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2014 Honda Accord Lease Questions

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  • pj_patelpj_patel Posts: 13

    @Michaell said:Sales tax is added into the final monthly lease payment ... what state do you live in? I Live in NJ. It looks too good to be true, based on my math. I am just skeptical. So how do I do the math to determine what my monthly payment is suppose to be.

    I am actually go to the dealership today after work so I need to know as much as possible before I try to negotiate something.

  • asf253asf253 Posts: 2

    I'm getting told by the dealership that Honda gives different MF and residuals for different regions of the country. Is this true? I had thought it was determined nationally.

  • MichaellMichaell ColoradoPosts: 5,003

    @asf253 said: I'm getting told by the dealership that Honda gives different MF and residuals for different regions of the country. Is this true? I had thought it was determined nationally.

    The residual numbers I have are national; the MF are broken into two regions, based on what state you live in.

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  • MichaellMichaell ColoradoPosts: 5,003

    @pj_patel said: I am actually go to the dealership today after work so I need to know as much as possible before I try to negotiate something.

    Ah - NJ calculates the sales tax up front and either asks that you pay it up front or allows you to roll it into the cap cost. Tax is not applied monthly to the payment, as is the case in many other states.

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  • Hello! Can I please get the MF, residual and lease cash amount for the Accord EX-L 4 Cyl Sedan (NO Nav) in Philadelphia, PA? Thank you very much!

  • MichaellMichaell ColoradoPosts: 5,003

    @malibustarbuks said: Hello! Can I please get the MF, residual and lease cash amount for the Accord EX-L 4 Cyl Sedan (NO Nav) in Philadelphia, PA? Thank you very much!

    What lease term and how many miles per year?

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  • Sorry about that. Let me put it all together:

    Hello! Can I please get the MF, residual and lease cash amount for the Accord EX-L 4 Cyl Sedan (NO Nav) in Philadelphia, PA? 36 Months / 12K Miles per year.

    Thank you very much!

  • MichaellMichaell ColoradoPosts: 5,003

    @malibustarbuks said: Sorry about that. Let me put it all together:

    Hello! Can I please get the MF, residual and lease cash amount for the Accord EX-L 4 Cyl Sedan (NO Nav) in Philadelphia, PA? 36 Months / 12K Miles per year.

    Thank you very much!

    No worries - the numbers are as follows: 55% and .00026. $850 lease cash this month.

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  • malibustarbuksmalibustarbuks Posts: 5
    edited July 30

    @Michaell said: No worries - the numbers are as follows: 55% and .00026. $850 lease cash this month.

    Thank you!! Is there any kind of check list that you have online here or in one of these forums that I can bring with me when I go? I have purchased a car from this dealership before, as have different family members. Is there any loyalty discount that I can also ask for once final numbers are given? Also, I am trading in my 2012 Honda EX-L 4cyl Couple for this purchase. It was a lease but it is WELL UNDER MILEAGE. I have about 24K on the car as opposed to the allowed 36K. Anywhere I can work these numbers to know what I am owed for this car? Thanks!

  • MichaellMichaell ColoradoPosts: 5,003

    @malibustarbuks said: Thank you!! Is there any kind of check list that you have online here or in one of these forums that I can bring with me when I go? I have purchased a car from this dealership before, as have different family members. Is there any loyalty discount that I can also ask for once final numbers are given? Also, I am trading in my 2012 Honda EX-L 4cyl Couple for this purchase. It was a lease but it is WELL UNDER MILEAGE. I have about 24K on the car as opposed to the allowed 36K. Anywhere I can work these numbers to know what I am owed for this car? Thanks!

    There are shopping tools at the top of the page that will show you current incentives on the 2014's as well as putting a valuation on your 2012 Accord.

    Also, look for and post a question in "Real World Trade In Values" and see what they have to say.

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  • @Michaell said: Also, look for and post a question in "Real World Trade In Values" and see what they have to say.

    Thank you! I will do so!

  • pj_patelpj_patel Posts: 13

    @Michaell said: Ah - NJ calculates the sales tax up front and either asks that you pay it up front or allows you to roll it into the cap cost. Tax is not applied monthly to the payment, as is the case in many other states.

    So how do I calculate the cost of my monthly payment based on this deal here..? http://viphonda.com/model/2014-honda-accord/

    I really want the ex L or the sport but based off of these numbers I want to understand how to calculate the numbers and determine my monthly payment or tell if I am being haggled.

  • MichaellMichaell ColoradoPosts: 5,003

    @pj_patel said: I really want the ex L or the sport but based off of these numbers I want to understand how to calculate the numbers and determine my monthly payment or tell if I am being haggled.

    The special is for an LX - if you want a Sport or EX-L then you'll need to provide me with the MSRP and negotiated selling price so I can model a payment for you. The fine print in your link shows the MSRP as $23,545, but no selling price. I'm assuming a decent discount is in play to get to the $189/mo number.

    There are plenty of lease calculators on the web .. I use a spreadsheet that uses 5th grade math in the formulas.

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  • pj_patelpj_patel Posts: 13

    @Michaell said: There are plenty of lease calculators on the web .. I use a spreadsheet that uses 5th grade math in the formulas.

    So the MSRP for the sport model is 23,715 and the EX-L is $28,270. Assuming that I can negotiate the price down to 22,000 for the sport and $26,000 for the EX-L. What do you think my monthly payment will be.

  • MichaellMichaell ColoradoPosts: 5,003

    @pj_patel said: So the MSRP for the sport model is 23,715 and the EX-L is $28,270. Assuming that I can negotiate the price down to 22,000 for the sport and $26,000 for the EX-L. What do you think my monthly payment will be.

    Before taxes are calculated into the deal, I get $264.44/mo for the Sport (36 mo, 15k miles per year) and $316.68/mo for the EX-L (again, 36 mo, 15K miles per year).

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  • asf253asf253 Posts: 2
    Coupled u please provide the MF in virgina for the accord exl 36/12? The dealership I'm dealing with it's .00074, but posts if nearby states have been .00026? They they are giving me an inflated value any approach I should take? Also, is there a advantage to having first months payment due at signing vs 0 first months payment? Thank you
  • MichaellMichaell ColoradoPosts: 5,003

    @asf253 said: Coupled u please provide the MF in virgina for the accord exl 36/12? The dealership I'm dealing with it's .00074, but posts if nearby states have been .00026? They they are giving me an inflated value any approach I should take? Also, is there a advantage to having first months payment due at signing vs 0 first months payment? Thank you

    There are two sets of MF from Honda for July. Virginia is .00074, as is Maryland, North Carolina and West Virginia.

    New Jersey, Delaware and Pennsylvania have the lower MF of .00026.

    I usually make the first payment at signing. Some manufacturers are waiving the first payment as an incentive, but Honda is not one of them.

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  • pj_patelpj_patel Posts: 13

    @Michaell said: The fine print in your link shows the MSRP as $23,545, but no selling price. I'm assuming a decent discount is in play to get to the $189/mo number.

    So I went yesterday to the dealership and I did some negotiating, but I feel I had an inexperienced salesperson, so he was telling me I was negotiating the wrong way for the lease. I was telling him I want 22,000 for the selling price of the Honda Accord Sport. I don't know if I have all my facts straight, but is the residual based off of the MSRP or the selling price of the car. The guy was saying that I shouldn't be negotiating for the price of the car but rather my monthly payment and how much I am going to put down. Basically at the end we came to an agreement of 239 per month for the basic sports model and 1200 down, which covers first month, bank fees, dmv, title and registration, and some other honda fee which they wouldn't budge to remove. I walked out at the end because the guy was trying to charge me an extra 300 because they didn't have the car in the lot. I don't know did the deal sound to good to be true? I was trying to get them to also give me the terms and conditions so I can review it at home but they wouldn't do that either.

  • MichaellMichaell ColoradoPosts: 5,003

    @pj_patel said:

    So I went yesterday to the dealership and I did some negotiating, but I feel I had an inexperienced salesperson, so he was telling me I was negotiating the wrong way for the lease. I was telling him I want 22,000 for the selling price of the Honda Accord Sport. I don't know if I have all my facts straight, but is the residual based off of the MSRP or the selling price of the car. The guy was saying that I shouldn't be negotiating for the price of the car but rather my monthly payment and how much I am going to put down. Basically at the end we came to an agreement of 239 per month for the basic sports model and 1200 down, which covers first month, bank fees, dmv, title and registration, and some other honda fee which they wouldn't budge to remove. I walked out at the end because the guy was trying to charge me an extra 300 because they didn't have the car in the lot. I don't know did the deal sound to good to be true? I was trying to get them to also give me the terms and conditions so I can review it at home but they wouldn't do that either.

    I disagree with your salesperson and you were right to walk away. You negotiate a lease just like you would a purchase - get the lowest transaction price and ensure that the MF isn't being marked up.

    Lots of Honda dealers around - I'm sure one would like an extra sale before the end of the month.

    Residual is based off MSRP.

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  • pj_patelpj_patel Posts: 13

    @Michaell said:

    @Michaell said:Residual is based off MSRP.

    So is my monthly payment based off the MSRP or the selling price now? If it is off of the selling price how come the residual is based off of the MSRP and not the selling price. I had the paper that they printed out from there computer which had all the prices and numbers but they wouldn't let me keep it for some odd reason.

  • MichaellMichaell ColoradoPosts: 5,003

    @pj_patel said: So is my monthly payment based off the MSRP or the selling price now? If it is off of the selling price how come the residual is based off of the MSRP and not the selling price. I had the paper that they printed out from there computer which had all the prices and numbers but they wouldn't let me keep it for some odd reason.

    The pre-tax monthly payment in a lease is broken out into two parts:

    Depreciation - the difference between the depreciated value (MSRP * residual %) and the selling price, divided by the lease term

    Rent Charge - this is the sum of the selling price and the residual value, multiplied by the money factor

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  • pcarlson1pcarlson1 Posts: 4

    2014 Honda Accord Sport 36/12KPlease let me know what you think of this offer: MSRP 25,305 Base Invoice: 23,225.16 Vehichle Price: 21,200 (includes 850 lease incentive and 500 New Honda rebate) Adjusted Cap Cost: 23,061.54

    $1,000 Total Down and $257/month *I live in Illinois so please note that I must pay the full sales tax on the car (7.25%)

    If I forgot to include anything let me know. I would like to make the purchase tonight.

    Thanks!!

  • MichaellMichaell ColoradoPosts: 5,003

    @pcarlson1 said: 2014 Honda Accord Sport 36/12KPlease let me know what you think of this offer: MSRP 25,305 Base Invoice: 23,225.16 Vehichle Price: 21,200 (includes 850 lease incentive and 500 New Honda rebate) Adjusted Cap Cost: 23,061.54

    $1,000 Total Down and $257/month *I live in Illinois so please note that I must pay the full sales tax on the car (7.25%)

    If I forgot to include anything let me know. I would like to make the purchase tonight.

    Thanks!!

    If I apply the $1000 to the adjusted cap cost ($22,061.54), along with the MF of .00026 for IL and the 36/12 residual of 56%, I get a payment of $228.61 for 36 months.

    I suspect the MF is being marked up on you.

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  • pcarlson1pcarlson1 Posts: 4
    edited July 31

    @Michaell said:If I apply the $1000 to the adjusted cap cost ($22,061.54), along with the MF of .00026 for IL and the 36/12 residual of 56%, I get a payment of $228.61 for 36 months. I suspect the MF is being marked up on you.

    The Adjusted Cap cost already included my Out-of-Pocket which came to $23,061.54. However, they only applied $531.23 and said they remaining amount went to upfront fees. Is that normal? That was my biggest concern and the spot where I thought they were trying to take advantage of me.

    Vehicle Price - 21,700 ($850 Lease & 500 New Honda included) Gross Cap Cost - 23,592.77 Adj Cap Cost - 23,061.54 Monthly Payments - 256.65 w/ $1,000 out-of-pocket

    Even if they are doing something funny with my money down, is my vehicle price at a good number? If not, what number should I be at?

    Thanks again.

  • loud0g40ozloud0g40oz Posts: 37
    Need MF/residual for 2014 accord ex-l 4 cyl sedan non nav 24/15 and 36/15 in so cal. Going in after work to hopefully close a deal.

    Thanks
  • MichaellMichaell ColoradoPosts: 5,003

    @pcarlson1 said: The Adjusted Cap cost already included my Out-of-Pocket which came to $23,061.54. However, they only applied $531.23 and said they remaining amount went to upfront fees. Is that normal? That was my biggest concern and the spot where I thought they were trying to take advantage of me.

    Vehicle Price - 21,700 ($850 Lease & 500 New Honda included) Gross Cap Cost - 23,592.77 Adj Cap Cost - 23,061.54 Monthly Payments - 256.65 w/ $1,000 out-of-pocket

    Even if they are doing something funny with my money down, is my vehicle price at a good number? If not, what number should I be at?

    I can't speak to the negotiated selling price .. I'm not in the market. Just make sure that the available $800 lease cash is included in the vehicle price.

    The use of the out-of-pocket to address up front fees is normal.

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  • MichaellMichaell ColoradoPosts: 5,003

    @loud0g40oz said: Need MF/residual for 2014 accord ex-l 4 cyl sedan non nav 24/15 and 36/15 in so cal. Going in after work to hopefully close a deal.

    Thanks

    .00026 MF and $850 lease cash this month.

    24/15 residual - 60%

    36/15 residual - 53%

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  • pj_patelpj_patel Posts: 13

    @Michaell said: Rent Charge - this is the sum of the selling price and the residual value, multiplied by the money factor

    Okay I went to the dealership again today and made a deal and was able to take home the agreement with all the numbers. What numbers do you need to figure out weather this is a legit deal or not. The deal is not complete because I didn't drive the car off of the lot yet.

  • MichaellMichaell ColoradoPosts: 5,003

    @pj_patel said: Okay I went to the dealership again today and made a deal and was able to take home the agreement with all the numbers. What numbers do you need to figure out weather this is a legit deal or not. The deal is not complete because I didn't drive the car off of the lot yet.

    MSRP

    Net Cap Cost

    Lease term and miles per year

    From that, I can use the base MF and residual to calculate what the payment should be.

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  • pj_patelpj_patel Posts: 13

    @Michaell said:MSRP Net Cap Cost Lease term and miles per year From that, I can use the base MF and residual to calculate what the payment should be.

    MSRP: 25,305 Gross capitalized cost: 23892.94 3 years and 12K miles a year

    Basically I put down 1200 and was able to get a payment of 239 a month that 1200 included: sales/use tax 642.13 license, title and registration fees: 241.00 dealer documentation/preparation/service fee: 398 acquisition fee: 595.

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