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2013 and earlier-Honda Civic Lease Questions
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i>Car_man
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Car_man
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Do you know the similar info for the prius c and prius? those are my other contenders, though i think toyota does not lease as aggressively as honda.
Now to your question, you can add updated speakers to the doors and rear deck as long as they use the existing holes and factory covers on the speakers! Look at Crutchfield.com for their fitment advice on adaptors to fit the stock spaces. You can also change out the tuner/head unit for something a lot better and they have adaptor plates that will fit your car dash. Keep your old radio to reinstall before your lease ends and that should keep you out of hot water with the leasing company! We updated the front doors speakers on our 2009 and that really made a difference! When you see the stock speakers, you will understand just how crappy the OEM content is.
How would you compare the 2009 and the 2012 Civic?
Just last nite dealership changed their special lease deal. Here are the terms (limited info on website)......
MSRP 19595
Net Capitalized Cost 16382
Term 36 month
Payment 139
Money at signing 2000
Residual value 11561
Mileage 12000 plus 15 per mile over
Add also mentions owner is responsible for excessive wear and tear.
Unfortunately, due to some extenuating circumstances, I cannot bargain for better prices or terms. I also must buy from this dealer.
Questions I have.......
Confused about net capitalized cost....I thought that was essentially the sales price?
I thought all Honda leases included the first 1500 against wear and tear. Is it possible this is NOT included in this deal?
Finally......Good deal? Bad deal? Mediocre deal?
This is really invaluable...to be able to go to an independent source and bounce ideas off of an expert!!
Thanks so much for the info!!
Kevin
Toyota's lease program on the Prius varies depending upon which one of its twelve regions you are in. What state do you call home?
Car_man
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Honda Finance does indeed waive the first $1,500 in excess wear and tear charges on leases.
Let's take a look at this car's selling price. This car's dealer invoice price is $18,275. If we subtract the $1,000 dealer cash that is currently available on it from that it drops to $17,275. The capitalized cost that you were quoted is even lower than that, $16,382. This leads me to believe that part of the $2,000 that's due at lease signing is a capitalized cost reduction. I always advise consumers not to make down payments on leased vehicles. Those who make one risk losing part or all of the money that they put down if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, it's much safer to go with a zero down lease.
Shoot for a selling price that's as close to $17,275 with nothing down as possible. Then have the dealer calculate your car's payment using its buy rate lease money factor of .00054 (top tier).
Car_man
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My contract with Honda (2012 Civic LX) says they waive up to 3 seperate wear and tear events for up to $500 for each event... up to the maximum of $1,500 waived.
I always advise consumers not to make down payments on leased vehicles. Those who make one risk losing part or all of the money that they put down if their vehicle is totaled in an accident or stolen and never recovered
Honda has "Total Loss Prevention", which limits the amount you will owe if the vehicle is lost, stolen or destroyed. i.e past due payments, insurance dedeuctable , any owed taxes.
From what I've seen, the typical $1,999 down can save between $1,000 and $2,000 over the life of a 3 year lease (over the nothing down and highly monthly payment lease). So definitely worth the gamble don't you think? :confuse:
As mentioned before....very, very nice site with valuable indepedent info!
Kevin
The math doesn't support this.... Using a money factor of .0015 (which is about average... maybe, a little high), putting $2000 down saves $3/mo. in finance charges.. or, $108 in total over a 36 month lease...
So...put $2000 down, pay $2108 less over the term of the lease.. Or, $108 less in total cost. That's assuming no time value to the extra money in your bank account over that time (which would reduce the calculated savings)..
regards,
kyfdx
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Sure it does. Otherwise why would people put 2 grand down, instead of nothing, and only save $108 over the 3 year lease. Doesn't make sense.
Maybe manufacturerer lease specials are different. But, in every single lease deal I've looked out (Toyota, Honda, Buick, Chevy) the total out of pocket expense for a nothing down 3 year lease is much more expensive than than those requiring $2,000 down.
The total cost of a lease with a $2000 downpayment is only $108 less than without the downpayment (once you add back in your $2000 upfront payment)...
A lease isn't magic.. it's just an alternative form of financing.. It works the same way with a purchase loan..
If you borrow $30,000 for 3 years at 3.5%, your total cost (including interest) is $31,646
If you make a $2000 downpayment, and borrow $28,000, your total cost is $31,536 (including the downpayment) ... for a whopping difference of $110..
regards,
kyfdx
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Again...why put the 2 grand down if the whopping difference, over 3 years, is only $110 compared putting nothing down?
Bob Montgomery gave you a better deal? Leases aren't etched in stone.... the deal depends on the selling price of the vehicle...
Again...why put the 2 grand down if the whopping difference, over 3 years, is only $110 compared putting nothing down?
Exactly my point... why would you?
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You wouldn't if you had the choice. Seems to me that "special" lease terms are dictated by manufacturer i.e Honda, not the dealerships.
The dealer determines the selling price... and, if you have decent credit, downpayments are rarely required. This is key... the selling price is negotiable, just as if you were buying the car..
Why do they advertise a lease with $2000 down? Payment buyers.. $2000 down and $139/mo. looks a lot cheaper than $0 down and $200/mo., but it's almost exactly the same.. The ads are just examples.. you can structure the lease with whatever downpayment (or none) that you desire... It won't affect the lease terms..
The dealer doesn't care if you make a downpayment... he gets the selling price from the bank, either way.
regards,
kyfdx
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I guess I got a bit lucky on my Civic. Got a pretty good deal with not a whole lot of prior knowledge on the subject matter.
But, the 2nd one wasn't so great, and after that, I did a lot of research, and then... there is this Host thing that keeps me in the loop..
It would be embarrassing to make a bad lease deal now...
Congrats on the new car!!
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Car_man
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Thanks. I really like my Civic.
Would there be any advantage if I decided on the "buyout" now instead of in 3 years? If I bought from Honda would I get a standard "used car" rate instead of the zero or .9% they are offering now on new.. or any special rates on lease turn-in buyouts?
The numbers for an otherwise identical 39-month lease are .00155 and 59%.
The numbers for the EX-L Sedan are exactly the same.
Car_man
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I'm looking to get a 2013 Honda Civic LX. (Looking for cheapest Civic to keep payments as low as possible).
--Let's assume I've negotiated a price of 800 below invoice on the LX. 18423 - 800 = 17623. + TTL (I hope that's a good price)
--I live in Chicago (Cook County). I believe the tax rate is 8.25 for Cook County.
-- I am not looking to put anything down (Zero deposit, zero down)
-- Documentation fee = $170
-- 12,000 Miles a year (I'm open to 15,000 ofcourse)
-- 3 Years/36 month lease.
-- As you mentioned above Lease rate = .00155 and residual value = 61%.
How do all these numbers come together? How do I calculate the monthly payment out of these numbers? I hope you can help. :confuse:
You'd save a couple grand by going with a new 2012.
Searched but came up empty handed on this question. I'm looking at low mile leases for a top tier senior citizen in upstate NY. Can I get the MF and residual please for a 2013 civic lx auto, 36 and/or 39 mo., 10k and/or 12k mi./yr
Thanks ever so much!
According to my calculations, if you were to lease this car through Honda Finance right now for 36-months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $204.
Sales tax will add a decent amount to that in Illinois though. That is notoriously one of the worst states to lease in, tax-wise. You might be looking at another $40 per month in sales tax in your area. Ouch.
You can plug these numbers into the formula that is outlined in the following article to work up a payment on your own: Calculate Your Own Lease Payment.
Car_man
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Car_man
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Honda Finance's January buy rate lease money factor and residual value for a 36-month lease of a 2013 Civic Sedan LX auto with 12,000 miles per year are .00155 and 63% for consumers who qualify for its top credit tier.
The numbers for an otherwise identical 39-month lease are .00155 and 61%.
Car_man
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I was really only interested in leasing, but regrettably I failed to follow the often recommended strategy of negotiating the purchase price before mentioning leasing.
To make a long story short. the best I could do was
Buy
Purchase Price $16,883
6% PA sales tax $1,013
Title, tag $214
OTD $18,110
Down payment $0
Finance Honda special offer 60 pmts @ 0.9% = $308.91/mo.
Lease Honda special offer 0 down
money rate 0.00004
residual 58% of MSRP of $19,595 = $11,365.10
Initial Cap Cost $17,565
Acquisition fee $595
Net Cap Cost $18,160
35 payments @ $189.93 + 9% PA lease tax of $17.09 = $207.02/mo.
I walked away because of the $682 discrepancy between the Initial Cap Cost for leasing of $17,565 and the negotiated price for purchase of $16,883, plus I felt as though I was being bullied. The lease offer as advertised by Honda quotes a net cap cost, including the $595 acquisition fee, of $18,521.96, but notes that "Dealer contribution may vary and could affect actual lease payment." Here it seems that the dealer's offered net cap cost of $18,160 equates to a concession of $361 lower than the Honda lease program as advertised.
Am I unreasonable to think they can do better on the lease?
money factor 0.00004
residual value 58% of MSRP of $19,595 = $11,365.10
Initial Cap Cost $17,300.50
Acquisition fee $595
35 payments @ $182.57 + 9% PA lease tax of $16.43 = $199.00/mo.
$0 due at signing
I'm still wondering, though, why for this car it seems I could get a better price if I were to buy and take out a loan at 0.9%. Could it be because this is a particularly attractive lease? I've only leased once before, way back in the mid-'90s, and I don't recall the particulars ...
I will be leasing in South Florida and aiming for a 36 month lease with optimally near zero down.
Where should I begin? Or what are ideal prices for this month, preferably in South Florida.
I am also trying to lease a civic and have a couple of questions. I hope someone can help.
when speaking to dealer today, in ref to 2013 lx sedan base model, i was quoted a MF of 0.001450 & 63% residual. (This was for Jan - apparently it will change over next couple of days for Feb.) I notice this is marginally better than what was listed here. Given that this is suppose to be std across the country - any idea why it was better. Do dealers actually have leverage on this?
How do you calculate the difference from 12000 Vs 15000 miles. All I can get from any dealer ( no matter whether its toyota, honda, etc) is just add another $20-30. What is the formula to calculate this. The basic formula I use to calculate a lease is from this page http://www.edmunds.com/car-leasing/calculate-your-own-lease-payment.html. I cannot from the life of me find out what variable to change for when its a 15000 Mile lease.
Appreciate the help. good luck to all in their quest for a deal!
Car_man
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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.
Someone definitely steered you in the right direction, the Civic is traditionally a solid, affordable vehicle. While the 2013 Civic is better than the less than well received 2012 model was, it is more expensive to lease right now as well.
Car_man
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The residual value percentage for a lease with 12,000 miles per year is 2% higher than the residual value for a lease with 15,000 miles per year.
Car_man
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15K miles
36 Months
MF was ~ around .000137 (Approx .33%)
County Tax 7.375
Put down First Month and DMV + $200
The rest if the # are in my office and I can post tomorrow if any one is interested. Started at $219 with just First Month & DMV. Ended up paying $200/month on the nose with an addl $200 down
Hope this helps others out there in NY. I went to 5 other Honda dealers in the area and none of them were even close to meeting the starting numbers @ Brewster Honda. I think the closest one was $239 with taxes/title/bank (~$1600) down. As I said - the starting Numbers from these guys told me they wanted to do business.
Thanks
Also as this is the last week for the current deals, CarMan do you think it is better to wait for the March deals?
Honestly, I spent the last 3 days going from dealer to dealer, between hyundai , Toyota & Honda. In the end, I knew that @ $200 / month with with little to nothing down was where i needed to be. So Once They were willing to meet my numbers, I did not really focus on the specifics.