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2013 and earlier-Honda Accord Lease Questions

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Comments

  • huskerfan5huskerfan5 Posts: 163
    Car_man provides residuals for many makes and models but for Hondas you can find them at the Weymouth Honda website if you go to their lease calculator. And yes, your credit rating impacts the money factor just as it impacts the interest rate if you are financing.
    I assure you, all dealers know how leasing works and they prey on the those that are uninformed. Next time, just tell the dealer to give you the money factor, residual and a breakdown of the capitalized cost along with the monthly payment. He won't come back with "why do the details matter." because he will realize that you understand that the details do matter.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Yes, if two vehicles have the same money factor then the one with the higher residual values would indeed be cheaper to lease...assuming that their MSRPs and selling prices are the same.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're welcome sanman1. I'm impressed that you got them to use $1,500 in flex cash on your deal. That makes up for the silly $699 dealer fee. I think that you did well. Enjoy your new ride :) !

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • sanman1sanman1 Posts: 69
    edited June 2013
    Thanks car_man. I think I did well..lol I'm not sure if I got them to do $1500 in flex cash. Maybe you meant the $500? Anyway, there was no money out of pocket and it is a 15k mile lease for 36 months. No money down and first payment and all fees were rolled into the lease deal. I pay $392 a month plus state sales tax. This particular V6 coupe doesn't seem to have any special lease deals going and the residual is a little low which can affect payment. If the resdidual was 58% then we are talking under $400 a month with tax incl. Car is awesome so far.
  • sittiesittie Posts: 3
    Thank you huskerfan5. After correcting the residual and adding in fees (Acq fee $595; Doc fee $516 and first month payment, we ended up with a monthly payment of $331 on the following amounts:
    Purch $26215
    MSRP $28860
    Res 54% (drop from 56% w/ 15k mi lease)
    Money factor .00089
    Flex cash $500
    Cash down $1000
    15k miles/yr
  • tweety6583tweety6583 Posts: 15
    Just got a 3yr 12k lease for $319/month, no cash down, no out of pocket, only thing due at signing was the first months payment of $319.

    I rolled the $595 acquisition fee, $250 doc fee, $791 of sales tax and registration all into the payment. Car was $25,163, dealer showed as $25,663 - $500 flex cash. Cap cost (total of above) was $26,799.

    I think I could have shaved another couple hundred if I waited until the end of the month or pushed harder, but dealer knew I did my homework and could get a quick sale at this price. In and out of dealer in under two hours, and the last hour was the salesperson helping me pair my phone and explaining all the electronics.

    How did I do?
  • jgtsjgts Posts: 1
    edited June 2013
    Finishing up a lease on a loaded Crosstour and interested in what I should be paying to lease an Accord EX V6 without Nav (2013). Dealers are giving me the run around on price so any help or ranges you can provide would be really appreciated!

    Also interested in lease pricing for the Sport. Was told last week by the dealer that 340 plus tax and 750 down would get me there. Seems like 13K total is a little high for a car that lists around 23K.

    I hate going to the dealership so would love to have the ammo to make it a one stop trip.

    Thank you very much for any insights you may have!!!!
  • carguy778carguy778 Posts: 33
    hey can you tell me where did you lease your car from. I m also looking for the same.

    Thanks
  • tweety6583tweety6583 Posts: 15
    Hey Carguy778,

    I shopped all around Cincinnati and Dayton Ohio area. Three very good dealers, Joe Morgan, Matt Castrucci, Allan Nott were all very competitive and I would have purchased from any of them. They all were in the same $320/range, other Honda dealers were $340 and above, I walked out at 6 other dealerships, but each time I was able to get closer to a realistic bottom line. My learning on this is as you approach end of month, you should be able to beat my $320 by another $10 to $15/month. Good Luck.
  • yoyolenyoyolen Posts: 2
    edited June 2013
  • huskerfan5huskerfan5 Posts: 163
    Honda Finance establishes the money factor based on your credit tier and the residual based on the model. Ask to see it in writing if you do not trust the dealer but they are not negotiable.
  • anthony212anthony212 Posts: 13
    Ok this is the quote I got from a dealership in NY. I feel like I'm getting ripped off.
    Honda Accord Ex-L Coupe i4
    36 months 12k lease
    Monthly Lease Fee $250.01
    Cap Cost Reduction 3658.19
    Tax on cap cost reduction 315.52
    Up Front Tax (8.625) 776.28
    Total Due At Inception 5000 (Thats the trade in for my Car)
    Less Cash Deposit 100
    Cash Due on Delivery 4900
    Purchase Option Price 16161.60
    He also used the $500 for Flex Cash

    How much lower can I get this guy I feel like I'm paying way to much for the car.
  • ral2167ral2167 Posts: 641
    edited June 2013
    yes-- if i did things right-- you would be getting ripped off.
    I used a lease calculator:
    MSRP: $28900
    Selling price: 25242 (28900 - 3658)
    Down Payment: 4900
    Sales tax: 8.625
    Lending rate-- you didn't supply this, but I used 1.9%
    Car value at end of loan: $16161.6

    I got $157.55/month. So how are they getting $250.01????? The only nice thing about this is the selling price of $25242. That is very good price.
  • anthony212anthony212 Posts: 13
    It was 10 mins before closing when he told me his price after we kept going back and forth. I honestly have no clue where he got the $250.01 doesn't make sense. Btw which calculator did you use?
  • ral2167ral2167 Posts: 641
    I use this one:
    http://www.bankrate.com/calculators/auto/auto-lease-calculator.aspx

    It's accurate as I also lease and it matched exactly my lease payment when I plugged in my numbers.
  • huskerfan5huskerfan5 Posts: 163
    I didn't do any calculations, but if the total due at signing is the $5,000, then the lease must include the Honda Finance fee, doc fees and registration so you would need to add those into the cap cost. That will get you a little closer.

    It's not advisable to pay so much at inception in case the car is stolen or totalled.
  • anthony212anthony212 Posts: 13
    I know it's not smart to put down money on the car, but he kept telling me the less money I put down the higher the price would jump, but still that quote he gave me just didn't sound right.
  • huskerfan5huskerfan5 Posts: 163
    He's right, your payment would go up close to $150 but it's not worth the risk paying $5,000 up front. The additional interest you will be paying on the lease should be considered cheap insurance. He will make the same either way you go but he wants you to pay more upfront because he thinks, psychologically, you would be more apt to close the deal at a lower monthly payment.
  • anthony212anthony212 Posts: 13
    Still don't understand how he came up with $250 a month, anyway I'm going to a different dealership today. And would like to get it down to $250 with little / no money down
This discussion has been closed.