Our Finance Department is committed to providing a simple customer-focused solution to fit your needs, regardless of your credit history. We offer guaranteed credit approval, so we are able to help those with all types of credit, or even those with no credit history at all.
Frank Leta Honda simplifies the financing and leasing process so you have more time to savor life's most enjoyable moments, like driving your new vehicle. Only here at Frank Leta Honda do we deliver the extraordinary level of customer care you deserve.
Leasing a Honda comes with many advantages you may not know about. Here are some common questions and answers about leasing.
Q. Is there a limit to the number of miles I can drive with a lease?
A. When you lease a Honda, you have choices. The most popular plans allow for 12,000 miles or 15,000 miles per year, however you may opt to purchase additional mileage to suit your personal driving needs. Paying for additional miles up-front is often less costly than at the end of your lease.
Q. I drive a lot of miles; isn't it better to purchase?
A. If you drive a lot of miles, leasing a Honda makes better sense than purchasing one because when you lease, you can trade in your vehicle frequently. If you drive a lot of miles and purchase your vehicle, you may end up "paying" a lot more for the miles you've driven with a lower trade-in value when the time comes to purchase your next car.
Q. Am I protected with a lease in case my Honda is deemed a total loss because of theft or an accident?
A. Yes. All of our leases include Guaranteed Asset Protection (GAP) coverage, which covers the difference between what you owe on your lease and what your insurance pays should your vehicle be stolen or deemed a total loss in an accident.
Q. Don't I have to pay for wear-and-use charges?
A. Honda leases include a $1,500 Excessive Wear and Use Waiver, which should more than cover most drivers. And consider this: If you purchased your vehicle, wear-and-use (those door dings and upholstery tears) could cost you in the form of a lower trade-in value. Leasing can actually be more forgiving when it comes to wear and use.
Q. Doesn't it make more sense to own my vehicle?
A. Less than 20% of customers who get a 5-year loan keep their vehicles long enough to pay off the loan. When you lease a Honda, not only do you enjoy all the benefits of leasing, but you have several options at lease-end: you can purchase the vehicle, extend your current lease, or lease a new vehicle. The choice is yours.
Customers should LEASE if...
Customers should PURCHASE if...
Advantages of LEASING
Advantages of PURCHASING
Monthly payments are applied to the actual purchase of the vehicle.
You can pay off the balance due at any time with no penalty. Buying
allows you to keep the vehicle for as long or as short a period as you
If you are in the market for a new car, or a used Honda vehicle, come visit us at Frank Leta Honda located at 500 Auto Mall Drive, O'Fallon, Missouri. We'll help you get the vehicle you want, at an affordable price with assistance through the entire financial process.
Why wait? Contact us or stop in today! Whatever your automotive financing needs may be, we will work hard to satisfy them 100%.
500 Auto Mall DriveO'Fallon, MO 63368
Loan payments contribute to the eventual ownership of a vehicle, while lease payments apply only to the short-term use of a car.
Owning a lease vehicle is possible if purchased outright after the lease period ends.
A typical lease period runs between 24 and 48 months.
Three important factors - adjusted capitalized cost, residual value and the money factor - determine the monthly rate of a lease.
Closed-end leases set a fixed residual buy price at the beginning of the term, while open-end deals base the final buy price on a vehicle's actual market value at the end of a lease.
Pay more money down initially to reduce monthly loan payments. Otherwise, a typical down payment ranges between 10 to 20 percent of the total cost.
Many used vehicles require down payments of at least 20 percent and include interest rates between 9 to 10 percent.
Lease agreements usually limit mileage from 12,000 to 15,000 miles annually. Beyond these figures, fees in the range of $0.10 to $0.25 per mile begin to accumulate.
If you plan on customizing your vehicle, you need to finance with a loan. Leased vehicles must be returned under factory specification.