Hi Guys,
Have a honda leased vehicle currently and thinking about doing a buyout/payoff to take advantage of the equity … Have done this before in my state on another vehicle from a different brand etc and the whole turnaround process is quite slow at 8-10 weeks. Was wondering if I can simply go to a honda dealer and have them do the buy-out directly from Honda Financial and then cut me a check for my equity (the difference between the dealer payout and the “trade-in”/Purchase price dealer initially offered when they thought I have the title myself) - This would obviously save me much hassle and the initial cash outlay to buy car myself etc… does that seem reasonable and possible? Should I expect dealer to want to charge me a fee or commission on such a transaction - if so what amount? Any comments or tips would be much appreciated!
You can sell your car to any Honda or Acura dealer. No dealer will charge you a fee or a commission. Just make sure you have an idea how much your equity check should be.
Also check Rodo… I understand they may be able to buy Honda leases.
Just so people don’t get confused, Rodo may be able to act as a go between for you and a Honda dealer to facilitate the buy out.
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Thanks for that info… I assume the equity check would simply be the difference between the dealer’s payoff and the price they offered me (online) … am I missing something?
Seems many folks have had negative experiences w Rodo so would prefer to avoid them … but thanks.
I’m usually one that’s very outspoken against Rodo, as I’ve had numerous poor experiences trying to lease from them. Thus far, all of the sales experiences to them I have seen have been positive though, so they’re worth exploring, I’d just be warned that the other shoe may fall at any time.
I will give them a chance in a few months when I’m selling my lease to see if they can make it happen, but I’ll definitely be on guard while doing so.
I also have a Honda lease with a ton of equity and 6 payments left. Trying to figure out my options. Following to see what you decide to do.
Are you going to use the equity check to lease another car?
Would recommend against dumping the entirety of lease equity into a new lease. Even if you do trade in and new lease, you can still put minimal money down on the lease and pocket the rest of the trade in from the dealer.
Even though 3rd party buyouts are not allowed still a good idea to get estimates from Carmax, Shift, Vroom, etc. that you can show to a dealer to see how close they are willing to get to a match.
Also recommend looking at a few car buying places that buy out the lease in your name and front the money, give you the equity, and then have you transfer over the title once it clears. There is MyCarAuction in California, Arizona and Nevada, and there is another one I’ve seen on here in the New Jersey east coast area. Worth looking into.
Good luck!
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