Honda Civic 2018 lease buyout - California

Ask the Hackrs Buy/Finance
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1

Hi, Hackers! My 42 months passed and I’m facing the dilemma of buying out or returning my Civic

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Dealer buyout quote attached. Main questions:

  • does the tax amount looks normal? For whatever reason they’re not sending me the breakdown on taxes and it just seemed fishy
  • vehicle service contract - it’s I assume the extended warranty until 80 000 miles, does this sound right or should I shop around and try to negotiate this down

My score is 805 so even the APR of 4% seem to be questionable. Would highly appreciate any California buyout tips. My maturity day is in 10 days.

2

They are definitely adding a $2,500 extended warranty. You should not take that. You also don’t need to work through a dealer and instead should be working directly with Honda finance on the buyout.

Just get third party financing. But you can 2% on a 36 month loan.

3

Get a loan from a credit union. 3.99%, 2500 service contract, dealer fee? Lol. Skip the extended warranty and contract, if you do want it shop prices, 2500 on a 13k Honda is kind of stupid.

PenFed is doing 2.59 per 60 months on a used car. I’m sure you can find comparable. I’d suggest going to your local credit union or banks website to find rates.

4

There’s no reason the dealer even needs to be involved in this transaction.

5

DCU was 1.99% up to 65 months last time I checked, and 1.49% with direct deposit of a paycheck.

Another .25% off for fuel efficient vehicles

6

Even better. Plainly sucks seven ways to Sunday.

7

Thank you everyone for responses, feels nice to be surrounded by someone who is not trying to rip you off.

Sorry for stupid question, what should be the next step for example, with DCU?

Do I just give them a call, provide my VIN and go from there? Does my dealer who I leased the car from need to do/sign anything?

8

Just get a hold of DCU and let them know that you want a loan for your remaining lease balance.

You don’t have to talk to the dealership at all, the car is currently owned by the lease bank, not the dealer that you got it from

1 Like
9

Call Honda finance and tell them you want to buy it out. They’ll give you all info needed to finance. Should be less than 2% APR with your credit score. No dealer involvement or service contracts needed