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2013 and earlier-Honda Accord Lease Questions

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Comments

  • gmanusmcgmanusmc SoCalPosts: 436
    Glad you cleared that up - it makes a difference when the info is complete - it will help the folks in this discussion understand your deal - which, by the way, looks like a very good deal - congratulations!
  • czl2149czl2149 Posts: 5
    Thanks... With the lease though I could have got it for the 233 with 772 down. I Know this is a lease forum figure I would throw it out there
  • huskerfan5huskerfan5 Posts: 163
    Without knowing what czl traded-in, not sure how you concluded that he got a good deal. Frankly, unless someone is getting cash for a real clunker, I ignore any post that involves a trade.
  • gmanusmcgmanusmc SoCalPosts: 436
    You've got a good point - I guess I should've stated he got a good purchase price. He had a few bucks equity, so it sounds like he 's got a bit more common sense than other shoppers weve seen here. If it makes you feel good, I'll go stand in the corner now.

    Take care,

    Bill G
  • huskerfan5huskerfan5 Posts: 163
    Time out is over. Looking forward to your future posts. :)
  • czl2149czl2149 Posts: 5
    LOL All the hate... I traded in my Honda civic 12 ex... I understand how buying a car works... This isn't my first finance just considered my 1st lease.. I figured I would pass some of the info along and help someone else out down the road ..
  • Hi CarMan! I was wondering if I could get the money factor / residuals for these:

    36 months / 12k miles per year

    2013 Accord I4 Coupe EX &
    2013 Accord I4 Coupe EX-L

    Thank you!
  • palciparumpalciparum Posts: 8
    I have honda civic 2011 lx that I leased for 36 months. My term ends this year end. I am buying new car - not Honda. I have already used 36,000 miles per my lease.

    I had an accident and I took it to body shop the one Honda recommened and got it fixed.

    I want to return it before lease ends as I don't want to pay unnecessary insurance.

    I leased it for 1st time in my life. I paid zero down and first 3 1/2 months installment was paid by dealer. I paid $199 per month - with tax $212.56

    Any advise before returning!
  • gmanusmcgmanusmc SoCalPosts: 436
    You do realize you are still obligated to pay the remaining lease payments, right?
  • mrsuribemrsuribe Posts: 4
    I'm in the same situation & have gone to Carmax to get a quote on what they'd buy it for...and it turns out, for my situation, I'm better off selling it to Carmax than returning it to Honda. You might want to check that option out.
  • palciparumpalciparum Posts: 8
    I have made all lease payments in advance. Can I just return it?! Is it that simple or am I missing something?!
  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,856
    It's usually not that simple. Returning it prior to the last month may trigger an early termination clause. That could result in them sending the car to auction, and you being liable for extra charges.

    The Car max suggestion is a good one. If they buy the car, then your obligation would be complete, and you could possibly realize some equity above the buyout amount.

    Moderator - Prices Paid, Lease Questions, SUVs

  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,856
    Really...

    A car lease is a contract with a bank.. They will use every opportunity to maximize their profit, if the contract isn't completed as agreed upon. Common sense has little to do with it.

    Moderator - Prices Paid, Lease Questions, SUVs

  • huskerfan5huskerfan5 Posts: 163
    Can't hurt to contact the leasing company. Since you have already made the remaining payments, it's in their best interest too get the car back sooner. Should they accept the car early, just make sure you have something in writing indicating you have no further liability. Have to admit that I'm wondering why you would have made lease payments up front and why you would want to get into a new car now rather than wait till your lease is up.
  • jaxs1jaxs1 Posts: 2,697
    Unless the car was over mileage, why would there be extra charges if he already made the payments? The car will be newer and since the value drops a bit every month, it would be worth more when returned early than it will be at the scheduled lease termination date. They will be able to resell or auction it for a higher price than they will be able to later. So, there is no "loss" to them for an early return.

    They should actually be benefiting from an early return.
  • kyfdx%40Edmundskyfdx%40Edmunds Posts: 25,856
    All of what you say is true..

    But, if you turn it in early, then you haven't completed the contract. They can invoke the early termination terms, and may do so, if it benefits them. They may have insured the residual, which they may not be able to collect on, if the lease is terminated early.

    Or, they might do it for the regular reason. Because they can, and because they make more money.

    Moderator - Prices Paid, Lease Questions, SUVs

  • eka1eka1 Posts: 28
    @kyfdx
    Honda does NOT have an early termination fee, as long as all the payments are made. If you think about it they rather have the car earlier cause they got all there payments and getting the car earlier then the lease ends.
  • huskerfan5huskerfan5 Posts: 163
    eka, you're missing kfdyx's point - there may be more to this lease than appears. kfdyx brings up the point that the leasing company may be insuring the residual, essentially hedging it's potential loss that the car may not be worth the expected residual and that by taking the car in early, it might jeopardize the insurance payment. We don't know if this is indeed the case, but he's surfacing a potential issue. As for Honda not having an early termination fee, I don't think we know at this point if it is a Honda lease.
  • etrout85etrout85 Posts: 5
    edited May 2013
    Good deal? Bad deal? Southern California BTW

    So I went back and forth with the floor manager at a honda dealer for about 1 hour...

    The Best LEASE offer he gave me before I left in good terms was...

    Accord 2013 LX

    430 due at signing that including all upfront fees (included registration fee) WHICH INCLUDED first months pay (idk what to think of this).
    367 a month for another 35 months
    Gotta get rid of my trade in which is a financed Jeep Liberty 2011 Sport no extras RWD w/ only 27k miles (yes horrible car, i know). This is what is holding me back but i have to get rid of it since I just want one car. 17.2k is left on the loan but the value the dealer gave me (after i negotiated its value up since they agreed its in awesome condition) is 14k. Difference of 3.2k (negative equity) is being added to the lease offer which is basically 88.89 (3200/36) additional charges to the monthly payment.

    12k mile allowance a year
    No additional warranty or maintenance cover.

    THE OTHER DEAL:

    Talked to another Honda Dealer Floor manager. This guy said same deal, but no down payment or no inception and no first months on delivery. DID NOT MENTION ANY OTHER FEES (i was stupid i should of asked).

    How much is the usual registration fee.

    The math they r using on me:

    (23270 - 14427.4 ) / 36 = 245.63

    (23270 + 14427.4 ) x 0.00089 = 33.55

    3200 / 36 = 88.89

    12k miles a year. No talk about deposit, idk if this is a bad idea or not. I usually maintain my cars pretty good. They r firm on the car's cost because they keep saying "lease = sticker. no1 will negotiate the car's cost on a lease".

    Wanna know what you guys think. Keep in mind, I have to get rid of the Jeep so it has to be part of the deal. Fastest way is thru a dealer. I know I can maybe get more if I were to sell privately but that would be complicated because the car is on lien.

    If I am wrong on anything, please correct me. If I possibly forgot to mention something, remind me :). Also I live in southern california (if it matters)

    TY in advance
This discussion has been closed.