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2013 and earlier-Honda CR-V Lease Questions

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Comments

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome charles_guy. Thanks for stopping back to let everyone know how everything turned out and for offering to help others out. Enjoy your new CR-V!

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • redericrederic Posts: 2
    First lease offered was Seattle Honda for an LX - $850 down and payment $320/mo. (3yr, 15,k) We really wanted an EX so I started Emailing dealers on the advice of this forum (great help) and worked up an Excel spread sheet to compare offers.

    The following is what I have been able to negotiate. The deal will be signed June 1 when the new flex money comes in. I will hold off mentioning the dealer until I have the keys in my hand.

    2013 Honda CRV EX
    36mos/15k mi
    Negotiated $25,504
    Cap cost 25,504 -500 (flex) = 25004
    Residual (62%) $16,724
    Money factor .00145
    Lease $290 + tax = $319
    No trade
    Due at signing $795 (OTD) – Includes 1st month payment & license fees. ($500 loyalty credit included here)

    Internet sales told me CRV has the highest money factor of all the Honda leases, likely because of demand. Car usually has about $500 in dealer add on junk but since it is coming in next week they will not install them and I can add my own.

    Comments would be appreciated.
  • charles_guycharles_guy Posts: 55
    ---The deal will be signed June 1 when the new flex money comes in---

    be careful. deal may be worse. residuals maybe down may to june. april=may but

    weymoths showing 24064 may for awdex
  • charles_guycharles_guy Posts: 55
    and thank you car_man. i enjoy the crv and now my husband wants an older one but they're so expensive used. i posted in the car value forum and that nice member qbrozen replied confirmed silly crazy used price

    this rides better with tires pumped up few pounds my husband says. i like the compass thing and the camera when backing up. passing is not so speedy but cruzed at 80+ today interstate and as husband sayed like a rock

    he says the honda money factor interest was two high but we gotta good sale price and dealer was cool with the 35xmos signing so i'm happy. he's happy too

    thanks car_man
  • thanks, charles guy! I'll tell all later.
  • redericrederic Posts: 2
    Thanks for your comment.

    I did study the Weymouth deal. It seems like all the dealers have different ways to calculate their numbers. The end result of their lease is the same $290/mo for 15k miles. The tax is higher here in WA and the OTD price is only $141 more. Monthly comes to $11 more with tax AND I don't have to go 3,000 miles to MA to get it.

    This thread has been very helpful. Thanks to all who post.
  • balaskonisbalaskonis Posts: 16
    Car_man

    any changes to this month's numbers re: MFs and residuals...most specifically looking at the CR-V EX-L AWD, 12K 36 mo lease

    thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi balaskonis. Honda's lease program for the CR-V is exactly the same in June as it was in May.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • I have a 2010 Honda CRV EX lease with 28k, payoff $16,200 that I would like to trade for a 2013 CRV lease. What should I be getting for trade-in value and how much should I be paying for 2013 model? Of course I want the best deal I can get so I'm looking for advice on how to go in and make a deal. I can payoff the 2010 and keep it or trade. Would it be better to buy it, then trade it? Any advice would be greatly appreciated as my lease is up in about a month. Thank you!
  • nyccarguynyccarguy Stamford, CTPosts: 7,461
    Your 2010 CRV is definitely worth more than its $16,200 payoff. Post your question on the REAL WORLD TRADE IN VALUES thread here on town hall. Take your car to CARMAX to get a "buy bid" from them, then go to your dealer and see how much he will offer you to trade your leased car in (you can do this) instead of just turning into Honda. Let us know and keep us posted! Good luck!

    2001 Honda Prelude Type SH/ 2011 BMW 328xi / 2011 Honda Pilot EX-L w/ Navigation

  • I went to the dealer yesterday to trade the 2010 CRV EX with 28K. They want $1000 down with payment of $295. They are giving me the car for $25300 but I can't remember the rest of the numbers. They wouldn't give me a copy of the deal! I went there at 5:15 they wanted to close at 6 because of holiday. I do know they gave me $500 college grad and $500 lease loyalty. Does this sound reasonable? The money factor, which I can't remember what it was, came out to around 3.2%. I'm supposed to go back tomorrow to make the deal.
  • nyccarguynyccarguy Stamford, CTPosts: 7,461
    Get ALL the number broken down. How much they are giving you for your trade. What the sticker price & selling price is of the new CRV is. Get the exact money factor.

    Make the trade of your car and the lease of the new car a separate transaction.

    Don't deal with a dealer that won't let you see their numbers. You want to walk out of the dealership with a check for your lease turn in that you are trading in. If your buyout is $16,200 and they give you $20K for your CRV, you should get a check for the difference.

    Don't put money down on a lease to lower your payment.

    2001 Honda Prelude Type SH/ 2011 BMW 328xi / 2011 Honda Pilot EX-L w/ Navigation

  • balaskonisbalaskonis Posts: 16
    Hi Car man

    At your earliest convenience, wanted to know what the residual/money factor was for July for CRV EX-L 12K 36 mo. lease

    Thanks!
    Paul
  • ken117ken117 Posts: 189
    Good advice, never sign anything at a car dealer until you have been presented the numbers and have examined them. And never put any money, other than the first months payment and legal costs like registration, down on a lease.

    Any value in the trade should be used to reduce the capitalized cost. And of course, the capitalized cost on a leased vehicle should be negotiated the same as if the vehicle were purchased. Never lease at MSRP.

    Also, check to see if the lease has built in GAP coverage. If not, check with your insurance company for GAP. GAP bought at a dealer will cost at least twice what it should.

    However, while it sounds good to separate the new vehicle purchase and the trade into different transactions, that really is not possible. The lease and trade are never two separate transactions if simultaneously done at the dealer.

    All dealers look at a car deal in total. That is sale price or capitalized cost, trade vehicle, and financing, interest or money factor. It also makes no sense to hide a trade vehicle. If you negotiate a great price on a new vehicle and then spring the trade on the dealer, the dealer will simply offer less for the trade.

    While not as important on a lease, the possibility of the dealer making additional profit in the F&I office is often one more part of the total deal. It is usually smart to have the dealer believe it can earn additional profit in the F&I office. The dealer may lower its price or give more for the trade if it believes it can make thousands in the F&I office. Of course, once you are in the F&I office, just say NO to everything offered. The F&I guy cannot change the deal.

    Like the dealer, buyers should also look at the deal in total. Compute a reasonable sales price, compute a fair value the trade, and obtain the financing for which you qualify from banks, credit unions, or use an OEM supported interest or money factor is available.

    Use that information with one of the various calculators available on line and compute a desired monthly payment. Then go to the dealer and see how close one will come to your numbers. As long as a buyer keeps its numbers in mind a dealer will not be able to easily fool the buyer.
  • nyccarguynyccarguy Stamford, CTPosts: 7,461
    I agree with you that the deal should be looked at as a whole. But if you go in with a realistic value for your trade (a buy bid from carmax, a competing dealer, or auction value from the REAL WORLD TRADE IN VALUES right here on Town Hall), not a KBB or Edmunds TMV number, knowing the base lease rates (assuming you have excellent credit) & residual values, plus how much the car is selling for (Invoice minus incentives & hold back if you shop toward the end of the month), then you should have no problems.

    Be informed. Don't try and hide your trade (I wasn't implying that) because a seasoned professional will see right through you trying to play that game. Like you said, don't let the dealer fool you into thinking he's giving you a fantastic price on your trade, then charge you full MSRP (or above) plus a BS doc fee.

    I always say to get a check back for your positive equity on the trade. I did this when I traded in my (financed) 2010 Acura TSX for my (currently leased) 2011 BMW 328xi. I put the check in the bank & used it to make 6 months worth of lease payments.

    2001 Honda Prelude Type SH/ 2011 BMW 328xi / 2011 Honda Pilot EX-L w/ Navigation

  • I'm looking over my 2010 CR-V lease agreement (when it was new in 2010) in preparation for negotiating a new lease. There are some values I don't understand and it has the potential to cost me money.

    In short, the difference between the GROSS Cap Cost (i.e. before cap cost reduction) and the Agreed Value seems too *small* to include BOTH the 595 acquisition fee and 7% NJ tax.

    Agreed Value=22,953
    Gross Cap Cost=23,864
    Difference=$911

    If I subtract $595 from the $911, I get only $316 left for taxes, which is too small -- they should be in the $700 range. The total of base payments for this lease is $11,592, so at 7% the taxes should be approx $758 [ = 11592 * (1 - 1/1.07) ]

    Unfortunately, I didn't get the gross cap cost itemized. What am I missing? In other words, did I somehow save on the tax or acq fee, and can I do it again? For example, this was my 2nd AHFC lease - is there a reduced acq charge as a loyalty incentive?
  • delta737hdelta737h Posts: 603
    edited July 2013
    Check what you paid upfront by looking at the Itemization of the amount due at lease signing. There should be some spaces labeled "other". Does it indicate sales tax was paid upfront? If so, how much? Is a dealer doc fee on any of those lines? If not, the $311 difference might account for the dealer doc fee plus other fees. Typically, NJ dealers charge a doc fee of $250 -$280.

    I would call the dealer and ask them for a copy of their LEASE WORKSHEET that they provided AHFC. This will include a breakdown of everything. Don't let them tell you that they don't have it anymore or that they never completed one because that's pure garbage. I've been told that AHFC will NOT fund a lease unless they have the lease worksheet and the lease agreement. Dealers should keep those documents for their records at least for the duration of the lease. I have never known AHFC to waive or discount acquisition fees. It seems highly unlikely that they ever would.

    Hope this helps.

    John
    TheAutoLeaseGeek
  • I am trying to help sister in Columbus, Ohio, With a 36 month 12,000 miles per year lease of a CR-V EX-L.

    .00182 MF
    61% residual= $18,071
    Sales price = $28,410
    Quote $384/month

    I would love some other comps, that monthly seems way high to me.

    Thank you, barry
  • I am looking into a lease for a 2013 CRV EX here is the break down the dealer has presented

    MSRP 28,019
    Sales Price 24,979
    Buy Out 15,949
    Inceptions at $1498 less $500 rebate - total $998 ( agency fee & rental surcharge total 190 , want that eliminated for a out of pocket total of $771 ( includes first months payment of $348 )

    lease payments with tax at $ 348

    I've never done a lease , right now it's a great option for us ...thoughts ?
  • Could be lease loyalty, could be honda capital...would be close to 800 at that point.
  • jmcbmwjmcbmw Posts: 64
    Hey Car_man, do you have the August 2013 lease rates (money factor, residual) for the 2013 CRV-EX L Navi in both FWD and AWD if different would be great. Also, 12K or how much to add or deduct for 15K miles. We are looking to get one this coming weekend. Any help from other members appreciated! Thanks a bunch!
  • I got another quote from a dealer...

    Sales price 23,891
    money factor .00128
    out of poc $750
    lease payments with Tax $297 12k miles
    buy out 15,949
  • Hi CarMan.

    Can you provided the money factor and residual for Alabama for a 36-month, 15,000 mile per year lease on a 2013 Honda CR-V with Navigation System?

    Do you have the same information for the 2014 year model?
  • We ended up getting the 36 month lease on a 2013 CRV EX-L Navi in Silver/Black (our first choice color) for:
    $788 Out of pocket includes 1st payment, CA DMV, $100 doc fee
    $350/month including 9% LA County Tax.
    .00128
    59% residual for 12K miles (I think you subtract 2% for 15K miles)
    included 4 splash guards and wheel locks.
    VERY Happy with Diamond Honda of Peunte Hills ask for Steve Chen in internet sales
  • kyfdxkyfdx Posts: 27,943
    I'm sorry.... I have very limited Honda information, this month, and nothing on CR-Vs..

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • Just picked up a 2013 EX 36/36k Honda Finance.

    26975 Sticker, 25035 Purchase price, $500 Honda Cash.
    Paid $595 deposition fee.
    .00058 MF
    61% residual
    $248 + taxes per month
  • lnylny Posts: 7
    I am thinking of buying my CR-V at lease end. Anyone have experience working with Honda Financial? Any problems with them ignoring the residual in the lease?
    Thank you
  • charles_guycharles_guy Posts: 55
    edited October 2013
    honda finance cannot ignore contract(lease) residual with theyre standard papers (new 10/13 lease has different damage an turnin fee but thats nother story (http://www.hondafinancialservices.com/leasing/benefits) previous lease buyout with honda finance in 2009 californnia was smooth except for what we did. not more money but it wasted time

    did not purchase drectly from honda finance but went thru dealer since used car interest was better thru them than local banks back then (if you have cash to pay following doesnt mean anything cause you just pay honda directly based on residual and state tax) but then we had to sit thru dealer stuff jus like we bought new car cause process is they "temp/agent" purchase back from honda finance (when they lease they sell car back to honda) guess they hoped to make money on paint protection and stuff. read on

    dealers stuff (hubby hates this stuff. no we dont want tire protection cause we just bought these tires and they have tire dealer warranty thank you etc) was all finance office crap. shoulda been 10 minutes most but it took 30 and he walked out. of course got car at residual (lease/contract price+state tax) but it was big time waste for him cause he hates this stuff but % saved a few dollars

    remember your buying a used when you buy at residual so get best finance interest bank/credit union% or just pay with savings if you have. if dealer is better% jus prepare for finance office crap like buying or leasing new. jus say no to all. if under 36kmiles you can still buy hondacare cheap on the web

    good luck :)
  • lnylny Posts: 7
    Has anyone ever purchased at lease end for less that the residual on the lease contract ?
  • jayp05jayp05 Posts: 3
    Hi I want to share the deal I got on 2014 CRV EX AWD in Alexandria VA.

    12K miles/36 months - 1K down payment - $287 monthly.
    MF: .00127 Residual value: 64%

    I think I did a good deal, hopefully it will help others looking for similar monthly payment.
This discussion has been closed.