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2013 and earlier-Honda Civic Lease Questions
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Thanks in part to the information you provided (Ford Focus, Mazda 3, etc) I ended up getting a 2013 Honda Civic LX Automatic Sedan (Dyno Blue Pearl, to be precise) with no options. The details, for those interested:
$19755 MSRP
$18422 Negotiated Price
-$500 Flex Cash (Ended up being $100 from Honda, $400 from dealer due to their mistake)
+$595 Acquisition Fee
+$149 Dealer Fee
+$5 State Fees
-$0 down
There may be some other things in there as well I don't remember at the moment, but in the end I have a lease payment of about $226/mo. This includes local 8.55% sales tax. They also took in my old leased vehicle that I was going to have to pay to have some wear & tear replaced & that also had a trade-in value less than my residual. I think I would have preferred either the Focus or Mazda 3 as a car, but neither was worth at least an extra $25/mo in payments (not to mention higher insurance and registration costs).
So, thanks for your help!
Will_KSU
http://automobiles.honda.com/current-offers-detail.aspx?modelname=Civic%20Sedan&- offerid=70133&modelid=FB2F5DEW&sf=2&ft=2
Subsidized, $0 down, $0 first payment, $230/month for 35 months-
($230/month)*(1.0855 sales tax)*(35 months)=$8738 plus other fees
My deal, $0 down, $225.60/month for 36 months-
($225.60/month)*(36 months)=$8122 Total over 36 months (includes taxes)
I basically ended up with a deal costing me at least $600 less over the life of the lease compared with the subsidized lease, probably closer to $800 when dealer & state fees are included. Kansas collects sales tax from the buyer on all payments, rebates, incentives, dealer fees, etc, with the exception of the state $1.00 tire fee and manufacturer to dealer incentives.
I don't wish to show the math for it, as I didn't even consider placing a down payment, but the $169/mo, $2299 due at signing deal is actually more expensive than either my deal or even the $230/mo, $0 due at signing deal.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
My Civic was leased at the end of April through Honda Financial at the same terms as their promoted leases (MF=0.00111, Residual=63%), but I negotiated a better selling price than those offered by the promoted leases.
2013 civic sedan ex
36 months
15k miles per year
$1999 Total out of pocket (little more then I wanted to put out of pocket)
$219 per month including tax
Its the first dealer i visited. Thanks for the help!
I can put money down or just first payment and fees up front.
Thanks
anyway no more than 1rst and dmv is the way to go
check weymouth for the rates. their pretty good for a comp depending on where you buy lease
Can you post the June 2013 money factor and residuals for Honda Civic LX Sedan? Thanks a lot and I really appreciate your help.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Just checking in before I ask for this price on a Civic LX Sedan Automatic:
MSRP: 18,965
Fair Value (and what I'm asking for) 17,215
Residual .62
Money Factor .00074
Sales Tax 8.3%
I am getting 187.38/mo. This includes destination, but I'm not certain if the Edmunds Fair Price includes dealer fees such as documentation fees.
Finally, the buyer is a newbie in the credit world and does not have a lot of credit history. His score is 685 and mine (the co-signer) is 845. With these scores together, can we still enjoy the best deals?
Thanks for any and all advice you have!
Crazylost1
Shouldn't the agreed upon value of the vehicle be just that on the Honda Lease page? The amount we agreed they would sell it to me for? My dealership is adding Honda Incentive cash to what we had agreed upon, thus inflating that number. Please help carman. Thanks!
Just leased Honda Civic LX last night for 36 mo. 15K/year. 0 down (paid only first month) with monthly payment of $220. I didn't quiet get the math but was comfortable with the monthly payments, let me know how I did please.
MSRP: 19755
Residual: 59% = 11655.45
Money Factor: 0.00047 = 1.128%
Sales Tax: 7%
Agreed upon Value shows as 17947.38
Other info:
Cap Cost Reduction of $500 was paid by dealer or Honda Fin bringing adjusted cap cost to 19056.14
Tire Fee of 7.50 was paid by dealer.
Advance first month payment was $220.
Deperciation = 7400.69
Rent Charge = 519.31
Total base payment = 7920
I asked about registration, doc fee etc and apparently its all rolled in? The details I got for those on a piece of paper were this:
Registration: 229.50
Acquisition: 595
Doc: 249 (which I see in actual lease agreement)
Tire: 7.50 (which I see in actual lease agreement)
Tax: 535.24
Lease Quote:
MSRP Description/Equipment Term/Miles Due at Inception Payment
$19,755 2013 Honda Civic LX 36m/12k $0 $195.79
Carguy, can you post the new numbers? This lease was costing me a LOT more last month with $0 down. $249 including 9% tax good things come to those who wait!
I was able to find last month's figures, but it seems they've changed since then. Thanks!
What are the current money factor and residual rate on this model from Honda Finance? I would qualify for top tier credit rates. I've seen several quotes on the LX; but nothing recent on the EX-L.
Also, what amount below invoice would be considered a solid price on this model?
Thanks in advance for the great info.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
By the way, there is a $500 cash incentive on leases of this car right now. Make sure to take it into account during your negotiations. I personally would shoot for a selling price of around invoice minus this cash.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Could it though? How can I get him to budge more? Any other advice? I am first trying to negotiate the selling price and then start talking about other aspects such as money factor.
Thanks to anybody who helps me.
If dealership can't meet your price...walk. If they can go lower, they'll stop you before you leave, or call you back later in the day.
$17,200 is pretty low from what I've read here. Depending on the area you live in, the dealership may or may not be able to go that low. Sure doesn't hurt to try
though. Seems like you should be able to get under $18,000 without too much difficulty.
Edit: Civic LX
LX:
MSRP: $19,755
All-inclusive* one-pay (after some Honda cash incentive): $6,007
Residual Value: $12,050
EX:
MSRP: $21,605
All-inclusive* one-pay (after some Honda cash incentive): $6,620
Residual Value: $13,179
* includes tax, title, tags, dealer doc fee, acquisition fee, depreciation, “rent”,etc.
I’ll post better detail if I execute tomorrow.
BTW, this would be my second lease after a ’12 Accord I leased last year (post #4670 on Accord lease forum) which was a great deal with end-of-model-run incentives. Being a savvier buyer than leaser, I recommend those who are similar and otherwise new to leasing evaluate it against buying the car and then consider the intangibles of the difference in cash flow and the ability to simply walk away without having paid tax on the full value of the car at the end of the lease term.
For example, for the Accord I leased last year I will have paid $7,739 over the lease term. With a residual value of $14,064 and tax on this residual of 7%, if I buy the car at the end of term I will have spent $22,787. Alternatively, if I had purchased and financed (all costs rolled in) for a typical 60 months at a rate of 3%, at the same point in time (36 months into the loan) I’d have paid $11,351 in P&I and owed a balance of $11,436. Paying off the loan then would have also totaled $22,787. In my case I preferred to lease which allowed me to preserve cash flow early and keep the option to walk away at lease-end hassle free or go ahead and buy without having paid too much versus purchasing/financing. Of course, a lower rate than 3% or a total cash buyer would save some money and may be inclined to choose the opposite. Bottom line is it’s not all apples-to-apples and includes much personal preference.
MSRP: $21,605 ($20,815 + $790 destination)
Sales Price: $19,100
One-Pay*: $6,620 (the only amount paid for the full lease term in a lump sum)
Residual at end: $13,180
* includes: depreciation, “rent” ($11.88), doc & acquisition fees ($250 & $595 respectively), Tax (Ohio 7%), Title ($15), Tags ($52.75) and extra capital cost reduction rebates provided by Honda (-$700) due to college grad program and ???
Upon first negotiating this lease, I asked for both sign&drive (i.e., 100% monthly payments) and one-pay (100% up front). Numbers I was initially given included $500 Honda cash. I then shopped two nearer dealers and got $158 better on the one-pay. I called my initial salesman and presented the “better” deal. He dropped $200. Then, having recently completed a Masters degree, I asked for an additional $500 from Honda for "college grad". This accounts for the extra $700 deducted from the one-pay to arrive at $6620.
Independent of my Honda lease I will also get a nearly $600 rebate from my Citibank Driver’s Edge Charter MasterCard. This is another trick that can be done when leasing. This card lets you earn $500 per year at a 2% rate on your charge use. You can build up $1500 maximum over a 3 year moving window and use it on a new or used car, lease or purchase. If you use it on a 3 year lease, and then re-establish a new credit balance and then purchase the car for residual, you can use it again on the same car! That is once for the lease and another time for the sale. At least I think I can? I’ll find out later.
Paid taxes on the 36 monthly payments, bank fee of $595., and DMV fee upfront, total of $1500. Monthly payments are $159. I had visited 3 other local dealers and monthly payments ranged from $189 to $223 for the same deal. Other dealers told me that I was not going to get a Honda Finance lease but it was. They also said that no dealer was going to sell the car for a $2000 loss ( on paper ) but that is what they did.
BTW - For 15K per year, miles were offered up front at $0.10 per mile, so an extra $900 would be capitalized in the payments. So perhaps $220+/mo in that case.
i am also in the market for a Honda Civic 2013. Which dealership did you use? Can you refer me, so I can get a similar price? the quotes I am getting are in the 200-250$ range
MSRP-$21,605
Invoice- $20,136
Agreed upon price - $19,136
Net Cap Cost - $21,245.5
Residual = 0.61
MF- 0.00106
$0 down and due at signing
$238/month for the remaining 35 months including everything.
I am in Texas so the tax here was on the whole price of the vehicle and goes in the net cap cost.
Also got a one year unlimited car washes thrown in to finalize the deal.
I am very happy with the deal and I definitely recommend the package from FightingChance.com
Thanks
Paid 90 dollars for a spare cause HF does not come with instead comes with road side assitance .
This is from a Long Island Dealer
I think I got a very good deal residual is 12,200
Are these figures still true for August leases? Where would California be in that money-factor range?
... I think the numbers would carry over into August, but, if not, what are the new terms?
Thanks a bunch!
BTW - looking at 10K miles/year.
regards,
kyfdx
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frankneary@yahoo.com
I was wondering what the September figures are, money factor and residual percentage, for a 2013 Honda Civic Si Sedan on a 36-month, 15k/year in the Los Angeles, California area are.
Are those figures any different for the trim equipped with summer tires?
Appreciate it!
$1,283 down (taxes, fees, first month payment)
$219.00 a month for the remainder of the lease. I think I got a pretty great deal on my new Civic. Got it in white and it looks great.
Lease signed in Long Island, NY.
$2000 down
$168/mo inc taxes and all fees
I get free oil changes for 2 years.
Is this a good deal?? I'm going in today to sign but just wanted to confirm with an expert to see if it is.. Advice is must appreciated. Thank you! :confuse:
Bill G
2017 Accord Sport CVT Mod Steel Metallic
3yr
12k/year
Msrp 19755
Cap cost 19000
Value of car 17705
MF 0.00019
Res value 59%, 11655
2000 down
$166/mo inc taxes for 35mo
I wanted lower monthly payments
3years of free oil changes
3years of free roadside assistance
Thank you so much for the reply and the help. I was posting here while at the dealership. The color of the car I wanted was "sold" 3 hours prior to getting there. But they are delivering it to my house, with a contract, which I have not signed yet.
With the same above conditions, would paying $217/mo including registration, tags, taxes, fees for 36months be better than $2000 down and $166/mo 35 months?
Hope this helps,
Bill
2017 Accord Sport CVT Mod Steel Metallic
Thanks thanks!