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2013 and earlier-Honda Accord Lease Questions

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  • marlboroman87marlboroman87 Posts: 1
    edited March 2013
    Hi all,

    I used Edmunds to contact local Honda dealers in my area (Central NJ) and I'm receiving emails quoting Internet prices. I'm not sure what my response should be and I'm hoping someone can help guide me. I'm looking for a 36 month lease/12k miles on either the 2013 EX or EX-L CVT.

    Thanks in advance for your help.
  • zack82zack82 Posts: 42
    Can someone please supply the numbers for the Accord LX - auto - sedan. Looking for a 36 month lease, 12,000 mile per year, no capital cost reduction.

    I was curious to know what people are getting the car priced at? How much under MSRP. I see the Truecar amount is about $21,488. I am helping my mom pick this car up, she lives in MI and I live in Charlotte. So all of the negotiations will be online. Thanks!
  • Be sure to get a quote from Betten Honda in Muskegon. We have purchased our last 3 Honda's from this dealership and that are very easy to work with.

    We have worked with Mike Culleton.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Yes, there's lease support on all Accord models right now, though the new plug-in models that probably very few people want have less support available on them than regular Accords.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • anirudhkanirudhk Posts: 2
    Hello there ,

    Im thinking of leasing an accord for a period of 3 years .
    I currently live in chicago. Will be moving to New york in 3 months .
    Does it make sense to lease the car in Chicago and take it to New york .
    Or shall I just wait and lease the car in New york
    Thanks!
  • kyfdx@Edmundskyfdx@Edmunds Posts: 25,970
    I'd wait, just to avoid Illinois sales taxes.... which are punitive on leases..

    Moderator - Prices Paid, Lease Questions, SUVs

  • anirudhkanirudhk Posts: 2
    Thanks for the reply!

    Also Id have to re-register it in new york and pay again right?

    If I need the accord only for a period of 3 years .
    Does it make more sense to lease it or buy it?

    Thanks!
  • fatgordyfatgordy Posts: 3
    York, PA - 2013 Honda Accord Sedan LX CVT MSRP $23,270
    24 month lease, 12k miles per year
    I received a "No-hassle Internet pricing" quote via email by clicking on a link at the dealer's website. Followed up in-person with a test drive and requested additional information via email.

    Here are the details I received:

    MSRP $23,270.00
    Sell Price: $20,700.00 ("no-hassle" email quote)
    Wheel Locks: $99.00 (quoted via email)
    Adj. Sell Price: $20,799.00
    Lease Aq. Fee: $595
    Lease Incentive: $500 (had trouble understanding the salesman via email but it sounds like they may have a $500 incentive right now? - will verify tomorrow when I visit)
    Net Cap Cost: $20,894
    Res Value (67%): $15,591 (quoted via email)
    Depreciation: $5,303
    Money Factor: .00107 (quoted via email)
    Finance cost: $937
    Monthly Payment: $260.00 (not including PA tax + no money down)
    Tag + Fee (that is how he worded it): $93.05 (quoted via email)
    Doc Fee: $131.00 (quoted via email)

    Does it seem reasonable?

    I also asked them if they have less than 12k miles lease and his response was: "There are no low mileage offers, but the great thing is that with your low miles the car will be worth more at the end. What I am meaning is typical at the end of a Honda lease our customers has equity in their cars which benefits them in their next purchase."
  • huskerfan5huskerfan5 Posts: 163
    Do you really need the car for only two years? The residual for a 36 month lease is 61%. Adding your taxes and fees, your payment will be close to $40 a month less.
  • brcarbrcar Posts: 10
    Not sure how you calculated this. If you are suggesting that if taxes and fees are rolled into a 36 month lease then the price would be $220 using these numbers, I do not agree. Rolling in taxes (assuming 9% on leases for most parts of PA) and the $820 in fees, then the price is more like $247 / month for a 36 Month 12k/year lease. This is using a money factor of .00097 for a sign and drive lease.

    The initial quote however, does not seem to be sign and drive and looks those fees are paid upfront. Paying those fees upfront and using .00107 as the money factor , I come up with paying $820 at inception and $225 / month (using 9% sales tax).

    Although the fees seem to be pretty reasonable, I personally don't see a reason to pay those fees up front with rates being so low but that is a personal decision.

    However, I do think you can do slightly better on the price of the car, I have seen offers a fair amount lower and especially going into the final weekend of the quarter I suspect you could do better.
  • huskerfan5huskerfan5 Posts: 163
    What I meant was that if you also took the taxes and fees into consideration for both leases, the difference for a 36 month lease with 61% residual and a 24 month lease with a 67% residual would be about $40/month.
    Personally, I always put my fees into the lease in case the car is stolen or totaled in an accident. Especially with rates low as you say, this is really cheap insurance.
    True story. My supervisor was from France. His father picked up his new Peugeot, parked it on the street in front of his apartment house in Paris and when he got upstairs and looked out the window, it was already gone.
  • fatgordyfatgordy Posts: 3
    I tried everything I could but they would not go any lower on the sale price of the car ($20,700). I even went into detail about a local competitor and how they had a better lease offer and included free scheduled maintenance, etc. They wouldn't budge. He even went and got the invoice and showed me that it was ~$100 more than the sale price. He did however take off $99 for the wheel locks. I also got $200 more than what I was hoping for my trade so I'm pretty happy over all. And I did confirm that there is a $500 lease incentive right now, which sweetened the pot. Fees were also as quoted (and I did have them rolled into the lease). All said, I'm happy with the offer. Thanks for the info. :)
  • Drove away on Saturday, March 30th with my new 2013 Accord EX. Went for 3 year lease as follows;

    Upfront payment--$1750
    3 years
    12K
    Honda Financial Services

    $275.00 per month OTD

    All fees, Cap Cost Reduction and taxes taken care of in the $1750.00 upfront payment.

    Could have I done better? Yes, but let's face it, I needed a car as my old lease was expiring in 3 days.

    Car is great!
  • lrosalrosa Posts: 2
    Congrats and good luck on your new lease. If you don't mind, which dealer did you use and would you recommend? I'm also in the market in Central, NJ.
  • contract_buildcontract_build Posts: 26
    edited April 2013
    Your calculations were correct, poster, but the deal fatgordy quoted was based on 24 months, not the 36 you calculated (I couldn't figure out what was going on till I reread the offer a few times over... and then it hit me!)

    "However, I do think you can do slightly better on the price of the car, I have seen offers a fair amount lower..."

    I spent some time yesterday going through the threads from roughly the beginning of the year over in the Accord "Prices Paid" forum and - as another poster wrote there - there's a lot of "BS" numbers (e.g. $1500 under invoice for a 2013 in N.J.? C'mon...) As I wrote in the post HERE, it's appropriate to expect some proof of these kinds of claims.

    If you've got some lower, would love to get some leads as I'm doing something within the next three weeks

    Thanks in advance!
  • contract_buildcontract_build Posts: 26
    edited April 2013
    Most appreciative of your comprehensive offer details and layout: makes it real easy to understand! Wish more of the presentations were like this as the typical "$XX,XXX OTD" is useless. Thank you :)

    My feeling is that, on the lease side of things, you received a good deal (naturally, when a trade is involved it sorta' "muddies" matters.)

    Nonetheless, going over to use Weymouth's calculator shows 277/301.93 w/9%tax for their "First & (their) Fees" 0.00107 offer.

    You should be quite content with your lower numbers (and for getting those wheel locks off the bill), hope you enjoy the car and thanks again for the info!
  • brcarbrcar Posts: 10
    Thank you for the critique, but I was well aware that the offer the original poster (fatgordy) conveyed to us was for 24 months.

    I couldn't figure out what was going on till I reread the offer a few times over... and then it hit me!

    If you reread my post a few more times, you will see that I was actually responding to the post made by huskerfan5 which suggested Fatgordy look into a 36 month lease and subsequently threw out some numbers. I was merely trying to clarify those numbers.

    Anyway, I digress.....

    The offers I was referring to were acquired from requesting internet quotes and through Carwoo (NJ and eastern PA dealers) that offered to sell the car for under fatgordy's quoted amount. Many of them were about the same, but some were as much as $500 lower.
  • brcarbrcar Posts: 10
    BTW,

    Hamilton Honda was running a special that ends today for a 12k, 36 month lease.

    It is as follows:

    $179 month / 36 months

    There is No Down Payment, just inception fee's due at signing.

    Those inception fee's include:

    Sales tax ($545.16 - NJ)
    MV ($227.50)
    Doc Fee ($249)
    1st month ($179)
    Bank Acq Fee ($595)
    Tire tax ($7.50)
    Wheel locks ($150)
    Tax on fee's

    Total is - $1985.

    The residual is $15,866 (Claim this is some special they have set up with the bank that is only available when paying these inception costs up front)

    They did not provide me with the sale price of the car, but I backed it out to be roughly $20,900.

    If you want to pay that much at closing and dont intend to buy it at lease end (because of the higher residual), its a good deal. I think it equated to roughly $230 if they allowed you to roll in the taxes and fees to the lease. That is including those pesky wheel locks for $150.
  • contract_buildcontract_build Posts: 26
    edited April 2013
    Sorry brcar for the misunderstanding: honestly not meant as critique but it took a few times of rereading the other posts and then I thought I got it and was just alerting you. Now after rereading the posts a few more times now able to follow who/what the responses are directed to. Boy oh boy, they make it hard here at Edmunds to follow threads, huh? (me thinks there's some necessary forum revamping after all of these years huh?)

    I can't believe after all that that the dealer you quoted is not too far away and thank you :) And thanks for your detailed numbers brcar!!! Most helpful.

    I'm a big fan of rolling all fees and their residual is important. Special residual they arranged with Honda Finance??? Ha Ha!

    I don't think that that the numbers are going to change much for April as the Honda web deals were running 6 weeks from March till the end of April. Gonna check on the forum after this post.

    p.s. After living in NYC (street-parked car wheel-locks were no theft impediment) and losing the chuck, I'm no fan of these even if they paid for endorsement!
  • contract_buildcontract_build Posts: 26
    edited April 2013
    Dear Car_man,

    Coming around again these every 24-36 months. I will again express appreciation for your past and future inputs.

    Checking out Weymouth, it doesn't seem as if the numbers have changed from HF for the LX Auto Sedan for 12k/36 this April:

    - Residual 61%/.00097 S&D and .00107 for F&F

    Unless they won't update for another few days it's good news that the residual has not gone down but would love to learn that there's some new, hidden lease support.

    Any chance of that....... please take your time in scouring your sources ;)

    Appreciatively,

    contract build

    p.s. went back to the last period posts some three years ago: don't ya just miss all those calculations and interaction that delta737h and pegasus17 had with all of us here? :( I sure do!
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