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Honda, GM says you can’t sell your lease to someone outside the brand

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  • If your GM car lease is nearing its end, or if you plan to end your lease this year, your options have just been reduced. You can no longer get the best offer from someone who is willing to buy a car. You now need to sell it back to GM.
  • The same is true for Honda and Acura. All three automakers have changed their rules by at least the end of the year.
  • Toyota is assessing the situation for its borrowers and reports that Ford has implemented a similar policy for years. Automotive News..

    The tight supply of new cars is changing the way automakers handle old cars. Both General Motors and Honda have recently changed what customers can do with leased vehicles. Instead of giving customers access to buyers in the market, GM branded vehicles, or those who lease Honda or Acura, must return the vehicle to their dealer at the end of the lease.

    “You can only submit a lease purchase request by contacting GM Financial Customer Experience or working with a participating GM dealer,” said GM’s Borrower, Executive Vice President of US Sales and Credit at GM Financial. Joe Bartuch recently sent a letter to a GM dealer.according to Automotive News..

    The GM change started on July 1st Honda quickly followed.. The two companies said they would maintain their policies until the end of 2021.Toyota said Automotive News It is reviewing its leased vehicle policy, and Ford said it has not accepted so-called “third-party lease returns” for years.

    GM and Honda’s policy changes were triggered by chip shortages and other factors limiting new car supply, with Honda specifically referring to “global parts supply problems and congestion at various ports.” Automakers say that preventing borrowers from selling their cars to companies like Carvana or dealers representing other brands is likely to sell their cars at this time of strong demand. Say it means.

    “Our goal is to ensure that dealers have access to high-quality used Honda and Acura vehicles to meet the needs of new and repeaters,” said American Honda Finance Corporation. CNET..

    GM has made changes “to better support GM dealers through the current economic environment and the challenges facing sourcing high quality used cars.” Automotive News..

    Automakers do not make it completely impossible for GM or Honda car leasing people to sell back to anyone other than the company that made their car. They just made it more annoying. To circumvent the new restrictions, the lessee must buy the lease, take ownership of the vehicle, and then sell it to the person who wants it.

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Honda, GM says you can’t sell your lease to someone outside the brand

Source link Honda, GM says you can’t sell your lease to someone outside the brand

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