Honda Lease Payoff Question?

[Mixalot27]

What is the standard process for buying out a leased car at maturity? Can you deal directly with Honda Financial Services for the buyout? Or do you have to have the dealership you leased the car from handle the buyout, and pay a "processing" fee? How much is the fee usually charged by the dealership?

[rage2]

You just pay the residual + tax, never heard of a processing fee. Take the completed paperwork to the registry and re-register the car to yourself after. Any Honda dealer can handle it, but it's easier to deal with the one you leased from as they have all the paperwork on file.

[kwjent]

I just did this. The dealership charged 200. It was a pain to get them to do it, but you want to make sure the financing company (Honda) is paid off.

[lilmira]

There is a doc fee usually and it's negotiable. Last time I did a buy out I had to deal with the original dealership. You can probably phone the leasing company and ask about your buyout option.

[gpomp]

Honda Financial Services
Toll Free: 1-800-387-5399
Hours: 8:30 am to 8:00 pm (EST) Monday - Friday

[Tik-Tok]

On the subject of lease buy-outs....

Anyone ever have a trade-in to use as partial payment for the buy-out?

[Aleks]

I've bought out a few leases and paid out a number of finance loans too. I have never paid an admin fee. BMW would just send my cheques to BMW Canada free of charge, Subaru, Honda too. Kia dealer tried telling my sister in law they wanted 400 bucks for admin fee and I just told her to call the finance company directly and she just mailed them the cheque without going through the dealer.

No need to pay admin fee for sending someone your money.

[TomcoPDR]

Originally posted by Aleks
I've bought out a few leases and paid out a number of finance loans too. I have never paid an admin fee. BMW would just send my cheques to BMW Canada free of charge, Subaru, Honda too. Kia dealer tried telling my sister in law they wanted 400 bucks for admin fee and I just told her to call the finance company directly and she just mailed them the cheque without going through the dealer.

No need to pay admin fee for sending someone your money.

Got scammed by GM with that once. GM lease calls me asking what I was doing at lease expiry, told them I'm ready to cut them a cheque (GM lease), fuckin bitch told me she needs to check with original issuing dealer first (then why fucking call me?)... GM lease chick calls me back saying dealer will take care of me. Show up with buyout amoint, SURPRISE, slap u with a $400 admin fee.

2 weeks later, same GM lease chick calls me asking if I've settled/returned my vehicle yet. (Dealer hasn't mail GM lease my buyout)

If u can deal directly with lease manufacturer, go that route. IMO, from my experience.

[xrayvsn]

I was able to pay online directly through Honda Financial. No fees, and from the comfort of my own couch.

[Mixalot27]

I have been getting some mixed info about how to proceed. There is a pay now option in the My Finance section of the My Honda website. When I try to select this option I get this error message, "unable to payoff through MyFinance at this time. Please proceed to your local Honda dealer in order for them to process the payout and provide you with the required documentation".

I called Honda Financial Services and was told that I have to go to a dealership to have them process the payoff so that I can get my paperwork right away and there would be a fee for this. I told her I don't require the paperwork right away and don't have any desire to go through a dealer and pay a fee. She then very hesitantly told me I could do an online payment through my online banking to Honda Financial Services.

Seems ridiculous to me that they try to force you to go though a dealer by deactivating the online payment method and only telling you that you can pay direct if you argue with them about going through a dealer. Its pretty much feels like they were trying to scam me. It leaves a bad last impression with the customer and makes me hesitant to deal with Honda again in the future.

[gpomp]

You can't do it through the Honda website, you have to pay directly from your online banking. I'm not sure what the scam is here.

[Mixalot27]

Originally posted by gpomp
You can't do it through the Honda website, you have to pay directly from your online banking. I'm not sure what the scam is here.

Not a scam exactly, but it's kind of shady that they disable the convenient online payment option and then make the customer think they have to do the payoff through a dealer and pay hundreds in fees. Then only when the customer calls in to inquire and objects to this process, do they tell you that you can pay Honda Financial Services directly though online banking and avoid unnecessary fees.