A Plain-language guide
to your Honda Lease.
Whether you’re considering a lease for the first time, partway through a term, or approaching lease-end, this page walks through how Honda leases work and what to expect at each step.
THE BASICS
What is a lease?
A vehicle lease is a binding contractual agreement where you pay to drive a vehicle for a fixed period of time without taking ownership of it. Think of it as a long-term rental arranged through Westwood Honda and Honda Financial Services.
Unlike financing a purchase — where you pay for the entire value of the vehicle — a lease only charges you for the portion of the vehicle’s value that you actually use during your term.
Key characteristics
Most Honda leases run between 24 and 60 months.
You pay for the vehicle’s depreciation during your term, plus interest and tax.
Your contract sets an annual kilometre limit agreed to up front.
When the term ends you can return, buy out, or replace the vehicle.
HOW LEASING WORKS
What a lease includes
A look at the financial, practical, and end-of-term elements that make up a typical Honda lease.
Financial considerations
How a lease affects upfront cost, monthly payments, and taxes.
Convenience & lifestyle
What day-to-day ownership looks like during the lease.
Depreciation & residual value
How the vehicle’s future value is handled in a lease.
Equity at lease-end
What happens if the vehicle is worth more or less than expected.
Newcomer programs
Options for customers with limited Canadian credit history.
End-of-lease options
The choices available when your contract reaches its term.
AT LEASE-END
Your three options
Every Honda lease ends with the same three choices. Here’s how each one works at Westwood Honda.
01
Replace your lease
Start a new lease or finance contract.
If you’d like to stay in a Honda, you can move into a new lease or finance arrangement when your current term ends.
02
Buy out your lease
Keep your current vehicle.
You can purchase the vehicle at the residual value defined in your lease contract through the BUYSMART process.
03
Return your lease
End the contract and hand back the keys.
Return the vehicle to Westwood Honda at the end of your term. We’ll walk through the inspection and any final paperwork.
Common lease questions
Answers to the questions Westwood Honda customers ask most often. If yours isn’t here, the lease team can help.
Honda Financial Services owns the vehicle during the lease term. You’re the registered driver with full use of the car, but the title stays with the lessor until you exercise a buyout.
If you exceed your kilometre allowance, a per-kilometre charge may apply if the vehicle is returned directly to Honda. In many cases, however, the dealership purchases the vehicle instead, and any equity may help offset or eliminate mileage charges. Every lease-end is different.
Franklin would be happy to review this with you.
Other than the pre-disposed buy out fee stated in your contract there are no early termination fees for a Honda Lessee.
Lease payments are based on the difference between the capitalized cost and the residual value (depreciation), divided over the term, plus interest (the money factor) and applicable taxes on the monthly payment.
Yes — routine maintenance (oil changes, tires, brakes, etc.) is your responsibility, just like any vehicle. Major mechanical repairs are typically covered by Honda’s factory warranty during the lease term.
While performance modifications are not allowed, you can accessorize your vehicle with genuine Honda accessories as you wish. In most cases, the accessories are residualized meaning you don’t bear the full cost of these items compared to traditional cash or finance purchases.
You don’t have to, but servicing at Westwood Honda keeps a complete record with the manufacturer, ensures genuine Honda parts, and protects warranty coverage on major components.
Leasing is only available on New Honda Vehicles, however, if you are considering a pre owned we would be happy to walk you through our complete inventory and find you a suitable option.
You have three: upgrade to a new Honda, buy out your current vehicle at the locked-in residual, or return it. See the lease-end options above for details on each path.
GET IN TOUCH
Questions about your lease?
Franklin Badu, our Lease Portfolio Manager, is the point of contact for lease customers at Westwood Honda. Reach out by phone, email, or the form below — no appointment required.
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Franklin Badu
Lease Portfolio Manager
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