Newish to leasing. My wife has been leasing for the last two cars with GM, it’s new to me with Honda Financial. We picked up a 2017 Honda CRV with 15k miles 39 months back in March 2017 and now I am looking to get into a less expensive car. Right now payments are $445 a month with a 27k buyout, I did not put any down on the lease. I did roll a former loan into the lease as well during my trade in, Scion with 3k remaining.
I did some research and found this site by accident which has been super helpful far, I put in an offer with Vroom and called Swapalease. Unfortunately they do not work with Honda Financial but the sales rep offered to list my vehicle for the 27k plus 1k for fees. However it would cost me $200 to list…I can’t find any legit reviews on that.
I am not desperate to get out of the lease, however I would like to find a less expensive vehicle. Right now it has about 21k miles on it.
It seems as if selling the car on Swapalease seems to be the best bet if someone bites and buys it, they would handle the paperwork with my leasing company. Vroom only offered 20k.
Any ideas or should I just eat the cost for the next year and try again? The value on these CRVs seem to be holding so another year I would be closer to 21k for my payout.
Don’t spend money putting up a for-sale ad on SAL.
You should call Honda Financial and see what your sale options are. Can a private party buy it (ie will Honda send them the title without your having to buy/title it first and therefore pay tax/DMV)?
Otherwise your only real options are dealers like Carmax, Carvana, Vroom, Honda dealers etc. or just keep it til lease end.
I will give them a call and see what options could be offered to me. Honda will most likely not send the title before the payment is accepted, the issue with that is a person would be paying 27k for a vehicle with no tags/title until Honda Financial approves it.
Carmax would only give me 16-19k and leaves me with a deficit of 7-9k. Carvana is same, waiting on Vroom still, might check the Honda dealership to see what we could do.
you can get an autonation quote online too. also call Honda financial and hit the option saying your a dealer because the dealer buyout was about 1k cheaper for some reason when my bil did it and it doesn’t have to be a Honda dealership
But the big issue is that you owe 27k on a car that KBB has a new fair purchase price of 32.5k (I’m assuming you have a top trim touring model). KBB fair purchase price isn’t near the lowest a dealer can go and still make money. As such, no used car dealer can give you 27 for it since then they would need to sell it for 29k-31k to make it worthwhile and that is basically the cost of a new CRV touring model.
So you need to ride this one out. Honda’s normally end up with equity towards the end of leases due to consevative residuals. But with 3k negative rolled in your best bet is gonna be to drive this car for 39 months then turn it in, start fresh, and do better on your next lease.
When I had a 2014 Honda Pilot which I hated the drive (FWD) on a 36 month lease, I got out of it 12 months early by selling it to the local dealer.
I got exactly what the lease payoff was and walked away.
Then I started into another crossover lease that I wanted which was AWD.
