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2013 and earlier-Honda Accord Lease Questions

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Comments

  • delta737hdelta737h Member Posts: 626
    victor23,

    You're absolutely right. The state does regulate the maximum amount dealers can charge for the doc fee and, currently, that amount is $250. Some dealers mislead consumers when they say that the state "mandates" the $250 doc fee... nothing couldn't be further from the truth.

    John
  • delta737hdelta737h Member Posts: 626
    jimfireftr,

    Accounting reasons? That's got to be a first! They should be able to account (itemize) for every item and every penny in the deal. Sounds like non-sense to me. I wouldn't let them get away with that!

    John
  • gerbiesgerbies Member Posts: 9
    Thanks, Victor. I've since gotten more information about this potential deal. You're right: my car is not even close to being worth the payoff. My car has a few issues not helping the matter: one mismatched tire, many scratches, and a paint scrape on the back and front bumpers (one would have been covered by insurance). The dealer confirmed the car is worth a trade-in of $14500 with the issues and low mileage. As shared, the payoff is $15664.

    I got the internet quote from TrueCar.com, so there wasn't much haggling. The salesman said something like I "backed" into a good deal, because I had already gotten a low internet price and they couldn't recover the trade in loss in the price of the car. You're right about the availability of this model. I called or e-mailed every Honda dealership within 100 miles and almost all of them didn't have the vehicle and weren't expecting to get any. Some offered to order one, but they couldn't match the low price I was already offered.

    Here's the final deal being offered:

    2010 Honda Accord EX V6
    MSRP $27555
    Vehicle Offer-$23200 ($2101 below invoice)
    Pay off trade completely (even though worth below payoff)
    3.9% APR
    $3000 down
    OTD payment for 60 months - $413 a month

    This seems like a good deal...thoughts??
  • victor23victor23 Member Posts: 201
    The price looks good to me. You may be able to qualify for 1.9% financing. Dealers often jack up rates and keep difference for themselves to make up for lower sale price.
  • gerbiesgerbies Member Posts: 9
    Thanks, I thought so, too. I was advised there's either dealer cash or the 1.9%. The price we were given includes the cash. Can you get both?
  • toyoman8toyoman8 Member Posts: 114
    edited June 2010
    no you can't get both, it's either low APR or cash back, but what you should be able to do is to get Cash back amount OFF the agreed $23,200 price.

    In another words is the agreed price is $23,200 and the cash back amount is $1000, you final price should be $22,200

    Now, if its dealer cash which is different from cash back,( b/c dealer cash is when a dealer throws an incentive and cash back is incentive from manufacture)
    then you could get both APR and dealers CASH
  • victor23victor23 Member Posts: 201
    I don't know all particulars of the current offer, but usually it is either-or when both cash and low interest are offered by the manufacturer, I agree with toyoman8 here. Now, can you discount the cash offer from the agreed price? It probably depends on what is meant by "agreed price". In my own case (and as I understood, in your case too), the scenario was like this: I ask, give me your very best bottom-line price. Dealer answers: our price is X for low-APR financing, Y for cash payment or alternative financing, Z for lease, and this includes all existing incentives. I knew what the incentives were, and his figures made sense to me, so I closed the deal. If you, however, negotiated best price before incentives, then the things are different (see toyoman's post).
  • mookie14mookie14 Member Posts: 252
    Does anyone have any experience with how Honda allows their customers to pay on the over mileage fees after turning in a lease vehicle? I'm not sure if they will expect everything all at once or will they allow the customers to make payment arrangements.

    If you know, please share.
    THANKS!
  • biswajitbiswajit Member Posts: 16
    I came back from the dealer this evening, after having tried in vain to finalize on a deal. I have a score of 760+, but a "thin credit" file of just 2 years 4 months, and 3-4 credit cards with about average limits of 5-6k on each.

    AHFC apparently considered my application to be "Standard Tier" instead of "Super preferred" or even "Preferred" tier.

    I had negotiated 0 down and 35 payments of $249 for the 2010 Accord EX sedan Automatic before credit check and loan application. However when the application came back from AHFC, I was finally offered 0 down and 35 payments of $331 dollars. Residual was 15504 and MF of .00364 !!!!!!

    Hope that helps...
  • victor23victor23 Member Posts: 201
    Something doesn't add up. I don't ask how do you manage to get 760+ after just 2 years 4 months, but if you do, the person with this score should have been "no questions asked". Are you sure it is Honda who is inflating your MF and not a dealer? I had a somewhat similar story last months: negotiated excellent sale prices, but couldn't get decent MFs even before a credit check. One of the dealers was honest: he explained that at this sale price they are not going to give me a "lease buy rate" (aka Super preferred) whatever the score because they need to make a profit.
  • toyoman8toyoman8 Member Posts: 114
    edited June 2010
    it's ok. Just relax and Go home, and wait, they will call you for another 3 weeks with much better offer each time 'till you tell them you bought another car already :)))

    So wait and choose the best deal
  • biswajitbiswajit Member Posts: 16
    Well, I think I did all the right things right from day 1, and hence the score. I had checked the score even an year back, when I had just 1 year 4 months, and it was in the 740's. But that is entirely another discussion.

    However, I am not sure if it is the AHFC or the dealership inflating the rates. You might be absolutely correct about the dealer hiking the price up. Now, as much as I do not want to. I am thinking of visiting the Toyota dealerships. I need the car, but do not fancy Toyota's as much. :(
  • biswajitbiswajit Member Posts: 16
    Thank you for your advice... I will keep the forum updated about what finally happens.
  • dyingbreeddyingbreed Member Posts: 8
    See this is what I was trying to find out, if I'm considered regular tier, whats their money factor?

    But I can't imagine it would drive up the price by almost $100 a month.
  • victor23victor23 Member Posts: 201
    I understand. I researched quite many cars this spring. I hate to say it, but I liked Camry more than the last generation Accord. Actually, there are so many really good sedans on the market right now. In this price range my top picks would be Altima and (I hate to say it even more) even Sonata. (Sonata is, probably, the most practical choice currently. If only not for her face.)
  • heat_miserheat_miser Member Posts: 6
    Standard Tier MF for Honda I believe is .00314... and one change in the tier shouldn't change your payment by almost $100... It sounds to me like they jacked up the selling price... I would keep shopping your offer around to other Honda dealers...
  • ejv207ejv207 Member Posts: 15
    edited June 2010
    Hi Carman,

    Would you please provide the money factor and residual rate for the month of June on a 2010 Honda Accord 2.4 LX Sedan w/AT? The term I am looking for is 36 months at 12k miles per year. I am located in Central NJ. I understand they have different MFs for their credit tiers. Could you give me the numbers for Preferred and Super Preferred? Thanks!
  • angus215angus215 Member Posts: 1
    Does anyone know what the money factor will be for an Accord after July 6,2010?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, gperr. Congrats on your new ride. I've had a number of Accords myself. They're great cars. It's hard to beat $300 per month for a car that's loaded with options like it is.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Jit . The dealer invoice price of a 2010 Honda Accord Sedan EX with an automatic transmission is $22,331. If we subtract the $1,200 dealer cash that Honda is providing on this car from that, the invoice price drops to $21,131. That's right in line with the price that you were quoted, so you're getting a very good deal.

    Just make sure that the dealer uses Honda Finance's buy rate lease money factor to calculate your monthly payment and you're in business.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ejv207. 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 Sedan LX 4-cylinder with 12,000 miles per year are .00158 and an outstanding 60%, respectively for consumers who qualify for its "Super Preferred" credit tier.

    I haven't seen the factor for Honda Finance's Preferred tier, but I'll ask around and see what I can find out.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi angus215. It's difficult to say what Honda's new July lease program will be like at this point, but I will gladly provide you with an update if you check back with me some time after the 7th when the new program is introduced.

    Car_man
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  • hondaman2010hondaman2010 Member Posts: 5
    I was told when I leased my new 2010 Honda Accord that I would NOT be charged for additional mileage over 12K if I.... (1) traded the vehicle in towards another Honda vehicle at the end of the lease, (2) purchased the Honda Accord at the end of the lease, (3) or sold the vehicle outright to another party. I was told that I would only be charged for additional miles if I turned the vehicle in at the end of the lease agreement and walked away. Both the finance manager and general manager of the dealership signed a short statement for me backing up this claim that I would not be charged for miles. You may want to ask your salesperson about this and get it in writing. My lease was with Honda Finance and the vehicle was purchased at a Honda dealership. I told the salesperson that I did not want to lease a car but then when he assured me that I would NOT be charged for extra miles if I purchased or leased a new Honda vehicle at the end of the lease then I decided to lease instead of purchase. I always buy Honda's so I saw no problem with leasing the car then (instead of buying).
  • grodgspecialgrodgspecial Member Posts: 3
    gperr,

    what dealership was this? I've been working with Burns in Marlton (my Ridgeline lease is ending soon), and i'm not liking what they're telling me. They aren't even in the ballpark.

    The finance guy was trying to throw a selling price of $26, 063 out there. Of course, i expect a call and an email by next week with another offer. I'd rather not deal with these guys if they want to play too many games.
  • gperrgperr Member Posts: 157
    I bought mine at Burns. Was that price for a Accord Sedan EX-L? that is a way too high price. Could they be thinking you want the V6? Mine was the 4 cylinder not V6. They had a ton of them. Now the images and info on the 2011 Accords is out- so you would think they would be looking to move some 2010 units before the 2011's come in.

    I would go to truecar.com and spec out your car and get a price from the 3 local dealers. Then go back and see if they will match or beat it. If not, go to one of those other dealers. I had no problem, My experience there was great. I have bought a few cars there before, and also brought in a number of other buyers to them. But if they would not give me the best price, I would go somewhere else.

    Good luck.
  • newyork4menewyork4me Member Posts: 6
    edited July 2010
    Hey all,

    Does anyone know the residual on the I4 2010 Accord EX-L with (and without) Navigation? (12k/36mo). Also, if you have it too, what is the residual on the EX?

    Thanks so much!
  • grodgspecialgrodgspecial Member Posts: 3
    yeah, i was hoping that it was Burns that gave you that (after you said they included that extra package of mud flaps, wheel locks, vin etching and trunk mat, the lightbulb popped on).

    I definitely was talking about the 4 cyl...their guy tried to even tell me there's no way he could get an EX-L that low (and I offered them $315/mo for a 36mo/12k lease) and suggested the EX trim if i wanted it in that range. I just laughed and told them i'm not budging and left. Maybe later in the month they will come around when they need to reach their numbers.

    I liked our sales guy, he was nice. He helped me get my Ridgeline last time there. I also leased a 2004 Accord EX from there before that. I kind of felt disrespected. Funny thing is...I was using your deal that I read on here to tell the guy that I know this trim level had been lease at around $300 with less than 1k down. He of course acted like there was no way.

    anyways, if you have any more advice to make some noise at Burns, please email me. gregrodg@gmail.com, Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi newyork4me. Honda's June lease program is scheduled to run through today, July 6th. I can provide you with the details of its June program now and you can check back with me in a day or two for the info on the new July program.

    Through July 6th, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2010 Accord Sedan EX-L 4-cylinder without navigation with 12,000 miles per year are .00158 and 58%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The numbers for an otherwise identical lease of an EX-L 4-cyl. with Navigation are .00158 and 56%.

    The numbers for an otherwise identical lease of a base EX Sedan are .00158 and 60%.

    When negotiating your lease on this car, make sure to take the $1,200 dealer cash that is currently available on it into account.

    Car_man
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  • andrewd1andrewd1 Member Posts: 8
    I haven't leased a car before, but went into a local dealership looking to buy an LX automatic late last week - negotiated a sale price of 17,500, which seemed more than fair. After thinking it over I am leaning towards leasing. The dealer has a lot of 2009's on the lot - mostly 4cyl EX's. I'm assuming the dealer would be able to lease the 09's? If yes, what would incentives look like on an 09 - any idea what the money factor would look like? Would it affect the residual since it is an 09? I'm planning on having them run lease numbers on the LX and an 09 EX side by side to see how they shake out.

    I have an 04 to trade in - should I have them reduce the Cap with my trade or would they cut me a check for remaining portion of my trade? I know June incentives are up today - would it be smart to see what July brings or move on it today?

    Thanks for your help!
  • i8wrldi8wrld Member Posts: 1
    I got some quotes online and went in to 3 dealerships today to get quotes on a 12k/36mo lease for a new Coupe LX-S w/AT. No extra options, just the standard car. Spent 3-4 hours at the first dealership and ended up walking on the final offer there. The next two dealerships couldn't match the first offer.

    The final offer at the first dealership was: Zero down, $296/month. Was I turning down a good deal? Can I do better?

    I'm from FL, sales tax is 7%, and dealer fees are ridiculous. Any input or opinions are greatly appreciated. I am considering going back tomorrow morning.

    Thanks...
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome andrewd1. Technically one can indeed still lease a 2009 Accord. However, Honda is not providing lease support on leftover '09 models any longer. Honda is providing lease support on 2010 models however. As a result, the difference in cost between leasing an '09 and a '10 model might not be nearly as much as you would initially think, of there is any difference at all. If I was in the market for a new Accord right now, I personally would go with a 2010 model.

    Car_man
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  • swicksswicks Member Posts: 8
    Hey everyone,

    I was just wondering if anyone had any info on current deals on EX-L's both 4cyl and 6cyl with no nav? Residuals, invoice numbers, and such? I know things may have changed given the event they had going just ended. I am looking for a 36 mo/12k lease in the next week or so. Would the deals radically change after this event? Would a dealer still give me pricing from this sales event?

    Thanks for your help!
  • mrsuribemrsuribe Member Posts: 4
    After reading through the posts today I learned about truecar.com - so I checked out that site today and requested for the dealers who offered the lowest price for the car I was interested in. It showed three different dealers and showed the low prices they are willing to offer. Bottom line is one contacted me and offered 25,916 with 2.9% making the monthly payment 335.00 with taxes. They are over an hour away so I told them I wanted all the details worked out in advance so I could just show up and sign the paperwork and pick up the car.

    I'm concerned when I show up the terms will change. Has anyone had experience with using the truecar.com dealers and the info they provide? I was working with a local dealer and called him after I talked to this truecar guy and told him what they were offering and said I wanted to give him a chance to match it. He doesn't seem to think I'll get this deal when I show up.
  • mrsuribemrsuribe Member Posts: 4
    I'm going to meet with a dealer tomorrow I found on truecar who said they will do 25,916 sales price with .00121 MF (2.9%) which will give me a monthly payment of 335.00 with taxes, etc. This is for a EX-L v6.

    I'm hoping nothing changes when I show up. I'm wondering if you've come across better deals during your research. Any info you could share would be appreciated.
  • wawzj619wawzj619 Member Posts: 57
    The dealer gave us an offer for leasing 2010 Accord EX coup: 2000 down, 250 per month, 36 mo. MSRP 25430.

    How about the deal? Is that good? :confuse:
  • kamesqkamesq Member Posts: 2
    Hi,

    I am in the last month of a 3 year lease on a 2007 Honda Accord EX-SE. Because I wasn't sure what I was going to do at the end of the lease, I had the inspection done. I will owe no excess wear & tear, but I am significantly over mileage due to an unexpected job change during the lease.

    Anyway, my pay-off should I decide to purchase the 2007 is $15,000 & change. That's probably the easiest thing to do. My other option would be to lease a 2010 Accord and try to get them to waive the excess mileage fees on the old lease. Has anyone done that successfully? My credit rating is good but does anyone ever really get those teaser lease rates they advertise? Right now, it's $0 money down, no first month's payment, and $270/month for 35 months on the basic Accord. Does anyone really get that deal?
  • garycrestgarycrest Member Posts: 4
    I am also coming off a 3 year lease of a 2007 exl v6 in beg of Aug. I am very happy with it and ready to lease another.
    Before I do -
    how does the Camry XLE compare to the Honda.
    Has Toyota solved the recall problems.

    Does anyone have the lease details such as residual % and money factor rate for a 36 month 12,000 miles for both the exl v6 and the xle v6

    Thanks Gary
  • skywalker5skywalker5 Member Posts: 13
    Carman,

    Can you please provide the MF and Residual for a 2010 Honda Accord Sedan EX-L V6 with Nav? Looking to pull the trigger on a 36/12 lease, living in Wisconsin.

    Thanks!
  • Rob2711Rob2711 Member Posts: 4
    I have offer to lease 2010 Honda Accord automatic S trim for $999 cap cost + $295 doc fee + $125 plates/registration = $1,410 at signing (plus first month payment) with a $148 a month payment.

    thoughts? seems good to me. I think there is very little we will want to buy it after 3 years, so I don't care much if they moved up the price of the car in order to be able to make this offer.
  • skywalker5skywalker5 Member Posts: 13
    Skip the $999 cap cost... Looking at Honda's website, they have a nationwide $0 down sign and drive going on for the Accord Sedan. However, I'm not so sure that applies to Coupe models.
  • swicksswicks Member Posts: 8
    Mrsuribe, that seems like a great price. My best so far is $26,189. I am in Socal. Where are you located?
  • swicksswicks Member Posts: 8
    hey all, thoughts on this deal? I ran the numbers and they seem clean...from a dealer here in Socal. He insists he cannot move on the selling price of the car at all but it looks like some others have had a little bit lower prices. CA tax is 8.75%

    Accord EXL V6 no navigation
    Negotiated selling price - $26,189, no additional cap reduction with a downpayment

    On a 36 month/12,000 mile per year lease with a total of $850.25 due at lease signing, base payemnet is $348.10 plus tax for a total payment of $378.56.

    The residual is $16,121.70 (54%) and the money factor is .00121.

    Depreciation seems a little low right? I have seen quotes on here at 58%?

    Thanks for the input.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    edited July 2010
    Hi swicks. You can look up these cars' dealer invoice prices right here at Edmunds.com over in the New Vehicle Pricing section.

    As far as these cars' lease programs go, Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Accord Sedan EX-L 4-cylinder without navigation with 12,000 miles per year are .00121 and 56%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The numbers for an otherwise identical lease of a '10 Accord Sedan EX-L V6 are .00121 and 54%.

    When negotiating your deal on this car, make sure to take advantage of the $1,200 dealer cash that is currently available on it.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings wawzj619. The easiest way for me to tell how good a deal this is is to look at this car's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is much more difficult to tell how large a dealer discount you are being given and in turn if there is any room left to negotiate. Let us know what this number is and I'm sure that either myself or another knowledgeable community member will gladly tell you what they think.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi kamesq. It certainly doesn't hurt to try, but unfortunately I doubt that you will get Honda Finance to waive the excess miles on your current lease if you agree to lease something new through them. The dealer may claim to be willing to eat some of your mileage charge and then turn around and roll it into your next lease or give you a less attractive selling price on your new car than they would have to cover the charge.

    More likely than not, the only way you are going to be able to avoid paying an excess mileage penalty is to purchase your current Accord at lease-end.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello Gary. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Accord Sedan EX-L V6 with 12,000 miles per year are .00121 and 52%, respectively.

    The numbers for an otherwise identical lease of a 2011 Toyota Camry vary by region. I would be happy to try to find out what its lease program is like in your neck of the woods if you tell me what state you are in.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go skywalker5.

    Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Honda Accord Sedan EX-L V6 with navigation and 12,000 miles per year are .00121 and 52%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    When negotiating your deal, make sure to take advantage of the $1,200 dealer cash that Honda is currently providing on this car.

    Car_man
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  • skywalker5skywalker5 Member Posts: 13
    Thanks Car_Man!

    Here's my current deal on a 36/12 lease:

    2010 Honda Accord Sedan EX-L V6 w/ Nav

    MSRP: $31,855
    SALE PRICE: $27,452
    MF: .00121
    RESIDUAL: 52%
    SALES TAX: 5.6%

    I live in Wisconsin so sales tax is added to each monthly payment.

    My lease calculator shows roughly $375/month.
  • garycrestgarycrest Member Posts: 4
    Hi Car Man- Thanks regarding the Accord exl v6 - 12,00 miles

    you asked re Camry

    "The numbers for an otherwise identical lease of a 2011 Toyota Camry vary by region. I would be happy to try to find out what its lease program is like in your neck of the woods if you tell me what state you are in. "

    I live in NYC
    Gary
  • garycrestgarycrest Member Posts: 4
    Carman - I am confused - You state in some some postings the residual is 54% and other are 52%
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