2013 and earlier-Honda Accord Lease Questions

CarMan@Edmunds · November 2005

You need to find out the selling price, wayde. Not only do you not know what sort of a discount you are being given on this car without it, but it is difficult to tell what its lease payment should even be. The fact that sales tax is included in the payment that you mentioned makes it even more difficult for me to evaluate this deal without the selling price.

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CarMan@Edmunds · November 2005

Hey wayde. Yes the lease money factor that you were quoted to lease this car is correct. Honda Finance's buy rate factor for it is currently .00192 and if you are having your car's security deposit waived it would increase to .00200.

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CarMan@Edmunds · November 2005

I can tell you exactly what the lease payment should be like on the car that you are considering, rkramb. I just need you to tell me its full MSRP and selling price.

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CarMan@Edmunds · November 2005

Here's the information that you are looking for, gidoc. If you were to lease a 2006 Honda Accord EX V6 through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00192 and 59%, respectively. Honda's current lease program is scheduled to run through January 3rd, so these numbers should be good for the month of December as well. It is possible that Honda will make an unscheduled revision to the Accord's lease program, but I doubt that will happen.

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CarMan@Edmunds · November 2005

Hello bridonohue. I would be happy to tell you what your lease payment should be on this car, but I cannot do so without knowing its MSRP. Once I have this number, I can estimate what your lease payment should be for any lease term and mileage combination that you want. I don't believe that Honda Finance offers leases with only 10,000 miles per year. The lease program that Honda is running on the Accord right now is not bad, but I definitely have seen better offers on this car from them.

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bridonohue · November 2005

Thanks Car Man. The MSRP is 21525 + 550 delivery.

Thanks Again,

bridonohue

r0dxx · November 2005

I am just curious on a few different scenerios what my monthly payments would be. I live in South florida.

36 month lease / 12k miles (for all below)

2006 Accord 4cyl Auto LX with 1k down
2006 Accord 4cyl Auto EX with 1k down
2006 Accord 4cyl Auto EX-L with 1k down

2006 Accord 4cyl Auto LX with 0 down
2006 Accord 4cyl Auto EX with 0 down
2006 Accord 4cyl Auto EX-L with 0 down

Thanks in advance!

bridonohue · November 2005

What would a fair lease price for a 2006 VP with a MSRP of 19,025 + the normal fees and 5% MD tax, with price to buy quoted at 17,050, out the door at 18,800.

With the special lease rate on the SE, does it make leasing a VP silly.

Thanks again in advance Car Man

kim100 · November 2005

Hi!

I just found your message. I don't know if you made a decision on which car to lease yet, but if you haven't, I have the figures (much lower) for the SE. Let me know if you want me to continue this discussion.

Best,
Kim

kim100 · November 2005

Hi!

I just put a deposit on a 2006 EX-V6 Accord sedan. So, I have until tomorrow to make a definite decision and I don't know if what I am paying is fair or overpriced.

Could you kindly tell me if this is a good deal?

Figures:

2006 Accord EX V6 w/ leather:

MSRP - $27,850.00
invoice - 25,617.00

"Money Down" totals - $2041.89 which includes Tax, tag, Dest, and first payment.

36 month lease at $340.09 per month total.

Any thoughts? I didn't have time to research this car. It was a quick decision. My mind was changed to a V6 after a dear friend of mine told me not to get a 4 cyl. However, my initial lease was to be on the LX-SE (which was a great deal at $254 for 36 per month and $1650 down TTL).

Thanks,
Kim

ekdj1 · November 2005

I'm a high-mileage driver with a employer reimbursement rate that makes leasing a really good deal better than purchasing.
My question relates to the pre-lease arrangement Honda usually makes to account for more miles per year than the current conventional leases.

I'm interested in a 2006 LX with Auto Trans. and will put down +/- $2500. for a down payment. I'll be driving 30k miles or so per year, beginning the lease this January ('06).

I know that they'll charge me $.15 per mile over the 12k or 15k, but cannot figure what better deal I'd get if I have them factor in the extra miles in the agreement. Any info you can provide would be appreciated.

drnick5 · December 2005

I was just wondering if anyone has the lease rates (money factors) for accord EX-L wiht navi for december? thanks!

-Nick

allencali · December 2005

It's better to buy mileage upfront as much as possible, but I don't think can you get 30K/year lease from any import manufacturer, on their regular business max is 15K. if you get 15k/y after 3 year you will have 45K miles over which is $6750 and a chance some more charges as car is out of warranty, if you want to return it you will end up to buy that car on end of the lease. So I would buy it right now and save acquistion fee.

drnick5 · December 2005

I posted asking about the 06 lease rates for honda accors EX-L with navi. I was wondering what fees I should be paying for the lease. (I imagine an aquisition fee and a security deposit) is there anything else? are there any fees I should AVOID paying? thanks

-Nick

malichs · December 2005

I just got back from a dealer in Northern VA, and I can't believe the numbers I'm hearing. I'm trying to lease an 06 Accord Coupe V6 auto with Navi. The lowest I got them to go was 412/month for 42 months, 12000 miles.

The selling price we negotiated with 27,500 (not great either), but when I asked what MF and residuals they were using to arrive at the monthly payment, I was told .003 and 53%!

I mentioned .002 as a MF, and I was told "we would love to know what bank is offering those rates, because we sure can't get that"

I ended up walking out, but how does one negotiate MF and residual? Saying that I saw some posts on Edmunds that say American Honda is offering lower MF is not enough.

malichs · December 2005

Forgot to mention, the quote above was with 2000 down, pls TTL and first payment. So I would end up paying about 3500 at signing.

drnick5 · December 2005

Malichs, I would definetly go somewhere else, sounds like they are definetly trying to screw you. my onyl question. did they run your credit before telling you this? (just saying it's posible you didn't qualify for the best money factor) I'd say try another dealer. I'm sure there are plenty of honda dealers around. if for soem reason you have to get it there. bring in a printout with the money factors that you've found. I actually believe they were lower than .002 (thought it was like .00192) not sure what they are for december, I'd imagine they are either the same or lower. if they don't want to deal on it tell them they just lost a sale and walk out.

malichs · December 2005

Thanks for the reply. I'm pretty sure they ran my credit, because they mentioned I have excellent credit (which I do), and that I've never been late with payments on my current Accord Coupe lease.

But I'm definitely shopping around. There are plenty of Honda dealers in the DC area, so I'm sure I'll find something. I've gotten an Internet quote of 26,984 from another dealer (compared to 27,500 at this dealer), so there is definitely room to deal.

drnick5 · December 2005

yes, I agree.. check out edmunds.com for their TMV (which is stilla little high because the cars just came out) but if you a little below that figure you should be at least in the right range, they also show their invoice (you should be paying, in my opinion, no more than a few hundred over invoice)

allencali · December 2005

Malichs: MF is really depend to your credit score, but from residual value they told you, I guess they trying to get it leased through somwhere other than Honda Finance. I don;t know about your area, but residual value for Accord (any model doesn;t make difference) is 55% in 42 months, and money factor depends to your credit score, unless you have a horrible credit history .0020 seems right, wherever you go, again if you have a good credit, insisit ONLY leasing through Honda. Let us know results

malichs · December 2005

Well I'm on a business trip to NC all this week, and I ended up making a deal at the local Honda dealer (who did maintenance on my car when I lived here).

I got a black EX V6 auto with Navi with a spoiler, fog lights, mud flaps and wheel locks for a selling price of $27,922. MSRP with the options was $31672. They gave me a 56% residual and .00202 MF. I put down 1500 and there were initially no other fees (get to that in a sec).

The monthly payments are 385/month for 36 on a 12,000 mile lease. They messed up and thought I wanted silver, but I wanted black. So they ate part of the cost of the first payment, but I had to pay a 350 fee for them to get the car. So at signing I paid 1500 down, plus 350 first payment and 350 to get the car, for 2200 total).

I think I got a good deal, and I should have the car in a couple of days. Can't wait!

malichs · December 2005

Also, the payment includes Virginia state tax (3%). Registration I will probably have to pay for. They are going to give me a temp 30 day tag and send all the info to Virginia DMV, then I'll register when I get back.

kev6873 · December 2005

I live in Illinois and am considering the 2006 Accord EX v6 (leather?) or the LX v6. No other options except maybe a sunroof....

My question is 2 fold.

1. What is the target price I should be looking for for these 2 models?

2. If I were to lease, what should I look for as far as:
MSRP + Dest -
Selling Price -
Residual Value -
Money Factor -
Target Lease Payment for 48 mos/12k -

Any other information I should be concerned about?

Thank you.

Kevin

drnick5 · December 2005

hey, just leased an accord Ex-L sedan yesterday (4 cyl) with navigation 5 speed stick. destination will be 550 no matter what. make sure when you get price quotes and do negociating tell them "Including destination" basically, go in first and negociate the selling price of the car with destination, if they ask, say your are still thinking of leasing or buying.

money factor - .00245 for 48 month 12k
residual is 49% @ 12k

I wouldn't suggest leasing for that long personally. because after 36 months the car is out of warranty (and thus if something breaks, you have to pay for it even though you dont' technically own the car) also the money factor is a LOT higher for 48 months as opposed to 36 months (.00192 for 36 months, vs .00245 for 48 months... big difference)

on my lease the fees I paid were:

595 aqusition fee
400 security deposit
90 dealer fees
390 first months payment
120 registration fees

I paid all them up front (1590 down I believe it was) and my payments are 390 a month for 36 months. I would imagine you coudl get an Ex v6 for about the same (because you arn't getting a navigation system, that should pretty much offset V6 vs the 4 cyl)

also check your laws, in my state (RI) when you lease you only pay the tax on the portion your leasing (depreciation). but in some states you pay the tax on the full amount of the car, if that is the case leasing isn't a great idea.

Advantages of a lease:
Not much if any money down
Low payments
pretty low interest
can drive a new car every 3-4 years if you wish to keep making payments

Disadvantages of a lease:
takes longer to pay off
never own the car (if you don't buy out at the end)
dealers and salesmen try to screw you in multiple areas (selling price, money factor, fees, etc.)

my salesmen tries to tell me the money factor was .00265, I laughed at him. and asked how he could even quote me a lease factor before he ran my credit application, and then told him that the lease factor was .00192, after about 5 minutes I had the right money factor.

Just do your homework and don't be in a hurry, and ya should be just fine, sorry fo the long post, hope this helps

-Nick

kev6873 · December 2005

Thanks Nick.

I was under the impression the money factor and residual were the same, regardless of where you buy the car. What residual value and money factor should I shoot for then? Also, I believe in IL, you pay tax on the full amt of the car. Thanks again...

kev6873 · December 2005

Sorry...but how then do you figure out the actual residual value based on 49%?
Also, what selling price should I shoot for?

So, if I am looking to lease a 2006 Accord EX v6 with 12k/yr for 36 mos and A+ credit, my terms should be exactly:

Residual value = 49% = $????
Money Factor = .00192
Money Down = Roughly $1500
Selling Price= ???

Thanks Nick and/or Carman

drnick5 · December 2005

well if your going for a 36 months lease the residual is 59%.Below is the info I got on the V6. you'll notice the residuals change depending on how long the lease is and the mileage of the lease. do a google search for a "lease calculator" and ya should get one ya just plug the numbers into. I'd figure you could get it for around 25,600 or so (invoice is 25,118 with destination). so assuming that and given you pay all lease fees up front (excluding tax) your payments should be somewhere around 360 a month. coudl be more or less depending on how your state does it's taxes (some you have to pay it up front, and others you can pay it in your payments) good luck to ya!

-

2006 Honda Accord 4dr Sedan EX-L (V6)

24 mo/15k mi - 67% residual  Money Factor .00192 Base Rate
36 mo/15k mi - 57% residual  Money Factor .00192 Base Rate
48 mo/15k mi - 47% residual  Money Factor .00245 Base Rate
60 mo/15k mi - 36% residual  Money Factor .00440 Base Rate

24 mo/12k mi - 68% residual  Money Factor .00192 Base Rate
36 mo/12k mi - 59% residual  Money Factor .00192 Base Rate
48 mo/12k mi - 49% residual  Money Factor .00245 Base Rate

CarMan@Edmunds · December 2005

Hi r0dxx. I sam work up some lease payments for these different scenarios for you, however in order for me to do so I need you to provide me with these cars' full MSRPs and selling prices. One can't calculate a lease program without these numbers. At least, provide me with their MSRPs (with the destination charge added in ) and dealer invoice prices. All of this info is available in the following section of this site: Edmunds.com - New Vehicle Pricing.

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CarMan@Edmunds · December 2005

Let's work up a lease payment on this car for you, bridonohue, and see what we come up with. According to my calculations, if you were to lease a 2006 Honda Accord VP with an MSRP of $19,025 and a selling price of $17,050 through Honda Finance right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $266. Honda Finance's current lease program on the LX SE is very attractive right now. It is providing a buy rate lease money factor of .00184 on it. You may want to consider leasing this model. I can tell you what your lease payment should be like on it if you provide me with its pricing.

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CarMan@Edmunds · December 2005

Hello Nick. Honda's lease program for this car varies depending upon how long you lease it for and how many miles per year you need to be able to drive it. 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 a different term or mileage allowance. If you were to lease a 2006 Honda Accord EX-L with navigation through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00192 and 55%, respectively.

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CarMan@Edmunds · December 2005

Hey Nick. On a typical Honda Finance lease at lease signing you will have to pay your car's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, its $595 acquisition fee, and any required state taxes or fees. Any sort of doc fees that the dealer tries to charge you are nothing more than added profit for them. There's nothing wrong with paying a doc fee, if it's not too high and you make sure to take it into account when assessing the total selling price of your car.

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CarMan@Edmunds · December 2005

Hi Kevin. If you are in area where there is a decent level of competition for your business, I suspect that you should be able to get a 2006 Honda Accord for a few hundred dollars above invoice right now. For additional pricing feedback on this car, make sure to stop by the following very active discussion: "Honda Accord: Prices Paid & Buying Experience".

You definitely do not want to lease either of these cars for 48 months. Honda's special lease program on the 2006 Accord is only available for leases up to 42 months in length. You will have to pay a higher interest rate if you lease for 48 months. If you were to lease a 2006 Honda Accord Sedan EX-L through Honda Finance right now for 42 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00192 and 55%, respectively assuming that you qualify for its top credit tier and pay a security deposit. The numbers for an otherwise identical lease of a 2006 Accord Sedan LX V6 should be .00184 and 51%.

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CarMan@Edmunds · December 2005

Hey kev6873. Vehicles' dollar residual values are based upon a percentage of the full MSRPs including the destination charge. So let's say that they car that you are interested in has a total MSRP of $28,000 and a residual value percentage of 49%. Its dollar residual value would be $13,720. This is the number that the depreciaiton portion of your lease payment is based upon and the price that you would have to pay to purchase your car at lease-end.

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kev6873 · December 2005

Thanks a lot Carman. What price, then, should I shoot for for this car....

Selling price with Destination and TTL? I am still not seeing anywhere....

2006 Accord EX v6, standard options
2006 Accord LX v6, standard...

Thank you very much.

nacho2 · December 2005

Hello,
I found this forum very beneficial to me and I wanted to share some info on the vehicle that I leased in Los Angeles. Last night, I took my wife to the dealership and I leased for her the 2006 V6 with leather msrp $27850. Specifically Carbon bronze w ivory leather. I went 24 months/15k with an out of pocket $653 and a monthly payment of $366 including tax. I asked the salesman for trunk tray and the wheel locks for the car. Our first honda, she is really excited about the car I am happy for her

">. Hopefully this helps, and please don't hesitate if you have any questions.

nikinnicky · December 2005

car man:
I must once again rely on you for the truth(and I CAN handle the truth!) Finally negotiated a good sell price on a leftover 05 Accord lease. In asking for their numbers to plug into my lease calculator I was told the money factor through honda is .00365. Oh say it isn't so. Could the 06 be .00192 and the 05 .00365?
Thanks

goscfighton · December 2005

I'm glad I found this site. I am interested in leasing an Accord, but have questions about lease costs. I'm not sure which one I want. There are three that I would like to compare.
1. 2006 accord ex L---MSRP with destination=$25,500
2. 2006 accord ex L V6--MSRP with destination=$27850
3. 2006 accord HYBRID--MSRP with destination =$30,690

I'm sure I can talk the price down some, but for now, if I use those prices what would my cost be. I plan to pay the usual fees (by the way--what are the usual fees?), but I don't want to put any money down toward the cost except for the first month payment.
I'd also like to know the difference between a 12,000 mile and 15,000 mile per year lease. I'd like to only lease for 36 months, although the special advertised lease calls for 42 months. I guess you could give me the technical info and I could plug it into a calculator (if I can figure it out). Oh, my tax rate is 5.9% (lucky me!) and I have very good credit.
Thank you so much.

Brent

cheezo12 · December 2005

Hey Carman -- set me straight please!

Glad I found this forum also. Have my eye on an '06 Accord (auto transmission) EX-L. MSRP is $25,500 (includes destination). Through email negotiations have received a purchase price offer of $21,955 plus fees/taxes, which brings the total drive-away price to $24,175. However, I'm not interested in purchasing -- I want to lease.

Now that I look closer at his emails to me, the offer specifically uses the words "purchase price" and "you can own" for $21,955. Am looking to close a deal by the end of the year as our county sales tax increases from its current 5% rate to 6% on 1/1/06.

Have I screwed up by not telling the Internet Sales Consultant that I want to lease? What do I say to get the $21,955 purchase price offer to also be the selling price for a 36 months (or 39, or 42) lease deal? Do you have enough info to give me an estimated monthly payment for a 36 month lease?

Am probably over-analyzing this, so need some guidance on how to close this out.

Thanks.

PJ

drnick5 · December 2005

hey cheezo12,
Your actually doing the right thing if you want to lease, the WORST thing you can do is walk in and say "I want X payment" What you want to do first is negociate the price of the car (called a "cap" cost in leasing terms) which is what you've done. get that as LOW as possible, after that get them to run your creidt (best to know how it is BEFORE you go, because when I leased, they tried to highball me , BIG time) if you have good credit on a 36 month lease money factor (interest in a lease, expressed in a decimil) should be .00192 (for good credit, with a security deposit down) I believe residual is 57% on the EX-L accord sedan. go here (http://www.leaseguide.com/calc.htm) and plug thsoe numbers. (MSRP, CAp cost (negociated price) money factor, number of months and residual. running the calc quickly, you should be around 291 a month (this is assuming you pay all lease fees (aqusition, security deposit, and dealer fees) upfront (about 1,000 or so) it's best to pay all those fees rather than roll them in the lease, because then you are charged interest on them. good luck to ya!

-Nick

leaseme · December 2005

Looking at EX-L 4CYL Auto - quote is for $22.8k (seems ok not great) - 3 yrs 36K. what is the residual % for 36 and/or 39 months. dealer quoted $340.00 all in (tax, etc) with a first payment of $500.00 (first payment and plates)- no other money down -

is this a good deal????? help

leaseme · December 2005

Any luck with the data fromt he above emails...need residuals for 3 yr 36k miles on Accord 4cyl, auto, EX-L also what about 39months? quoted $340 all in (with tax and fees) but think it is high based on calcs?

PLEASE HELP - TRYING TO BUY TODaY

andy9999 · December 2005

I got quote from a honda dealer today.
Is this a Good deal?

2006 Accord Special Edition LX Automatic Special Featured Lease
- MSRP 19575.00
- Mile/y 12000
- Residual - 51%
- Term - 42 Months
- Money Factor - 0.00184
- Initial Cap Cost - 17881.00
- Adjusted Cap Cost - 16474.79
- Downpay - 3198.24 (2000 down + all fee)
- Monthly pay - 203.24

hintz · December 2005

I would like to know how you got this deal? and what was your selling price/money factor and residual that they used for this car. Thanks for your advice. You can reply to my email directly

leaseme · December 2005

Do you have the residual values for a 2006 Accord EX-L auto 4cyl for Dec or Jan? Headed to dealer and need help - looking at 36 month 12k and 15k lease. what other fees should I expect - taxes, tages, doc fee - anything else?

PLEASE SOMEONE POST RESIDUALS

cuzzy80 · December 2005

Mr. Car Man

So, I've looked at Edmunds.com like a crazy person and I think I've followed about every step. I've asked for a Work sheet to be faxed, on what seems like a very good deal. Although I am a little concerned that numbers are being moved around = case in point, the residual value.

Here is my quote:
2006 Honda Accord Sedan 2.4 EX
MSRP 23,950.00
Residual Value %: 57%
Residual Value: 13,651.50
Capitalized Cost: 21,113.00
Term: 36 Months
Lease Money Factor .0201 (what is this?)
Cash Down: 2,000
total add cap: 640.00 (what is this?)
total sales tax: 818.70
Adjusted Cap Cost: 20,372.59
Cash Cap Reduction: 1,380.41 (what is this????)
Base: 255.09 / month
Ttl Inital fees 36.75 / ttl anual fees: 201
Total Monthly Fee: $274.86 per month

So If I'm right, at the end of the term, when calculating the residual value + what I already paid on the lease, I'll actually pay 23,545 to buy the car at the end of the term. Although I doubt I will buy the car, I thought somehow I must be loosing out. This deal seems good but I can't understand some of the language. Can you help me? I want to buy on Friday. Help help! help! You're the best! :P

Thank you!!

-Sarah

P.S. This is my first car I'm buying, so I'd love the help!!!!

cuzzy80 · December 2005

P.S. The car in question is an automatic

reechz · December 2005

does this make sense?
i think that the numbers are high and I am shooting for something closer to $250 a month

Honda Accord LX with Automatic transmission
2006 Honda Accord LX sedan A/T
$500.00 total down
12,000 miles per year
36 month term
$299.00 including tax
The buy out price will be $12699.75

according to the dealer:
costs include:
dealer destination of $550.00. The MSRP on the Accord LX is $21525.00 and invoice is $19433.85. The selling price this lease is based on is $19345.63. Tax is calculated by the amount of payments x the tax rate. Using 8.625% the tax comes to $928.40. The money factor equates to 4.66%. The residual percentage is 59%.

murphy123 · December 2005

Honda Santa Monica has a 42 month lease on a 2006 accord LX 4dr auto, 0/0/0 no downpayment, no drive off, no security deposit, includes 1st mo payment and all starting fees

I emailed dealership and asked for a two year lease.

they offered $219/mo, and $1495 due at signing.

please share your opinion.

thanks

sigep611 · January 2006

This is my first time buying looking at new vehicles. If I lease from out of town, can my car be repaired under warranty locally? Thanks!

kyfdx · January 2006

Yes.. your warranty will be good at any US Honda dealer..

regards,
kyfdx
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