Greetings all, we currently have a 2021 Honda Pilot Touring 8 Passenger which we leased from Honda Financial in July of 2021. It looks like Honda allows you to purchase the vehicle at any time by paying the remaining balance of the lease plus the residual. In our case, it works out to be about the market value of the vehicle for private sale. We have about 10 months left on the lease and would like to figure out a way to private sale it. We would prefer to do that without having to take out another auto loan first.
Is this possible? If so, what is the most optimal way to go about this? Thanks in advance.
Thank you for the responses. Wouldn’t the dealer offer significantly less than a private sale could bring? I did hear Honda dealers are low on inventory though. I will check with the dealer to see…certainly can’t hurt.
Yes it could be lower than private party, but you would have $1-3k+in sales tax to have to deal with, as dealers don’t pay sales tax. It’s not worth the headache of a private sale unless you are talking like $10k difference. Any autonation or Honda dealer or Honda affiliated dealer can buy your car outright with no fees or anything.
I’m in Maryland and unfortunately we pay sales tax on the full price of vehicle at least inception. The good news there is that it’s already been paid.
Vroom offered 31k which is tempting. You’re right about private sale being a headache. This might be the way to go and would allow me to walk away and not have to either lay out a large chunk of cash or finance just to sell privately. Then of course I’d have to wait to get the title which could take months.
