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2013 and earlier-Honda Accord Lease Questions

CarMan@EdmundsCarMan@Edmunds Posts: 38,515
edited January 28 in Honda
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Honda Accord. Thanks.

Car_man
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  • Can you give me the residual values and MFs for a 36 mo 36k lease on a 06 Accord Value Package?
  • The residual is 57% and the money factor will vary (as it always does) on your credit history. Currently AHFC is not offering special lease rates for the 2006 Accords. Good luck.
  • I know this is off-topic, but only slightly off-topic. :D

    Could you give me the residual values and MFs for a 36 mo 45k lease on a 06 Civic LX Coupe?

    Thanks!
  • A: If you were to lease a 2005 Honda Accord sedan VP 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 .00255 and 50%, respectively. this assumes that you pay a security deposit and qualify for Honda's stop credit tier. :) .

    Car_man
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  • Hi jnuzzi. Please post any questions that you have about leasing a Honda Civic in the following discussion: "Honda Civic: Lease Questions". Thanks.

    Car_man
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  • Honda states on its website that special lease rates are available on all new 2006 Accord models through 10/31/05. Have the residual values and/or MFs gotten better in the last few days? Last week I I believe the residual and MF on a 06 EX V6 for 3 year, 36K miles was 59%, .00250 respectively.
  • Car man, can you give me the current MF & res for 36 month, both 12k & 15k miles? I believe the August numbers were .00113 and 54/52%. Message #5 above on the VP scares me -- did Honda increase the MF to more than the 2006 number, and decrease residuals?
  • Hi maltbie. While Honda was not providing any sort of lease support on the 2006 Accord early on this month, on September 20th it introduced a special lease program on this car. The residual value that I quoted you for this car earlier would be the same, but Honda Finance's new buy rate lease money factor for a 36 month lease of a 2006 Accord Sedan EX V6 is now .00192.

    Car_man
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  • Hello nvnick. Unfortunately, Honda terminated its special lease program on 2005 Accords. Its residual values are lower and you have to use Honda's standard lease money factors to lease one this month. If you were to lease a 2005 Accord EX V6 sedan through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00255 and 51%, respectively. At least, the dealer cash that Honda is providing on this car, $1,200 on '05 Accord V6 Sedans, is no compatible with leases through Honda Finance. Make sure to take it into account when negotiating your car's capitalized cost.

    Car_man
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  • Sorry if the answers above actually take care of this question, but could you give me the numbers for the following:

    2006 Honda Accord EX-V6 Sedan Manual Trans & Navigation
    36, 39 & 42 Month lease residuals and money factors
    12k miles per year

    Thanks in advance!
  • gen1gen1 Posts: 7
    Car man, can you give me the current:
    42 Month lease residuals and money factors
    12k & 15k miles per year
    for 2006 Accord LX Automatic Sedan (Model CM5646EW)
    Thank you!
  • I bought out my leased Honda Accord last week. It's a 2002 Accord LX Coupe and I had been the only-ever owner (picked it up with 31 km's on it). Since the car has low mileage and is in excellent shape, buying out the lease and then reselling it made perfect sense to me.

    In acquiring the used-car-sale package (required in Ontario to sell a used car), I found that somebody who I had never heard of had a lien against by VIN#. Further investigation with the help of Honda Canada revealed that somehow, somebody else had leased a car with exactly the same VIN# (hence the lien). This other party was contacted and asked to verify their VIN aginst their ownership (to rule out a data entry error) - they have verified that the VIN on the vehicle itself matches the VIN on my vehicle.

    My guess at this point is that the other car was illegally resold (possibly stolen or previously written off).

    I'm wondering if Honda Canada had sold me my vehicle without first doing a lien check to ensure that the car was actually sellable. At the very least, I did not get full disclosure. I cannot resell the vehicle until they figure out this mess - so how could Honda have sold me that vehicle under the same conditions?

    Any advice on how to proceed? Do I have any legal case against Honda? This is in Toronto, Ontario.

    Thx,
    -jj
  • nvnicknvnick Posts: 50
    Car_man,

    Thanks for the reply on the 2005 Accord, looks like the 2006 deals are better. Are the residuals for October still 59% (36mo/36k) and 57% (36mo/45k)? MF still 0.00192? Thanks for the great service you provide here at Edmunds!!!

    I'll check the Passat forum for 2006 2.0t numbers, may the best car also be cheaper!
  • Hi typesdriver. The above posts wouldn't exactly answer your question because Honda just introduced a new lease program yesterday. If you were to lease a 2006 Honda Accord EX-V6 Sedan 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 .00192 and 57%, respectively. The numbers for otherwise identical 39 and 42 month leases should be .00192 and 53%.

    Car_man
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  • Here's the information that you are looking for, gen1. If you were to lease a 2006 Honda Accord LX 4-cylinder Sedan through Honda Finance right now for 42 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00184 and 53%, respectively. Its 12,000 miles per year residual value would be 2% higher.

    Car_man
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  • I am very sorry to hear about this messy situation jjbimmer. I am not all that familiar with the Canadian market and do not know exactly how you should proceed in your country. A number of knowledgeable community members frequent the following discussion, perhaps they will have some suggestions for you: "Any Questions for a Car Dealer?".

    Car_man
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  • You're very welcome nvnick. Honda Finance's 36 month, 15,000 miles per year lease program for the cars that you are interested in are exactly the same in October as they were late last month (.00192 / 57%).

    Car_man
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  • waydewayde Posts: 198
    Hi Carman -
    Can you tell me what I should expect to pay for a lease with just 1st payment and plates down?
    2006 Accord EX V6 Coupe 6 Speed / Auto (haven't decided yet)
    MSRP 27950
    Sell Price 26000 (shooting for)
    36/36k or 42/42k
    Thanks!
  • Hey wayde. Let's estimate a lease payment for this car and see what we come up with. According to my calculations, if you were to lease a 2006 Honda Accord EX V6 Coupe with an MSRP of $27,950 and a selling price of $26,000 through Honda Finance right now for 36 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around $346. The payment for an otherwise identical 42 month lease should be around $339. For the money, the Accord makes a great lease vehicle.

    Car_man
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  • waydewayde Posts: 198
    Thanks!! Much appreciated. Will have to see what I can get for trade now on my car (ouch).
  • blaneblane Posts: 2,017
    wayde,

    Don't trade your car. Sell it privately. You'll probably come out at least $1,000 ahead.
  • Would I come out better financing this car for 3 years at 5.75 percent, as opposed to leasing it from Honda Finance for 3 years 12K per year and then buying the car from Honda Finance. Lets assume I am able to get Edmunds TMV deal.

    thanks, rdiamond
  • jagm96jagm96 Posts: 7
    I was wondering if it was better or to lease a 2005 or 2006 at this time. Can I get a better deal on leasing a 2005 than a 2006 at this time. I am looking at keeping my monthly payments around 225.00 and realize I cannot buy new. I would like to lease a Honda Accord for 15,000 miles per year for 2 - 3 years. I will consider longer lease if I have to. Also are there any residency requirements with Honda Leases?

    I live in Southern NJ near Cherry Hill, NJ.

    I am totally new and novice to leasing and am now doing research.

    Any information would be helpful!
    Thanks.
  • dpavdpav Posts: 19
    Car_Man - thanks for all your help with these forums :

    Can you help me calculate the tax on lease payments. My calculations jive with yours - but once I start talking final monthly payment with some dealers - I have no way of knowing if the "extra" in my payment is just tax or tax plus some fees. The HFA lease agreement does not break out tax seperately and I dont know how to back into the calculation. Thanks - I live in Ohio (6.25%).
  • You're very welcome, wayde. Good luck.

    Car_man
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  • Hi rdiamond. Honda Finance's current buy rate lease money factor for the 2006 Accord EX is .00192. This is equivalent to an interest rate of around 4.6%, which is better than the rate that you were quoted to finance this car, but not much. Once the additional costs of leasing are taken into account, such as Honda Finance's $595 acquisition fee, are taken into account the interest rates are almost a wash. If you enjoy the convenience that leasing provides then there's nothing wrong with leasing this car, but you really won't come out much ahead by leasing and then purchasing at lease-end over just financing from the beginning.

    Car_man
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  • Hello jagm96. 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.

    Honda's lease program is more attractive on the 2006 Accord than it is on the 2005 model right now. Not only are the 2006 model's residual values higher, but its money factors are lower. Honda is providing dealer cash on the 2005 model that will help you to negotiate a lower selling price, but I don't know if this cash is enough to make up for the difference in these cars' lease programs. I suspect that it is not.

    I'm not sure what you mean by asking if there are any residence requirements with leases. If you are asking if you are allowed to move with a leased vehicle, the answer is yes, most banks allow lessees to move anywhere within the continental U.S. with their leased vehicles. I would be happy to give you an idea of what it will cost to lease the Accord that you are interested in if you let me know the exact model that you want, as well as its full MSRP (with the destination charge added in), and approximate selling price.

    Car_man
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  • You're very welcome dpav. I am not positive that I know how sales tax is calculated on leased vehicles in your state. I believe that I have heard Ohio taxes the entire selling price of leased vehicles. If this is indeed the case, leasing is expensive in your area. You would have to calculate sales tax on your car's entire selling price and then pay it at lease signing or add it to your car's capitalized cost before calculating your monthly payment.

    Car_man
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  • dglozmandglozman Posts: 177
    Car_man,

    Would you be able to provide me with the info on the lease for this car. I'm looking at 36 month lease 12K miles. Assuming I will pay TT&L upfront, what my monthly payments should be? I understand that in addition I have to pay $595 bank also which I would like to incorporate into payments. I live in NJ so taxes are 6%.
    I was thinking to pay around $1000 out of pocket ( to cover TT&L) and to have payments around 250 a month. Is this realistic? too high? or too low?

    Thank you very much in advance!

    Dmitry
  • jagm96jagm96 Posts: 7
    Dear Car_Man

    I wanted to thank you for the information you suggested I read. I deeply appreciate it. I am going to go read the information you suggested. I will check out the local Honda sites and see what they currently have in stock. I was looking at the lease sales on the 2006 Honda Accord SE for 239.00. But I see I need to read more and find out more information for you. I know I just want something simple, but it must include AM/FM/CD audio system and intermittent windshield wipers. I would like the exterior to be blue and the interior to be gray cloth interior.
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