In month 17/24 of a Honda Ridgline lease. Looking to return the truck early as I’m switching to a F150 Lightning. I’m sitting on about $2,000 of negative equity with $3,500 of remaining payments. Local dealer told me they could take the truck back at 6 months remaining, ground it, and I’d just have to pay disposition and not eat any negative equity. I’ve tried looking this up online and read through my lease docs and can’t find anything regarding a 6 month return. Anyone heard of anything like this?
My guess is they think it’s worth more than you do. How many quotes have you gotten?
That’s what I thought as well but their current appraisal was $2k below buyout which was right in line with other offers.
I’d call Honda financial
Does that buyout include tax?
Yes it does
You need to understand how buying a lease out/selling to a dealer works. Also what your actual costs are for the various options. Everything else will fall into place.
I was under the impression I knew how it worked until this one dealer said something that I had never heard or seen anywhere. Hence why I’m here.
Your payoff before tax is what is relevant in this situation.