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2013 and earlier-Honda Accord Lease Questions

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  • thank you for you response, nvnick. I actually have some more numbers that confuse me though. my dealer has offered a selling price of 19799 (500 over invoice) and tells me the MF is .00184 and the residual is 55% (11756 on an MSRP of 21375). rolling the aquisition fee of 595 into the lease and paying the other fees up front, he gives me a monthly rate of like 295 fo 12k/42 months. I can't figure out why this is so much higher than the 254 you calculated. does it have to do with sales tax (5% in Maryland)? I am thinking this is rolled the sales tax into my monthly payment as well but am not sure.
  • I am nearing the end of a lease on a 2003 Accord. I'm thinking of purchasing the vehicle outright. I've gotten the buyout amount from AHFC. It seems to be a reasonable price, compared to a comparable used model. Do you think there is any room for negotiation?

    Also, I'm considering purchasing an extended warranty for the car. Warranty Direct offers a 100,000 mile/5 year plan for about $1,100.00. Do you think it's a wise purchase?
  • Typically American Honda Finance does not negotiate at the end of the lease. It's residual + tax depending on the state you live in.

    The extended service agreement depends on personal preferences]. How many miles are on the car now? And is it 5 years from the original date of sale or the date you purchase the agreement?
  • nvnicknvnick Posts: 50
    Accord LX w sales price of $19,799...42mo/12k MF .00184 & 55% res, I calculate $265 month before tax. Found these November lease rates on Roadfly.com:

    2006 Honda Accord 4dr Sedan EX

    24 mo/15k mi - 66% residual – Money Factor .00192 Base Rate
    36 mo/15k mi - 57% residual – Money Factor .00192 Base Rate
    48 mo/15k mi - 47% residual – Money Factor .00235 Base Rate
    60 mo/15k mi - 35% residual – Money Factor .00430 Base Rate

    24 mo/12k mi - 67% residual – Money Factor .00192 Base Rate
    36 mo/12k mi - 59% residual – Money Factor .00192 Base Rate
    48 mo/12k mi - 49% residual – Money Factor .00235 Base Rate

    2006 Honda Accord 4dr Sedan EX-L

    24 mo/15k mi - 67% residual – Money Factor .00192 Base Rate
    36 mo/15k mi - 57% residual – Money Factor .00192 Base Rate
    48 mo/15k mi - 47% residual – Money Factor .00245 Base Rate
    60 mo/15k mi - 36% residual – Money Factor .00440 Base Rate

    24 mo/12k mi - 68% residual – Money Factor .00192 Base Rate
    36 mo/12k mi - 59% residual – Money Factor .00192 Base Rate
    48 mo/12k mi - 49% residual – Money Factor .00245 Base Rate

    2006 Honda Accord 4dr Sedan EX-L (V6)

    24 mo/15k mi - 67% residual – Money Factor .00192 Base Rate
    36 mo/15k mi - 57% residual – Money Factor .00192 Base Rate
    48 mo/15k mi - 47% residual – Money Factor .00245 Base Rate
    60 mo/15k mi - 36% residual – Money Factor .00440 Base Rate

    24 mo/12k mi - 68% residual – Money Factor .00192 Base Rate
    36 mo/12k mi - 59% residual – Money Factor .00192 Base Rate
    48 mo/12k mi - 49% residual – Money Factor .00245 Base Rate
  • Yes. I suspected that. The leas-end process seems to be conducted very much at an arm's length... Thank you.

    The car has about 33,500 miles on it. And the service agreement is 5 years from the time the warranty is purchased, or 100,000 miles, whichever comes first.

    Do you think, in general, that if something is going to break on a car, it will probably do so within the first 3 years or so? That's pretty close to the premise I would go on for most appliances.
  • You're very welcome emma4. There are a couple of web sites out there that are designed to hook up consumers who want to get out of their leases and consumers who are looking to assume an existing lease. I never mentioned this option to you because I do not believe that Honda Finance allows lease assumptions. A number of banks do not allow this sort of transaction.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • Hi accordlease. Consumers are often able to purchase Honda Accords for fairly close to dealer invoice, perhaps a few hundred dollars over. For more specific feedback on how much you should pay for this car, you may want to stop by the following discussion: "Honda Accord: Prices Paid & Buying Experience". It contains over 10,000 posts on this subject :surprise: . Once you know approximately what the selling price for this car is, let me know, along with how long you want to lease it for and how many miles per year you need to be able to drive it and I will be happy to estimate what its lease payment should be for you.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • Hello mdaccord. In order to figure out what your lease payment should be like on this car, you need to know its selling price. I suspect that you will be able to get a 2006 Accord right now for a couple hundred dollars over dealer invoice if there is a decent level of competition in your area. You can look up the exact dealer invoice price of the car that you are interested in by looking in the following section of this site: Edmunds.com - New Vehicle Pricing. Once you have this figure, let me know along with how long you want to lease for and how many miles per year you need to be able to drive and I will be happy to estimate what your lease payment should be for you. I don't believe that Honda Finance will waive its lease acquisition fee for returning customers, but you should be able to get your vehicle's security deposit waived for free, i.e. without an increase in its money factor.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • Car_Man,

    I believe the best price is 20,600 with the rear wing added. I plan to lease the car for 42 mths/ 12000 miles, 9.75% tax. Please keep in mind I am 3,000 upside down in curent vehicle. How much do you think my payments should be? Thanks so much!
  • Hello Car Man,

    I noticed all the useful info you've been providing and thought you might be able to help. I'm interested in determining what the money factors and residual values might be on a 2006 Accord EX 2door coupe (5spd MT, NOT the V6) for three different periods of time - 36, 39, and 48 months (15k/miles per year on all). Any help would be greatly appreciated. Not sure if you need additional details or parameters to calculate. If so, please let me know. Thanks!
  • Greetings boardchair. In order to figure out what your lease payment will be like on this car, I need to know what its approximate selling price is. You should be able to get an idea of how much you will have to pay for it by checking out the following discussion: "Honda Accord: Prices Paid & Buying Experience". Once you have this number, let me know and I will calculate a lease payment for you.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • Hi mdaccord. Vehicles residual values are set in stone by banks and dealers do not have the authority to alter them. However, dealers are often allowed to "mark-up" banks' lowest possible (also known as buy rate) lease money factors to add additional back-end profit on deals. This practice is much more common amongst luxury vehicle dealers, like BMW or Mercedes-Benz, but it can happen anywhere. The money factor that you were quoted to lease the 2006 Honda Accord that you are interested in is right on the money and is not being marked-up.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • Thanks for the additional information, accordlease. I just looked back and noticed that you never mentioned the exact model that you want, so I am going to have to make an assumption because Honda's lease program varies by trim level. According to my calculations, if you were to lease a 2006 Honda Accord LX 4-cylinder Sedan with an MSRP of $22,500 and a selling price of $20,600 through Honda Finance right now for 42 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $257. However, you mentioned that you are $3,000 upside down on your current vehicle. Honda Finance might now allow you to roll this entire amount into your new lease. If you could roll $1,000 in, it would increase your payment to around $283, $2,000 would increase it to $308, and $3,000 would increase it to $334.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • Hello b22squared. Here is the information that you are looking for. If you were to lease a 2006 Honda Accord EX 4-cylinder Coupe through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00192 and 57%, respectively. The numbers for an otherwise identical 39 month lease should be .00192 and 53%. Honda is not supporting 48 month leases of this model right now, so its 48 month factor would jump to .00245 and its residual value would be 46%. Good luck in your negotiations and let me know if you have any other questions.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • yureyyurey Posts: 1
    Got my lease on a 2006 accord EX-L sedan with fog lights. 36mo, 18K/yr - $389. Nothing down, nothing up front. The numbers for resid and mf should be 57% and 0.00192 or 0.00205
  • jmax1jmax1 Posts: 9
    Hi car host, I am at the end of my lease 2003 Accord Ex with 14,000, my residual is 14,000 they are willing to give me 17,700 for trade to lease Civic EX Coupe at 21,463 for 36 months payment 291.00 11,962 and MF .00265. Would I be better off leasing 06 Accord EX Coupe? I don't know what the price is, Or should I use my equity to buy either? Please help, Thank you
  • TO car man, others...
    I'm interested in the current factory lease incentive
    for the 2006 Accord LX SE. Is it possible to get a local dealer to improve upon this? If so, what should I ask for?
    I want to lease in the LA area. The deal is as follows:

    2006 Accord Special Edition LX Special Featured Lease Terms
    $239 per month for 42 months. $1,999 total due at signing.
    Special lease rates available on all new 2006 Accord models. Offer =
    valid through 1/03/2006 for new and unregistered 2006 Accord Special =
    Edition LX Automatic Sedan Vehicles (Model CM5636EW). Only on approved =
    credit by Honda Financial Services through participating dealers. Honda =
    Financial Services' standard credit criteria apply. MSRP $22,825.00 =
    (includes destination). Actual net capitalized cost $20,070.40. Dealer =
    participation may affect actual payment. Total monthly payments =
    $10,038.00. Option to purchase at lease end $12,553.75. Lessee =
    responsible for maintenance, excessive wear/tear and 15 cents per mile =
    over 12,000 miles per year with MSRP less than $30,000. For vehicles =
    with MSRP of $30,000 or more, mileage cost is 20 cents per mile over =
    12,000 miles per year. See Dealer for details. Subject to limited =
    availability. Lease rates subject to change without prior notice. Not =
    all buyers may qualify.
    =20
  • stevecarstevecar Posts: 148
    I'm looking to lease a 2006 accord sedan auto V6 w/nav. Has anyone in the NY/NJ area done so recently and what is a good price to pay?
  • dglozmandglozman Posts: 177
    36 month 12k miles. Paid $1,000 upfront and my payments are $273 a month. Its includes taxes, title and registration and 1 month payment
  • jmax1jmax1 Posts: 9
    Is it ever a good deal to buy out a lease? I have been leasing 3 years 03 Accord EX with 14,000 miles. A lease company said you would be giving your car away to turn it in an either lease or buy new. My 03 is in excellant condition. Any thoughts? jjmax1
  • sdiver68sdiver68 Posts: 119
    Yes, of course it can be a good deal to buy out a lease. If it is worth more than the residual, then it is always a good idea to buy it out, then resell it even if you didn't want to keep it. If you have 14,000 mile on it, and you paid for say 36,000 miles worth of depreciation, then most likely you ARE coming out ahead buying it out. Put it this way, if you went looking for an 03 Accord with 14K miles, would you expect to pay more than your buy out? Most likely, yes!

    FWIW, some people work out a deal with the dealer to get it certified. If you are worried about warranty work (and I would not with a 3yr old Honda) then perhaps you can go this route. This is tricky, you have to make sure you do not overpay for what, in effect, becomes an extended warranty. Also, I do not know the exact terms of Honda CPO...this is more common with BMW's for instance.
  • Hi Car_man
    I am also interested in the factory lease incentive for 2006 EX Sedan 4 Cyl. I live in LA Area and looking at 12,000 miles/year.

    -I went to one dealer in my neighborhood by asking for improving those 42 months deal to 36. And they accepted it with lower monthly payment around $259.99. However, the up front cost is $2,500 rather than $2,138 from manufacturer incentive.

    -I received the internet quote from other dealer nearby at $21,513 including destination fee. How can I calculate the monthly payment from this price with 36 leasing months.

    Comparing those two and manufacturer incentive, which one do you think is close to the real deal?

    Thank in advance :)
  • jmax1jmax1 Posts: 9
    I do plan to sell the car myself after I purchase the Accord, my problem is a lease company wants to finance the deal for me at 900 profit to them. Should I go to my own credit union and finance myself?
  • Without a doubt you should go to your credit union. Unless the rate charged by the leasing company is low enough to offset to $900 charged up front.
  • oldjoeoldjoe Posts: 132
    Local newspaper ads here in Eastern Iowa have the Honda Ridgeline with A/T for lease at $219 and $2,900 down. Honda Pilot w A/T for lease at $239, about the same amount down. Residual value of the Hondas just can't be beat.
  • oldjoeoldjoe Posts: 132
    Your numbers are wrong. You should be able to getan Accord LX for about 2229 or less. Ridgelines are leasing for $219 and Pilots for $239...so check your local dealer for the real numbers they are offering at any given time. The well-sold leasing programs, available on the internet for less than $100 will teach you all that you want to know about all the new terms you may see. Make your best deal first and then decide whether to buy or lease.
  • Car_Man's number are correct. The numbers that you are quoting, as I see from the post just above, are with $2,900 down. Car_Man's number are with no money down. Actually, the number that he quoted in the post you replied to are for rolling negative equity into the lease, meaning the car that the poster was trading in was worth less than what he owed. Therefore, when Car_Man said that rolling $1000 into the lease bumps the payment up to $X, that is because the buyer is having the lease pay the extra $1,000 he owed on the trade-in.

    As far as the leases that you mention, I'm sure a quick search will reveal numerous reasons as to why money down on a lease is not a good idea.
  • oldjoeoldjoe Posts: 132
    Sorry, I did not realize that it was a "poor risk" deal he was trying to get into.
  • Hi Car Man,
    I need advice on negotiating lease on 2006 Accord EX V6 6sp w/NAV, fog lights and auto mirror. The best offer so far from a local dealer is $28,281 plus tax, registration and fees. I want to get a 42 month/15k annual miles and I'd like to keep my lease payments to about $400 a month. I've been pre-approved for a lease by American Honda, and I'm prepared to put about $2500 down. Are my expectations reasonable? Should I be trying for a lower price for the auto? I realize that right now I'll have to order this car. I can drop the lights and mirror now and add them later, to keep the payments within my requirements. Thanks for your advice and help.:confuse:
  • waydewayde Posts: 198
    HI CarMan -
    Don't have the selling price, but was quoted the following on an 2006 EX-V6 non-navi. Can you tell me if this looks good?

    3years/ 36,000 miles
    Monthly payment -- $388.10
    Down payment --- $388.10

    Thanks!

    MSRP is 27850
    Selling price - not sure, just got this quote.
This discussion has been closed.