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2013 and earlier-Honda CR-V Lease Questions

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  • AXM23AXM23 Posts: 64
    A friend of mine just a got a quote on a CRV EXL with NAV for $2000 out of pocket and $411 a month for 36 months with 12k per year. It is from a dealer that I have bought from in the past and is very reputable.

    This rate is based on NJ taxes of 7%.
  • i signed a lease in October 2008 on one of the first 09s shipped in from Hamamatsu, Japan. CRV EXL (no nav) for $350 out of pocket, $350 a month for 36 months, all fees rolled in. 15k miles per year. This rate is based on MA tax of 5%.
  • iceyhotjiceyhotj Posts: 12
    Hi,
    I currently have the below offer:

    EX-L w/o Nav 2WD
    $1,000 down
    36 months with 12/k miles
    $359 a month with tax (in California)
    Destination, DMV fees etc. rolled into the payment (i think)

    Help!!!! is this a good deal??!!!! They are waiting for me as I type this!!!
  • Nope.

    Got my 2009 EX-L w/o Nav 4WD
    $0 down
    36 mo, 15k miles.
    $350 month w/tax (MA 5%)
    All fees rolled in.

    Lean on them a bit more.
  • Help! Is this a good deal to lease a 2WD CR-V EX-L w/ NAV for 36 mo, at 15k mi?

    Initial Cap Cost: $26,418
    $2000 down (incl down payment, first month, bank fee, DMV, Tax and License)
    Lease end value %: 55%
    Guarantee Lease End Value: $15,545.75
    Base Monthly: $390.20
    Total Monthly (incl my county tax in CA): $426.29

    Should I negotiate the initial cap cost lower, or make sure they are including the dealer cash?
  • stoopystoopy Posts: 105
    MSRP is $28,265 if your residual is $15,545.75. That means your sale price is a whopping $442 off sticker. You need to get AT LEAST $2,000 off sticker without putting any money down. You could lease a BMW 3 Series fully loaded for $426. It's ridiculously high.
  • dr973dr973 Posts: 2
    I am considering leasing a 2009 CR-V (LX or EX).. Below are the qoutes for a 12K mile/year lease that I received for each model from a reputable dealer in Northern NJ that I have dealt with in the past. Credit score is in the high 700's / low 800's. Not sure how to exactly evaluate the below or how to go about negotiating a better deal on either one. Is there any room to do so? Any feedback would be greatly appreciated.

    CR-V LX
    MSRP $23,115
    After Invoice/Incentive $21,000
    Out of Pocket amount $1,291.42
    Monthly Payment $302.42
    Residual .61
    Money Factor .0025

    CR-V EX
    MSRP $25,365
    After Invoice/Incentive $23,000
    Out of Pocket amount $1,347.76
    Monthly Payment $358.76
    Residual .61
    Money Factor .0025
  • kyfdxkyfdx Posts: 28,643
    Are you sure the EX has the same residual and money factor? Because, with the selling price of each car being about the same percentage off MSRP, the difference between lease payments should be about the same percentage as the MSRP difference..

    With the difference in MSRP and selling price at about 10%, the lease payment should only be 10% higher as well, or around $332/mo., not $358/mo.

    It's possible the residual numbers on the EX are different, which would account for the discrepancy, but if they aren't, then the EX payment should be lower. I like the EX a lot, but not $56/mo. more... :surprise:

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • dr973dr973 Posts: 2
    Actually, I believe the residual may be .59 on the EX.
  • kyfdxkyfdx Posts: 28,643
    Given the monthly payments, that sounds probable...

    Prices seem decent... CR-Vs have never had really low lease payments, historically..

    The LX seems like a better deal, though if you want the goodies on the EX, that won't matter much...

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • goinggonegoinggone Posts: 4
    Can anyone confirm the June 09 CR-V residuals for a 12k 36 month lease on:
    2wd LX
    2wd EX
    I've seen 61% on a few sites, but the advertised lease special on the Honda site works out to be 60%. I'm about to start working on some dealers and having accurate numbers will help. Also, the money factor I'm using is .0025, is this still correct?

    Thanks.
  • ClayClay Posts: 2
    I like the new body style for the CRV, but was curious if they've lost any room in the interior?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi goinggone. Here's the info that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 CR-V LX 2WD with 12,000 miles per year are .00250 and 60%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier. The numbers for an otherwise identical lease of an '09 CR-V EX 2WD are exactly the same.

    When negotiating your lease on this model, make sure to take advantage of the $500 dealer cash that is currently available on it.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • gilroy34gilroy34 Posts: 3
    Hi Car-man!

    You are just the person I'm looking for! I'm currently looking at a 2009 CR-V EXL with navigation. The salesperson is quoting me a money factor of .00250 and a 56% residual. Is 56% correct? Wouldn't it be the 60% you mentioned for the other CRV leases?

    Any help would be greatly appreciated!
  • bigdadi118bigdadi118 Posts: 1,207
    gilroy - probably yours is 12K mi/yr

    2009 Honda CR-V

    2009 Honda CR-V 4WD EX
    24-month | 15k miles | residual 67% | .00250 base money factor
    36-month | 15k miles | residual 59% | .00250 base money factor
    48-month | 15k miles | residual 50% | .00305 base money factor
    60-month | 15k miles | residual 40% | .00310 base money factor

    2009 Honda CR-V 4WD EX-L
    24-month | 15k miles | residual 64% | .00250 base money factor
    36-month | 15k miles | residual 56% | .00250 base money factor
    48-month | 15k miles | residual 47% | .00305 base money factor
    60-month | 15k miles | residual 38% | .00310 base money factor

    2009 Honda CR-V 4WD EX-L w/ Navigation
    24-month | 15k miles | residual 62% | .00250 base money factor
    36-month | 15k miles | residual 55% | .00250 base money factor
    48-month | 15k miles | residual 46% | .00305 base money factor
    60-month | 15k miles | residual 37% | .00310 base money factor

    2009 Honda CR-V 4WD LX
    24-month | 15k miles | residual 66% | .00250 base money factor
    36-month | 15k miles | residual 59% | .00250 base money factor
    48-month | 15k miles | residual 50% | .00305 base money factor
    60-month | 15k miles | residual 39% | .00310 base money factor
  • gilroy34gilroy34 Posts: 3
    Hey Bigdadi -

    Yes, it is 36 months at 12k miles. Is 56% correct? Car-man was talking about 60% residual for 36 month/12k leases on LX and EX. Would it drop this much for the EX_L w/nav?

    Are there charts that correspond with 12k miles leases?

    Thanks for the help!
  • bigdadi118bigdadi118 Posts: 1,207
    List is on 15K mi/year ... Looks like add 1% to the residual if 12K mi/year, 2% to the 10K mi/year
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi gilroy34. You found me :) . Honda Finance's residual values for models with navigation are usually lower than they are for models without it. Its current residual value for a 36 month lease of a 2009 CR-V EX-L 2WD with navigation and 15,000 miles per year is 54%. If you were to lease it with only 12,000 miles per year, its resid would be 2% higher.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • gilroy34gilroy34 Posts: 3
    Much appreciated! Thanks for helping navigate the tricky waters of leasing.
  • ed1948ed1948 Posts: 2
    Do lease rates on Honda CR V's typically go down in late July/Aug when they are trying to unload the 09's?
    thanks
  • gilmorejgilmorej Posts: 6
    My local dealer is offering the following lease terms on a CR-V LX AWD
    $273 for 36 months
    $999 down
    12,000 mi/yr

    This is a closed end lease and I do not have the residual value they are leading.

    Opinions on out there on whether this is a good deal?

    Another dealer offered me the following terms on a CR-V EX-L
    $342 for 36 months
    $3,000 down
    12,000 mi./yr

    This did NOT seem like a very good deal
  • blueiedgodblueiedgod Posts: 2,797
    CR-V LX AWD $273x36 = $9828 + $999 = $10827

    CR-V EX-L AWD? Navi? $342 x 36 = $12312 + $3000 = $15312

    Is there $5000 difference between LX AWD and EX-L AWD Navi?

    It helps to compare apples to apples, and not oranges. Ask both dealers for qoutes on the same vehicle.
  • gilmorejgilmorej Posts: 6
    You're right...I believe the difference is $5,000 is the MSRP. I have the exact same lease offer on the LX from two different dealers. I have asked the dealer that gave the EX-L lease quote exactly which vehicle he is talking about since there is a range of prices depending on options....
  • Small scenario for which I seek local wisdom ;)

    Ive got a CR-V that I am in mid-lease through Honda financial. I have kept it in excellent condition and am within mileage etc. Due to growing family needs, I would like to purchase a larger vehicle.

    Based on my market research (local sales, edmunds, kbb, nada, etc.) my CR-V is worth approximately $17-$17.5k in trade. I have been offered these figures as well from local dealerships in trade. My current payoff (residual + remaining payments) is $18500.

    I contacted Honda Financial and they said that if I used the vehicle as trade-in there would be no additional fees outside of the payoff amount. My lease contract also prevents me from selling the vehicle to a third party (or transferring the lease) so if I wanted to sell it I would probably have to buy it myself, pay TTL etc., then sell it...which would negate any equity I might gain from Private Party sale.

    Long story short.

    What do I need to consider when trying to use this vehicle in trade-in? Will the dealership payoff the full payoff and then add the difference from trade-in value to the vehicle I am purchasing? I can accept the ~$1k negative equity to get out of the lease and into something more suitable.

    Helpful cliffs:

    Leased CR-V payoff is $18500.
    Trade-In Value is $17500.
    Financing for new purchase has been lined up through my bank, not a dealership.
    I have several thousand for down payment. (or should I put this towards the lease to remove the negative equity?)

    Many thanks!
  • sonoma34sonoma34 Posts: 5
    I am in the final stages of leasing the EX-L.
    What doe carman think of this deal?

    One time payment of $14,098.00, 36 month, 12K per year. Includes all taxes, doc fee, and registration. I am in a 6% sales tax state. looking to close the deal by first week of July.

    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, gilroy34.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi ed1948. Manufacturers do often get more aggressive with their lease programs as the model year progresses. The problem is that they are fighting an up hill battle because vehicles' residual values gradually decline as the model year progresses as well. The lower a vehicle's residual values are, the more expensive it is to lease. At some point, it becomes too expensive for manufacturers to provide attractive lease payments on leftover vehicles and they pull the plug on their special lease program.

    It's difficult to say what Honda's July / August lease program will be like on the Civic. It certainly is possible that it will get better (there's significant room for it to enhance this model's money factors), but I can't guarantee that it will.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi sonoma34. The easiest way for me to evaluate a lease, particularly an advance pay lease such as this, is to look at the selling price that you are being charged for it. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is very difficult to tell how large a dealer discount you are being given. Let us know what the selling price is on this specific deal and I'm sure that either myself or another knowledgeable community member will be happy to tell you what they think,

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • blueiedgodblueiedgod Posts: 2,797
    One time payment of $14,098.00, 36 month, 12K per year.

    Works out to $391.60 per month. What do you think?
  • sleepysoosleepysoo Posts: 54
    does anyone know the current residual on the 09 CRV EX 2wd? 36 month lease, 12k miles/year. I read on here that it was 60%, but when I got to the dealership, they told me it was 58%. And, from other posts, it seems like some people are quoted 56%? And, is $500 the only dealer incentives out there for the CRV?

    and, is anyone negotiating the price of the car below invoice to get your final monthly payments? Or are you guys all at invoice or a little over?

    thanks!!!
This discussion has been closed.