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2013 and earlier-Honda Accord Lease Questions

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Comments

  • trusso69trusso69 Member Posts: 68
    read post 5066, i ask carman about the rates
    read post 5075, carman replies and confirms it's 0.00097
    They know the rates; just tell them you know!

    If you go to the Weymouth Honda site and play with their lease calculator, you will see the money factor changes when you change the lease type to zero out-the-door.

    Using the weymouth calculator, i input $541 of negative equity to simulate getting to your $1500 fees number. Payment came to 288 for 35 payments, sign and drive lease.
  • dhyun3dhyun3 Member Posts: 13
    Thanks! I will tell them and get a deal and drive home with a new car.
    I will keep posted. Thanks again for your help!
  • trusso69trusso69 Member Posts: 68
    Lease data:
    2.33% for 24 mo. note 2
    2.33% for 36 mo. note 2...........................0.00097 (sign and drive)
    exp. 4/30/13
    ---or---
    2.57% for 24 mo. note 2
    2.57% for 36 mo. note 2..........................0.00107 (other)
    exp. 4/30/13

    money factor = percentage divided by 2400 (for 36 month leases)
  • acfkelacfkel Member Posts: 18
    I just got into an EX with $0 down for $312/month (Money Factor .00125) 36 months, 15k miles. If that gives you any idea.
  • dhyun3dhyun3 Member Posts: 13
    Can you please provide more detail? Thanks.
  • acfkelacfkel Member Posts: 18
    If you know your Net Cap Cost, Residual, and Money Factor, you can work the math out as well. However, the Weymouth website does this for you, and is a good resource in checking out if you come out with the same numbers.

    I know the numbers before going in and ask a variety of dealerships to provide this information before so I can do the math. Once you have this information, it really just comes down to whoever gives you the best deal.
  • acfkelacfkel Member Posts: 18
    I could be wrong but based on your information you provided initially, this is what I came up with:

    Deprecation Fee = $22,165 (Net Cap Cost) - Residual of $14,988 ($24,980 x .60) / 36 months = $199.30

    Finance Fee = Net Cap Cost + Residual ($37,153) x Money Factor (.00107 aka 2.57% APR) = $39.75

    Total lease payment: $199.30 + $39.75 = $239.05 *not including taxes, fees, etc.*

    If you roll that $1,500 into your payment over 36 months, it would increase your monthly payment by about $42.

    $239.05 + $42 = $281.05 (Total lease payment with nothing down)
  • redbone55redbone55 Member Posts: 43
    Does anyone have any information on what this car is leasing for in Ohio? Are there any specials or incentives? I've been given this info on the LX-S:

    Sale price = 22938. 59% residual; .00107 MF, 1100 out of pocket $300 per month. 36K lease.

    Also, if you have any info on the EX, I would be interested in that information as well. 6.75% sales tax.
  • acfkelacfkel Member Posts: 18
    Read through the forum, use the Weymouth calculator. $300 is too high.
  • redbone55redbone55 Member Posts: 43
    I did use the calculator. When I presented those numbers to the dealership, they said that there must be some regional specials that are running in Boston, and said those numbers don't apply to the Ohio area. This is from Germain Honda, Columbus, OH. It sounds like I need to press them to get the same type of deal.

    Thanks.
  • trusso69trusso69 Member Posts: 68
    edited March 2013
    ref 5089
    have you tried carwoo? Works well in areas where there are multiple Honda dealers; you can lease an LX for about 250 per month total here in SW OH

    http://pictures.dealer.com/v/vosshondaoh/1343/607c6e3c0a0d02b700054643eae20928.j- - pg
  • rotanamudrotanamud Member Posts: 1
    I recently went shopping for my first lease ever and was quoted 328/month + 3500 down for an Accord Coupe EX. After discovering this thread and the Weymouth site I'm shocked at the price I was given. Thanks to everyone for all the information they provided.

    Some general questions: Are all dealers required to disclose the residual value and money factor they are using when calculating their lease prices?
  • huskerfan5huskerfan5 Member Posts: 165
    I have leased eight cars and have visited dealerships for makes I never did lease and have never come across a dealership which hasn't provided that. In some cases, I actually asked to see the rate sheet they received from the leasing company. I would never do business with anyone who didn't provide it, otherwise I couldn't confirm the actual price of the car.
    Your lease agreement will plainly indicate the residual so there is no reason for them to hide that from you. The agreement will not have the money factor but all the numbers are there for you to do the math to figure it out so there should be no reason for them to withhold the money factor from you.
    Good luck.
  • dhyun3dhyun3 Member Posts: 13
    Frist of all, thanks trusso69 for your help - I really appreciate it.

    So, I just picked up a 2013 black accord sport and drove for a few hours and really like it. First honda ever for my life and I'm very happy with the car.

    I paid $269 per month for 12k/36 month with 0 downpayment. I just paid $269 for this month and left the dealer in 2 hour or so. Everything was very straightforward. MSRP was $24980, money factor was 0.00097 and residual was 61%. The negotiated price of the car was $22k.

    Overall, I think I got a great compared based on my research and thank everyone here again for help. I bought my car in Sport Hond in MD (3201 Automobile Blvd Silver Spring, MD 20904). Look for Brian Liang and he was very honest and played no game. I really highly recommend him.
  • redbone55redbone55 Member Posts: 43
    Thx Truss069. I signed up with carwoo last night. Looking forward to seeing what types of deals are offered.
  • sigep739sigep739 Member Posts: 1
    So just got back from the dealer... My wife and I have to trade in her small two door car because we are expecting a child and need an upgrade!

    So we got the dealer to $26900 for a 2013 ex-l... Basically, we had $26,399 but they didn't have our preferred colors and need to do a swap. So we argues back and forth and they gave us a "better" rate- but really, they only offered is the .00107 and 59%. We also had a $1200 trade in credit but bought some extras which cost 800... For a new value off of $400.

    Anyway, got the payment and it was 383 incl taxes sign and drive. Seemed a bit high.

    Funny thing too... In their offer sheet, I just got home and I was reading it... Added all the credits and deductions and it didn't add out to their "net balance"... It was $2200 more than what the numbers added to for a total $29,286 ... Rather than just above $27,000.

    Seems they're being shady. Even though I shook on the deal, they made a mistake not being able to get the car tonight and letting me leave.
  • huskerfan5huskerfan5 Member Posts: 165
    Suggest you check the Prices Paid forum for what people have been paying for an EX-L.
  • redbone55redbone55 Member Posts: 43
    Hey Truss: Thanks so much for the suggestion about carwoo. I signed up on Thursday, initiated the process, had a response from Tom J from Jeff Wyler Honda of Colerain (Cincinnati). He was able to provide me with a deal that was within $1 of the monthly payment and within $15 of the up front fees that the Weymouth lease calculator showed. My nephew went to the dealership today, and drove home in his new Accord Coupe. He even upgraded to the EX coupe. This was the easiest car buying experience that we have ever had. I was concerned that they might try to change something once he went in. But, the deal was exactly as promised by Tom. I would highly recommend him to anyone within 100 miles or so of Cincinnati. Thanks again.
  • saml01saml01 Member Posts: 5
    edited March 2013
    Hello,

    Would anyone happen to know the residual for an EX-L V6 Coupe Manual with Navi. 12k mile, 36 and 24 month terms.

    Thank you very much.

    Sam
  • trusso69trusso69 Member Posts: 68
    edited March 2013
    you ask, weymouth web site delivers:
    36 month:
    Residual $17,895.60 (54% of MSRP)
    Financing 0.00107 money factor

    24 month:
    Residual $19,884.00 (60% of MSRP)
    Financing 0.00107 money factor
  • marlboroman87marlboroman87 Member Posts: 1
    edited March 2013
    Hi all,

    I used Edmunds to contact local Honda dealers in my area (Central NJ) and I'm receiving emails quoting Internet prices. I'm not sure what my response should be and I'm hoping someone can help guide me. I'm looking for a 36 month lease/12k miles on either the 2013 EX or EX-L CVT.

    Thanks in advance for your help.
  • zack82zack82 Member Posts: 42
    Can someone please supply the numbers for the Accord LX - auto - sedan. Looking for a 36 month lease, 12,000 mile per year, no capital cost reduction.

    I was curious to know what people are getting the car priced at? How much under MSRP. I see the Truecar amount is about $21,488. I am helping my mom pick this car up, she lives in MI and I live in Charlotte. So all of the negotiations will be online. Thanks!
  • chippewalakechippewalake Member Posts: 1
    Be sure to get a quote from Betten Honda in Muskegon. We have purchased our last 3 Honda's from this dealership and that are very easy to work with.

    We have worked with Mike Culleton.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Yes, there's lease support on all Accord models right now, though the new plug-in models that probably very few people want have less support available on them than regular Accords.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • anirudhkanirudhk Member Posts: 2
    Hello there ,

    Im thinking of leasing an accord for a period of 3 years .
    I currently live in chicago. Will be moving to New york in 3 months .
    Does it make sense to lease the car in Chicago and take it to New york .
    Or shall I just wait and lease the car in New york
    Thanks!
  • kyfdxkyfdx Moderator Posts: 236,527
    I'd wait, just to avoid Illinois sales taxes.... which are punitive on leases..

    Edmunds Price Checker
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  • anirudhkanirudhk Member Posts: 2
    Thanks for the reply!

    Also Id have to re-register it in new york and pay again right?

    If I need the accord only for a period of 3 years .
    Does it make more sense to lease it or buy it?

    Thanks!
  • fatgordyfatgordy Member Posts: 3
    York, PA - 2013 Honda Accord Sedan LX CVT MSRP $23,270
    24 month lease, 12k miles per year
    I received a "No-hassle Internet pricing" quote via email by clicking on a link at the dealer's website. Followed up in-person with a test drive and requested additional information via email.

    Here are the details I received:

    MSRP $23,270.00
    Sell Price: $20,700.00 ("no-hassle" email quote)
    Wheel Locks: $99.00 (quoted via email)
    Adj. Sell Price: $20,799.00
    Lease Aq. Fee: $595
    Lease Incentive: $500 (had trouble understanding the salesman via email but it sounds like they may have a $500 incentive right now? - will verify tomorrow when I visit)
    Net Cap Cost: $20,894
    Res Value (67%): $15,591 (quoted via email)
    Depreciation: $5,303
    Money Factor: .00107 (quoted via email)
    Finance cost: $937
    Monthly Payment: $260.00 (not including PA tax + no money down)
    Tag + Fee (that is how he worded it): $93.05 (quoted via email)
    Doc Fee: $131.00 (quoted via email)

    Does it seem reasonable?

    I also asked them if they have less than 12k miles lease and his response was: "There are no low mileage offers, but the great thing is that with your low miles the car will be worth more at the end. What I am meaning is typical at the end of a Honda lease our customers has equity in their cars which benefits them in their next purchase."
  • huskerfan5huskerfan5 Member Posts: 165
    Do you really need the car for only two years? The residual for a 36 month lease is 61%. Adding your taxes and fees, your payment will be close to $40 a month less.
  • brcarbrcar Member Posts: 54
    Not sure how you calculated this. If you are suggesting that if taxes and fees are rolled into a 36 month lease then the price would be $220 using these numbers, I do not agree. Rolling in taxes (assuming 9% on leases for most parts of PA) and the $820 in fees, then the price is more like $247 / month for a 36 Month 12k/year lease. This is using a money factor of .00097 for a sign and drive lease.

    The initial quote however, does not seem to be sign and drive and looks those fees are paid upfront. Paying those fees upfront and using .00107 as the money factor , I come up with paying $820 at inception and $225 / month (using 9% sales tax).

    Although the fees seem to be pretty reasonable, I personally don't see a reason to pay those fees up front with rates being so low but that is a personal decision.

    However, I do think you can do slightly better on the price of the car, I have seen offers a fair amount lower and especially going into the final weekend of the quarter I suspect you could do better.
  • huskerfan5huskerfan5 Member Posts: 165
    What I meant was that if you also took the taxes and fees into consideration for both leases, the difference for a 36 month lease with 61% residual and a 24 month lease with a 67% residual would be about $40/month.
    Personally, I always put my fees into the lease in case the car is stolen or totaled in an accident. Especially with rates low as you say, this is really cheap insurance.
    True story. My supervisor was from France. His father picked up his new Peugeot, parked it on the street in front of his apartment house in Paris and when he got upstairs and looked out the window, it was already gone.
  • fatgordyfatgordy Member Posts: 3
    I tried everything I could but they would not go any lower on the sale price of the car ($20,700). I even went into detail about a local competitor and how they had a better lease offer and included free scheduled maintenance, etc. They wouldn't budge. He even went and got the invoice and showed me that it was ~$100 more than the sale price. He did however take off $99 for the wheel locks. I also got $200 more than what I was hoping for my trade so I'm pretty happy over all. And I did confirm that there is a $500 lease incentive right now, which sweetened the pot. Fees were also as quoted (and I did have them rolled into the lease). All said, I'm happy with the offer. Thanks for the info. :)
  • russharrisrussharris Member Posts: 16
    Drove away on Saturday, March 30th with my new 2013 Accord EX. Went for 3 year lease as follows;

    Upfront payment--$1750
    3 years
    12K
    Honda Financial Services

    $275.00 per month OTD

    All fees, Cap Cost Reduction and taxes taken care of in the $1750.00 upfront payment.

    Could have I done better? Yes, but let's face it, I needed a car as my old lease was expiring in 3 days.

    Car is great!
  • lrosalrosa Member Posts: 2
    Congrats and good luck on your new lease. If you don't mind, which dealer did you use and would you recommend? I'm also in the market in Central, NJ.
  • contract_buildcontract_build Member Posts: 26
    edited April 2013
    Your calculations were correct, poster, but the deal fatgordy quoted was based on 24 months, not the 36 you calculated (I couldn't figure out what was going on till I reread the offer a few times over... and then it hit me!)

    "However, I do think you can do slightly better on the price of the car, I have seen offers a fair amount lower..."

    I spent some time yesterday going through the threads from roughly the beginning of the year over in the Accord "Prices Paid" forum and - as another poster wrote there - there's a lot of "BS" numbers (e.g. $1500 under invoice for a 2013 in N.J.? C'mon...) As I wrote in the post HERE, it's appropriate to expect some proof of these kinds of claims.

    If you've got some lower, would love to get some leads as I'm doing something within the next three weeks

    Thanks in advance!
  • contract_buildcontract_build Member Posts: 26
    edited April 2013
    Most appreciative of your comprehensive offer details and layout: makes it real easy to understand! Wish more of the presentations were like this as the typical "$XX,XXX OTD" is useless. Thank you :)

    My feeling is that, on the lease side of things, you received a good deal (naturally, when a trade is involved it sorta' "muddies" matters.)

    Nonetheless, going over to use Weymouth's calculator shows 277/301.93 w/9%tax for their "First & (their) Fees" 0.00107 offer.

    You should be quite content with your lower numbers (and for getting those wheel locks off the bill), hope you enjoy the car and thanks again for the info!
  • brcarbrcar Member Posts: 54
    Thank you for the critique, but I was well aware that the offer the original poster (fatgordy) conveyed to us was for 24 months.

    I couldn't figure out what was going on till I reread the offer a few times over... and then it hit me!

    If you reread my post a few more times, you will see that I was actually responding to the post made by huskerfan5 which suggested Fatgordy look into a 36 month lease and subsequently threw out some numbers. I was merely trying to clarify those numbers.

    Anyway, I digress.....

    The offers I was referring to were acquired from requesting internet quotes and through Carwoo (NJ and eastern PA dealers) that offered to sell the car for under fatgordy's quoted amount. Many of them were about the same, but some were as much as $500 lower.
  • brcarbrcar Member Posts: 54
    BTW,

    Hamilton Honda was running a special that ends today for a 12k, 36 month lease.

    It is as follows:

    $179 month / 36 months

    There is No Down Payment, just inception fee's due at signing.

    Those inception fee's include:

    Sales tax ($545.16 - NJ)
    MV ($227.50)
    Doc Fee ($249)
    1st month ($179)
    Bank Acq Fee ($595)
    Tire tax ($7.50)
    Wheel locks ($150)
    Tax on fee's

    Total is - $1985.

    The residual is $15,866 (Claim this is some special they have set up with the bank that is only available when paying these inception costs up front)

    They did not provide me with the sale price of the car, but I backed it out to be roughly $20,900.

    If you want to pay that much at closing and dont intend to buy it at lease end (because of the higher residual), its a good deal. I think it equated to roughly $230 if they allowed you to roll in the taxes and fees to the lease. That is including those pesky wheel locks for $150.
  • contract_buildcontract_build Member Posts: 26
    edited April 2013
    Sorry brcar for the misunderstanding: honestly not meant as critique but it took a few times of rereading the other posts and then I thought I got it and was just alerting you. Now after rereading the posts a few more times now able to follow who/what the responses are directed to. Boy oh boy, they make it hard here at Edmunds to follow threads, huh? (me thinks there's some necessary forum revamping after all of these years huh?)

    I can't believe after all that that the dealer you quoted is not too far away and thank you :) And thanks for your detailed numbers brcar!!! Most helpful.

    I'm a big fan of rolling all fees and their residual is important. Special residual they arranged with Honda Finance??? Ha Ha!

    I don't think that that the numbers are going to change much for April as the Honda web deals were running 6 weeks from March till the end of April. Gonna check on the forum after this post.

    p.s. After living in NYC (street-parked car wheel-locks were no theft impediment) and losing the chuck, I'm no fan of these even if they paid for endorsement!
  • contract_buildcontract_build Member Posts: 26
    edited April 2013
    Dear Car_man,

    Coming around again these every 24-36 months. I will again express appreciation for your past and future inputs.

    Checking out Weymouth, it doesn't seem as if the numbers have changed from HF for the LX Auto Sedan for 12k/36 this April:

    - Residual 61%/.00097 S&D and .00107 for F&F

    Unless they won't update for another few days it's good news that the residual has not gone down but would love to learn that there's some new, hidden lease support.

    Any chance of that....... please take your time in scouring your sources ;)

    Appreciatively,

    contract build

    p.s. went back to the last period posts some three years ago: don't ya just miss all those calculations and interaction that delta737h and pegasus17 had with all of us here? :( I sure do!
  • emareeemaree Member Posts: 5
    My lease is up early next month and I just came back from the dealer I initially leased with.
    I have a 2010 w/ 24k miles to trade in...I owe 14k on it and its in great condition. I already had my lease turn in inspection and they only charged $175.00 towards the allowable 1500 wear and tear.

    I want a 2013 LX coupe for 36 months, zero down, 12k miles a year and he is telling me the best he can do is $299 a month sales price quoted around $22,500

    For the same car but the sedan he is saying $265 sales price quoted roughly 20,500

    I told him I was going to another deal to see what they can offer.
    Please help!

    Don't I have equity in my current lease? I see that they resale for around 16k
    thanks!
    I live in the Philadelphia area.
  • sonis718sonis718 Member Posts: 2
    I got a 2013 Accord Coupe EXL W/O Navi yesterday $355.19, 0 at signing all the [non-permissible content removed] fees like license title whatever else they come up i made them include it in the payment as i always do

    from Reginald Smith Tempe, Arizona
    total time investment was 8-9 hours, 5 of which i spent in the last dealership where i got the car.
    i went to 3 other dealerships in the area first and got lowest deal in tempe. scottsdale is the worst, its the richest area, they sell so many cars they dont care to negotiate as they always meet quotas. in phx area mesa and tempe are your best bet

    its the 4 cylinder leather model W/O Navi

    they tried to get me for $470.

    i got them down to 370 and started signing and then ripped up the contract after i saw a $500 discount for veterans. thats another $15/mo if you count 500/36 and the taxes

    i had to show them my discharge papers to prove im a vet which i conviniently had in my email.

    if you are going to honda and you are not a vet, i recommend you get discharge papers from a friend and edit the name in photoshop, they have no way of confirming if its legit. DO NOT mention you are a vet until you are sure you got them to drop the price as low as possible. if you mention it ahead of time they will keep this $15/mo in reserve

    that being said i am also a returning honda customer i returned my 2011 accord sedan lxp which gave me no benefit and as a returning customer i got $500 credit which is another $15 over course of 36 mo.

    if you cant get discharge papers from a friend just get them online im sure you can google a DD-214 form and add your name.
    here is an example.
    http://bessettefamilies.com/Documents/DD214%20RAOUL%20BESSETTE%201956.jpg

    you say dishonest? i say you dont just find $15 laying around on the street every month and if you consider how crooked and evil the dealers are you are leveling the playing field.

    im sure honda not only one with vet discounts, just ask.

    when you walk in tell them you are not in a hurry to buy, but you are a serious buyer and if they really want to sell you, you will leave with the new car today.

    another cool trick.... find the one car color/feature combo they do not have and make them order it. they will go out of their way to sell/lease you stuff that on the lot today. I told them i want a blue one and they didnt have it. so i prettended like im settinling for black and got more money off.

    if anyone got an exl for less than $355.19, 0 upfront please let me know
  • sonis718sonis718 Member Posts: 2
    Dude! dont wait for lease to be over. return lease and get new one early. no penalty for that. when you do that they dont count the damage.

    if you dont have enough time. fix the stuff yourself.

    dents and scrapes are cheap to do at non dealer body shops. just make sure you tell the body shop that its a lease and they have to make it look like new.

    honda allows $500 per incident up to 3 incidents.

    unless you have been in collisions you should be able to fix it yourself cheaper. they trying to scare you into being a return customer or buy the car or whatever is in their favor.
    tell them you gonna get a jetta. remmember you dont need them, they need you. there are usually 10 honda dealerships within 60 mile radius depending where you are. and if you in big cities where competition is high. dont spend more than 40 minutes in dealership. and be rude.
  • cuban1cuban1 Member Posts: 22
    Co-worker here in Miami-Dade leased last month (March) Accord LX Auto 12k miles per year.

    Selling price car was about $20,514. Sign and drive $278.00 per month taxes included.
  • ral2167ral2167 Member Posts: 791
    First, you're unethical as all get out.
    Second, that's a lousy deal you made on a 4 cylinder ex-L without navi. Prove otherwise by telling us what you "paid" for the car, what the interest rate was, and what the residual was.
  • iwannagr8leaseiwannagr8lease Member Posts: 42
    "Don't I have equity in my current lease? I see that they resale for around 16k
    thanks! "

    In a similar situation as you emaree. I posted in the Real-World Trade-In Values forum and received quick responses in how to handle this "equity" (if any). My inquiry started HERE.

    I recommend posting there using that forum's template for a rapid and accurate response. Seems as if qbrozen is the trusted expert there and I really appreciated the input.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    HI contract_build. Honda's March lease program for the Accord was scheduled to run through April 30th and so far it does not look as though Honda has made any unscheduled changes to it.

    Having said that, you're in luck if you're looking for a super secret promotion. One interesting program that Honda has running out there is its FlexCash promotion. This is a behind-the-scenes program that is being given to dealers to help them get consumers into Honda Finance lease or finance contracts on new vehicles. Essentially, at the beginning of the month Honda dealers were given a chunk of FlexCash that they can use on deals. The amount that can be used varies by model. It is $500 on a '13 Accord. See if you can get the dealer to use some of this cash on your deal. It would help to make the payment a little more attractive.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • emareeemaree Member Posts: 5
    thanks for the reply sonis, but I don't have damage...I meant the only thing they found on or inside my car was a little paint damage on the bumper!
    Its in perfect condition!
    You are right, there are a ton of dealers in my area and I will continue to look.
  • automan822automan822 Member Posts: 83
    Two ways to go:
    1- Trade it in, shop it around to the dealers, if it's low miles, and in good shape, they want it for there lot

    2- Sell the car yourself - put it up for whatever it's worth (what model is it?), if it's worth 16,000, and you owe 14,000 sell it payoff the 14K and pocket the 2K, BUT very important do not pay off the car before you sell it, if you do they can charge sales tax on the remaining amount.
  • emareeemaree Member Posts: 5
    It is a 2010 Honda LX-P 4 dr sedan with a little under 24k miles
    The dealer said it isn't worth much more than was is owed on it and actually said he would just turn it back over to Honda and not buy it. I dunno..this is all new to me
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