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2013 and earlier-Honda Civic Lease Questions
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I did notice on the Honda website what I have below. This does not seem like a good deal but know it is Honda's special which is always negotiable. Do you all think it is possible leasing this car for 36 months 3 yrs at 12K a year for only $1000 down and under or right at $200 a month? I just need to figure out what kind of deal I can expect on a lease with a negotiated price of $15,400 and dont want to get ripped off or have a salesman tell me a bunch of stuff I don't know in terms of leasing as we have residual value, cap cost, money factor I have no clue about all this.
2008 Civic Sedan LX Featured Special Lease
$199.00 per month for 36 months. $1,999.00 total due at signing.
Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
[Show Details] Show Details
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FEATURED SPECIAL LEASE: Closed-end lease for 2008 Civic Sedan LX Automatic Transmission (Model FA1658EW) for $199.00 per month for 36 months with a $1,205.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $1,999.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee and capitalized cost reduction with no security deposit. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.
Subject to limited availability. 3/04/2008 through 4/30/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2008 Civic Sedan LX Automatic Transmission vehicles (Model FA1658EW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $18,395.00 (includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $16,648.67. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $7,164.00. Option to purchase at lease end $11,588.85. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year. See dealer for complete details.
MSRP (incl. destination): $17,395
Purchase price (incl. destination): $16,035
AHFC Acquisition Fee: $595
Gross cap cost: $16,630
Cap reduction: $630
Net cap cost: $16,000
Dealer fees: $150
Residual: $10,958.85 (63%)
Money factor: .00207
Monthly payment (incl. tax): $201.71
Total due at signing: $1,000.61
The example above assumes cash down of $630+tax and paying the dealer fees ($150) and first payment up-front. I would actually recommend rolling in as many of the fees as you can on a lease (doc fee, acquisition, etc.).
I’m not sure what your title/reg fees are in VA, but it looks like you should be able to get right in the neighborhood of the figures you were looking for. Hope this helps.
Jordan
So I have a few questions:
1. I am in Chicago IL, and there is an 8% extra tax to lease versus purchase, which would make the leasing monthly payments higher. Are there any disadvantages to the Leadership program? I would likely purchase additional GAP coverage for $500 in case, which is mandatory with a lease, but recommended with the Leadership program.
2. How much should I put down? I can put down up to $3000, which would keep the monthly payments at around $250, but if I put $1500-$2000 the payments would be closer to $300/month. I know overall it's probably about the same, but I would rather keep the monthly payments lower if I can.
3. Is the Tire/Wheel extra insurance worth it? Anyone have any experience with this?
4. Also, what is the dealer invoice price for the EX civic? Is there a standard number (and if so, what is it?) or is it different for every dealership?
Thanks in advance!
Heres the Deal:
Civic LX Sedan Auto 12k/mi yr
MSRP: $18,395
Selling Price: $16,747
Money Factor: .00207
Residual: 63%
Out of Pocket: Total Drive Off: $800 ($309.85 goes towards cap cost reduction)
Monthly Payment: $210.48 plus tax
Should I go for it? Does this sound fair? Anything I can work on?
Thanks! Let me know as soon as you can. Car_Man comments also appreciated
If you do lease, don't put any money into the lease - at most the first payment. If your car is totalled or stolen your insurance pays off the lease bank and you get nothing. So if you pay down $3k you can kiss it buh-bye. Keep the money in the bank and use it if you need to help make a payment, but don't pay it into the deal.
I don't like GAP coverage, but that is for you to decide. Check and see if that is not already covered in the lease contract (many captive lease banks include it free). Also check with your insurance company to see if that is provide through them on a lease. $500 for it is pretty much a rip off in any case. A low mile Civic in good shape should be worth the lease buy out just about any time during the lease. My insurance, for example, pays NADA clean retail money for a totalled car - and if you check that number you will see that is a fair price. Besides, if the GAP costs you $500 you can keep that in the bank just in case you DO have to pay off the car and your insurance will not pay enough to make the bank happy.
I would check your credit union and get a low finance rate (some or doing 4.5% to 4.9% now) and just finance the car - if I lived where taxes are applied to the whole car on a lease.
Invoice can be found here on Edmunds, KBB, carsdirect.com, and other online places. It is the same for every dealer, but some areas they do have local / regional "ad fees" added on to them. These are usually like $200 or something.
Dennis
thanks if anyone can help
Learn what to look for. Find the residual value, money factor and calculate your lease so you know what you are getting yourself into. If you don't know how to calculate your own lease, then I would probably recommend against leasing, because chances are, you don't know enough about leasing to be doing so.
With that said, here's a few comments regarding your situation. Your credit should net you tier 1 rates, so find out what kind of money factor they are quoting you. Second, navi will run you more than non navi, both in terms of cost and in terms of lower residual value. Its pretty common for cars with navi to have lower residual than cars without. You're better of getting a portable navi like gamin for 200-300 bucks and save some cash. Another thing, your monthly payment is way too high, I can get a Accord EX for less, and that using the National Incentives which generally is worse than what you can negotiate.
Please, familiarize yourself with leasing so you know what kind of crap dealers are trying to pull on you. You can use Edmund's Leasing Tips HERE or you can head over to my leasing blog HERE where I explain, in my own words, how to calculate a lease. Edmunds version is more comprehensive, mine is more like a quick reference guide. Either way you choose, make sure you ask the right questions and bring a calculator.
Good Luck!
Pick what you want and get price quotes from several dealers - just as if you are going to buy the car. Make sure the quotes include the car, destination, and any dealer doc or prep fees. Once you have a nice price (around invoice?) then worry about the lease.
It takes BETTER credit to lease than it does to buy a car, so you may not be able to get the top tier lease money factor based on your age and lack (I assume) of car credit history. Most lease banks use what is called an "auto enhanced" credit score that gives more weight to car credit than to other things. So if you have a 750 and no car credit, your auto enhance score could be in the 600's if you have no prior auto credit history. Conversely, if your score was in the 600's and you have a bunch of paid in full and never late car leases and loans, then your score could end up top-tier. So once you have your price and start on the lease terms, you may find you have to have a co-signer in order to get the best rate.
I would also never put that much money into a lease. If your car is lost or totalled the insurance will pay off the lease bank and you will lose all your money.
You should also check insurance rates before you do anything else as well. EVERYONE should check rates before they shop, no matter their age. You don't want to sign the paperwork on a car you can afford only to find you can't afford the card and the insurance.
Dennis
Another dealership wanted a bit more. $1200 out of pocket, which includes the 1st month's payment, with monthly payments at $328 or so, and they told me the money factor is .00190, residual at 60%, but they are selling me the same car (MSRP $23695) for $23k even.
I'm a little lost as far as pricing. Can you tell me the May 2008 money factor for the 4 door 2008 Civic Si w/navigation, and also the residual. Also, ay idea what would be considered a "good" deal on this car? I'm looking to lay out as little money as possible, and pay roughly $300/month.
Thanks in advance. Looking to lease this Saturday (5/3).
Thanks in advance.
goodluck
hopefully ill have my EX navi by june
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If you finance the entire amount of the car for 60 months at 2.9% or use your cap reduction amount you were using for the lease as a down payment, I would imagine your payment would be at or under $400 a month and you would own the car.
Just a thought. I absolutely do not know your circumstances, but my wife and I were considering leasing and it just did not make sense economically since we will keep our car for over 6 years and can get low finance rates with Honda.
Hope all works out for you with the dealer.
Brad :shades:
Dennis
Edmunds is still showing Civic 2.9% financing, but the Honda web page is not. I tried several ZIP codes on the Honda promotions page and it never came up. Could be expired?
Dennis
Car_man
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Car_man
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I don't believe that Honda is currently providing any cash incentives on the '08 Civic.
Car_man
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Thanks for any input.
ex-l w/nav coupe
msrp: $23,095
invoice: $21,500
price:$20,800 - includes destination/handling.
Great deal I hope, I'm going to work out the lease today but it is hard to get the residual value for 24 months on this model. It's the highest end civic ex, and one person here said their RV was 73% on 24 months. That matches the forum on leasecompare.com, but some generic calculators still calculate at 63% resid which does not make sense because some people got 36 month leases with 63% residual value and I highly doubt a car's depreciation stops in the 3rd year?
Any idea what it should be? And what is the MF on ex right now with 680 fico.
What else should I look for? They say all I'll pay will be lic, doc and ca tire fees.
12,000 miles - 69%
15,000 miles - 68%
A 680 FICO falls under the AHFC "Preferred" category.
- .00238 MF
I have 680 and a dealer started by telling me .0038 or something ridiculous (thats like over 9.5%) and he was busy with someone else closing a deal so we decided we'll wait and shop another dealer. Any ideas what is negotiable in those areas?
At .0038, I would write off that dealership completely. They are taking advantage of you. Civic EX Coupe is around .00165, I can't imagine the sedans being any more than that.
Any help is appreciated.
Thanks.
Dennis
Dennis
Just remember put down as little as possible on a lease-that is money that is gone. Never to be seen again.
:shades:
I want to lease 2008 Civic Si Coupe M/T w/o Navigation.
36 months/12000 miles/year and I can put $3000 down.
What should my monthly payment be and what is the realistic price for it?
Potamkin Honda gave me $270/month @ $3000 down for a vehicle WITH Navigation system with Dealer price around $23,700.
Doesn't look fair to me... Any advice for NYC area in particular?
KBB invoice $20,057.09
KBB MSRP $21,745.00
KBB value $21,310.00
Thank you!
Any help??
Thanks
PS i also got $210/month for the EX navi. is that a good deal too.
im hoping to purchase on the 16th of june
Car_man
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Car_man
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I was quoted $400 a month for the lease at one of the local dealers. It seems pretty high. Anyone have any other # from dealers in and around Austin, Texas? I am willing to travel as far as Dallas and Houston.
Thanks
Dima.
Can you please provide Lease details (MF, Residual - 12 and 15k miles)?
I live in Maryland and I am interested in prices for 2 or 4 dr and Ex or LX.
Sorry for covering all the bases on you.
Thanks very much,
aaraji
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