This explains a lot. A regular dealer cannot buy it at RV so there was presumably no equity and so it was just grounded. Lessee remained liable for excess miles, excess W&T, etc.
Also does not generate any HFS loyalty since HFS has nothing to do with USB.
Based on the info in the contract posted, their RV appears to be $26,778.15. If OP wanted to get rid of the minivan, their only option is to buyout the lease (RV + [$699.23 x remaining months]), and then sell it. However, that might not be the best option at the moment. HFS does not allow lease transfers, so OP is stuck with this car for the next 3 years.
Why canât I buy it out
You can buy it out, but it is going to cost you ($26,778.15 + [$699.23 x 33* months]) = $49,852.74. Thatâs before any taxes and fees.
*I am assuming the dealer has paid the first 3 lease payments on a 36 month lease.
Is there something unique about HFS? I paid off my BMWFS lease several weeks early, and the payoff amount excluded unearned rent charges.
You could be right about excluding the rent charge. However, since OP does not yet have a HFS account, they canât just log in and check.
Whether or not the unearned rent charges are netted out of the payoff on an early buyout is a broader concept, though. The question is answerable outside of the context of this thread or OPâs deal.
The facts are now clear that the deal is posted. I think everyone in this thread needs to clearly understand that the previous car is not on this contract. His âtradeâ is completely irrelevant and discussing it would be useless at this point.
In other words: OP bought a new Honda Odyssey sport for $49k before taxes and fees. The end.
@Mark26 - Do you have any outstanding questions folks can answer or help you with?
It wasnât a trade with the dealer, the broker offered a price on a new odyssey lease, and he offered to take my old lease
Currently no
What he said was that the broker took the car on your behalf, but did not apply any presumed equity in the old car to the new contract. Based on the fact this is a USBank lease, it appears he grounded it (Returned it to the lessor) for you as a courtesy, and did not physically purchase the car himself for resale. As such, the old car, in this scenario, is completely irrelevant to the new lease. It makes no difference whatsoever, outside of the fact that you no longer are responsible for making payments on it. There was no other financial advantage to you, you did not gain any Honda loyalty since this was a 3rd party lease and not one through Honda directly, and gained no special deal on the new vehicle for returning a lease early.
I suppose itâs possible he grounded it, THEN purchased it from USBank for a predetermined dollar figure to avoid USBank having to send it to auction. At any rate, you gained nothing from this transaction either, and were still bound by the original terms of the leasing contract as if you simply returned it to USBank yourself (over mile charges, excessive damage charges, if applicable, disposition fees, etcâŚ).
It seems like you are either extremely naĂŻve on how leasing works, or are looking for an answer that helps your cause, which you arenât going to find. At the end of the day, you overpaid for a new lease on an Odyssey, and should really educate yourself on leasing in the future so you are prepared BEFORE you go into a new one, and not after.
I couldnât imagine a way in which re-opening this topic would help the OP in any way. But this post alone should offer him some relief. He didnât get completely screwed on his old Honda because there was no equity there
The broker DID BUY it from US bank and there was plenty of equity in it
Which broker was this?
Yes, I think itâs worrying that a broker would prey on someone who didnât know what they were doing.
These Brooklyn brokers⌠They are the best lol
Whether he did or not is irrelevant at this point. If he did buy it from US Bank, he did so AFTER the transaction with you was completed. You gained absolutely nothing out of the presumed equity in the car, per the contract you posted. He treated it as a separate transaction and bought it from USBank AFTER he closed it out on your behalf as if you dropped it off and handed them the keys.
Iâm walkinâ ova herrre
What makes this whole disaster even worse is that the OP presumably did not need a new Odyssey and could have bought out his old Odyssey and saved a ton of money. Hondas (and Toyotas) are generally the best cars to own long term since they have high reliability and low general maintenance costs.
