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2014 Honda CR-V Lease Questions

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  • Hey, all!

    We're shopping a lease on a CR-V in PA. Looking at a 2014 EX-L with AWD (no Nav). Quoted a sale price of 27575 before taxes/tags. Lease deal comes in at $289.06 per month, 12 k miles per year, after $2000 down (includes $552 down tax and tags, and the remainder as an additional down payment on the lease). Does this sound like a good deal?

    Thanks for the help!

  • welakwelak Posts: 6

    I am looking for the April numbers (Residual and MSRP) for an EX-L with AWD 12,000 miles and 36 months. thx

  • kyfdxkyfdx Posts: 30,584

    @welak said: I am looking for the April numbers (Residual and MSRP) for an EX-L with AWD 12,000 miles and 36 months. thx

    .00056 MF and 61% residual.

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  • ellysbellyellysbelly Posts: 5

    Hi! What are the April numbers for an EX-L (2WD) with 12K miles and 36 months in FL? Thanks!

  • kyfdxkyfdx Posts: 30,584

    @ellysbelly said: Hi! What are the April numbers for an EX-L (2WD) with 12K miles and 36 months in FL? Thanks!

    .00056 MF and 60% residual. $500 lease cash.

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  • joannewpeckjoannewpeck Posts: 1
    edited April 13

    I live in Georgia and was quoted $299-310 for lease of Honda CRV EX-L w/ no nav. for 3 years and 15,000 miles.....4000 down late March.. Got another quote from another dealer last week for $295. per month.

    What are April figures in Ga. for Honda for residual and MF? Are lease figures coming down further into model year? Thank you.

  • MichaellMichaell ColoradoPosts: 7,389

    @joannewpeck said: I live in Georgia and was quoted $299-310 for lease of Honda CRV EX-L w/ no nav. for 3 years and 15,000 miles.....4000 down late March.. Got another quote from another dealer last week for $295. per month.

    What are April figures in Ga. for Honda for residual and MF? Are lease figures coming down further into model year? Thank you.

    A couple of comments .. putting $4000 down to reduce the cap cost is not a good idea. If the vehicle is stolen or totaled, you are out that money.

    And, trying to predict what manufacturers will do with their lease programs is like trying to predict next year's World Series winner. Residuals generally go down, but MF are reduced as well to maintain similar payments.

    That said, I'll assume you want a 2WD since you are in Georgia. 58% residual and MF of .00056 for April.

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  • prozario01prozario01 Posts: 20
    edited April 26

    bit new to leasing .. can someone explain if this is good deal or not. I was asking a purchase price - which they said would be $2,5800 + $830 dest + $400 doc fee. The interent sales guy (seems very good - i bought another pilot few years back - gave me the price over phone without much drama - took 5 mins to get the quote).

    He followed up with email - and at bottom had leasing details as well. Can some one explain - if i'm missing anything or not. It seems bit too good to be true.

    For my it is total cost i pay over 3 years. If i work out the down payment and divide by 36 months comes out to be about $70 per month, and add $185/month lease - so basically $255/month. Which is way lower than other places i saw. What am i missing here -this details was here as fine print.

    3 Special $185 for 36 months with $2,495 down payment offer valid on new and unregistered 2014 CR-V AWD 5dr EX-L (RM4H7EJW) to well-qualified lessees approved by American Honda Finance Corp.. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $28,945 (excludes Honda destination and handling fee, excludes tax, federal/state fees, license, title, registration, emissions, documentation/processing fee, $7.50 tire fee, options not listed, dealer installed equipment not listed, dealer installation fees (if applicable), dealer fees, insurance and the like.) Actual net capitalized cost $23,476. Net capitalized cost excludes $595 acquisition fee, and may include all applicable offers and rebates of up to $500 for qualified lessees. Total monthly payments $6,660. Option to purchase at lease end $17,656. Must take new retail delivery on vehicle from dealer stock by end of program date. Lessee responsible for maintenance, excessive wear/tear and 15¢/mile over 12,000 miles/year. Please contact us for complete details. Offer valid through April 28th, 2014.

  • kyfdxkyfdx Posts: 30,584

    You are looking at it correctly... Take your downpayment and divide it by the lease term, then add it the monthly payment.. Just watch out for add-ons (doc fee, etc.) Of course, you'll have tax, plus title/license fees from the state, but that looks like a solid deal.

    If you decide to go ahead with it, ask them to roll the $2495 into the lease.. Tell them you only want to pay 1st payment and title/license fees at inception.

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  • prozario01prozario01 Posts: 20

    @kyfdx@Edmunds said: You are looking at it correctly... Take your downpayment and divide it by the lease term, then add it the monthly payment.. Just watch out for add-ons (doc fee, etc.) Of course, you'll have tax, plus title/license fees from the state, but that looks like a solid deal.

    If you decide to go ahead with it, ask them to roll the $2495 into the lease.. > Tell them you only want to pay 1st payment and title/license fees at inception.

    Thanks ... would u happen to know if i want to add extra say a remote starter, how it works on lease? One dealer told me it would add about $15-$20 per month .. which in 3 years lease, would recoup the whole value of the add on. Is that normal?

  • kyfdxkyfdx Posts: 30,584

    Yes... if you lease, it's good to stay away from accessories that aren't residualized. If it's a $600 item, then you pay for the whole thing, then give it away with the car, when the lease is up.

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  • lairdwdlairdwd Posts: 20

    Just did a deal with Commonwealth Honda in Lawrence Mass. Got an automated internet quote of 23302 on an EX CR-V AWD, dealer invoice = 25520. Final price after negotiation of 23152. This includes all incentives and is before any taxes, fees. Their doc fee is $293.

    Honda Gallery in Reading was quoting me 23899 - 750 flex - 500 dealer cash for a quote of 22699. Somebody up the food chain came along and put the kabosh on that quote though. I do not recommend these guys. They had guys stepping all over each other in the sales process and their General Sales Manager was rude to me on the phone.

    Honda Cars of Boston in Everett was quoting 23799 - 750 cash, but they have a 369 doc fee and a "wheel lock" fee of 89 (waivable).

    Boch Honda was quoting me 23177 , all incentives included with 369 doc fee.

    Commonwealth Honda was one of the few dealers willing to play ball with the negotiated price carrying over to a 3/36 lease without trying to play games. Everyone else, as soon as I mentioned the 'L' word, it was like carte blanche to offer quotes that were completely detached from the negotiated price of the vehicle, even though I demonstrated very clearly I understand lease financing and had my own spreadsheet to do calculations. In fact, I got the silent treatment from a few of them when I suggested such a thing. I guess they are used to fat markups on leases. Ended up paying 229 OTD with 35 more payments of 229 each. Mass state sales tax is 6.25%

  • tusharvktusharvk Posts: 9

    honda cr-v 2014 awd. EDmunds quote is 25k. Dealer is giving 24 months 0 down 356 incl tax or 36 months 0 down 295/month. includes t axes in both cases and is for 15k/year lease. How do I evaluate if the lease is worth or can it be better than these terms?

  • MichaellMichaell ColoradoPosts: 7,389

    @tusharvk said: honda cr-v 2014 awd. EDmunds quote is 25k. Dealer is giving 24 months 0 down 356 incl tax or 36 months 0 down 295/month. includes t axes in both cases and is for 15k/year lease. How do I evaluate if the lease is worth or can it be better than these terms?

    What is the trim level? MSRP?

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  • tusharvktusharvk Posts: 9

    MSRP is 25k also. cr-v lx awd and automatic.

    @Michaell@Edmunds said:

  • tusharvktusharvk Posts: 9

    more info on the quote came from the seller. 1.1% apr highest credit rating.

  • MichaellMichaell ColoradoPosts: 7,389

    @tusharvk said: MSRP is 25k also. cr-v lx awd and automatic.

    You should be able to negotiate a selling price much closer to invoice, if not lower, to reduce your lease payment.

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  • MichaellMichaell ColoradoPosts: 7,389
    edited April 30

    @tusharvk said: more info on the quote came from the seller. 1.1% apr highest credit rating.

    The dealer told you this? Is this for a purchase or a lease? Lease interest rates are usually expressed as decimal values such as .00055.

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  • tusharvktusharvk Posts: 9

    edmunds shows true market value 24154; dealer msrp is 25k; so it should be possible to lower it. MF is 0.00046 for tier 1 and 2 approvals. how do I assess if it is the right price or not. all inclusive 23 payments of $356

    @Michaell@Edmunds said:

  • MichaellMichaell ColoradoPosts: 7,389

    @tusharvk said: edmunds shows true market value 24154; dealer msrp is 25k; so it should be possible to lower it. MF is 0.00046 for tier 1 and 2 approvals. how do I assess if it is the right price or not. all inclusive 23 payments of $356

    Check the CR-V prices paid thread - lots of helpful folks there who can give you good advice on how to negotiate the best price.

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  • vs77vs77 Posts: 13

    looking to lease a 2014 EX-L - 12K - what can i expect as residual, MF and Sale Price? what is the residual for 10K?

  • kyfdxkyfdx Posts: 30,584

    @vs77 said: looking to lease a 2014 EX-L - 12K - what can i expect as residual, MF and Sale Price? what is the residual for 10K?

    .00056 MF and 58% residual for 2WD. $500 lease cash. I don't show a 10K/yr option, but if available, the residual would be 1% higher.

    Try the CR-V Prices Paid discussion for expected sale prices.

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  • tusharvktusharvk Posts: 9

    so trying to compare the option provided by dealer vs edmunds calculator. I am looking for cr-v awd. Edmunds calculator shows 36 payments of 383/month+500 security deposit. So, cost to lease for 36 months = 13788. I used 55% residual value of the TMV Dealer offer: 70 down+36 payments of 249. cost fo lease 36 months = 9723 My own calculation is as below: KBB value for honda cr-v 2014 is around 23k kbb value for used cr-v 2012 with 30 k miles 20k. This gives a good estimate of residual value of a 2014 cr-v in 2 years. So, the lease payments = 1/24*(23-20)k =125$/month. The dealer offer for 24 month lease is 340 $/month. why the discrepancy

  • kyfdxkyfdx Posts: 30,584

    Apples and oranges.. Plus, you buy at retail, but residual is at wholesale. (In other words, you'll have a pretty hard time buying a CR-V for $23K and trading it in for $20K in two years).

    Also, lease payments have finance charges built in... Don't see any accounting for finance charges in your own estimates. Also, no point in guessing the residual. The bank is already telling you the residual they are willing to assign. If you think it should be substantially higher than that, you should purchase, rather than lease.

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  • tusharvktusharvk Posts: 9

    ok. That makes sense. So the dealer gave me 22.5k as the sales price (1k below invoice). Residual is 15.5k in 3 years. The lease is 700 down and 35 payments of 249 including everything. MF was not disclosed. So, is this a good deal for a lease? I am hung up on the residual. That value is so much lower than the sales value of 2-3 year old honda cr-v. The dealer says this number is coming from honda and they have already given me 1k below invoice, so will not move the 22.5k number. Any inputs?

  • kyfdxkyfdx Posts: 30,584

    @tusharvk said: ok. That makes sense. So the dealer gave me 22.5k as the sales price (1k below invoice). Residual is 15.5k in 3 years. The lease is 700 down and 35 payments of 249 including everything. MF was not disclosed. So, is this a good deal for a lease? I am hung up on the residual. That value is so much lower than the sales value of 2-3 year old honda cr-v. The dealer says this number is coming from honda and they have already given me 1k below invoice, so will not move the 22.5k number. Any inputs?

    $250/mo. is cheap..

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  • stark32stark32 Posts: 2

    Does anyone know the MF and residual on a CR-V LX AWD, 36 mos lease, 12k per?

    A dealership in MA is offering this model and conditions for $29 down and $189 per month. Without knowing the residual and MF, it still seems like a very solid deal, wondering if others agree?

    Thanks!

  • MichaellMichaell ColoradoPosts: 7,389

    @stark32 said: Does anyone know the MF and residual on a CR-V LX AWD, 36 mos lease, 12k per?

    A dealership in MA is offering this model and conditions for $29 down and $189 per month. Without knowing the residual and MF, it still seems like a very solid deal, wondering if others agree?

    Thanks!

    62% residual, .00049 MF.

    What are the MSRP and selling price of the sale unit?

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  • stark32stark32 Posts: 2

    Thanks Michael! MSRP is $25,025. Sale price of the unit is not stated, but working backwards with the MF and residual, you provided, it looks to be $20,725, which is below what Edmunds shows at the TMV ($23,856) and what Truecar is showing to be an available price in my area ($22,023, reported as unusually low). Bank and doc fees look to be about $900 total, which appears to be fairly standard in the area. Seems like a deal, unless I'm missing something.

  • MichaellMichaell ColoradoPosts: 7,389

    @stark32 said: Thanks Michael! MSRP is $25,025. Sale price of the unit is not stated, but working backwards with the MF and residual, you provided, it looks to be $20,725, which is below what Edmunds shows at the TMV ($23,856) and what Truecar is showing to be an available price in my area ($22,023, reported as unusually low). Bank and doc fees look to be about $900 total, which appears to be fairly standard in the area. Seems like a deal, unless I'm missing something.

    Gosh, $25K for $189/mo? That is a great deal.

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