When deciding on a new vehicle, many customers debate between leasing or financing. Both options provide customers with a variety of benefits, options and terms. A number of factors should be considered when evaluating which approach is best for you. At Clarenville Honda, our F&I Manager and Sales Consultants can help guide you through the “Pros and Cons” to ensure you select the options that work for you.
For more detailed information on Honda’s Lease & Finance options, please click here
If you enjoy driving a new vehicle every two to four years, want lower monthly payments, protection under warranty, and drive an average number of kilometers, then you should consider lease as an option.
In simplistic terms, leasing is like renting - you only pay for what you use. Payments are based on the difference between the lease end value and the vehicle cost plus lease finance charges. Taxes will be included in the monthly payment rather than the full cost of the vehicle.
- A New Car More Often - With lower monthly lease payments over a shorter period of time, you can drive a new vehicle more often.
- Flexible Terms
- Keep More Cash to Use or Invest
- Low Monthly Payments
- Lease payments are traditionally lower than retail payments on the same vehicle.
Closed End Lease
At the completion of the lease, you can choose to purchase the vehicle for a pre-determined price shown on your lease contract plus applicable taxes or return it without further obligation. If you decide to return your car, all you have to do is make sure you have not exceeded your kilometer limit, that any outstanding fines have been paid, and there is no excess wear and tear on the vehicle.
What happens if my vehicle is written off or stolen?
Automatic Guaranteed Asset Protection (GAP) - If your leased vehicle is involved in an accident, vandalized or stolen the vehicle may have to be written off. To insurance companies a "write off" means fair market value minus your deductible. Your insurance settlement may not always satisfy your monetary obligation. Our Future Value Lease offers you protection against these situations. The monetary GAP between your insurance settlement less your deductible and your lease obligation is covered automatically by our GAP. Some conditions may apply. See Clarenville Honda for details.
- Option 1: Return your vehicle to your Honda dealer and lease or purchase a new Honda vehicle.
- Option 2: Schedule an appointment with your Honda dealer to return your Honda vehicle.
- Option 3: Purchase your existing Honda vehicle for the remaining amount shown on your lease contract.
Click here for the Honda Lease Care Guide - a simple reference tool that will address any questions that might arise during the course of your lease