JO3L
Senior Member
- First Name
- Joel
- Joined
- Apr 17, 2018
- Threads
- 6
- Messages
- 387
- Reaction score
- 379
- Location
- Southern California
- Vehicle(s)
- FC1E5, NA6CE
- Thread starter
- #1
Hi all,
Just wanted to share my recent experience buying out my leased Civic Si. First a bit of history on how I got the car. Flashback to 2017, just had my firstborn at the beginning of the year. Wifey tells me I finally need to get a new car that is modern and safe, no more 90s JDM legends. Test drove my friends Civic Sport hatch and was amazed at the performance for a stock car. Now its almost the end of 2017, dealers in my area are having year end lease deals to make way for the 2018 models. $2000 down and $220 a month for 3 year lease on a Si sedan (originally wanted the hatch for versatility, but it was only $10 less per month). Did not even have to think twice at this price. Dealer drops the car off to my work one morning, I sign all the papers and get handed the keys. Yes I got my Si without even test driving. I really did not need to after driving the hatchback and hearing all the praise of the Si from automotive journalists.
Now nearly 3 years later I have grown attached to my Si, not just because it is my first new car, but also because I think you can't really find another vehicle around this price point that offers the same level of performance, fuel economy, reliability and aftermarket support. My buyout amount was $14,500. Called up a local credit union to apply for an auto loan. Immediately got denied because I answered some questions incorrectly. Definitely take your time and double check your work on those applications. After talking with them again and revising some of the answers I was approved. Now it was time to submit all the required paperwork. Had to call Honda to get a faxed copy of the buyout amount and email to the credit union along with my odometer disclosure, registration, ID, and insurance. There were a bunch of DMV forms I printed out and attempt to fill out, but to my surprise the credit union was providing those and all I had to do was sign. A few days later the loan was funded for the buyout amount and the sales tax on the vehicle. The credit union mailed a check to Honda to obtain the title and starting in November I will be paying $340/month for next 4 years with 2.75% APR.
The KBB on my Si in its current condition is roughly around $20k so overall I think this was a sound financial decision and would highly recommend other lease Si owners to take the same path. Now that I don’t have to worry about returning the vehicle back to stock I can start doing some more serious modifications.
Just wanted to share my recent experience buying out my leased Civic Si. First a bit of history on how I got the car. Flashback to 2017, just had my firstborn at the beginning of the year. Wifey tells me I finally need to get a new car that is modern and safe, no more 90s JDM legends. Test drove my friends Civic Sport hatch and was amazed at the performance for a stock car. Now its almost the end of 2017, dealers in my area are having year end lease deals to make way for the 2018 models. $2000 down and $220 a month for 3 year lease on a Si sedan (originally wanted the hatch for versatility, but it was only $10 less per month). Did not even have to think twice at this price. Dealer drops the car off to my work one morning, I sign all the papers and get handed the keys. Yes I got my Si without even test driving. I really did not need to after driving the hatchback and hearing all the praise of the Si from automotive journalists.
Now nearly 3 years later I have grown attached to my Si, not just because it is my first new car, but also because I think you can't really find another vehicle around this price point that offers the same level of performance, fuel economy, reliability and aftermarket support. My buyout amount was $14,500. Called up a local credit union to apply for an auto loan. Immediately got denied because I answered some questions incorrectly. Definitely take your time and double check your work on those applications. After talking with them again and revising some of the answers I was approved. Now it was time to submit all the required paperwork. Had to call Honda to get a faxed copy of the buyout amount and email to the credit union along with my odometer disclosure, registration, ID, and insurance. There were a bunch of DMV forms I printed out and attempt to fill out, but to my surprise the credit union was providing those and all I had to do was sign. A few days later the loan was funded for the buyout amount and the sales tax on the vehicle. The credit union mailed a check to Honda to obtain the title and starting in November I will be paying $340/month for next 4 years with 2.75% APR.
The KBB on my Si in its current condition is roughly around $20k so overall I think this was a sound financial decision and would highly recommend other lease Si owners to take the same path. Now that I don’t have to worry about returning the vehicle back to stock I can start doing some more serious modifications.
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