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- Do I need to perform maintenance on a leased vehicle?
Yes. As part of your lease agreement, you are responsible for servicing your vehicle in accordance with the manufacturer's minimum recommendations and as requested by the manufacturer in connection with any recall campaign.
- What are the insurance requirements* for a leased vehicle?
You must maintain insurance coverage for the duration of your lease. Please read your lease agreement carefully. Minimum coverage on a leased vehicle includes: Public liability insurance that either covers up to $100,000 for bodily injuries to any one person, $300,000 for bodily injuries for any one accident, and $50,000 for property damage, or has a combined single limit of $300,000 for bodily injuries and property damage for any one accident; and
Physical damage insurance covering loss or damage to the vehicle, with deductibles of no more than $1,000 for collision and upset loss and $1,000 for comprehensive fire and theft loss.
Honda Lease Trust should be listed as additional insured and loss payee.
* Note: Different insurance requirements are applicable in Florida and Hawaii. Please read your Lease Agreement carefully for required insurance coverage levels.
- Where do I send my insurance information?
When leasing a new vehicle or changing insurance companies, please have your insurance agent provide appropriate evidence of insurance to Honda Lease Trust, naming it as Loss Payee and Additional Insured. This evidence should be mailed or faxed to:
PDP Services, Attn: Client Services
P.O. Box 650201
Hunt Valley, MD 21065
Back up fax: 410-584-0462
- I typically drive more than 15,000 miles per year. Does that mean I shouldn't
Not at all. Once your lease begins, you cannot change your mileage allowance. However, we have special lease programs that allow you to buy "up-front" mileage less expensively than you would pay at the conclusion of the lease. Plus, the cost of excess mileage is conveniently included in your monthly payment. If you do not use all the miles you purchase, no refund is made. Ask your Honda dealer for details.
- I want to buy a vehicle Service contract. Can I include the cost in my lease
Yes. Your Honda dealer can give you the details.
- What happens if my vehicle is stolen or "totaled" in an accident?
In these cases, your lease may be terminated early. Please contact Customer Service as soon as possible to notify us and discuss the next steps. But rest assured — all Honda leases include (Guaranteed Asset Protection) to protect you against unnecessary expenses.
- If I lease, am I responsible for sales tax and property tax?
In some states, you pay sales tax that is based upon your monthly payments. Other states require you to pay tax on the full value of the vehicle. Property tax treatment varies from state to state as well. Ask your dealer for information about the tax regulations in your state.
- Are leasing and balloon financing available for non-Honda vehicles?
Not through Honda Financial ServicesSM.