Leased a 2019 Honda Civic Sport in July 2019. Lease coming to an end this July. Los Angeles, California.
Current Payoff: $14,900
RV at maturity: $13,772
Current offers via various online quotes: $20k-$22k.
Willing to keep car if financially makes sense. I like it fine and don’t really need a new one as it has low mileage and I don’t drive much as it is. Car does have about $1k in cosmetic repairs I could make to slightly increase offers. Not sure if worth it.
So options:
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Buy the car now and keep the car. I’ll have to finance as I don’t have $15k liquid to drop on it. I understand Honda does not sell leased vehicles to anybody buy lessee and Honda dealerships. Would I have to finance through Honda and then refinance through a better lender such as PenFed? Are there lenders out there who will just send me a check that would essentially reimburse me for the $15k I’d drop if I choose to forgo HFS? I have 780 credit score so good rates shouldn’t be an issue.
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Buy car at maturity. Same as above but was considering buying now as I’ve heard rates will be increasing this year.
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Buy car, sell car. Find new car to either lease or finance. Not sure of implications for this one. I know sales tax would apply unless I act fast. I know car market is inflated right now so finding a new car could wipe out my equity.
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Extend lease. Have seen people recommending this route. Could somebody explain why this would be a good idea?
Any advice on what would make the most sense financially is appreciated or if I’ve missed any other options. I can give other lease information if necessary. Thank you!