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.
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?
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.
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?
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.
We are committed to making you a long-lasting customer and friend
Cambridge Centre Honda was a perfect place to buy our van. Each team member that we met with was quick, professional, honest and we felt that they were listening to what we needed. We got the best price on our trade in and they worked quickly to get the best price for us. We appreciated how they worked. We highly recommend them to anyone, great [...]
I bought my first brand new car here. Mark my sales associate was great and has become a friend of mine. Everyone that I delt with here was exceptional! They treat you like family which is awesome! Not enough good words to describe the wonderful staff here. Would absolutely buy another car here.
Cambridge Centre Honda made buying a car much easier. My husband and I had not planned to buy a new vehicle, but had to. We dealt with Mark in sales and he was very informative and helpful. When we decided on a vehicle, Colin finalized all the paper work. We had to wait a week for our car, but Colin was always available to answer any questions and got [...]
Purchasing my 2012 Civic EX from Cambridge Centre Honda was a great experience. It was a low-pressure environment and they were more than welcoming when I asked if I could have my mechanic inspect it. Kevin MacKenzie was very helpful and informative throughout the entire buying process. I would highly recommend visiting Cambridge Centre Honda if you're [...]
Best experience we have had purchasing a new car. Fair trade in allowance without having to arm wrestle the new car manager. Marci, Colin and Tanja were very friendly and easy to deal with. We have heard only good things about the service department and look forward to meeting the people on that end of the dealership.
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