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Discussion Starter #1
Bought out the lease that is. I had 4 payments remaining on the 3/36 lease and HMA has been sending me a fair share of friendly reminders as of late. My original intent was to turn it in and get another, but I just don't care for the looks of the 2011's (yet) and more importantly, the lease rates are ridiculous on them. Poking around the net and local adds for a decent used 2007+ minivan of any kind is tough, unless you want a previous rental Chrysler product (or such) and yet they STILL want top dollar for them!! I called a couple local banks and my credit union and wasn't thrilled with the rates they were quoting. All around 6%. I called HMA and they basically reiterated that I could buy the vehicle out at any time and my current buyout was $16500 (+tax). HMA doesn't offer any financing, they direct you to your selling dealership for that. I skipped the dealer I leased the van from back in 2008. They're just too far away. Called my local Honda dealership and they were great. It couldn't have been easier. One phone call and a quick 15min visit to sign paperwork and it's all done! They got me a 4.9% rate for 60mo. They lightly pushed the Honda Care extended warranty for another ~$24/mo but I skipped it. I guess to sum it up, it was easier than I thought to buy your leased vehicle.

Joel
 

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Yeah, I've bought out a lease before, and it was very easy. As a matter of fact, I did it through my credit union, so they just sent a check to Honda, I didn't have to get any dealer involved at all.
 

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What was the total cost of the van including all payments made and cost of lease?

Just wondering??




MTPockets08 said:
[B rate for 60mo. They lightly pushed the Honda Care extended warranty for another ~$24/mo but I skipped it. I guess to sum it up, it was easier than I thought to buy your leased vehicle.

Joel [/B]
:D
 

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2008 Honda Ody LX babe magnet.

LX = sexy baby yaaaaaaaaaa!
 

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Discussion Starter #5
Oh yes. Bringing sexy back is what it's all about!

Fender, the initial lease was ~$1900 down and $276/month for 36mo. I made 32 payments and added the last 4 to the buyout price. So from the start:
1900 initial taxes and fees + 8832 in lease pymts + 16500 + 1444 tax for purchase = $28676, then figure a cpl grand on interest over the life of the 4.9%/60mo loan. ~$30K total after 7.7yrs of payment/ownership, or there about. This van stickered for $26495. It's not a brilliant financial move for sure, but it was a way to keep monthly payments down. The alternative would have been buy it outright from the beginning for ~$430-450/mo for 60mo.

Joel
 
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