We Will Buy Out Your Lease

Sometimes life throws you curveballs. If your life changes and your current car lease doesn’t fit your life, you still have options. One of the easiest options is letting us buy out your lease. Sussex Honda is looking for high quality used cars, so it may make sense for you to let us buy out your lease. You can either take that money, or take a look around our dealership for a new or used vehicle and use that money for a substantial down payment.

Lease Equity – Turning Your Lease Into Cash

If you’ve been leasing your vehicle for a few years, you probably have some lease equity, which is much like the equity you have in your home if you own. Lease equity is the increase in the end-of-lease value (over the estimated begin-lease buyout) where the end mileage is less than the allotted mileage. In many cases this dollar amount value (lease equity) can be paid to you in cash. We’ll take a look at your vehicle’s condition, mileage and other factors to help determine your lease equity.

What Should You Bring When You Return A Leased Car?

Here’s a quick checklist to check before returning your leased vehicle. Remember to remove personal items from the vehicle, such as:

• Items behind and under the seats, above the sun visors, in the glove compartment or console and any personal items in the trunk
• Garage door openers
• Parking passes or other passes
• Aftermarket wheels or rims you’ve added to the vehicle

Also bring along any item that was on or included with the vehicle when it was leased must be returned when the vehicle is turned in. This includes, but is not limited to:

• Owner’s Manual and maintenance records
• Vehicle Return Receipt
• Vehicle Inspection Report
• Receipts for completed repairs
• All keys to the vehicle
• Tool kit, cargo cover, and luggage crossbars
• Original floor mats
• Original wheel rims (installed at the time of the lease) and spare tire and tools
• Hybrid or electric vehicle accessories such as charge cords

Frequently Asked Questions

How is mileage calculated on a lease?

Your lease agreement will specify the amount of miles in the paperwork you received when you leased the vehicle. Excess miles are those that remain after the total allowed mileage is subtracted from the final odometer reading. To estimate how much additional charge will be assessed for excess mileage multiply the excess miles by the cost per mile designated in the lease agreement.

What Is Excess Wear and Tear?

Additional charges may affect the value we pay your for your vehicle based on excess wear, damage and maintenance items that may be needed. These may be but are not limited to tires with excess wear, dents, interior rips or stains, missing parts and improperly installed accessories.

What if there is damage on my leased car?

Some wear and tear is factored into the lease. Any damage over and above normal wear and tear usually results in a lower offered price.

Contact us today to discuss having us buy out your lease. We look forward to working with you!

Return Your Lease in Newton

Returning a leased car is simple if you go to a trusted dealer like Sussex Honda. Now you know what happens at the end of a car lease, and you’ll make an informed decision on what to do next. Reach out should you have any questions!