Log in to your Honda Financial Services (HFS) account or call Honda at (800) 708-6555 to get a cost estimate and initiate your Honda lease buyout.
QUICK LOOK
- You’ll have the option to buy out your leased Honda at the time of your car lease return or earlier in the lease period if allowed by your Honda dealer.
- You can get an idea of what HFS will quote your for your buyout price by comparing the residual value in your lease agreement with retail values from KBB and Edmunds.
- You can typically finance your buyout through Honda, but it’s always best to compare multiple car loan options before signing the dotted lines.
Learn more: How to lower your Honda insurance costs
How a Honda lease buyout works
A Honda lease buyout is an optional next step after leasing a vehicle where you can purchase your leased car for its remaining value. There are two types of lease buyouts:
- Lease-end buyout: You can choose to buy out your car instead of turning it in when you’ve reached the end of your lease term. This is the most common buyout option.
- Early lease buyout: You may choose to do lease buyout before your contract ends. Check with your Honda dealership to see if this option is available for your lease.
Here’s what you’ll need to do to buyout your leased Honda vehicle:
- Obtain a purchase quote: Log in to your Honda Financial Services account or call Honda at (800) 708-6555. (Residents in Ohio and Illinois will need to contact a Lease-End Specialist first.)
- Contact the Lease Maturity Center: Let them know about your intent to purchase the leased vehicle to get directions on your specific buyout process.
- Submit your payment: You can either pay for your vehicle through your online Honda financial Services account or by check via mail:
Honda Finance Exchange, Inc.
P.O. Box 70252
Philadelphia, PA 19176
- Submit an Odometer Disclosure Statement and Title Release Information form: You can fax these docs to (937) 481-5307 or include them with your mailed payment.
- Re-register your vehicle: You’ll need to visit your local DMV to transfer the title and register the Honda under your name as the new vehicle owner. You may need to pay additional fees and taxes.
How to calculate Honda lease buyout fees and costs
The easiest way to find out how much a lease buyout will cost you is by calling Honda Financial Services. However, you can figure out the costs on your own with the following steps:
- Pull out your lease contract: Find the residual value of your leased vehicle or the estimated value of your car after your lease expires.
- Keep that number in mind: Use an online resource like Kelley Blue Book or Edmunds to estimate the retail value of your vehicle.
- Compare the two values: If the actual value of your Honda vehicle is higher than the residual value, your Honda vehicle didn’t depreciate as much as estimated and you can negotiate a lower purchase price in your lease buyout.
Honda offers lease buyout fancincing
Call Honda at (800) 708-6555 to let them know your intent to purchase your leased car. They’ll let you know if you qualify for a car loan through Honda.
Expert tip: You should contact at least two other lenders before settling on a financing option. You’ll have a better chance of saving money with a good interest rate and shorter loan terms when you’ve got offers to compare.
How to decide if a Honda lease buyout is worth it
Always check the numbers before committing to a lease buyout. Buying out your Honda lease may not be worth it if:
- Your Honda has been in accidents or incurred excess wear since the beginning of the lease.
- You’re eyeing a new Honda model or year.
- You can’t get approved for a low interest rate.
In some cases, you might be better off waiting to buy until you’ve built up a better credit score. Or you might be happier opting for a different Honda lease to find a new car you like more.
Christelle Agustin is an insurance writer specializing in car insurance, home insurance, and car review content. Christelle’s love of language has driven her to pursue all types of writing. As part of the Jerry team, Christelle has written more than 100 articles covering insurance and maintenance topics, as well as specific reviews of make and model specs.
Pat Roache is an insurance writer with over two years of experience in the automotive industry. With a focus on car insurance, maintenance, and brand reviews, Pat’s mission is to create engaging and accessible content that empowers readers to take autonomy over their car ownership. As a writer and editor with Jerry, Pat has penned over 600 original articles and edited over 1,000. Pat’s 8+ years of experience in the performing arts as a writer, director, producer, and performer lend to their keen eye for research and presentation. Most recently, Pat’s new English translation of Donizetti’s Italian opera “D[x]n Pasquale” had its world premiere in 2022 with Opera MODO (Detroit, MI). Pat also writes grants for an LGBTQ arts non-profit in Chicago, IL.
