Honda Lease-End Options [Complete Guide]
Is your Honda lease coming to an end? When your lease is up, there are many options available to you.
You can purchase the vehicle or trade it in for another Honda model. If you choose to buy out the vehicle, it is recommended that you start planning six months before your lease ends so that you have enough time to research and find the perfect car for your needs.
This article will help guide you through each Honda lease-end option.
Table of Contents
- Honda Vehicle Inspection
- Option 1: Return Honda Lease
- Option 2: Purchase Honda Lease
- Option 3: Return and Lease New Honda
- Option 4: Extent Honda Lease
- Honda Lease-End Fees
- Honda Lease-End Benefits
- Best Lease Deals by Category
- Frequently Asked Questions
|Honda Lease-End Options|
|Return & Lease|
|Extend Lease||(Some dealerships may be willing)|
|Lease-End Fees||Charge for wear and tear and exceeding mileage limit
$300-$400 Disposition fee
|Lease-End Benefits||waiver for turn-in fee, waiver for wear and tear fees|
Honda Vehicle Inspection
The Honda Vehicle Inspection will outline the estimated costs for excessive wear and tear and excess mileage. It starts with a visual check of your car before moving to a thorough hands-on inspection, including exterior checks. The inspector will need the keys to test the electronic functions, but they will not drive the vehicle.
It is recommended to get a pre-termination inspection in the last two months of the lease agreement. This allows you time to make the repairs on your own or have Honda do it. The inspection is free and can be scheduled online or over the phone.
Prior to the inspection, you should:
- Clean the inside and outside of the vehicle (you do not need to have it detailed)
- Remove all items, including child seats, from the vehicle.
- Ensure all of the manuals, original accessories, maintenance records, and keys are present.
- Provide enough light and space for the inspection.
Option 1: Return Honda Lease
If you plan to lease or buy a vehicle from another manufacturer, returning your Honda at the end of the lease may be the best option. Here are the steps for returning the lease:
- 2-3 Months Before: Discuss the return process with the Lease Maturity Center.
- 2-3 Months Before: Obtain a pre-termination inspection report.
- One Week Before: Schedule a lease return appointment with your Honda Dealer.
- At the Appointment: Return your vehicle in clean condition. You’ll need to bring all of the vehicle keys, the maintenance record, the owner’s manual, the Vehicle Return Receipt, the inspection report, and receipts for completed repairs.
- After the Vehicle Return: Let the Vehicle Maturity Center know you’ve returned your vehicle. As long as all payments have been made, your return is complete.
Option 2: Purchase Honda Lease
Those who love their Honda vehicle and want to use it for years to come may decide to purchase their leased vehicle with a lease buyout. Here’s how:
- There’s no inspection required.
- Log in to your account and obtain a payoff quote online.
- Notify the Lease Maturity Center of your intent to purchase.
- Send the full payoff amount (including state sales tax) to Honda Finance Exchange, Inc. P.O. Box 70252 Philadelphia, PA 19176 or online.
- If you prefer or cannot pay off the vehicle all at once, then you can finance the lease-purchase through the Honda dealer.
- Re-register the vehicle at the Department of Motor Vehicles after purchasing it in your own name. You will have to pay state sales tax or any other required DMV fees.
Option 3: Return and Lease New Honda
Returning a current Honda lease and leasing a new one is a common choice for leasees who enjoyed their vehicle. The timeline for leasing a new Honda upon returning your current vehicle include:
- 6 Months Before Lease-End: Research current models on Honda.com
- 6 Months Before Lease-End: Schedule a test drive with a Honda dealer.
- 2-3 Months Before Lease-End: Learn more about the process of returning your vehicle by contacting the Lease Maturity Center. Here you can also ask if you qualify for Honda Loyalty benefits.
- 2-3 Months Before Lease-End: Obtain a pre-termination inspection prior to returning your vehicle. This inspection will tell you if you are responsible for paying excessive mileage or wear and tear charges.
- One Week Before Lease-End: Schedule an appointment to return the vehicle with your Honda dealer.
- During the Appointment: Bring all vehicle keys, the maintenance records, owner’s manual, vehicle return receipt, vehicle inspection report, and receipts for completed repairs. After completing the vehicle return, you can work with the dealer to set up a lease on a new vehicle. Be sure to check out current Honda deals here.
Option 4: Extent Honda Lease
Honda financial services only list returning the Honda and leasing a new one, purchasing the leased Honda, and returning the Honda as lease-end options. They do not explicitly state any procedure for extending a lease.
However, some dealerships may be willing to extend your lease. You may be able to get a 12-month extension on the lease.
Honda Lease-End Fees
The turn-in fee varies depending on your state and lease contract. You’ll need to consult your lease contract for details.
Honda charges lease-end fees for excessive wear and tear and exceeding the mileage limit. If you know you will exceed the standard lease mileage allowance, you should consider a high mileage lease from the beginning.
When you turn in your lease at the end of term, there is a mileage penalty assessed for additional miles driven. Honda charges $0.20 per mile over the mileage limit. You can purchase more miles at the time of signing.
Wear and Tear
The $500 Excessive Wear and Use or Damage Waiver is part of Honda Leadership Leasing. Loyal customers who purchase or lease their next Honda vehicle may qualify for an additional waiver, which in total, is up to $1,000.
Some examples of wear and tear damage include:
- more than 2 scratches per panel
- damage larger than 1.5" diameter
- exterior pain that is etched, stained or damaged by tree sap
- windshield damage
- any interior burns, holes, stains, or tears
Like most manufacturers, Honda charges a disposition fee for returning your leased vehicle. The disposition fee is indicated in your lease agreement. Honda fees vary by state, but on average, disposition fees range between $300 and $400.
To complete your lease return, you must take care of all outstanding payments. You can view any outstanding payments by logging into your account.
Honda Lease-End Benefits
Loyal customers who purchase or lease another Honda after their lease-end do not have to pay the turn-in or disposition fee.
The Honda Leadership Leasing program includes a $500 Excessive Wear and Use or Damage waiver. Customers who lease another Honda can get an additional waiver, which brings the total amount to $1,000.
Honda also offers a one-pay lease program with flexible lease terms. Also, GAP insurance comes standard on all Honda leases.
Frequently Asked Questions
What are my options at the end of the Honda lease?
At the end of your Honda lease, you can return your vehicle and lease a new Honda, purchase the leased Honda, or return the Honda. You may be able to extend your lease, but you must speak with your dealership and contact Honda Finacial Services to find out about the lease extension.
Where can I return my Honda lease?
You can return your leased Honda to any franchised dealer. You will select the location when scheduling your return appointment.
What do I need to bring with me when I return my Honda lease?
To ensure a smooth returns process, you must bring a clean vehicle, maintenance records, the owner manuals, all sets of keys, the inspection report, and your lease contract. You should also bring an acceptable form of identification, like a driver’s license.
Is my residual value, purchase price, or end-of-lease fees negotiable with Honda?
It will be extremely difficult to negotiate the lease terms at the end of the lease. Therefore, these fees should be negotiated before signing the initial lease agreement.
Can I return my Honda lease before the lease-end date?
You can return your Honda lease early, but you’ll likely have hefty fees to pay. Review your lease for early-termination fees.
What charges am I responsible for when my Honda lease ends?
You are responsible for all outstanding payments, excess mileage surcharge, and turn-in fees when you bring your vehicle back.
What constitutes wear and tear for Honda?
Large scratches or dents, an abundance of knicks, cracked glass, and broken electrical components are examples of excessive wear and tear for Honda.