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Lease Termination Fees and other costs

1038 messages,  Last post on Nov 19, 2009 at 9:34 AM

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#1028 of 1038 Help getting out of Honda lease by cinweed2 Nov 10, 2009 (11:24 am)
I am in my 30 th month ($353 a month) of a 66 month lease for a Honda PilotEX 2007 2WD, residual value $10,176,Kelley blue blue value is 21,500, the lease is with Huntington,payoff $20,000.The Honda is in very good condition with only 12,500, I paid for $15,000 miles a year.    This is my first time leasing,I want out.I know I am going upside down. Butcan I go to dealer and they pay off the Honda, BUY a used car and put the remainer that I owe on that loan.(Will banks due that?) And hopefully get a loan between $250/$300.    The Honda is great, just to big, the payment to high. And I don`t like the feeling of driving something that is not mine.     Doesn`t it make sense to get rid of it while it looks great and has low mileage? Any advice will be appreciated. Thank You! Replies to this message: sebring95 (Nov 10, 2009 12:11 pm) qbrozen (Nov 10, 2009 1:01 pm) qbrozen (Nov 10, 2009 1:03 pm) cinweed2 (Nov 10, 2009 3:05 pm) qbrozen (Nov 11, 2009 10:16 am) tifighter (Nov 17, 2009 4:11 pm)
#1029 of 1038 Re: Help getting out of Honda lease [cinweed2] by sebring95 Nov 10, 2009 (12:11 pm)
Replying to: cinweed2 (Nov 10, 2009 11:24 am) Best bet is to try and find someone to assume the lease. leasetrader.com or swapalease.com is the most popular sites to market the lease. If someone will assume, that will be a far better deal for you. Otherwise, you need to figure out what the real-world trade in value is before going that route. Most banks won't finance 100% or higher on a used car these days so it might be hard to do what you want to do and actually save money. Always expensive to get out of one vehicle and into another. Replies to this message: qbrozen (Nov 10, 2009 1:01 pm)
#1030 of 1038 Re: Help getting out of Honda lease [sebring95] by qbrozen Nov 10, 2009 (1:01 pm)
Replying to: sebring95 (Nov 10, 2009 12:11 pm) Honda Finance does not allow lease assumptions.   BUT... just reread the post and see if might be with a bank.(??) In which case, the poster will need to check with that bank to see if they allow assumptions and/or if there are any fees/penalties involved.
#1031 of 1038 Re: Help getting out of Honda lease [cinweed2] by qbrozen Nov 10, 2009 (1:03 pm)
Replying to: cinweed2 (Nov 10, 2009 11:24 am) Are you saying you've had it for 30 months and it only has 12,500 miles total??   First step for you is to head over to the Real-World Trade-In Values thread and find out what the vehicle is worth as a trade-in. That will let you know how far upside down you really are. Replies to this message: cinweed2 (Nov 10, 2009 3:05 pm) qbrozen (Nov 11, 2009 10:16 am)
#1032 of 1038 Re: Help getting out of Honda lease [qbrozen] by cinweed2 Nov 10, 2009 (3:05 pm)
Replying to: qbrozen (Nov 10, 2009 1:03 pm) Yes, I have had it for 30 months,or 2 1/2 years, and have less than 13,000 miles on it. I dont drive that much, 14 miles to work and back, one short trip and Wal-Mart is less than a mile. Thanks for the help, I will check out the real world trade in value. Replies to this message: qbrozen (Nov 11, 2009 10:16 am)
#1033 of 1038 Re: Help getting out of Honda lease [cinweed2] by qbrozen Nov 11, 2009 (10:16 am)
Replying to: cinweed2 (Nov 10, 2009 3:05 pm) Yikes. Well, as you now know, leasing is NOT for you. You are paying for miles you aren't using.
#1034 of 1038 Acquisition Fee? by nolafilm Nov 16, 2009 (3:36 pm)
I negotiated the price of a 2010 honda civic lx within a couple hundred dollars of Edmunds' TMV when shopping for a lease recently. when the paperwork came, i noticed a $595 acquisition fee tacked on. the dealer explained that this was a honda charge - not a dealer charge, and the payments calculated from the original negotiated price wouldn't change (because this acquisition fee had already been factored in, and wasn't something the dealer could change). So I have 2 questions here: 1. If I'm using Edmunds' TMV as a guideline when leasing a car, how should i deal with this fee?   2. is this a common, accepted dealer practice for leasing, and/or was I wronged?   Replies to this message: jwilliams2 (Nov 16, 2009 4:13 pm) nolafilm (Nov 16, 2009 11:23 pm)
#1035 of 1038 Re: Acquisition Fee? [nolafilm] by jwilliams2 Nov 16, 2009 (4:13 pm)
Replying to: nolafilm (Nov 16, 2009 3:36 pm) The Acquisition fee is charged by Honda, the leasing company. To my knowledge, all leasing companys charge an acquisition fee.   The dealer has no choice but to include it in the lease, either paid up front, or rolled into the lease. Edmunds obviously doesn't include it in their TMV, as only leasing customers pay it. So no, you have not been wronged, and yes, everyone pays it. Replies to this message: nolafilm (Nov 16, 2009 11:23 pm)
#1036 of 1038 Re: Acquisition Fee? [jwilliams2] by nolafilm Nov 16, 2009 (11:23 pm)
Replying to: jwilliams2 (Nov 16, 2009 4:13 pm) Thanks so much. I was really hoping you'd say that - I like my dealer a lot and was bummed at the thought of them not being straight with me on this. My inclination was to say, no - I want the price we agreed upon to include the acquisition fee, but your response and the other info i found seems to indicate that that fee is unavoidable, and just part of the cost of leasing.   thanks again!
#1037 of 1038 Re: Help getting out of Honda lease [cinweed2] by tifighter Nov 17, 2009 (4:11 pm)
Replying to: cinweed2 (Nov 10, 2009 11:24 am) A 66 month lease. Learn something new everyday...

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