lease terms

Discussion in 'General Motoring' started by jIM, Jan 5, 2009.

  1. jIM

    jIM Guest

    I have an accord lease which is completed in July of 2009.

    My wife and I went out car shopping this weekend for its replacement
    (probably a used Pilot).

    Questions: The buyout on the lease is $13,500 (2006 Accord). We are
    over by 12,000 miles ($.15/mile)=$1800 right now. Plus $2200 in
    payments (7 payments of $330).

    If we "buy out" the lease, do we still pay the milage penalty? Can I
    turn the lease into any Honda dealer, or does it have to be the one I
    bought it from?
    Could I sell a 2006 accord for $13500 to save me the $1800 in milage
    penalty? 57000 miles on it now, expecting 63000 miles in July.

    Is there a better place to ask this question?

    Car has scratches on front and rear fender, so the two dealers we took
    it to suggested we owe MORE than the $4000 above to fix the car.

    I drive a Ridgeline and it had scratches on its fender from hitting
    mosquitos... so I consider that normal wear and tear, the dealers did
    not.
     
    jIM, Jan 5, 2009
    #1
  2. No.

    You owe either of:

    * the car, in "good" condition, at or under the miles specified in the
    contract

    * the amount of money specified in the contract

    Your lease contract spells it all out. Read it, word for word (if you
    haven't already). A lease is simply a finance contract with lower
    monthly payments and a large balloon payment at the end. Satisfy that
    balloon payment with the car or with cash.


    What does your lease contract say?


    Your lease contract is the ONLY source of information.
     
    Elmo P. Shagnasty, Jan 5, 2009
    #2
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