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2013 and earlier-Honda Accord Lease Questions
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Comments
How does this sound? My husband does not even want to go back to that dealership, because of how we were treated yesterday. I do not feel like driving an hour for the same deal.
Anyways...
If you're still set on getting a 2010, you should be able to get one for around invoice with a bit of negotiation (like I had to endure yesterday). A 2009 would still save you a bit of money despite the significantly lower residual value, if you still want to go that route.
So the numbers they gave you were for the LX-P? Let's see...invoice for a 2010 LX-P is $21,437. Plugging the numbers into the lease calculator I get: $220.79/month (7.5% tax included) with about $2900 down including all of your fees (I rolled the doc fee into the payments) and $2200 worth of cap cost reduction. Without the $2200 cap cost reduction, your payment would change to $289.64/month with a little under $600 out of pocket.
The 2010 LX would only be about $10 less per month no matter how you look at it, and a 2009 LX should be $265 a month (with tax) with roughly $550 out of pocket (no cap cost reduction).
The only advice I have left to give is wait until the end of the month and then email the internet department of every dealership in your area with an offer. Offer them invoice price on the 2010 model and see what they say. If any of them agree to your offer or at least come close, see if the others are willing to beat it. Whoever gives you the lowest price wins. After you pick a dealership, then tell them that you want to lease using that selling price. Don't let them know that you're leasing until you settle on a price that you believe is fair. That way, they can't be sneaky and play with the payments and down payment while dancing around the selling price. It just kills me how dealers act as if the only thing that matters in a lease deal is getting the payment you want. Yeah, a low payment is great but I don't want to put down thousands of dollars just to get there when a simple adjustment to the selling price could give me the payment and the down payment that I want. The selling price determines the cost of the lease. The money factor is set (depending on your credit), the residual is set (it only differs if you want more mileage), and the fees are set. The only variable is the selling price, yet that is the only thing that they seem to not want you to know.
The dealer and the manager that I dealt with yesterday just seemed absolutely appalled when I asked them to cough up the lease details and they about flipped when I asked for the selling price, haha.
Do you think this sounds ok? This is also for a regular LX, not LX-P They said the LX-P is not offering any specials at this time.
And they're full of it when they say the special only applies to the LX. The numbers I got for a 2010 EX were based on the special they have listed for the LX. The money factor is the same for all Accords on a 36-month lease. The only thing that differs between the different models and years is the residual value and of course, the selling price.
But anyways, this is what they sent me.
2010 Honda Accord LX, Auto, 3 yr lease, 12k per year.
Car MSRP is $22,565.00
Appearance PKG 899.00
Mud Guards 269.00
Cargo Tray 199.00
$23,932.00
Lease #’s Initial cap cost $20,823.00
Total Money down- $2,199.00
Total monthly payment $238.97
This includes all taxes, fees, tag, title, and doc fee.
The quote that was used on Friday:
Initial cap cost $21,823.00
Total money down $3,410.00
Total monthly payment $234.90
I took $1000.00 off the initial cap cost and reduced your down payment by $1,211.00
This lease payment is good until 02 November 2009. I do not know if Honda will continue this lease special.
I have given you a great deal, and would like talk to you if you have any questions.
Thanks
Looking to lease an EXL V6 Sedan for 36 months with 15K year. Have the numbers changed since Sept.?
I don't care what year, but want a certain color combo so which ever year has the best deal is good for me.
Thanks
Now to car shopping-
my lease on my 2007 civic ex fully loaded is ending early next month
and I am looking at the accord Coupe.
instead of giving you the numbers and letting you judge if the deal is good or not I really want to understand what the components of getting a good lease are.
I know it compromises of the set money factor and selling price and residual, what I don't understand is what does the cap cost mean?
anyways
the latest deal i've been offered for an LX coupe not an EX
is $239 a month 36 month/12,000 and 2000 down.
all I know the car that I want has an msrp of 25,500
what can I do to figure out the best price.
I live in miami,florida
Thanks
The cap cost is basically the selling price of the vehicle in a lease. The base cap cost is the selling price of the car including destination but without any fees or cap cost reduction. The net cap cost is the base cap cost plus any fees rolled into the lease, minus any cap cost reduction (aka down payment) applied to reduce the monthly payment.
For example, on the lease deal I was offered Friday, the base cap cost was $22987 including destination, and the net cap cost was $23464 (base cap cost plus $994 in fees, minus $517 in cap cost reduction).
A good price to shoot for on a 2010 right now is around invoice, which on an EX I4 coupe automatic is $23086. It may take a good bit of haggling to get there, and you may not get them to go that low at this time, but that should be your target price when negotiating.
I'd estimate some payments for you, but I'm unsure of the residual value on the EX coupe automatic. I'm guessing that it's 2% lower than the sedan's, which is 62%, but I don't know for sure. Eh, I'll throw out some numbers anyway.
2010 Accord EX coupe automatic
MSRP: $25390
Base Cap Cost: $23086
Fees rolled into lease: $595 AHFC acquisition fee
Net Cap Cost: $23681
Residual: $15234 (60% of MSRP)
Money Factor: .00133
Term: 36 x 12k
Base monthly payment: $286.40 + tax
Amount due at signing: First month's payment, DMV fees, doc fee, and any other misc. fees your state may charge, including tax on those fees.
My tax rate is 3%, so my numbers for the above lease would be $295/month with $777 due at signing ($399 doc fee, $69 registration, first month's payment, and tax on those fees).
These numbers are just an example using an estimated residual value, so take them with a grain of salt.
I hope this helps.
This helps greatly
so based on your number of net capcost 23681
if my down payment is 2000 than the net cap cost would be 21681?
also im trying to figure out the math you did to get $286 a month...
is it net cap cost - residual /36
+
Residual Times Money factor
???
Your down payment of $2000 includes other fees, including the first month's payment unless you're putting down $2000 plus fees. Then your net cap cost would be $21681, but then you'd be putting down closer to $3000. I don't recommend putting down that much money on a lease. Should something happen to the car and it's totaled, you'll lose all the money you put down as your insurance company will not reimburse you for that amount, only the payoff amount on your lease. If you must put money down, I'd say keep it to a minimum. The lease deal I negotiated for a 2010 EX sedan is $284/month with $600 total out of pocket. I don't even want to put down that much money, but doing so puts the payment right around what I'm paying for my current lease (I put $2200 down on my current lease and I will never do that again, I know better now).
Can you tell me the MF and residual on a 2010 Accord EX-L Sedan for both the 4 cyl and V6 models? No NAV for either one.
Lease I would like is 36 months & 36,000 miles. Can you (and other readers) tell me what a reasonable price should be for this vehicle as well - again looking at No NAV but the cars will have automatic transmission?
Thanks for your help.
216 a month 36 months/12K per year
2199 down?
Is this a good deal?
Well we decided not to because it was a bit more then what we wanted to pay and we fixed the spare car.
So today we get a call from the dealer offering 160 a month for 36 months and 750 down.
I am so tempted by this offer!
Any advice
My gut says they're BSing you to get you in. Honda has very little competition in the lease area and don't have to give their cars away. On the other hand, if they are passing 1500 to the dealer like the 09's, then I paid way to much! :surprise:
Spent several hours myself yesterday getting an 10 LX auto sedan for roughly 600 over invoice. Came to 232 + tax @ 36 12k. 1000 out of pocket (450 cap red and the rest 1st, lic, FL tax and fees)
For a 2010 we had them at 218 (including tax) a month with 1000 down
With 1000 down (assuming you mean "down" and not first, lic, etc) 36mo @ invoice would be 199 + tax. 10's have been out only a few weeks and you passed on an invoice deal? No offense, but what else is out there to pick from that you would actually want to drive for $218 a month?
I find it amazing. The dealer I was at yesterday said they do very little leasing! The fact that someone would actually "buy" an accord with the lease support Honda provides is incomprehensible. I guess unless they have poor credit. I mean compare 218 to what one would pay to finance this deal at the 2.9% Honda is offering on the 09 &10 Accords. At invoice with 1000 down (and not including sales tax) the pymt would be over 350 a month for 60 mo! "Yea but after 5 years I own it!" Own what? A five year old car with 70 -80k miles on it? And how much would you put into that car to keep it going 5 yrs? How many trips to the tire store? The brake store? And then the hoses, belts, filters and flushes. Let someone else do it I say!
To be honest I thought about it myself. I thought, "If I financed it I could pass it on to one of the kids." Then I woke up! They can get their own damn car!
And when I say "Down" I meant out of pocket, meaning walk in with a check for 750 dollars and leave with the car and a payment of 160 a month+ tax for 36 months/12000 miles per year, 2009 Accord LX.
And that is WITHOUT our trade, they said they would give us 800 dollars for hubby car (I think his car is worth about 3 dollars to be honest! haha so 800 is a good deal) so it would 100% cover our out of pocket, and we'd have 50 left over.
I bet the only color they have left is one we refuse to drive, like gold or burgundy.
Dealer cash on Accords just came out on the 2009 models only. If you lease a 4 cylinder 2009 Accord right now, the dealership gets $2250 from Honda. So they can give it to you without the $ down, because they are getting that $ back.
The dealer cash to BUY one right now is $1500 (4 cylinder) or $750 (6 cylinder), and to lease a 6 cylinder is $1500.
Just an FYI in case that were to help you (or anyone else) negotiate a deal. Basically, you *could* get a 2009 Accord for up to $2250 off of invoice right now and the dealership wouldn't lose $. That's how I pay so little for cars.
and Honda has up'd the marketing cash to 2250 (on the few remaining 09 LX automatic sedans available). And let's assume the rate on the 09 is the same as a 10 at .00133. That the residual is 55%.
And finally that you can get one for invoice (20,398). That they will give you all the 2250. And all you have to give them is 750 cash or trade allowance. And that your first payment is included in the 750 and there are no other fees at all. Leaving you with even a 590 cap red (down payment). That still comes to 194 (incl 7.5 tax).
To get to 160 (inc 7.5 tax), they would have to further reduce the price over 1200! Damn woman! I don't care if it were pink or purple! I'd be drivin it! Ok. Maybe not.
I know we have been price haggling back and forth for a few weeks now, gone in several times, to talk numbers, but never commit to buy.
At first they were pushing us into a 10, and now they seem to want to push us into an 09, so I think there must be something going on.
Hubs said if he calls on Monday and that is the TRUE price, no extra hidden fee's he will have a new Accord on Monday!
This is the email from the dealer.
I have a new price for you on the 2009 Accord, just found out about it.
$160 a month for 36 months plus tax with $750 out of pocket.
Give me a call.
I agree with Hubs! If you can get anywhere near that deal, get two!
Yes, after five years you do own it since you didn't "rent" it.
" Own what" ? Well a 70- 80,000 miles Accord is just getting started in it's life.
" Who much would I have had to put into it?" Not much really.
" How many trips to the tire store?" Oh, probably ONE at 50-60,000 miles.
Hey, I lease mine and I'll probably lease my next one two months early because of this deal but there are advantages both ways.
Don't them get away with trashing your car!
But then again we don't want everyone leasing. Do we? If everyone did then the deals would not be as good.
This is not rocket science, isellhondas. And if you do sell honda's without showing your customers the advantages of leasing (like most dealers), you have no business working at a honda store.
If I financed the accord I just got I'd be paying over 400 a mo for 60 mo at 2.9%. Instead I'm paying less than 250 for 36. Anyone who sees any advantage to buying this car instead of leasing it is either stupid or they just don't understand. Now you do understand don't you?
could you please share some more information once you get some, regarding the 170 a month 09 honda. That is an amazing price, and i'm trying to help family get a car, they are struggling and might even help them buy it. They live in tallahasse, fl area. Honestly even at that price, id buy one for myself.
None of my numbers are coming out. I'm not in anyway doubting you, i really want to take advantage of this deal, if you can find out what the numbers they are giving on the deal. Please help!
I'm worried though because the dealer is in Alabama and we are in Florida, if that is going to cause any problems. I know we will have to get our tags ourselves, but are we going to have to pay tax to Alabama and Florida?
thank you so much, ive helped others as much as i could, so i'm hoping others can help me this time around!!
As for taxes, you only pay ONCE, that is the state where your registering it(florida) so dont let that bother you at all. Im just curious as to what numbers they are using for monthly payment, year, terms, down payment etc.
The sale price of the accord is $17,650 with a 55% residual.
Your out of pocket expense is the $750 plus your Trade. My trade is worth about $700. Your payment is $169.60 and this includes your Florida taxes.
Your thoughts?
It was only 750 out of pocket but at first they wanted to take his car AND have him pay 750 out of pocket, so we said, thanks but no thanks, that is not what your phone call said, got up to leave and they said wait and he went to his finance manager and then came back and said ok.
So the price was 17400, 12328 RV.
I'm happy!
Can you please explain a little more. Your numbers aren't adding up, when im using my lease calculator.
IF your sale price is..
MSRP 22415
sale price 17400
residual 55%
MF .00133
and putting 750 down(i'm assuming to cover aque. fee and first month).
I'm getting a payment of $180.42 plus tax.
I'm not sure how your getting 160, can u please provide the exact numbers. From my understanding, you DID NOT trade in your car?
Agreed upon value of vehicle 17400
Acquisition Fee 595
Gross capital cost 17995
and we paid out of pocket 100 dollars, even
Trade in value 1600 (this is where it got fun, the car is worth about 3 dollars in the real world, haha no AC, windows will not roll down, every single status light is on)
Residual Value is 12709.29
The monthly payments (35 total) of 159.31 and after tax it is 168.87
would you mind sharing where your getting these numbers, I live outside of chicago, and i'm getting some horrible numbers. I'm looking to purchase by this weekend. Please help!
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 2010 Accord EX-L V6 Sedan without navigation with 15,000 miles per year are .00133 and 56%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
The numbers for an otherwise identical lease of an '10 Accord EX-L 4-cyl. Sedan without nav are .00133 and 60%.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Hubs loves it!
Do you mean the 4cyl was previously 1750 or it was bumped 750 from 1500?
Are you saying the 09 v6 has incentive of 3000? Or it remains unchanged at 1500 and only the 4ccyl was bumped?
thanks
Just saw this on Edmunds site. I read it that the 750 is only on low apr finance. Any of this correct?
EX V6
$750 Cash to Dealer start: 09/09/2009 end: 11/02/2009
Restrictions $750 Dealer cash may not be combined with 1.9% APR - 2.9 % APR and vehicle must be financed through the manufacturer's captive finance company.
$750 Cash to Dealer start: 10/13/2009 end: 11/02/2009
Restrictions $750 Finance Bonus Cash is available on 2009 Accord models and must be combined with Special AHFC APR Financing.
LX
$1500 Cash to Dealer start: 09/09/2009 end: 11/02/2009
Restrictions $1500 Dealer cash may not be combined with 1.9% APR - 2.9 % APR and vehicle must be financed through the manufacturer's captive finance company.
$750 Cash to Dealer start: 10/13/2009 end: 11/02/2009
Restrictions $750 Finance Bonus Cash is available on 2009 Accord models and must be combined with Special AHFC APR Financing.