Q: What is the different between financing and leasing?

A: When financing a vehicle, the sale price, plus interest are divided into equal portions (commonly monthly payments for 60 months). Upon completion of the installment payments, you own the vehicle outright. When leasing a vehicle, you are paying for the right to use that vehicle for a set time frame and distance (commonly 48 months and 96,000 km), along with the right to purchase that vehicle for a predetermined price at the end of the leasing period. At that time, you also have the right to return the vehicle to the leasing agent rather than buying it. Leasing offers you a greater range of options and is almost always accompanied with a substantially lower montly payment than financing options.

Q: What is my vehicle worth when I trade it in?

A: The only way to accurately determine the value of a used vehicle is to have a proper appraisal performed by a professional at the dealership. This would entail selecting a new vehicle to purchase and then having your sales representative ask a manager to appraise your car. The appraisal process usually takes 30 to 40 minutes, time permitting.

Q: How do I find the current balance on my Honda Financial lease or finance?

A: You can phone Honda Financial Services directly and ask for the payout price of your vehicle or you can visit our dealership, where one of our knowledgeable and friendly Financial Services Managers will be happy to assist you.