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2013 and earlier-Honda Accord Lease Questions
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Car_man
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Thanks Again,
bridonohue
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!
With the special lease rate on the SE, does it make leasing a VP silly.
Thanks again in advance Car Man
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
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
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.
-Nick
-Nick
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.
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.
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!
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
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
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...
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
-
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
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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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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.
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.
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
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
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
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
is this a good deal????? help
PLEASE HELP - TRYING TO BUY 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
PLEASE SOMEONE POST RESIDUALS
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!!!!
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%.
I emailed dealership and asked for a two year lease.
they offered $219/mo, and $1495 due at signing.
please share your opinion.
thanks
regards,
kyfdx
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