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2013 and earlier-Honda Civic Lease Questions

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  • Hello Car-Man,

    I'm in the market for a 2006 Honda Civic LX. I want to lease for 36 or 42 months. I had a couple of questions for you:
    1. Can i get more than 15,000 miles per year on a lease? (20-25k?) I drive 100miles each day.
    2. Is there a difference in residuals and/or money factors between manual and automatic transmission models?
    3. What are the residuals for Coupe, versus Sedan.

    Thank you...

    Sergey Dubin
  • I'm glad that you find this thread to be so informative, Justin. I am not sure exactly how much others are paying for this car right now, lease payment wise, but I would be happy to give you my opinion on your deal if you let me know this car's full MSRP and selling price. These numbers will show me how much of a discount you are being given and will enable me to use Honda Finance's actual lease program to estimate what your lease payment should be. You absolutely should lease this car without making any sort of down payment. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Civic would be exactly the same, regardless of whether you had put $1,000 down, or had made absolutely no down payment at all.

    Car_man
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  • Hello Sergey. 15,000 miles per year is the highest mileage allowance that Honda Finance publishes residual values for. Having said this, you can lease a Honda vehicle with more than 15,000 miles per year. In order to do so you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.

    There is no difference between the lease programs for Honda Civics equipped with manual or automatic transmissions. If you were to lease a 2006 Honda Civic LX Sedan 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 .00265 and 59%, respectively. The numbers for an otherwise identical lease of a 2006 Civic Coupe LX would be .00265 and 58%.

    Car_man
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  • krckrc Posts: 1
    How does your credit score affect the money factor? Could you give me residual values and money factors for a 2005 Civic coupe? My FICO score is between 600 and 650.
  • mamamia2mamamia2 Posts: 698
    For an '06 Civic LX 4Dr.

    36 Month lease, 12K miles/year, No money down.

    And I have an excellent credit score of 780.

    Price is "out the door" -- paying just the first payment and plates.

    The best offer I got so far was $ 289 a month.

    ...And I am asking, is this really the best I can get these days? Even though I know those cars are selling like fresh donuts... Still, to me it seems high.
  • roosaroosa Posts: 9
    It does seem high...but higher interest rates and selling price of the Civic makes it about right on target....I leased a 05 Accord in August under the same terms for $284.75 a month. CarMan mentioned this in a post...either here or in the Accord section. If it is any consolation, our Accord lease in 1996 was Higher....so interest rates DO matter....we have driven the Civic and like it, but the current lease on the Accord LX-SE is the only one with lease support, and very little btw, that American Honda Finance offers right now....the truth is...even at $289 it is a fine car....go ahead and splurge if you want it...Happy Holidays
  • Anyone interested in a Civic, I want to tell you that you can do a lot better than $289, which is more like how much you should be paying for an Accord... I know this for two reasons:

    1. Honda just posted record sales for November, and despite the claims that there are shortages or whatever, the Civics are everywhere, and ANY dealer should be able to find one for you (even if you have to wait a week or so).

    2. I got my Civic LX Coupe for ZERO down, $225/month. If you're interested in my exact strategy that I used when negotiating (because it did take some effort, feel free to email me).. the "lowest" dealers initially agreed to go was $269, but that changed pretty quickly.

    I'm sharing this because I want those who are on a tight budget like myself to know they can still get into this great car. And remember, since this car has such a amazing retention value, IT SHOULD LEASE FOR LESS! The dealerships will profit when they sell it as a certified used vehicle!

    I can post a longer explanation, including some specific numbers, but I think this is long enough for now..
  • mamamia2mamamia2 Posts: 698
    xxcivicxx:

    Well, I'd like to email you but there is no address available in your "member profile"...

    If you get an '06 for that monthly payment of $225 -- OUT THE DOOR (first payment, doc fee and plates are always extra), with ZERO DOWN and if it INCLUDES the taxes... Boy, $225 really seems just too good to be true.

    This morning I actually decided to go with a local LEASING COMPANY, ordering the car for me today (simply asking my verbal agreement, no down payment required), for end of January delivery FOR $249 A MONTH.

    And when I told that to the dealer who was the cheapest around ($289), his reaction was almost embarassing... He would not believe me...

    So please, xxcivicxx, share with us the secret.
  • azrobazrob Posts: 2
    After a model has been around does honda start to discount? I'm going to sell my bmw 330cic and i want to replace it with a less expensive car, but I'm in no hurry, so I'm wandering if typically after several months the deals on the civic will get better
  • your ingorance gave me a good laugh, and i have a lease agreement in front of me that proves my point and your ignorance. i don't need your sarcasm since i'm really trying to help out those who, like myself, had a difficult time during the buying (leasing) experience.

    my email is not hidden, it's available to anyone registered on this site.

    if anyone still would like some help, let me know.. i don't want to post my strategy for personal reasons.
  • mamamia2mamamia2 Posts: 698
    A. Ignorance? What ignorance? I was simply wondering about a deal that ANYBODY who's been shopping around would agree that it's pretty amazing... I was actually ASKING YOU to share the info with us.

    B. Your email address was NOT available on the Member Profile box as of this morning. You changed it since, that's nice.

    C. Your Message #38 from October 28 is revealing QUITE DIFFERENT NUMBERS as to the deal you got... Here is what you posted on this board then:

    $0.00 down
    $650 at inception (TTL, first month payment, etc. etc)

    $260.00/month
    42 month, 12k/yr.


    So it's not 36 months -- but rather 42 months, and it's not $225 -- but rather $260...

    Now, tell us, which one is it, xxcivicxx? ;)
  • Yes, krc, your credit score will absolutely have an impact upon the money factor that you have to pay to lease through Honda Finance. All of the money factors that I have mentioned for leases through it assume that you qualify for its "Super Preferred" credit tier. In order to do so one needs a credit score of above 700, specifically I think over 730. Honda Finance's "Super Preferred" money factor for a 36 month lease of a Civic Coupe right now is .00265. I am not sure exactly what it would be for someone with your credit score, but it definitely would be higher than that.

    Car_man
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  • Hi mamamia2. You're right, the redesigned Honda Civic has been selling very well lately. I am not sure how much you would have to pay for one right now, but you should be able to get a good idea by visiting the following discussion: "Honda Civic: Prices Paid & Buying Experience". I would be happy to estimate what your lease payment should be like on this car if you let me know what its full MSRP (including the destination charge) and selling price are.

    Car_man
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  • OK, everyone. It's fine to disagree with other community members, but let's try to keep things civil. Thanks.

    Car_man
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  • mamamia2mamamia2 Posts: 698
    I would be happy to estimate what your lease payment should be like on this car if you let me know what its full MSRP (including the destination charge) and selling price are.

    ---------- See, Car_man, but I did it backwards. I didn't first negotiate the selling price of the car (before turning to the leasing option), nor am I interested in it's price now....

    I simply turned to 3 local dealers (and 2 leasing companies), gave them the same info:

    Civic LX AT
    36 month lease
    12K miles/year
    No money down (except first payment and license)
    My credit score is 780 (yes, it's very high)

    ---- And asked for a monthly payment, out the door.

    The offers I got from 2 dealerships were both "in the low $300s". The best I got from one dealership was $289, promising to get the car with the color I want "in a week or two". Not bad.

    ....Then, on Friday, one leasing company (recommended by a friend who's been leasing cars from them for years) offered the car for $249, but with a late January delivery. They did not ask for any money down, nor any signed agreement on my part...

    I think the latest offer is really a great offer, seems legit, and I am taking it.

    ...Am I wrong, Car_man?
  • vf154vf154 Posts: 12
    I'm not car man but using my spreadsheet (from Edmunds site) and assuming a MF, MSRP, sales tax I got a selling price of $16,465 vs inventory of 16,375:

    Civic LX
    Sticker + options 17860
    Months of lease 36
    Residual % 36 months 0.57
    Residual after 36 mo 10180.20
    Selling price 16465
    Less residual -10180.20
    Depreciation 36 mo 6284.80
    Per month Deprec 174.58
    Interest rate 5.0000
    Money factor(example) Using 5% int 0.002083
    Interest per month 55.51
    Lease payment without Tax 230.09
    Lease payment with CA tax 8.25% 249.07

    Inventory + Dest on Edmunds is 16375

    Any questions? Just ask, as I am doing the exact same thing myself and only have an offer so far of $17000 yielding a lease payment of $265 per month incl sales tax.
    I am in Sunnyvale CA, where are you?
  • mamamia2mamamia2 Posts: 698
    This is bitter-cold-snowy-brrrrr Chicago here... Where the sun is not shining but sales tax is lower than 8.25%... it's 7.25% here... And in a neighboring county it's 6.5%.

    So, Is your calculation of $249.07 montly lease payment based on a sale price of $16,465 or is it $16,375 (incl. tax)?

    And, based on a 7.25% tax, is $249 a month really "outrageous" or "an error, too good to be true", as some dealers here were trying to tell me?

    What do you think?
  • Hey Car_man, here's the deal i have on the table now. My '05 Civic EX Coupe AT has a payoff of $14,800. I have a dealer who would pay it off (I got the car for $15,700 4 months ago...it has 3k miles). Then they would put me in an '06 Civic LX Sedan AT for $262 42 month lease. Zero down...roughly $400 to start which includes 1st payment, paperwork and plates. The money factor seems a bit high at .00303 so I will try to get that down. The residual quoted was 55% with net cap cost of I believe $400 over invoice according to the salesguy. What do you think? Is this a good deal? My wife says its better for me to lease cause i'm always wanting to get new cars :-) Plus we have an Odyssey that we plan to buyout and keep.
  • Dear CAR_MAN,

    I am in Ohio, near Cleveland. I was givien a lease quote for 42 months on an EX coupe (2006) for $290/mo. Thats with nothing down. I calculated my own lease and came up with $267. Can you tell me what the residual is on this car?
    2006 EX coupe 42/mo 1200 per month no navigation

    Thank you so much! :)
  • CarMAN,

    2006 Honda Civic LX, 4 Door, automatic, no other options. I am in Indianapolis, Indiana. For a 36 month lease the best deal I have found is $297.94, this price includes all taxes and nothing down. For a 42 month lease the best deal has been $278.95. Any thoughts on these deals? And should I be able to get a better deal? My credit is excellent. Thank you for your help.
  • I have been shopping around and have found some new deals. Dealer 2 has quoted $290.40 for 36 months for the the above car, 15,000 miles. Our local Credit Union came in with $257.29.

    The dealer stated that the credit union could not match them on such items as built in gap insurance, Honda finance's $1500 damage waiver at lease end, as well as Honda's Pull Ahead and Honda preferred programs. Any thoughts on these items? I will check with the credit union after Xmas to see if they do not offer such items.

    Any thoughts would help, thank you.
  • My local dealer In Fishers, IN will sell to me at MSRP - 19990 plus 550 for Destination.

    I am a returing AHF leasee so they will wave the aqcuisition fee and security deposit.

    Based on that, they quoted (before tax) 385 for 36 months 12K/yr and about 400 for a 15K/yr lease.

    This seems kind of high since my 03 Accord EXV6 lease payment is 340 for 36 mo 15K/yr.

    Can you supply the Money factor and residual amounts that AHF is using so I can check their numbers. My credit score is above 700.

    Also when calcualting, do I use the 19990 or the price with destination added in?

    It will be interesting to see what the lease should be and to then compare what i could get a new 06 EX V6 for in comparsison (I think I can get close to invoice for purchase price of the accord).

    Thanks in advance!
  • OK just read some of the previous info here regarding MF and residual values. I then plugged those into the lease calculator here at edmunds.

    Here is what i got:

    Civic SI lease payments - my calcs (assuming 0 down no aqc, security waived and before taxes).

    selling price 20450 (MSRP including destination)

    MF .00255

    residual 59% = 12066

    12000 / yr 36 mo

    Lease payment before taxes 315.84

    price 20450

    MF .00255

    Residual 61% = 12474.5

    12000 / yr 36 mo

    Lease payment before taxes 305.48

    Do these numbers look about right? If these are correct, I may email them back to the delear to see what they say now ;)
  • Hi everyone. I was away on vacation last week and didn't have an opportunity to answer some of the questions that you had about Honda's December lease program for this model. Honda just introduced its new January lease program yesterday and I would be happy to answer any questions that those of you who are still in the market for it have.

    Car_man
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  • mamamia2mamamia2 Posts: 698
    Hi, car_man, could you please refer to my posts here, #76 and #78? The Civic was ordered for a late January delivery... Still wondering whether the deal I got ($249 a month) is "too good to be true"...

    Does Honda have a special this month?
  • rws0131rws0131 Posts: 27
    Car_man,

    Do you happen to know the residuals and money factors for the civic ex coupe for 24 months/12 and 15k and the same for 36 month 12 and 15/k????
  • Still wanting lease numbers for the question I posted above you new post....Thanks in advnace!
  • Car_man,

    I was looking for the residuals and money factor on a 06 Civic Hybrid (with navigation). Over the phone, the dealer has quoted me a 58% residual for 36 months @ 12k miles per year, and a money factor of .00315 (seems kinda high). Was hoping to find out if these numbers are correct? Thanks a lot.
  • txman1txman1 Posts: 3
    Car_man,

    I am looking to get out of my '05 Jeep Grand Cherokee due to constant mechanical problems (imagine that). I purchased the vehicle new, and unfortunately doesn't qualify under Lemon Law. I am looking into leasing an '06 Civic LX, as it seems this may be my best option. I owe approximately $30,000 on the Jeep, and I get a KBB trade-in value of close to $22,000. I assume the dealer can absorb most of this negative equity. I don't have enough experiences with leases, but I am looking for an economical import. Perhaps a Nissan Sentra, which currently has a $2500 rebate, would be a better option? I have been looking up work sheets regarding leases, and the other posts regarding this. I am looking at a 36 month lease, @ 15,000 miles per year. I want to put down the least amount of money possible with this as well.

    I am looking at getting the specifics on this vehcile ('06 Honda Civic LX, AT, 4 door) out the door. My credit score has been lowered to a 680, due to a bank error on a loan. It will take 60 to 90 days to remove the error. I have an 8.25% sales tax to consider as well. Any other responses from members are welcome, and I am located in Southern CA. Please let me know.

    Thanks!
  • Hi mamamia2. Unfortunately, Honda still is not providing any sort of lease support on the Civic this month. The redesigned Civic must be putting a little pressure on the Toyota Corolla though because January is the first time in a long time that Toyota has had incentives on it.

    $249 a month certainly sounds a lot better than in the low-$300 a month range. Many consumers shop around by looking strictly at lease payments. I personally prefer to look at every aspect of a deal before I agree to it. This is why I find the MSRP and selling price so important. With these numbers I can figure out what lease payment to shoot for in negotiations. Another way to look at this deal would be to use this car's base MSRP and dealer invoice price to figure out what the lowest possible lease payment would be on it and work our way up from there. A 2006 Honda Civic LX Sedan with an automatic transmission has a base MSRP of $17,860 and a dealer invoice price of $16,375. Using these numbers and Honda Finance's actual lease program I estimate that the lowest possible monthly payment for a 36 month, 12,000 mile per year lease of this car is $229. If you were to get this car for $500 over invoice, your payment would increase to $245 for an otherwise identical lease. This is fairly close to the lease payment that you were quoted, so yes I would say that you are getting a good deal.

    Car_man
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This discussion has been closed.