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2013 and earlier-Honda CR-V Lease Questions

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  • bonairebonaire Posts: 2
    We have been told by a local dealer that Honda does not normally offer lease incentives during the months of August and September as the new models are out and Honda does not want to detract from them in terms of sales. Our current lease expires in September and we have been advised to do a lease in late August including a cost for buyout of our present lease. Has anyone had any experience with this situation or is this an attempt to push us into an earlier lease?
  • bonairebonaire Posts: 2
    The previous post#42 should have said late July not late August for lease date.
  • blueiedgodblueiedgod Posts: 2,803
    We have been told by a local dealer that Honda does not normally offer lease incentives during the months of August and September as the new models are out and Honda does not want to detract from them in terms of sales.

    Yeah, but they DO offer great incentives on the outgoing model!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi dubblernr. You never mentioned the selling price or MSRP of the CR-V that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion on this deal if you let me know what these numbers are.

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  • dtnydtny Posts: 1
    Has the lease numbers (ie Money Factor, residual) change for the 2006 CRV EX 4WD? Can you post the numbers here again. Looking to return my current lease (2003 Camry) for a new CRV lease real soon. Any information would be helpful!

    BTW looking to do 36 mons, 12K per year, no money down, excellent credit - also looking at the RAV4 - any comment on this?

    Much appreciated!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi bonaire. This sounds like a way for the dealer that you are speaking with to get you into a new vehicle a month earlier than you normally would. Honda almost always has special lease support or dealer cash on at least some models. If it is providing support on the CR-V now, it almost certainly will be doing so later on this year. Consumers rarely come out ahead by getting out of leases before their scheduled end dates.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    I'd be happy to help you out, dtny. If you were to lease a 2006 Honda CR-V EX 4WD through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00144 and 59%, respectively.

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  • brianbbrianb Posts: 13
    I have a quote from Open Road Honda for $17,800 not including tax and tags. Could you tell me what the lease would be for 36 months. I do not know what the money factor or residual is.

    Thanks
    Brian
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Brian. I can give you an idea of what this truck's current lease program is like, however I need you to provide me with its full MSRP in order for me to estimate what its monthly payment should be. If you were to lease a 2006 Honda CR-V LX 2WD 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 .00144 and 57%, respectively.

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  • brianbbrianb Posts: 13
    Thanks for the help.

    The MSRP is 20,300 but I had an offer for $17,800.
  • mokiavellimokiavelli Posts: 47
    I am in the San Diego Area. The MSRP is $23,100. I have been offered a price of $20,200. I am looking for a 3 year lease. Assuming excellent credit, what type of money factor and residual value should I be expecting? What type of payment amount am I looking at? Thank you for any help.
  • Hi can you post the numbers for 2006 CRV EX 4wd, and the Special addition.
    I am looking for 36 months 15,000 miles a year no money down. I am in New Jersey. Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're welcome, brianb. OK, according to my calculations, if you were to lease a 2006 Honda CR-V LX 2WD with an MSRP of $20,300 and a selling price of $17,800 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $205. Wow, that's a really low payment for this truck. I wonder if the price that you were quoted for it took the $750 dealer cash that is currently available on the '06 CR-V into account. This dealer cash is not compatible with Honda Finance's special lease program, so if the price that you were quoted was using the dealer cash the payment that I came up with is unrealistically low.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Greetings mokiavelli. If you were to lease a 2006 Honda CR-V EX 2WD 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 .00144 and 59%, respectively assuming that you pay a security deposit and qualify for Honda Finance's "Super Preferred" credit tier (have a credit score of 710 or higher). Using the prices that you mentioned in your post, an MSRP of $23,100 and a selling price of $20,200, I estimate that your truck's zero down, pre-tax monthly payment should be around $232.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here you go, juliefromjerzy. According to the latest information that I have seen, if you lease a 2006 Honda CR-V EX 4WD through Honda Finance on or before July 5th for 36 months with 15,000 miles peer year, its buy rate lease money factor and residual value should be .00144 and 59%, respectively.

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  • Greetings, I am "new" to leasing and having been following the posts to learn a thing or two. I always thought that down payment was required for leasing and I have seen a number of posts discouraging this, or trying to limit the amount down. Can someone clarify for the newbie? Isn't first/last payment and security deposit required? Or can all those things be added in, making it $0 down? My husband and I have excellent credit and a few months left on our current lease (through his employer) and are looking at the CRV EX for a 36 month, 15k mileage lease. Thanks!
  • mac06mac06 Posts: 2
    I am interested in a 2006 cr-v sale price of 18000. The msrp is 21,495. How will my trade payoff affect my lease payment? Thanks, terry
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Welcome hipmommee4. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Down payments are absolutely not required on leased vehicles. Consumers can lease any vehicle that they want without making any sort of capitalized cost reduction. Many people think that down payments are required because most advertised lease payments include some sort of down payment. The reason why they do is the down payments make the monthly payment for the advertised vehicle look more attractive than the payment for a zero down lease. All you really have to pay at lease signing are your vehicle's first month's payment, security deposit, and acquisition fee. These are different than your making a cap cost reduction. You would be able to lease your car only having to pay the first month's payment at signing if you had the security deposit waived and the acquisition fee added into its capitalized cost. Let me know if you have any other questions.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Terry. You really should treat your trade as a separate transaction from your new vehicle lease. Doing so makes it easier to analyze how good a deal you are getting on both your new and used vehicle. The impact that your trade will have upon your deal will depend upon how much your payoff is and how much the dealer that you are working with is willing to give you for your vehicle. If your vehicle's payoff is less than the dealer is giving you for it, you have equity that you can use as a capitalized cost reduction for your new lease or have the dealer cut you a check for. If your vehicle's payoff is higher than what the dealer you are working with is willing to give you for it, to trade in your vehicle you will either have to pay money out of your own pocket or roll your negative equity into your new lease.

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  • mac06mac06 Posts: 2
    Hi Car man,
    Thanks for your earlier post. I wondering if I should buy/lease today 7/31/06 or wait for mid to late August incentives. Does Honda extend into August?? Thanks, Terry
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