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2013 and earlier-Honda Accord Lease Questions

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Comments

  • REF: 4979
    I'd give them another chance. tell them you need to understand how they came up with 337 when you came up with a lower number. The lease calculator is fairly easy to use - check it out:
    http://www.leaseguide.com/calc.htm
  • Thanks Pegasus17. I can understand why a third party leasing company would do that, but not Honda's own. There's enough profit in NAV that they could easily support the price of that option by bumping up the residual value. BMW Finance does that all the time to boost sales. It seems very shortsighted to me.
  • acfkelacfkel Posts: 18
    Thanks again, pegasus. We will see. I thought a lease payment was calculated on a depreciation fee + Finance fee. Based on the information I was given wouldn't that be: $286?

    Depreciation : 24236-15717 \ 36 = $236 (approx)
    Finance: 24236 + 15717 x .00125 = $50 (approx)
  • Lease acquisition fee is 595
  • acfkelacfkel Posts: 18
    That would still only bring it up to $302 if I didn't pay it up front, correct? If I paid that up front, then it should be $286, don't you think?
  • don't pay it upfront - roll it in. and then there is tax too

    http://www.leaseguide.com/calc.htm

    this calc works well
  • acfkelacfkel Posts: 18
    Thanks...I think my calculation may be closer to your's if I add in the taxes and acquisition fee. I planned on paying that up front. I will consider rolling it all in.

    Thanks for your help.
  • acfkelacfkel Posts: 18
    This is what they provided with $1,500 down. I have stated I do not want to put money down continuously, but may for taxes and fees.

    New 2013 Honda Accord Sedan 4dr EX AT AT [CR2F7DJW]
    Lender Program: AHFC (NATIONAL) / SP / Super Pref Customer:Guest
    Term: 36 Customer Phone:N/A
    Rate Adjustment: BASIC standard program Credit Score:750
    Residual Adjustment: Basic Standard Program Update Version:15364
    Manufacturer's Suggested Retail: 26195.00
    Options to Residualize: 0.00
    Gas Guzzler Tax Amount: 0.00
    Residualized MSRP: 26195.00
    Initial Mileage: 0
    Total Expected Miles: 45000
    Ending Mileage: 45000
    Total Allowable Miles: N/A
    Total Additional Miles: N/A
    Up-front Mileage Rate: 0.10
    Up-front Mileage Penalty: N/A
    Residual Percentage (Book): 60.000%
    Residual Percentage (Adjusted): 60.000%
    Gross Residual Amount: 15717.00
    Mileage Penalty/Misc Adj: 0.00
    Residual Amount (Net): 15717.00
    Residual Percentage (Net): 60.000%
    Money Factor: 0.00125
    Monthly Depreciation: 256.36
    Monthly Lease Charge: 50.83

    Original Taxable Base: 24236.00
    Adjustment: -13923.12
    Taxable Base: 10312.88
    Percent: 7.775%
    Tax Subtotal: 801.83
    Flat Tax: 0.00
    Tax Amount: 801.83
    Selling Price: 24236.00
    Service Contract: 0.00
    Gap Insurance: 0.00
    Tax Amount: 801.83
    DMV Fees: 0.00
    Credit Insurance: 0.00
    Acquisition Fee: 595.00
    VSI Fee: 0.00
    FS Fees: 0.00
    Other Cost: 0.00
    Cap Cost (Initial): 25632.83
    Cap Reduction: -686.81
    Adjusted Cap Cost: 24946.02
    Base Monthly Payment: 307.19
    Monthly Use Tax (0.000%): 0.00
    Personal Property Tax (0.000%): 0.00
    Total Monthly Payment: 307.19
    Cap Reduction: 686.81
    Cap Reduction Tax: 0.00
    First Monthly Payment: 307.19
    Security Deposit: 0.00
    Title,Tags and Misc: 506.00
    FS Fees: 0.00
    Total Due at Inception: 1500.00
    Approx. Purchase Option Price: 15717.00
  • There are accounting rules concerning residual values. If Honda's experience indicated that a car with NAV had the same residual percentage as one without, they would be required to use the same percentage. Ask your accountant.
  • I have a few questions:
    why is the sales price still so high?
    why is the taxable base so low? is there a trade?
    title tags and misc is too high at 506; what state are you in?
    looks like your 1500 down is covering ccr 687, 1st 307, misc 506
  • acfkelacfkel Posts: 18
    I didn't negotiate a lower selling price and wanted to see what they came with first. I stated up front that I would not be putting any money down and I wanted to know Net Cap Cost, Residual, Money Factor and monthly payment. The math doesn't jive. I am located in Minnesota. I don't have a trade. I am in a current lease (my fourth one). This would be my 5th Honda lease. I am going to continue shopping. I know I can do better than this.
  • Any positive equity in your current lease? Doesn't hurt to check.
    try to work out the math - it would help you next time
  • Hi.

    Recently leased the 2013 sport Accord sedan for $282/month (tax included; 36 months, 12k/yr miles) with only $680 down which included, first payment, DMV and other minor fees. This was in Tarrytown, NY. I had contacted several other dealers and as always, they tell you something over the phone or email and beg you to come in only to come up with something different once you visit them. This dealer in Terrytown was right on their promise and made it basically the same way the told me over the phone.

    During this whole process, I only wished any dealer in New York had the same clear cut online calculator as Weymouth Honda. Thanks to this great forum, I used the calculator all the time to see how close of a good deal I was getting. Well, this one I got is only a couple of dollars over what's Weymouth Honda is offering on the Sport sedan right now.

    Thank you all for you help and hope this info may help others looking.

    JC
  • acfkelacfkel Posts: 18
    Thanks JC. This does help. Always nice to know what others are paying. I was quoted too high recently and this helps validate it. I hope you are enjoying the new wheels.
  • Here are some figures the dealership in MD quoted for a Accord Sport - 15k miles/year lease. This is before any negotiations. Any thoughts?

    PRICE 23578.00
    DOC FEE 200.00
    ACQ FEE 595.00
    GOVT FEES 292.00
    TAXES 1426.68
    RATE .00125
    RESIDUAL .59
    RESIDUAL 14738.20
    M.S.R.P. 24980.00
    TERM 36
    ALLOW MI/YR 15000
    CASH 1000.00
    MO. PMT () 347.47
  • pegasus17pegasus17 Posts: 536
    edited February 2013
    Very high. Look at post 4992 for a good deal.
    what are gov't fees?
    why are the taxes so high on a lease?
    http://www.weymouthhonda.com/newcars/Accord%20Sedan/Sport/#LeaseCalculator
  • acfkelacfkel Posts: 18
    That is higher than my quote on an EX Accord lease MSRP $26,195. I should be able to get a payment under $300 for what I want. I think your's is way too high. There is a previous post of somebody who leased a Accord Sport for $282/month.
  • Maryland charges sales tax on the full price of the vehicle...

    Moderator - Prices Paid, Lease Questions, SUVs

  • Can you post a list of the states that do that? I assume it's less than half of the Union
  • I don't have a list... most of it's in my head... ;)

    Illinois
    Texas
    Maryland
    Massachusetts (I think)

    I'm sure there are some others...

    Some are surprisingly low... so, even if they charge on the full price, it's not a lot..

    Virginia and NC are both around 3%.... SC is a flat $300!

    Oregon has no sales tax..

    Moderator - Prices Paid, Lease Questions, SUVs

This discussion has been closed.