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2013 and earlier-Honda CR-V Lease Questions

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  • delta737hdelta737h Posts: 603
    gerico,

    For whatever it's worth, I generally FAX or email the dealer a one-page lease proposal. It has saved me money, time, and aggravation. Here's an example...

    2010 Honda CR-V 2WD LX
    Lease Proposal

    Retail Pricing Information

    Base MSRP 2010Honda CR-V 2WD LX AutomaticModel RE3H3AEW… 21,545.00
    Tango Red Pearl …………………………… 0.00
    Destination Charge……………………….…………….….. 710.00
    MSRP………………………………..…………….…...…… 22,255.00

    Selling Price
    Agreed Upon Value……………………….……… 21,066.23

    Amounts Financed (Capitalized)
    AHFC AcquisitionFee……………………………………… 595.00
    Medina Sales Tax @ 6.50% x 36 x 285.41……………….. 667.86

    Capitalized Costs
    Gross Capitalized Cost…………………………….……… 22,329.09
    Capitalized Cost Reduction……………………………. 0.00
    Adjusted Capitalized Cost……………………………… 22,329.09

    Residual Data
    Residual Factor………………………….…………. 0.60
    Residual Value (Residual Factor x MSRP)…………….… 13,353.00

    Cost of Money/Term
    Money Factor…….……………………….……….…… 0.00156
    Term (months)…………………………….………… 36

    Lease Payment Itemization
    Monthly Lease Payment…….…………….…….… 305.00
    Taxable Monthly Lease Payment…………..……….. 285.41

    Estimated Charges Payable at Lease Origination
    License, Title, Registration Fees (estimated)………..…….. 125.00
    Doc Fee...................................................................... 250.00
    Amount Due at Lease Signing…………………………..…..… 375.00

    Fund Provider: AHFC
    GAP Coverage: Included
    Annual Mileage Allowance: 12k
    Disposition Fee: None
    Excess Mileage Charge: $0.15 per mile
    Reg. M Disclosure: NA

    I did my homewok by getting the invoice price, msrp, incentives, etc. This is an Ohio lease where tax is computed on the total taxable payments due at lease inception. I'm always fair but firm which has always worked for me. I think the residual factor for a 15K lease is 58%. The money factor should remain the same at 0.00156.

    John
  • gericogerico Posts: 21
    Nice breakdown.
    Thanks !
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    edited April 2010
    Hi gerico. I believe that Honda Finance's zero due at signing money factor for a 36 month lease of a 2010 CR-V is currently .00156 for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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  • djayddjayd Posts: 1
    April CR-V EX Lease
    Looking for April lease Residual and MF numbers.
    Looking for a $0 down lease with 12,000 miles for 36 months.
    Thanks! I love these forums.
  • jsdilopsjsdilops Posts: 47
    Rick Case Honda, Weston, FL, is offering the same factory deal, on exactly the same model (2010 CR-V LX 2wd), but for 279/m.
    E.g. 0 due at signing, 0 first month, 36 months 12k, 279+tax, excludes tag+lic.

    Seems like the price on this deal is 20568.70, 198 below invoice, a bit low for guys like Rick Case, still trying to figure out where is the catch.

    Any clues?
    There must be at least a 1k incentive on this model.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    I'm glad that you enjoy the forums so much, djayd. According to the latest information that I have seen, Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 CR-V EX 4WD with 12,000 miles per year are .00156 and 61%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • harry70harry70 Posts: 5
    edited April 2010
    Did you purchase? If not, are you still considering CR-V? If you don't mind, please summarize your unique situation. If you did buy, please give us the financial specifics. Thanks!

    I ran some numbers, but couldn't make sense with the information given. Something just isn't right. An LX lease goes for well under $300/mo. I've recently seen $279/mo with zero down and $249/mo with nominal down. The $300/mo should get you into EX price range.

    Were you correct with the $13,200 ($22,375 *.59) residual? I think it's usually off the MSRP and that would come to $13,868, further DECREASING the monthly payment.

    If you prepay everything, you should further cut your interest cost. I only get $8500 capital reduction and a little over $1000 interest for the residual. There's nearly $3000 difference from what you're listing. If you can figure out what's wrong, post it here.

    One thing that might account for some of that difference may be tax. What is your state and tax rate?
  • roflkittensroflkittens Posts: 6
    edited April 2010
    Hello Car_man and Delta!

    Delta, I appreciate all the help you have given others here and I particularly like your methodology of faxing detailed listings to dealers.

    I'm trying to Lease either a CR-V or a Pilot ('11) depending. I am hoping to get your help on what you think I should be sending in to a NYC (5 boroughs) dealership for these two vehicles.

    All I have so far is a pretty good internet price emailed to me on a Pilot LX 4WD for $26,863 and a verbal offer at the dealer on a CR-V LX 4WD for $22,505.

    When it came to the financial numbers I only have a CR-V breakdown and its crude from memory.

    2010 Honda CR-V LX 4WD
    Cap Cost (or Net Capitalized Cost): $22,505 (way too high IMO)
    Tax: $ 973.03 (tax on tax is legal here)
    idk: $29.50
    acq: $595.00

    residual %: $61% ( ? )
    residual: $14,338.50 (the buy back price after depreciation?)
    money factor: ( ? )

    Monthly Payments: $288.00

    total due at signing a 0 down lease $2,148.55. First month, tax, acq and some other $29 fee (I don't know)....Does NOT add up to $2,148.55 but rather $1885.00.

    I swear I heard him say 60 or 61% residual which seemed high, but I can't figure out what the money factor or the residual is based on the residual amount he gave me. ($14,338.50).

    Can you help me with the equations and perhaps help me to draw up a better deal so I can create my own Fax sheet?

    What do you think I should be sending to dealers in my area for a 2010 CR-V LX 4WD and a 2011 Pilot LX 4WD.

    Thank you so much in advance gentlemen.
  • delta737hdelta737h Posts: 603
    edited April 2010
    roflkittens,

    Since you provided info on the CR-V and this is a CR-V forum, let's work on the CR-V first if you don't mind. If you can find out the money factor and residual factor for the CR-V LX 4WD for 36 months/12K, I'll be glad to run the numbers for you. The best way to secure this information is to ask your dealer to FAX/email you a copy of their Lease Worksheet as it contains all relevant information including, MF, residual, MSRP, fees, your NY sales tax rate, etc. There is absolutely no reason in the world for them not to give it to you.

    For now, don't be concerned about the selling price. All I want right now is the MF, residual, sales tax rate, miscellaneous fees, etc. We'll nail down the details (e.g., sell price) and confirm their data (MF, etc) later. I just need a good starting point as a first cut.

    The same info would be helpful for the Pilot as well. You can email them to me at diffeq@zoominternet.net

    John
  • John,

    Thanks for your quick reply.

    I will call the dealer as soon as they open and email you the info you've requested as soon as I get it.
  • joppjopp Posts: 5
    edited April 2010
    :confuse: Hi everyone. I am looking to lease a EX-L AWD with 20,000 miles/year x 3 years

    I can't figure out what I should be paying per mth on a lease.

    I can't find the residual and the MF should be super-preferred. Is this still at .00156

    I am in MA so 6.25% tax

    Can anyone help? :confuse:
  • tbadtbad Posts: 2
    For a 3 year (12(k) per year lease) dealership is telling me that the residual percentage on the 4wd exl nav model is 57% (states that the 61% is for the ex model); List is $30,455; the selling price is $28,463; the money factor is .00156; acquistion fee is $595; $265 misc fees(doc fees/title). They want $442.45 per month and $442.45.
    The residual value of the vehicle is $17,359.

    Tell me please what is wrong with this picture. Thanks in advance
  • swimhc01swimhc01 Posts: 1
    edited May 2010
    Hello-

    first time posting

    just leased a CRV EX (AWD) 12K/year from Tarrytown Honda in Westchester.

    traded in a 2003 sentra with 125K miles on it- they paid off what we owed (740.00) and gave us 2000 towards dealer fees etc. So in other words, we walked out of there with a pretty nice car and only paid for DMV fees. Money Factor was low: .00135 I believe. The value of the car after 3 years will be 15K

    payments: 319/month + 19 tax (ct sales tax) for a grand total of 338/month.

    I feel like I got a good deal, can anyone confirm this for me so I can stop worrying about it?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi jopp. Through today, May 3rd, Honda Finance's buy rate lease money factor for a 36 month lease of a 2010 CR-V is indeed still .00156. Honda is scheduled to introduce its new May lease program some time tomorrow. It's difficult to say whether it will be different than today's program.

    I'd be happy to use Honda's current lease program to work up a sample payment on the vehicle that you are interested in for you. According to my calculations, if you were to lease a 2010 Honda CR-V EX-L AWD with navigation that has an MSRP of $30,455 and a selling price of 28,871 ($500 over invoice) through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $408 assuming that you qualify for its top aka "Super Preferred" credit tier.

    15,000 miles per year is the highest mileage allowance that Honda Finance publishes residual values for. If you need to drive more than that, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi tbad. The money factor and residual value that you were quoted are correct. The selling price that you were quoted looks great as well. As you seem to be aware, the monthly payments that you were quoted do seem to be a little on the high side. I just worked up a payment on this truck using the information that you provided, and I came up with a zero down, pre-tax payment of $406 with the acquisition fee rolled into the cap cost instead of being paid at signing Granted, sales tax will add some to the payment if you're in a state that charges it, but I doubt that it would at $40 per month.

    Car_man
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  • quad1quad1 Posts: 9
    MSRP: 28455.00
    Selling Price: 26615.22
    Residual: 17073.00
    MF: .00218
    Cap Cost: 27435.22
    Sales tax 9%
    $0 down
    36 months
    12000 miles
    $419.51 per month

    This includes front splash guards, tailgate spoiler, and hood air deflector installed

    Please give me a thumbs up or down...need to decide... :confuse:

    Thanks
  • jocintajocinta Posts: 1
    I'm interested in leasing an EX-L and would like to know what the MF and Residual Factor is likely to be for this model for the month of May.
    Can you also confirm that this MF is applicable to all CRVs and that it would be applicable to Florida.
    If I have a trade in in excess of the 20% MSRP limitation what are my best options?

    Thanks
    Jocinta
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi quad1. Honda enhanced its lease program on the 2010 CR-V a couple of days ago. Its new buy rate lease money factor for it is .00200 for consumers who qualify for its top credit tier. It's not much better than the previous factor, but every little bit helps ;) .

    The selling price that you were quoted for the CR-V that you're interested in looks great. It's equivalent to around $100 over invoice.

    Just make sure that the dealer switches to the new money factor and you're in business.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Jocinta. Honda Finance's new, enhanced buy rate lease money factor and residual value for a 36 month lease of a 2010 Honda CR-V EX-L AWD with 15,000 miles per year are .00200 and 58%, respectively.

    This is a national lease program that is available in all states on all CR-V trim levels.

    If you have equity in your trade, you will be better off having the dealer give you a check for it rather than using the proceeds from your deal as a down payment for your lease.

    Car_man
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  • lfernaldlfernald Posts: 3
    Just leased a 2010 CRV LX on Saturday with 0 down and 12k a year payment was $317 per month.
This discussion has been closed.