Buh-Bye Third-Party Used Car Dealers? Honda Finance Will No Longer Allow End-Of-Lease Vehicles Returned To Non-Franchised Dealer
TORRANCE, CA. July 8, 2021; American Honda Finance Corporation (AHFC) announced it will direct customers to return all leased vehicles to authorized Honda and Acura dealers only in accordance with their lease agreement. The measure comes as global parts supply issues and congestion at various ports have led to new vehicle inventory challenges for auto dealers and increased consumer demand for pre-owned vehicles.
AHFC will notify lease customers nearing their end of term that, in accordance with the terms of the AHFC lease agreement, lease customers can purchase their leased vehicle but are otherwise required to return or trade-in the vehicle to a Honda or Acura dealer only.
“In this unusual market environment, our 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. Customers continue to have the option to purchase their leased vehicle as indicated on their lease agreement,” said Petar Vucurevic, vice president of AHFC.
Honda is the latest automaker to enact such a policy. The policy will be reassessed at the end of the calendar year.
About American Honda Finance Corporation
American Honda Finance Corporation (AHFC), operating as Honda Financial ServicesSM and Acura Financial Services®, helps to satisfy the financing needs of consumers of Honda and Acura products including automobiles, sport utility vehicles, minivans, motorcycles, powersport products, marine engines and power equipment. For more information, visit hondafinancialservices.com or acurafinancialservices.com.