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2013 and earlier-Honda Civic Lease Questions

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  • kyfdxkyfdx Posts: 31,237
    Yeah, I don't factor property tax into my lease payments, because I pay the same tax whether leasing or buying (unlike sales tax in KY)..

    But, you have to keep in mind that the property tax is based on the value of the vehicle.. I leased a $54K MSRP car for $335/mo, a couple of years ago...
    $335 isn't a very big lease payment, but the property tax was the same as if I'd purchased the car... about $800/yr (gulp)..

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • nyccarguynyccarguy Stamford, CTPosts: 8,019
    I hear you on that. Last month, I got my property tax bill for my leased 3 series & it was more than the lease pmt.

    2001 Prelude Type SH, 2011 Pilot EX-L 4WD, 2015 Subaru Legacy 2.5i Premium

  • jipsterjipster Posts: 5,345
    So the property tax is valued at the m.s.r.p sticker price and not the negotiated sale price?

    Had I known the property tax still wouldn't have kept me from leasing, still needed a vehicle.

    Finance guy didn't mention taxes was in addition to monthly payments. Guess he figured I should have known that. LoL
  • kyfdxkyfdx Posts: 31,237
    Property tax is based on retail value of the car on January 1st.. pretty sure they use the NADA guide for used cars..

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    Prices Paid, Lease Questions, SUVs

  • Hi Guys,

    I'm looking to lease a 2013 Honda Civic EX-L for 3 years and 36,000 miles.
    Am I right that the best money factor being offered by Honda Financial is 1.42% or (.00059)?
    What is a good residual for this model and trim? 61 percent? Do I include the destination charge when calculating the residual price?
    Anyone use TrueCar to negotiate the lease deal?

    Thanks,

    Manny
  • I wanted to share /get your opinion on the LEASE deal I was getting here in Columbus, Ohio for 2013 Civic EX-L w/navi.

    $First month's payment down (nothing else due at signing)
    $275/per month
  • What's the residual percentage or value of the vehicle at the end of the lease?
    Did you negotiate a price on the vehicle?
    Did they tell you the money factor/interest rate?
  • kyfdxkyfdx Posts: 31,237
    The residual for the 2013 Civic EX-L sedan for 36 mo/12K/yr is 57%.

    Depending on your state, the money factor on "Zero due at signing" leases is either .00059 or .00009.

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • manny616manny616 Posts: 11
    edited September 2013
    Hi,

    Honda Civic EX-L (w/o navigation)

    Does the 57% residual include the MSRP and Destination fee?

    With those two figures the
    Total Price is $23,055 (includes destination charge)
    Sale Price is $20,828
    Residual Value: $13,141.35
    Depreciation amount is $7,140.65
    Money factor: 0.00059
    Sales tax: 8.875% (NYC)

    I came up with $254.46 a month for 36 payments

    Does that sound right? Am I missing anything? I know I don't have all the fees in there.
  • kyfdxkyfdx Posts: 31,237
    Yes... .the MSRP that is used to calculate the residual includes the destination charge... the bottom number on the official Monroney sticker..

    Your number is about right... You'll have an acquistion fee, doc fee (which is capped in NY.. under $100), and title/registration fees.. Also, tax in NY is based on the sum of payments plus any down payment.. then paid upfront (or added to the cap cost). This changes the tax calculation slightly, but not a lot...

    If you roll everything in, with just 1st payment due at signing, you should be around $280-$285/mo. all in, given the numbers you provided..

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • Honda Civic EX-L (w/o navigation)

    Does the 57% residual include the MSRP and Destination fee?

    With those two figures the
    Total Price is $23,055 (includes destination charge)
    Sale Price is $20,828
    Acquisition Fee: $595 (didn't see this listed on my last lease contract but I'll include anyway)
    NY State Inspection Fee: $10
    Dealer Doc Fee: $75
    License and Title: $221.50 (moved from another state so needed new NY plates)
    NYS Waste Tire Fee: $12.50
    Adjusted Cap Cost: $21,742 (added all the fees listed above...this are the fees from my last lease)

    Residual Value: $13,141.35
    Depreciation amount is $7,140.65
    Money factor: 0.00059
    Sales tax: 8.875% (NYC)

    I came up with a lease payment of $281.89 / month
    Depreciation charge is $238.07
    Finance Charge is $20.84
    Sales Tax is $22.98

    Sound about right? Can I just negotiate the acquisition fee into the sale price of the car? I think I may be able to lower this payment with reduced license and title fees since I can use the same plate on my current vehicle.

    Is the residual the same on the EX?

    Thanks for the verifying the numbers.
  • kyfdxkyfdx Posts: 31,237
    That is about right.... with the same caveat as before.. New York doesn't tax the monthly payment..... they tax the total of payments and collect it upfront.. you can add this amount to the cap cost... You'll find it might add a $1/month or so to the amount you calculated.. (or less).

    They can always add the acquisition fee to the CAP cost, but you won't get out of it..

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • Hi, I was wondering if this is a good deal?

    $1800 down/ 36 months and 12,000 miles per year for a month of $220 in New Jersey

    Help me everyone!~

    Thanks~
  • Well I just got offered almost exactly what I calculated here. $288 a month plus dmw fees due a lease signing. I got $267 for the EX model. Don't know if I'll take though. We'll see. Still debating if it's worth the extra money above the LX.
  • I just had an unbelievable experience at my local Honda dealership. I tell the salesman I want the LX special lease. My aim was to negotiate a better deal on that lease. He quotes me $270 a month for the LX!!!! I looked at him like he was crazy. I tell him about the National Honda promotion. He goes to the site and says the 210 isn't right because it doesn't include destination, bank fee, etc. I explain to him that his company's own deal already includes many of those fees. The only thing that is subject to change is the tax amount since it's a national offer. He thinks I'm wrong and that it's 210 plus all the fees he quoted me. I said no it isn't. It's 210 plus taxes. Everything else is already set. I understand the issue with it not including DMV fees and incidental fees but the major fees are already worked out in the deal.

    Has anyone else ever had this kind of experience? I'm still taken back by it. I go in there thinking that if I don't feel like haggling it'll be 210 a month plus NYC taxes (8.875%). The math isn't exact but it's approximate. So nothing down, besides maybe those incidental fees, and it'll be about $229 a month. I still can't believe it. And this is after going back and forth all day on the number for an EX model and an EX-L model. The EX was cheaper than the LX earlier today. I just had to let you guys know. I'm shocked.
  • gmanusmcgmanusmc SoCalPosts: 436
    This s why you should use the Internet to your advantage and have the deal negotiated before even going to the dealer. Get all the details of the deal confirmed either by email or faxed buyer's order. Previous posts in this thread indicate LXs going for around 200 per month with at most, first payment due at signing. Nationally advertised deals usually have profit built in for the dealers so you should be able to negotiate a better deal than advertised (depending on available supply).

    Bill G
  • Well, I live in NJ and I just went in to the dealership last Saturday, and they gave me $1800 down for 36 months, 12000 miles per year and includes all fees $220 a month for the EX model. I am even a returning customer, now I have a CR-Z and they still gave me that price. I think even with LX it is less likely they will go down $200 and less. Unless you pay more downpay then there will be chance of reducing below $200.
  • gmanusmcgmanusmc SoCalPosts: 436
    kanggary - go back and review previous posts in this thread - you should see that a number of posters stated deals of around 200 per month on civic lx's with only first payment due at signing. Current supply might affect current deals. If you haven't already, take time to educate yourself about leasing vehicles - there are financial disadvantages to placing too much money down up front when entering into a lease. It is best to only pay the first payment up front and roll the rest of the fees/taxes into the lease payment. Your EX quote actually is around 275 a month with zero due at signing. Do you know what the actual selling price is (incl destination/dealer doc fee)? That's the figure you can work on to get your payment down.

    Bill G
  • kanggary88kanggary88 Posts: 5
    edited September 2013
    Thank you for telling me that. I actually was going to put down $2000 down at first, but like you said, people suggested me not to put too much money down so when I quoted with them I said $1500 down, but the price was high, even more than what you gave me, it was like $285 per month, so that is why I added $300 more towards downpay to get the price now that I have which is $220.

    At first, they weren't even going to give me $220 because I still have one payment left for my CR-Z and they said if they have to pay for my last payment the best they can do was $237 per month. Of course, I wasn't happy about it and keep going back and forth on the price to get $220. Do you think it is a good deal for $220 a month?
  • gmanusmcgmanusmc SoCalPosts: 436
    Is your current car a leased vehicle that you are turning in or are you trading it in on the new vehicle? If you are trading it in, the transaction becomes a bit more complicated - you have to consider how any positive or negative equity is affecting the adjusted capitalized cost on the new lease. We can't really provide you a meaningful opinion on your proposed deal unless all the itemized details are available.

    Bill
  • I am turning in to the same dealership I leased three years ago.
    What is the itemized details you need in order to know?
    2013 Honda Civic EX- 4 Dr and 4 Cylinder Engine, 12,000 miles per year, 36 months, downpay $1800, I have the college grad specials for $220 a month. Where would I find the details? Thank you!
  • gmanusmcgmanusmc SoCalPosts: 436
    You need an detailed itemized listing of ALL costs they are using to calculate your lease - if they are an up front dealer, they will be willing to provide you a written itemized breakdown. If not, they might be trying to hide something or confuse you.

    Bill
  • I got my car today, I re-negotiated and got the following deal:

    2013 CIVIC EX-L w/NAVI
    First month's payment due at signing.
    $265 per month including everything
    36K miles (12K/year)

    Just the black/black beauty today. So far loving it.
  • That's an awesome deal! I'm still haggling over Honda's promotion. The dealer is telling me they have to add the acquisition fee to the total amount of payments ($7350) to calculate the tax amount in NY. Does that sound right to you? Based on what I've read NY charges tax on the total amount being paid on the lease. So if the total they say being paid is $7350 why would you add the acquisition fee to that?
  • I'm still haggling over Honda's promotion. The dealer is telling me they have to add the acquisition fee to the total amount of payments ($7350) to calculate the tax amount in NY. Does that sound right to you? Based on what I've read NY charges tax on the total amount being paid on the lease. So if the total they say being paid is $7350 why would you add the acquisition fee to that? He's quoting me $230 a month for the LX deal. That's way more than what I've seen people get here.
  • how much did you put for your downpay? I have to go sign the contract today.. hopefully I can get a good deal too.. :/
  • gmanusmcgmanusmc SoCalPosts: 436
    Manny - are you working with just one dealer? You need to get multiple dealers involved and competing with each other. Amr's deal, if legit, is proof positive you are not getting a competitive deal from the dealer you are working with. You should be able to get the LX for around 200 with zero due at signing. That's without a trade involved though - if you have a trade in, any positive or negative equity will affect the ultimate payment. From what I have read, NY assesses sales tax on the total of payments, which usually includes the acquisition fee.

    Bill
  • Bill,

    Thanks for the encouragement. The best offer I got from them was $215 a month w first month and the DMW fees. But they said they can't do it with Honda Financial. They need to go w a different finance company. Does this sound right? I'm emailing other dealerships. They're being evasive. I guess I need to expand the search further.

    Thanks,

    Manny
  • gmanusmcgmanusmc SoCalPosts: 436
    Good job Manny - get some competition going and I think you'll see some good results. I recommend only leasing with Honda - they are very good at the end of the lease with a $1500 damage waiver and the option to extend your lease on a month to month basis if you need to.

    It's getting close to the end of the month, so that might help you a little.

    Let us know how you make out.

    Bill
  • So now I've come to this...$235 due at lease signing for DMV fees (nothing else) and then $225 a month (including taxes) for 35 months. 3 years and 12,000 miles a year.

    Thoughts?
This discussion has been closed.