Ready for the truth!
I have a 2018 Honda Civic Ex trim. My lease is up Nov. 15th this year. I see people are making profits from a buyout&resell or keeping their lease with the market being hot at this time. I would keep the car however my needs have changes I really want to stay with Honda but with AWD for mountains trips during the winter.
Deal with Honda 2022 HR V lease Ex trim in black in NJ
36 months & 10k miles/yr.
amount due @ signing : $2820
monthly due: $320 + 35 service bundle (should I?)
Net pay off on trade in: $13672.65
*side note: they offered a Silver one with nearly 350miles for $300/ mo. but I refused for a black one
How did I do? The vehicle in transit so I don’t have it yet. will upload more contract details once complete!
Posting a calculator of the deal (which include MSRP) might be helpful in evaluating the deal.
What is the service deal?
Have you done a search to see what other recent HR-V deals look like (including from any brokers in your geographic area)?
Does this include turning your current civic back in?
yes the civic will be turned in
So step one here needs to be quantifying how much equity is in that new civic that’s getting gobbled up in this offer.
The balance that was owed which would of been my buyout minus the taxes is 13762.55
would that be its equity?
No, you need to sort out how much higher than the buyout they’d be willing to buy it for/how much you could sell it elsewhere for. Start by getting a purchase quote from carvana for it, and just say that you own it. They can’t buy it out directly, but it’ll give you a data point to start comparing.
Carmax max values it $23,900 and Caravan would purchase for $16,197.
Alright, so if your buyout is $13700 and carmax will do $23900, you’re talking about $10k worth of equity here. That makes your HR-V lease $320/mo with $13000 das effectively by just giving them the car.
$1795 acqusition fee?!?!? Who is this lease through?
Ridiculous fees, gobbled up $10000 in equity, BS add ons…
You’ve got the trifecta here.
Your total lease cost, with that equity included, is $25000… to lease a $27500 car for 39 months.
Why did you end up signing such a terrible deal? Too late to unwind it, but it does not appear you listened to any of the advice provided regarding the equity in the Civic.
yeah I still have a lot to learn
thank you for your time
like the dealer? or leasing company?
I’m sorry, but you were given all the advice you needed to collect $10,000. How did you just ignore that?
The dealership literally gave you nothing for your current vehicle. They were going to turn around and sell it for a 10k profit.
So what happened to Carmax’s offer?
You asked questions before signing, and were given answers.
When exactly is this “learning” supposed to occur?
This is not a lease contract. This is typical Purchase order. You can still run away from this terrible deal, even if You paid $500 deposit. Did You pick up new car?
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