Finance Frequently Asked Questions

If you have any questions about how new or used car financing, leasing, loans, or credit applications, you can read our answers to the frequently asked questions we receive from customers like you. If you don’t see an answer to your question, please feel free to give us a call or stop by our dealership at any time! Our finance team have the experience and expertise to answer all your questions.

LEASING A HONDA – FREQUENTLY ASKED QUESTIONS


Why lease a new Honda vehicle?
There are several reasons why you leasing a Honda makes sense. When you lease a vehicle, you are basically renting it. It can be more restricting to lease a car than to buy or finance it, but there are a few advantages:

  • The monthly payments are generally lower so it is easier to afford a new vehicle in the short term
  • You can reduce your payments even more by making up to a 30% down payment
  • You have no longer term commitments to the vehicle
  • There are always tons of lease incentives from Honda that make it more affordable
  • Honda cars are much better at retaining their value so they are affordable to lease

There are some circumstances where it makes sense to lease a Honda. For example, maybe your family is suddenly going to have a new addition and you need a bigger vehicle, your previous vehicle was in an accident and you can’t afford to buy one immediately, or you simply like always having a new vehicle every few years, then leasing a Honda is for you.

How can I make sure to follow the terms of my Honda’s lease?
For all the necessary information about your Honda lease, you can consult Honda’s own Lease Care Guide. It includes information on the following lease topics:

  • Insurance
  • Service & maintenance schedule
  • Honda’s financial services portal for active lease customers
  • What to do if you’re in an accident
  • Post-lease inspection process for each part of the vehicle
  • Frequently asked questions about Honda leases

If you have any other questions about leasing a Honda, please contact us today and our finance team would be proud to help however they can.

What happens if my Honda is written off or stolen before the lease is over?
In general cases, when a lease vehicle is written off in that manner, your insurance compensates you for the fair market value of the vehicle at that time minus the amount of your policy’s deductible. However, sometimes the settlement you get from your insurance company in compensation is not enough to cover the remaining value of the lease contract.

If the Honda vehicle you lease from us is stolen or written off due to damage incurred from vandalism or an accident, you can take advantage of Honda’s Automatic Guaranteed Asset Protection. If you opt in to this program you are protected against being stuck having to pay for the difference between the insurance settlement and the remaining value of the lease.

What happens when my Honda lease ends?
When your Honda lease comes to an end, you have three options:

  • Option #1: Return the leased vehicle to our dealership and buy, finance, or lease a new Honda vehicle from us.
  • Option #2: Contact us to schedule a day and time to return your leased vehicle and walk away.
  • Option #3: You can choose to buy the vehicle you had been leasing for the remaining value of the vehicle at the time you return it.

These options ensure you have plenty of flexibility at the end of a Honda lease to ensure you can make the decision that makes the most sense for you.

FINANCING A HONDA – FREQUENTLY ASKED QUESTIONS


Why finance my new or used Honda?
When you finance a Honda, you have a bit more flexibility in regards to owning that specific vehicle. Here are some of the advantage:

  • You can finance any new Honda, and some eligible used Honda vehicles, so you have more choice of vehicles and prices
  • Even during the loan you own the vehicle and can drive or customize it however you want
  • You can pay out the remaining loan at any time without any additional costs or penalties
  • The contracts for taking out a loan to finance a Honda are very simple
  • There are no potential payment penalties for exceeding kilometer limits, or any excess wear and tear
  • The financing terms are very flexible
  • Once you have paid off the loan in full you own the automobile free and clear

If you have any other questions about leasing a Honda, please contact us today and our finance team would be proud to help however they can.

What happens when my Honda loan ends?
Whenever you loan ends, whether you make all your regular payments and pay it off in full at the exact end of the term or if you choose to pay it all off at any point in time before that, you own the vehicle free and clear. At that point you have a choice, you can keep the vehicle with no finance payments for the rest of the vehicle’s life, or at any other point you can trade it in to lease or finance a new Honda vehicle.