Some automakers are no longer allowing customers to turn in their leased vehicles to dealerships that do not carry their brand; this now includes Honda.
Customers who have leased Hondas and Acuras are now required to return or trade in their vehicles at Honda or Acura dealerships only.
“[The goal] is to make sure our dealers have access to quality pre-owned Honda and Acura vehicles to satisfy the needs of new and returning customers,” Petar Vucurevic, vice president of financial services at American Honda Finance Corporation, told Kelley Blue Book.
Honda’s move is similar to what General Motors did last month. Nissan and its Infiniti luxury brand did the same in May, according to Kelley Blue Book.
This policy is, in fact, not new to some car brands like Ford and Lincoln. For many years, they have not allowed third-party lease returns. Honda will be reviewing this requirement at the end of the year. Toyota is also looking at the possibility of implementing the same strategy, according to Kelley Blue Book.
The restriction prevents customers from trading in their leased Honda or Acura for a new vehicle that isn't the same brand. It also prevents third-party dealerships from paying a customer’s buyout price for them.
Alerts Sign-up