Honda, Acura Restricting Lease Buyouts Through 2021

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Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

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, Automotive Editor - July 9, 2021

The semi-conductor shortage continues to be a large issue for automakers. Some, like Nissan back in May and General Motors on July 1, have resorted to requiring customers to return leased vehicles directly to their respective dealers. Now, Honda and Acura have announced that they’re taking a similar position.

In a press release, Honda and Acura announced that the two automakers will be restricting lease buyouts. The Japanese automakers will be directing customers to return their leased vehicles to authorized Honda and Acura dealers only. The decision comes amid continuing global parts supply issues and congestion at ports that make it hard to get new vehicles to dealer lots. Honda and Acura’s decision should lead to an increase in pre-owned inventory at their dealerships.

American Honda Finance Corporation will be reaching out to lease customers that are nearing the end of their term to visit a Honda or Acura dealer to return their vehicles. Of course, consumers can purchase their leased cars or trade them in for another vehicle, but that also has to be done at a Honda or Acura dealer.

“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.

This could prove to be a headache for current lessees. If you’re planning on returning your leased vehicle and not get something else, this shouldn’t be an issue. But if you want to trade the vehicle in for something else, finding a new or pre-owned vehicle to replace the leased one is going to be difficult. You’re pretty much stuck with whatever inventory your local Honda or Acura dealer has. If Acura and Honda dealers are having a rough time like everyone else is, inventory is sure to be scarce.

For Honda and Acura, this is a logical step to take. Dealers around the country need pre-owned inventory as new cars are being held up by the chip shortage. Without new vehicles, consumers may find themselves considering used cars, but even those are in high demand. So, requiring current lessees to turn their leases into a Honda or Acura dealer is a surefire way to make sure its dealerships are getting used vehicles to sell.

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, Automotive Editor

Based out of the Washington, D.C. area, Joel Patel is an automotive journalist that hails from Northern Virginia. His work has been featured on various automotive outlets, including Autoweek, Digital Trends, and Autoblog. When not writing about cars, Joel enjoys trying new foods, wrenching on his car, and watching horror movies. 

Follow On: Twitter

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