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2013 and earlier-Honda Accord Lease Questions

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Comments

  • kyfdx@Edmundskyfdx@Edmunds Posts: 25,970
    5K mi/year, equals 16,250 miles on a 39 month lease..... That would change your calculation by a lot..

    However, that's not how it's done.... to go from 10K mi/yr to 15K mi/yr, just lower the residual by 3%... that's going to add about $700 total to the lease... so, under $20/mo. more...

    Is it legit? No idea... but, add in tax, four years registration and probably a $399 dealer fee on top of all that.. they are already showing a bank fee that looks to be marked up, as well...

    If it's legit, and all those costs are added in, you are still only around $210/mo. + tax... with only first payment due at signing... that looks pretty cheap to me for a 39mo, 15K/yr lease...

    Moderator - Prices Paid, Lease Questions, SUVs

  • huskerfan5huskerfan5 Posts: 163
    The catch is that the lease isn't with Honda Finance. Honda Finance charges $595 while this third party leasing company charges $795. Honda corporate wants to keep you happy so you get future Hondas, most third party leasing companies just want to make as much money off their lease as possible. What does that mean to you - much higher disposition fee and outrageous wear and tear charges. How do I know?, cause I did one of these for my 98 Audi when I didn't know much about leasing. I would be especially nervous with a 39 month lease since that will give them an opportunity to charge for some mechanical issues that they will have claimed to have found.
  • jbthompsonjbthompson Posts: 1
    Hi everyone. I am in the market for a new car, and am in love with the new Accord. I have been going back and forth with a local dealer and am struggling to get a sign and drive lease at 200 bucks. Best I have been able to get is around 250 a month. Anyone have any luck? Does Honda do promos like this? I also have a local Toyota dealer that is offer 199 sign and drive leases on Camry LEs, including TTL. I am tempted but want an accord!!!!
  • huskerfan5huskerfan5 Posts: 163
    Take the formula for calculating a lease payment (do a web search if you don't have it, you'll need the MSRP, residual pct, money factor and capitalized cost). Find the May residual pct and money factor from one of Car_man's posts, you already have the MRSP and your target payment of $200 and plug them into the formula to back into the capitalized cost. Then back out from the capitalized cost all the fees you plan to put into the lease so you can do a sign and drive, such as the Honda Finance lease inception fee of $595, your local registration fees, etc . That will leave you with the selling price of the car. Compare that number with the prices you see in the Prices Paid forum. I'm sure your selling price won't come close to the best selling price so far on that forum. One fo the reasons that Toyota is offering some really good deals now is because they want people like you, who really want an Accord, to settle for a Camry.
  • charles_guycharles_guy Posts: 55
    edited May 2013
    hamiltons running same here jersey$169. its bs when you get there. we know from coupla weeks past http://www.hamiltonhonda.net/newspaper-ads.htmis the advert

    residual 15661. not from honda. 10k only. oh its website mistake. wheel locks trunk tray guards=499+tax. tax&tax&tax on everything

    lxcrv was like more n 2000 to deal and was really like 309 month

    they have free dogs n food Memorial Day so driving there in our cheaper leased crv for some food

    happy holiday evryone
  • slamshifterslamshifter Posts: 12
    I was watching a professional baseball game yesterday and the t.v. Advert caught my eye for the following; 2013 Honda Accord LX, $0 down for $189.00 a month for 36-month/12,000 miles per year allowance. Subject to limited availability. Excludes taxes, titles and fees. Financing through AHFC. Dealer sets actual vehicle sale price. MSRP $23270 Net cap cost $20734.16. Assuming I am top tier credit with AHFC, and additonal taxes, title and fees apply, what can I expect the final monthly payment to be? The local county tax is 6.75%. I am also assuming this is a bare bones Accord.
  • huskerfan5huskerfan5 Posts: 163
    For every $1,000 you add to the cap cost, your payment will go up about $30. You will need to add the lease inception fee of $595 as well as the dealer doc fees and title/registration fees. Those fees will differ by locality. You should still try to negotiate a decrease in the $20,734.
  • sanman1sanman1 Posts: 69
    Thanks car-man, I ended up paying $27,700 and rolled all fees into the lease payment. The price with $500 flex cash (adjusted cap cost) was $29,200. This included the $595 and $699 dealer fee. The dealer fee they were not moving on and the price of the car was already 10% under MSRP. I could've maybe had them go down another $300 on selling price but that's about it. They also gave me an ipad mini in the deal. Not a big deal it's only a $300 item. They were wiling to take it back and give me the $300 off of the car but that would not do much to the payment. Think I got a decent deal? Too late now anyway but curious.

    Thanks again!
  • ral2167ral2167 Posts: 642
    So what did the monthly payment come to before taxes?
  • sanman1sanman1 Posts: 69
    Payment before sales tax is $392.00. They rolled first payment, tax tag, aquisition fee, and dealer fee into the lease deal. No money out of pocket at drive off.
  • slamshifterslamshifter Posts: 12
    Huskerfan: Sorry for carpet bombing...I shopped a 13 Accord LX and and got a local dealer down to $20,995 and $255 a month with 1st months payment and $0 sec dep. I shopped a comparable '13 Sube Impreza 5 door premium edition because the similar price point. Sube wins the business with a final negotiated price of 20,000. According to several auto locator services the Sube is invoiced at $21267 and dealer has it MSRP $22500. They had the factory add on a cold weather pkg and it came in around $23,500. So...here's the deal...gimme the scoop huskerfan...is this a good deal???

    Selling price: $20,000
    36 month lease
    12000 miles/per annum
    Residual 61%
    MF: .00100
    Base payment $223
    Monthly payment = $239 month ($223 + 6.75% tax)
    Due at signing: $583 (1st month of $223/$250 doc fee/$60

    Appreciate the feedback!
  • slamshifterslamshifter Posts: 12
    Well the deal went down on the Sube and all's well that ends well. My local Honda dealer told me, "We aren't in the car wholesale business" so I went with the Sube. End of story.
  • jw074jw074 Posts: 6
    Hi,

    Just wondering what some realistic sale prices are for LX, Sport, EX? How much below invoice can one get?

    Invoices I found incl destination: 21,369/22,929/24,037 for LX/Sport/EX

    Weymouth's site has: 20,697/22192/23250

    How much lower can one reasonably get?

    I'm assuming residual, and MF aren't negotiable right? That's why focusing on negotiating the sale price.

    So far I've gotten sale price of 20958/22485/23571 for LX/Sport/EX

    2. Also, I've read people posting that it is recommended to roll the fees (doc, bank, DMV, etc) into the monthly payments, instead of paying up front? Any reason (aside from not having to pay upfront)?

    thank you for all of the advice on the forums
  • slamshifterslamshifter Posts: 12
    Just went down that road with an LX priced at $20995...it was as low as dealer would go and I have previously leased 5 Hondas from those guys. Their best counter offer was 3 yr/36k miles with $0 down came out to $255 a month. Got the AWD Subaru for $1000 less and $30 a month cheaper. Great car for the money, loads of options and very decent residual and MF. Honda dealers just aren't hungry enough I guess (lol)
  • huskerfan5huskerfan5 Posts: 163
    Good deal. You lucked out that Brian was familiar with Impreza pricing. Good residual for May and the MF was decentl
  • huskerfan5huskerfan5 Posts: 163
    I always recommend putting everything into the lease and getting 36 equal monthly payments because if the car is stolen or totaled, you lose everything you paid at inception. The only reason not to do that is if you plan on applying for a mortgage and need to keep your debt payment to income ratio down
  • jw074jw074 Posts: 6
    What happens if I don't buy today?

    Tomorrow is June 1...will they still honor the price, or do they go up again?

    Just wondering bc what if in June Honda offers dealers more flexcash/rebates or something?

    Bc I don't need a care TODAY...I can wait another week or 2
  • brian125brian125 New york / S.C. myrtle beachPosts: 2,051
    If dealers wont honor the May,31 price quoted its best to start your buying process at the end of June.

    June could have a better rebate and flex cash deals.

    End of June is the end of the 2 Quarter for car companies. Big savings at end of the month for sure.. Dealers that need those sale incentive numbers will be hungry to sell at much lower prices..

    2013 Genesis 5.0 R-spec, 2013 Accord EXL V-6, 2012 BMW x-5, 2012 ML350

  • huskerfan5huskerfan5 Posts: 163
    Brian is right about the pricing but you need to take the residual and money factor into consideration too and those can change every 30 days.
    Just like you can expect pricing to go down in June, it is likely that residuals will go down in June also. Each percentage point decrease will increase the lease by about $8. On the other hand, each $265 decrease in your cap cost will lower the payment by about $8. Doubt the money factor will change much between May and June. Economy wise, there’s probably a greater chance that MF’s would rise than fall but they could also lower the MF to spur volume. If I were you, I’d take my chances and wait till June.
  • etrout85etrout85 Posts: 5
    edited June 2013
    SOUTHERN CALI

    Anyone know the June MF and Res % for all the trims? Where/how do you guys get that sort of info?

    Also how exactly is the customer's credit scored factored in? There's different tiers of MF depending on customer credit?

    Most dealerships do not want to talk about how leasing actually works. Some sales reps. and managers do not know how it works. They get very defensive: "Why do the details matter? Its $XXX a month. That's the bottom line."

    Happy hunting all!
This discussion has been closed.