End of lease purchase question

[Joseph Garcia]

My wife is now in the process of buying out her lease on the 2020 Honda HRV. She is awaiting approval from the CU, and once received, she will advise the Lessor, Honda Leasing, of her decision, and Honda will generate the appropriate paperwork to complete the transaction. No dealer visits, inspections, etc. will be required.

 

[Dustin Jackson]

@Joseph Garcia I understand that's the lease buyout process.

To buy my leased car without doing a lease buyout I had the option to go to the dealership where they would "sell" me my car as a fresh transaction in which I would have to jump through all those hoops including inspection.

 

[Joseph Garcia]

@Joseph Garcia I understand that's the lease buyout process.

To buy my leased car without doing a lease buyout I had the option to go to the dealership where they would "sell" me my car as a fresh transaction in which I would have to jump through all those hoops including inspection.

Thank you for the clarification. I cannot see any advantage to taking that option, especially if you actual mileage is less than the lease contract's maximum mileage.

 

[Dustin Jackson]

@Joseph Garcia I'm a young guy and pretty understanding of most situations but the thought of re-buying a car that I've "owned" for the last 3 years really pissed me off. It helped me understand old mans frustrations with modern stupidity.

The lease buyout is really the way to go, I don't understand why my preferred credit union stopped doing lease buyouts.

 

[OR VietVet]

@Joseph Garcia I'm a young guy and pretty understanding of most situations but the thought of re-buying a car that I've "owned" for the last 3 years really pissed me off. It helped me understand old mans frustrations with modern stupidity.

The lease buyout is really the way to go, I don't understand why my preferred credit union stopped doing lease buyouts.

You have to realize, in their minds, you have rented/leased and not owned for 3 years. You would be buying a used vehicle and they want to charge you all the fees they can come up with.

 

[Joseph Garcia]

@Joseph Garcia I'm a young guy and pretty understanding of most situations but the thought of re-buying a car that I've "owned" for the last 3 years really pissed me off. It helped me understand old mans frustrations with modern stupidity.

The lease buyout is really the way to go, I don't understand why my preferred credit union stopped doing lease buyouts.

I would suggest that you engage another credit union for the lease buyout. I did this on one vehicle several years ago, not because my preferred credit union did not do lease buyouts, but rather because another credit union offered a better interest rate on the loan.

 

[Dustin Jackson]

@Joseph Garcia My preferred credit union has the best interest rates in the area but they don't do lease buyouts. Today I sign paperwork to refinance the car with my preferred credit union so all will be well after today.