Leasing a Honda vehicle allows the leasing individual to drive a new Honda without paying the expensive up-front costs involved in purchasing the vehicle. In the case of Honda, the company often puts out good deals for potential lease customers that include reasonable prices and are less expensive than buying and financing. During a bad economy, however, the vehicle on lease might end up costing too much per month, and breaking the lease might seem like the best option.
Transfer the lease. A lease transfer allows someone else to assume the lease on the Honda and is less expensive than an early termination. There are fees and processing costs, but the costs are a fraction of the termination fees for canceling the lease outright. When transferring a Honda to a new person, the company or a lease transfer company will take the lease from the current individual and give the lease to the new individual. The cost is less for the new individual, who will not have the full length of the lease and will have fewer up-front costs.
Put a clause in the lease allowing early termination without high costs. When signing a contract for leasing a vehicle, adding such a clause to the contract can save money and allow termination without problems. If at any time the contract needs to terminated, such as in shaky job situations, such a clause will minimize the risks and allow the person holding the lease to get out of the lease early. While financing through a bank might not allow such a clause, financing through Honda can lead to more lenient lease options. The cost of the lease is likely to rise slightly per month with the clause included, but termination will be allowed after a specific time period, such as one year, without the high-cost penalties.
Break the lease and pay the termination fees. When the contract is broken out of hand, the cost is high. There are early termination fees and processing fees that can cost a couple of thousand dollars. Even if the lease is broken only a few month early, there will be high costs. This is an option, but it is not the only option available when leasing a vehicle from Honda. Breaking the lease early should only occur when the lease does not have a clause allowing it and the lease cannot be transferred. The cost of breaking the contract will be very high, so it is best to avoid this until there is no other option.
