Experience returning the s2k after lease
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From: Central
Originally Posted by DWynne,Mar 20 2005, 05:11 AM
I will try to find when they started it, but I know it is now Honda Financial's policy to "forgive" up to $1,500 in damages at lease turn in. Sounds like to be your damage would be under this limit - IF this applies to your lease. I will try to find out when they started this policy and if it is retroactive. I think this is a good policy, since having them nit-pick and charge you for stuff is NOT the way to get you to lease or buy another car from them.
If you can ask for a pre-lease-end inspection that would be the best thing. A lot of 3rd party lease banks to this no matter if you ask for it or not. They give your (and the bank) a full report and tell you what, if anything is a charged item. Then before the lease actually ends you have the option of getting the items fixed or replaced or turn it in and pay them to do it. Much nicer than some captive lease companies - you turn in the car and they send you a bill later!
Also, ruexp67 is wrong. Honda Financial will no longer negotiate the buyout price on a lease. They might offer you a decent or discount finance rate if you want to buy it, but they no longer negotiate the price. If you turn it in, the dealer you turn it in to can make them an offer on the car and they will say yes or no (no dealing, they get one shot) .
Dennis
If you can ask for a pre-lease-end inspection that would be the best thing. A lot of 3rd party lease banks to this no matter if you ask for it or not. They give your (and the bank) a full report and tell you what, if anything is a charged item. Then before the lease actually ends you have the option of getting the items fixed or replaced or turn it in and pay them to do it. Much nicer than some captive lease companies - you turn in the car and they send you a bill later!
Also, ruexp67 is wrong. Honda Financial will no longer negotiate the buyout price on a lease. They might offer you a decent or discount finance rate if you want to buy it, but they no longer negotiate the price. If you turn it in, the dealer you turn it in to can make them an offer on the car and they will say yes or no (no dealing, they get one shot) .
Dennis
Do you know if the $1500 applies to mileage overage too? I just got my end of lease report back from the inspector. It states that I had $0 for excessive wear and tear, but was an estimated $941 over on mileage. I turn my car in on Sept. 10th.
Greg
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From: Nashville, TN
Originally Posted by 4everS2K,Aug 25 2005, 10:59 PM
Mileage penalty is not covered under that $1500 policy.
Tires are not covered.
Any single damage over $500 is not covered.
Tires are not covered.
Any single damage over $500 is not covered.
What is the buy out price on your car? Maybe you can find a buyer (private party or even a dealer) that would give you the buyout price. If you sell the car then you will not owe the mileage penalty.
Being over on miles should not be a shock, since you signed the contract which stated the mile limit and the penalty.
Dennis
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From: Woodland Hills
A few lease turn-in experiences...
1. Turned in a Volvo wagon to dealership to lease another car (different brand, btw). Dealership took the car to turn in stating that they were responsible for any turn-in costs that Volvo might charge. I said great, put it in writing. After much discussion, they agreed to put the damage waiver in writing, and I got the new car from them. 3 months later, get a letter from Volvo requesting a few thousand for damage. I call the dealership who completely denies any knowledge of a waiver on damage and says I owe the money. They even said they looked at the new contract and saw nothing of what I had them add. One fax later, shocked sales manager, and a check to me in the mail, to be forwarded to Volvo.
2. Client turns in car, gets a signed inspection report from Land Rover stating car is clean. Many months later, letter from Land Rover and a collection agency looking for the $'s for the repairs, which they claimed to be over $2000. One fax later, Rover and collection agency went away.
3. Recent minivan turn-in. Toyota tried to get me to re-lease or buy the car. Wife didn't want it, so not interested. By the final lease payment, they were knocking a couple thousand off the buyout to get rid of the car.
4. Related minivan turn-in...car had quite a few little dings, chips, scratches in bumper that could've easily cost some $'s. Got a quote from a lease turnin place of about $1500 to get it ready. Rubbed out as much as I could, armor all'd it like crazy, and showed up at the return place minutes before closing. Wife dressed quite nicely
, chatted the guy up, he signed off, no $'s and car is gone.
Have also found much more leniency when buying or leasing another car from the same company. When you don't get a new vehicle, they get pretty tough, so get everything in writing, keep everything for a long time, and follow the other turn-in time tips in this thread. With a little effort, you can do much to keep the $'s to a minimum.
Mark
1. Turned in a Volvo wagon to dealership to lease another car (different brand, btw). Dealership took the car to turn in stating that they were responsible for any turn-in costs that Volvo might charge. I said great, put it in writing. After much discussion, they agreed to put the damage waiver in writing, and I got the new car from them. 3 months later, get a letter from Volvo requesting a few thousand for damage. I call the dealership who completely denies any knowledge of a waiver on damage and says I owe the money. They even said they looked at the new contract and saw nothing of what I had them add. One fax later, shocked sales manager, and a check to me in the mail, to be forwarded to Volvo.
2. Client turns in car, gets a signed inspection report from Land Rover stating car is clean. Many months later, letter from Land Rover and a collection agency looking for the $'s for the repairs, which they claimed to be over $2000. One fax later, Rover and collection agency went away.
3. Recent minivan turn-in. Toyota tried to get me to re-lease or buy the car. Wife didn't want it, so not interested. By the final lease payment, they were knocking a couple thousand off the buyout to get rid of the car.
4. Related minivan turn-in...car had quite a few little dings, chips, scratches in bumper that could've easily cost some $'s. Got a quote from a lease turnin place of about $1500 to get it ready. Rubbed out as much as I could, armor all'd it like crazy, and showed up at the return place minutes before closing. Wife dressed quite nicely
, chatted the guy up, he signed off, no $'s and car is gone.Have also found much more leniency when buying or leasing another car from the same company. When you don't get a new vehicle, they get pretty tough, so get everything in writing, keep everything for a long time, and follow the other turn-in time tips in this thread. With a little effort, you can do much to keep the $'s to a minimum.
Mark
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From: Napa
Good tips MArk.
I did not agree with the other post that they won't deal. My lease is Wells Fargo (not on the S) and they aren't in the used car business. I would guess they would be happy for a check instead of the car that they would wind up wholesaling anyway. Wholesale price will be much less than the residual price.
I did not agree with the other post that they won't deal. My lease is Wells Fargo (not on the S) and they aren't in the used car business. I would guess they would be happy for a check instead of the car that they would wind up wholesaling anyway. Wholesale price will be much less than the residual price.
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From: Nashville, TN
Good info, Mark. For sure about dolling up the wife and sending her to turn the car in right before closing 
I always stress a pre-turn-in inspections, then there are no surprises but now I should also stress the importance of getting and KEEPING the inspection and turn in report.
I have been lucky and have never yet turned in any of my lease vehicles, I have been able to find a private party or dealer to buy the car out for me - often with a profit. I was planning on buying my 01 S off the end of the lease, then Honda started running the cheap 05 lease deal so I found a dealer who would buy out the remainder of my lease (residual plus about 8 payments) AND price the new 05 to me for $30,000. Since I had an NFR and got an NFR 05, no one at work has noticed I have a 4 year newer car.
Dennis
I always stress a pre-turn-in inspections, then there are no surprises but now I should also stress the importance of getting and KEEPING the inspection and turn in report.
I have been lucky and have never yet turned in any of my lease vehicles, I have been able to find a private party or dealer to buy the car out for me - often with a profit. I was planning on buying my 01 S off the end of the lease, then Honda started running the cheap 05 lease deal so I found a dealer who would buy out the remainder of my lease (residual plus about 8 payments) AND price the new 05 to me for $30,000. Since I had an NFR and got an NFR 05, no one at work has noticed I have a 4 year newer car.
Dennis
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From: Nashville, TN
Originally Posted by ol' dood,Aug 26 2005, 12:19 PM
If you are a private owner, leasing is financial dead-end!
Honda Financial Services is or was offering lease rates for S2000s less than 3% and less than 1% for Accords. Unless you are paying cash, leasing then buying can be the same or cheaper than financing the same car.
Dennis
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From: Woodland Hills
Originally Posted by Morris,Aug 26 2005, 10:12 AM
My lease is Wells Fargo (not on the S) and they aren't in the used car business. I would guess they would be happy for a check instead of the car that they would wind up wholesaling anyway. Wholesale price will be much less than the residual price.
On leases where the value held up, I've purchased them and made decent money. They know they've got a good car and won't budge typically, but it's still worth a shot.
Mark
