We have a 2022 Honda CRV EXL in our household with six payments left for a 36/12K lease. We ended up underutlizing the car, puting on average ~ 400 miles per month. The car has just under 12K now and we suspected it would ever reach 12.5 K by the end of the lease. What would be our best option? Return the car to Honda in half a year would get nothing despite 36K allowed usage, correct?
Check Carmax, Carvana, get a buyout quote.
If you don’t use up your prepaid miles you’ll lose it all.
I don’t know if 6 mos is “about to end,” but always better to ask sooner rather than later.
Do you need the car? Do you like the car? I would seriously consider it buying it out.
Does Honda allow third party buyout?
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What are your needs and budget going forward?
Incorrect. You may have equity if you sell it or the opportunity to buy it way under market value
But it is correct that if you just turn the car back in to Honda in 6 months that you won’t get anything back in spite of being way under mileage.
Get some quotes to see how much equity you may have as everyone has mentioned above.
thanks for all the above suggestions. I called to Honda Financial Service. They told me Honda doesn’t allow 3rd party buyout. I guess my option. if I want to unlock any equity, will be trade in with a Honda Dealer?
You can trade it in at any dealer who has a Honda dealership in their group (so you don’t have to get another Honda).
Or you could buy it out and sell it yourself.