3 GREAT OPTIONS
SELL THE VEHICLE AFTER THE PURCHASE
Sell or trade-in the vehicle against a newer vehicle.
Walk away from the vehicle with no hidden fees.
PURCHASE THE VEHICLE
Purchase the vehicle for cash or refinance the remaining balance and
continue to use the vehicle.
More importantly, we can help with all of your leasing needs!
At Classic Honda we have assisted many of our customers in changing their existing leased vehicle before its maturity date.
Minimum term for a lease is 24 months with a maximum term of 60 months.
USE OF VEHICLE
If you are planning on obtaining a courier or a delivery vehicle, HFS will not allow you to lease the vehicle. Other vehicles that are not eligible are driving school vehicles or designed for use of transporting people. Leased vehicles may be garaged outside of Canada for a period not to exceed 30 days without HFS written consent.
If you relocate outside of Canada, you will be required to pay out the financial obligation.
Your Residual value or Guarantee Future Value (GFV) is determined on the vehicle usage of 24,000km per year. If you expect to drive more than 24,000km per year, the GFV must be reduced by 8 cents a kilometer for the anticipated excess kilometer to a maximum of 40,000 per year. If an insufficient excess kilometer adjustment is made at lease inception, you will be charged at a rate of 12 cents per km at lease termination for each kilometer over the original kilometer allowance.
Have you ever wondered why GAP protection is important ?
You do not have to worry in the event of total loss or total theft providing all terms of your lease agreement have been followed and proper insurance coverage is in place at time of the incident. GAP (Guaranteed Asset Protection) covers any difference between your insured value and HFS actual book value. This protection is for the full term of the lease. GAP will not cover past due payments, insurance deductibles, late charges, fines, or any other miscellaneous fees. Furthermore, GAP does not insure against excess depreciation from excess km on the vehicle (greater than 24,000km per year or if the customer has purchased excess km). In the event of total-loss, please note that GAP does not reimburse any down payments made to reduce the capitalized cost.
Can I have some one else take over my lease ?
Vehicle Lease Agreements may be assigned to and assumed by a third party, subject to the approval of Honda Financial Services (HFS). The following are standard to the program:
1/ Assumptions are NOT PERMITTED
within the last six months of the Lease.
2/ It is the responsibility you the Customer
to find third party toassume their Lease contract.
3/ HFS reserves the right to decline any request for
assumption without an explanation or obligation.
It is the responsibility of HFS to determine an
assuming customer's credit worthiness.
4/ The original customer is responsible for all
payments up until they receive written
notification from HFS that the assumption has
5/ HFS will decline all assumption requests that
are in past due status at time of application.
The account must be up to date to be considered.
6/ If at anytime during the assumption process the
account falls past due, the documents will not be
processed until the account is up to date.
7/ If payment returns NSF from the previous
account holder it is the responsibility of the
new owner(assignee) to ensure the account
8/ Once the assumption has been completed, the
assignee accepts all terms and conditions
outlined on the original lease agreement,
which is legal and binding.
9/ More than one assumption may be completed
on an account.
An assumption fee is applicable each time
an account is assumed. The fee is made
payable to Classic Honda for the amount
$799.00 + GST.
1/ Void Cheque
2/ Signed and dated Credit Application
3/ Assumption Fee
4/ Copy Driver's License (front & back)
5/ Articles of Incorporation (if applicable)
6/ Insurance Confirmation
NOTE: Lease Assumption approvals and documents are only valid for 30 days from the date of approval.
What do I need to do at the end of my vehicle lease ?
THE LEASE END PROCESS
Honda Financial Services (HFS) works with Datascan Field Services (DFS), a national vehicle appraisal service provider specializing in vehicle condition inspections. DFS is the only authorized party allowed to perform vehicle inspections on your leased vehicle. Inspectors for DFS have been well trained to follow specific guidelines that we have established in order to determine abnormal wear and tear on our vehicles. DFS will contact you approximately forty-five (45) days prior to your renewal date.
HFS encourages you to be present during the inspection, as you will be asked to sign the report. Once the inspection is performed, DFS will make the report available on their website where it can be viewed by yourself, HFS and your original authorized Honda dealer. HFS will review the damage and assess charges accordingly. You will be responsible for all applicable charges including excess kilometers.
THE LEASE END PROCESS
Normal Wear & Tear vs. Excess Wear & Tear
Normal wear & tear is expected on the vehicle and
will not be assessed as damage. Some examples are:
· Minor dents and dings
· Small scratches less than 5 cm (2")
· A few stone ships in the paint finish
Excess wear and tear is noted if the vehicle is damaged or has not been properly maintained. According to the terms of your lease agreement, you are financially responsible for any excess wear and tear found on the vehicle at the time of return. Here are some examples of excess wear and tear items:
· Excessive dents, chips, scratches,
or stone chips on the vehicle's paint
· Chipped, cracked or broken glass
· Mechanical malfunctions
· Substandard quality repairs
· Rips, tears or burns in the
· Any undisclosed damage
30 Van Kirk DriveBRAMPTON, ON L7A 2Y4