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2014 Acura MDX Lease Questions

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  • MichaellMichaell ColoradoPosts: 5,579

    @docmri said: BTW...it was for FWD....dont need the AWD here in Florida.... does that change the RV?

    Nope, residuals are the same for both FWD and AWD MDX

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  • topper2013topper2013 Posts: 1

    I just leased an MDX over the weekend and just realized something strange and disturbing that occurred. It involves the leasing company on the contract. I saw in the ads that the lease would be through Acura Financial (Honda Financial) and the sales man, when he had me contact my insurance co., also indicated that Honda Fin requires me to put them as the lien holder on my insurance binder. When I was signing the documents with the F&I guy, at the end of the process, he wanted me to call my insurance co on Monday (another story) and wrote the address of Hanna Trust (in Jamesburg, NJ) on a post-it saying that's who Honda uses or goes by for the insurance needs. Didn't think too much of it although, when I looked at the contract later (after my concerns reading Hanna's reviews) that Hanna's address was clearly noted in the lease agmt - which he could have pointed out clearly and circled on the lease agmt. For some reason, I decided to google Hanna Trust and came across some clearly negative reviews, onerous conditions, exorbitant fees at disposition, etc. I intend to call on Monday (1st business day after signing) to re-do the lease to go through Acura/Honda. I assume this should be ok. Do you think I will run into any problems or resistance? Should I look into getting my legal ready? Any advice? Also, is $450 disposition fee normal/standard? Can we have this waived?

    Interestingly, the promissory note for the balance of my trade-in (which I signed with the rest of the documents) is the only document missing in the packet he handed me. He said that they mail the check in a week or so after processing the paperwork. Didn't think it was a big deal then - now, not quite so sure.

    I would appreciate any advice you can provide ASAP as I need to address this matter on Monday morning. I will also follow-up with further details as how the issue is addressed and resolved. Thank you in advance.

  • MichaellMichaell ColoradoPosts: 5,579

    @topper2013 said: I just leased an MDX over the weekend and just realized something strange and disturbing that occurred. It involves the leasing company on the contract. I saw in the ads that the lease would be through Acura Financial (Honda Financial) and the sales man, when he had me contact my insurance co., also indicated that Honda Fin requires me to put them as the lien holder on my insurance binder. When I was signing the documents with the F&I guy, at the end of the process, he wanted me to call my insurance co on Monday (another story) and wrote the address of Hanna Trust (in Jamesburg, NJ) on a post-it saying that's who Honda uses or goes by for the insurance needs. Didn't think too much of it although, when I looked at the contract later (after my concerns reading Hanna's reviews) that Hanna's address was clearly noted in the lease agmt - which he could have pointed out clearly and circled on the lease agmt. For some reason, I decided to google Hanna Trust and came across some clearly negative reviews, onerous conditions, exorbitant fees at disposition, etc. I intend to call on Monday (1st business day after signing) to re-do the lease to go through Acura/Honda. I assume this should be ok. Do you think I will run into any problems or resistance? Should I look into getting my legal ready? Any advice? Also, is $450 disposition fee normal/standard? Can we have this waived?

    Interestingly, the promissory note for the balance of my trade-in (which I signed with the rest of the documents) is the only document missing in the packet he handed me. He said that they mail the check in a week or so after processing the paperwork. Didn't think it was a big deal then - now, not quite so sure.

    I would appreciate any advice you can provide ASAP as I need to address this matter on Monday morning. I will also follow-up with further details as how the issue is addressed and resolved. Thank you in advance.

    Have you signed all the documents, and, more importantly, taken delivery? If so, you may not have much recourse.

    It certainly can't hurt to discuss this with the dealer, however. If they value the long term relationship, they might be willing to consider rewriting the contract.

    The disposition fee is becoming more and more common - I have one on my Hyundai lease - and it's not negotiable.

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  • musiclover408musiclover408 Posts: 10

    Hi, newbie here. We are looking at leasing a '14 MDX AWD with tech pkg. the MSRP on it is $49,460. We are Costco members and they are saying my pre-arranged Costco discount off the MSRP is $2886. The only dealer added accessories are body side moldings and nitrogen filled tires and they are trying to get $489 for those! Big rip off and I don't want those "add ons".

    So I would love some advice on how to negotiate the best deal. As I said we will be leasing and would like at least 12k miles per year. We are in Colorado. We have great credit so should be able to qualify for the best deals. The July 4th deals seem to be a built around the monthly price for 36 months and 10k miles.

    I also don't really understand what MF is and how to negotiate the residual, etc.

    Again any help/tips are very much appreciated! Thanks

  • gq3856gq3856 Posts: 34

    @musiclover408 said:

    Hi, newbie here. We are looking at leasing a '14 MDX AWD with tech pkg. the MSRP on it is $49,460. We are Costco members and they are saying my pre-arranged Costco discount off the MSRP is $2886. The only dealer added accessories are body side moldings and nitrogen filled tires and they are trying to get $489 for those! Big rip off and I don't want those "add ons".

    So I would love some advice on how to negotiate the best deal. As I said we will be leasing and would like at least 12k miles per year. We are in Colorado. We have great credit so should be able to qualify for the best deals. The July 4th deals seem to be a built around the monthly price for 36 months and 10k miles.

    I also don't really understand what MF is and how to negotiate the residual, etc.

    Again any help/tips are very much appreciated! Thanks

    okay im not an expert but i will try and answer a few of your questions.

    rv shouldn't have to be negotiated look around this forum and i am sure you will find your rv. MF or money factor is a number they give you to explain you finance rate apr.
    take the MF ie. .00155 and multiply it by 2400 and you get your apr or finance rate. .00155 X 2400 = 3.72 hope this helped a litte

  • MichaellMichaell ColoradoPosts: 5,579

    @gq3856 said: rv shouldn't have to be negotiated look around this forum and i am sure you will find your rv. MF or money factor is a number they give you to explain you finance rate apr. take the MF ie. .00155 and multiply it by 2400 and you get your apr or finance rate. .00155 X 2400 = 3.72 hope this helped a little

    I will add on to what was said above.

    As noted, the residual is set by the finance company and cannot be modified. MF, however, can be inflated by the dealer for additional profit; you don't want to sign any deal where this is the case.

    Base MF for the MDX this month is .00139 (3.34%). I don't have any residual values for the 2014 MDX; hopefully we'll get some more information in the next day or two.

    However, I do have 2015 MDX residuals - AWD with tech for 36/10 is 64%

    If I plug in the MF and residual above with your MSRP and negotiated selling price (as an example), I get a pre-tax payment of $523.17.

    You might be able to negotiate a better selling price than what you can get via Costco - that will help reduce your monthly payment.

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  • musiclover408musiclover408 Posts: 10

    Thanks for the help guys. I'm new to this leasing stuff and just don't want to get hosed and obviously want to get the best deal with lowest monthly payments.

    Questions, since the MF is basically "interest rate" is that 3.34% you quoted the lowest interest rate with the best possible credit score? If so, what credit score is needed to get the lowest rate?

    Since the residual value is set by the financing company, is it the same for each specific car model regardless of state you live in?

    And lastly, the "special" that Acura is running that expires on 7/7 is all based around paying full MSRP and only 10K miles. Obviously this is not what I am looking for. I guess I just don't understand why people would take advantage of "specials" like this? What am I missing? I just don't want to miss anything or be forced to getting the car by tomorrow (7/7).

    Thanks again for ALL your help!

  • kyfdxkyfdx Posts: 29,156
    edited July 7

    @musiclover408 said: Thanks for the help guys. I'm new to this leasing stuff and just don't want to get hosed and obviously want to get the best deal with lowest monthly payments.

    Questions, since the MF is basically "interest rate" is that 3.34% you quoted the lowest interest rate with the best possible credit score? If so, what credit score is needed to get the lowest rate?

    Since the residual value is set by the financing company, is it the same for each specific car model regardless of state you live in?

    And lastly, the "special" that Acura is running that expires on 7/7 is all based around paying full MSRP and only 10K miles. Obviously this is not what I am looking for. I guess I just don't understand why people would take advantage of "specials" like this? What am I missing? I just don't want to miss anything or be forced to getting the car by tomorrow (7/7).

    Thanks again for ALL your help!

    The money factors quoted are the base rates for highest tier credit. That is as low as you can go. Sometimes Acura will have regional rates that vary, but that almost never applies to residuals. They are set for each model and lease term, but are nationwide.

    The lease specials are just ads. They aren't even actual lease offers (read the fine print). They are structured to show low payments. But, they use the same variables as the numbers we give. You can get a lease structured however you want, within the basic parameters.

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  • musiclover408musiclover408 Posts: 10

    Ok, so does anyone know if the MF is going up after the 7/7 "special" expires?

    Thanks!

  • MichaellMichaell ColoradoPosts: 5,579

    @musiclover408 said: Ok, so does anyone know if the MF is going up after the 7/7 "special" expires?

    Thanks!

    Nobody knows until we get the numbers, hopefully tomorrow.

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  • musiclover408musiclover408 Posts: 10

    Ok thanks Michaell. We didn't buy tonight so I am interested in your findings asap. Thanks : )

  • kenoberrykenoberry Posts: 4

    @Michaell said: Nobody knows until we get the numbers, hopefully tomorrow.

    Assuming they'll change after the promotion that expired 7/7, I'm looking for revised numbers for 2014 MDX AWD + Tech for 36 mo, 15k. Thanks!

  • bdragon007bdragon007 Posts: 7

    Thank you!

  • kyfdxkyfdx Posts: 29,156

    @kenoberry said: Assuming they'll change after the promotion that expired 7/7, I'm looking for revised numbers for 2014 MDX AWD + Tech for 36 mo, 15k. Thanks!

    .00103 MF and 55% residual.

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  • musiclover408musiclover408 Posts: 10

    @kyfdx said: .00103 MF and 55% residual.

    Ok, Now since I am new to all this, what exactly does this mean in layman's terms? I know the MF is the equivelant to an "interest rate" but what exactly does the 55% residual mean? And is this negotiable in a lease? Besides the purchase price of the car, what else is negotiable with leases? Thanks soooo much for your help guys!

  • MichaellMichaell ColoradoPosts: 5,579

    @musiclover408 said: Ok, Now since I am new to all this, what exactly does this mean in layman's terms? I know the MF is the equivelant to an "interest rate" but what exactly does the 55% residual mean? And is this negotiable in a lease? Besides the purchase price of the car, what else is negotiable with leases? Thanks soooo much for your help guys!

    There are four main pieces to a lease deal:

    • MSRP - sticker price. Set be the manufacturer. Cannot be modified.

    • Selling price - can, and should, be negotiated.

    • residual - the value of the car at the end of the lease term, expressed as a percentage of MSRP. Fixed by the finance company and cannot be modified.

    • MF - money factor, used to determine the rent charge of the lease. Base value set by the finance company, but can be inflated by the dealer for more profit. MF is represented as a decimal value; to convert to an interest rate, multiply by 2400.

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  • nt275nt275 Posts: 5

    Hello!

    Does anyone know the money factor / residual on a 2014 MDX Base with AWD at both 10K and 12K miles for July 2014?

    Thanks!

  • MichaellMichaell ColoradoPosts: 5,579

    @nt275 said: Hello!

    Does anyone know the money factor / residual on a 2014 MDX Base with AWD at both 10K and 12K miles for July 2014?

    Thanks!

    You didn't specify the lease term, so we'll assume 36 months.

    36/12 - 58%; add 1% for 10K

    .00093 MF

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  • mdxbuyer10mdxbuyer10 Posts: 2

    I am currently looking for a 2014 Acura MDX (6)- AWD with Technology & Entertainment package in New Jersey. I do have accessaries amounting to $1,425.00 on MSRP basis. What should be OTD price and monthly lease payment with zero down. This is to get an idea on a price before talking to Dealers. Your help is very much appreciated.

  • MichaellMichaell ColoradoPosts: 5,579

    @mdxbuyer10 said: I am currently looking for a 2014 Acura MDX (6)- AWD with Technology & Entertainment package in New Jersey. I do have accessaries amounting to $1,425.00 on MSRP basis. What should be OTD price and monthly lease payment with zero down. This is to get an idea on a price before talking to Dealers. Your help is very much appreciated.

    We would need the MSRP, negotiated selling price, lease term and miles per year in order to model a payment for you.

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  • bdragon007bdragon007 Posts: 7
    edited July 10

    Just want to report back that we just a made deal on a 2014 AWD Advance, 36/15k $2000 total cod, added clear front bra and advance running board for $762/month. Msrp was $57735, cap cost is $52500 and $935 for the add on. What you guys think? Decent deal?

  • bdragon007bdragon007 Posts: 7

    By the way, they were using .00103 MF and 53% residual. Also, the MSRP is actually $57400, their doc fee is $399. Definitely appreciate any feed back from you guys, we looking to pick up the car in the next few days once the running board installed.

  • MichaellMichaell ColoradoPosts: 5,579

    @bdragon007 said: By the way, they were using .00103 MF and 53% residual. Also, the MSRP is actually $57400, their doc fee is $399. Definitely appreciate any feed back from you guys, we looking to pick up the car in the next few days once the running board installed.

    If I plug in your numbers, I get a pre-tax payment of $698.69. What state is this in, and how are sales taxes handled?

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  • Michaell, I sent you a private message if you can take a peek and respond. Thanks!

  • bdragon007bdragon007 Posts: 7
    edited July 10

    @Michaell said: If I plug in your numbers, I get a pre-tax payment of $698.69. What state is this in, and how are sales taxes handled?

    Hi Michaell, thank you for looking into this. Tax here in Massachusetts is 6.25% included in the $762 monthly payment, registration fees and inspection sticker come out to be about $135. Base on your calculation, the payment would be about $743 including sales tax. I wonder why there is a $19 different... Did you add the $935 for the clear bra and running board?

  • MichaellMichaell ColoradoPosts: 5,579

    @bdragon007 said: Hi Michaell, thank you for looking into this. Tax here in Massachusetts is 6.25% included in the $762 monthly payment, registration fees and inspection sticker come out to be about $135. Base on your calculation, the payment would be about $743 including sales tax. I wonder why there is a $19 different... Did you add the $935 for the clear bra and running board?

    That may be it .. if I add the $935 into the cap cost, the pre-tax payment jumps to $725.62; aftger 6.25% tax the payment is $770.97.

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  • MichaellMichaell ColoradoPosts: 5,579

    @musiclover408 said: Michaell, I sent you a private message if you can take a peek and respond. Thanks!

    Done .. we can continue the discussion here so everyone can benefit.

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  • eds15eds15 Posts: 1

    Hello, all. Looks like this has been a great forum for a while on lease info. I'm looking at a 2015 MDX SH-AWD Technology + Entertainment. Want to lease for 36 months at 15K miles/mo. Can I get most recent Money Factor and Residuals? Also, what kind of deals is everyone getting? I'm looking to trade-in my vehicle, but other than that, minimum drive-offs. Please let me know! Thanks in advance.

  • kyfdxkyfdx Posts: 29,156

    @eds15 said: Hello, all. Looks like this has been a great forum for a while on lease info. I'm looking at a 2015 MDX SH-AWD Technology + Entertainment. Want to lease for 36 months at 15K miles/mo. Can I get most recent Money Factor and Residuals? Also, what kind of deals is everyone getting? I'm looking to trade-in my vehicle, but other than that, minimum drive-offs. Please let me know! Thanks in advance.

    .00164 MF and 60% residual

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  • erinzerinz Posts: 7

    Hi,

    Looking at a 2015 MDX w/Tech. Could you please provide the residuals for 36/15 and 36/

    Thanks in advance.

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