Lease

WHAT TERMS ARE AVAILABLE?

Lease terms are usually 24, 36 48 or 60 month. Of course, our term has a direct connection to your payment, but sometimes, shorter terms can lower your payment, depending on the vehicle.

WHAT ARE THE UP FRONT COSTS?

Leases do not usually require a down payment. All you pay when you take the vehicle is the first payment (which includes taxes) and the lien registration fee, which is nominal. You can always put money down to lower your payment, should you choose.

HOW FAR CAN I DRIVE IT?

A standard lease is 24,000 kilometres per year. A low kilometre is 20,000 kilometres per year and will have a slightly lower payment. You can adjust the lease to accommodate 30,000 or even 36,000 kilometres per year, should you be a higher mileage driver.

WHAT ABOUT THE FUTURE VALUE?

The future value, or residual, is determined by the lease company (Usually Honda Canada Finance). The residual value is guaranteed, so at the end of the term, if there is negative equity, you can just turn it in and take a new one, or walk away. If there is equity, you can buy it for the residual value, and we can help you with the financing. If you want a new vehicle, we can apply the equity to your next vehicle.

WHAT IF I HAVE AN ACCIDENT?

One of the biggest advantages of leasing is no charge GAP insurance. If your vehicle is an insurance write off, then you just notify us. There are no worries about negative equity because you are insured against it. Just come in and get a new one! If you have a major accident, and it is repaired, it won’t affect your residual. You turn it in at the end of the term. The residual is guaranteed.

EXTENDED WARRANTY

You can add Honda Plus to your lease, to ensure that you have warranty until the end of your lease term.