You do not own the vehicle. Honda Financial Services (the lessor) owns the vehicle. You get to return it at the end of the lease unless you choose to buy it then.
You own the vehicle and get to keep it at the end of the financing term unless you choose to sell it. The bank or lender holds the title until the Honda vehicle is paid off.
Monthly lease payments are usually much lower because you only pay for the portion of the vehicle that is being used during the term.
Monthly payments are usually higher because you are paying for the entire purchase price of the vehicle, plus interest, other finance charges, and taxes.
Lease payments are based on a predetermined amount of miles. Often between a 12,000 or 15,000 mile-per-year lease. You may also purchase additional miles and pay a higher lease payment. If you exceed the mileage limit you will be billed when you turn the vehicle in to Honda.
You may drive however many miles you want. However, the higher mileage can create a lower trade-in or resale value.
This is your responsibility. But your Honda will most likely be covered under the original factory warranty for the entire duration of the lease (depending on the predetermined amount of miles yearly) and may not reach the mileage requiring major services. Leases also limit the amount of wear to the vehicle.
Maintenance & Repair
This is your responsibility. There are no limits or charges for excessive wear on the vehicle.
At the end of the lease, you have several choices. You can purchase your Honda at the predetermined price (the residual value), return it to Honda and take care of any end-of-term obligations, extend the current lease, or use the leased Honda as a trade-in for another vehicle.
End of Term
When you finish paying off your vehicle (usually after 4-6 years), the Honda is yours to trade-in or keep.