Received a letter in the mail that the lease on a Honda Civic Coupe Sport was cancelled due to not being able to assign a financial institute. Lease is through Honda Financial, credit is Tier 1. Never received a call from the dealer. Contacted dealer and they mentioned they have nothing on their end and that they always send out these letters out by law. Currently attempting to contact Honda Financial to see if the loan is even valid. Currently have 2 weeks 3 days with the vehicle.
Will I still be able to take back the vehicle since I received this letter? Just left a bad experience and do not want to have repossession later on.
You should be good to go. However, if you were unhappy with this lease and wanted to get out of it, this letter is a legal way to do so in the next few days.
The dealership signed this letter and sent it to you…if you sign it, then it is a legally binding contract and they will have to unwind the deal.
I have actually used this letter (in the past) to get a family member out of a purchase where the dealer had really taken advantage of the buyer and sent this same exact letter.
Definitely unhappy with the entire lease process considering I’ve never had an issue with my Toyota lease before. Is this the contract that you have used in the past?
Yeah, It was a similar contract but looked a bit more professional! The gist of it was the same…so we just took it in to the dealer, had the buyer sign that document in front of finance - told them that this was now a legally binding contract (as both parties had signed) and had them unwind the deal.
By the way, the overall difference between what the broker quoted you vs what you paid is around ~1000-1500 over the life of the lease so might not be worth going thru the hassle (just my opinion).
When we had the family members’ deal unwound - the dealership had charged her $12k more than the going rate so it was worth it.
I got the same letter from a honda dealership when I purchased my Accord through honda finance. Couldn’t get any one at dealership to explain what happened and Honda Financial didn’t know why dealership sent letter.
It was clearly some sort of stupid normal course of business this dealership has. I was upset not because it was an issue to me but I have done some pro bono work helping non English speakers and these sort of things are heart attack inducers for people less well versed in car sales and our financial/legal system. And it’s much worse if the dealership can’t provide any explanation of what is happening.
I might have gone to dealership to unwind based on righteous indignation but I also have a life and a young child so had little desire to spend an entire day dealing with this BS conduct.
Thank you so much for your input! That’s definitely a reason to fight it considering the difference is so drastic. Well we managed to make the dealer budge because apparently it was approved through HFS but persistence paid off because I got the monthly payments to $239!
