Edmunds Answers

Answers

  • MrShift@Edmunds 02/27/09 11:31 am PST

    Well in simplest terms, someone has to come up with the payoff before a leased vehicle can be traded. You don't own it so you can't trade it. You are a renter.

    Also under terms of your lease you would be facing an early termination penalty.

    Best thing to do in my opinion would be to find someone to take over the remainder of your lease, and then, being free of the lease, you can then go to the dealer and either lease or buy what you want. Your lease might sound attractive to someone else--it's not too bad a deal, looks like.

    Banks used to allow leases on used vehicles but they have pretty much stopped doing that, so if you want something used, I'd bet you'd have to finance a buy, not a lease. Or you could lease something new. Or you could just run out your current lease and make it all very simple.


  • isellhondas 02/27/09 3:54 pm PST

    You are responsible for your remaining lease payments.

    With over a year remaining I would reccommend riding out your lease.

    You might call Honda nad ask them what your payoff is and compare that to what they will give you for it as a trade in. Since it's a Civic you might not get hurt too badly.

  • roguewave 02/27/09 9:45 pm PST

    In this economy? After two years, almost any Honda dealer in the country will gladly take the car with little or no cost as long as (a) you buy or lease another Honda or Acura and (b) the mileage is not way over the allotment. I should know. I did it.

    Go talk to the Honda dealers. It may take a few tries, but it can be done.

  • isellhondas 02/28/09 5:19 pm PST

    I'm not sure what the last poster is thinking and the state of our economy has nothing to do with anything.

    If that Civic has negitive equity and it probably does at this point in a lease, that negitive equity will have to be dealt with. The perosn can write a check or he may be able to roll the negitive equity into another lease.

    It won't go away by itself!

  • roguewave 03/02/09 10:29 pm PST

    I'm saying that with almost two-thirds of the lease gone by, there is most likely sufficient wiggle room (especially a Honda Civic) for a desperate car company (which Honda is, right now) willing to cut a deal. My point was that I would inquire as to whether or not Honda is willing to negotiate. If you are willing to purchase or lease another Honda, I believe that "negative equity" situation will quickly disappear.

    The state of the economy has everything to do with automobile sales. Most cars are selling for below invoice now for a reason. Honda Civics are still commanding respectable amounts at Manheim, so the odds are in your favor.

  • isellhondas 03/03/09 10:10 am PST

    Negative equity does NOT disappear and Honda dealers aren't desperate as many people I believe wish we were.

    Negative equity can be handled by writing a check or by maybe rolling it into another lease but it won't magically disappear no matter what the economy!

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