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2013 and earlier-Honda Accord Lease Questions



  • 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,

  • 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 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: 8
    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.

  • 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: 8
    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.

    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.

    Prices Paid: Buying & Leasing Experiences Forum
  • jim_321jim_321 Posts: 8
    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.


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

  • badger1994badger1994 Posts: 17

    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:
  • jim_321jim_321 Posts: 8
    Thanks Badger. I just received another quote via email:

    After the Edmunds Price Promise Discount we would be happy to offer that vehicle to you at $27,606.39 plus taxes and fees.
    That price includes our Lucas Honda Protection Package which includes items such as mud guards, door edge guards, wheel locks and a cargo tray.

    The original dealer was charging $652.00 for the protection package so this seems like it may be promising, dependent on dealer fees.
  • badger1994badger1994 Posts: 17
    edited May 2013

    Better than a quote, I can tell you what my mother just closed on this evening at New Rochelle Honda in Westchester, NY. The internet quote was $328.76 pre-tax with bank fee rolled in. She negotiated it down even further by taking a car in inventory.

    2013 EX-L V6
    Silver w/black leather
    36 months
    options: cargo net and remote engine start
    $320.47/month pre-tax ($340.82 after tax)
    $1,446.93 due up front (note that the bank fee is rolled into the lease)
    - 1st month payment (post-tax)
    - CT taxes $779.11 (for some reason, they calculate it tax on tax. I can't figure out why. Car_man to the rescue?) :confuse:
    - Plates $152
    - Tire recycle and related docs $87.50
    - DMV $87.50 (Usually $97.50, but $10 less b/c she moved the plates over from the leased car she's returning this weekend.)

    Other: Credit score in the highest tier
  • pandtpandt Posts: 3
    Car Man,

    Can you give me the residual on a 2013 Accord Coupe EX-L V6 with Navigation 36 month lease 15,000 miles? I hope to close a deal very soon! I am assuming the MF is the same .00089 for top tier credit on this vehicle as well. Thanks!
  • bada_bingbada_bing Posts: 8
    I would appreciate the current May lease residual and MF for a 2013 Accord Sport sedan (6-speed manual) for 3 yrs/12K per mile lease.
  • czl2149czl2149 Posts: 5
    Hey guys. I'm totally new to leasing and I have been debating on financing a new LX stick. The dealer is coming at me with 248 and the only thing down is 772 (all taxes and fees). I'm getting the car for 19990. The dealer adds on top of that 559 for there accessories. There payment is 248 a month for 36 months and 12k a year in mileage. I been messing with numbers using the money rate and residual percent I found on the site and i'm getting a payment of 208 pre tax. Is that right? I'm using the 62 percent residual and .00089 mf.
  • sanman1sanman1 Posts: 69
    Hi Carman, I believe the money factor is .00089 Base Rate and residual is 53%, is this correct? This is for a 13 Accord Coupe no navi. How much more would a 15k lease be from a 12k? In other words if a dealer gives you a lease quote for 12k how much more can they mark up the payment and how is this calculated?

    Also, you say it's good to roll the AHF lease fee of $595 and any dealer fees into the lease payment, is that correct? Do all Honda dealers have 2% holdback? Also, if they quote $27800..including destination which is basically invoice for this car, is that what they paid or did they pay $790 less than the price quoted? Is there good wiggle room of at least $500 less for the cap cost? I got quoted $27800 including dest but not the dealer $699 and $595 finance fee. Basically $29100 and zero down for a $418 payment including tax. I know I can go down a bit from this. What do you think and sorry for the long reply. Oh, is there any Honda cash this month on leases that can be applied? Thanks!
  • huskerfan5huskerfan5 Posts: 163
    I believe the residual is 60% though that won't get you to $248 either. Considering the lease inception fee is $595 and you were told you need $772 at signing, it appears there are some other charges included in your capitalized cost. You need to get a breakout from the dealer.
  • czl2149czl2149 Posts: 5
    Well I picked up the car today and got it for 19900... Trade 15500. I acutally was going to lease it for 233 with the number is mentioned but I decided to finance.. I got it for 200 a month at 60 months. I actually left to with a 1000 check. The financing just seemed more of a good deal since I plan on keeping the car. How did I do?
  • gmanusmcgmanusmc SoCalPosts: 436
    edited May 2013
    I don't understand your math at all - how do you pay 12k in payments on a 19.9k purchase price with 15.5k trade in?
  • czl2149czl2149 Posts: 5
    I owed 5300 on it.. I netted 10200... took a 1000 dollar check so 9200 went down
This discussion has been closed.