If you don’t have equity you will have to cover the difference
Is it a 2015 or 2016 Civic?
No, he doesn’t have to buy it then sell it. He can just sell the car and take the positive/negative equity. That’s a huge inconvenience to payoff the car.
Certainly, if they can offer him a good price for it and depending on how much.
@BoardWalkNJ it is a 2016. We have approximately 6-7 payments left on a 36 moth lease but are already at mileage limit (300
over-I was wrong in my original post). We have been contacted numerous times by the dealer who leased us the car about getting into a new car. He’s one of the folks we are thinking about contacting.
This is just a marketing ploy to sell you a new car. Any remaining payments will be rolled into your new lease
@BoardWalkNJ @Haufinator @joeblogs @tqpolo @jmg @max_g and anyone else who has been so kind to answer my questions 
: ourequity is about even if you don’t count the remaining 6-7 payments. According to Carmax appraisal, we are about $600 short if you don’t include payments left on the car. According to Carvana appraisal tool we have approximately two hundred in equity if we don’t include remaining lease payments. We are looking to get back into a lease with Honda AND we are already 300 over mileage limit with the lease end in May.
A. Does driving the car until we’re closer to the lease termination date, adding mileage over our limit and wear and tear but shaving off months of payments to get closer to equity, make sense?
B. I’ve heard that dealers always forgive miles if you’re leasing back into one of their cars. I’ve also heard driving miles over, to get closer to the date, might not affect the car’s value enormously. Are these true in your experience?
C. If I do go in to negotiate this lease tomorrow (which is our plan because we are already over on miles), any chance Honda will forgive our remaining payments since we are going back into a lease with them? Or will they always make us pay out the remainder of the lease? Is there any tactic you can think of to use on a situation like the one above.
Thanks to all for your wisdom and advice. My wife and I have made bad deals on past leases and want to get it as right as we can. Thank you.
Aaron
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Honda gives you more because they can sell it as a certified used car. Go to a Honda dealer, they will take it as an even trade. I’ve done that about 4 times already. I’ve never kept a lease more than 1.5 years, our sale price is so low that we have equity after a year of leasing it
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I’m in a similar situation. The lease on my 2016 Honda Accord sport expires 10/24/2018. I’m about 10k over mileage which comes out to $1.5k in excess mileage fees. I also have some damage to my right fender from trying to change a flat tire in a storm.
I had SGS, Honda’s 3rd party lease inspection company, come to my job yesterday and provide me an inspection report. The damage to fender came out to about $300 and a cracked windshield of $400. Honda has 1k forgiveness if you lease with them again. Which I might do. I called the lease end specialist and they waived basically half my excess mileage charges and told me to negotiate the rest with the dealer.
The remaining payments are figured into the payoff, if the car is paid off you don’t have any payments left. The value of the car isn’t going to go up if you wait, sounds like you have a little equity or are at break even. As suggested you might want to get an appraisal at a Honda dealer. To avoid them trying to sell you a car just ask for the used car manager and tell him you’d like an appraisal, this may or may not be easy. You might want to call first to avoid getting the the run around, just explain what you’re trying to do.
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Whenever I turn in a car to Honda and get another one, then never inspect it. That happened every time, the walk out and just got the mileage. I had a scrape on the front fender and they didn’t even care. Definitely the easiest car return out of any dealership
@jmg @Haufinator @joeblogs yeah. Payoff (which included 7 months worth of payments) is around 14.5k and appraisals are coming in at about a 500 loss to 200 in equity ONLY AFTER you deduct the amount of seven monthly payments. I just don’t like the idea of paying for two cars for seven months, but I don’t want to keep the car until or nearer to the lease end and go over on mileage (as I said, I am 300 miles over as we speak with seven months to go) and have the car further depreciate in value and then be more at the dealer’s mercy.
I’m confused, the payoff is $14500, what are the offers for the car? Your deducting stuff is confusing
Are your appraisals coming from Honda dealers? They will be higher because they can sell it as a HONDA certified used car.
@joeblogs @Haufinator @jmg apologies for the confusion. my payoff is 14.8k. Carmax appraisal came in at 12k and Carvana appraisal came in at 13.6k. Payments are $293/month for about 7 more months so that is, of course, part of the payoff amount. So perhaps that clarifies the question about waiting closer to the end of the lease and accumulating more mileage over instead of having seven payments distributed over the 36 months. We are going to be getting into a new Honda for sure. Thanks. Apologies again for causing confusion.
Sounds like you’re double counting your remaining payments
Try vroom too. Since you’re already over miles and you won’t pay a disposition fee, just get the highest number you can then ditch that car and get a new lease. Setup the next lease with enough miles. Not sure why you want another Honda, they don’t lease all that well. If you do want another one seems like the Accord with the 1.5 is your best bet. Not sure what your tire situation is, but that might be another expense to consider. Oh and $293/mo on a Civic is not good.