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2013 and earlier-Honda CR-V Lease Questions

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Comments

  • blueiedgodblueiedgod Posts: 2,803
    Just went to dealer and they pi$$ed me off! Tried to give me $16,200 for my 2007 CRV with 29K. Then they wanted me to give them $3600 dp for a monthly payment of $252. Residual value was 63% which made buy out $16K+ at end of lease. They should have offered me at least $17,400 for my trade and I think residual should have been 57% plus they were charging me full price for car. I got mad at finace guy and walked out. He was a jerk. My salesman is a good guy and I felt bad for him. Finance guy killed the deal. I'm going to another Honda dealer today or tomorrow, hope to do better. Any words of advice from anyone before I go to the next dealer? Thanks!

    Let me get this straight. You have leased a 2007 CR-V, right? And you are trying to buy it out?

    Why are you going to dealers?

    Your lease agreement should state what your buy out is at the end of the term, unless it does not allow you to purchase it at the end of the lease term.

    Is it LX, EX? 2WD, AWD? What state are you in?
  • I was there to trade my 2007 CRV EX for a 2010 CRV EX 4WD. I'm in NYS.
  • blueiedgodblueiedgod Posts: 2,803
    I was there to trade my 2007 CRV EX for a 2010 CRV EX 4WD. I'm in NYS.

    Do you own the 2007?

    Are you leasing the 2010?

    What is wrong with 2007 that you want out of it into the same 2010?
  • delta737hdelta737h Posts: 603
    Colleen178,

    It's really difficult to tell whether or not you got a good deal. From the data you provided in post #733, the 2007 CR-V selling price appears to have been 24,000 and the gross cap 24,595 (24,000 + 595 acq fee). I have no idea what a competitive selling price on a 2007 CR-V would have been three years ago. My best guess is that it appears reasonable. Your money factor was 0.00300 which equates to 7.20%. Don't know what market rates were back then but it seems kind of high. Did you have Tier 1 credit?

    I can't comment on the 5,128 that they gave you for your trade because I have no idea what your trade was worth.

    I can tell you that all the calculations appear to be done correctly including the NY sales tax calculation at 8.00%.

    John
  • frog22frog22 Posts: 20
    edited July 2010
    Last week I leased a 2010 4WD Honda CR-V EX w/ 12,000 miles per year, 36 months.

    I put only taxes, DMV fees and first month's payment down (about $1400), and the payments are $275 a month.

    This is my first Honda and only my second lease. How'd I do? :blush:
  • CapeCodCapeCod Posts: 117
    New to leasing so I may ask 'foolish' questions...
    Should I be putting more $$$$ into the down payment of a lease to lower the monthly rate or is that counter productive???
    Post # 741 shows a $275 payment with only $1400 down!
    What would the Money factor for that deal work out to?
    Toyota is offering me .ooo2 MF which I think is good...
    so it probably means they are beating me somewhere else, right???
    BTW I am torn between RAV, CR-V, or Prius ???
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi veno12. You never mentioned what this vehicle's selling price is. This is a very important number to know when leasing. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without the selling price, it is more difficult to tell how large a dealer discount you are being given, and in turn if there is more room left to negotiate. Let us know what this number is and I'm sure that either myself or another knowledgeable community member will tell you what they think.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Car Man:

    Could you post the residuals and MF's on a 2010 CR-V EX-L 4WD. 12,000 miles lease for both 24 and 36 months. If it matters, I'm in California.

    Thanks,
  • superasupera Posts: 1
    edited August 2010
    Hi,

    Pl let me know if I got a good deal. This is for the 2010 CRV EX-L 4WD with Navi. State is NJ (7% tax). This is for 24 month lease/12,000 miles/yr. Have Tier A credit.

    Agreed Value of car - $28404

    Gross Cap Cost - $29764
    Cap Reduction - $2266
    Adj Cap Cost - $27498
    Residual Value - $19841
    Depreciation - $7657
    Rent Charge - $1556
    Months - 24
    Total Monthly Payment - $375 (includes tax)

    Paid the following out the door
    Cap Cost reduction - $2260 +
    First Monthly Payment - $375 +
    Registration Fees - $191 +
    Doc Fee - $249
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Welcome CapeCod. Since you are new to leasing, you definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

    In answer to your specific question, it is in your best interest to put as little money down as possible when leasing. Consumers who make large down payments on leased vehicles risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, it's much safer to go with a zero down lease.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    I'd be happy to help you out, r56mellowyell.

    Honda Finance's current buy rate lease money factor and residual value for a 24 month lease of a 2010 CR-V EX-L 4WD without navigation with 12,000 miles per year are .00137 and 66%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The numbers for an otherwise identical 36 month lease are .00137 and 59%.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi supera. The selling price that you were given for your CR-V is right around dealer invoice. I doubt that the Honda dealer marked up your vehicle's money factor, so this looks like a very good deal to me. Enjoy your new ride :) !

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • jamtracyjamtracy Posts: 74
    Car_man, please excuse my ignorance. When you give a residual percentage is that off of the negotiated price of the vehicle? If so why is the MSRP always mentioned? Thanks for your help. I enjoy your posts and have learned a lot.

    James
  • kyfdx@Edmundskyfdx@Edmunds Posts: 25,904
    The residual is a percentage of MSRP...

    Moderator - Prices Paid, Lease Questions, SUVs

  • Hoping someone can take a look at this lease and let me know how it looks, I live in NY, the sales tax is 8.875%. Also, I added wood trim as a dealer installed option, (I know it's a lease, I know, I just like it better!):

    2010 Honda CRV EX L 4WD w\out Navi
    36 Months
    15,000 miles per year
    1st Month, Bank Fee, DMV, and Taxes Upfront
    1st Month: $363.86
    Bank Fee: $595
    Tax: $1162.53
    DMV: $97.50
    Plate Transfer: $140
    Money Factor: .001370
    Residual Value: 57% ($16,259.25)
    Dealer Cost: $26,910.71
    Selling Price: $27,160.71
    Total Cap Cost: $27,213.94
    Total Dealer Profit: $250

    Anyone more experienced have an opinion??

    Thanks! :)
  • delta737hdelta737h Posts: 603
    edited August 2010
    nymountaingoat,

    You didn't indicate the adjusted MSRP after the dealer installed wood trim and so I am assuming it's $28,525. Dealer profit is irrelevant. However, I can promise you that the total dealer profit on this vehicle is much more than $250.

    All calculations have been done correctly. I can't vouch for the money factor (mf). Is the mf the buy rate (i.e., the mf with 0 dealer profit)? The selling price seems very high. You may want to check TrueCar.com or overstock at zag.com for low competitive selling prices in your area. Check Edmunds invoice pricing as well as incentive offers, if any, on this vehicle. Also, it seems a little strange that the difference between the total (gross) cap cost and selling price is $53.23. What does the $53.23 represent? It just doesn't look right.

    John
  • Adjusted MSRP is $28,525...thought the selling price was pretty close to invoice but I'll double check.

    Thanks!
  • Truecar.com indicates a good selling price as anything less than $27,500....that's without wood trim.

    Edmunds TMV What Others are Paying indicates a selling price of $27,091 also w\out wood trim.

    Wood trim in this case was $325

    My selling price was $27,160.71
    The Total cap cost was $27,213.94

    Any other thoughts given this info?

    Thank you very much!
  • veno12veno12 Posts: 3
    I was offered a lease for this car with 2500.00 down, payments of 271.30 a month. The price to buy, including destinantion fee, but excluding tax, was 24128. The lease is for 36 months at 15k per year. Any thoughts or comments would be helpful. Thanks
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