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2013 and earlier-Honda CR-V Lease Questions

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  • OK, nobody replied, so I took the deal, figured I'd share what I actually paid:

    Off the lot price (all DMV fees, reg, tire waste included):

    359.60/month
    36 months
    12K miles

    Even better, they let me put ZERO down (literally signed and drove off) and divided my total over 35 payments to start next month, making it 377.62 x 35 payments over 36 months.

    What does everyone think? I know on the grand scheme of car buying its average, but for a HOT car at this time of year I thought it was the best I could do.

    Oh, for everyone out there, dealer was Saratoga Honda, Saratoga Springs, NY, and I would give them my highest recommendation. They will negotiate over internet/phone/fax and deliver to other states as well, I may continue to use them if I leave the area!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome mmj. Honda is not currently providing any lease support on the 2007 CR-V. As a result, its lease program isn't great. I would be happy to use its current lease program to estimate what your monthly payment should be for the exact truck that you are interested in, but in order for me to do so I need you to provide me with its selling price. Always remember that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without knowing what this truck's selling price is, it is difficult to tell how good a deal you are getting. Let me know what this number is and I'll tell you what I think of this deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    No problem, superfille. I am glad that you have learned so much from visiting this forum. Enjoy your new truck!

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello yf342. Honda Finance probably has the best available lease program on both of the models that you are interested in. You should be able to get a good idea of what sort of selling price you will have to pay for these vehicles by visiting the following discussions: "Honda CR-V: Prices Paid & Buying Experience" and "Honda Accord: Prices Paid & Buying Experience".

    Once you have decided what price you want to pay you can estimate these vehicles' lease payments by using the following lease programs. Honda Finance's current buy rate lease money factor and residual value for a 24 month lease of a 2007 Honda CR-V LX 4WD with 15,000 miles per year are .00380 and 71%, respectively. As you can see, Honda's 24 month lease program for this truck is pretty bad. You would be better off leasing it for 36 months. The numbers for a 36 month, 15k lease of it are .00280 and 62%.

    Honda Finance's current 24 month, 15,000 mile per year buy rate lease money factor and residual value for the 2007 Accord SE V6 are .00090 and 57%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi frenchbuff. Honda has enough dealers in the New York area that it wouldn't hurt to shop around a little bit, but if no dealers have CR-Vs in stock, it is going to be difficult to get much of a discount on one. Let's work up a couple of sample lease payments for you based on different selling prices. Let's start with a selling price of full MSRP. According to my calculations, if you were to lease a 2007 Honda CR-V EX 2WD that has an MSRP and a selling price of $23,900 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $379. A $500 discount would drop this truck's payment to around $364. A $1,000 discount would drop it to $349. Lastly, a $1,500 discount would drop it to $333.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello wreills. Here's the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda CR-V EX-L 4WD with 12,000 miles per year are .00280 and 62%, respectively. As far as the price that you will be able to negotiate on this truck goes, the recent posts from consumers who are in the market for this vehicle indicate that dealers haven't been providing much in the way of discounts on it. Take a look at the following discussion to get an idea of how much you will probably have to pay for this truck: "Honda CR-V: Prices Paid & Buying Experience".

    Car_man
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  • gutshot1gutshot1 Posts: 2
    Hello all,,,new guy here so I hope this is in the right spot.I'm interested in a 2007 CRV LX 2WD..and wish to lease one here in GA.Local dealer has four of them on the lot and is offering a "special" $259 per month 36 month lease with $2990.00 down.This doesn't seem special in any way to me.The sticker says $21,700 which is close to the MSRP($20,600)
    for that model.I want to be in that monthly range but not by shelling out 3k for a lease. Should I try another dealership? Hope I didn't highjack the thread.
  • kisyntymkisyntym Posts: 18
    Can someone explain what credit scores are needed for tier 1 or 2?
    I am interested in leasing a crv.

    Thanks
  • I'm trying to help an elderly friend with his first lease. He's giving his 1998 CR-V to his granddaughter and wants to lease a 2007 LX AWD. Money really isn't an issue, he just doesn't feel the need for all the toys, hence the LX. He really only needs 10k/year on mileage, wants to just sign and drive. Dealer is quoting a price of $22300 to base the lease on.

    My friend thinks he wants a 60 month lease. I told him that the maintenance he will need to do will negate the savings, and that a longer lease doesn't always equal a lower payment. Where is the residual the best on a CR-V LX AWD? Thanks!
  • stevecarstevecar Posts: 148
    Noone should lease a car for longer than the warrantee. If something happens after 36 months, you will be fixing a car that you are giving back. Chances are it will need tires, brakes, etc and then you will replace these items and return car. The beauty of a 36 month lease is if you do 10k miles a year, your only outlay will be iol and wiper blades.
  • That's what I told my friend, I saw it click with him, doubt he's still thinking 60 months.
  • stevecarstevecar Posts: 148
    I learned my lesson on a 1988 bmw. It needed tires, master cylinder, battery,brakes :( and various other high price items and then we gave it back
  • sundoggysundoggy Posts: 2
    Hi Car_man I wonder if you can help me out here.
    I am planning to lease 2007 honda CR-V EX-L AWD with Navi. This is for 36 month 12K miles. From my research MSRP 28595 and invoice 26482. I am trying to offer the deal with 410/ month with zero down. I wonder if that is a legit offer? From what I read in the forum the Money factor is 0.0028, but I am not sure the residual... one of the dealer told me is 60%, but I read your previous post you said 62% I wonder if 60% is correct for the residual value?
  • pegasus17pegasus17 Posts: 536
    If money isn't an issue, perhaps he should buy the CR-V as it will hold its value well just like all Hondas do. I saw a TV ad for 4.9% financing for 60 months. just my .02
  • sundoggysundoggy Posts: 2
    Regarding my 2007 CR-V. This dealer wants me to go in and run credit check first then will tell me the money factor. Is that a common sign of a dirty tactic? Some other dealer just told me right over the phone or internet. This dealer first quoted me $200 more than other dealers...this already kind of pissed me off then they called again and "you have to bring in a paper quoted by the other dealer in order to match closer to their offer." I am going into the dealership to do my final negotiation, but I think this dealer is trying scam me. Any thoughts?
  • roco23roco23 Posts: 1
    hello car_man..I am new at these and it will also be my first time leasing a car and really need some tips on how to negotiated. I am interested in the 2007 CRV EX 4DR SUV AWD. MASRP= $24,050 INVOICE= $22,364. should i first negotiate the car price instead of monthly payments?? should i say I am buying instead of leasing at first? would i be able to get the price close to invoice? i would like to know how to calculate the monthly payments so i know im not getting ripped off!! do i need to pay extra for gap insurance?? I am from CT and my credit is good. what would my monthly payments look like just to have an idea. what is the most important thing i need to know when i go to the dealership besides the msrp and invoice price? please give me advice..thank you.
  • Thank you Car_Man!!!
  • Hello Car_Man- Can you tell me if Honda offers a non-traditional lease where I can prepay a 36 month lease and not pay as substantial finance charge? Lexus calls this a "Multiple Down Payment Lease". I really like this arrangement because I do not want to pay all of the sales tax upfront and I want the option of not buying it at the end of the term while getting (refundable)GAP insurance. Thanks.
  • trbl39trbl39 Posts: 2
    Hi. I have a 2004 Honda CRV and lease is ending in June. My daughter will be purchasing it and will need to finance part of it. She already has loan approval from a credit union. Honda's end of lease info states they are unable to conduct 3rd party sales such as a sale to a friend or family member. They can only sell leased vehicles to lessee(me). They say for me to send the full payoff amount to receive the title. And then when I receive title the law requires me to transfer the title to my own name and pay any applicable sales tax. Okay, does this mean they send me the title and I go transfer it to my name, pay the state(PA 6%) tax, and then I have to transfer it again to my daughter's name and then pay the tax again? Or do i just get the title from them and transfer it directly to her? Just how does this work. Will the title come to me with Honda's name on it? I have gotten 3 different answers from a Honda dealer, an auto tag notary and the credit union where the loan is coming from. I don't want to have to pay tax twice. Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome gutshot1. You are right to be hesitant about putting that much money down on a lease. I always advise consumers not to make down payments when leasing. Those who do risk losing them of their vehicle is totaled in an accident or stolen and never recovered. Consumers can lease any vehicle that they want without making any sort of capitalized cost reduction.

    Let's work up a sample lease payment on this truck using Honda Finance's current lease program and see what we come up with. According to my calculations, if you were to lease a 2007 Honda CR-V LX 2WD that has an MSRP of $21,195 and a selling price of $20,509 ($750 over invoice) through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $299. The lack of lease support on this model makes it difficult to do much better than that.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi kisyntym. The last time that I checked, consumers needed to have a credit score of 710 or higher to qualify for Honda Finance's top aka "Super Preferred" credit tier. To qualify for the next tier down from that, its "Preferred" tier, consumers need a score of 709 to 660.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi toledotom. The price that your friend was quoted is a little on the high side. The full MSRP for a 2007 Honda CR-V LX 4WD is $22,395, so the quote only includes a $95 discount :surprise: . I am not intimately familiar with what the market is like for this model right now, but you should be able to do better than that. I personally would shoot for $500 to $1,000 over invoice. Try stopping by the following discussion to see how much other community members have paid for similar cars lately: "Honda CR-V: Prices Paid & Buying Experience".

    Your friend definitely should not do a 60 month lease. That is a really long time to be committed to one vehicle. Plus, once the CR-V's 3 year / 36,000 mile basic warranty expires he will have to pay to fix anything that goes wrong with it (other than powertrain issues) out of his own pocket. I usually recommend that consumers lease for 36 months or so, 48 at the longest. Let's compromise and work up a 48 month lease assuming a selling price of $750 over invoice. According to my calculations, the zero down, pre-tax monthly payment of a 2007 Honda CR-V LX 4WD that has an MSRP of $22,395 and a selling price of $21,623 ($750 over invoice) leased through Honda Finance for 48 months with 12,000 miles per year (I'm not sure if Honda Finance leases Honda models with only 10,000 miles per year) would be around $287.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi sundoggy. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda CR-V EX-L AWD without navigation with 12,000 miles per year are .00280 and 62%, respectively for consumers who pay a security deposit at lease signing and qualify for its "Super Preferred" credit tier. Shoot for a selling price of $500 to $1,000 over invoice, the lower the better, and have the dealer use this lease program to calculate your monthly payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi pegasus17. Given the lack of lease support on it, financing the CR-V instead of leasing it isn't a bad idea, but to the best of my knowledge Honda is not currently offering any special financing rates on it.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi sundoggy. This isn't necessarily a dirty tactic as you put it. Honda Finance's money factors vary by credit tier. One needs a credit score of 710 or higher to qualify for its "Super Preferred" tier. It has other, higher money factors for consumers who don't qualify for its top tier. By not telling you what this vehicle's money factor is until they run your credit the dealer is accomplishing two things: they give you an accurate idea of the specific money factor that you qualify for and they make you feel more committed to the deal. If another dealership treated you better and offered you a lower selling price why are you still working with this one?

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings roco23. 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.

    You absolutely should negotiate the lowest possible selling price on the CR-V that you are interested in prior to discussing its monthly payment. There's no need to mislead the dealer to make them think that you are paying cash for or financing it, be honest about your intention to lease but firm that you want to negotiate the selling price before discussing monthly payments. I am not intimately familiar with what the market is like for the CR-V right now, but if I was in the market for one I personally would shoot for $500 to $1,000 over dealer invoice. You may be able to get an idea of how much you will have to pay for this truck right now by visiting the following discussion: "Honda CR-V: Prices Paid & Buying Experience".

    You can use the formula that is described in the above article to calculate this truck's lease payment. To do so you will need the exact MSRP and selling price of the CR-V that you want, along with its money factor and residual value. Honda Finance's ease program for this truck varies by term and mileage allowance. I can give you an idea of what it is currently like, but I am going to have to make an assumption about these variables. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Honda Finance's current 36 month, 15,000 mile per year buy rate lease money factor and residual value for the 2007 CR-V EX 4WD without leather or navigation are .00280 and 61%, respectively.

    I believe that Honda Finance includes gap insurance with its leases at no additional charge.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, choncho06.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello finbar. Pre-paid leases are different than making additional security deposits. Many banks do offer consumers a reduction in the money factor that they use to calculate the interest portion of leases for consumers who pre-pay. I have never heard of anyone pre-paying for a lease through Honda Finance or making additional security deposits on a lease through it, so I don't know if it offers these programs. I suspect that it doesn't, but I don't know for certain. You will need to check with a dealer to see if it does. If it turns out that Honda does offer pre-paid leases or allow MSDs, it would be great if you would let everyone here know. Thanks.

    Car_man
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  • dv8tordv8tor Posts: 23
    Hi,
    I'm looking for the lease rates (factor and residual) for a 2007 CRV EX-L 4WD in Orange County, CA. The lowest price I'm being quoted so far is $24,895.00 Is this a "good" price or can I expect to do better? I'm looking for a 3 year lease at 15k miles a year.
    Thanks
  • joppjopp Posts: 5
    This is the deal I got today in Mass... How did I do? Can you tell me if/where I messed up? I have a bad feeling about this.

    3 year 20k Miles/year Ex-L with Navi...

    Negotiated Selling Price of Vehicle: $26,805.46
    Money Factor 0.0028
    Initial Title Fees $385.75
    dealer acq fee up front $624.75
    Residual Value $15,085.00

    Monthly payment with tax = $465
    $1500 up front for:
    1st month =$465.00
    Title Fee =$385.75
    dealer acq fee up front=$624.75
    cap cost reduction with tax=$24.50

    Thats all I know...

    How'd I do?
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