Hi all, I’ve been lurking here for a while but this is my first serious post. I’ve searched around but nothing matched my specific dilemma. I traded my 2016 Accord in to a Mazda dealership. My lease on the accord isn’t up yet but my payoff and trade value were a wash. I call Honda and get a payoff quote, the Mazda dealership is getting a payoff quote that is $350 higher (equivalent to the turn-in fee).
The lease contract states that if I don’t purchase the vehicle I owe the $350 fee. No question there. My question, and the question that I went back and forth with Honda Finance on is the fact that the vehicle is being purchased. It shouldn’t matter whether I pay out of my own pocket, get a loan from a bank, loan from uncle Joe, or have the dealership pay the car off on my behalf. After all, that is what we do when we sign a power of attorney.
My other argument with Honda against this fee is that the lease contract is between Honda and myself. NOBODY else can purchase this vehicle without my consent and agreement since they are a third party to the contract. So if the vehicle is being purchased there should be no turn-in fee period. Unfortunately, the supervisor I spoke to at Honda just hung onto the fact that I wasn’t paying for the vehicle with my money.
What do you guys think or what has been your experience?