Hi All! Glad to finally have the opportunity to post on here for the first time.
I want to help my sister out with this lease. Haven’t even began negotiation yet but the dealer gave her this quote on the car she wants. I just want to get some suggestions on what I should aim for from here, seems pretty far off from what I can see. Thanks for your advice!
Forgot to mention she is returning her current Honda Accord leased vehicle to the dealership ! (which was in an accident affecting the trade in apparently)
Seems ugly as it’s effectively $730/month. She’s rolling $4.2k which is over $100 a month but honda leases tend to suck anyway. She’s obviously terminating her lease early by trading it in, which is not the best idea because it has so much negative equity. She should ride it out but if shes gonna go through with it she should look into the MDX, Palisade, Explorer or Highlander as I have seen some pretty decent deals posted.
Ride out the current lease and then walk away with 0 negative
Dealer mentioned that there is actually no penalty for terminating the lease early, they are saying -$4k is actually because the vehicle was in an accident where the airbag deployed so it can no longer be sold by Honda.
No penalty to terminate the lease early, but you are still responsible for all remaining payments and any lease-end fees.
The $4k is either the balance of all the remaining lease payments or they’re buying out the lease and that’s the negative equity. There isn’t a “the car got in an accident” fee.
Maybe in the contract, but that’s just speculation.
Chances are that it not be a good idea to buy out the lease with the accident, as I could only imagine it took out all possible equity (not saying that there was any to begin with). I would calculate how much it would be to terminate your lease. Don’t rely on the dealer to do that.
If you really need a new car, I would say do some more shopping and find something that is heavily discounted. A Honda Pilot Elite may not be the best option in this case, as it is a high trim level of an in-demand car. If it runs fine, then probably just keep it until the end of the lease period.
Doesn’t matter how they try to spin it to you.
Bottom line is, you can finish the lease and walk away with 0 negative. Zero. Nada. Zilch.
