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2013 and earlier-Honda Accord Lease Questions

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Comments

  • huskerfan5huskerfan5 Posts: 163
    The Honda Finance lease inception fee is $595. You can get the tier one credit money factors by asking Car_man in this forum or going to the lease calculator at the Weymouth Honda website. I'm not even aware that Honda Finance lets dealers mark it up at all.
    I believe $500 flex cash is money made available to certain dealers by Honda to sweeten the deal. A savvy buyer following the Prices Paid forum will negotiate a deal based on his location and then ask for the $500 flex cash. If anyone can add to this, please jump in.
  • cnivenscnivens Posts: 1
    So I'm still digesting this site and reading through the forum, but went in to honda to test drive and get more info on leasing an Accord EX-L w/ navi (not a V-6). I used the Weymouth Honda calculator that I saw referenced on here...I'm getting VERY different amounts than what the dealership told me.

    Total sale price of the car is $29,140, $554 due on delivery, and for a 36 month/12,000 mile lease, they told me $388.92 with a $1,500 downpayment...from reading on here I am thinking this is not a good deal at all...any help?
  • huskerfan5huskerfan5 Posts: 163
    The main difference is that Weymouth is selling the car for about $1K under invoice and your dealer for $1K above invoice. If you "digested" my posts, you would know that you want to minimize what you pay at inception. I'm sure it was the salesman who suggested putting $1500 down. Do you know why? It's because if you put down only $1,000, your payment would come to over $400 and psychologically, that sounds so much worse than $388 and your payment would be over $430 if you didn't put anything down.
    Incidentally, even if the numbers were close to Weymouth, there is no way I could tell you if you got a good deal since it varies by state. If one state has high sales tax and high registration fees and another has no tax and low registration fees, the same scenario could be a good deal in one state and a bad deal in another. You need to provide details if you want help.
    Read the prices paid forum and get an idea of what your car should go for where you live and let the next salesman know you did your homework and you'll be treated differently. Your response should have been, "could you double check that, I think you added the $1000 to the invoice instead of subtracting it" and after he gave you the new price (which will probably be less than $1,000 under invoice) you can negotiate from there.
  • camokatucamokatu Posts: 19
    I am new to all of this, so apologies if this is dumb question, but how do you find out invoice price on the car? If in Weymouth example I add $500-$1000 I get approximate invoice price, but what about other dealers? Does everyone pay the same invoice price?
  • huskerfan5huskerfan5 Posts: 163
    You can find the invoice price on this site by clicking "New Cars" in upper left and selecting your make. KBB.com also has new car pricing. I have found that Edmunds frequently doesn't show the premium for certain colors while KBB does.
    Not sure what you mean by "does everyone pay invoice price". You negotiatie the price of the car at each dealer. The Prices Paid forum is helpful for you to get an idea what others may be paying for your model in your location which will assist you in your negotiations. Study hard because the salesman will quickly size you up and try to take advantage of your lack of experience.
  • camokatucamokatu Posts: 19
    Thanks huskerfan5.

    Quick question so to start another thread.

    I was quoted a selling price of $22,883.72 for 2013 Accord EX Manual. I was told that monthly payments would be $309 with sign-and-drive no money down. Fees are $371.10. Residual 60%, MF 0.00089.

    According to my calculations from http://www.theautoleasecalculator.com the price with fees should be around $256 per month. Are my calculations correct? Is acquisition fee usually included in selling price, if not then payment is still around $273 per month.
  • camokatucamokatu Posts: 19
    edited July 2013
    Should read "Quick question so NOT to start another thread. "

    Doing more calculations, specifically adding destination price and acquision price to the mix yields a figure close to $309. I hate when they don't disclose everything up front.
  • huskerfan5huskerfan5 Posts: 163
    Don't blame the dealer. Stop guessing and ask the dealer for the components of the capitalized costs.
    The breakdown will be on your lease agreement so its not like it is a top secret.
  • camokatucamokatu Posts: 19
    Yeah, I will. I am doing this over email, hard to see lease agreement.
  • huskerfan5huskerfan5 Posts: 163
    You won't see the lease agreement until you are ready to sign, but there is no reason not to have the detail before hand. As long as the salesman understands you know how the lease amount is calculated (many people have no clue), he shouldn't hesitate to give you the breakdown. You seem to be well past the point where the salesman tells you all you need to care about is the lease payment itself.
  • camokatucamokatu Posts: 19
    I've never dealt with these companies, http://www.easyleasingdeals.com/ for example, but was wondering if anyone had experience with these types. How are they different from dealers? What makes their prices cheaper?
  • huskerfan5huskerfan5 Posts: 163
    They may have relationships with dealers where they can buy the car for less than you can. They also may charge higher disposition fees and have tougher wear and tear standards. I did a lease with a third party leasing company in 1998 and will never do so again. Unless someone told you about their positive experience about a specific company, I would stay away.
  • camokatucamokatu Posts: 19
    edited July 2013
    Still deciding when I should lease Accord. I was waiting for new programs from Honda that started today, but looks like there aren't any programs for leasing yet. Also saw this post which seems to make sense and makes my decision even harder to make. Will higher residual value of the vehicle make up for higher price of 2014 models? How will money factor play out? Should I wait until end of July or wait for end of August/September to make my move? Lastly, are all these things that I am preoccupying myself with only makes $5-10 difference on the final lease price?
  • huskerfan5huskerfan5 Posts: 163
    Re-read post 5315
  • camokatucamokatu Posts: 19
    edited July 2013
    Yes, that the post I was referring to. At the end of June I had the following numbers for 2013 Honda Accord Sport Manual for example from Weymouth Honda:

    • residual: 59%

    • MF: 0.00089

    • price: $21506.05

    • lease price: $265.63 (includes tax)

    When I checked today it is:

    • residual: 58%

    • MF: 0.00075

    • price: 21,490.43

    • lease price: $266.69 (includes tax)

    This shows how residual affects final price even though MF and sales price have decreased. So what I am worried about here is that as I move to August and September, available 2013 models especially manual will become less available (hard to negotiate price?) and 2014 models will just start showing up, making negotiations hard as well?

    While the numbers above the difference is only $1 per month, but as I said with lack of cars I might have hard time getting a good deal. Thoughts?
  • huskerfan5huskerfan5 Posts: 163
    The biggest factor is the money factor. No way to predict, it's the economics dept vs the marketing dept.
    A point drop in the residual would be offset by about a $250 decrease in price. That's not going to kill you if you guessed wrong by a month.
    Why don't you check out the board last Sep and see how residuals changed. This year's change should be less since it isn't a redesign.
  • camokatucamokatu Posts: 19
    edited July 2013
    OK, thank you for your help.
  • nirvana3nirvana3 Posts: 1
    Carman can you please give me the MF and residual for Accord EX-L w/Navi and w/o Navi. Also if there is any incentives offered this month. Thanks
  • syrsyr Posts: 10
    Is it possible to lease LX for 3 yr/12k 0 drive off $220 a month?
  • camokatucamokatu Posts: 19
    There are many factors at play in setting lease price of the car: sale price, residual value, money factor, state you are in (tax, registration fees). Quick look at lease calculator from Weymouth Honda shows around $270/mo with sign and drive.
This discussion has been closed.