Buy quote from HFS different from Contract

I have a 2019 Honda Civic Touring model. I am thinking of buying it as I end of lease is approaching on Jun 30 2022. Car was leased to me through Honda Financial Services(HFS). In the contract it is written:

PURCHASE OPTION AT END OF LEASE TERM. I have an option to purchase the Vehicle at the end of the Lease Term for $ 16,085.40 , plus any required taxes and fees.

When I login to my account on HFS, it gives me a quote of 17,780.02 with 2 downpayment pending ( 29 Apr and 29 May 2022). I don’t understand how they are quoting 17,780.02 instead of $ 16,085.40 which is in the contract. Can HFS quote what ever value they want?

They usually can send an itemized sheet. Probably includes some taxes/fees.

When I bought out my Honda lease in FL, the quote price also said “plus any required taxes and fees”, but the quoted price included sales tax.

In other states, sales tax gets paid to the dmv during title transfer, so it isn’t included and fits into the “plus any required taxes and fees” bucket.

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Does this mean HFS is quoting $ 16,085.40 + tax/fees(DMV or something else) = 17,780.02 ?

In HFS account it says once I send the check to buyout they will mail in the title which I need to get transferred to my name in NJ DMV. Is this different from above tax/fees?

Thank you!

Potentially. You’d want to try to get an itemized breakdown from them, but that’s how it was when I bought out my honda lease a few months ago.

You still owe two payments that adds to the buyout

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Thanks for the info.

  1. Did you call HFS to negotiate your price or you went the quote? I am unable to get any representative on the call ( 30-45 min wait ). I am making sure that I am not getting scammed and paying extra than whats mentioned in my contract.

  2. Did you pay it all online or sent a check. I heard going to dealer for this is a bad idea.

  3. For NJ DMV , I would have to pay for the title transfer and get that done myself?

Thank you

Did you mean 17,780.02 includes my two payments of $330?

Another thing I noticed is if I select the buyout date(say May 6ht) after my next payment(APR 29th) the new buyout price shows 17,796.02. Increase by $16.

Because you haven’t made that payment yet. Make it and the buyout should decrease.

There’s no negotiation to be had. The price is what it is.

I paid it all online.

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Must be the interest. Your principal balance (buyout price) goes down with each payment minus the interest

Thank you so much. Just to summarize:

  1. HFS quoted a right amount: 17,780.02 , which also includes NJ sales tax?

  2. I would have to to title transfer and registration once HFS sends me the title

  3. I don’t need to pay any other sales tax at DMV

Is this correct assumption?

Your payoff isn’t listed as a line by line invoice? Dang Honda is lazy.

Most likely, but you should clarify with hfs.

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Don’t make assumptions and then ask strangers on the internet to validate them.

Unless you have written proof of sales tax payment (at the minimum, a line item on your HFS buyout paperwork), the DMV will ask you to pay sales tax. Again.

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Thank you. I will sure confirm that when I am able to reach someone in HFS to talk. 35-45 min wait time with no callback option from them is frustrating. No emails communications too.

Quick question - HFS says after payment I will be mailed the title and I need get it transferred to my name at DMV. Is there a time line by which I need to do that [ If I need to expedite it then I need to send them an overnight Fedex return mail. They would probably sending it on a normal USPS mail ]. So trying understand how soon it has to happen after purchase and can I wait for the 2-3 weeks to do it.

It took them a good 3-4 weeks to send me the title. I went and took care of it after it showed up.


Same here, my title showed up 4 weeks after payoff.

I did a 1 month early lease buyout and was quoted the correct amount: RV + 1 month.

Dealt only with HFS - do NOT EVER deal with a dealer - they will take you to the cleaners…

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Thank you for sharing the info.

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@4sallypat @mllcb42 I got the certificate of title recently and I am going to DMV to transfer the ownership. Based on this instruction on NJ DMV for transfer of ownership- NJ MVC | Transferring Vehicle Ownership , it says in first line -

The Seller must:

Does that mean I need to remove the plate when doing this title transfer? If you had gone through this already could you please share what I would need for title transfer?

Thank you

In FL, which appears to have similar treatment of plates, i removed the plates when i boight out the lease and the dmv issued new plates, as they treat lease and purchases differently. I dont know how NJ does it.

If youre selling the vehicle to someone, youd remove the plates before handing off the vehicle.