Has anyone had any experience in taking over a lease. I've found a nice 05' and would like to know if there is anything I should be aware of in assuming a lease.

Thanks in advance

 

honda financial will give the seller a REALLY hard time when he tries to get out of his lease. even if you end up taking over the lease, the original leasee will still be partly responsible if u decide to run w/ the car

just make sure to read over the original contract, and goodluck!

 

I know that there is something called a lease transfer that you can do however you may get the short end of the deal? From my research the seller would have to go back to Honda and advise them that there will be a lease transfer. Honda won't care as long as you qualify. The only problem is that when you return it back to Honda after the lease is up you may be liable for and damages that the previous leasor may have done to the vehicle. If you're going to do it you'd better have a mechanic check it out or you'll be stuck with fix it charges. My question to you is can you qualify yourself for a lease? Why not lease an 06'. Honda has a great deal right now on leasing a vehicle.

 

First of all, thanks for thr replys. All good points.

Although I can qualify for a lease, the car I'm considering sounded interesting. It's an 05 with 5600 miles. It has 25 month remaining on the lease. Payments are $431 a month, with the leese offering $1500 incentive to pay down the lease. It has approximately 30,400 miles remaining on the lease aggreement. The end of lease buy out is $15,800. American Honda Finance Corp. info states Lease Buyer Credit Application Fee is $50.00 and Lease Transfer Fee $50.00. It also say what was mentioned in the replys that they only allows transfers under special circumstances.

This looks like it would cost me $10,775 - $1,500 or $9,275 for the remaining 25 months (plus taxes and tag). The buy out seemed good also.

I thought this would allow me to drive an s2000 for a couple of years and if I wanted to keep it I could buy it out.

Any thoughts?

 

[QUOTE=ProV1,Sep 10 2006, 07:57 PM]honda financial will give the seller a REALLY hard time when he tries to get out of his lease. even if you end up taking over the lease, the original leasee will still be partly responsible if u decide to run w/ the car

 

I would just buy it out from Honda Finance corp...if you finance the car with nothing out of your pocket, calculating the interest rate @ 6.70% @ 72 months (factoring in 7% tax rate), you would end up paying $450 per month...just finance the car IMO !!!