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2013 and earlier-Honda Accord Lease Questions

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  • armyanchikarmyanchik Posts: 1
    Hi, what dealership and from whom did you get this deal. I am in FL and trying to get the same car, but cant get a price under 320$. Anyone in FL know how to get this coupe ex in red for 260-280$! Please let me know!
  • dano100dano100 Posts: 21
    Why is it amazing that car dealers are in business to make money? I've never heard of a non-profit car dealership. It sounds as if you expect them to work for nothing. Most salesmen and the supporting staff work 50-60 hours a week. How many hours a week do you work for nothing?
  • gmanusmcgmanusmc SoCalPosts: 436
    I agree Dano - there are some who believe that they should be able to buy vehicles at cost - not giving a thought to the fact that there would be no vehicle to buy if the dealer was not in business. I always try to negotiate a deal that I feel is fair to both me and the dealership I am working with - not all dealers are dishonest - with experience and knowledge, the bad ones can be weeded out. Anyway, I'm glad we have research at our fingertips now, and with a little effort, great deals can be had, especially on great cars like Hondas.

    Take care,

    Bill G
  • anthony212anthony212 Posts: 13
    Hey guys, I've been following this forum for a while. I came across this in the paper the other day and wondered can I even get the dealer to go much lower?

    Actual net capitalized cost $25,587.72.
    Net capitalized cost includes $595 acquisition fee
    Total monthly payments $10,764.00.
    Option to purchase at lease end $16,161.60
    Monthly Payment $299
    Term: 36 M
    Due at signing: $2,699
  • huskerfan5huskerfan5 Posts: 163
    With first month payment of $299 and $595 acquisition fee, your $2,699 due at signing includes a an $1,805 cap cost reduction which means the price of the car is actually $25,587 + $1,805 = $27,392. I'm also willing to bet that the ad indicates that the amount due at signing does not include fees which means they will be adding a doc fee too. You will make a lot of people happy at that dealership if you go for their advertised deal.
  • gmanusmcgmanusmc SoCalPosts: 436
    I always try to compare lease payments with no drive offs. If you roll in the 2699 drive off for your quote, the payment would be around 380 - a bit high considering EXs are coming in at around 260 with no drive offs - don't think the EX-L justifies another 120.

    Hope this helps

    Bill G
  • gastromdgastromd Posts: 5
    The lease was from Honda Village in Newton, MA. I leased the sedan, though, not the coupe. Good luck!
  • gastromdgastromd Posts: 5
    Yeah, I figured they would still be making some money (i.e. not taking an actual loss even if they sell to me well below invoice), but as others have posted, I don't have a problem with that if the amount is reasonable. They are running a business too.

    Correct me if I am wrong, but on the Weymouth calculator, they state that the figures are NOT inclusive of MA 6.25% tax. So the listed numbers are actually $277/month plus $641 due at signing. If you put the difference from the $641 and the $260 which I paid into the lease, you would come to closer to $288-290/month or so. Which would still be a pretty good deal considering the other numbers that have been quoted on this forum!
  • badger1994badger1994 Posts: 17
    Car_man,

    Can I please get the May MF & residual numbers for the Accord EX-L V6 w/o NAV on a 3-year, 12k/year lease?

    I think the April #s were 0.00107 and 58%.

    Thank you,

    badger1994
  • anthony212anthony212 Posts: 13
    I agree, but I've noticed that the EX's coming in at 260 are the sedans. I have yet to find someone who leased a Coupe
  • gmanusmcgmanusmc SoCalPosts: 436
    Sorry about that - poor attention to detail on my part not noticing you're shopping for a coupe - makes a bit of difference. Huskerfan is right though - they still have some padding in those figures. With 2700 at signing, I think you will find you can get that 299 to about 270 or possibly a little less. Coupe inventory might be a problem though.
  • anthony212anthony212 Posts: 13
    I have found a like 2-3 dealerships with the coupe I want and also the color. I'm just gonna have to wait until the month ends anyway. Also I currently own a 03 Accord sedan I4 92K Miles, many of my friend's and family members are telling to just trade-in for a lease (using the car as a down payment, and getting them to send me a check for the rest friend of mine did this for his BMW.) Personally I have never done this before. I figure I should negotiate the lease first, once the numbers look good, I'll tell them about throwing in my car.
  • gmanusmcgmanusmc SoCalPosts: 436
    An 03 Accord with only 92k miles would go fast and you will get more on a private sale, but if you don't want to deal with that, yes, if you trade it in, a decent dealer will cut you a check for any surplus dollars over and above amount due at signing. However, most experts strongly recommend putting down as little as possible when leasing. As far as I know, Honda still includes gap insurance on their leases, so you are protected in a loss where the payoff is more than the value of the vehicle. Please be sure to run your numbers by the folks on this board before you sign - that will ensure you get your best deal.

    Good luck!
  • anthony212anthony212 Posts: 13
    My first intention was to sell it myself. I assumed some highschool kid would want it, as its an EX model. Over the years I've added the OEM spoiler and also was able to get an AUX adapter to put in my Ipod, while keeping the stock stereo. I also added the OEM 2010 wheels and tires. Lets be honest kelly blue book is quoting me private sell at $8500 in good condition. Who know-a-days even has that much cash to spend.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're welcome pilot_bugs. The dealer invoice price of a 2013 Accord Sedan EX-L 4-cylinder is $26,399. Adding destination, which should never be taken out :), to the selling price that you were quoted I come up with $25,190. That's surprisingly low and an excellent deal.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'm glad that you've found this forum so helpful, dman100. Honda Finance's May buy rate lease money factor for a 2013 Accord Sedan is .00089 for consumers who qualify for its top aka "Super Preferred" credit tier.

    Honda Finance's May residual value for a 36-month lease of a 2013 Accord Sedan EX with 12,000 miles per year is 62%.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi gmelo83. Let's work up a lease on this car and see what we come up with. The ultimate payment will vary depending upon what sort of selling price you are able to negotiate. For now I will assume $500 over invoice.

    According to my calculations, if you were to lease a 2013 Accord Touring that has an MSRP of $34,220 and a selling price of 31,857 through Honda Finance right now for 36-months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $399.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi brcar. Honda Finance's May buy rate lease money factor and residual value for a 36-month lease of a 2013 Accord Sedan LX with 12,000 miles per year are .00089 and 62% for consumers who qualify for its top credit tier.

    Yes, I believe the money factor for Sign and Drive leases is slightly different than the regular money factor, .00010 lower to be exact.

    Honda isn't providing any specific cash incentives on the 2013 Accord yet, but it does have some $250 FlexCash certificates out there for leases that you may be able to convince a dealer to apply to your deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go badger1994. Honda Finance's May buy rate lease money factor and residual value for a 36-month lease of a 2013 Accord Sedan EX-L V6 with 12,000 miles per year are .00089 and 59% for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • gmelo83gmelo83 Posts: 3
    I thought you'd never answer :P lol

    Thank you Carman, I was trying to get in before the end of last month with the Spring Event but it looks like the lease factor went down? Anyhow, I did not get the specifics yet but the prices I was given with taxes:

    $349 for 4cyl EX-L Navi CVT
    $419 for Touring

    What do you think? This was based on a solicitation email for 0 down 199 on an LX, so I emailed back for a quote on the EX-L w/Nav and Touring (big strectch I know, but if I get the v6 I want all or nothing) with 0 disposition fee after 36m/12k. Just first payment and some "Vek" package due due at Signing.">
  • badger1994badger1994 Posts: 17
    Thank you car_man.

    Is there any way of confirming the residual number? A dealer in Westchester County, NY is telling me that the residual for the highest credit tier is 57% (w/o NAV).

    Thank you,

    badger1994
  • insidecarbuyinsidecarbuy NYCPosts: 95
    Just helped a guy get this deal. American Honda Finance has continued with the $500 flex cash coupons for May. The EX-L V6 Accord leases are starting to look a little better. MSRP - $30,860 and selling price of $27,512 which is about $780 behind invoice plus the $500 flex cash rebate. 57% residual and .00089 money factor for 36 months and 12,000 miles per year. Its a good deal for what it is but if you could deal with a little smaller car then the Infiniti G37x is the way to go!

    CUSTOMER DISCLOSURE
    Customer Name: Inside Car Buying, LLC WD Deal ID: 54294
    Sale Vehicle: New 2013 HONDA ACCORD SEDAN CR3F8DJNW 4dr EX-L V6 AT PZEV w/AC , Automatic , Odom: 0


    Payment Details
    Term 36
    Base Payment 301.42
    Total Payment 301.42
    Purchase Option 17,590.20
    MSRP 30,860.00
    Est. Miles Per Year 12,000
    Excess Mileage Charge 0.20



    Amount Due at Signing

    1st Month Payment 301.42
    Acquisition Fee 595.00
    Fees & Insurance 342.50
    Upfront Taxes 886.56
    Total Inception Fees 2,125.48
    Rebate as Cap Reduction 500.00
    Total Drive Off 2,625.48

    Total Cash Required on Delivery 2,125.48


    Tax Information
    Customer State: New York Customer County: WESTCHESTER
    Type Amount Rate Paid
    Cashdown Tax 86.29 7.3750 Upfront
    Upfront Tax 800.27 7.3750 Upfront

    Fee Information
    Description Amount Paid
    Reg 245.00 Upfront
    Insp 10.00 Upfront
    Title 12.50 Upfront
    DocFee 75.00 Upfront
  • jim_321jim_321 Posts: 9
    Hi. I am in Florida, does the price in this deal include tax? I was quoted the following today:

    MSRP 31140.00
    Savings 2329.00
    Rebate 500.00
    Cap Cost 28811.00 (why isnt that 28311.00?)
    Total Add on 652.00
    Sales Tax 1063.00
    Dealer/State Fees 1295.00
    Total Price 31822.24
    Net Residual 17127.00
    Drive Off 1528.85

    With these numbers, I was quoted a monthly payment of $344.82 with $3000.00 down on a 12000 mile/year lease.

    Any help or guidance you can provide would be appreciated.

    Thanks!
  • badger1994badger1994 Posts: 17
    I am not a pro, so some of your numbers confuse me.

    This is how I learned to calculate lease payments:

    1. MSRP (I include destination here, but have read conflicting advice on this) X residual factor = residual
    2. Depreciation = cap cost - residual
    3. Depreciation/months of lease = monthly depreciation portion of your lease payment
    [Now it gets weird]
    4. (cap cost + residual) x money factor = money factor portion of your lease payment.
    3+4 = total pre-tax monthly payment
    cap cost is the negotiated car price + whatever else you roll into the lease.

    Your cap cost seems high and the $3k down is crazy. Also, don't think of that $2,329 as "savings". You shouldn't start from MSRP. Start from invoice and work down.
    =====
    Here's a quote from a dealer in Westchester, NY on an EX-L V6, 12k/year with remote start and cargo net, no NAV, w/very high credit score:

    MSRP w/dest: $30,860
    Cap cost w/$595 bank fee rolled in: $27,966
    residual: 57% - (car_man says this should be 59%. I'm waiting for confirmation.)
    MF: 0.00089
    Payment: $328.76 (pre-tax) $349.64 after tax.
    Due at signing: $1,198.69
    - 1st payment
    - state taxes (in this case, CT): payment x 36 x 0.0635% = $751.55
    - DMV: $97.50
    - Plates: transfer from previous lease, so $0 I think.

    Remember to calculate state tax on the pre-tax monthly payment to avoid paying tax on tax.
    This dealer did that initially.

    Good luck.
  • jim_321jim_321 Posts: 9
    Thank you Badger. First time leasing, it is confusing! If the money factor is 59%, how much will that lower the payment? If OK by you, I will send the deal above to the dealer here in Florida (once the money factor is confirmed), ask them to match the deal. OK by you?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're welcome gmelo83. It would be much easier for me to evaluate these deals if you were able to provide me with these cars' selling prices.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Good catch, you're absolutely right the residual value is indeed 57%. Sorry about the confusion. The money factor is still .00089.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • jim_321jim_321 Posts: 9
    Car Man. Hoping you can assist as well...badger was gracious enough to provide his input.

    Here are the numbers and description provided on the 4 square from the dealer:

    MSRP 31140.00
    Savings (dealer term)2329.00
    Rebate 500.00
    Cap Cost 28811.00 (why isnt that 28311.00?)
    Total Add on 652.00
    Sales Tax 1063.00
    Dealer/State Fees 1295.00
    Total Price 31822.24
    Net Residual 17127.00
    Drive Off 1528.85

    With these numbers, I was quoted a monthly payment of $344.82 with $3000.00 down on a 12000 mile/year lease.

    Any help or guidance you can provide would be appreciated.

    Thanks,

    Jim
  • badger1994badger1994 Posts: 17
    Thank you very much for following up Car_man.

    badger1994
  • badger1994badger1994 Posts: 17
    jim_321,

    Feel free to use the quote. However, I don't think a dealer in FL will care about a quote from NY. It's not like you can walk and actually take advantage of that quote, so there's not much of a threat. It's more advisory than anything I think.

    I can't get your numbers to work when I plug them into my Excel sheet, so I can't tell you how much your payment will go down by increasing the residual by 2%. However, I can tell you that for my quote, it goes from $328.76 pre-tax to $312.17 pre-tax.

    Please note that Car_man has confirmed the 57% residual figure, so making this comparison is just an academic exercise at this point. :cry:
This discussion has been closed.