Honda, GM say you can’t sell your lease to someone outside the brand

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  • If your GM lease comes close, or if you plan to exit your lease this year, your options have just narrowed. You are no longer able to get the best offer from anyone who wants to buy the car. You now have to sell it back to General Motors.
  • The same goes for Honda and Acura. All three automakers are changing the rules at least through the end of the year.
  • Toyota is assessing the situation for its tenants, and Ford has had a similar policy in place for years, according to reports. Car News.

    A shortage of new cars is changing the way automakers treat old cars. GM and Honda recently changed what they will allow their customers to do with their rental vehicles. Instead of allowing customers access to any market buyer, anyone who rents a GM, Honda or Acura brand vehicle will now have to return the vehicle to a dealership of that brand when the lease expires.

    Joe Bartosh, executive vice president of US sales and credit for GM Financial recently wrote to GM dealers: Car News.

    GM’s changeover began on July 1, and Honda soon followed suit. Both companies said they would keep the policy in place until the end of 2021. Toyota said Car News It is reviewing its policy on rental vehicles, and Ford said it had not accepted “third-party rental returns” in years.

    Changes in GM and Honda’s policy were driven by chip shortages and other factors limiting the supply of new cars, with Honda specifically mentioning “global parts supply issues and congestion at various ports.” Automakers say that preventing renters from selling their cars to a company like Carvana or a dealer representing another brand will mean their dealers are more likely to have cars for sale during this time of strong demand.

    “Our goal is to ensure that our dealerships have access to quality Honda and Acura vehicles to meet the needs of new and returning customers,” said Honda Finance USA in a statement provided to CNET.

    GM made the changes “to better support our GM dealers with the current economic environment and the challenges they face in sourcing high-quality pre-owned vehicles,” the automaker said. Car News.

    The automakers have not made it completely impossible for anyone who rents a GM or Honda car to sell their car back to someone other than the company that made the car. They made it more difficult. To get around the new restrictions, the lessee has to buy the lease, own the car himself and then sell it to whomever he wants.

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