FinancialServices .jpg

FAQ

Lease Options

Q. What are the benefits of leasing?

A.Leasing is like renting, you only pay for what you use. Payments are based on the difference between the lease end value and the vehicle cost plus lease finance charges. Taxes will be included in the monthly payment rather than the full cost of the vehicle.

  • A New Car More Often - with lower monthly lease payments over a shorter period of time, you can drive a new vehicle more often.
  • Flexible Terms
  • Keep More Cash to Use or Invest
  • Low Monthly Payments -Lease payments are traditionally lower than retail payments on the same vehicle.

Q. Is this an open or closed end lease?

A. Closed End Lease

At the completion of the lease, you can choose to purchase the vehicle for a pre-determined price shown on your lease contract plus applicable taxes or return it without further obligation. If you decide to return your car, all you have to do is make sure you have not exceeded your kilometer limit, that any outstanding fines have been paid, and there is no excess wear and tear on the vehicle.

Q. What happens if my vehicle is written off or stolen?

A.Automatic Guaranteed Asset Protection (GAP)

If your leased vehicle is involved in an accident, vandalized or stolen the vehicle may have to be written off. To insurance companies a "write off" means fair market value minus your deductible. Your insurance settlement may not always satisfy your monetary obligation. Our Future Value Lease offers you protection against these situations. The monetary GAP between your insurance settlement less your deductible and your lease obligation is covered automatically by our GAP. Some conditions may apply. See your local dealer for details.

Q. Do I have to insure the vehicle?

A. You are responsible for insurance coverage. Required coverage typically is detailed in your lease agreement.

Q. Is a down payment required?

A. Down payments are not required on a lease. In a lease situation, you may choose to make a down payment in order to reduce the monthly lease payments. Down payments on leases cannot exceed 30% of the Total Lease Price.

Q. What is due at the time of picking up the vehicle?

A.Cash Due At Delivery

Most lease agreements require a first monthly payment on delivery of the vehicle, a refundable security deposit and other miscellaneous fees.

Q. Am I responsible for maintenance?

A. You are responsible for maintaining the automobile. A maintenance schedule is outlined in the owner's manual.

Q. Am I responsible for wear and tear charges?

A.Excessive Wear and Tear

If you are returning your vehicle at lease end, your vehicle will be inspected by an independent company to determine if there is any chargeable damage. Chargeable damage can include: dents, paint damage, missing equipment cracked or chipped glass, mechanical damage, holes, tears or burns to upholstery. You are responsible for either repairing identified damage to acceptable standards prior to returning the vehicle or paying the amount indicated on the inspection report plus applicable taxes.

Q. How many kilometers can I drive?

A.Allowable Kilometers

The yearly kilometer allowance with HFS is 24,000. At lease inception, you can purchase additional kilometers.

Q. What is the total vehicle price?

A.Leased Vehicle Price (Total Vehicle Price)

Gives you the transaction price and is also used to calculate your lease payment. While taxes are not included in this price, it does include all equipment, accessories, freight and dealership fees.

Q. What is the total cost of the transaction?

A.Total Cost of Lease Transaction

The total cost of lease is the total monthly payments plus any amounts paid to reduce the cost of the vehicle ie: cash down payment, vehicle trade-in plus applicable taxes, vehicle licensing and registration fees.

Q. What are the lease rate changes?

A. The lease rate and associated charges are disclosed on our full disclosure contract.

Finance Options

Q. Do I own the vehicle?

A. Yes, you are the owner of the vehicle.

Q. Is this an open or closed loan?

A. Open Retail Loans - All retail loans are open and you may pay out the finance contract any time without prepayment penalties.

Q. Are there any fees?

A.Transparent Fees

  • Simple interest method to calculate interest charges
  • PPSA registration fee
  • No kilometer charges
  • No wear and tear charges

Q. What is conventional financing?

A. Conventional Finance

With the Honda Financial Services regular program you can tailor your purchase to reflect your individual needs. Your equal monthly payments are determined using competitive rates and 24 - 84 (84 offered on new contracts up to 72 on used) month terms. Together with the dealer you can work out the financing arrangements that suit your budget and your needs best.

Customer Reviews

We are committed to making you a long-lasting customer and friend

  • J Robinson

    Cambridge Honda was definitely the best experience I have had at a Dealership. They are not the traditional pushy sales people you imagine when thinking about buying a new (or used) car. They truly want you to get the best deal possible and to be happy with your purchase. I had the pleasure of working with Sales Consultant Danielle and Financial Services [...]

    Read more at Google

  • Anne Wilcock

    A fond farewell! For the past 10 years, you provided absolutely excellent service for our two Honda vehicles. We have recommended you for sales and service to many of our friends. If we were in the market for a Honda, we would surely return to you. Sadly, at the moment, Honda does not make a car that suits our needs. You make a real effort to provide [...]

    Read more at Google

  • Elise Du Bois

    They do all the work! Kevin was able to email and text me back and forth to get us a good price for a 2017 Civic without us even having to come in until we were ready to sign papers! Collin was able to email us any necessary info for our insurance, and emailed us right away when we got approved. Painless process entirely. We were first time car buyers [...]

    Read more at Google

  • Janelle Juszczyk

    The staff at Honda Cambridge were WONDERFUL! Very welcoming and helpful. I never felt rushed or pressured to make a decision and the staff were always willing to answer any questions I had! Honda is a great brand and the staff stand by their product. So happy with my HR-V! Shout out to Marci and Tony for making my first car purchase an AMAZING experience!!

    Read more at Google

  • Will Chomyc

    Excellent atmosphere and customer service. Went to see if they could beat the price I was given at another dealer. Not only did I get the price I wanted, I got a much friendlier staff to deal with that made me feel looked after. Would recommend to anyone looking to buy a Honda.

    Read more at Google

4.8

Google Reviews Rating

We'd love to hear your story.
Feel free to write us a review on
Google

Read All Reviews