My First Lease: A year later.. I have a few questions

[Abbz8377]

Well you would need to pay your remaining payments you could either roll them into a new lease pay them outright and you have dealer fees

 

[Abbz8377]

But chances are you are gonna take a huge hit ending the lease early because Honda has already released the 14 SI which means the 13 goes down in value.

 

[Abbz8377]

It really differs state to state when it comes to fee's though

 

[ericc191]

Remaining payments? That's like $7700!@


Also, I've noticed the dealerships I've called today seem pretty uninterested/lazy towards my inquiry and me.

I can't really get any solid into except 400+ payments with 0 down. That's coming from 3 separate dealerships in the surrounding areas of Dallas that I've called.

 

[Abbz8377]

Okay here is how it works say your buyout is 21,000 they vale the car at 14,000 after they look at it you are on the hook at that point for 7,000 now lets say they sell you a new SI for 22,000 that 7,000 is rolled into the new car and you end up paying 29,000+fees for a car that stickers for 23,500 simple math says keep your lease lol

 

[Abbz8377]

If you dump the car now you are still gonna be making payments on it one way or another that 7,000 is not gonna just go away

 

[ericc191]

Thanks. That makes sense. I thought I'd see at least.

 

[Abbz8377]

And lets be honest what are you really gaining by going to a 14 ? some ugly *** rims and a touch screen radio ?

 

[Abbz8377]

Neither to me seems worth paying an extra $250 bucks a month for.

 

[ericc191]

Lol yeah the those rims are hideous. My goal was not to get into a 14, though. It was all about trying to correct the mistakes I made in my lease and save some money.

 

[ericc191]

And yeah that radio looks a mess.

 

[Abbz8377]

Only way to correct it is to suffer through it and work a better deal next time around

 

[Monk]

Okay, does anyone know what kinda fees I'd be looking at if I said screw it and ended my lease early?

I haven't seen the other 12 post(yet).......
I just want to go back to the basics here......... Your 1st post was you liked and wanted to "keep" this car........ From just this part why are you now getting eager to get a newer car........... Just finish the lease and refinance at the end of three years(we're already signed a contract that says early withdrawal will cost us more), so why add more money to give to them.

I'm doing what you are, but trying to change in mid-stream is going to cost us more, water over the dam(hmmm lot of water references)..

"JMHO"

 

[ericc191]

It's not that I'm eager to get a new car. I love the 13 Si Sedan I chose. However, I am feeling a little screwed in the lease area and was trying to determine if I have any options left to save some money as opposed to finishing my lease and financing.

Thanks to all the knowledgeable people on this forum, the conclusion has been drawn that I need to suck it up, finish my lease, and keep the car to avoid spending even more money.

 

[webby]

It's not like you have to keep the car and buy it after the lease. Just finish the lease and turn the car in to them. Then start fresh with another purchase or lease & you'll avoid dumping negative equity into another payment.

 

[ericc191]

Unless I'm just not understanding correctly, wouldn't I end up paying more if I turn this car in?

They owned me on the lease, but the residual isn't too bad. I can have the car paid off in another 3 years at $410 /mo.

I'd rather do that, than try to get into another new car. Obviously, I could look for a used car less than 14800, but it wouldn't be as nice as the Si most likely.

 

[webby]

You're on a lease, yes? A lease is like renting a car for 2, 3, 4... whatever years your lease contract states. You pay that monthly payment for those years, and then you return the car to the dealership and walk away. You only pay your remaining balance if you'd opt to buy the car at the end of your lease. That's your choice. You can get rid of it and start another lease on a new car, or buy another car....or whatever you want to do at that point.

 

[ericc191]

Yeah that makes sense. I love the Si and there will be no way I find a 2013 or newer for less than my residual, but I will keep an eye out just in case.

 

[webby]

Cross that bridge when you lease is getting close to being over. You can see what it's worth on the used market and weigh your options. You should make a reply here or post a new thread a month or 2 prior to the lease ending. We can help you out with options or lease pricing/new pricing for other models

 

[ericc191]

I will definitely do that. This is why I prefer this 9th forum. So much awesome help.