At DARCARS Honda in Bowie, MD, whenever someone's lease is about to come up, we always get asked, "what are my options?" It's a great question and one that many people should get to know before the end of their lease terms. That's why we've laid it out for you, so will have all the knowledge you need when you have to make a decision about your Honda lease.
There are three different options you have, and the first is to return your current leased vehicle, and enter into a new Honda lease. Doing that means taking the following steps:
- Three months before your lease ends, contact our lease and finance team, to let them know you plan to return your current lease and enter a new one. We'll make sure you get all the information you need to make it possible.
- Have your vehicle inspected by our service team, who will evaluate any wear and use charges. If something is covered under your warranty, we'll fix it at no cost, but anything not covered you are responsible for.
- A week before turning the vehicle in, make an appointment with us and bring all keys, the owner's manual, vehicle return documents, inspection reports, and any receipts for completed repairs you had done outside our service center.
- Make sure there are no outstanding payments, and from there, we can discuss all the current new Honda lease options for your new lease.
Your next option is to return your leased vehicle and not enter any new agreement. To do that, follow the same steps as above, and make sure you've made all your payments. You should then make sure you have stopped any future payments, as well.
The third option is to purchase your leased vehicle. That's a different process, so follow these steps:
- Contact us at DARCARS Honda to get a payoff quote, anytime.
- Let us know that you intend to purchase the vehicle.
- Make sure to pay off the full amount left on the lease agreement, and that there is no outstanding balance. The title will be mailed to you when the final payment is verified.
- Submit an odometer disclosure statement to us, and we can start the buying process.
- Re-register your vehicle, transfer the title and vehicle registration into your own name.
From there, you are all set. When you buy out your lease you can still use different finance options, and you're only paying on the residual value of the vehicle, too!
If you have any questions, be sure to contact us at DARCARS Honda in Bowie, MD. We'd be happy to discuss all your lease options today!