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2013 and earlier-Honda Civic Lease Questions

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  • I traded with 2010 Honda Odyssey EX-L with RES, 47500 miles, Very good condition.
    They paid $19100. My credit score is 725.
  • jipsterjipster Posts: 5,345
    What about city/county property taxes?
  • gmanusmcgmanusmc SoCalPosts: 436
    That's a whole different animal - when we lived in Virginia, we received a separate tax bill from the county twice a year that assessed personal property taxes - what a joy - property tax on our home AND our vehicles. It was a pretty good chunk too - about $6-700 a year (based on value of vehicle). Anyway, in Virginia, the auto dealer was not involved in property tax collection. The county got your vehicle info from the state DMV folks.

    Bill G
  • Dealer told me that Property tax will be on them.
  • gmanusmcgmanusmc SoCalPosts: 436
    What? That's a new one on me - I have no clue what you are talking about. Where do you reside? What kind of property tax, specifically, are you referring to?

    Bill
  • jipsterjipster Posts: 5,345
    I talked to Honda Financial a few days ago. They said they pay the property fax on the vehicle, since they own it, then I reimburse Honda. So, I think I owe a couple hundred to Honda.

    This slipped my mind when I leased vehicle. Didn't know if this is usually lumped in with the monthly payment, or is not considered in payment.
  • jipsterjipster Posts: 5,345
    In doing a little research, this property tax question on leased vehicles comes up a lot. Seems to vary by state. Apparently the properly tax is passed on to the leasee, because even though they don't own the car, they are the beneficiary of its use. I'll have to look at my lease, but apparently this was slipped by me by the dealership. Yeah, I know... read the entire lease.
  • nyccarguynyccarguy Stamford, CTPosts: 7,398
    Here in CT we have to pay a personal property tax on our cars whether they are owned or leased. On the 2 cars I own (Pilot & Prelude), I get a bill in the mail from The City of Stamford once a year. My BMW is leased & I get a bill from BMW that I pay directly to BMW, who pays The City of Stamford.

    2001 Honda Prelude Type SH/ 2011 BMW 328xi / 2011 Honda Pilot EX-L w/ Navigation

  • kyfdxkyfdx Posts: 27,650
    In KY, some lessors pay the tax, and you reimburse them on your next bill, and some have you pay the bill yourself, when you go in to register for that year. I'm not aware of any banks that roll it into the monthly payments.

    MODERATOR
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  • jipsterjipster Posts: 5,345
    Yeah, Honda pays the properly tax and I reimburse
    Honda. Under estimated fees and taxes during lease term, it list $1,300 for title, registration, fees and taxes over the course of my lease. But does not specify property tax.

    My total amount paid during lease, not counting above noted taxes , is $6,411. Which works out to $178 a month. Factoring the property tax, it works out to $214 a month for 36 months.

    But, seems like property tax is treated like a seperate cost of leasing... as if you had bought the car outright. So I guess I did as well as I thought.
  • kyfdxkyfdx Posts: 27,650
    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: 7,398
    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 Honda Prelude Type SH/ 2011 BMW 328xi / 2011 Honda Pilot EX-L w/ Navigation

  • 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: 27,650
    Property tax is based on retail value of the car on January 1st.. pretty sure they use the NADA guide for used cars..

    MODERATOR
    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: 27,650
    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: 27,650
    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

This discussion has been closed.