LEASE END PLANNING
Keeping Your Lease: What You Need to Know
Ah, the comfort of the familiar! There’s something to be said for sticking with a vehicle that you’ve come to know and love. Transitioning from leasing to owning involves a few important steps to seamlessly transfer the vehicle into your name.
Why Might You Want to Keep Your Lease?
There are a variety of reasons a person may wish to keep their lease at the end of the term. Some compelling reasons why keeping your lease could be the right move for you are:
Predictability
You know this vehicle like the back of your hand. There’s a sense of assurance in understanding exactly how your vehicle performs in different conditions.
Condition Confidence
You’ve spent the last 3-4 years taking good care of your vehicle; it’s not just another pre-owned vehicle. You know its history, how it’s been maintained, and what, if any, repairs it has undergone.
Financial Simplicity
Buying out your lease may often involve fewer steps and less paperwork than going through the process of acquiring a new vehicle. You already know the costs associated with your current vehicle, making the financial planning aspect more straightforward.
Choosing to buy out your leased vehicle offers a hassle-free route to vehicle ownership, making your decision not just practical but also personal.
Important Considerations Before Buying Out Your Lease
While keeping your lease can be an appealing option, it’s vital to weigh all aspects before making a final decision. Here are a few crucial points that might impact your choice:
Long-Term Maintenance Costs
Consider the potential costs for maintaining your vehicle beyond the lease term. As vehicles age, they often require more care and potentially costly repairs.
Technological Advancements
The automotive world is rapidly evolving. Keeping an older model might mean missing out on newer technology, safety features, and improved fuel efficiency that newer models offer.
Resale Value Assessment
Think about the future resale value of your vehicle. Some models depreciate faster than others. Will your vehicle still hold enough value if you decide to sell it in a few years?
These points are not to deter you but to empower you with a well-rounded view. It’s important to make informed choices, and understanding these aspects is crucial for a decision that aligns with your long-term interests.
Ah, the comfort of the familiar! There’s something to be said for sticking with a vehicle that you’ve come to know and love. Transitioning from leasing to owning involves a few important steps to seamlessly transfer the vehicle into your name.
Okay, I’ve decided I’m keeping my lease... but what’s next?
Great question! Your journey to full ownership is just a few simple steps away:
Book A Safety
The safety will need to be booked at the dealership you purchased your vehicle from. The customer will need to pay for the repair for any costs that get brought up in the safety. (ex. brake pads and rotors).
Consult Your Finance Manager
You will need to discuss and finalize the buyout price of your vehicle and iron out any other particulars.
Sign the Paperwork
Dot the i’s and cross the t’s to make it all official. There is a lease buyout fee associated with every lease that is around $500.
Financing & Extended Warranty Options
Making the leap from leasing to owning your vehicle doesn’t have to be a financial hurdle. Let’s explore how you can smoothly transition with our tailored solutions:
Flexible Financing for Your Residual Payment
If you’re considering buying out your lease, you may be facing what’s known as a balloon payment or residual value – the final amount due to make the vehicle yours. Good news! We offer financing options to help you manage this payment. Instead of a lump sum, you can opt for a payment plan that suits your budget. Honda also has special rates for lease buyouts! Simply contact your Product Advisor to discuss the details.
Peace of Mind with Extended Warranty
We understand the importance of feeling secure in your vehicle investment. That’s why we offer a range of extended warranty options. These warranties can cover unexpected repairs and maintenance, ensuring that your transition from a lessee to an owner is as worry-free as possible. Talk to your Product Advisor about customizing an extended warranty plan that fits your needs and driving habits.
Our Team is Here to Help
Curious about specifics or just want a little more guidance? We’re not just in the automotive business; we’re in the people business.
