Automotive

Lease ends in June, going abroad for 1 year in 2020, not sure what to do.

  • Last Updated:
  • Dec 21st, 2018 11:12 am
[OP]
Newbie
Nov 30, 2010
64 posts
1 upvote

Lease ends in June, going abroad for 1 year in 2020, not sure what to do.

Hello there,

Here is my current problem. I am not sure which way to go.
  • I have a lease agreement with Honda for a 2016 Civic Sedan LX for 36 months (ending end of June 2019) with 0% interest rate. I pay $355 monthly (higher because I still owed them money from previous car when I took the lease). So, for 36 months, It would be $12 780.
  • Right now, I have 39.5K. I usually do about 15-16K per year. I estimate that in June, I won't have more than 46k.
  • In March 2017, a couple days after my father passed away, I crashed in a car because I was getting out of a parking lot and didn't see a truck there. The repair cost was about $2000.
  • In July 2020, I am going abroad for 1 year, so I won't be leasing a new car or financing a new one. I have about 20K saved up that I can use. I need a car for 12 months after my lease is done.
  • I did go to the dealer and he did an inspection and he said it would cost me, if nothing changes, about $200 in repais if I returned the car in the current condition.
  • My buyout option from Honda is $11 806 + taxes (I'm in Québec) + $440 (Honda administrative fee: $386+taxes). Is there anything else that I need to pay if I buy it from Honda?
  • If I keep the car, my full coverage warranty expires in June 2019 since it was a 3 year warranty.
So, I am not sure which way to go. I thought about these options and would like you guys to enlighten me.
  1. Return the car and buy a used car in cash for like $2-3000 just so I can have a car for the next year.
  • Return the car and buy a better used car and resell it before I leave.
  • Buy the Civic and resell it before I leave. Would I lose I lot of money waiting one year before selling? Next year, I would have to do the brakes, buy new summer/winter tires (I could buy used)
  • Buy the Civic and keep it as long as possible and just find a place to keep it safe when I'm abroad.
If am honest, If I had to keep the car for 7-10 years, my first choice would be to have an hatchback car, but I won't lose thousands of dollars just for this. Oh well, my wife and I bought this because she prefered it back then. Now we are divorced lol

Are there any other options? What would be the most logical choice and not lose money and cost (repairs, maintenance, etc.)

Thank you for your help.
14 replies
Deal Addict
May 4, 2014
4005 posts
4208 upvotes
Toronto, ON
It's an accident vehicle(yes, I realize it's minor, but if it shows up on the record, the value will definitely be impacted). Return the car and don't look back.

Buy a used vehicle to get through the year.
Deal Guru
User avatar
Oct 5, 2008
11473 posts
4823 upvotes
Toronto
Buy it out and sell it before you leave or store it until you come back
Deal Addict
Apr 5, 2016
3492 posts
2109 upvotes
Calgary/Vancouver
I agree. Return the car and buy an easy to sell used car like Civic or Corolla. You don't want to be stuck selling a car no one wants to buy.
Current Fido customer.
Ex Koodo customer.
Sr. Member
Jan 1, 2017
627 posts
431 upvotes
Can’t you just extend the lease for this car until you need to leave the country? Go and ask the dealer? I think they would be happy to extend it.
Deal Addict
User avatar
Jul 5, 2011
1364 posts
1097 upvotes
Toronto
Return the car and do a lease takeover for the timing you'd like.

Plenty of stuff available on sites like lease busters.
2013 Wins - $1320 - Woohoo!
Deal Addict
User avatar
Jul 5, 2011
1364 posts
1097 upvotes
Toronto
ProductGuy wrote:
Dec 19th, 2018 8:11 pm
Can’t you just extend the lease for this car until you need to leave the country? Go and ask the dealer? I think they would be happy to extend it.
It's not up to the dealer, it's the leasing company that can make these exceptions.

They might let you extend for up to 3 months if you have a good excuse. There is zero chance at all they will let you extend it for 12 months or even half that.
2013 Wins - $1320 - Woohoo!
Deal Expert
User avatar
Apr 21, 2004
50545 posts
15318 upvotes
Pretty decent to only have to pay $200 for that accident. Sure looks more serious than regular wear and tear.

Return the car so you don't have to be reminded of your ex.
Sr. Member
Sep 4, 2007
897 posts
299 upvotes
xjesterxx wrote:
Dec 20th, 2018 12:32 am
Return the car and do a lease takeover for the timing you'd like.

Plenty of stuff available on sites like lease busters.
This. Most hassle-free method in terms of both buying/selling & maintenance.
[OP]
Newbie
Nov 30, 2010
64 posts
1 upvote
alanbrenton wrote:
Dec 20th, 2018 8:45 am
Return the car so you don't have to be reminded of your ex.
hahaha :) you are right!
[OP]
Newbie
Nov 30, 2010
64 posts
1 upvote
xjesterxx wrote:
Dec 20th, 2018 12:32 am
Return the car and do a lease takeover for the timing you'd like.

Plenty of stuff available on sites like lease busters.
If I were to change right now, there is only 1 available car for me on leasebusters in all the province of Quebec (250km from where I live) for a 12 month lease, automatic transmission that doesn't cost more than $300/month.
I hope there will be more choice in May and June.
[OP]
Newbie
Nov 30, 2010
64 posts
1 upvote
alanbrenton wrote:
Dec 20th, 2018 8:45 am
Pretty decent to only have to pay $200 for that accident. Sure looks more serious than regular wear and tear.

Return the car so you don't have to be reminded of your ex.
I paid more when I got the car fixed. The $200 is for a scratch under the bumper.
Deal Expert
User avatar
Apr 21, 2004
50545 posts
15318 upvotes
iphonebleh wrote:
Dec 21st, 2018 11:07 am
hahaha :) you are right!
Upon your return to Canada, remember to not ever fall again for any ill-advice (especially on cars) coming from your future Significant Other :)
Deal Guru
User avatar
Apr 26, 2004
11362 posts
1599 upvotes
Mississauga
ProductGuy wrote:
Dec 19th, 2018 8:11 pm
Can’t you just extend the lease for this car until you need to leave the country? Go and ask the dealer? I think they would be happy to extend it.
Leasing agreements are made with the leasing company, not the dealership. CDSL, a popular leasing company, only extends leases for one extra month, unless there are extenuating circumstances, and even that one extra month comes with a hefty administration fee.

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