Tips for Buying Out Your Lease

Lease Maturity Office | 1-800-351-6509
Finance Director Sean McCarthy | 585-723-4857
Finance Manager Jim Hunter | 585-723-5001

When your Honda lease is almost at its end, you have the option of renewing your lease or upgrading to a newer model. Or, if you’ve grown to truly enjoy driving your Honda vehicle around Rochester, you can buy out your lease. If you want to buy your lease and make your Honda vehicle your own, Ralph Honda has some helpful tips!

When you choose to buy out your lease at Ralph Honda, our team is here to help you during every step. Our process is quick and simple, and once you arrive at our dealership, we take care of the rest.

Why should you let our finance center assist you with buying out your lease? Here are some highlights about buying out your lease through our dealership:

• One of the largest benefits of going through us to purchase your lease is that we handle transferring the title to the vehicle to your name.
• If you were to handle the process yourself, it’s your responsibility to contact the DMV and have the title transferred into your name.

One of the benefits of buying out your lease is that you’ll no longer have to worry about mileage limits. Even if you’ve exceeded your mileage limit during your lease, it’s still very advantageous to purchase your lease.

Here are some benefits of buying out your lease that you might not have considered:

• When you purchase out your lease, the mileage on it doesn’t matter since you won’t have to pay for mileage overage fees if you exceeded your mileage limit.
• You won’t have to pay the disposition fee, which is the fee you would normally pay for returning your leased vehicle.
• You won’t have to worry about mileage restrictions or customization restrictions in the future.
• You can sell the vehicle at any point in time.

So, how does buying out your lease work? As we mentioned earlier, after you park your car at our dealership in Rochester, we’ll handle the majority of the process.

Here are some important tips regarding what to expect during the process:

• You’ll need to pay sales tax on the residual value of the vehicle since the full sales tax amount wasn’t covered at the time you originally leased the vehicle.
• Most of this process can be completed on the computer, and most of the documentation needed can be sent over to us ahead of time.
• The credit application can also be completed online, and we can provide the approval over the phone.

From there, an appointment will be set up to sign the paperwork in person, which takes around 10 to 15 minutes. Here is the required paperwork to buy out your lease:

• Copies of your insurance cards
• Driver’s
• Registration
• Pictures of your odometer and a current inspection sticker.

Before you make the final decision on purchasing your lease, consider some other helpful tips:

• If there’s a co-buyer on the original lease, you or that person can purchase out the lease. But, the vehicle has to remain registered to whoever the vehicle was originally registered to.
• A third party can’t purchase the lease.
• If you prefer to acquire your own financing or plan on paying cash, you’ll work directly through Honda, which you can contact at 1-800-351-6509.

When purchasing your lease, you also have the opportunity to purchase an extended warranty, and there are plenty of options to choose from, so you can be sure to find something that’ll best suit your needs. For any other questions about how the lease buyout process works, reach out to our finance center at Ralph Honda!

Contact us to purchase your Honda lease and finally own the vehicle you’ve been driving! Don’t forget that you can easily apply for financing online with us to make the process even quicker. No matter where you originally leased your Honda vehicle, Ralph Honda is here to help whether you are from Rochester, Buffalo, or even Syracuse!