
calculated - in other words if you sold the car after 3 years you
wouldn't lose too much when you had to square things out with the
leasing company. Of course if he was bamboozled into adding long term
warranties, life insurance, health insurance, upholstery protection
etc. etc. that's another story.
Find out what the buy out is and see if you could sell it for that
amount - I've also heard of people taking over lease payments but I
don't know the intricacies of this. Just be thankful it's a Honda and
not a Taurus or Impala which depreciate a lot in 3 years.
Around here a 3 year old Accord is still getting around $17,000 to
19,000 depending on the mileage and model with the Civics getting
close to that as compared to some American makes going for around
12,000 -13,000 - quite a difference.
Worse case scenario is sell your own car and take over the payments on
the Honda.
Good luck
Robert
>http://www.leasetrader.com/e/home.asp
>
>"Michael T" <anonymous@***.net> wrote in message
>news
ctAd.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 was just discussing such a situation with the Honda dealer the other
day - he told me that from what he knew it takes about 3 years on a 4
year lease to break even - that is when the physical depreciation
catches up with the calculated depreciation on which your lease is
calculated - in other words if you sold the car after 3 years you
wouldn't lose too much when you had to square things out with the
leasing company. Of course if he was bamboozled into adding long term
warranties, life insurance, health insurance, upholstery protection
etc. etc. that's another story.
Find out what the buy out is and see if you could sell it for that
amount - I've also heard of people taking over lease payments but I
don't know the intricacies of this. Just be thankful it's a Honda and
not a Taurus or Impala which depreciate a lot in 3 years.
Around here a 3 year old Accord is still getting around $17,000 to
19,000 depending on the mileage and model with the Civics getting
close to that as compared to some American makes going for around
12,000 -13,000 - quite a difference.
Worse case scenario is sell your own car and take over the payments on
the Honda.
Good luck
Robert
12-30-2004 | 11:57 PM
#17
Guest
Posts: n/a
Re: Early return of leased Honda
On Wed, 29 Dec 2004 20:12:39 GMT, "Jamco" <Homer@jamco.com> wrote:
>http://www.leasetrader.com/e/home.asp
>
>"Michael T" <anonymous@***.net> wrote in message
>newsctAd.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 was just discussing such a situation with the Honda dealer the other
day - he told me that from what he knew it takes about 3 years on a 4
year lease to break even - that is when the physical depreciation
catches up with the calculated depreciation on which your lease is
calculated - in other words if you sold the car after 3 years you
wouldn't lose too much when you had to square things out with the
leasing company. Of course if he was bamboozled into adding long term
warranties, life insurance, health insurance, upholstery protection
etc. etc. that's another story.
Find out what the buy out is and see if you could sell it for that
amount - I've also heard of people taking over lease payments but I
don't know the intricacies of this. Just be thankful it's a Honda and
not a Taurus or Impala which depreciate a lot in 3 years.
Around here a 3 year old Accord is still getting around $17,000 to
19,000 depending on the mileage and model with the Civics getting
close to that as compared to some American makes going for around
12,000 -13,000 - quite a difference.
Worse case scenario is sell your own car and take over the payments on
the Honda.
Good luck
Robert
>http://www.leasetrader.com/e/home.asp
>
>"Michael T" <anonymous@***.net> wrote in message
>news
ctAd.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 was just discussing such a situation with the Honda dealer the other
day - he told me that from what he knew it takes about 3 years on a 4
year lease to break even - that is when the physical depreciation
catches up with the calculated depreciation on which your lease is
calculated - in other words if you sold the car after 3 years you
wouldn't lose too much when you had to square things out with the
leasing company. Of course if he was bamboozled into adding long term
warranties, life insurance, health insurance, upholstery protection
etc. etc. that's another story.
Find out what the buy out is and see if you could sell it for that
amount - I've also heard of people taking over lease payments but I
don't know the intricacies of this. Just be thankful it's a Honda and
not a Taurus or Impala which depreciate a lot in 3 years.
Around here a 3 year old Accord is still getting around $17,000 to
19,000 depending on the mileage and model with the Civics getting
close to that as compared to some American makes going for around
12,000 -13,000 - quite a difference.
Worse case scenario is sell your own car and take over the payments on
the Honda.
Good luck
Robert
12-31-2004 | 04:56 AM
#18
Guest
Posts: n/a
Re: Early return of leased Honda
Elmo P. Shagnasty wrote:
> In article <t%zAd.20996$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.
>
This is especially true since it is obviousl this person just bought his
last car. Dealerships are willing to end leases early without penalties,
or forgive the extra mileage charge, but only on the condition that the
person leases/buys another car from the dealership in exchange. Even
then, it must be less than 1 year or 10000km. Anything over that, they
won't even consider it.
Cosmin
> In article <t%zAd.20996$Y72.14527@edtnps91>,
> "Brian Smith" <Halifax@NovaScotia.Canada> wrote:
>
>
>>Go to the dealership and speak with the sales manager there. He is the
>>person you need to be asking these questions.
>
>
> AAAAAAAAAAAAAH! RUN FAR AWAY from this advice.
>
> The dealership is a sales instrument. They don't finance cars. They
> may have acted as a sales instrument for the lease portion of the car in
> addition to the car itself, but they don't handle any of the lease
> details.
>
> A car dealership is there to sell cars. It's a one way street. They
> move it, forget about it, and move on. No salesman has any interest in
> this situation.
>
This is especially true since it is obviousl this person just bought his
last car. Dealerships are willing to end leases early without penalties,
or forgive the extra mileage charge, but only on the condition that the
person leases/buys another car from the dealership in exchange. Even
then, it must be less than 1 year or 10000km. Anything over that, they
won't even consider it.
Cosmin
12-31-2004 | 04:56 AM
#19
Guest
Posts: n/a
Re: Early return of leased Honda
Elmo P. Shagnasty wrote:
> In article <t%zAd.20996$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.
>
This is especially true since it is obviousl this person just bought his
last car. Dealerships are willing to end leases early without penalties,
or forgive the extra mileage charge, but only on the condition that the
person leases/buys another car from the dealership in exchange. Even
then, it must be less than 1 year or 10000km. Anything over that, they
won't even consider it.
Cosmin
> 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.
>
This is especially true since it is obviousl this person just bought his
last car. Dealerships are willing to end leases early without penalties,
or forgive the extra mileage charge, but only on the condition that the
person leases/buys another car from the dealership in exchange. Even
then, it must be less than 1 year or 10000km. Anything over that, they
won't even consider it.
Cosmin
12-31-2004 | 07:47 AM
#20
Guest
Posts: n/a
Re: Early return of leased Honda
"Elmo P. Shagnasty" <elmop@nastydesigns.com> wrote in message
news:elmop-F140EE.20034029122004@text.usenetserver.com...
>
> AAAAAAAAAAAAAH! RUN FAR AWAY from this advice.
Maybe in your end of the world, my advice wouldn't work, but here it does.
12-31-2004 | 07:47 AM
#21
Guest
Posts: n/a
Re: Early return of leased Honda
"Elmo P. Shagnasty" <elmop@nastydesigns.com> wrote in message
news:elmop-F140EE.20034029122004@text.usenetserver.com...
>
> AAAAAAAAAAAAAH! RUN FAR AWAY from this advice.
Maybe in your end of the world, my advice wouldn't work, but here it does.
12-31-2004 | 07:48 AM
#22
Guest
Posts: n/a
Re: Early return of leased Honda
"Cosmin N." <no@email.com> wrote in message
news:z-idnV4H1aDJv0jcRVn-tw@rogers.com...
>
> This is especially true since it is obviousl this person just bought his
> last car. Dealerships are willing to end leases early without penalties,
> or forgive the extra mileage charge, but only on the condition that the
> person leases/buys another car from the dealership in exchange. Even
> then, it must be less than 1 year or 10000km. Anything over that, they
> won't even consider it.
What you say may be true where you are, but not here. I'm speaking from
experience, not speculating.
12-31-2004 | 07:48 AM
#23
Guest
Posts: n/a
Re: Early return of leased Honda
"Cosmin N." <no@email.com> wrote in message
news:z-idnV4H1aDJv0jcRVn-tw@rogers.com...
>
> This is especially true since it is obviousl this person just bought his
> last car. Dealerships are willing to end leases early without penalties,
> or forgive the extra mileage charge, but only on the condition that the
> person leases/buys another car from the dealership in exchange. Even
> then, it must be less than 1 year or 10000km. Anything over that, they
> won't even consider it.
What you say may be true where you are, but not here. I'm speaking from
experience, not speculating.
12-31-2004 | 10:28 PM
#24
Guest
Posts: n/a
Re: Early return of leased Honda
On Tue, 28 Dec 2004 23:41:10 -0800, "Michael T" <anonymous@***.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?
In general, he'd have to buy it before he could sell it.
But that's a difficult thing to make work for you, because the leasing
companies always ream you on the purchase price. A dealer is extended
a price at least 10% better, simply because they are in the trade.
What you want to do is find a dealer who will buy the lease and the
car out from you. If it's low miles and in good shape, and you find a
reasonable dealer, you should be able to break even.
Or, if you have another relative who would like the car, you might
make an intra-family deal of some kind, maybe the leasing company
would transfer the lease for some token payment, I've never tried
that.
Good luck.
J.
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?
In general, he'd have to buy it before he could sell it.
But that's a difficult thing to make work for you, because the leasing
companies always ream you on the purchase price. A dealer is extended
a price at least 10% better, simply because they are in the trade.
What you want to do is find a dealer who will buy the lease and the
car out from you. If it's low miles and in good shape, and you find a
reasonable dealer, you should be able to break even.
Or, if you have another relative who would like the car, you might
make an intra-family deal of some kind, maybe the leasing company
would transfer the lease for some token payment, I've never tried
that.
Good luck.
J.
12-31-2004 | 10:28 PM
#25
Guest
Posts: n/a
Re: Early return of leased Honda
On Tue, 28 Dec 2004 23:41:10 -0800, "Michael T" <anonymous@***.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?
In general, he'd have to buy it before he could sell it.
But that's a difficult thing to make work for you, because the leasing
companies always ream you on the purchase price. A dealer is extended
a price at least 10% better, simply because they are in the trade.
What you want to do is find a dealer who will buy the lease and the
car out from you. If it's low miles and in good shape, and you find a
reasonable dealer, you should be able to break even.
Or, if you have another relative who would like the car, you might
make an intra-family deal of some kind, maybe the leasing company
would transfer the lease for some token payment, I've never tried
that.
Good luck.
J.
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?
In general, he'd have to buy it before he could sell it.
But that's a difficult thing to make work for you, because the leasing
companies always ream you on the purchase price. A dealer is extended
a price at least 10% better, simply because they are in the trade.
What you want to do is find a dealer who will buy the lease and the
car out from you. If it's low miles and in good shape, and you find a
reasonable dealer, you should be able to break even.
Or, if you have another relative who would like the car, you might
make an intra-family deal of some kind, maybe the leasing company
would transfer the lease for some token payment, I've never tried
that.
Good luck.
J.
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