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2013 and earlier-Honda CR-V Lease Questions

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  • Hi Car man, - Any update on the current buy rate lease money factor and residual value for a 36-month lease of a 2013 CR-V EX-L AWD with 12,000 miles per year now that the March 5 lease program has been rolled out? Thanks in advance for your help.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Here you go profitzone. Honda Finance's March buy rate lease money factor and residual value for a 36-month lease of a 2013 CR-V EX-L AWD with 12,000 miles per year are .00145 and 62% for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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  • ko10ko10 Posts: 2
    Hello Car_man,
    I'm about to lease a 2013 CRV EX AWD (no accessories):
    - Negotiated sale price $24,200 + $830 delivery charge = $25,030 total
    - 36 month, 12,000 miles / year lease
    - 1st months lease payment + $1,970 for taxes, dmv fees, doc fee, bank fee due at closing
    - No money down
    - 0.00145 money factor & 64% residual from Honda finance, no exit fees, $1500 wear & tear allowance
    - $287.20 lease payment / month
    What do you think? Is it a good deal? Anything else I can try to negotiate? Do you think it is better to include the $1,970 for taxes, dmv fees, doc fee, bank fee due into the lease and pay about $60 more per month?
    Thank you!
  • CAR MAN:
    Does Honda have a lease on this CRV EXL for a low mileage lease, such as 7500 miles a year?
    If not, what is the lowest miles lease?
    What are the cost factors?
    Thanks
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hello ko10. The money factor that you were quoted for the CR-V is right on the money. Let's take a look at the selling price.

    The dealer invoice price of a 2013 CR-V EX AWD is $25,379. The selling price that you were quoted is lower than that, so it looks great.

    If you like the vehicle, I personally don't see any reason not to go for it. I can go either way on the stuff that's due at lease signing. You definitely shouldn't pay a cap cost reduction and it certainly is best to roll as much as you can into your vehicle's payment so you don't lose out on it if your vehicle is totaled, but a ton of people pay things like the acquisition fee and other fees at signing and it's not the end of the world. Definitely never pay a cap cost reduction.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi superchief20. Most Honda Finance leases are with either 15,000 or 12,000 miles per year. I suspect that it offers leases with 10,000 miles per year. I have a feeling that it might not offer 7,500, but it doesn't hurt to ask.

    Whatever mileage allowance you choose to go with, Honda Finance's current buy rate lease money factor for the 2013 CR-V would be .00145 for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • Thanks Car Man.
    I will get back to you when I shop seriously in May.
  • contract_buildcontract_build Posts: 26
    edited April 2013
    Car_man,

    Thanks again for the alert on the Accord in that car's respective forum. I just checked inventories my way and there are no CR-V FWD's. :(

    I wish to know if there is any flex-cash on the AWD LX this month?

    Have a great afternoon,
    builder
  • bos2ausbos2aus Posts: 5
    edited April 2013
    Hello Car_Man,

    Do you think this is a reasonable deal?

    2013 CR-V LX AWD
    36 months / 15k miles
    Monthly: $285
    Fees at signing: $503
    Cap cost: $23,069
    Residual: $15,422
    Money factor: .00145
    Wear & tear allowance: 1500
    Exit fees: unknown at the moment

    Thanks!
  • contract_buildcontract_build Posts: 26
    edited April 2013
    Reading your post info in a typical way, it looks as if your doing 15k/year-45k/36 months?

    Just remember that Honda's warranty (other than that powertrain stuff blah blah blah) only goes for 36k/3 years. You'll be left somewhat unwarranted.after a cumulative 36k...

    Prob'ly not much risk but just something to keep in mind.

    I like the idea of a template and you're thanked for using a legible format, but you'll probably want to delete the "exit fee" category as Honda Lease Trust leases don't have any termination fee, a big +!

    Also, that $1500 damage credit (I just learned after reading the fine print) is separated into 3 "events" x 500. So, let's say you have one fender-bender for $1500: you'll be liable for $1000 and have another two "events" of 500 each remaining.

    Hey, better than nothing huh?
  • bos2ausbos2aus Posts: 5
    contract_build,

    Yes, you read it right. Thank you for pointing that out! I missed it completely. We typically drive 12k/yr but wanted the extra miles as we anticipate this going up. Hopefully, the risk is small.
  • contract_buildcontract_build Posts: 26
    edited April 2013
    You're welcome bos2aus! Glad to help out.

    We ran into this sorta "oversight" some years back with our 15k lease: all of a sudden it hit me a few months into the term. Wound up buying the 8yr/120k/$0 "cheap" over the web for a different Honda model after we got a little scared (also thought it would help in trade/resale at lease's end since it's transferable). Wound up buying the Pilot at residual and it turned out that darned warranty paid for itself after 80k (weird stuff with the rocker arms in the fwd Pilot).

    Anyways, I now find it interesting how some manufacturer's stock lease offers are at 39 months when their general warranty - like Honda's - ends at 36k/36mos. I wonder why??????

    Looking myself right now for a good lease payment on the CR-V - want 2WD but there are hardly any to be found n the NE and the AWD money factor is higher than an Accord or Civic so we'll see in the next two weeks. Really just looking for a here-to-there car so $$$ will be the deciding factor but you can't beat Honda Finance's 3x500 damage allowance and no termination fee!

    Hey... have great day and enjoy the CR-V!
  • bos2ausbos2aus Posts: 5
    contract_build,

    Thanks for all of the helpful info. I think I am a believer in extended warranties now after having to get rid of my last two cars well before they reached 150k miles.

    I am fairly new to leasing and find it somewhat confusing vs. purchasing. I am really not comfortable that the numbers I have are decent. It seems OK but feels like it could be lower. I'd rather not hand the dealer easy money.

    This would be our first Honda, so far the shopping experience has been pretty good.

    Good luck with your search :)
  • contract_buildcontract_build Posts: 26
    edited April 2013
    You're welcome.

    Thanks for all of the helpful info. I think I am a believer in extended warranties now after having to get rid of my last two cars well before they reached 150k miles.

    I think you'll have a tough time finding more miles than Honda's 120k ;)

    I am fairly new to leasing and find it somewhat confusing vs. purchasing. I am really not comfortable that the numbers I have are decent. It seems OK but feels like it could be lower.

    The monthly payment ALWAYS feels like it could be lower! :)

    (Since no one else has responded) Continuing this pleasant colloquy, let me see if I can assist.

    I felt the same discomfort, bos2aus, when beginning the first seven years ago, but by it's conclusion was comfortable (if you go back to March/April 2006 posts in the Pilot leasing forum you'll have the process down. Look especially for analysis posts by Host Car_man, and delta737h..... the latter has a website autoleasegeek.com: invaluable, must-read info, especially his process recommendation for submitting formal "lease proposals" to dealers - the only way to go)

    Many use the Weymouth lease calculator for ideas of decent lease numbers. Your capitalized number is 23069 (weymouth's 23280.70) and residual 15,422 (weymouth's 15020). Assuming your cap includes the 595 acq (based on your 500 up front/inception) should bring you to 267.94 + tax/fees for 15k/36. Weymouth currently shows a "first&fees" of 285+tax. Assuming you're in a state where tax is based on the monthly payment and includes 6%, you should be around 285/mo plus that 500 inception and secured a solid deal. You don't mention if there is a trade (even returning a current lease which may have some equity value) so this is important too. Depending on the competitiveness of your market, I believe you might achieve a lower payment. using autoleasegeeks approach "from the comfort of your home", but remember you'll still think like you could've gotten lower... Also, there's the time-cost/benefit ratio to consider.

    Frankly, the big thing killing these CRV leases is this .00145MF (contrast this with the lower ones for Accord and Civic, not to mention Honda Finance's .00022 that was around in 4/2006 on some Pilot models added to big discounts from MSRP)

    The key is to do one's homework (read, read, read), feel comfortable with the contract and then - if you choose to post your numbers back here to assist others - not read the pricing forums again for another three years ;)
  • bos2ausbos2aus Posts: 5
    Wow. Great information. Lots of reading. Thanks again. I am in MA so the Weymouth calculator is very relevant. Turns out my feeling was right...went to another dealer and got what I was asking for.

    The deal I signed for today:

    CR-V LX AWD Twilight Blue (24875 MSRP)
    36 months
    15k miles
    $500 fees
    $22639 gross cap cost
    $270/mo (inc tax)
    62% residual

    I doubt its the absolute lowest but I am now comfortable with it.
  • contract_buildcontract_build Posts: 26
    edited April 2013
    WELL DONE bos2aus!

    I just saw Weymouth is running an LX special till the 12th at 229/12k that, when acq and Mass. tax are factored in would be $261.19/mo + Inceptions of 261.19+239+125 (plus I guess some tax on the doc fee) and you got 3k miles more/year for less than nine dollars extra and way less than their standing 15k offer.

    Now it's time to have a nice dinner and relax.

    Many thanks for posting your info, for the nice colloquy, and we'll see you round here in another 35 months or so ;).

    Oh, just one question: since the MF is high, did they make any downwards adjustment towards Accord/Civic territory?
  • bos2ausbos2aus Posts: 5
    Thank you. I am not sure what you mean by downward adjustment. Did they drop the monthly pymt because the MF was high? If that is what you're asking, I don't know. I didn't realize .00145 was high :surprise:
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Sounds good superchief20. See you then!

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey builder. Dealers can use $750 in Flex Cash on the CR-V.

    Car_man
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  • contract_buildcontract_build Posts: 26
    edited April 2013
    Dear Car_man,

    Thank you SO much for your prompt reply AND this specific confirmation!

    Now it's all up to me ;)

    The MF is higher for the CR-V so I may wind up going with the Accord's lesser "rent charge" (when I compare the MF from April two years ago for the CR-V, .00145 is a bitter pill but it is what it is.)

    Conversing with poster bos2aus in this forum was good confirmation of what can now be achieved in, at least, one of the US regions.

    Wishing you a GREAT night Car_man and thanks again.
This discussion has been closed.