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2014 Honda Civic Lease Questions

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  • MichaellMichaell ColoradoPosts: 6,342

    @carmenohio said: Sorry to be so ignorant but can someone help me understand this better?

    I understand the percentage for the residual is the amount compared to that of the MSRP.

    Can the MF be negotiated however? Besides the sale price, what else do I want to try to negotiate to get the best deal?

    Civic wise, I'd be looking at a SI (also looking at an Accord Sport & Accord EX; both with manuals, all sedans but I can post that in the Accord thread).

    The only two variables in a lease are the selling price and the MF. Finance companies set a "base" MF that the dealer can mark up, but it cannot be negotiated below the base amount.

    What lease term and miles per year? Am I correct that this is for Ohio (based on your user name)?

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  • kyfdxkyfdx Posts: 29,801
    edited July 24

    @carmenohio said: Sorry to be so ignorant but can someone help me understand this better?

    I understand the percentage for the residual is the amount compared to that of the MSRP.

    Can the MF be negotiated however? Besides the sale price, what else do I want to try to negotiate to get the best deal?

    Civic wise, I'd be looking at a SI (also looking at an Accord Sport & Accord EX; both with manuals, all sedans but I can post that in the Accord thread).

    The money factor we quote is the lowest offered by the bank. In theory, the dealer can mark up that rate for extra profit, but Honda dealers rarely do that. So, your negotiations should be based on the selling price, and like any car deal, watch out for "extras" that you don't need.

    By knowing the numbers and being able to calculate a lease, you can often catch those "extras" that they try to hide in the lease payment.

    The 2014 Civic Si Sedan (without NAV) has a residual of 58% for 36mo, 15K/yr.

    The money factor is .00030 or .00079, depending on your state. $800 lease cash. (Ohio is .00030, if that is where you are)

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  • carmenohiocarmenohio Posts: 5

    @Michaell said: What lease term and miles per year? Am I correct that this is for Ohio (based on your user name)?

    3 yr/12,000 miles. That is correct.

    Thanks kyfdx!

  • MichaellMichaell ColoradoPosts: 6,342

    @carmenohio said: 3 yr/12,000 miles. That is correct. Thanks kyfdx!

    The 2014 Civic Si Sedan (without NAV) has a residual of 60% for 36mo, 12K/yr.

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  • drbump471drbump471 Posts: 12

    Looking for MF and RV for Indiana Civic LX/EX/EX-L 12k 36mnth

    I assume that since I live in Indiana I will pay Indiana MF/RV regardless of where I purchase the car?

    Thanks in advance!!

  • MichaellMichaell ColoradoPosts: 6,342

    @drbump471 said: Looking for MF and RV for Indiana Civic LX/EX/EX-L 12k 36mnth

    I assume that since I live in Indiana I will pay Indiana MF/RV regardless of where I purchase the car?

    Thanks in advance!!

    RV:

    LX 59%

    EX 59%

    EX-L 57%

    MF of .00030 and $800 lease cash.

    RV is standard nationwide, but MF is regional. Same MF in IL and MI; MF in OH and KY is .00079.

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  • drbump471drbump471 Posts: 12
    edited July 24

    So based on this I want to lease from a dealer in IN, IL or MI

    Thanks!!

  • kyfdxkyfdx Posts: 29,801

    @drbump471 said: So based on this I want to lease from a dealer in IN, IL or MI

    Thanks!!

    Honda lease deals are only available based on state of residence/registration. Leasing from a dealer in another state will not help you, unfortunately.

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  • drbump471drbump471 Posts: 12

    @kyfdx said: Honda lease deals are only available based on state of residence/registration. Leasing from a dealer in another state will not help you, unfortunately.

    Got it. Thanks for confirming kyfdx!

  • rl47rl47 Posts: 5

    First time user, do you know what the lease rates are for preferred tier? I live in Ohio and interested in the LX or EX. 36months, 12000 miles per year

  • MichaellMichaell ColoradoPosts: 6,342

    @rl47 said: First time user, do you know what the lease rates are for preferred tier? I live in Ohio and interested in the LX or EX. 36months, 12000 miles per year

    59% residual for either trim.

    .00030 and $800 lease cash. This is for top tier credit.

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  • dfsadfsa alPosts: 5

    I got this quote for honda civic 2014 2014 Honda Civic $179.00 36 Months 10k Miles per year Total COD $1299.00 includes all fee’s Taxes are included in the monthly payment.

    Please comment on whether it's a good deal

  • MichaellMichaell ColoradoPosts: 6,342

    @dfsa said: I got this quote for honda civic 2014 2014 Honda Civic $179.00 36 Months 10k Miles per year Total COD $1299.00 includes all fee’s Taxes are included in the monthly payment.

    Please comment on whether it's a good deal

    We will need the MSRP and selling price, along with the state you live in, to fully evaluate the deal.

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  • hondafan207hondafan207 Posts: 1
    edited July 27

    Michaell

    So the 2014 Civic Sedan Si (no nav) has a residual value of 61% and a money factor of .00030? That would mean the money factor is less than 1% (.00030 x 2400). Unless I am calculating wrong that sounds like an excellent money factor. It is substantially lower from the Subaru WRX money factor which was .00188.

    In addition, any suggestions on what a good deal would be for a 2014 Civic SI Sedan with No Nav? I live in Maine. Edmonds and truecar suggest 2000k below MSRP. MSRP in Maine is $23,780.

  • MichaellMichaell ColoradoPosts: 6,342

    @hondafan207 said: Michaell

    So the 2014 Civic Sedan Si (no nav) has a residual value of 61% and a money factor of .00030? That would mean the money factor is less than 1% (.00030 x 2400). Unless I am calculating wrong that sounds like an excellent money factor. It is substantially lower from the Subaru WRX money factor which was .00188.

    Yes, the MF on the Civic is incredibly low.

    In addition, any suggestions on what a good deal would be for a 2014 Civic SI Sedan with No Nav? I live in Maine. Edmonds and truecar suggest 2000k below MSRP. MSRP in Maine is $23,780.

    I'm not in the market, so can't tell you what a good deal would be.

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  • atos2012atos2012 Posts: 36

    @Michaell what is MF in CA? thanks.

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  • MichaellMichaell ColoradoPosts: 6,342

    @atos2012 said: Michaell what is MF in CA? thanks.

    Southern CA - .00030

    Northern CA - .00079

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  • rl47rl47 Posts: 5

    I have been offered a lease of $245.23 + tax on an EX for 36 months. The breakdown they are giving me is MSRP $21880, selling price of $19190+$494 inception fee(maybe doc fee,title/license)+$595 acquisition fee=cap cost of $20279.73 They are quoting me a MF of .001220 which they say is preferred tier. There is no mention of $800 lease cash and the fees seem a little expensive. Another dealer gave me a quote of fees of $348. I had countered their initial offer of $258 + tax with a cap cost of $19000 which would include the $800 lease cash and $595 acqu fee and $348 title/doc fee/tags for a monthly payment of $222.69 and that is with tax 7% in Ohio and same MF. It doesnt seem like their offer is very good. Is my offer a realistic offer? I thought I would try considering a few people I have seen on her getting $215 tax included.

  • rl47rl47 Posts: 5

    @yyysguy said: crutnacker - I got a zero-down lease for an EX for $215/month. This included everything, new tag, FL taxes at 7%, all fees, etc. I paid nothing. This also included first month's payment. They also rebated me $225 a few weeks later for registration overage charges. At $330/month, your salesman and dealer would be making ~$4000 pure profit off of you.

    Can you break down the numbers you got to get to $215? Also what dealership did you use? Its almost cheaper to fly from Ohio and drive it back. My dealer in Ohio first quoted me $258 plus tax, and then $245 plus tax. Doesnt seem like a good deal to me

  • kyfdxkyfdx Posts: 29,801

    @rl47 said: I have been offered a lease of $245.23 + tax on an EX for 36 months. The breakdown they are giving me is MSRP $21880, selling price of $19190+$494 inception fee(maybe doc fee,title/license)+$595 acquisition fee=cap cost of $20279.73 They are quoting me a MF of .001220 which they say is preferred tier. There is no mention of $800 lease cash and the fees seem a little expensive. Another dealer gave me a quote of fees of $348. I had countered their initial offer of $258 + tax with a cap cost of $19000 which would include the $800 lease cash and $595 acqu fee and $348 title/doc fee/tags for a monthly payment of $222.69 and that is with tax 7% in Ohio and same MF. It doesnt seem like their offer is very good. Is my offer a realistic offer? I thought I would try considering a few people I have seen on her getting $215 tax included.

    The $800 lease cash is a dealer incentive, and they have likely factored that into their initial offer. You don't say how many miles/yr, so it's hard to calculate a payment.. I will say that the .00122 MF does not look right, and wonder if there is a communication issue. Honda dealers rarely mark up the money factor.

    I do think that the selling price on the first offer looks fair, including the $800 lease cash. If you give me the mileage allowance (and, it's a sedan, right?), then I can calculate a payment.

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  • yyysguyyyysguy Posts: 5

    @rl47 said: Can you break down the numbers you got to get to $215? Also what dealership did you use? Its almost cheaper to fly from Ohio and drive it back. My dealer in Ohio first quoted me $258 plus tax, and then $245 plus tax. Doesnt seem like a good deal to me

    I posted the numbers a month ago. Here it is again:

    @yyysguy said: I just leased a 2014 Honda Civic EX 4DR Sedan from Coggins Honda in Deland, Florida. This forum proved very helpful to me in getting up to speed on what to expect, and I wanted to share my experience and figures.

    I was able to get a zero-down, no money out-of pocket lease for $215/month (36 months, 12K miles/year) with Honda Lease. This deal includes the first months payment, so actually it's only 35 payments. This includes Florida state and Orange County sales tax @ 7% rate.

    MSRP $21,880

    Purchase price $18743 Acquisition Fee $ 595 Service Charge $ 699

    Cap Cost $20037.65

    Residual $13128

    Other costs (dealer paid) included $215 for first month payment, $427 registration (new tag) and a few other items for a total of 817.19 that the dealer ate.

    This dealer also includes with every vehicle their "appearance package", which includes window tint, wheel locks, Honda rubber floor and trunk mats, mud guards, pinstriping and free first oil change. They wanted to charge me $1995 for that, but I was able to get this for no charge.

    With no-money-out of pocket deals, it's very easy to compare your deal with this, since you only really care about the monthly payment. As I mentioned, they sent me a check for $225 for overpayment of registration, which the dealer paid for. Nice. This was using 60% residual at the time for the EX.

  • yyysguyyyysguy Posts: 5

    Also, my money factor was 0.0003

  • rl47rl47 Posts: 5

    @yyysguy said: Also, my money factor was 0.0003

    Thanks for the info, after I posted the question I realized that you had already posted it earlier

  • rl47rl47 Posts: 5

    @kyfdx said: I do think that the selling price on the first offer looks fair, including the $800 lease cash. If you give me the mileage allowance (and, it's a sedan, right?), then I can calculate a payment.

    12000 miles per year. My credit score is in the mid 600s, that is why they gave me that rate.

  • kyfdxkyfdx Posts: 29,801

    @rl47 said:

    1st offer... I calculate $245/mo. plus tax w/.00122 MF. We don't track the lower tier money factors, so I can't really comment on if it's appropriate or not.

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  • dfsadfsa alPosts: 5

    @Michaell said: We will need the MSRP and selling price, along with the state you live in, to fully evaluate the deal. Michaell, This is in NYS The dealer came back with Cap cost $17559.45 plus Tax $573.68

  • MichaellMichaell ColoradoPosts: 6,342

    @dfsa said: Cap cost $17559.45 plus Tax $573.68

    And the MSRP? NY calculates all the sales tax for he lease term up front; you can choose to pay it as pat of your initial out of pocket costs or roll it into the cap cost.

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  • dfsadfsa alPosts: 5
    edited August 1

    Michaell,

    Here is all the info i managed to pry from the salesman

    Msrp $19980.00

    Cap cost $17559.45 plus Tax $573.68

    2014 Honda Civic $179.00

    36 Months 10k Miles per year

    Total COD $1299.00 includes all fee’s

    Taxes are included in the monthly payment.

    NYS

  • MichaellMichaell ColoradoPosts: 6,342

    @dfsa said: Michaell,

    Here is all the info i managed to pry from the salesman

    Msrp $19980.00

    Cap cost $17559.45 plus Tax $573.68

    2014 Honda Civic $179.00

    36 Months 10k Miles per year

    Total COD $1299.00 includes all fee’s

    Taxes are included in the monthly payment.

    NYS

    What trim level is this? Looks like a pretty good deal.

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  • dfsadfsa alPosts: 5
    edited August 1

    @Michaell said: What trim level is this? Looks like a pretty good deal.

    umm...i thought LX was the trim. no? Also any comment on the 10k/year vs standard 12? Also he mentioned 500 damage forgiveness and no gap insurance

    another thing is that I might be moving out of state in a few month(nj. anything i need to worry about as far as taxes/paperwork etc?

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