Rep Power: 296

A question for some Alberta members...

A friend of mine was planning to take over the lease on my vehicle, so I can upgrade to another vehicle... however...

HCFI (Honda Canada Finance) tells me that I am still liable if he (the new leasee) misses a payment or some other thing. How is that possible? If he assumes all obligations of my lease contract, why am I still liable for something? And even still, how can I upgrade if I am liable? Does any of this sound familiar to any of you? Help....

 
Rep Power: 301

can't they just change over the contract to the new owner? i'm not to familiar with leasing.

 
Rep Power: 0

Sounds like you got locked in the lease. Or, they have you listed as a co-signer, in which case you would be held liable if he/she missed the payment.

I would check on those 2 parts, otherwise, they should not be able to hold you liable if your friend takes over.

Make sure you tell them that it will be your frinds name on the lease, not yours. There is a difference between taking over the payments, and taking over the entire lease.

 
Rep Power: 296

No, it's not a locked in lease, and I'm not co-signed. I am the primary leasee...

That's the part I don't understand. If the contract changes to my friend's name, then you would assume that he has assumed all obligations of the contract, and that I have been absolved of all responsibility. But yet, they go around and tell me that regardless, I am still responsible if he misses a payment, or loses his job, etc...

The whole issue is bullshit IMO. I should have the right to upgrade if I choose, but this whole policy of Honda lease agreement is crap. I reviewed my contract through every detail, and there is nothing that says I would still be liable...

 
Rep Power: 318

I'm not from your area, but I just sold my lease to my dad. AHFC siad if he didn't get accepted, for the laon/lease, I would have to be the secondary signer, like a co-signer, but he got accepted. Not sure how much that helps, btu maybe he did not have good enough credit to assume it.

 
Rep Power: 0

Check with HCFI, maybe they are confusing the situation with a sublease, if which case you are still the primary lease holder and is resonsible. If the your friend is taking over the lease and title, then you shouldn't be on the hook.

On a some what related note, I'm on pre-authorizied payment for my loan with HCFI, but I haven't been receiving statements so I don't even know my account number. Anybody got HCFI's number so I call them up?

 
Rep Power: 296

Thanks for the info guys...

My friend hasn't been approved yet. The only thing Honda has told me is that when he assumes the lease, I am still on the hook...

Besides JrFish, does anyone know someone who has taken over a lease without the problem that I am having?

qfinger... it would depend where you are from... since I'm in Western Canada, I deal with the HCFI office in Richmond, B.C.

 
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I have never leased, or gotten finance. I paid cash for mine and avoided all the problems.

 
Rep Power: 296

Unfortunately, all my cash goes to tuition... so I don't have the problem of a student loan in the future...

 
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I know what you mean. My wife is still paying her student loan off. Only 3 grand more to go now. seems like forever to pay that stuff off.

 
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You're better off getting a 2.9% finance load from HCFI and putting the chunk of cash into a balanced mutual fund with an average 10% return. That's what I did.

 
Rep Power: 296

True. I would never consider paying all cash for a car, especially with the amount of depreciation it incurs.

 
Rep Power: 296

UPDATE...

So my buddy was able to take over my lease no problem, and my name is off... all i had to do was write a letter of intent explaining my decision...

Now it's time to see whether I qualify for a new vehicle or not...

Maybe it has begun, the end of me and my 7th Gen...

 
Rep Power: 0

NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOooooooooooooooooo ooo!!!

Sigh, there goes the BBQ.

 
Rep Power: 282

SO, what are you going to get?

 
Rep Power: 296

I don't know, what should I get? tee hee...

I had plans for a Type-S... we'll see how that goes...

 
Rep Power: 318

That's cool..... it took almost 3 months for my dad to take over mine... So much paper work to be sent back and forth.

Any go for an Evo VIII or wait for the '06 civic's to come out and see what they are like if you have another car.

 
Rep Power: 296

I'd love to go for an Evo VIII, only they don't sell them here in Canada...

 
Rep Power: 301

maybe buy a used RSX with some low kms. 06 civic si-r is looking nice if you could wait until early 06.