Honda Odyssey Sport Swap Lease trade

[Justlooking]

Serious question, OP, do you not need the vehicle ? Or are you trying to get out of it because you think you made a bad deal?

[Bluemkn57cars]

OP has it listed in the Private Transfers section, but it does not look like HFS allows lease transfers.

[Lvs23]

Ok. I’m out of for now. I need a Costco size bucket here.

[Justlooking]

That part I know. But who cares if the lease was a good or bad deal. Why get rid of the minivan so soon? Take it as a lesson learned and just move on.

Or maybe circumstances changed and he really doesn’t need the van

[mp11477]

@Justlooking

Why get rid of the minivan so soon?

Maybe it finally sunk in after 140 posts of people telling him he got fleeced that he, indeed, got fleeced.

[TypeSH]

@trism

Whether or not the unearned rent charges are netted out of the payoff on an early buyout is a broader concept, though

To my knowledge HFS does credit this back as most captives do.

[TypeSH]

@TypeSH

You’re paying $27k+ over 3 years PLUS your equity. I would have paid the $22k+tax to fully own the 2019 EX

I wish there was any further advice I could give for the OP.

All we can do is have this serve as advice or a lesson for anyone considering a new car. Sometimes better to buyout your existing vehicle in this market.

[Mark26]

Appreciate all the feedback and help, I would sell it since I will be loosing out on lots of money by keeping it

[Lvs23]

Have you fully evaluated that path?

• How much will you lose by selling since the buyer won’t pay what you paid - you will eat the difference.
• What is the next car? How much is that going to cost you?

Play out that scenario here and see what people think BEFORE doing anything.

[TypeSH]

@Mark26

would sell it since I will be loosing out on lots of money by keeping it

Here’s the feedback or advice I can give you: the loss is already locked in. Whatever cap cost that was agreed to is what it is. If you’re already underwater on the van, there’s magic bullet here. If you’re not underwater, whatever you put in (equity, down payment, drive offs) is a write off at this point.

Unless it’s truly an issue of you can’t afford the $699/mo. In they case you gotta do what you gotta do, but you’ll have to step down considerably to get a much lower payment with no drive offs. And you may also need to account for some cash out of pocket just to get out of the Odyssey at this point.

[Mark26]

It looks like just to keep it that’s what I’m hearing overall

[drdvrgs]

Just light it on fire

Thisisnotlegaladvice.

[Lvs23]

I had one of those “deer avoidance tests” in real life… car was totaled… if there is a lack of snowy ramp.

Thisisnotlegaladvice

[Bluemkn57cars]

@Mark26

It looks like just to keep it that’s what I’m hearing overall

You do not have any other options.

[jeisensc]

@Lvs23

Have you fully evaluated that path?

• How much will you lose by selling since the buyer won’t pay what you paid - you will eat the difference.
• What is the next car? How much is that going to cost you?

In PM with OP I also brought up the taxes, and suggested they do ALL THE MATH before making any moves. IIRC NY taxes lease payment upfront (so all the tax on all the payments are front-loaded) AND taxes the buyout. I haven’t lived there in over 20 years so I might mis-remember one or the other, but that’s not insignificant in this either.

[Lvs23]

@jeisensc

IIRC NY taxes lease payment upfront (so all the tax on all the payments are front-loaded) AND taxes the buyout.

Still true. We even had a discussion here on the forum about that about a year or so ago.

[Bluemkn57cars]

@jeisensc

In PM with OP

Also in a PM to OP yesterday after I initially closed the thread, I pretty much told them they were stuck with the car. We are now at 150+ replies and counting.

I get it that OP wants out of the deal/car, but they were advised not to take this deal. I get it that they can’t go back in time, but OP would have been better off buying out their 2019 Odyssey and keeping it until the market cooled off.

I’m out.

[ilpapa]

look man i’m not trying to dog pile you with this, but i still can’t understand what the hell you were doing here. you just walked in and tossed him the keys and said here its all yours? what was the thinking here?

@mp11477

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.

i’m curious @Mark26 is there paperwork from this? maybe as a hail mary you could try to file a complaint with the state AG about the whole contract deal and say it shady/misleading/fraud/etc… in an attempt to unwind it?

[Carfuffle]

@ilpapa

i still can’t understand what the hell you were doing here. you just walked in and tossed him the keys and said here its all yours? what was the thinking here?

Until the past year and a half or so, thats what everyone did when their leases ended. There was no equity in 99% of lease returns, why would anyone think twice about returning it. If you aren’t familiar with the used car market, there wouldn’t be any reason to think this lease return was different now from previous returns.

[Carfuffle]

@ilpapa

i’m curious @Mark26 is there paperwork from this? maybe as a hail mary you could try to file a complaint with the state AG about the whole contract deal and say it shady/misleading/fraud/etc… in an attempt to unwind it?

I don’t think there’s anything fraudulent here. There’s no requirement for a broker to tell a customer that he should buy out his lease instead of get a new car.
The dealer did nothing wrong other than charge over MSRP, which every dealer is doing, no matter how much you hate it. Well, that is besides for the whole contract botching.