NY, 2019 Accord LX. payoff prior to tax is about 14500. Online website are showing around 22k+ value
Honda Accord lease, 5 months remaining
Just looking to obtain list of lenders that can buy out accord lease.
Trying to contact all to get best offer to sell it third party.
After that planning to buy a higher trim accord separately from this transaction.
Honda, Acura
That’s about it.
Anything else involves sales tax and 2 months of your time and loss of approx $2000 of value.
There are some brokers who can buy it out but you have to contact each of them to see if they can do it.
So
Carmax, AlGo (auto lenders), Vroom, Carvana
can not buy it directly?
So I need to buy out the car first (pay taxes) and then sell to the others?
I understand there are two ways of going about this
Yes, assuming this is a Honda Financial lease and not a US Bank or Ally.
yes leased through Honda Financial Services.
I did message broker on the website as well.
Will take it to dealer for appraisal/quote as well but I suspect it wont be attractive
See if they have ‘online’ appraisals. Would save you some time.
If you really do want another Honda, then the dealers might be worth shopping. The risk I see with buying the car and then selling it is you have a timing problem. Beyond losing the taxes which are not that bad, assuming NYC you are talking about $1400 or so (exact math is 8.75% or your local sales tax x $14500), it will take a few weeks for Honda to process your check, send out the title documents and NY to register the car (you can call Vroom or whomever and ask at what point in the process can they accept the car, I have no idea). You can also call HFS and ask them how long the title transfer takes in NY. The risk is that prices change in the interim because the Vroom etc prices are usually only good for one week. Plus you have to find another car.
Personally, I had a Toyota that was coming off lease last summer (supply was better which I still find shocking), I could not get the Toyota that I wanted (family SUV nothing special), I ended up at Honda. At the time you could still sell Toyotas to other people, no idea if that is still true.The first Honda dealer (who I had dealt with before) had worse prices than usual and did not want to buy my lease. The second one was more eager for my business. I found a national ad HFS and he found me a better deal using one of the credit unions (someone on here said it was a good CU). After I got the best price I could I asked him about my trade. I ended up getting less than I would have from Carmax but my SO (who was titled on the car) was not willing to drive two hours to have Carmax look at the car. I’m sure someone else would’ve done the Carmax deal (I would’ve if title was in my name) but it was not worth it to me for personal reasons. I probably could’ve shopped more dealers but honestly wanted the process over with and I thought the deal was good enough. With the equity, the car cost me significantly less than the Toyota would have and less than the last lease did (I was deciding between the same Honda and Toyota 3 years ago, and at the last minute the Toyota dealer went down $35, as I was sitting deciding whether to sign at the Honda dealer. Plus I wanted the Toyota a little bit more but not enough to pay up, still would’ve preferred it but there was no inventory in what I needed
Wanted to add, if you do end up getting 5 or 6K over buyout from a Honda dealer, you may want to consider getting a check for part of it rather than put all of that down on a new lease. If something were to happen early in the lease (totaled or stolen) you would lose that equity. Also, do the math and see if buying makes more sense given the equity. Lease prices are very inflated now because there are few programs and some dealerships (no idea specifics) are inflating the interest rates on a lease. I had an LX in 2017 (prior model) that I was paying well under $200 a month for. You cannot get anywhere close to that
Rodo seems to be a service that can buy cars that cant be sold elsewhere.
They’d effectively be buying it via their Honda/Acura partner dealers. So unclear if the offer would be higher than that of an H/A dealer. But worth getting a quote.
Wife just made her last payment and is about to buyout the residual and sell once the paperwork is complete. She is looking at other cars but the availability is crazy and so are the prices. Best option is probably a tesla
I believe Autonation can buy it if there is a Honda dealer under their umbrella. NY DMV could take up to 2 months to send you a title if you go the route of buying the car out.
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