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2013 and earlier-Honda CR-V Lease Questions

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  • It's my understanding that Hyundai's have a poor residual value, so leasing doesn't make any sense. In fact, I test drove the Santa Fe recently and the dealership told me they do not lease at all. When I checked them out a few years ago they told me the same thing.

    Some dealerships might offer a leasing option, but it doesn't make any sense to lease a car that depreciates so quickly.

    According to Consumer Reports the Santa Fe has an "above average" predicted reliability which is quite good. My guess would be that consumers have a lower demand for used Hyundai's because they do not perceive the reliability to be as good as Consumer Reports suggests. In this case perception is reality. Regardless of the reason, the demand for used Hyundai's is relatively low.

    As a result, your choices are to buy or lease the CR-V or buy the Hyundai. Leasing a vehicle with a low residual (even if it is much higher than the 30% mentioned in your email, it has to be much lower than Honda) doesn't make any sense. That is why the dealership is discouraging you from leasing one.

    Good luck with your decision.

    I'm trying to decide between the '09 Forester (you might want to check it out) and the CR-V. Anyone have any advice regarding these two vehicles?
  • I checked out the Forester and the CR-V last August. I chose the CR-V. The main reason that I was looking at the Forester was their handling. They are touted as having a great 4 wheel drive system along with the associated benefits. But as I did not need the 4 wheel drive, I chose a FWD CR-V. I have had no complaints and no regrets.
  • Ha, well your understanding seems to be correct, doesn't it?! Thanks very much for the reply!

    All of the feedback I've received so far seems to be touting the build and quality (and obviously re-sale value) of the CR-V. So now the question is how to deal with Honda. Is this price pretty good? I believe it's pretty close to the Edmund's TMV price. How is the money factor determined? I have read that it relates to the interest rate, somehow, but what factors actually affect it? Or is it more concrete depending on credit/vehicle?

    And does it make sense to get HondaCare warranty coverage? I don't think I would like our lease term to exceed the length of our warranty coverage. If we were to decide on a 48-month or 60-month lease, would it be worth it? Is HondaCare good and reliable? Is it worth the money, or is there some other better alternative?

    Again, any advice is welcome!
  • The money factor is set by the leasing company and is not usually negotiable. If you want to know how it equates to an interest rate just multiply by 2400. For example a MF of .00175 equates to an interest rate of about 4.2%.

    As for the term of the lease it's usually not recommended to lease a vehicle for more than 42 months. If you're going to lease for 60 months you might as well buy it. One of the main reasons for leasing is so you can drive a new car every few years without having to worry about the resale value of a trade-in every time. Also, the warranty covers most or all of the time you have the vehicle.

    You don't seem like the type of person who needs to drive a new car every few years, so I'm surprised you'd want to lease. For someone like yourself I think buying might be the way to go.

    I suppose you could buy an extended warranty, but I would still limit the length of the lease. I can't speak to HondaCare, but remember that part of the reason for buying a Honda is the reliability. According to Consumer Reports most warranties are not a good deal, but if it helps you sleep at night it might be worth it (personal decision).

    As for getting a good deal, get at least two or three quotes for comparison.

    By the way, I took a test drive of both the Forester and the CR-V with the wife this afternoon. Although I was leaning toward the Forester we have definitely decided that we're going with the CR-V. My only concern is that she is going from a Maxima with about 270hp to a car with 166hp. However, she basically uses it just to run around town so it should be fine. For the first time I'm buying instead of leasing.
  • Thanks for the great feedback; very useful! I am afraid this post might not still fit in this forum, but it is a response to a post that did, right? :)

    Quite serendipitously, upon arriving at work, I found that two co-workers had parked next to each other in the lot; one in a CR-V, and one in Santa Fe. Side-by-side comparison; what an opportunity! Also, it turned out that my cousin knew the CR-V owner, so I was able to test drive the CR-V.

    While it was a very good vehicle, the engine did seem a bit underpowered. Especially considering the extra 120+ lb. keyboard that would be regularly making its acquaintance, I feared it might not be appropriate. The Santa Fe also appeared to have a bit more cargo space (given its size advantage), so we are leaning that direction.

    New information: I found out that my wife's negative equity on her Rio is closer to being in the ballpark of 8K. This is not a very good situation to be in, and I do realize that, but how should we approach it? Since leasing a vehicle with 30% 4-year residual is a bad idea, and having so much negative equity only makes it worse, is it a reasonable alternative to finance?

    What benefits does financing present us vs. leasing? What steps can we take to get a manageable car payment, while at the same time trying manage the negative equity? On the 2008 Santa Fe Limited, they currently are offering:

    $3500 cash back OR $3000 cash back + 0% APR through 36 mo. + 1.90% through 48 mo. + 2.90% through 60 mo. + 5.90% through 72 mo.

    What are our options? And, perhaps more importantly, which is the best? I suppose I will settle for just finding out what our options are, though!

    Thanks.
  • bigdadi118bigdadi118 Posts: 1,207
    The Questian

    I will choose CRV based on Edmunds ratings reviews & fuel economy

    2008 CRV Fuel Economy : 22-23 mpg
    Editor's Rating : 9.0
    Consumer's Rating : 9.2 (186 reviews)

    2008 Sante Fe Fuel Economy : 19-20 mpg
    Editor's Rating : 7.6
    Consumer's Rating : 8.4 (84 reviews)
  • Thanks bigdadi.

    I did see that the CRV was rated higher here, but I think vehicles are rated highly for different reasons. One of our main needs will be to haul my 120 lb. keyboard around, and the CRV does not seem best tailored to that kind of heavy lifting (given its slightly underpowered engine). Another important factor was the fold-flat rear seating in the Santa Fe. In chaperoning my keyboard from gig to gig, I believe this feature will definitely prove beneficial.

    At the end of the day, I think everyone has unique needs. I certainly think the CRV would be the better choice for a lot of people, but I just don't think the feature set lines up with our situation.
  • blueiedgodblueiedgod Posts: 2,797
    With $8,000 of nagative equity!!!! you better forget about buying a new car for while. It will be cheaper to just sell your car and driver her Rio until it is paid off.

    Ask her how she got into the $8,000 of negative equity and you will see why you should not be buying a new vehicle now, or anytime in the near future, unless you have $8,000 to pay off the negative equity.

    Figuring that a 3 year old Rio is probably worth about $3500, she must have a loan of $11,500. She must have traded in a few vehicles without any downpayment to arrive to the $20,000 loan 3 years ago. A $20,000 loan from 3 years ago should have about $5,500 on it by now if it were financed for 60 months at 3-5% APR.

    A $20,000 loan on a $10,000 car?!?!?!?!?!?

    Don't make the same mistake TWICE!!!!
  • got the following offer in NYC:
    2009 CR-V LX Auto
    $299.00**x 39 months
    12k miles a year
    $0 down

    is it a good price?
    I'm worried for the 39 month - that would end the contract in Mar other then Dec which usually have better pricing for the new contracts
  • bigdadi118bigdadi118 Posts: 1,207
    This is the lowest lease in MA re LX FWD trim for special 1 in stock. You can use it as you base to negotiate. When it is 3 months before lease end you can go shopping and require dealer to buy out your lease with 3 months left.

    2009 CRV LX AUTOMATIC FWD.$258/month
    Lease requires approved credit; based on 12,000 miles/year, .20/mile excess; Lease based on $0 cash or trade down plus tax & fees.
    Security deposit wavied. $258 x 36, 62% res.Price excludes taxes, title, and registration fees; prices include all customer rebates, promotions, and incentives to dealer.

    ************************
    December whole monh lease special in MA...
    Every 2009 Honda CRV LX
    MSRP $22,965
    Buy $21,488 OR Lease $268/month
    4x4, Automatic
    http://www.boch.com/bochhtml/bochhonda/pages/HondaSpecials.aspx
    Lease requires approved credit; bases on 12,000 mile/year, .15/mile excess, Lease based on ZERO cash or trade down.
    Security deposit waived. $268x39, 63% res. Price excludes taxes, documentation, title, and registration fees, prices include all customer rebates, promotions, and incentives to dealer. Lease #152942
  • I am looking to lease a Honda CR-V in the next 2 months....Do you think it is better to lease RIGHT now or wait till after the new year? Does anyone think the rates will get worse?
  • bigdadi118bigdadi118 Posts: 1,207
    For such condition of economy, it is getting worse before it gets better, so wait a little is on your side of advantage.
  • I brought my 2005 CRV- EX 4WD to the dealer to see what kind of deal I could get. It was in a major accident 2 years ago (hit by drunk driver while parked) that cost about $15,000 to fix. The car was only 2 years old at that point and really hasn't been right since. The dealer offered me $11,000 on the car (less the $8000 left on note) which I used for a down payment on a new lease for a 2009 CRV-EX-L 4WD. I've never leased before and wasn't entirely clear on what I was getting into.

    The agreed upon value of the new car is $28,480.26 (includes $600 for alarm system). Including taxes and everything I'm paying $441 for 48 months. From what I've looked at online, it's not the worst deal, but definitely not the best. Any thoughts? The residual value is $14160 and the money factor is .0036. I live in NYC so the sales tax is 8.25%
  • bigdadi118bigdadi118 Posts: 1,207
    money factor is .0036 is surely high

    alram system 600 can be negotiated down to 350... I told the Finance guy I can get a Lojack for 500 he immediately offer me 350 if I take it now.
  • Honda is offering this lease below: is if this is a good deal and if so, can I negotiate a better deal? IF so, how? I'm ready to lease any day now.
    Thanks for your help!

    2009 CR-V Featured Standard Lease
    $249.00 per month for 36 months. $2,999.00 total due at signing.
    Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
    [Show Details] Show Details
    Request a Quote
    FEATURED LEASE: Closed-end lease for 2009 CR-V 2WD LX Automatic Transmission (Model RE3839EW) for $249.00 per month for 36 months with a $2,155.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,999.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee, capitalized cost reduction, with no security deposit. Security deposit waived in featured lease example. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.
  • How did I do? Just leased a 09 crv-ex for $397 in Central Florida. 39 months, 15,000 miles per year with 0 out of pocket cost. 12,000 miles just was not enough for the commuting I do. They also paid off my last 3 payments on my old lease and paid the first payment on the new lease.
  • I know that all companies have new "dealer help" come new year time.....If anyone finds out what the leases look like for 2009 Jan...please post...Should be out this coming Monday

    HONDA CRV- EXL
  • Hi dean27. Savvy consumers who live in an area that has a decent level of competition are almost always able to negotiate lower selling prices than the ones that manufacturers' official advertised lease payments are based upon. If I was in the market for a 2009 CR-V right now, I personally would shoot for a selling price of a couple hundred dollars over dealer invoice, which would essentially be right at or slightly under invoice once the $500 dealer cash that Honda is currently providing on this model is taken into account. A lease based on this price would have a lower lease payment than the one that is being touted in the ad that you mentioned.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi sassydog. Honda introduced a new $500 dealer cash incentive on the 2009 CR-V in January. Taking this cash into account, I would not be surprised if one was able to negotiate a capitalized cost that's at, or even slightly below dealer invoice for a lease right now.

    Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Honda CR-V EX-L 4WD with 15,000 miles per year are .00280 and 57%, respectively.

    Good luck in your quest for a new ride and let us know if you have any other questions.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Carman is that a good rate lease money factor?
  • blueiedgodblueiedgod Posts: 2,797
    I brought my 2005 CRV- EX 4WD to the dealer to see what kind of deal I could get. It was in a major accident 2 years ago (hit by drunk driver while parked) that cost about $15,000 to fix. The car was only 2 years old at that point and really hasn't been right since. The dealer offered me $11,000 on the car (less the $8000 left on note) which I used for a down payment on a new lease for a 2009 CRV-EX-L 4WD. I've never leased before and wasn't entirely clear on what I was getting into.

    The agreed upon value of the new car is $28,480.26 (includes $600 for alarm system). Including taxes and everything I'm paying $441 for 48 months. From what I've looked at online, it's not the worst deal, but definitely not the best. Any thoughts? The residual value is $14160 and the money factor is .0036. I live in NYC so the sales tax is 8.25%


    Ouch!!!!

    $441x48 =21168 + $3000 down ($11,000 for 05 CR-V - $8,000 owed) = $24,168 in payments over 4 years for a $28,480 agreed upon price.

    Factor in the $14,160 residual and you have effectively paid $38,328 for the vehicle.

    The worst part is that after 4 years and $24,168 in payments, you have no vehicle!!!

    $441/month with $3,000 down on a 4 year lease is luxury vehicle territory.
  • Not particularly. .00280 isn't bad, particularly when it is combined with solid residual values, but it's equivalent to an interest rate of around 6.7%. Many manufacturers have money factors that are much lower than that.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • phisherphisher Posts: 175
    Don't feel to bad about what you paid. My neighbor who is 32YO and totally illiterate with computers because if he gets one people will be able to see in his house according to him. Asked me to handle his negation on his next truck (F-150) I asked him what he pays currently for his lease. He said because he is a ford gold club, red carpet lease holder he gets a special deal for his truck his 3rd leased one and only has to pay $519/month on his 36 month lease. It was only when I bought in 15 pages of auto trader with trucks exactly the same as his with an asking price of 12-14,000 that he realized what he could get for his $. Fool me once shame on you. Fool me twice shame on me. My guess is next time you will be able to do much better and you didn't do that bad at all.
  • I just Leased a CRV for 39 months 12k miles ZERO down.Only had to pay first month lease payment and DMV payments which I rolled into the lease payments. My Lease payment for the NEW 2009 CRV is $360 . Did I get a decent deal? My credit isn't the best but I don't think it changed the deal that much. I knew going into the deal that the HOnda CRV have very bad lease programs but I like the risidual value of the CRV. Let me know what you guys think?
  • Here's the deal on a 09 CR-V EX I am being offered on the 3rd round of pricing. It's my first lease and the best I've gotten from the three dealers I've spoken to. I am in Hawaii, so there are fewer dealers than you might find in a major city on the mainland. Is there more room to negotiate to my benefit?

    MSRP 24,015
    Cap Cost 22,658
    Money Factor .0028
    Term 39 months
    Residual 14,409
    Monthly $311
    OTD $1794+Tax

    Josh
  • blueiedgodblueiedgod Posts: 2,797
    It is not a bad deal for a CR-V EX AWD.

    You did not indicate which CR-V you got.
  • It is the 2-wheel drive model. What numbers should I be looking at on a 2WD?
  • I have the following offer from a Honda dealer in suburban Atlanta:

    39 months at $306 + tax for an '09 CR-V LX
    1st month's payment due at signing
    12k miles/yr.
    MSRP = $21,915
    Sales price = $19,854
    Residual = $12,929
    Money Factor = .00280

    Any comments on this deal?

    Thanks in advance.
  • Hi - I was wondering If I got a good deal or not.

    It has everything but no Navi, and I am paying 355 per month with $3000 down. I also got the optional backup sensors, and mud guards which list for about 900. I purchased the car in a dealer in Northern New Jersey. The lease is for 15,000 miles per year. Itis based on an MSRP of $25,000.

    Thanks
  • That sounds pretty good given the 15K

    In Dec. I looked and got a deal on a CRV EXL 12K 39 months for $386 per month with 2506 due at signing, also with back-up sensors NO NAV. I turned it down and decided to wait until the new year and better offers. I have heard Honda is trying to be more competitive with the lease program, but they don't compare with other makers....If you go to other car dealers thay are giving money away....I don't know why Honda is so slow to react to the economy....I think it will hurt them long and short term.
This discussion has been closed.