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2013 and earlier-Honda Accord Lease Questions

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  • golf213golf213 Posts: 1
    Please tell me if you think this is a good lease deal...or if I can do better...

    2012 Honda Accord LX
    36 month lease
    15,000 miles / year
    $1,700 up front (includes first month payment, tax, inception, etc. dealership was not really clear on the rest)
    Monthly Payment (after tax): $290

    This is in Miami.

    Also important is that as part of this, the dealership would be buying out my 2010 Ford Fusion which has 75,000 miles on it...and has $9,000 left on it (to pay off).

    Thoughts?

    THANKS!
  • landofandlandofand Posts: 12
    golf213

    don't ever talk to this dealership again. they are laughing at how stupid they think you are. good thing you have friends here on Edmunds.

    your lease should costs you maybe $200/mo with $0 down
    i got an SE last month for $212/mo, $0 down and 15k/yr

    You are paying almost $5k more for the LX which costs about $2k less than my SE. so unless you are selling your Fusion for $2k......

    Piece of advice, negotiate the sale separately from the trade in. don't let the dealership know that you have a trade-in, because they always will merge the two together and you will always do worse off.

    if you can't get sale price on your accord lx less than $19k, then call someone else. The lease is based on selling price, minus residual - which is set by honda financial (based on term and mileage). I actually flew from michigan to Baltimore to buy mine (save me $2500 and well worth it)
  • marie99marie99 Posts: 21
    Here is an ad from New Jersey to give you an idea of what is being offered elsewhere. http://www.hamiltonhonda.net/newspaper-ads.htm

    I leased an LX for $0 down $149 a month, 36 months, 12,000 miles per year at the end of April. Around $1600 taxes, tags, dealer prep up front, Honda paid first month and free oil changes and car washes. Now they raised it to $179 a month at this dealership. I know you are in Florida but I wanted to let you know what is happening in other parts of the country.
  • briank84briank84 Posts: 6
    edited June 2012
    I will let you know that with a Honda paying money up front isn't a big deal as it will be covered, as GAP insurance is part of a Honda lease. Guys stop spreading misinformation.

    He's also located in New York where GAP insurance is required by law.

    Anyway I found Honda of New Rochelle to be a joke with their "we'll beat any prices, but they never do"

    Call Plaza Honda, their leasing department offered me a one pay lease of $5780 all in (transfer of plates, not new plates) (27 months, 15,000 mi/yr, so 33,750 mi total). Don't call their regular sales department, they are garbage and refuse to even give you a quote via email, but the salesman from the leasing department was good. I'm going to pick it up on Thursday, hopefully it goes smoothly.
  • sergeymsergeym Posts: 262
    edited June 2012
    All I can say - good luck with recovering that $5,780 if your car gets stolen or totaled next day after you take delivery, especially the sales tax and doc fees.
  • kyfdxkyfdx Posts: 27,993
    Ditto...

    GAP doesn't cover your downpayment...

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • gpsacgpsac Posts: 98
    You leased an 2012 LX automatic for 36 mo. @ $149 and all you came up with was $1600?
  • gpsacgpsac Posts: 98
    GAP coverage protects you from being "upside down" in the event of a theft or accident if the vehicle is totaled and the value is less than the pay-off.

    If you lease a $20,000 car with 0 down, your pay-off is $20,000 when you drive off the lot. If you pre-pay $5,000 (payments upfront or down payment) then your pay-off is $15,000 when driving off the lot.

    GAP only covers your obligation to the lender.
  • sergeymsergeym Posts: 262
    edited June 2012
    Looks like some people just cannot read.

    The deal looks very good though.

    Anyway, does anyone knows why dealers push this "one up front payment" lease? Why would they care? They get their sale price not your payments, those go to AHFS.
  • barry69barry69 Posts: 1
    Leased a brand new 2012 Accord EXL 4-Cyl yesterday. They paid the last 3 payments of our civic, which came to about $1000. We put nothing down and they paid our first payment. Sign and drive without spending a dime on a 36 month lease.

    $317/mo after taxes, etc.

    Toledo, Ohio

    The MSRP was $28,500 but the dealer listed the cost at around $25,500.

    Hope that helps someone. The event at my local dealer is supposed to end Monday. We went to look at swapping our Civic for a CRV, but the leases on the CRVs are just terrible compared to an equally priced Accord. The new CRVs are awesome though. Our quote on the CRV EXL was $460/mo...MSRP was $29325.
  • gpsacgpsac Posts: 98
    Money down or all payments up front is just another negotiating tool for the dealership. Years ago when the rates were much higher some manufacturers discounted the rate for making all payments in advance. When contracted, it's basically shown as down payment.

    It's all about math. With rates as low as they are today it is harder to justify pre-paying. Looking at the EX special of $270 @ 36mo., if one were to pay the depreciation of $8959 up front, they would save $14 - $15 a month or roughly $500 over 36mo. Worth it to some. Not to some.
  • marie99marie99 Posts: 21
    It was actually $1645 up front [taxes, acquisition fees., tags, doc fees]. $149 for 35 months, Honda paid first month. 12,000 miles per year.
    MSRP: $22,280
    Cost: $17,790
    residual: $13,149.90
    Hamilton Honda - New Jersey

    I don't see them offering this deal at this time. I leased at the end of April.
  • gpsacgpsac Posts: 98
    Well, unless you also had a trade or New Jersey Honda dealers are getting more cash from American Honda than the $1250 I've seen posted here, that is an incredible deal! Roughly $1200 below their cost.

    Since you didn't break down the $1645 one can assume approximately $945 is down payment or doc fee (either way it works out the same) $595 acq fee and $105 New Jersey registration (avg).
  • marie99marie99 Posts: 21
    No trade in.
    It was $249 Doc fee
    $595 Bank acq.
    $723.79 listed as Rent charge? Is this tax?

    NJ reg. - not sure of the total

    My total cost for 36 months is $7009 plus free oil changes and car washes. I'm happy with my deal.

    This is a newer dealership and they want customer loyalty. This is what I was told.
  • gpsacgpsac Posts: 98
    You should be happy! :). Great deal. Even if NJ dealers are getting double cash (2500) you still drove out at right about their cost.

    The rent charge is the interest portion of the lease payment. Being a lease they can't call it interest but that's basically what it is.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're welcome viper711. That fee is a little on the high side, but I've seen worse. As long as you're close to invoice minus any available cash incentives the fee's not really a big deal.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome sparty22.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • viper711viper711 Posts: 6
    Just to update: I ended up with the following deal

    2012 Accord LX 5spd
    $0 Down, dealer paid all inception fees
    35 Payments @ 195/mo
    12,000 miles / year
  • nun45nun45 Posts: 1
    Which dealer in Baltimore I am originally from Baltimore and currently in Michigan . I am looking for an se at a great deal,
  • mannyhmannyh Posts: 1
    I went into a dealership today and made the same offer on an Accord LX. Their best counter offer was $1,000 down $196/month for 39 months and only 10K mileage per year. The same dealership last month willing to go $1,000 down $180/month on a LX for 36 months and 12K mileage per year. Does your deal include tax?
  • pupper4pupper4 Posts: 6
    Looking for July money factor and residual on Honda Accord LX-P, SE, and EX-L for both 12,000 and 15,000 miles.

    Thanks
  • This is my first time leasing a car so I would appreciate any input on whether I'm getting a good deal. I am providing as much info as possible but let me know if you need to know more.

    2012 Honda Accord Coupe EX-L v4 without navi

    Price: $23,900, includes mud guard, wheel locks and trunk tray
    Rate: .00065
    Residual: .53
    Adj Res: $14,943.35
    Doc Fee: $80
    Govt' Fees: $261.75
    Taxes: $814 (7.75%)

    This is with $3,000 down, 12,000 mi/yr. Payments would be $245.08/mo after taxes.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi pupper4. Honda's June programs are scheduled to run through July 9th. Please feel free to check back with me in a couple of days and I'll gladly fill you in on what I have been able to find out about the new July numbers when they are released.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jnguyen115. The money factor that you were quoted on this car looks good. It's right in line with Honda Finance's current buy rate for it.

    The selling price looks excellent as well. I believe that is below dealer invoice minus the $1,250 dealer cash that is currently available on this model.

    The only think that I don't like about this deal is the large down payment that you are making...and that isn't as much a reflection upon how good a deal you are getting as it is a matter of personal preference. I always advise consumers not to make large down payments when leasing. Those who make them risk losing part or all of the money that they put down if their vehicle is totaled in an accident or stolen and never recovered. It's much safer to go with a zero down lease.

    Again this is a good deal, but try to lease with a lower down payment.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • How does this sound?

    2012 accord sedan EX
    3 year lease
    12k miles per year

    $0 down
    $296/mo (includes all taxes and fees for PA/Philly)
  • ihitcowsihitcows Posts: 45
    I'm lookin' for this month's residual percentage and money factor for a 36-month (39-month if ya got 'em) lease of a 2012 Honda Accord Sedan EX-L V4 w/ Navigation. 15k per year :)
  • kayc2kayc2 Posts: 2
    Hello,
    Would you be able to share the updated Money Factor and Residual for a 2012 Accord at 36 months/12,000 miles in Massachusetts? I heard the programs were changing as of July 10.

    Many thanks!
  • muzrinmuzrin Posts: 8
    Hi, Saw this ad on planet honda and it looks good http://www.planethondanj.com/honda_accord.htm.

    Was planning to approach them but am sure there is a catch here . They mention the
    25% off promotion only available to customers who qualify at Super Preferred or Preferred tiers through primary lender. Not sure what super preferred score is. Wonder if anyone has leased from here and if so could you pls share experiences pls.

    Cheers
  • sergeymsergeym Posts: 262
    FICO 710+ is Honda Super Prefered.
    The add does not look real to me though. If this is a program from Honda it would be available at any dealership.
This discussion has been closed.