Automotive

Lease ending in few months, dealership offered to show me the new Civic & talk about my current car. Need some advice.

  • Last Updated:
  • Oct 1st, 2022 4:43 pm
Deal Addict
Dec 5, 2009
1912 posts
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binarynumber wrote: I know, right!? I would rather buy it out & sell it myself & get the profit. They really tried their best today but I was having none of it lol
These types of deals almost always end poorly for the buyer lol.
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Sep 14, 2006
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binarynumber wrote: Current lease: 2019 Honda Civic, EX. Has about ~34500 km. The lease ends in a few months. I am currently paying $157 bi-weekly @ 0.99 with about ~$12k residual.

The dealership gave a couple of proposals:

Proposal # 1
Proposal # 2

The surprising thing was the adjustment of $8,900 on the second proposal when I told them I am not signing anything today since I am leaning towards buying back the car. I told them a new car is not exactly on my mind as I am planning for a house in the next few years & want to be debt free, they told me banks won't care about car leases, lol. I know it was just them trying to convince me to sign.

Does any of the deals look good? Even if I want to change my current car, I would probably get something other than a Honda. :D
The moment he said banks don’t care about car payments, I would’ve walked out lol that’s a pretty s#itty tactic to use on a customer. Imagine you bought a car and then later you won’t qualify for the full amount of a mortgage because of your car payments.
TEAM CANADA!!!!!!!!!!!
[OP]
Member
Feb 10, 2018
379 posts
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GTA
Alpine84 wrote: These types of deals almost always end poorly for the buyer lol.
Agree, I don't want to set myself back by 3-4 years if I am buying a house.
[OP]
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Feb 10, 2018
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sanman9 wrote: Buy out your lease OP…those proposals made by the dealership are just terrible! Talk about screwing someone over with a million useless addons Face With Rolling Eyes
Yep, definitely buying it out.
Jr. Member
Feb 7, 2017
181 posts
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Option 2 is really not bad if they agree to move all the useless addons off the contract and keep the 8500$ discount.

New the gen civic is miles ahead the 10th gen. It’s a similar driving experience to an accord and feels way more premium all around.
Sr. Member
Jan 13, 2009
837 posts
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Toronto
MOBB416 wrote: Option 2 is really not bad if they agree to move all the useless addons off the contract and keep the 8500$ discount.
They would never ever do that 🤣
Deal Addict
Jun 30, 2010
2877 posts
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Vaughan
You should email some other (non-Honda) dealers and see what they will give you for the trade in. You should be able to get a rough quote without going into full details about it being leased.

Use that info to decide if you should buy out the car and then trade it in. With relatively low KMs, you should be able to profit off the trade in. And then you don't have to deal with this scummy dealer either, you could then go to any other Honda dealer that is willing to sell at MSRP.
Deal Fanatic
Jan 31, 2007
5028 posts
5145 upvotes
Richmond Hill
I hate dealer keep padding on those scam add on item.

When i shop for my new car back in 2019, the dealer added like $6k of garbage. I told them i dont want any of those add on. The sales told me, cant do, all vehicles we sold MUST buy those, thats the company policy.

I walked right out.
******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
******************************************************
Deal Addict
Jan 8, 2007
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AB
sanman9 wrote: They would never ever do that 🤣
Another Honda dealer definitely would. Should be fairly easy to find a Honda dealer that would simply sell at MSRP and maybe an admin fee. Without all the add-ons and with that trade in equity, the next lease will be super cheap.
Sr. Member
Jan 13, 2009
837 posts
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Toronto
aleks wrote: Another Honda dealer definitely would. Should be fairly easy to find a Honda dealer that would simply sell at MSRP and maybe an admin fee. Without all the add-ons and with that trade in equity, the next lease will be super cheap.
No I meant that no dealer would not give $8500 discount on top of taking off those extra addons…
Deal Addict
Dec 5, 2009
1912 posts
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binarynumber wrote: Agree, I don't want to set myself back by 3-4 years if I am buying a house.
Leasing or financing a car will also impact how much you can borrow from the bank when you shop for a mortgage. A few of my friends have had to buy out their car first to maximize their mortgage.
[OP]
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Feb 10, 2018
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Alpine84 wrote: Leasing or financing a car will also impact how much you can borrow from the bank when you shop for a mortgage. A few of my friends have had to buy out their car first to maximize their mortgage.
Hopefully, I can clear out the financing on buyback before the house purchase. Another thing I have been hearing is how people get banks to give them loans for cheap when they get a mortgage & they use that loan for either furniture or a new car. Not sure how much of that is true.
[OP]
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Feb 10, 2018
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cloakster wrote: You should email some other (non-Honda) dealers and see what they will give you for the trade-in. You should be able to get a rough quote without going into full details about it being leased.

Use that info to decide if you should buy out the car and then trade it in. With relatively low KMs, you should be able to profit off the trade-in. And then you don't have to deal with this scummy dealer either, you could then go to any other Honda dealer that is willing to sell at MSRP.
Based on suggestions from others, I decided to keep the car. As a matter of fact, I got a call back from the dealership today on what I have decided & told them I am keeping the car. I could definitely sense the disappointment in the sales guy's voice lol

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