Hi all,
The lease of my 2017 Honda Accord LX will finish in September. My lease was for 36,000 miles and I have 110,000, because I always planned to buy the car at the end. Residual in contract is $13,000 and dealer says Honda will not finance a car which today´s value is $9,000 because of miles.
What can I do?.
Thank you.
You’ll either need to pay ~$4k down payment to get the loan value down below the current value of the vehicle or explore an unsecured loan.
Lightstream loans are unsecured IIRC. If you were always going to buy it out, why didn’t you buy it in the first place?
Snowy off-ramp comment
Don’t finance it with Honda? Find another bank/credit union, sounds like a pretty incompetent dealer
I couldn’t pay more than the $260 monthly for the lease, also didn’t know I would have to do Uber and didn’t know about not getting a loan because of the much higher mileage.
What is an unsecured loan?
oh boy
Any reliable websites instead of calling/walking in branches?
There are things that can rollback the odometer?
They are all unsecured loans, a division of SunTrust IIRC.
OP this is a leasing forum. As suggested: talk to other banks and credit unions to see if they will offer a used car loan to buy out your lease since Honda FS won’t. Good luck buying out your thrice-over-mileage Accord!
I’d just like to point out here how conservative Honda residuals are on base models which is why they don’t “lease well”. Dude went 74k miles over and his car is only worth $4k less than the residual, or $0.05 per mile.