[jrref]

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?

[gingersnap]

Originally Posted by jrref

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?

Your best option is to take it to CARMAX. I’ve done it. They offer the best dollar for the car. Closest one is in Ocala. Other branches are in Sanford or Orlando. Any branch will be the same quote. They will give you a check on the spot or you have 7 days to take the car back and they will honor the quote. Private message me if you have any questions.

[cb1972]

You may not have to go through the dealer. Most of the time you can purchase the car from the finance company , or whatever institution you are sending your monthly payment . You will have to pay the remainder of your payments plus the residual cost of the vehicle listed on your contract including sales tax on thet amount. You may want to research what similar vehicles are selling for since as you mentioned quality preowned vehicles are selling at a premium. You could market the car to several dealers to see what they are willing to pay. good luck

[biker1]

You should reread his post. He doesn't own the car. Your suggestion would require him to pay the remainder of the lease plus the buyout cost and then he owns the car and can sell it. I acknowledge that it may make sense to actually do this depending on the numbers.

Originally Posted by gingersnap

Your best option is to take it to CARMAX. I’ve done it. They offer the best dollar for the car. Closest one is in Ocala. Other branches are in Sanford or Orlando. Any branch will be the same quote. They will give you a check on the spot or you have 7 days to take the car back and they will honor the quote. Private message me if you have any questions.

[petsetc]

I recently (30 days ago) sold my 2014 Cadillac to Carvana who offered and paid $3,805 more than Carmax. The entire transaction, from my when I first queried for an offer until I had a check in hand was less than 48 hours. The entire transaction was exactly as they advertise. It was the easiest, cleanest car transaction ever!!!

[Gpsma]

A friend of mine just turned back his honda at the end of the lease. He was told by the dealer that they can no longer buy cars from the leasing company.

He was told that he could buy oit his lease at the expiration of the term for the agreed upon price on the lease documents.

I think the leasing companies want the cars back..at current prices they will make more money than selling it to the lessee. My friend said if he bought the car he could resell it for $10,000 more than the purchase price.

[Garywt]

I think you need to go to a Honda dealer and ask what it will cost for you to get out of the lease. Pay it and leave the car with them.

[sbussey350]

You should wait closer to April to do anything. Use the car until March/April because you are going to pay the monthly lease amount until April (one way or another). Then look and see what your options are.

My wife's Pacifica lease is up in Feb 2022 and Carvana offered me $10,000 more than the residual value (amount you pay at the end of the lease to buy the car).

[Karadad]

Just turned in leased 2019 CRV at Holler Honda in Orlando, and got another leased vehicle. Got a very fair deal! CRV was worth about 5K more than the lease contract stated!

[Indy-Guy]

Having retired after 32 years in automotive sales below is how I would handle what you have described.

1. Take your car plus the original lease documents and the most recent monthly statement with your account number on it with you to Carmax Ocala (since they are the closest Carmax)

2. Tell them you are wanting to sell them the car and you would like to know what they would be paying you for the car plus how much you would be receiving in a check from them and how this transaction would be structured since the car is leased.

With todays value of pre-owned cars and the fact that the residual value which was set in 2019 the Honda CRV is now worth quite a bit more than what it will cost to terminate and pay off the lease. The only question is how much they will cut you a check for and how the transaction is structured. Carmax will have handled many-many transactions of this nature and this will be simple and straight forward for them and it will be simple for you.

The most important part of the transaction is the amount of the check you will receive.

[ROCKMUP]

Carvana all day long. The value set in 2019 is nowhere near what the car will bring in todays market. Buy it and flip it to Carvana, before they go upside down. They will at some point.

[William MacEntee]

Do you go to any of the Carmax sites? ]

[Luggage]

We don't know what the car dealers will offer in April, but we do know what cars are worth right now. If you want to get rid of your car now and downsize, it's very simple go do homework and go one line to carvana. CarMax, hhgreg as well as talk to 2-3 dealers . It's a car war right now and they all want your metal. And yes even go to Jenkins but last. They are have the worst reputation but you never know what they'll pay you for your car until you go there and that's what they want you to do PS take your phone , set a 15 minute timer tell them point blank you are walking after those timer starts chirping. Make sure you have two sets of keys and keep one in your pocket to walk out with

[Luggage]

Go to cars.com and carguru.com. see what used cars of your mileage and your are selling for. Car dealers will generally pay 3-4,000 less than the retail currently. You should also of course go to Honda financial and ask them what it would cost to get out of your current lease right now. You might be surprised that they won't require possibly any more payments and you may get a lease by out different than what stated on your contract. So get all the details now and you also might get a good offer from someone locally to buy out your car

[Dabatts]

Originally Posted by jrref

I have a leased 2019 Honda CRV with very low milage. The lease is finished this coming April and we want to terminate it early since we want to downsize to one car. With all the new and used car shortages what's the best way to approach the dealer? Does it make sense to get someone privately to buy out the lease and purchase the car? With all the negative talk about Jenkins lately are there any other Honda dealerships close to the Villages to work with?

We just finished a lease buy out in August with Honda.
Call Honda financial and ask for a lease payoff. Phone number on statement. Have your most recent statement with account number etc available. Based on numbers determine if you want to cancel early. The cost will be the lease buyout price + the payment cost from 5 months.
We then sold the vehicle ourself. Our resale value was $8,000 more than our lease buy out value. A WIN for us.
If you go to any Honda dealership they will do this for you and then charge you $1000+/- as a lease cancellation fee.
You then walk out the door. They get the car which they will resale for more than they pay for it. Easy but you LOSE.
It's an easy process, then you can sale the car yourself or sale it to CarMax.
I would avoid Jenkins for this, not worth the time and stress they cause.