- Do I need to perform maintenance on a leased vehicle?
- What are the insurance requirements * for a lease?
- I typically drive more than 15,000 miles per year. Does that mean I shouldn't lease?
- I want to buy a vehicle service contract. Can I include the cost in my lease payment?
- What happens if my vehicle is stolen or "totaled" in an accident?
- If I lease, am I responsible for sales tax and property tax?
- Are leasing and balloon financing available for non-Honda vehicles?
What are the insurance requirements* for a lease vehicle?
You must maintain insurance coverage for the duration of your lease. Please read your lease agreement carefully. Minimum coverage on a leased vehicle includes: Different insurance requirements are applicable in Florida and Hawaii. Please read your Lease Agreement carefully for required insurance coverage levels.
I typically drive more than 15,000 miles per year. Does that mean I shouldn't lease?
Not at all. Once your lease begins, you cannot change your mileage allowance. However, we have special lease programs that allow you to buy "up-front" mileage, less expensively than you would pay at the conclusion of the lease. Plus, the cost of excess mileage is conveniently included in your monthly payment. If you do not use all the miles you purchase, no refund is made. Ask your dealer for details.
I want to buy a vehicle service contract. Can I include the cost in my lease payment?
Yes. Your dealer can give you the details.
- Public Liability Insurance that either covers up to $100,000 for bodily injuries to any one person, $300,000 for bodily injuries for any one accident, and $50,000 for property damage, or has a combined single limit of $300,000 for bodily injuries and property damage for any one accident; and
- Physical Damage Insurance covering loss or damage to the Vehicle, with deductibles of no more than $1,000 for collision and upset loss and $1,000 for comprehensive fire and theft loss.
- Honda Lease Trust should be a named insured.
What happens if my vehicle is stolen or "totaled" in an accident?
In these cases, your lease may be terminated early. Please contact Honda Finance-Customer Service as soon as possible to notify us and discuss the next steps. But rest assured - our leases include gap coverage (Total Loss Protection) to protect you against unnecessary expense.
If I lease, am I responsible for sales tax and property tax?Are leasing and balloon financing available for non-Honda vehicles?
In some states, you pay sales tax that is based upon your monthly payments. Other states require you to pay tax on the full value of the vehicle. Property tax treatment varies from state to state as well.
No, leasing and balloon financing are not available for non-Honda vehicles.