Lease early termination?
06-09-2006, 02:30 AM
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Lease early termination?
So I have the 2005 S2000 with $299 a month for 36 month deal from Honda. I only have 5000 miles so far and I had the car for about a year now. And I was looking to term my lease early since I don't get to drive the car too much. So am I going to get raped if I choose to end the lease early? Have anyone done it?
06-09-2006, 02:49 AM
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Look to assign your lease to someone else instead. Check out leasetrader.com
Also your lease documents should clearly state what will happen in the case of early termination. I am sure it will be very unfavorable to you, maybe up to the point of making you responsible for all the remaining payments.
Also your lease documents should clearly state what will happen in the case of early termination. I am sure it will be very unfavorable to you, maybe up to the point of making you responsible for all the remaining payments.
06-09-2006, 02:59 AM
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Originally Posted by Platinum,Jun 9 2006, 02:30 AM
So I have the 2005 S2000 with $299 a month for 36 month deal from Honda. I only have 5000 miles so far and I had the car for about a year now. And I was looking to term my lease early since I don't get to drive the car too much. So am I going to get raped if I choose to end the lease early? Have anyone done it?
06-09-2006, 04:49 AM
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Assigning is probably the only way to go, exiting early will be brutal. The leader in assignments is swapalease.com. Comprehensive site, good info, broad reach. And at $299, your's seems to be a bargain as compared to what others are asking.
06-09-2006, 06:28 AM
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All wrong.
I just sold my leased S2000. No big deal.
I was in the same situation. Had a 2005 with the $299 deal and we're moving from sunny Los Angeles to not so sunny Bellingham, Washington.
Honda Finance leases cannot be assumed or transferred. So no Swapalease or Leasetrader. The guy at Leasetrader would re-lease the car to someone, but for $450 a month.
Log on to the American Honda Finance website and you can see your lease payoff under account details. That's the amount you need to payoff the car. It's the sum of your residual plus the remaining payments on the lease less the tax.
My payoff was around $26500 which was pretty much what I sold the car for. I had the buyer make the certified check payable to American Honda Finance and I wrote a check for the couple of hundred bucks difference.
That's it. Overnight the check or checks to Honda and they will send you the DMV form releasing the title. Give that to the buyer and you're done. My buyer actually had his credit union do all the paperwork - all I had to do was sign the DMV paperwork for them to submit.
I just sold my leased S2000. No big deal.
I was in the same situation. Had a 2005 with the $299 deal and we're moving from sunny Los Angeles to not so sunny Bellingham, Washington.
Honda Finance leases cannot be assumed or transferred. So no Swapalease or Leasetrader. The guy at Leasetrader would re-lease the car to someone, but for $450 a month.
Log on to the American Honda Finance website and you can see your lease payoff under account details. That's the amount you need to payoff the car. It's the sum of your residual plus the remaining payments on the lease less the tax.
My payoff was around $26500 which was pretty much what I sold the car for. I had the buyer make the certified check payable to American Honda Finance and I wrote a check for the couple of hundred bucks difference.
That's it. Overnight the check or checks to Honda and they will send you the DMV form releasing the title. Give that to the buyer and you're done. My buyer actually had his credit union do all the paperwork - all I had to do was sign the DMV paperwork for them to submit.
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06-09-2006, 06:34 AM
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Originally Posted by aerialcam,Jun 9 2006, 06:28 AM
All wrong.
I just sold my leased S2000. No big deal.
I was in the same situation. Had a 2005 with the $299 deal and we're moving from sunny Los Angeles to not so sunny Bellingham, Washington.
Honda Finance leases cannot be assumed or transferred. So no Swapalease or Leasetrader. The guy at Leasetrader would re-lease the car to someone, but for $450 a month.
Log on to the American Honda Finance website and you can see your lease payoff under account details. That's the amount you need to payoff the car. It's the sum of your residual plus the remaining payments on the lease less the tax.
My payoff was around $26500 which was pretty much what I sold the car for. I had the buyer make the certified check payable to American Honda Finance and I wrote a check for the couple of hundred bucks difference.
That's it. Overnight the check or checks to Honda and they will send you the DMV form releasing the title. Give that to the buyer and you're done. My buyer actually had his credit union do all the paperwork - all I had to do was sign the DMV paperwork for them to submit.
I just sold my leased S2000. No big deal.
I was in the same situation. Had a 2005 with the $299 deal and we're moving from sunny Los Angeles to not so sunny Bellingham, Washington.
Honda Finance leases cannot be assumed or transferred. So no Swapalease or Leasetrader. The guy at Leasetrader would re-lease the car to someone, but for $450 a month.
Log on to the American Honda Finance website and you can see your lease payoff under account details. That's the amount you need to payoff the car. It's the sum of your residual plus the remaining payments on the lease less the tax.
My payoff was around $26500 which was pretty much what I sold the car for. I had the buyer make the certified check payable to American Honda Finance and I wrote a check for the couple of hundred bucks difference.
That's it. Overnight the check or checks to Honda and they will send you the DMV form releasing the title. Give that to the buyer and you're done. My buyer actually had his credit union do all the paperwork - all I had to do was sign the DMV paperwork for them to submit.
He is pretty much correct in that statement....
06-09-2006, 06:52 AM
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Just checked out that website...http://www.leasetrader.com/auto/leas...ke=3&model=320 if you click onto almost anyone of those privately owned s2k's, the new purchaser will be terribly "upside down" if they do decide to resell their existing S2K lease 
