Trading in our current leased vehicles for new Honda's

JerseeJerry55

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My wife and I are visiting our local Honda dealer as our Kia leases are up in a couple of months. My wife would like either a CRV or HRV and I would like a Civic sedan.There are several issues however. At the lease end we are both majorly over in mileage. She should be over around 12k, and I will be over about 7k. Additionally my car has a dent in the right rear quarter panel at the wheelwell, and since I have Geico as my insurer my son had an accident with my car and they replaced the bumper with a "suitable" not new replacement bumper. It has a small crack on the bottom left and somebody backed into the right side leaving a puncture wound. maintenance wise we have kept up with each car so nothing wrong mechanically. All that being said I expect this may be somewhat of an issue. If anyone has had similar anxiety or issues could you share what ultimately happened during your visit to the dealer. Thank you.
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My wife and I are visiting our local Honda dealer as our Kia leases are up in a couple of months. My wife would like either a CRV or HRV and I would like a Civic sedan.There are several issues however. At the lease end we are both majorly over in mileage. She should be over around 12k, and I will be over about 7k. Additionally my car has a dent in the right rear quarter panel at the wheelwell, and since I have Geico as my insurer my son had an accident with my car and they replaced the bumper with a "suitable" not new replacement bumper. It has a small crack on the bottom left and somebody backed into the right side leaving a puncture wound. maintenance wise we have kept up with each car so nothing wrong mechanically. All that being said I expect this may be somewhat of an issue. If anyone has had similar anxiety or issues could you share what ultimately happened during your visit to the dealer. Thank you.
I advise you to make the repairs on your own at an independent store thats not gonna charge you tons of money, and then bring it to the dealership, because if there is some esthetic work to do on it, they will charge you way over what it really costs to fix it...except if you took a wear and tear protection and you know that it gonna be covered by it
 

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My wife and I are visiting our local Honda dealer as our Kia leases are up in a couple of months. My wife would like either a CRV or HRV and I would like a Civic sedan.There are several issues however. At the lease end we are both majorly over in mileage. She should be over around 12k, and I will be over about 7k. Additionally my car has a dent in the right rear quarter panel at the wheelwell, and since I have Geico as my insurer my son had an accident with my car and they replaced the bumper with a "suitable" not new replacement bumper. It has a small crack on the bottom left and somebody backed into the right side leaving a puncture wound. maintenance wise we have kept up with each car so nothing wrong mechanically. All that being said I expect this may be somewhat of an issue. If anyone has had similar anxiety or issues could you share what ultimately happened during your visit to the dealer. Thank you.
Check your lease contract for info on the mileage overages. Typically leases have a 15 to 20 cent cost per mile over the allowable limit. So between the two cars you're going to be most likely looking at $3,000-4,000 when you turn the cars back in.
 
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JerseeJerry55

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Thanks for the reply. Yes .20 per mile over so between the 2 cars about $3,800.00. So I suppose if they worked in the mileage overage for lets say 48 months it would be about $80 per month combined into the lease. I think we should opt for about 15,000 per year on each of the leases then. Dealer visit is next Tuesday for the preliminary groundwork so I can ask at that time.
 

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Thanks for the reply. Yes .20 per mile over so between the 2 cars about $3,800.00. So I suppose if they worked in the mileage overage for lets say 48 months it would be about $80 per month combined into the lease. I think we should opt for about 15,000 per year on each of the leases then. Dealer visit is next Tuesday for the preliminary groundwork so I can ask at that time.
Keep in mind that the mileage overages would be paid to Kia when turning the cars into a Kia dealership. That is unless you leased through a third party leasing outfit. If returning to the Kia dealer, also check to see if there are any disposition fees. These can be around $300-400.

If you're thinking of getting rid of the Kias at a Honda dealer, the predetermined residual value of the vehicles would need to be paid to Kia, just as if you were buying the vehicle at lease end. That amount would be likely more than a Honda dealer would be willing to pay, as Kias do not typically hold high resale values. If they do go that route, expect any negative equity to be rolled into any new lease/purchase contract. If you go this route with a Honda dealer, you won't be paying the mileage overages per se, but the high mileage will factor into more negative equity.
 


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JerseeJerry55

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Okay if I understand correctly what you're saying if I surrender the Kia's back to the Kia dealer we would pay the overages whether up front or in a new lease? If I trade the cars into Honda the residual would be paid off to Kia Finance which is likely more than Honda would be willing to pay (I think the value at lease end is around $11,500 on my Optima) as Kia resale value's are not as good as Honda's. The negative equity ie: higher mileage is going to factor into new lease payments at Honda. Am I correct?
 

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Yes, that is correct. The Kia dealer would probably be much more willing to absorb the mileage overages, if they could get you to buy/lease another Kia.

My guess is a Honda dealer would send the Kias off to auction, if they were to pay off the residuals, and roll any negative equity into a new lease/purchase. You'd probably get a pretty unflattering offer on the Kias I'm afraid.
 
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JerseeJerry55

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Understood. I am meeting next Tuesday night with the salesman that leased my son his 2018 Civic last year so I will see what he has to say and go from there. I guess which ever brand we go with next has a higher mileage option on the leases. But I know that would increase the cost per month when we lease.
 

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I have leased Hondas and Acuras for 36 month terms with both 12K and 15K per year mileage allowances. The 15K leases typically raise the monthly lease payment by $15-20.

There are usually options to buy more miles upfront to add onto those 12K and 15K amounts, and they discount the price by mile from what the overage at lease end would be. The upfront cost could be 10-15 cents per versus the relatively common 20 cents per overage fee at lease end. People need to be careful with that however, because you don't get a refund for any unused miles you added at lease inception. Better have a good crystal ball.
 


 


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