My 36 month 12k Accord lease ends in a couple months I haven’t decided what I want to lease next. I’d like to get into a mid-size SUV/CUV but seems deals are hard to come by. So I’m thinking of extending on a monthly basis while I figure this out. I’m wondering if that’s a good idea.
If you are happy with your current lease, don’t have any mileage issues, and won’t be fined for doing this…i don’t see a reason why not to do it. Check with your leasing company to make sure they allow this. I was going to do the same until the end of the month came and dealers were getting agressive.
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I extended the lease on 3 of my Honda’s for up to 6 months on a month to month basis. I highly recommend it if you got a good deal or there is no better alternative at the moment. You should be able to do it online through Honda Financial or you could always give them a call.
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Do you generally get a corresponding bump in allowable mileage (same per month as you were getting) or does the mileage limit remain as originally agreed?
I’m pretty sure they pro-rated the mileage, but I’d double check just to confirm. I never get anywhere close to my max so it wasn’t a concern of mine.
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My gf has been extending her civic for the past 3 months and HFS has given her the corresponding mileage bump each month which is nice. Though they preface the lease extension by saying the warranty is up and its extra to extend it
Did not want to open a new thread, so I just post it here. When I make my monthly payment, my buyout obviously goes down by that payment. If I extend for another couple of months and then decide to buy the car, would my buyout go below the residual or it will still stay at residual plus tax?
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So I confirmed that I could extend my lease up to 6 months for the same payment/additional 1000 miles per month, which also lowers the residual. In NY, we paid tax upfront on the total sum of the lease, and I won’t be paying anything extra when I extend the lease. If I decide to buy the vehicle in 6 months, does this mean I am getting a tax free, interest free loan for the duration?
Don’t forget that you’ll have to pay registration fees that I don’t think can be prorated.
I have a family member with a 16 MDX Tech AWD and the 18 is almost the same and the old lease is cheaper than a new one. When they called Acura wants 96 more per month due to a lower residual did your payment go up a good amount too? Original was 530/ month 36/ 10K. The lease they have ends in May.
I am now extending on a monthly basis I can extend up to 12 months. My payment didn’t increase and my mileage allowance is the same 1K. However I’m in NY so I have to pay tax on the monthly lease payment.
They are in NY too which is odd. Maybe your residual was better than the MDX?
I haven’t done it yet, still have about a month to go. However, they said the payment will remain the same. The only way to know for sure is to make the final payment and call them up for new paperwork.
my lease expires in 3 months, almost out of miles.
when do you recommend calling them (Acura Financial Services) about a possible lease extension.
location: NY
Why not just call them and ask yourself?
I have a Durango and my lease was up this month. Leased through USBANK, they gave me 2 month extension. Not sure if they would have given me more. I was 1k over miles but I assume that the extension gives me extra 1k miles each month. Still hoping I can get a better lease for a 3 row SUV. Maybe the Palisade will be available in July and hopefully not selling for retail
I’ve never done it mainly because you are essentially paying “new car” payments on a three year old car. Plus you have to pay the registration. And warranties often end at 36 months. Plus your tires/brakes may need to be replaced during that extra time.
This isn’t a big deal in some states. I pay a yearly registration of less than 50 bucks, and can transfer my plate to a new car for a few bucks more.
Hi,
I finally did that. So its same as those before me, I pay the monthly charges with the pro rated mileage. Taxes has to be paid upfront.
Car: 2016 Acura TLX v6 base, Original Terms: 10k/36months
Lease Extension details if any one is curious, AFS, up to 2 times and maximum of 12 months.
Q1: maintenance, so lets say if breaks wear out/tires, I’m guessing its on me to replace those?
anything else to watch out for such as things breaking down (won’t the car have manufacture warranty)?
the lease extension seems like a good temporary relief to give myself more time before committing to next car.
I would basically be paying my month charge ($245) + tax ($21.13) = 266.13
mileage = 833 miles per month (it was 10k miles per year)
any opinion/experience/warning would be appreciated.
I checked online (http://m.acura.com/owners/2016/TLX/Warranties) the car seems to have 4/50k warranty and 6year 70k miles power train warranty.
So does that mean if I extend my lease (1-12 months) I’m covered by warranty (outside of tires/brakes maintenance)