1.6.2009 Auto Lease FAQ: Payoffs How can I get a payoff quote for my auto lease? When will I receive my security deposit? Why doesn't the estimated payoff on my auto lease statement decrease by the amount I pay each month? If I decide to purchase my leased vehicle for the payoff amount, when will I receive my title? Can someone else purchase my leased vehicle? Auto Lease FAQ: Inspection, Wear and Use When should I have my vehicle inspected? Why can't I just have my dealer perform the inspection on my vehicle? How long does the inspection take? Do I have to be present during the inspection? Do I have to take care of the repairs before I turn in my vehicle? What if something happens to my vehicle between the time it's inspected and I turn the vehicle in? If I make repairs after an initial inspection, do I need to have my car inspected again? If I lease or purchase a new Honda or Acura and trade in my current vehicle, am I still liable for any end-of-term charges? Can I pay my final (end-of-term) bill with a credit card? Auto Lease FAQ: Extensions Are there any additional fees if I extend my lease? If I extend my lease will I be responsible for another end of lease inspection? If I extend my lease when will I receive my first invoice? Auto Lease FAQ: License Plates Do I have to do anything with my plates when turning in my leased vehicle to the Honda/Acura dealership? What do I do if I want to keep my plates? Payoffs How can I get a payoff quote for my auto lease? Payoff quotes are available online through our online Account Access or by calling our Express Payoff System at 1-800-708-6555.* * The Express Payoff System cannot provide quotes on lease accounts in which the vehicle is garaged in AL, AK, AZ, or IL, or if certain conditions require that you speak with a Honda Financial Services Representative, Monday through Friday from 9 to 5 CST. Top of Page When will I receive my security deposit? The security deposit is generally released upon receipt of payoff if there is no outstanding auto lease balance or pending property taxes due on your account. Top of Page Why doesn't the estimated payoff on my auto lease statement decrease by the amount I pay each month? The financing payment consists of depreciation and service charges, which is the cost of having a lease. Top of Page If I decide to purchase my leased vehicle for the payoff amount, when will I receive my title? Most leases dictate that if there is no outstanding balance on your account, the title will be mailed upon receipt of payment. Top of Page Can someone else purchase my leased vehicle? We are unable to conduct third-party sales. Your leased vehicle may only be purchased by the original lessee(s) or by a dealer. Top of Page Inspection, Wear and Use When should I have my vehicle inspected? The inspection should be completed in the last two scheduled months of your lease. That way, you'll have time to take care of any repairs yourself. Or, if you choose to have us make the repairs, you'll understand exactly what you're being billed for. Top of Page Why can't I just have my dealer perform the inspection on my vehicle? Only authorized agents can provide an End-of-Lease Inspection. The Lease Maturity Center will be happy to provide you with the nearest authorized vehicle inspection facility. Top of Page How long does the inspection take? In general, about an hour...less if your vehicle is free of excessive damage. Top of Page Do I have to be present during the inspection? While it's tempting to hand over your keys and let the inspection proceed without you, we encourage you to be present for it. Your presence at the inspection will allow you to have a greater understanding of the results, and of any charges your vehicle may be assessed. Since you'll be asked to sign the report, you'll want to be present as the inspector looks at the vehicle. Additionally, you'll receive a copy of the report for your records. If you simply can't be present for the inspection, enlist someone who knows your vehicle well to be there. Top of Page Do I have to take care of the repairs before I turn in my vehicle? It's up to you. Your Acura or Honda automobile dealer, or another repair facility, can handle the repairs, keeping in mind that use of genuine Honda parts is a requirement of your lease agreement. You may also return the vehicle without making repairs. However, you will receive a bill for the cost of excess wear and use. Top of Page What if something happens to my vehicle between the time it's inspected and I turn the vehicle in? Your vehicle is subject to a final inspection after you turn it in, so if a problem arises after your preliminary inspection, you may still be liable for it. However, sometimes damage or malfunctions can't be detected during the inspection, or an unexpected condition arises after your vehicle is inspected. If you receive a bill for charges with which you're not familiar, contact a Honda Financial Services Representative at 1-800-708-6555. Top of Page If I make repairs after an initial inspection, do I need to have my car inspected again? No. However, when you return the vehicle you will need to provide receipts or repair orders that indicate what repairs have been done. Top of Page If I lease or purchase a new Honda or Acura and trade in my current vehicle, am I still liable for any end-of-term charges? You may be. If the dealer purchases the vehicle as a trade-in and makes a full payoff, your obligation for excess wear and use, excess mileage and disposition fee (if applicable) is waived. However, you are still responsible for outstanding items such as lease payments owing, personal property taxes, late charges, fines, etc. Top of Page Can I pay my final (end-of-term) bill with a credit card? Yes, unlike a regular monthly payment, Honda and Acura leases allow you to pay your end-of-term bill with a credit card by calling 1-800-351-6510. Top of Page Extensions Are there any additional fees if I extend my lease? Yes, based on the length of extension and the vehicle is registered. The following states are required to pay non-refundable upfront sales tax IA, ME, NJ, NY, ND, OH, SD, VT. Please contact the Lease Maturity Center (LMC) at 1-800-708-6555 with any questions. Top of Page If I extend my lease will I be responsible for another end of lease inspection? For a majority of the states, the SGS inspection is valid for 120 days from the date of completion. WI and NH require the vehicle to be inspected 15 days prior to returning the vehicle to a Honda or Acura dealership. Please contact the Lease Maturity Center (LMC) at 1-800-708-6555 for further details. Top of Page If I extend my lease when will I receive my first invoice? Payments remain due on the account on the same day. Statements are not sent out until the lease extension agreement has been received and processed by American Honda Finance Corporation. Top of Page License Plates Do I have to do anything with my plates when turning in my leased vehicle to the Honda/Acura dealership? Yes, if you live in the states of VA, NC, CT, RI and MA. For these states the customer needs to provide proof of cancellation or transfer from the state. This is required to stop the assessment of property taxes on the leased vehicle. Top of Page What do I do if I want to keep my plates? You will need to contact the Lease Maturity Center at 1-800-708-6555 for a letter advising that you may keep the license plates. Top of Page ©2008 American Honda Finance Corporation. Honda.com Privacy Policy. Terms and Conditions.