Hi. I am in CA.
My lease ends mid next year,
I have asked for a lease extension, but I want to know how I should start shopping around for trade-in deals for new vehicles. I am looking for a 7 seater for the wife/kids atm.
I have the cash to buy out the car, do I do that and then start shopping the car around or do I start to look for dealers who can take the lease from me and either get me into a new lease or a check?
There aren’t a ton of good lease deals on 7-seaters.
If the MDX is a good buy payoff relative to market value, why not just buy it and keep it?
Can you sell HMF leases to anyone? Get some quotes from the big online shop, maybe a couple local dealers.
Re 7 seaters: i think the CX90 is the best route for a lease right now if I’m not mistaken? That said if you dont mind the MDX might be worth buying it out and just using it instead
There are quite a few discussions about this.
If there’s no equity in your vehicle (i.e., it’s worth less than your payoff), then you should probably return the vehicle at lease end.
If you suspect there is equity, then you could try selling it to a Honda or Acura dealer, or Equityhackr, and get paid for that equity. Unfortunately Honda/Acura Financial Services does not allow third-party buyouts, so you wouldn’t be able to sell it to Carvana for example.
You could also try buying out the lease and selling it yourself (e.g., to a private party or a third-party buyer) if you think you can get more money that way, but you would take on a lot of risk given fluctuating car prices, title delays, etc. You would also have to pay sales tax on the lease buyout, unless you’re in CA and manage to sell it within 10 days of buying it out.
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