I haven’t heard about Honda Financial giving problems about carmax paying off a lease. But as the previous posters have said, tell your friend to sell the pilot BEFORE leasing another car!
No late charges, they included the turn in fee and tax in the payoff quote given to the used car dealer. As a result I didn’t get quite as much as I expected, but still made some cash instead of just turning in the keys and paying the fee.
Realistically I could have just kept the van another month and then sold it to the used car dealer since I still “paid” the last month’s payment (as it was added to the payoff), but at least I got it out of the driveway and off my insurance a month sooner.
He will for sure not lease another as he has hit hard times. Gotta say the Pilot is pretty decked out: window visors, moonroof visor and Hood deflector all OEM and Honda installed. 2018
Last year I traded in my leased 26 month old 2015 Odyssey EXL to a Ford dealer and they did not charge a disposition fee. Had about 3k equity in it due to low miles (16k).
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Thanks. Did you trade-in to buy a car from them or did you sell it?
Not sure if this one was for me, but here is my experience:
Traded in a 2015 Odyssey EXL to a Ford dealer when I purchased an Expedition last year.
Sold my 2018 S90 to Carmax in Feb 2018, bought nothing else from Carmax (I use them to sit in cars but never to buy).
Yes sir, that was for you and thanks again for your response. Did you have a year left on your Odyssey lease?
My friend in a tough spot. He’s got a 2018 Honda Pilot EX-L RES. This September he will have had it for 6 months. Barely any equity built at that point. but he really needs to get out of it somehow STAT. Does he sell or trade?
Need absolute best possible option. Would hate to see him in a default situation.
Thanks again for your earlier response and for any additional advice / suggestions you may have 
at 6 months, there still probably won’t be any equity. The car is going to continue to depreciate over the next few months.
If he really needs out, he’s going to have to get extremely lucky. Most likely, he’s going to owe a couple grand.
Thanks for the input.
Quite the situation.
Just hope he will not have to default
His statement from Honda showing payoff is good until Aug 24 (this month) $36,197
What do they mean it’s good until the 24th? What happens after that?
It will adjust based on accrued interest, any current payments applied, late fees, etc.
He’s taking the Pilot to CarMax tomorrow to see if he can sell it. Any advice before he goes?
pay off is $36k or so.
Odometer: 4,100
Kelly currently values it at $34,690
Make it clean and spotless is all I can tell you. Buff out the scratches. It’s more than likely going to be a waste of time though, but doesn’t hurt to try.
Carmax is likely to get outbid by Carvana or Vroom, which doesn’t require a visit anywhere. Also, in KBB there’s a link for affiliated dealers to bid on the car, which also doesn’t require a visit until inspection time. He can get an answer from all of those places maybe today and will recognize how good the Carmax offer is.
A new one can be bought for sub 40, right? So why would Carmax offer him 36?
He also has window visors, hood deflector and moon roof visor. All OEM and installed by Honda. Maybe that will bump up the value a little bit.
Thanks for the info
Would my buddy be locked into a binding situation with those that bid?
I’d be surprised if CarMax hit the low 30k range
Not 2k bump, that’s for sure.
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Ha! If not decrease value.