... [+]We recently posted on how current market forces are making it an ideal time to cash in if you’re leasing a car, truck or SUV and the contract is about to expire. Limited inventories of both new and used vehicles, compounded by pent up consumer demand, is raising transaction prices to never-before-seen highs.
Car leases usually include a provision that allow a lessee to purchase the vehicle at the end of the term for at or close to the predicted residual value when the contract was written, which for the most part would be nowhere near today’s lofty levels. That enables lessees to come out ahead on the deal by electing to invoke the so-called buyout clause, and find a dealership that’s willing to purchase the leased vehicle at top dollar and pocket any sum in excess of the stated value.
However, this process is becoming a bit more difficult, with Honda being the latest automaker that’s requiring its customers to return leased vehicles only to Honda and Acura dealers. That shuts out dealers selling other brands as well as used-vehicle chains like CarMax and Carvana. As with everything else regarding the car business these days, this is due to our old friend the law of supply and demand. “In this unusual market environment, our goal is to make sure our dealers have access to quality pre-owned Honda and Acura vehicles to satisfy the needs of new and returning customers,” explains Petar Vucurevic, vice president of American Honda Finance Corporation .
The company will notify customers nearing their end of their leases that, in accordance with the terms of their lease agreements, they are restricted from returning or trading-in the vehicle to any retailer other than a Honda or Acura dealership.
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