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2013 and earlier-Honda Accord Lease Questions
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3 year/36K. Residual $13500. Cash Due $2500.00, payment $225.00.
Is this a fair deal?
In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.
Savvy consumers who are in an area that has a decent level of competition should be able to negotiate lower selling prices than the ones that were used to calculate manufacturers' advertised lease payments, and in turn better monthly payments.
Car_man
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Honda is currently providing a $500 dealer cash incentive on this car.
Car_man
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Just make sure that the dealer uses Honda Finance's buy rate of .00050 (for top tier customers) to calculate your payment and you're in business.
Car_man
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$0 drive off, $189/mo + tax on 12 Accord Se or EX 4dr auto
No first payment, no sec deposit, no drive off
plus taxes and reg fees and $50 doc fee
that's cheap!
Mark
:P
I leased a 2012 Honda Accord LX.
I traded in a vehicle with value around $3000 - $3200.
I pay nothing on signing except doc/taxes/tag/fees/and more fees (Around $600). My monthly payment is $165.00
What do you think?
Residual value is the value of the car (wholesale) after you are done with it. You also will be able to buy it for that amount if you decide to keep it.
Car_man
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Thanks in advance.
2012 Honda accord LX for $129 per month for 36 months with 2012 down before tax. I would like to buy the car at the end of lease and the purchase price is about $13.5k. I will be allowed 12K miles per year for 3 years.
My other option is to go for a 2012 Civic LX for $99 per month for 36 months including tax with 2012 down. The end lease purchase price for the civic is $12k.
Any help will be apprecited.
So you had no down payment? whats your rate with tax?
Did you take the deal?
The residual value is the value the car is worth when the lease term is over. For example, a vehicle might have a residual value of 60%. If the MSRP for the vehicle is $20,000 the residual value is $12,000 ($20,000 X 60%).
The residual value is used to compute part the monthly lease cost. A part of the monthly lease cost is the price paid for the vehicle (reduced by any money put down - I would not put any money down on a lease) reduced by the residual value. That amount is divided by the number of months in the lease.
For example, if the price paid and financed for the $20,000 vehicle was $19,600 that part of the monthly lease costs would be $100 ($19600 - $16,000/36 months). Obviously, the higher the residual value the lower the monthly lease cost.
A second part of the monthly lease payment is the money factor, which is a bit more complicated. The way to compute this can be found on the internet and Edmunds has such a tool on this website, I believe. In this case, the lower the money factor (often referred to as MF) the better for the buyer.
Remember leasing a vehicle is the same as buying a vehicle. The price paid for the vehicle can be negotiated the same as if you were buying the vehicle. People do not have to pay MSRP for a lease.
I hope this helps and is not too confusing.
One other thing to remember is Acura has GAP insurance built into its lease (I know as I have a lease with Acura). GAP insurance will cover the value of the vehicle should it be totalled. GAP covers the difference between what the insurance company pays and the value of the vehicle to the lease company. This means if the vehicle was totalled, there is no cost to you.
This is one reason people should not put money down on a lease. You would do much better to leave the downpayment in the bank where you will have access to it. In the worst case, you can always take money out of the bank (where the deposit money rests) to pay any shortfalls you may have making a monthly payment.
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Honda is currently providing $500 dealer cash on the 2012 Accord, which is compatible with this lease program.
Car_man
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$1750 total out of pocket which included the following
$595 Bank Fee
$490 New York State Taxes (8.375%) Paid all taxes up front
$250 DMV (NY State Registration and Plates)
$250 Doc Fee (BS Fee added on by dealer)
$159 1st month Payment
35 remaining payments of $159 (this is the payment that comes in the statement)
Basically, if I were going to do a sign and drive, it would be $204 with zilch outta pocket, (DMV, BANK FEE, TAXES rolled in).
Beware of adverstisements in Newspapers that claim $99 or $129 a month, they're all BS.
This is the best deal in the NY/NJ/PA area. Trust me, I shopped around !
Last ditch effort at other dealers netted me a '12 SE (got leather, heated seats, etc. as bonus) with some little dealer add ons (mud flaps, trunk liner, nitrogen in tires) with cap cost at $22,681, $0 at signing and 35 remaining payments of $232.37 with tax number is $248.64. The dealer got to this by paying $343 for me, deducting any doc fees and using Honda Finance coupons totaling $750. .15/mile over 36k miles. No disposition/turn-in fees and GAP included. I simply could not get any other dealers close to this, the dealer who responded was woman who runs internet sales and stayed late with finance manager and prep guy until I could get to dealership at 8pm and was out before 9pm. I paid absolutely nothing and first payment not due till February 24. Could not be happier with the process and price.
This forum saved me big, as I kept seeing better lease deals than the national promotion. Only got two responses from emails to 6 dealers once I told them what was being offered and that I was leasing a car same day. Many called to give me the "come on in and we'll earn your business." One gave me some figures over the phone and only one emailed all pertinent numbers right away. They win and so do I. Thanks to those who post numbers on deals.
Shop around guys, the deals are there to be had.
Any feedback would be appreciated.
Thanks!
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Thanks.
What are the MF and Resi for this model @ 12k miles? 10K?
It is 1/31 so If the month turns, if you could provide Feb instead when they are available!
Thanks!
I'm not sure if you can lease an Accord with only 10,000 miles per year, but if you can the residual value for that mileage allowance would be 1% higher.
Car_man
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Narrowing down my deals and need to know money factor and residuals for a 3 year/12k mile/year lease on both the 2012 Accord SE and EX-L 4 cyl.
Also need to know about any factory incentives available.
Thanks
I am looking to lease a 2012 Accord Sedan (either an LX, SE or an EX) in Northern California Bay area. Does anyone have any information regarding the best monthly lease payments (and possibly dealer recommendations) and the residual value.
Ideally, it would be a 3-year, 12k or 15k lease
Also, are there any factory rebates available?
Thanks!
Dealer is offering 3 yr/36k mile lease for $240/mo incl tax with all driveoffs and first payment rolled into the lease. A true sign and drive deal. Tax rate is 7.75%. Because the driveoffs and first payment are rolled in, i'm having a little trouble figuring the exact cap cost. I also don't know if the residual value dropped for Feb. This seems like a good deal, because I figure it's got at least 600 in additional driveoffs (300ish registration, 55 doc, 240 first payment) rolled in. The cap cost has to be under $21000 to get the numbers in this deal to work, even assuming the rates are unchanged from january at 58% residual and .00033 money factor. Everyone else turned this deal down...closest was 246/mo.
Thoughts?
Duration : 36 months
Monthly payment : 265
Dealer : Russell and Smith Honda, Houston
I didnt shop around ... but I'm sure you can get a better deal !!
The numbers for an otherwise identical lease of a 2012 Accord Sedan EX-L 4-cylinder are .00033 and 56%.
Honda is currently providing $500 dealer cash plus some additional behind-the-scenes dealer incentives on the 2012 Accord.
Car_man
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36mo/36kmiles
MSRP 24700.00
sale price 22743.96
Acq fee 595.00
residual 59.76% 14761.00 (this was a mistake by the dealer. should have been 14326)
tax rate 7.75%
dealer paid first payment and all driveoffs (used $1000 in "flex cash" from Honda, and 651.74 from dealer)
payment: $240.00/mo incl 7.75% tax
The dealer also threw in a Honda trunk net ($70)
Kind of a weird deal since I insisted the dealer roll all driveoffs and first payment, all for $240/mo tax incl. I may have been able to shave a couple dollars more off the deal, but it wasnt worth sitting there negotiating for hours. No one else would touch the deal...closest was 246.69/mo.
I'm happy, got the car I wanted at the price i wanted with zero out of my pocket.
Heres what I got from NJ dealer 7% tax
sticker price was 24k, I said price should be no more than 22K
36 month 12 k mile
Accord coupe LX auto
1500 out of pocket, 249 payment
any thoughts?
This includes all taxes.