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2013 and earlier-Acura TL Lease Questions

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Comments

  • adfreakadfreak Posts: 7
    edited January 2011
    I have a 2008 TL coming off lease at the end of Feb. that will have under 24K miles. By all accounts, I should have about $1,500 of equity according to KBB trade-in value.

    My question is whether I could use that equity as cap reduction for a new lease deal with another dealer (e.g. Infiniti) without having to buy the car out myself only to turn around and use it as a trade in?

    The assumption is that the next dealership would want the car I have AND want to lease one of their cars.

    Thanks in advance!
  • nacho2nacho2 Posts: 82
    Adfreak, I have a 2008 Acura Tl coming off a lease in February. Most likely will be going for another tl. Are you in Los angeles area?
  • zamozamo Posts: 120
    Yes you can. Your goal is to have the dealer buy the car out and allow you to use the $1,500 towards the cap cost of your next vehicle.

    My recommendation is to work out a deal without the trade-in, and then when final numbers are agreed on, tell the dealer than you want them to buy your car and use the equity towards the cap cost.
  • nacho2nacho2 Posts: 82
    Hello Carman. I am im in the Los Angeles area, and my 2008 tl lease ends at the end of February. Do you believe that the $1500 cash on the non tech and $2000 cash back on tech pckge will continue in February. Should I wait till February or even March as I am in really no hurry. I understand that the longer I wait also the residual value drops on the car. What is the money factor for their "Super Preferred" credit tier in Los Angeles. 36 mo/12k. Thanks in advance. :)
  • You can try, but from my experiences dealers like to buy cars really cheap. They will probably low ball it and won't give you much equity.

    I would go to Carmax and have them appraise the car. We once sold our leased Lexus (that was also way below milage) to Carmax for about $1500 profit. A lexus dealer wasn't giving any equity and appraised it quite low.
  • Do you mean the residual value on the new car? The residual value is a pre-set percentage of the MSRP. The percentage is set by the finance company. The finance company can change the percentage to make their leases more attractive to customers however it doesn't drop as time progresses. The percentage can go up or down. Carman can give more details, but looking at previous posts the depreciation percentage doesn't really move much.
  • bbznycbbznyc Posts: 4
    Does this monthly lease price include NY or NJ tax?
  • nacho2nacho2 Posts: 82
    Sorry for the confusion, actually meant the depreciation. Will wait to see the new Acura tl which will be on dispaly Feb 9th, considering Acura MDX as well but not to keen on the look of the vehicle. Thanks for the clarification.
  • Hi,
    I'm looking for the money factor & residual value & Invoice price for the 2011 Acura TL w/ Tech Package for lease in NJ for someone with "top tier" credit score.

    My Acura TL (base) is coming off lease in February and we're about 16,000 miles UNDER the mileage. Can this be used to our advantage?

    I've already made my last payment on this car I'm turning in...Can I use that to any advantage?

    Realistically, what can I expect as a "Cap Cost" on this car. The sticker on the car I test drove was $39,895.
    Thanks so much for any information you can provide
  • You're very welcome bklyn4evr.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Yes nacho2. Acura's January incentives are scheduled to run through the end of February. It's difficult to say what its March programs for the TL will be like, but I would be surprised if they were't fairly similar to the current program. Again though it's difficult to say at this point.

    Acura's current buy rate lease money factor for a 36 month lease of a 2011 TL in Los Angeles is .00116 for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hello irishys17. Acura's January buy rate lease money factor and residual value for a 36 month lease of a 2011 TL w/Tech and 12,000 miles per year in New Jersey are .00153 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    I doubt that you will be able to use the fact that you are so far under your lease allowance to your advantage in negotiating your new deal, but it doesn't hurt to give it a shot.

    You can find the dealer invoice price for the exact model that you want over in the New Vehicle Pricing section of Edmunds.com.

    If I was in the market for this car right now, I personally would shoot for a selling price of around $500 over invoice minus the $2,000 dealer cash that is currently available on it.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • nacho2nacho2 Posts: 82
    Car Man, thank you for the information and your help as well. :)
  • Hi Again!
    Thanks for your reply...I have a few more questions.
    According to Edmunds.com the invoice on this car is $40,392 but the one I drove had a sticker of $38,895.

    So, do I offer $37,395 (Invoice - $2000 + $500) as a starting point?

    Also, if my math is correct the .00153 money factor = 3.672% interest (money factor X 2400) which seems a bit high. When I leased my 2008 TL my rate was around 1.1%. Can that interest rate change from person to person based on the dealer wanting to get rid of a car or is it set by the finance company and can't change.

    Thanks again for any information you can give.
  • The money factor that Carman gave you is the lowest money factor you will get from Honda Financial for that car.

    I found truecar.com to be a really good site to find out what cars are really selling for right now. Just price the car in your area and then click on "Recent Sales." Then look at the lowest bar in that graph and aim for a price around there. For example, in my zip code (Los Angeles), a 2011 TL Tech goes for around $34,000.

    Here is what you do:
    Figure out the monthly payment given the MF, Residual Value and sales price of the car. I found this lease calculator to be very helpful:
    http://www.leaseguide.com/calc.htm
    Then e-mail the the internet sales person at the dealership with your quote (get their e-mail from the dealership's website, sometimes you need to fill out the "Request a quote" box to get their e-mail.)
    I got a TL this past summer and here is what I would e-mail to the dealers:
    "
    Hi blah blah.. I would like to lease...
    Can you do this deal?
    TL with Navi
    MSRP: $39,645
    Lease price (Base cap cost): $33,000
    Acquisition fee: $595
    Down Payment: $1,500
    Net Cap Cost: $32,095
    RV: 58%
    MF: .00162
    Term: 36 months, 10k miles per year
    Sales Tax: 9.75

    Monthly payment: $375.40 (tax included)

    At lease signing I will also pay first month's payment, DMV fee (~$468), Dealer paper work fee $40. Total = $883.40"

    I e-mailed 4 dealers, 2 said no and 2 said yes.

    Another point: Unfortunately the dealer doc fee is a BS fee that varies greatly state to state. Luckily in CA the law caps the fee at $55. However, other states don't have a cap and I have seen dealers charge hundreds. Try to get that as low as possible since all that money goes to the dealership.
    good luck!
  • Just wanted to update how my negotiations went.
    We were turning in a 2008 Acura TL (base) with 21000 miles on it...15000 under the milage allowance. Hubby & I are in the "super-preferred" tier.

    Took all my research to my local Acura Dealer (we had leased our last car there). They started out talking about $408/month with $1500 down for the 2011 Acura TL w/Tech package and FWD.

    After several rounds of negotiations here's what we got:
    Sticker Price: $39,895
    Negotiated sale price: $35,017.57
    $1500 Rebate for Customer Loyalty
    10,000 miles/year
    Roll-over of 15,000 miles into this lease from previous lease
    $2500 down (including all the fees & 1st month's payment)
    Monthly payment of $359/month for 36 months!

    How'd I do????

    PS: We went with the Grigio Metallic w/ taupe interior. I LOVE my new car!
  • bbznycbbznyc Posts: 4
    Irish - which dealership did you get the quote from? It sounds like an amazing deal.
  • You're very welcome, nacho2. I'm glad that I was able to help you out.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • I am planning to buy Acura TL 2010 with Tech. I have just started the process and need to know which Dealers in the west of O'hare airport (Chicago) can offer a good deal?

    Anyone has any ideas? I got an internet quote for #33K plus $860 destination saying the price is valid only for 3 days. I dont believe these numbers as 2010's are already old but do not have any other benchmark.

    ANY HELP OR INFORMATION WOULD BE GREATLY APPRECIATED.
  • I would aim for $33k total (including destination charge). That would be a really good deal.
    You can see what cars are selling in your area at truecar.com.
  • How can I investigate the miscellaneous fees that get added to a lease, such as acquisition fees, destination fees, and document fees? Your column and sites like Truecar.com shed light on the real prices and money factors, but the fees seem to add up quickly and can be substantial. I am in Indiana if that helps.
    Thank you.
  • Hi steegro. Acura charges a $595 acquisition fee on every vehicle that it leases.

    In addition to that there is a $860 on every TL regardless of whether it is paid for with cash, leased, or financed.

    The doc fee is up to the dealer. It really isn't anything more than a way for them to add additional profit to your deal.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi Car_man. Can I get the residual and money factors for a 24 and 36 month, 15k miles per year lease on a 2011 Acura TL SH-AWD. Thanks!
  • Hi Car_man,

    I'm was hoping to get the residuals and money factor for 2011 TL with & without Tech 10,000 miles 36 months in Portland, OR area.

    I am somewhat new to leasing. It seems like leasing a 2010 would be a great deal, assuming you are not going to buy the car at end of lease) since it is new, the same model, and the dealership eats part of the first year of depreciation. Is there some other less attractive side to a previous year lease that I am not thinking of?

    Thanks for your time.. You provide quite a service. :)
  • I can't think of any negatives to leasing a brand new 2010 model. They are going for cheaper than the 2011s right now, so a good deal can be had.
  • Thank you Car_man. Your forum is a great resource.
    Steegro
  • I guess from everything I have read, the residual on a 2010 would be lowered by Acura financial, so the price of the lease is going to be covering the depreciation, say...from 30k to 17k instead of 33k to 22k.

    So in that sense if you were not careful you could pay more to lease an older car. (or do I understand that wrong) It seems like knowing what the correct preset residual is, is key. It also could make some higher trims more appealing, if they hold there value better, and then the discount brings that ratio down. Interesting.. They make this hard on purpose, don't they. :)
  • I would ask Carman to give you the residual and money factor for the 2010 and 2011 models. Also ask for any cash incentives that are available on each model. Then just plug it into the calculator and see.
    Here is a good calculator that I use: http://www.leaseguide.com/calc.htm

    I would guess that the 2010 is a better lease but get the numbers to double check.
  • Hey James,

    Thanks for your help.
    I did ask Carman the residuals on the 7th, but he has not had time to get back to me. I ran the numbers for the existing base 2011 zero down lease and it looks pretty good.

    cap cost set to 33k Money Factor = .00106 Residual 60% no sec deposit, nothing down, and the dealership picks up the first payment. so 35 months of $400 a month.

    Can you get a money factor that low/ residual that high on a 2010 without the acura deal? Seems pretty good, in any case.
  • $33k for a TL with Tech or no Tech?
    $33k for a Tech is a good deal. If no tech, that is overpriced.
This discussion has been closed.