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What is the actual process for buying out your car in Ontario?

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Author Topic: Payout a residual  (Read 375 times)

Offline stryder1974

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Payout a residual
« on: July 20, 2011, 09:50:57 pm »
Hi all! I just came back from Halton Honda and I'm wanting to simply payout my residual in full, which is due July 25th.
The Manager tells me the I have to fork out $140.00 for the certification and emmission test and another $100.00 for the dealer process. I can avoid the $100.00 and pay Honda Finance myself, but he stated that it's a headache to get eveything done and change the ownership into my name. Can someone really tell me if its such a complex process to look after paying out your residual or shall I just pay them the $240.00! Thank oyu in advance.
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Online rrocket

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Re: Payout a residual
« Reply #1 on: July 20, 2011, 10:01:08 pm »
Quote from: stryder1974 on July 20, 2011, 09:50:57 pm
Hi all! I just came back from Halton Honda and I'm wanting to simply payout my residual in full, which is due July 25th.
The Manager tells me the I have to fork out $140.00 for the certification and emmission test and another $100.00 for the dealer process. I can avoid the $100.00 and pay Honda Finance myself, but he stated that it's a headache to get eveything done and change the ownership into my name. Can someone really tell me if its such a complex process to look after paying out your residual or shall I just pay them the $240.00! Thank oyu in advance.

Go somewhere else and get the safety certificate and emissions.  E-test is $35.00 where I live and a safety is $65 or so.  If worse comes to worse that is. At least you'll save a few bucks from having the stealership do it.
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Online wing

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Re: Payout a residual
« Reply #2 on: July 20, 2011, 10:05:37 pm »
Do it though Honda finance save the money.  I did the samewith Honda.  I sent them a cheque they sent me ownership papers I then got etest and safety at a shop and registered the car under my name. 
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Offline Julie

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Re: Payout a residual
« Reply #3 on: July 20, 2011, 10:43:55 pm »
Quote from: wing on July 20, 2011, 10:05:37 pm
Do it though Honda finance save the money.  I did the samewith Honda.  I sent them a cheque they sent me ownership papers I then got etest and safety at a shop and registered the car under my name. 

Exactly.  The dealership is trying to make an extra buck.  (Actually $140 bucks)

Fortunately, with Honda Canada, you can go directly through them.  I sent a cheque to them and they sent me everything I needed, with instructions, to transfer the ownership over the me.  I'm someone who will often pay for more convenient service, but this was really easy.

Just call Honda Finance directly to get started. 
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Offline articsteve

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Re: Payout a residual
« Reply #4 on: July 21, 2011, 12:50:46 am »
The Manager tells me the I have to fork out $140.00 for the certification and emmission test

Providing they don't pile on unecessary work I don't see a problem on the $140.00  Lots of times the dealer will be hunting for warranty work. Depends on the model too.
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Offline tpl

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Re: Payout a residual
« Reply #5 on: July 21, 2011, 06:14:45 am »
Are you sure you need an emission test ?   If the car is less than SEVEN years old now, which I'd imagine an end of lease car to be, it no longer needs a test.

Unless a lease buy out counts as a resale? 

http://www.ene.gov.on.ca/environment/en/category/drive_clean/STDPROD_075674.html
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Re: Payout a residual
« Reply #6 on: July 21, 2011, 08:03:56 am »
Yeah lease buyout is considered a resale... Dumb
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Offline stryder1974

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Re: Payout a residual
« Reply #7 on: July 21, 2011, 09:46:09 am »
Thank you everone for your input! I'll be dealing with the buyout directly with Honda Finance. Cheers!
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Offline mmret

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Re: Payout a residual
« Reply #8 on: July 21, 2011, 08:18:07 pm »
Quote from: wing on July 21, 2011, 08:03:56 am
Yeah lease buyout is considered a resale... Dumb

But technically it is :P
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