[mcguire]

So I just got my 2013 accord EX-L 4 door a few months ago and It is such a nice car BUT im having a lot of buyers remorse. Have any of you guys terminated your lease before? I know it will probably be pretty expensive but im trying to figure out if it will be cheaper to pay the money to terminate or if I should just **** it up for 3 years?

 

[bansWEE]

So I just got my 2013 accord EX-L 4 door a few months ago and It is such a nice car BUT im having a lot of buyers remorse. Have any of you guys terminated your lease before? I know it will probably be pretty expensive but im trying to figure out if it will be cheaper to pay the money to terminate or if I should just **** it up for 3 years?

since its a lease you want pay and GET OUT of the contract? (its like paying and not using) lol.. that's crazy.. how much are you paying?

There is a site (I forgot) that terminate or transfer a lease, you might check it out. Otherwise just wait..


BTW, you have buyers remorse because ......... aranoid:

 

[dansflhti]

What do you feel you should have leased?

 

[Flyboy]

Why do you have buyer's remorse?

 

[Adam A]

since its a lease you want pay and NOT use it? lol.. that's crazy.. how much are you paying?

There is a site (I forgot) that terminate or transfer a lease, you might check it out. Otherwise just wait..


BTW, you have buyers remorse because ......... aranoid:

Swapalease i think.


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[newfmp3]

get someone to take lease over, transfer lease to their name. Small fee and will not effect your credit

 

[Bullets]

Call and find out your early buyout amount. Not the amount to terminate lease, but early buyout, where you buy out the lease and own the car. Compare that to the current selling prices of your model car. See how far in the red that leaves you vs terminating the lease.

 

[COMMANDOE99]

So I just got my 2013 accord EX-L 4 door a few months ago and It is such a nice car BUT im having a lot of buyers remorse. Have any of you guys terminated your lease before? I know it will probably be pretty expensive but im trying to figure out if it will be cheaper to pay the money to terminate or if I should just **** it up for 3 years?

There are a couple of reputeable websites that have been around a long time and help you post your lease. Swapalease.com is one I think........

try that

 

[newfmp3]

Only a few months into lease, his buyout with be very high. Doubt car is worth even close to it. Depends on where you live and all, but I know around here, you would never sell the car for the buyout amount.

 

[Atarian]

You didn't buy it, you LEASED it. (i.e. RENTED it but for a long term). Did you do ANY research at all before leasing? Were you aware of what a commitment a lease even was?

Not to be overly harsh, but IMHO you sound like another idiot who should have bought a used Kia than any Honda.

 

[Mustafa]

You can pay off the whole amount which is the actual price of the car minus how much you paid for down payment and your 5 payments since you got the car, then go sell it somewhere else? If this is possible to you and you can find a good buyer!

 

[II Kings 9:20]

Honda lists the payoff amount on every monthly bill so that amount is the termination amount. You will see it decrease every month right down to the residual amount at the last month.

You are upside down this early into it. The difference between the payoff and what you sell it for is your penalty. Consider it "tuition payment" for a lesson you could never learn in school but you should have learned somewhere along the way.

I think it will be difficult to sell it (at the price you need). Swap-a-lease sounds good as long as the lease is transferred fully and it is completely out of your hands. You don't want to be financially responsible for a car that some clown is driving.

If this were deeper in the lease, I would try Carmax, Infiniti, and Acura dealers and sell it for payoff or higher and pocket some cash. I never turn cars in after a lease, sell it.

My dad pocketed $500 at the end of his lease with 4,000 miles over by selling to Carmax and my associate pocketed $6,000 selling his E350 to the dealer at the end. You can always try that early on, but you have to pay to play.

You are not necessarily stuck for 3 years. I am getting quotes from dealers at about 20 months (out of 36) on my 12 MDX lease, if they are at payoff, it's gone. It my be 24-30 months before I have made enough payments for the payoff to match the offer. It may take a full 36 and it is possible that the offer is below the buyout in which case I drop the keys at the dealer and jet.

 

[ObsidianEX-L]

I am getting quotes from dealers at about 20 months (out of 36) on my 12 MDX lease, if they are at payoff, it's gone. It my be 24-30 months before I have made enough payments for the payoff to match the offer. It may take a full 36 and it is possible that the offer is below the buyout in which case I drop the keys at the dealer and jet.

Just how many cars do you have?! lol

 

[Flyboy]

Honda lists the payoff amount on every monthly bill so that amount is the termination amount. You will see it decrease every month right down to the residual amount at the last month.

You are upside down this early into it. The difference between the payoff and what you sell it for is your penalty. Consider it "tuition payment" for a lesson you could never learn in school but you should have learned somewhere along the way.

I think it will be difficult to sell it (at the price you need). Swap-a-lease sounds good as long as the lease is transferred fully and it is completely out of your hands. You don't want to be financially responsible for a car that some clown is driving.

If this were deeper in the lease, I would try Carmax, Infiniti, and Acura dealers and sell it for payoff or higher and pocket some cash. I never turn cars in after a lease, sell it.

My dad pocketed $500 at the end of his lease with 4,000 miles over by selling to Carmax and my associate pocketed $6,000 selling his E350 to the dealer at the end. You can always try that early on, but you have to pay to play.

You are not necessarily stuck for 3 years. I am getting quotes from dealers at about 20 months (out of 36) on my 12 MDX lease, if they are at payoff, it's gone. It my be 24-30 months before I have made enough payments for the payoff to match the offer. It may take a full 36 and it is possible that the offer is below the buyout in which case I drop the keys at the dealer and jet.

A good reason not to lease a car. Leasing is a financial gimmick to get you to buy more car than you can really afford to finance or own. Too many people fall for this and are perpetually upside down and can never get ahead. When they trade the car they can't cover their note so they just roll over the debt to the new car and just finance it for a longer period of time. I saw an ad the other day for financing for 72 months. If you have to finance a car for that long or you have to lease it you are buying a car that you really can't afford. I think 60 months is ridiculous. Will we soon see twenty year mortgages for cars? Didn't anyone learn anything from the big financial crisis of 2008?

If you had just financed the car you could easily sell it and just take the loss between what you get for the car and what you owe. You would have more equity between the down payment and the payments you have already made and might break even. Leasing only makes sense if you own a business and it leases the car because it then becomes a business expense instead of an asset which are treated differently in the tax code.

 

[centflahonda]

So I just got my 2013 accord EX-L 4 door a few months ago and It is such a nice car BUT im having a lot of buyers remorse. Have any of you guys terminated your lease before? I know it will probably be pretty expensive but im trying to figure out if it will be cheaper to pay the money to terminate or if I should just **** it up for 3 years?

What type of remorse is it? Payment is too high with the lease? Did you negotiate the price of the car? You should always try to talk them down on the selling price even on a lease. You can try the swap lease option on some sites but you'll still take some type of financial hit somewhere. There is an agreement like any loan. I've leased my last 5 cars and it's worked out very well. Someone posted it's a financial gimmick. It's actually not if you are the correct person to lease. It's beneficial because you have the whole warranty during the lease or maybe almost all of it. You get a new car every three year. You also don't have to worry about selling the car later on. You can either turn the car into Honda or buy it. There are misconceptions about owing money for wear and tear and yes this could be true but Honda is not bad with leasing. If you are worried about leasing because it's new and not financial then just enjoy the car and make your payments. If you can't afford it they try a lease swap because that's going to be not as ugly as contacting Honda Financial or a Honda dealer to see if they can get you out of it. Yeah, they can get you out of it but the numbers will not look good. Good luck with whatever you decide.

 

[Mick the Quick]

I took out my lease agreement with Honda Financial and reviewed it for you (I am assuming that Honda is your lessor, as opposed to another financial institution). Towards the very bottom of the backside, it states that the lease is non-assignable which means you cannot transfer the lease to anyone without Honda's permission. It is my understanding that Honda normally would not give such a permission.

In fact, as I was finalizing my lease, I asked the finance manager if I could transfer the lease to my wife's name at some point in future and he said that Honda would not allow that even if I remain as a guarantor of some sort. So, transferring to a stranger would most likely be out of question.

Companies like Swapalease deal with only leases that are transferrable by their terms. For example, a BMW lease would spell out the exact penalty and process you need to follow for a transfer.

So, in summary, you can call Honda and try to work out a buyout, but I think they'd just tell you to surrender the car and pay the entire amounts due, or exercise your purchase option and then sell the car. But it can't hurt to give them a call and just see what they say. If you impress upon them that you are in a dire financial situation, maybe they would be willing to work with you to protect the residual value of the car. Good luck and let us know how that goes.

Mick

 

[Mick the Quick]

Not to be overly harsh, but IMHO you sound like another idiot who should have bought a used Kia than any Honda.

"Not to be overly harsh"? Isn't that kinda like saying to someone you don't know, "Nothing personal, but your wife looks like an English Bulldog."

OP hasn't said that he is having a buyers' remorse regarding the payments so suggesting that he should've bought a cheaper car is not necessarily on point.

Mick

 

[HondaGuy2]

If you want to terminate the lease, Honda Finance Corp (or whatever bank you went through) will ask you to fork over the total of your remaining payments which includes the full amount of interest and taxes for the full 3 years. You do not get a break on the payoff because you are paying it off early.

If you insist on dumping the car, you would be better off trading it in. Sure you would take a hit of $4,000-$6,000 however that would be far cheaper than cutting a check for the rest of your lease payments.

 

[hondaguy2582]

Keep it for the duration of the lease, then buy something else.

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[Flyboy]

The financial pain of getting out of the lease will make your buyer's remorse feel good. :thumbsdow