Curious if anyone else has done a lease buyout with Honda? I have a close friend who has a CRV lease that ends next week. Her grandmother originally co-signed the lease for her. Grandma has since passed away and now her mother is offering to co-sign the lease buyout. Honda is telling her it has to be the same co-signer as it was on the lease. I’ve never heard of this rule before.
While I haven’t run into this situation, pretty sure if you email or send a copy of the death certificate it tends to get the point across to the lessor that what they are asking for isn’t going to happen.
Are you sure your friend needs a co-signer?
Yea her credit isn’t any good. But nevermind she just realized the car was in her grandmother’s name first and she was listed second. So that’s why she can’t buyout the lease.
Don’t both signers have equal rights and obligations?
I don’t know, they are telling her no. I told her to call a different dealer and see if they tell her the same thing. I’m wondering since they won’t allow her to buy the lease out, if they will still bill her for the lease turn-in fee?
Why are you calling dealers?
AHFC owns the car and that’s who the contractual purchase option is with.
Stop calling the dealers, sales people usually don’t know jack about the intricacies of FS policy. Trust me on that.
Call Honda financial directly instead. Yesterday.
Pretty sure we recently had this discussion on here and our resident badger @zaimer confirmed WI is similar to FL in that the buyout has to go through a dealer.
While it still seems like it would be in the best interest of AHFC and the dealer to figure out how to push this through I’m not sure how much effort I’d expend in pushing the Boulder uphill.
Update - I talked to my dad (former VW salesman) and he said as long as her name is on the lease she should be able to buy it out. She texted the dealer today and he was still telling her she can’t, but for some reason he was under the impression that she bought the car from a different dealer. So she sent him a screenshot and then he changed his tone. So she’s just going to buy it out, if it were me I’d go elsewhere and just get new car but her money situation isn’t great. The buyout is only $15k and her current payment is $556. I’ve never dealt with Honda before, my last 3 leases are BMW.
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Does WI have a rule that the buyout has to occur at the same dealership from which the car was leased?
If she needs to take out a loan, I think I’d rather give my $ to another dealership…
No and no. Bought my Toyota tundra leased through TFS through a loan with US Bank without any sort of dealer involvement. My mom also bought her Honda Passport that was leased through Honda Financial, without dealer involvement. The only bank that was a pain and forced dealership involvement was Ally, and that was because it was Ally, not because of WI.
Here is WI rules on consumer leasing, nothing about restrictions how to buy: https://docs.legis.wisconsin.gov/statutes/statutes/429/i/102
Not sure what Honda looks like for initiating a buyout, but yes, should just be contact Honda Financial. Go to a bank/credit union to get a loan vs the dealer.
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