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What are my options regarding the lease on my car?
I wonder if anybody can help with this. I am currently leasing a Honda Accord, and the 3-year lease is up in 2009. I realize that breaking the lease altogether would result in penalties,etc, but does anybody out there know if dealers sometimes renegotiate and will end a lease on one car early if the customer wants to lease a newer car with the SAME dealer?? (ie I have a 2006 Accord-if I decide I like the new 2008 Accord and go to my Honda dealer, maybe they'd work something out for me if I pay a bit more to turn my old car in a year early and lease the new vehicle through them) And if there are still penalties with this, would they be less than if I broke my lease with them and went to a different dealer entirely?? I'd appreciate any information. Thanks!
Public Comments
- Sorry to be blunt Leasing a vehicle you MUST fully understand the contract, whatever term you sign be 100% sure you will want to keep it for that term and fully understand the fine print. If you went to jail for 3 or 4 years you most likely would be released early with good behavior, with a lease, there is no parole without hurting your pocketbook big time. Stay with your lease till the end, if you care to know how to buy your next vehicle study my website http://www.usedcartips.org/index.html its free advice with no strings attached
- You can trade in your leased vehicle for another... you will likely be out of equity and the difference will need to be rolled into the next lease, resulting in a higher payment.
- First of all, dealers don't finance leases. Finance companies and banks finance leases. Yours is probably American Honda Finance Corp. Therefore, dealers don't have as much ability as you imply to work out special deals. Trading a leased car usually doesn't make sense until the last few months of the lease term. The reason is that you still owe more on the lease than the car is worth as a trade. And ending a lease with a trade is not as easy as with a loan. You may think the dealer is taking your car in trade, but in reality he's simply returning your car to the lease company. Some weeks later you'll get a big bill from the lease company for early termination charges.
