I have two months left on my lease and was thinking of taking advantage of the Honda Vehicle Exchange program. According to the flyer I will be offered above market value for my current vehicle and will receive a same or lower monthly payment on the new car. Any experience with this program?
is this flier from a dealership? I dont think that is an official Honda program. If it is a dealership program then they are just blowing smoke. If you have negative equity they will just roll it into the new lease.
The flyer is from the dealer. However, if you google the name of the program numerous other Honda dealers also offer the same thing.
Yeah I googled it. There are no specifics. Usually if it is a manufacturer program they will be specific like 2-3 payments are forgiven. In this case it is just vague terminology about “above market value” they can offer you $100 above but if you have negative equity they will roll that in. Best to just wait until lease end.
Thanks. That makes sense. I’m way under miles so I think may have some positive equity. Will take car to CarMax to verify. I’m about 10,000 miles under.
Now days it is pretty hard to have positive equity but worth a shot to verify. You can also try shift.com from the comfort of your home. They will e-mail you a quote range.
Awesome! Just tried it and even in fair condition it looks like I’m + $1000 in equity. This is based on the lowest number in the range. I know this is a estimate so will check with CarMax. Is shift pretty accurate?
We just evaluated one of our leases. Carmax offered to pay the max amount on the shift range.
Nice! What type of car? Was it a Honda? The only issue with my car is a small scratch on the front bumper. I can easily get it fixed for $200 (have an estimate from reputable brand name bodyshop). Just don’t want to deal with it so rather just sell.
It was a Mercedes GLC300
Did you take the cash or use the offer to negotiate at the dealer? Sorry for all the q’s.
We passed. Payoff was higher.
Last q. Was the car basically perfect / damage free when you took it to CarMax?
Yes, perfect and under mileage.