Receiving Title After Paying Lease

Ask the Hackrs
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1

I currently have a 2018 Honda Accord that has a maturity date in March, 2022. The car is pretty dinged up at the moment with scratches and a cracked bumper. If I return the vehicle, I will most likely pay money towards it. I know Honda does not allow third party buyers so i am looking to purchase the vehicle. My buyout price is at 14,100 and received a KBB value of 23k. I’m sure it’ll decrease once the car is inspected but I would still like to make a few bucks off it rather then pay. My questions are

  1. If I buyout the vehicle straight up, how long will it take to receive the title in NJ

  2. Do you guys think by the time it takes for the title to come in that the car won’t be worth as much?

  3. Would carvana or carmax accept the vehicle without the title being in my name?

2

I’m not in NJ, but I just bought out my Honda lease and it took them about 2 weeks to send me the title that I now need to take to the dmv to transfer and get a new title generated.

Carmax/carvana will not accept a title that is not in your name.

3

So two weeks to send you the new title and then the dmv has to conduct a transfer which would prob run you another two-three weeks?

4

I’m in FL, where titles can be printed same day. I don’t know of what the process is out there.

5

I’ve taken a family member to NJ MVC to register a private party purchase and IIRC the new title was printed on the spot upon payment of TTL.

This was a while ago, prior to COVID… IDK if anything has changed since.

No, you’d need a Honda or Acura dealer.

Or something like Rodo or Autonation that can pay Honda Financial thru a Honda dealership in their network.

6

I’m in Delaware, bought my lease in early November, and still haven’t gotten the title. DMV put up a notice that they’re waiving all late fees on registration until further notice because they’re so backed up.

7

why don’t you just sell the car without buying the car out?

8

I can’t sell the car because Honda does not allow third party buyouts. I can sell it to Honda but they’re kind of lowballing.

9

I can buy the car from you… Send me a pm…

10

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