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2013 and earlier-Acura MDX Lease Questions

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  • whskvswhskvs Posts: 28
    1. Put no money down.
    2. Negotiate the price of the car before the word lease leaves your mouth.
    3. Decide on how many miles you drive a year. * 25%.
    4. Get the money factor assoiated with the above.
    5. plug in #s to a lease calculator online. Compare your monthly payment with what the dealer tells you. If it is the same, close the deal.

    If you negotiate on the monthly price, you WILL get screwed.

    JMHO
  • Maybe someone could help me - maybe Carman!

    In Chicago looking to lease a 06 MDX Tour with 15k miles per yr

    36 or 42 or 48 mths
    No cash down
    Top credit
    What is a good adj cap amt and monthly payment prior to sales tax?

    Thanks
  • Hi vickat. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    It is difficult for me to give you my opinion on the lease that you were quoted without knowing this truck's full MSRP. This number will show me how much of a discount you are being given on it and enable to estimate what its lease payment should be using Honda Finance's actual lease program. Let me know and I will tell you what I think. You also may want to stop by the following discussion to compare the price that you were quoted to how much other community members have paid for similar trucks lately: "Acura MDX: Prices Paid & Buying Experience".

    Car_man
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  • Greetings tsxowwner. The answer to your questions is yes, consumers can lease used vehicles. The problem with doing so though is that most manufacturers do not provide any special deals on used vehicle leases. So even though you are missing out on the big initial depreciaiton hit by leasing a used vehicle, it often ends up costing around the same price, or even less, to lease an equivalent brand new model that has lease support available on it than it does to lease a used one. Given Acura's special lease program on the 2006 MDX and its lack of lease support on used vehicles, I suspect that this is the case with this model.

    Car_man
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  • Hi tracig. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle. At least you aren't in a small car, the MDX should have enough room for you to get by until you are near the end of your contract.

    Car_man
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  • Thanks for taking the time to post your message again, dibbaa1. OK, so you are being offered a 2006 Acura MDX Touring with Navigation with an MSRP of $43,315 for a price of $41,072. This is a discount of around $2,200, or about $2,000 over invoice. If you are in an area where there is a decent level of competition for your business, there is a good chance that you can get a better price than this. You may want to stop by the following discussion to see how much other community members have paid for similar trucks recently: "Acura MDX: Prices Paid & Buying Experience".

    Using the prices that you mentioned in your post, a money factor of .00140, and a residual value of 58%, I estimate that this truck should have a 36 month, zero down, pre-tax monthly payment of around $536. If you were to negotiate the selling price down to $40,072, which is a more reasonable $1,000 over invoice the payment for an otherwise identical lease would drop to around $507.

    Car_man
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  • Hello njmdx. Here is the information that you are looking for. If you were to lease a 2006 Acura MDX Touring with Navigation through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00140 and 58%, respectively assuming that you qualify for its top credit tier and pay a security deposit.

    Car_man
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  • You've certainly got the hang of how to negotiate a good lease, whskvs. Thanks for taking the time to share your strategy with everyone.

    Car_man
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  • I'd be happy to help you out, eric_60031. You never mentioned the selling price or MSRP of the truck that you are interested in, but they shouldn't be too hard to figure out given Acura's simple pricing structure. The truck that you mentioned, an '06 MDX without navigation or the entertainment system, has an MSRP of $40,565 including destination. Let's say that you were able to get it for $500 over dealer invoice, or $37,117. Using these prices, if you were to lease this truck for 36 months with 15,000 miles per year, its zero down, pre-tax monthly lease payment should be around $441. The problem is that leasing in Chicago is very expensive because of how sales tax is calculated on leased vehicles there. I used a 36 month term instead of the longer ones that you mentioned because 36 months is the longest lease that Acura's special lease money factor is available on. Your truck's lease payment will be different if you negotiate a different selling price.

    Car_man
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  • Hi,
    I currently have a 2002 Jeep Grand 4x4 Sport with 53,000 miles. I recently found myself broke down out of town due to a problem with a sensor. (previously no problems with this vechile, semms to work good now) Had it repaired by a dealer, but my warranty is OUT and it was a long experience on Christmas Eve!!).. This has me in the market for a new vechile. I looked and drove a Acura MDX and was offered a lease for $399 a month 12K per year on the Acura I test drove (premium pkg)thru Honda Finance. My question is: I owe right at $6,000 on my Jeep. Trade in value was quoted anywhere from 11,000 - 12,000. How does this work on trading in on a Lease?? Would I just be giving my Jeep away?? I usually don't lease, but have found myself trading on the average every 3 years. This made a lease on such a nice car seem so appealing. This lease seemed much more cost effective than the VOLVO S40 I recently looked at leasing.
    Thanks!!
  • Hi Car_man,
    I am interested in leasing an Acura MDX. Got Touring quote of:
    price of the vehicle- 40.5K
    36 Month/36,000 Mile Lease
    $522.03 per month including tax with $545.03 due at signing (includes first month's payment, license plate transfer, and title)
    OR
    $460.18 per month including tax with $2,603.18 due at signing (includes $2,000.00 down, tax on down payment, first month's payment, license plate transfer, and title). I have little to no intention of buying it out after the lease is up. Are these lease figures competitive in MI?
    Thanks - Sam
  • dr3dr3 Posts: 1
    assuming all other factors/components being equal, is it normally more economical to get a 1 yr ,2 yr or 3 yr lease? I need to lease mdx now but understand redesigned mdx coming out later this year. When newer style hits market I will already be into some type of mdx lease but I will want to get newer , restyled mdx. So should I consider only 1 yr lease, getting restyled mdx after 1 yr lease expires or should I now go for longer term lease and try to negotiate up front some type of "trade in" for when newer style arrives? Do I have any other alternatives in this situation? I would never want to lease any model more than 3 years. your site is very informative. thanks
  • Sorry to hear about your car (or truck in this case) troubles, karey1211. You're in good shape though if your Grand Cherokee is worth twice as much as you owe on it. You can still trade in a vehicle when leasing if you want to. It is in your best interest to have the dealer that you are working with cut you a check for your truck rather than use the proceeds as a down payment on your new lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Grand Cherokee would be exactly the same, regardless of whether you had put $6,000 down, or had made absolutely no down payment at all.

    Car_man
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  • Hi Sam. You're off to a good start since you already know the selling price of the truck that you want. Make sure to stop by the "Acura MDX: Prices Paid & Buying Experience" discussion to compare the price that you were quoted to the prices that other community members have paid for similar vehicles lately. I'd be happy to give you my opinion on the lease payment that you were quoted, but in order for me to do so I need to know this truck's full MSRP. It is a necessary part of the monthly payment calculation equation. Let me know and I'll tell you what I think.

    Car_man
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  • Hello dr3. As a general rule, new vehicles experience their highest rate of depreciation over the first year of ownership. Depreciation is one of the two main components of lease payments, the other being interest charges. Again generally speaking, the larger the number of payments that one has to spread the a vehicle's large initial depreciation hit out over, i.e. the longer the lease, the lower their lease payment will be. Of course, there are exceptions to this, such as the special 24 month leases that BMW is running on a number of models right now. With the 2006 Acura MDX, you definitely will be better off going with a 36 month lease than a 24 month lease. You may want to consider holding onto your current vehicle, by either holding off on selling it or if it is a lease by trying to extend your deal, rather than entering into a very expensive short term lease or even worse trying to get out of a longer lease early to get into a redesigned MDX.

    Car_man
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  • Car_man

    I have been getting quotes on the 06 MDX from internet managers in my area. For the touring package (no Nav or dvd) the best quote so far is $36,117 not including tax and tags. Destination charge is included. This is in PA. I think this is a competitive rate. I have not told them I am leasing. When I was in the showroom of one dealer to test drive they said lease an 06 standard package for 36 months was $399 currently. That was with a higher vehicle price (About 37 ish). What lease payment should I expect with this price of 36,117? Also I want to trade in a vehicle. I was told to hold that thought until I get the lease payment and then tell them. I'd like to ask them for a check for the trade in independent of the lease so they don't blur the value in the lease calculations? Lastly is there any gain by purchasing in Delaware where there is no tax or will I have to pay the tax when I do the docs for PA? Thanks so much. Any advise is appreciated.

    -KM
  • CarMan, need your assistance. Looking in Miami, Fl at a basic 06 MDX. Terms= 36 mths, 12k/yr, MSRP 37,740, car price 34,041, they want 1,800 down for 1st mnth ptymt & fees and 467+tx monthly lease payment. This seems alittle high to me. Thanks for your help. :)
  • Car_man,

    Need your help. I'm looking at leasing an 06 MDX with tour/nav/res. MSRP is $44,815 including destination and I've been quoted $582/month, pre-tax, with zero down (other than first month, fees and taxes)on a 36 month/15,000 miles per year lease. I was told the residual is $24,200 or 54% (assuming Honda finance with top credit). Is this residual accurate? Also, your thoughts on the $582/month? Thanks for your help. DOC
  • Hello,

    I am trying to lease an 06 MDX Touring with DVD and NAV.

    I am being given a money factor of .00140 and a 57% residual? Is this right for NJ and PA area? Or should I be lookinig for a higher residual rate.

    Thank You in advance.
  • Hello CarMan. I did not do any lease research beforehand and I believe I got screwed. I bought in Houston, TX.

    2006 MDX Touring no nav/no dvd
    36 month - 30,000 miles
    24,700 residual(61%)
    money factor:0.00125
    trade in of 4,000
    monthly payment including taxes and all: $487
    (they did throw in the side molding for "free")
    What do you think?
  • I should also add that I paid zero money out of pocket. I just signed and drove away.

    Hello CarMan. I did not do any lease research beforehand and I believe I got screwed. I bought in Houston, TX.

    2006 MDX Touring no nav/no dvd
    36 month - 30,000 miles
    24,700 residual(61%)
    money factor:0.00125
    trade in of 4,000
    monthly payment including taxes and all: $487
    (they did throw in the side molding for "free")
    What do you think?
  • iglightiglight Posts: 15
    Hello phillyrun,

    Keep in mind that the money factor they are using on the 06 standard package is .0014, and it is good on ALL MDX models, they just don't advertise it.

    I don't know the sales tax in PA, but in NJ we have 6%. different sales tax affects each pyment. In NJ your payments would be roughly $445/mo with no cap cost reduction for 10K mi. a year. Decrease it by 6%, apply PA sales tax, and you have a number to shoot for.

    Now, at .0014 money factor you should expect a $3 (trhree)increment/decrement of a montly payment for every $100 increment/decrement of the up-front-negotiated price.

    if your lease is for more than 10K a year, the residual changes and the payments do, too - apply $15/$500 formula

    Good luck
  • iglightiglight Posts: 15
    Hello maddbank,

    Sorry to butt in. I don't think you got screwed, per se. If you drove off without paying a penny, meaning they rolled all the fees and the 1st month payment into the rest of your payments, it means that they gave you a lease out of full MSRP of the vehicle. Were you to negotiate the price up-front, you could have had your monthly payment reduced.
  • Thanks for the response iglight.

    From the math that I have done since leasing the vehicle, the monthly payment would have been about right had I added the DVD system.

    Oh well, I guess you live and learn.
  • Just got one and I love it...

    MSRP:44,815

    Price Paid: 40,000

    Lease Deal...

    Money Factor the standard: .00140
    Residual: 57%

    $2000.00 out of pocket (Cap Cost)

    Monthly payment: $520.00

    Good deal or bad deal? Any thoughts?
  • I'd like to lease an MDX Touring w/Nav and keep the payment in the $450 per month category. I've gotten the local Acura dealer to consider a cost plus $500 scenario. I need the 15K miles per year option and would be willing to lease the vehicle for 48 months. Am I dreaming to think this is doable? Is leasing through Honda better than a local bank/leasing company?

    Thanks for your help.
  • How much cash would I need to put down to get a payment down to the $450 mo. neighborhood?
  • iglightiglight Posts: 15
    Under no circumstances should you pay more than 38.5K for fully loaded MDX. You can probably negotiate it down to about 38,300 before destination. Currently, the cheapest lease is 36 mo, they are running the special until 2/28.

    For the said price, and assuming 57% residual (not sure for 15K) you can get a $450/mo payment by putting down $2000.

    Hope it helps
  • Hi phillyrun. I'd be happy to give you an idea of what sort of lease payment to expect on the MDX with a selling price of $36,117 that you are considering. However, in order for me to do so I need you to provide me with its full MSRP (with the destination charge added in). treating your trade as a separate transaction is a smart idea. Not only will it keep your lease transaction simple, but it's never a good idea to make large down payments on leases anyhow.

    Unfortunately, you will not be able to avoid paying Pennsylvania sales tax by getting your new vehicle in Delaware. When you go to register your MDX in PA you will get hit with a bill for the sales tax.

    Car_man
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  • I'd be happy to help you out, sysman0. According to my calculations, if you were to lease a base 2006 Acura MDX with an MSRP of $37,740 and a selling price of $34,041 through Honda Finance right now for 36 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around $386. As you can see, this is A LOT lower than the payment that you were quoted. You need to either renegotiate with this dealer or shop around to find one that is more reasonable.

    Car_man
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This discussion has been closed.