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2014 Honda Civic Lease Questions

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  • s_starks_stark Posts: 5
    edited June 1
    LA area quote on 2014 Civic EX sedan over the phone. Very reluctant to give numbers, but here's what I got:

    Term: 36 months
    Miles: 12k miles/year
    MSRP: 21,880
    Selling Price: 19,390
    Fees Paid Up-front: $80 (Doc) + $849 (Reg/Lic/1st mo) = $929
    Down: $71
    MF: ? (saw mod post .0003 earlier - is this still the same?)
    RV: ? (saw mod post 60% earlier - is this still the same?)
    LA tax: 9%

    Is $206/mo incl tax a good deal? Does the math add up?

    FYI: The quote they gave me is based off $1000 down and I asked whether that included the up front fees or whether it was just a reduction in cap cost and they seemed confused by the question. So, I'm not sure if I'm giving you the right info to calculate this. The reason I wrote that I'd put $71 down is to get to $1000 (in addition to 929 in upfront fees). If the math doesn't add up calculated like this and it seems like 1000 is a reduction in cap cost and they are still going to try to charge me the 920 up front when I get there (ie charge 1920 drive off), then please let me know.

    thx!
  • MichaellMichaell ColoradoPosts: 6,410

    @s_stark said: LA area quote on 2014 Civic EX sedan over the phone. Very reluctant to give numbers, but here's what I got:
    Term: 36 months Miles: 12k miles/year MSRP: 21,880 Selling Price: 19,390 Fees Paid Up-front: $80 (Doc) + $849 (Reg/Lic/1st mo) = $929 Down: $71 MF: ? (saw mod post .0003 earlier - is this still the same?) RV: ? (saw mod post 60% earlier - is this still the same?) LA tax: 9%
    Is $206/mo incl tax a good deal? Does the math add up?
    FYI: The quote they gave me is based off $1000 down and I asked whether that included the up front fees or whether it was just a reduction in cap cost and they seemed confused by the question. So, I'm not sure if I'm giving you the right info to calculate this. The reason I wrote that I'd put $71 down is to get to $1000 (in addition to 929 in upfront fees). If the math doesn't add up calculated like this and it seems like 1000 is a reduction in cap cost and they are still going to try to charge me the 920 up front when I get there (ie charge 1920 drive off), then please let me know.
    thx!

    MF and residual are as you state - .0003 and 60% for 36/12.

    You should be able to get more off the selling price - use the tools at the top of this page or jump over to the Civic prices paid discussion to see what others are paying.

    Don't forget there is $800 of lease cash available, which should be subtracted from your best deal.

    When I plug in your MSRP and selling price with the MF and residual, I get a payment (with 9% tax) of $200.23/mo.

    Don't make any sort of cap cost reduction - if the car is stolen or totaled you are out that money.

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  • kyfdxkyfdx Posts: 29,850

    @s_stark said: LA area quote on 2014 Civic EX sedan over the phone. Very reluctant to give numbers, but here's what I got:
    Term: 36 months Miles: 12k miles/year MSRP: 21,880 Selling Price: 19,390 Fees Paid Up-front: $80 (Doc) + $849 (Reg/Lic/1st mo) = $929 Down: $71 MF: ? (saw mod post .0003 earlier - is this still the same?) RV: ? (saw mod post 60% earlier - is this still the same?) LA tax: 9%
    Is $206/mo incl tax a good deal? Does the math add up?
    FYI: The quote they gave me is based off $1000 down and I asked whether that included the up front fees or whether it was just a reduction in cap cost and they seemed confused by the question. So, I'm not sure if I'm giving you the right info to calculate this. The reason I wrote that I'd put $71 down is to get to $1000 (in addition to 929 in upfront fees). If the math doesn't add up calculated like this and it seems like 1000 is a reduction in cap cost and they are still going to try to charge me the 920 up front when I get there (ie charge 1920 drive off), then please let me know.
    thx!

    With just a $71 cap reduction, and adding the $595 acq.fee to the CAP cost, I get $198/mo.+tax. That would probably put it over your quote by about $10/mo. If they have misquoted, and they want $1000 down, in addition to the $929, then that would put the payment at $172/mo.+tax, and that would put their quote about $16/mo. too high.. So, hard to say what they'll say about the amount Due at Signing.

    All of the variables above are still correct, but there is also $800 lease cash, so consider that when deciding if the selling price is good.

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  • dancingdivadancingdiva Posts: 39
    edited June 8

    Hi All,

    I am turning in a leased 2011 Accord at the end of the month and am interested in leasing a 2014 Honda Civic EXL CVT Sedan with Navigation and automatic tranny. I would like a smaller car and I really like the new Civic. If the price is right I might do the buy instead of a lease this time but I am still more serious about leasing. Obviously either way I would need the best price. I am in Southern Connecticut (Fairfield County) and am also near dealers in Westchester County, NY.

    A price I got from one dealer was MSRP $25030 (incl the $790 dest fee) and an invoice of $23,306 ( incl dest fee). His best price so far is $21,800 + tax and DMV fees which will be a bit higher because he is in NY State. I will need new plates with a buy since the leased vehicle plates belong to Honda. If I lease I guess I can keep these plates and just pay for a transfer of vehicles. I asked about dealer cash for a buy and he said it was in that price already ($500). He said for a lease there is $800 dealers cash so that may bring the price down a bit. Usually when I try and lease they like to throw out the best price and go to their own deal which is not a good. Most lease deals through Honda are for lower end models and with money down. BTW, I do not drive a lot of miles so it would either be for 10,000 or 12,000 miles a year - which ever Honda offers as the least.

    Any idea if this is a good deal or could I do better? I am lousy at leases so I always come here for some guidance. What is the money factor and residual on this car? I know to ask that but do not understand any formulas. And what would be a good monthly payment with $0 down for this configuration (EXL Sedan with Navi). My credit is great so that should help.

    I always get good feedback in the forum so thanks for help in advance.

    diva

  • dancingdivadancingdiva Posts: 39
    edited June 8

    I added how much mileage I need to my post above.

  • MichaellMichaell ColoradoPosts: 6,410

    @dancingdiva said: Hi All,

    I am turning in a leased 2011 Accord at the end of the month and am interested in leasing a 2014 Honda Civic EXL CVT Sedan with Navigation and automatic tranny. I would like a smaller car and I really like the new Civic. If the price is right I might do the buy instead of a lease this time but I am still more serious about leasing. Obviously either way I would need the best price. I am in Southern Connecticut (Fairfield County) and am also near dealers in Westchester County, NY.

    A price I got from one dealer was MSRP $25030 (incl the $790 dest fee) and an invoice of $23,306 ( incl dest fee). His best price so far is $21,800 + tax and DMV fees which will be a bit higher because he is in NY State. I will need new plates with a buy since the leased vehicle plates belong to Honda. If I lease I guess I can keep these plates and just pay for a transfer of vehicles. I asked about dealer cash for a buy and he said it was in that price already ($500). He said for a lease there is $800 dealers cash so that may bring the price down a bit. Usually when I try and lease they like to throw out the best price and go to their own deal which is not a good. Most lease deals through Honda are for lower end models and with money down. BTW, I do not drive a lot of miles so it would either be for 10,000 or 12,000 miles a year - which ever Honda offers as the least.

    Any idea if this is a good deal or could I do better? I am lousy at leases so I always come here for some guidance. What is the money factor and residual on this car? I know to ask that but do not understand any formulas. And what would be a good monthly payment with $0 down for this configuration (EXL Sedan with Navi). My credit is great so that should help.

    I always get good feedback in the forum so thanks for help in advance.

    diva

    Honda does not offer 10k leases. Residual for 36mo 12k per year is 58% and the MF in NY is .00030 with $800 lease cash - make sure the lease cash is applied after you've negotiated your best price.

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  • dancingdivadancingdiva Posts: 39

    Michaell, Thanks for the heads up on the term (12000/36 months).

    Still need some help with the price and what the monthly would look like with no money down. You gave me the MF and residual but I don't know what to do with them lol.

    I posted in the buying area for best prices on a Civic EXL CVT Sedam with Navi but no one has answered yet. It's Sunday so maybe everyone is enjoying the day :-). Will check back later.

    Thanks again.

  • MichaellMichaell ColoradoPosts: 6,410

    @dancingdiva said: Michaell, Thanks for the heads up on the term (12000/36 months).

    Still need some help with the price and what the monthly would look like with no money down. You gave me the MF and residual but I don't know what to do with them lol.

    I posted in the buying area for best prices on a Civic EXL CVT Sedam with Navi but no one has answered yet. It's Sunday so maybe everyone is enjoying the day :-). Will check back later.

    Thanks again.

    Give it a day or two - you'll get a response on the prices paid discussion.

    There are many lease calculators on the web. Use the price information along with the MF and residual to model your payment.

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  • nyccarguynyccarguy Stamford, CTPosts: 7,772

    @dancingdiva

    Also take into account the "conveyance fees" in CT. They range anywhere from $249 - $499 depending on which dealer you buy from. In NY, the "documentation fee" is limited by law to $80. It is for this reason that you must consider the entire cost of the lease when comparing deals. In addition to Westchester County, also make sure you check Honda of Nanuet in Rockland County (across the TZ Bridge).

    @‌Michaell

    I see many Honda dealers in our area advertise 10K per year leases. Are they not through Honda Finance?

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  • MichaellMichaell ColoradoPosts: 6,410

    @nyccarguy said: dancingdiva‌

    @‌Michaell

    I see many Honda dealers in our area advertise 10K per year leases. Are they not through Honda Finance?

    The numbers I have are from Honda, so if your dealer is offering a 10K per year lease, it is most certainly through a different finance institution.

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  • firsttimewpfirsttimewp Posts: 3

    Hi. Could use some help. I am going to lease for the first time. I am in White Plains, NY and have been quoted the following from New Rochelle Honda on a 2014 civic ELX without navigation:

    Price: $21,000 The residual value is $13647.40 The money factor is 0.00030 The Total capital cost is $21867.75 The monthly payment with a tier 1 approval by Honda Financial is $239.00.

    Can I do better? If so, what questions should I ask?

  • MichaellMichaell ColoradoPosts: 6,410

    @firsttimewp said: Hi. Could use some help. I am going to lease for the first time. I am in White Plains, NY and have been quoted the following from New Rochelle Honda on a 2014 civic ELX without navigation:

    Price: $21,000 The residual value is $13647.40 The money factor is 0.00030 The Total capital cost is $21867.75 The monthly payment with a tier 1 approval by Honda Financial is $239.00.

    Can I do better? If so, what questions should I ask?

    What is the MSRP? Lease term and miles per year?

    The MF is the base rate, so that isn't being marked up on you. You might be able to shave a little off the selling price. Make sure the lease cash is taken off your best negotiated price.

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  • firsttimewpfirsttimewp Posts: 3

    The best negotiated price is $21,000. What is lease cash? Should it be subtracted from the $21,000?

  • MichaellMichaell ColoradoPosts: 6,410

    @firsttimewp said: The best negotiated price is $21,000. What is lease cash? Should it be subtracted from the $21,000?

    Lease cash is similar to a rebate - money provided by the manufacturer to reduce the net capitalized cost. Some dealers will include it in their offered price. You should use the pricing tools at the top of the page (or check the Civic Prices Paid discussion) to see what others are paying. Then, subtract the $800 from that.

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  • dancingdivadancingdiva Posts: 39

    Hi,

    Still haven't heard anything from the prices paid forum. It seems no one is around at all. I guess I can't finish asking my questions in here til I get prices in there. In my post above I mentioned the price I was given by one dealer. The other two were only a little under invoice. That price above has the $500 incentive for a buy (I want to lease but was told to just discuss a buy first for best price) built into the offered price of $21,800. I guess another $300 could be gotten to make up for the lease incentive but I don't know at this point.

    My lease is coming due and they all need to get my color with the navi so I would like to do a deal by Friday. Any help with pricing in here? I know you can help me with the lease stuff once I get the price squared away.

    Thanks again, diva

  • MichaellMichaell ColoradoPosts: 6,410

    @dancingdiva said: Hi,

    Still haven't heard anything from the prices paid forum. It seems no one is around at all. I guess I can't finish asking my questions in here til I get prices in there. In my post above I mentioned the price I was given by one dealer. The other two were only a little under invoice. That price above has the $500 incentive for a buy (I want to lease but was told to just discuss a buy first for best price) built into the offered price of $21,800. I guess another $300 could be gotten to make up for the lease incentive but I don't know at this point.

    My lease is coming due and they all need to get my color with the navi so I would like to do a deal by Friday. Any help with pricing in here? I know you can help me with the lease stuff once I get the price squared away.

    Thanks again, diva

    Go back into the Civic Prices Paid forum and read the last few pages of comments - that should give you a general idea of your target selling price before the lease cash is applied. Pay particular attention to the comments from poster "brian125" - he has some great advice for folks looking to buy Hondas.

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  • dancingdivadancingdiva Posts: 39

    I checked in with Brian who helped me with a purchase of a new Accord in December. He did not have pricing but recommended that I check out a dealer in MA. I cannot travel that far for a car but also have emailed local dealers.

    One question I had last time my Mom leased. We negotiated a good price and then did no money down lease deal. However, the buy down at the end of the term was the balance of MSRP - not the negotiated price. I am confused. They get back a car with nearly no miles on it and if we want to buy it after the three years we are stuck with MSRP?

    Please explain. Is this correct?

    Hopefully I will get a bite in the price forum as well.

    Thanks.

  • MichaellMichaell ColoradoPosts: 6,410

    @dancingdiva said: I checked in with Brian who helped me with a purchase of a new Accord in December. He did not have pricing but recommended that I check out a dealer in MA. I cannot travel that far for a car but also have emailed local dealers.

    One question I had last time my Mom leased. We negotiated a good price and then did no money down lease deal. However, the buy down at the end of the term was the balance of MSRP - not the negotiated price. I am confused. They get back a car with nearly no miles on it and if we want to buy it after the three years we are stuck with MSRP?

    Please explain. Is this correct?

    Hopefully I will get a bite in the price forum as well.

    Thanks.

    The residual value in a lease is a percentage of the MSRP. How you get a lower payment is to negotiate a low cap cost. It is true that to buy the car out at he end of the lease you pay the residual value, regardless of the true value of the car.

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  • a3petera3peter Posts: 2
    Hey, I'm looking for June MF and residuals for a 2014 civic EX-L sedan w/navi, 36 months/12K in Maryland. Thanks!
  • MichaellMichaell ColoradoPosts: 6,410

    @a3peter said: Hey, I'm looking for June MF and residuals for a 2014 civic EX-L sedan w/navi, 36 months/12K in Maryland. Thanks!

    Residual for 36mo 12k per year is 58% and the MF in NY is .00030 with $800 lease cash

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  • dancingdivadancingdiva Posts: 39

    Hi michaell,

    I'm still working on other dealers and actually getting worse prices. I may just go back to the original dealer (where the car Mom has was leased from and try and get him down a bit and also have him apply the additional $300 lease cash to the number too. He already figured in the $500 for a buy.

    Brian helped tons when I bought an Accord in December but he just doesn't have numbers for a Civic. The mod who is usually in the Civic pricing forum is not around right now so I am just shopping the car and keeping fingers crossed that it will be a good price. I find I do not do as well being a girl. Last year one salesman told my husband that he didn't understand why he would let a chick negotiate. Needless to say he didn't get the sale. I am also aware that the tristate area (NY/CT/NJ) is a little pricier than other parts of the country.

    You mentioned I needed the cap cost. I am not sure what that is. I only know the MSRP, Invoice and the price offered to buy. Then there would be a residual and money factor that you can provide. You said in the other forum you would need that cap cost number to help with the numbers. Please explain.

    I understand you are the leasing guy and not the buying guy and I really appreciate your help.

    If the price stands with just another $300 off for the leasing incentive balance what other numbers do I need? MSRP on Civic EXL CVT automatic with NAVI ( I heard that residual is less with Navi which doesnt sound right??) is $25030. Invoice $23306.39 Selling Price $21,800 - $300 (lease incentive balance) - $21,500 plus tax and DMV. BTW, I would be leasing in NY and car would be registered in CT. Do I pay total taxes or just on the lease? With those numbers can I get the cap cost?

    Thanks again. diva

  • jimgotkpjimgotkp Posts: 3

    My current lease on a Civic is ending in a few months, so I’ve been contacting a few dealerships about a new lease on the 2014 Honda Civic LX. It seems like everyone is quoting me the lease rates that are on Honda’s website, specifically the $2,499 due at signing and $159 a month plus tax offer ($17,965.10 plus license, doc. Fee, and any installed accessories). Can you work around these lease rates by lowering the vehicle price?

    Since I feel I got screwed on my first lease, I don’t want to make another mistake. So, what questions should I ask the dealerships? Would love to have some of you somewhat walk me through the process, even though I read several articles on leasing vehicles. Much appreciated.

  • MichaellMichaell ColoradoPosts: 6,410

    @dancingdiva said: Hi michaell,

    I'm still working on other dealers and actually getting worse prices. I may just go back to the original dealer (where the car Mom has was leased from and try and get him down a bit and also have him apply the additional $300 lease cash to the number too. He already figured in the $500 for a buy.

    Brian helped tons when I bought an Accord in December but he just doesn't have numbers for a Civic. The mod who is usually in the Civic pricing forum is not around right now so I am just shopping the car and keeping fingers crossed that it will be a good price. I find I do not do as well being a girl. Last year one salesman told my husband that he didn't understand why he would let a chick negotiate. Needless to say he didn't get the sale. I am also aware that the tristate area (NY/CT/NJ) is a little pricier than other parts of the country.

    You mentioned I needed the cap cost. I am not sure what that is. I only know the MSRP, Invoice and the price offered to buy. Then there would be a residual and money factor that you can provide. You said in the other forum you would need that cap cost number to help with the numbers. Please explain.

    I understand you are the leasing guy and not the buying guy and I really appreciate your help.

    If the price stands with just another $300 off for the leasing incentive balance what other numbers do I need? MSRP on Civic EXL CVT automatic with NAVI ( I heard that residual is less with Navi which doesnt sound right??) is $25030. Invoice $23306.39 Selling Price $21,800 - $300 (lease incentive balance) - $21,500 plus tax and DMV. BTW, I would be leasing in NY and car would be registered in CT. Do I pay total taxes or just on the lease? With those numbers can I get the cap cost?

    Thanks again. diva

    Simply stated, the cap cost is the same as a buy price, adjusted for any taxes and fees and rebates (lease cash). It is used to calculate the depreciation portion of the payment. As in a purchase, you want the cap cost to be as low as possible to reduce the size of the payment.

    In both NY and CT, sales tax is added to the monthly payment, and does not impact the cap cost.

    I don't have my lease calculator in front of me, but remind me tomorrow and I'll crunch the numbers you've provided to model a payment for you.

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  • MichaellMichaell ColoradoPosts: 6,410

    @jimgotkp said: My current lease on a Civic is ending in a few months, so I’ve been contacting a few dealerships about a new lease on the 2014 Honda Civic LX. It seems like everyone is quoting me the lease rates that are on Honda’s website, specifically the $2,499 due at signing and $159 a month plus tax offer ($17,965.10 plus license, doc. Fee, and any installed accessories). Can you work around these lease rates by lowering the vehicle price?

    Since I feel I got screwed on my first lease, I don’t want to make another mistake. So, what questions should I ask the dealerships? Would love to have some of you somewhat walk me through the process, even though I read several articles on leasing vehicles. Much appreciated.

    Yes, you want to negotiate the lowest possible price to reduce your payment. The national programs are ok, but you can do better. Also, we don't recommend putting any money down on a lease; if the car is stolen or totaled, you are out that money.

    The other thing to look out for is the dealer inflating the money factor. This month, the base MF on the civic is .00030.

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  • jimgotkpjimgotkp Posts: 3
    edited June 13

    Thanks for the prompt reply, Michaell. I put a $4K down payment on my previous lease, so I'm trying to avoid another down payment.

    Do you have any recommendations on what questions I should ask the dealerships? I'm assuming questions I should ask are what their money factor is, MSRP on the vehicle, their best sale price, capital cost, residual, and terms of the lease? Anything else?

  • MichaellMichaell ColoradoPosts: 6,410
    edited June 13

    @jimgotkp said: Thanks for the prompt reply, Michaell. I put a $4K down payment on my previous lease, so I'm trying to avoid another down payment.

    Do you have any recommendations on what questions I should ask the dealerships? I'm assuming questions I should ask are what their money factor is, MSRP on the vehicle, their best sale price, capital cost, residual, and terms of the lease? Anything else?

    The two variables in a lease are the cap cost, or best sales price, and the MF. Residual is set by Honda finance and cannot be modified. You determine the lease term, though 36 months is the most common.

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  • I'm in southern california and have received an offer for Zero drive off $204 a month payment including taxes. Is this a good deal? I was told the cap cost is 17200 and residual 11988 for a 2014 Civic LX CVT. Is the monthly payment correct based on those values?

  • MichaellMichaell ColoradoPosts: 6,410

    @nicenslow951 said: I'm in southern california and have received an offer for Zero drive off $204 a month payment including taxes. Is this a good deal? I was told the cap cost is 17200 and residual 11988 for a 2014 Civic LX CVT. Is the monthly payment correct based on those values?

    What is the MSRP, lease term and miles per year?

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  • MichaellMichaell ColoradoPosts: 6,410

    @Michaell said: I don't have my lease calculator in front of me, but remind me tomorrow and I'll crunch the numbers you've provided to model a payment for you.

    @dancingdiva,

    If I use the MSRP of $25,030 and a net cap cost of $21,500 with the base MF of .00030 and the residual of 56% (36 month, 12K miles per year), I calculate a pre-tax payment of $218.52. Add sales tax to that amount to get the final payment.

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  • dancingdivadancingdiva Posts: 39

    Thanks Michaell,

    I'm waiting on some other dealers and if the price changes I will let you know for another calculation. Seems like this dealer is around $1000 under invoice and if they drop the price that $300 for the balance of a lease incentive that would come to the number I gave you. Hoping I can get it down a little but I don't think it will drop that payment, which is great down by much. Will let you know what happens early next week.

    Thanks so much for all your help and patience too. diva

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