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2013 and earlier-Honda Accord Lease Questions

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  • corvettecorvette United StatesPosts: 4,093
    edited September 2012
    According to Weymouth Honda's lease calculator, it's 0.00155 and 57% for 12,000 miles per year on a 2013 Touring. It's possible the numbers may get better once there is less demand. I'm sure the dealers will be more willing to negotiate on the price of the car after a few months.
  • Good call, corvette. Honda just introduced the lease program for the '13 Accord a couple of days ago. .00155 is Honda Finance's new and improved standard lease money factor. Honda will definitely eventually enhance its lease program on the '13 Accord. It always has lease support on this model. Of course, it could take a couple of months since the Accord was just redesigned and the standard money factor isn't bad. It's tough to say for certain.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • The money factor is actually .00165 when you factor the security deposit being waived, otherwise it would be .00155. The residual is 57%. These are adjusted every 3 months as the year progresses. The residuals now will be at their highest percentage since we are not in 2013 and they gradually go down throughout the year. The residual values are determined by Honda Finance and cannot be negotiated. Also, the Touring model has not arrived yet where I work and I work in one of the top 5 Honda dealers in the US. We have discounted some of the other Accord trim levels though. I am sure the programs will get better as Honda is always in the race to be the number 1 selling car in the US in the respective class and we want to beat out the Camry which was redesigned last year. We now have the better product. The money factor rate now on remaining 2012 Accords is .00046, much lower.
  • Thanks everyone for the info. Went in to the dealer yesterday, shown some EXLV6's, asked about the Touring, got no real reply. Guess they did not have any in stock...Going back end of November... should have plenty by then.
    So, according to Weymouth Honda's lease calculator, the monthly payment is about $406(before sales Tax), no down payment or additional expenses. Hopefully by the end of November, the money factor will be lower. Will see.....
  • Hi.

    I'm a 2009 Honda Civic lease holder. My lease is up next month and I'm looking for a new lease on the 2013 Accord LX or Sport sedan. I'm in good standings with Honda as I never missed a payment and have excellent credit. I'm not sure if I should be leasing now or wait until subvented lease offer from Honda. I don't mind not driving for a few months.

    One dealer told me as long as my credit is good there's no reason to wait for subvented lease from Honda as they can still offer me the same deals. Another dealer in NYC quoted me $298/m for the LX and and $310/m for Sport with no down payment and $595 bank fee plus local tax and DMV fees.

    -Is that a good deal in NYC?
    -Does it make sense to lease now, or should I wait for subvented lease offer from Honda instead?
    -Will the Sport be more expensive to cover for insurance?
    -When should we expect subvented lease offer from Honda on the 2013 Accord?

    Thank you!

    JC
  • So, according to Weymouth Honda's calculator, payment should be about $346/mo + tax with 732.49 due at signing including first payment.

    I went to a dealer yesterday, their first offer back was ludicrous... $589/mo with $2k down. I showed them the Weymouth price and a quote from Legend Leasing, both of which were under $350/mo, and they essentially laughed at me and said that I should look at a Civic EX, so needless to say, I won't be going back.

    I'm willing to wait 6 months until the dealers' lots are fuller and they're more flexible on price. The money factor is a bit high still too. But WOW, is this new Accord amazing. Well worth the wait... Honda finally has their mojo back.
  • Hi J,
    I picked up a 2013 Sport yesterday.
    They only had three on the lot. Would not go for my autoshopper price of 23, 471. Car had wheel locks at say $65-$80 I did not count in.

    However I returned a Honda on lease- so I went that route- Sold the car on lease at $24K, Was $357. a month 36 months. Not one dime out of pocket- they paid-tax, tags-registration- zero due from me in MD. 6%

    They now supply floor mats- yeah you may laugh but. They also gave me lifetime oil changes and road assistance as Honda does not provide that.
    I grumbled at Honda for years on road noise and a few other things. This car however is superb. I love the 4 cyl. Sport. Fantastic!
    Jim
  • ref: 4825
    Curious about the ride difference between the sport and the LX. Did you drive both? Better start saving up for those 18 inch replacement tires ;) They don't typically wear well especially with the shorter sidewall. Good luck with your new ride!
  • Deals you are getting are very bad, new accord model just came out so prices will not be good, if you can wait few months I recommend that you do, if your lease is not over yet, you can always request 3month extension on your current lease and you can do it multiple times.

    4 cylinder Accord EX-L should not cost more than $300/month to lease in NY. For $350 you should be looking at fully loaded 6 cylinder model. Especially considering that you will get the loyalty discount.

    This is assuming good credit.

    When new models come out they have no deals for these cars, to help dealers move older inventory. That's why it is not a good time to buy 2013 model but it is a great time to buy 2012 model, you need to wait until 2012 models are sold out and deals come out for newer model.

    So my advice - tell the dealers to shove that civic EX up their [non-permissible content removed]. There is little difference between new accord and older model in price, dealers are just trying to make money. Do not believe a word they say. I hate to discover people paying $50 or $80 more for a lease because they pretty much got ripped off.
  • JC,

    Honestly, I would wait until the lease programs get better. They are using Standard Honda lease rates now which are the equivalent of about 4% APR in the money factor rate. We are starting to stock up on Accords at this point, meaning the new 2013. We have 2012's left over as well but upper trim levels that you can get a spectacular deal on both in lease or finance. Up to $2750 in dealer cash for the V6 models and $2250 for the 4 cylinder Accord EX and above models, 2012. Plus the money factor rate on the 2012 is very low .00046. I would call Honda and extend your Civic lease month to month. I would probably expect in the next few months the programs will get better. In terms of insurance for the Sport model, the only thing that the sport model adds are the following features:

    Leather wrapped steering wheel.
    18" alloy wheels and tires
    All black interior regardless of exterior color
    Dual Exhaust
    Rear Decklid spoiler
    Fog lights
    189 hp vs 185hp on the other Accords
    Paddle shifters for the CVT transmission

    I really don't think the insurance will be higher quite honestly. They are mostly cosmetic things and not a huge increase in power.

    CS
  • Guys, thank you all so much for your good advice. I think I'll take it and simply wait. Just today I've been having back and forth emails with one dealer. Below is his latest offer.

    LX: $311.71
    Sport: $339.50

    This is on a 36-month lease with $595 bank fee and NYC 8.875% tax rolled into the monthly payment. If I pay these fees up front, the quotes were:

    LX: $259.67
    Sport: $284.80

    I asked the dealer for some details as to how he arrived to this monthly amounts. This is what he provided.

    Cap Cost: $21,369 for LX
    $22,929 for Sport
    Bank fee: $595.00
    Money factor: 0.00165 Res %63 for LX and %62 Sport

    Are his numbers correct based on this numbers? How do you compute the residual value based on these numbers?

    I already passed my lease wear and tear inspection on the Civic which came up to $0 liability. Given that I live in NYC, I end up parking on the streets and cars get treated pretty bad by unscrupulous drivers when parking. I had already extended the lease for 3 months waiting to see the new Accord. I do like the new Accord and love how the Sport looks. I will definitely get the LX or Sport. I think I better hand in the Civic and patiently wait for the lease deals to get better. I wouldn't like to incur any additional charges on the Civic. In the meantime, I can save on the monthly payments, insurance and those pesky parking tickets :-)

    Two more questions:

    1. Who enforces the loyalty discount and how much is it? Do I call Honda Financial or simply tell the dealer?

    2. Do I have an advantage dealing with the same dealer where I leased my Civic, or does it still pay to shop around with different dealers? Shouldn't my current dealer make it easier for me and not treat me like a new customer given I already leased with them? I thought even Honda would do that. I simply hate all the haggling and lies you have to go through with dealers.
  • The sport does have an adjusted suspension which is just a bit more taunt but I did not find much difference between the too except the sport turning radius is a bit more. The 18" tires are tread wear rated at 500 which is pretty good. I don't put on many miles so it will not be a big deal and I get Michelin tires very cheap locally. But I will not need them.
  • ajr1775ajr1775 Posts: 33
    Try a reverse auction through Carwoo and see what happens. You can always decline and wait. My suggestion, wait until end of December; near end of month and end of quarter during a typically slow month for dealers. Use Carwoo right after Christmas and be ready to move fast on offers.
  • mg198mg198 Posts: 2
    edited October 2012
    Hi,
    I just got a quote for honda accord 2012 ex, $ 2000 down and $350 a month. What is currently considered a good deal for a 2012 accord?
  • verinoxverinox Posts: 12
    For a 2012 that's very high. Check out Weymouth Honda or Legend Leasing (google them) for reference prices that you should try to work towards.
  • blue3715blue3715 Posts: 13
    edited October 2012
    In NJ:

    I was quoted $1000 down, and $299/month for 36 months (includes all fees/taxes).
    As I was walking out they lowered the offer to $1k down and $287/month.

    Note they are also forgiving my last 2 payments in my current 2009 Accord LX.

    If I make it $0 down, it's $317/month.

    Paying $0 down and all taxes/fees upfront (about $1900) it drops to $260/month.

    Residual was also 63%.

    Note I looked at the 2012 Accord LX-P and (on a 21k price) because the residual is just 54%. that 9% is $1900 in value so the pmt came to 272/month ($1000 down), thus it was a no-brainer.

    As there are no incentives, you should also be able to get something close to $287/mo with 1k down or a total cost of about 11,332.

    $23270 msrp * 63% resid = $14660.
    Change is $8600. 7% NJ tax ($600), bank ($795), dmv/plates ($400), and another $100 (i forgot what it was for).. total = $1900.

    8600+1900 = 10,500.

    You also have to pay interest (money factor, etc) on the 3 years which comes to about $700 or so.

    I dont think you can get much better.

    Edmunds says $1k down comes to a $296/mo pmt (63$ resid): http://www.edmunds.com/calculators/car-lease.html?sv
  • JC,
    The money factor rates and residual percentages you have are correct. These are set by Honda Financial and not by the dealer. The way you calculate the residual value at the end of your lease or buyout figure like we say it is by taking the MSRP of the car and multiplyng it by the residual percentage, which you have is 62% or 63% depending on which trim level. The high trim levels and models with navigation have lower residual values meaning that they lose their value a little more than the base model LX. The loyalty discount is typically sent to you in marketing materials that Honda may send you by mail or e-mail to you. When it comes time to leasing again with Honda, the dealership should try to give you a better deal obviously because you are a loyal customer. Also they reward loyalty by giving you tier bumps in credit. You may not necessarily have an advantage leasing with the same dealer. Of course, it would be dumb for that dealer not to give you the best deal. You can replace metal but you can't replace customers. That's my philosophy because I am in the business. I would still advise you to shop around. Dealers sometimes try to take advantage that you already have leased with them and then try to make more profit thinking that you won't check their numbers. I work in Planet Honda in Union New Jersey which happens to be one of the top 10 dealers in the US so I have seen some pretty aggressive numbers.
  • pegasus17pegasus17 Posts: 536
    ref: 4835
    Honda's acq fee for leases is 595, not 795!
    Can't comment on the other fees but they seem high too...
    shop around
  • maybe it was $600, i'll check, but from my history, the bank fee in NJ has always been $795, AFAIK.

    DMV fees are about $380, that's also what I recall from past years

    both #'s are what I've heard on the phone from a few dealers.

    These fees are itemized on the lease contract, so it would be foolish for the dealer to lie about bank and DMV mandated fees.. they would be risking a monster $ fine for overcharging fees.
  • Hi Car man,

    I'm interested in buying an EX L 4 cylinder with nav and need to know what I might expect to pay in the SF Bay Area. I live in Napa county and our tax rate is 7.75%. If you can project the difference in payment between buying and leasing that would be great too. Thanks a bunch for your help!
  • Hi adam1978. Let's work up a lease payment on this car for you and see what we come up with.

    According to my calculations, if you were to lease a 2012 Honda Accord Sedan EX-L 4-cylinder with Navigation that has an MSRP of $30,645 and a selling price of $26,346 ($500 over invoice minus $2,250 in cash incentives) through Honda Finance right now for 36-months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $343.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Car man,

    Thanks for the reply. I should have specified 2013 is the model year I'm interested in. Any idea what I'd be looking at?

    Adam
  • Ah ha, the new 2013 model. That's a different story. Honda is not providing any lease support on the '13s yet so I suspect that the payment will be higher.

    According to my calculations, if you were to lease a 2013 Honda Accord Sedan EX-L 4-cylinder with Navigation that has an MSRP of $30,785 and a selling price of $29,223 ($1,000 over invoice) through Honda Finance right now for 36-months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $397.

    Unfortunately, not nearly as attractive as the '12 model. If you aren't in a hurry,give it a few months. The payments will definitely get better.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • I must say the new prices on the 2013 make it very hard to justify given that the 2012 are so much more attractive right now to lease (price-wise) :)

    How does this look? just got this price from my local dealer...

    2013 Accord EX, 4dr. CVT.

    $325 per month ( includes taxes, all applicable fees, dmv registration fees)
    0 down ( 1500.00 inception fees) /12k / 36
    The residual is $16502.85. It is Honda lease. No desposition fee at the end of lease, gap insurance included and $1500.00 damage protaction.
  • Here's the latest deal I was offered in NJ....

    2013 Accord EX
    msrp $26,195

    0 down, $310 per month (includes all fees, taxes, etc).

    what do you think?
  • JC,

    What are the terms? 36 months? mileage 12k? Need more specifics. Also $0 down for dealers mean toward capitalized cost reduction. Your inception fees usually you have to put upfront. Things like motor vehicle registration, bank fees, documentation fees, first month payment. I work for Honda so I know how they do things here in NJ.
  • Hi Car_man,

    I would really appreciate the October residual value and money factor for a 2013 accord EX-L no navigation for 36 months and 12k miles. MSRP 28,785.

    Thanks a lot.
  • Thanks cashibata.... here's the more detailed info once I asked them for the additional fees...

    lease quote on a 2013 Honda Accord EX we have two options:
    36/12,000 a year
    First month payment, Motorvehicle and Doc fee due at signing- $323.00 a month
    OR
    39/12,000a year
    First Month, Motor vehicle, and doc fee due at signing - $297.00 a month

    Motor vehicle is $308 and doc fee is $299.

    -------------
    what are you offering on the 2012 EX-L ?? We are trying to decide between the older 2012 EXL or the new 2013 EX.
  • insidecarbuyinsidecarbuy NYCPosts: 95
    edited October 2012
    I just helped my friend get this deal on a 2013 Honda Accord Sedan EX (MSRP $26,195) in Westchester County, NY.

    Its a lease for 36 months through American Honda Finance with 12,000 miles per year and just 1st month, bank fee and DMV out of pocket. Gotta watch those NJ & CT dealers with the high Doc Fees! The details to the deal are below. Hope this helps you!

    Customer Name: Inside Car Buying LLC WD Deal ID: 635
    Sale Vehicle: New 2013 HONDA ACCORD SEDAN CR2F7DJW 4dr EX AT w/AC , Automatic , Odom: 0


    Payment Details
    Term 36
    Base Payment 269.14
    Total Payment 269.14
    Purchase Option 16,502.85
    MSRP 26,195.00
    Est. Miles Per Year 12,000
    Excess Mileage Charge 0.15



    Amount Due at Signing

    1st Month Payment 269.14
    Security Deposits 275.00
    Acquisition Fee 595.00
    Fees & Insurance 347.50
    Total Inception Fees 1,486.64

    Total Cash Required on Delivery 1,486.64


    Tax Information
    Customer State: New York Customer County: WESTCHESTER
    Type Amount Rate Paid
    Cashdown Tax 49.41 7.3750 Capped
    Upfront Tax 711.44 7.3750 Capped

    Fee Information
    Description Amount Paid
    Reg 250.00 Upfront
    Insp 10.00 Upfront
    Title 12.50 Upfront
    DocFee 75.00 Upfront
This discussion has been closed.