End of car lease options...

[qwertyaas]

Question if anyone has dealt with this. I spoke to Honda Financial and they gave me the option of extending my current Civic Lease for current payments of $75 (I paid down a lot at the start which I learned never to do again).

They also stated my current damage inspection is valid for 120 days and if I return prior to 120 days a new assessment will not be required. I am currently at $900 damages out of my $1,500 waiver.

Is it a decent idea to extend the lease until mid-August when they start to dump 2015 models for better deals? I'm worried about being out of warranty as inspection is due next month if I keep the car. I am currently at 18,000 miles so that's not an issue.

Opinions?

[Dr Moose]

gave me the option of extending my current Civic Lease for current payments of $75 (I paid down a lot at the start which I learned never to do again).
Opinions?

how much are you paying a month till now?

I heard people used to that with Honda, pay a lot up front and then extend the lease. They would still continue to pay the current monthly rate which was very little.

[qwertyaas]

Monthly payments are $75 now. They said I just need to add tax so my monthly becomes $81. I would extend for 4 months and return the lease prior to my current damage assessment expiring (120 days). My worry comes with being out of warranty and if they start looking for things to bill you on (tires, brakes.....).

Lease options are just horrible now. Buys me time now to find a decent deal. Hoping towards end of summer they start to dump 2015 stock and better deals come around. I can't find any decent deals now at all - Accord LX for $250, CRV for $269 - dealers won't negotiate a cent even after pricing out the lease with their sell price, term, MF and residual.

[cozmohoot]

What does out of warranty have to do with them finding damage? It would only be bad if you need something fixed that warrantee would usually cover.
I say extend.. Even past 4 months. Get it assessed again later.

[Dr Moose]

Monthly payments are $75 now. They said I just need to add tax so my monthly becomes $81. I would extend for 4 months and return the lease prior to my current damage assessment expiring (120 days). My worry comes with being out of warranty and if they start looking for things to bill you on (tires, brakes.....).

Lease options are just horrible now. Buys me time now to find a decent deal. Hoping towards end of summer they start to dump 2015 stock and better deals come around. I can't find any decent deals now at all - Accord LX for $250, CRV for $269 - dealers won't negotiate a cent even after pricing out the lease with their sell price, term, MF and residual.

if you're going to be continuing the same payment amount, you save more money by not paying another down payment.

[qwertyaas]

What does out of warranty have to do with them finding damage? It would only be bad if you need something fixed that warrantee would usually cover.
I say extend.. Even past 4 months. Get it assessed again later.

I was referring to finding issues that are no longer covered under warranty that I would now be responsible for. I don't believe there is any issue with the car but still a worry. As you said, it would be bad if it's something the warranty would cover and my worry is if that situation arises - is it worth the risk.

Then again, how often does something fail/break within 36 months of a Honda with low mileage...

if you're going to be continuing the same payment amount, you save more money by not paying another down payment.

Yes, it's just continuing current payments which are extremely low due to my initial down payment. $81 is nothing for a lease. And hoping by August much better options are available. It's the warranty that scares me - however this is now no different than a 39m lease in a sense.

[cozmohoot]

3 year old Honda should not have problems if you did oil changes... What's the buyout?

[upside down]

Question if anyone has dealt with this. I spoke to Honda Financial and they gave me the option of extending my current Civic Lease for current payments of $75 (I paid down a lot at the start which I learned never to do again).

They also stated my current damage inspection is valid for 120 days and if I return prior to 120 days a new assessment will not be required. I am currently at $900 damages out of my $1,500 waiver.

Is it a decent idea to extend the lease until mid-August when they start to dump 2015 models for better deals? I'm worried about being out of warranty as inspection is due next month if I keep the car. I am currently at 18,000 miles so that's not an issue.

Opinions?

why is that? You seem to have a big advantage extending a lease for way below current rates.

[qwertyaas]

why is that? You seem to have a big advantage extending a lease for way below current rates.

If I drove off the lot and car was totaled or stolen 3 years ago, I would have been out that nice chunk of change I put down when Insurance pays out the current value of the car to Honda. Now it's a perk

3 year old Honda should not have problems if you did oil changes... What's the buyout?

That is true. Residual is $11,800 + tax. Oil changes done every time oil life hit 10-15%. No other maintenance done however (their 15,000 mile maintenance or whatever).

[Dr Moose]

however this is now no different than a 39m lease in a sense.

but you came out ahead because when they originally quoted you the down payment, they thought you'd have it for only 36 months

[qwertyaas]

but you came out ahead because when they originally quoted you the down payment, they thought you'd have it for only 36 months

True, but I was referring the 39m in terms of warranty. Now so many Honda lease deals are tailored to 39 months to make payments appear lower bringing all these cars out of warranty when lease is due.

[sruli1234]

Question if anyone has dealt with this. I spoke to Honda Financial and they gave me the option of extending my current Civic Lease for current payments of $75 (I paid down a lot at the start which I learned never to do again).

They also stated my current damage inspection is valid for 120 days and if I return prior to 120 days a new assessment will not be required. I am currently at $900 damages out of my $1,500 waiver.

Is it a decent idea to extend the lease until mid-August when they start to dump 2015 models for better deals? I'm worried about being out of warranty as inspection is due next month if I keep the car. I am currently at 18,000 miles so that's not an issue.

Opinions?

It seems to me that you best option is to extend the lease for as long as they allow you to.

You have a great low monthly payment, Which you wont get again without a large down payment, you are way under your mileage cap.

It makes no sense for you to take a new lease before they force you out of the car...

[qwertyaas]

It seems to me that you best option is to extend the lease for as long as they allow you to.

You have a great low monthly payment, Which you wont get again without a large down payment, you are way under your mileage cap.

It makes no sense for you to take a new lease before they force you out of the car...

Makes sense. I guess I'm overreacting regarding being out of the 36 month BTB warranty given the low mileage and Honda trackrecord..?

[cozmohoot]

Yup, overreacting

[qwertyaas]

Well Plaza had an Altima deal pop up today. $169 for Base Altima. After everything it's $189 monthly, $1200 down and $450-550 for damage waiver.

Not the most tempting deal. $8500 OOP for life of lease. Not counting disposition fee.

[cozmohoot]

Well Plaza had an Altima deal pop up today. $169 for Base Altima. After everything it's $189 monthly, $1200 down and $450-550 for damage waiver.

Not the most tempting deal. $8500 OOP for life of lease. Not counting disposition fee.

sounds like the same altima deal thats been around a while. iiwy, keep the civic longer