Getting out of 2019 Si lease early and switch to financing 2020 Si?

suhhh

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Anyone have experience switching from a lease to a financed new car?
Currently have my 2019 si that I've had for a bit over a year (October 2018), looking to terminate the lease early and switch to financing the new 2020 civic si.

I'm over mileage on the car (22k) and there is a small scratch on the front bumper from NYC street parking, wondering how lenient a dealer will be. I have a pretty good relationship with the dealer I go to as I've leased from there years ago and my dad had bought a Fit, also have a very good credit score.

Hoping to get some termination charges dropped and hopefully get some over mileage knocked off.
Thanks!
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pcsavvy

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I just traded in my 2017 Hatchback Sport (leased) for a 2020 Hatchback Sport (lease) and as a trade in I broke even and I was well below the max mileage. I traded it about 3-4 months early before my lease ended. The only way at this point a dealership will handle this deal as a trade in which means based on the current value of your car - your pay off balance = trade in value. They will not give you any breaks on mileage. Your best bet would be to check with edmunds.com or carmax.com to see what the current value of your car is and check with HFS what your total pay off would be. If you owe more than what your car is worth, better known as negative balance will be rolled over into your new loan. So you possibly may end up paying for two cars instead of one. The dealership will not look at your deal as a lease turn in until you get about 4-6 months from the end of your lease. If you can afford to put a large down payment to offset the negative balance then maybe it might be doable. It just depends on how underwater you want to be with the 2020 SI.
As lease turn in you are given $500 waiver for wear and tear unless you get another Honda then you could get up to $1000 waiver for wear and tear. Your best bet would be to wait till you get within 4-6 months of your lease ending and then checking to see if financially it makes sense to get another SI. Just keep in mind, the new generation of Civics should be out around 2022 so you may want to wait till then.

The dealer may be interested in buying your car instead of a trade in but that will only work if the value of your car is more than what your total pay off is. Also you may want to fix that scratch so the car would be in better condition upon trade in.
 
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suhhh

suhhh

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I just traded in my 2017 Hatchback Sport (leased) for a 2020 Hatchback Sport (lease) and as a trade in I broke even and I was well below the max mileage. I traded it about 3-4 months early before my lease ended. The only way at this point a dealership will handle this deal as a trade in which means based on the current value of your car - your pay off balance = trade in value. They will not give you any breaks on mileage. Your best bet would be to check with edmunds.com or carmax.com to see what the current value of your car is and check with HFS what your total pay off would be. If you owe more than what your car is worth, better known as negative balance will be rolled over into your new loan. So you possibly may end up paying for two cars instead of one. The dealership will not look at your deal as a lease turn in until you get about 4-6 months from the end of your lease. If you can afford to put a large down payment to offset the negative balance then maybe it might be doable. It just depends on how underwater you want to be with the 2020 SI.
As lease turn in you are given $500 waiver for wear and tear unless you get another Honda then you could get up to $1000 waiver for wear and tear. Your best bet would be to wait till you get within 4-6 months of your lease ending and then checking to see if financially it makes sense to get another SI. Just keep in mind, the new generation of Civics should be out around 2022 so you may want to wait till then.

The dealer may be interested in buying your car instead of a trade in but that will only work if the value of your car is more than what your total pay off is. Also you may want to fix that scratch so the car would be in better condition upon trade in.
Just talked to someone and posting this in case anyone comes across this post. They said they would be getting rid of all termination fees and offering the si for $24,500 including destination charge. Will have to pay $800 carryover but they would not charge for the overmileage. I think I might go full send with this deal.
 

pcsavvy

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I was interested in getting a 2019 last summer and the dealer would only do a trade in or buy out only. What this meant the dealer would pay off my lease and then start a new deal. The only time they would do a lease trade would be when I was within 3 months of my lease ending. Once you get to about 6 months of your lease ending, you do have more options. If you were doing a lease trade in, you would get up to a $1000 waiver for wear and tear and you would only have the residual value to deal with. I know the SI does not lose as much value as the Sport Hatchback but you want to be careful that you are not rolling any negative equity into the new loan. Over mileage charge is not a factor when you doing a regular trade in deal. The dealer will pay off your lease on your SI which would be the remaining lease payments + the residual value = total pay off. If there is any negative equity ie the value of your SI is $21,000 but the pay off is $25,000, $4,000 will be rolled over into your new car loan which will be charged interest for however long the loan is for. If you have the money to pay off the negative equity or you do not mind paying double interest on that $4,000 then go for it.
Just be careful that you are not so far underwater that if God forbid the car gets totaled within the first few years of ownership and the insurance wont pay what you owe to the bank, just the value of the car, you could be on the hook for a bit of money and unable to finance a new car until you pay off that negative balance. Otherwise, look into adding GAP insurance to your loan so you don't have to worry about that aspect of your car ownership.

It is your decision and the 2020 SI does have some nice upgrades as does the 2020 Hatchback Sport.
 

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Just talked to someone and posting this in case anyone comes across this post. They said they would be getting rid of all termination fees and offering the si for $24,500 including destination charge. Will have to pay $800 carryover but they would not charge for the overmileage. I think I might go full send with this deal.
You should pull the trigger. I did with my 18 and I have zero regrets.
 
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suhhh

suhhh

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You should pull the trigger. I did with my 18 and I have zero regrets.
Hell yeah brother just did :)
Now I just have to wait until the end of February for a white coupe to come in, I'm super stoked
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