I have a few questions on leasing and the end of the lease. We leased my wife a ’99 Accord in July of 1999 and her lease is up in July of 2002. We have the opportunity to buy a Honda Odyssey from a friend for a real bargain so we are looking to get out of her lease early. My plan is to sell the Accord (either to an individual or to someone like CarMax). I called the bank who holds the lease and they said that is no problem. The price to buy the vehicle is $14,200. I asked the lady at the bank what happens if they offer me $12,000 for the car. Do I owe the difference between $14,200 and $12,000? She said no. Then I asked her if I will still owe the remaining payments on the car (6 months at $260) and she said no. After I got off the phone it sunk in that if this is the case why would anyone turn their car back in to the dealer? If I wait until July then Honda will try to get $$ from me for new tires, minor scratches, etc.

Does anyone have experience in these matters? Any help would be appreciated.

 

Nevermind. I found someone at the bank who knew what they were talking about and they said that I would have to either get $14,200 out of who I sold it to or pay the difference.

 

Glad you found something out because that first thread didnt make sense what that lady said. Good luck !