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2013 and earlier-Honda Civic Lease Questions
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Comments
Isn't the 0.00191 marked up from 0.0019?
FYI, since someone was asking about a 15k mile per year lease - with AHFC going from 12k to 15k per year normally drops the residual by 2%. So on this car it would be 58% if you needed the extra miles.
Dennis
On another note...for those interested in the Civic Si...June Rates
The #1 most important thing when leasing a car is the SAME as if you were buying the car - the price. Negotiate a low price just like you were buying and once you have a nice price THEN worry about the lease numbers.
Dennis
Car_man
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I'm looking at these Civic leases on this forum and they seem very attractive. However, I'm actually interested in the Si model. Are there specials on the Si models or just the EX/LX models.
Car_man
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-Jerry
coupe, 12k/36mo 0.00166 60%
sedan, 12k/36mo 0.00191 62%
add a security deposit will bring the MF down by 0.00001
deduct 2% for 15k/yr
also for 24mo, i think the MF are the same while residual is 10% higher (please double confirm w/ dealers)
not sure if they will extend this program after July 7th 08 tho
I have 3 more months to go on a 2005 PT Cruiser convertible. Real good condition but sas a dent in the left corner of the rear bumper.
I want to lease a 2008 Civic LX. I know on the web Honda has a $199 per month for 36 months. I know there is all the stuff they want down, etc.
"$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. 5/1/2008 through 7/7/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2008 Civic Coupe LX Automatic Transmission vehicles (Model FG1268EW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $18,230.00(includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $16,473.58. 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 $10,938.00. 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."
Never have known how to read this. Was curious what a fair payment may be. I know it will be over $199 due to TTL, and stuff, but was curious what a fair price would be. Any and all help would be greatly appreciated.
Thanks
The payment for a 4dr LX auto used to be about $1200 drive off, $200+tax a month
the last one i did was $1200 drive off, $220+tax a month
But i checked yesterday, payment quote i got was $1200 drive off, $235+tax
The Honda's program is $1200 down, $595 bank fee, $199+tax 1st payment, license and dealer fee, expect about $2000 and payment is $199+tax
All the above examples were assuming 12k/yr 36mo and used 7.75% tax rate
i am in S. California, if you could let me know where you are, i might be able to give you a better estimation.
The Honda web site said the lease would be $199 per month for 36 months, but asked for $1,999 down, TTL not included.
I know I will get hit with the dent in the left corner bumper (pretty deep divet in the plastic). We owe 3 more payments of $398 on the PT Cruiser convertible.
Don't know how much more you pay per $1,000, so I would guess since it is $1,999, that would be however much more per $1,000 x 2 ($1,999 is basically $2,000), then the damage to my wife's car, plus I am sure they will factor the 3 payments left and then the wear and tear on the car. In very good shape other than the dent. Under mileage. We had up to 48,000 miles and she only put 41,000 miles on.
I wish I understood financing more. I could probably save myself a lot of money hahahaha
Car_man
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Chrysler has already announced that they will exit the lease business on August 1st. Cerberus Capital not only owns Chrysler and Chrysler Financial but controlling interest in GMAC as well. So I suspect GM will follow shortly.
Ford took a $2.1 billion charge for the quarter due to falling lease residual values.
Honda just released their first quarter financial report and noted that they expect falling lease residual values in the USA to cut their operating profit by $231 million. Just look at the residual calculations on 2006 Ridgeline's as an example of how wildly they miscalculated.
I believe the manufacturer sponsored consumer lease will soon be history. Only time will tell."
Taken from ROC site.
Interesting reading. :shades:
Seriously, real world value has never had any meaning for a captive lease. Just like the prime rate has no bearing on the lease MF from a captive bank. They come up residuals and rates to move product and not based on anything real world. They have been doing this for years. Yes, the $4 gas and the bottom dropping out of the truck and SUV market has hurt them a lot. But they always lose out at lease end when you turn the car in every captive deal I have ever done. Trade / auction value is never more then buy out even on a primo value car like an Accord.
I think they may try to get more real world in the residuals and may have to quit with the stupid low rates, but again they have been doing that stuff for years.
Our 08 Pilot is leased at 0.31% effective interest and the residual was based on full MSRP (not counting the package discount) and we got dealer incentive money to make it even sweeter. The "interest" on our 3 year lease is less than $200. So even if the Pilot holds value (and it will not) they are losing out loaning us the money for nothing.
It will be interesting to see what happens. 3rd party leasing has been taking it on the chin due to the bloated residuals and cut rate MFs on captive leases. Maybe the pendulum will swing the other way now? I would say it will probably be harder to get a super lease deal in the future though, which is sad.
I have heard of folks being able to negotiate their lease buy out prices once again. This used to be a bonus you could get with leasing - buy the car at lease end for under residual to save even more. Then the banks started carrying residual insurance and that went away. I guess the insurance has a limit? If you have a guzzler coming off lease the bank does not want you to turn that baby in - no way.
Dennis
2yr/15k 2008 Civic DX auto sedan
3yr/15k 2008 Civic DX auto sedan
Car_man
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Car_man
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I'm trying to lease a new 08 civic:
I wish to get a Honda Civic Coupe Ex Manual, They quoted me at msrp at $19435 $2000 down and monthly payments at $313. Is this a good deal? I felt that was overpriced so I walked away. Btw I'm in northern california. My credit score is in the high 750+ I wanted them to lower the price but they told me price was not negotiable since their inventory is running low. Is this true on civics?
Also, you mentioned that you were asked for a $2,000 down payment on this deal. I always advise consumers not to make large down payments when leasing. Those who make them risk losing part or all of them if their vehicle is totaled. At lease signing, you should only pay your car's first month's payment, Honda Finance's $595 acquisition fee, and a security deposit equivalent to your car's monthly payment rounded up to the nearest $25 increment. You can even have your security deposit waived in exchange for a .00010 money factor increase and roll the acquisition fee into your car's cap cost if you want.
Car_man
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Car_man
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Edited: 36/12K on an LX/EX Sedan, auto, no leather or navi
he's giving me the car at 1187 down (thats first month,dmv,bank fee)...monthly paymnets are $324/12000 miles/36mths...2yrs free oil change and the honda care package (24hr roadside assistance and whatever comes with that). and some $1500 waiver i get if the has any damages up to 1500..he also spread the taxes in the payments.....he said they money factor is like .0038(9.12%)
playing around on the LEASE CALCULATOR...the residual value comes up to be like 13500 or something like that. anyways i would like to know if am geting a good deal before i sign up the paper work?????
how would anyone credit affect this deal if your credit is not so great????thanks for your time.
Can you provide the following info on a 2009 Civic Hybrid w/o Nav:
Lease in New Jersey
36 Months
15k miles year
What is the residual?
What is the MF?
What is the invoice (not listed on edmunds as of this posting)?
Confirm that security deposit not required?
Thank you.
Car_man
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The numbers for an otherwise identical lease of a base '08 Civic EX Sedan are .00270 and 63%.
Car_man
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Car_man
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Honda Finance charges a security deposit, equivalent to vehicles' monthly payments rounded up to the nearest $25 increment, on every vehicle that it leases. It will waive its security deposit requirement in exchange for an increase of .00010 in the money factor that is used to calculate your monthly payment.
The dealer invoice price of this model is now available here at Edmunds. Here's a link to the page:
http://www.edmunds.com/new/2009/honda/civic/101061157/prices.html
Car_man
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Is this a good deal
Honda civic sedan lx 36 months for 12k a year. The dealer asked me what i was willing to pay i went lower than any other quote i received and he came back and basically agreed. Price 1000 initial payment 239 included all fees taxes. I now feel like maybe i didn't go low enough. Is that a good deal?
I also cant get a straight answer on how much more a month i should expect to pay for 15000 miles a year instead of 12k. any thoughts?
I was offered from another dealer 1500 initial payment 227+taxes for 36 months 12k on the Lx coupe... is that a good price.
I feel like i can negotiate further but can any one share their thoughts on a good deal and possibly a price i should shoot for...it would be much appreciated.
Thank you
Car_man
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Once you have arrived at a selling price that you are happy with, have the dealer that is quoting it calculate your lease payment using Honda Finance's buy rate lease money factor. Its current buy rate for "Super Preferred" tier customers who lease an '09 Civic for 42 months is .00255.
Car_man
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Once you have a selling price that you are comfortable with, have the dealer calculate its monthly payment using Honda Finance's buy rate lease money factor, which is currently .00270 for "Super Preferred" tier customers who pay a security deposit at lease signing.
This is the best way to assure that you are getting the best possible deal on the Civic that you want.
Car_man
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I don't think you quite get it. It's not a catch 22 at all. You want higher residuals yes. But you DO want lower than sticker price. And a lower payment doesn't always mean you got good residual or sale price. It could've been a low money factor. Here's the breakdown...
Residual is based on MSRP, yes. So, a $20,000 MSRP vehicle, FOR EXAMPLE, with a 50% residual would have a "buyout" of $10,000 at lease end. However, you want the negotiated sale price to be LESS than MSRP. The reason being is that the negotiated sale price plus any fees (aka NET CAP COST) is subtracted from the residual to form the BASE MONTHLY PAYMENT.
EXAMPLE: If you negotiated a sale price of $17,000 including all fees on the $20,000 MSRP you would subtract the $10,000 residual value from the $17,000 (NET CAP COST) = $7,000. Divide by term 24, 36, or in your case 42. = your base monthly payment would be $166.67 IF YOU WOULDN'T HAVE NEGOTIATED A SALE PRICE OF $17,000 YOUR BASE MONTHLY PAYMENT WOULD HAVE BEEN $238.10 at the $20,000 sticker price.
The next part of your payment is the so called RENT CHARGE. To calculate this you add the NET CAP COST plus the RESIDUAL then multiply by the money factor. $17,000 net cap plus $10,000 residual = $27,000 X .00270 = $72.90. The money factor .00270 (6.48%) Is the current Civic MF for "SuperPreferred" tier 1 credit. I PERSONALLY THINK IT IS RIDICULOUSLY HIGH AND WOULD NEVER EVEN THINK OF LEASING A CAR ABOVE 4% LEASE RATE. A MONEY FACTOR OF 0.00125 (3%) WOULD = $33.75 PER MONTH. A BIG DIFFERENCE. OF NEARLY $40 PER MONTH. Anyways..
Add the two together $166.67 plus $72.90 = YOUR PRE SALES TAX MONTHLY PAYMENT OF $239.57
Again, the NET CAP COST will include any and all fees so watch that number. You may negotiate a selling price $3K off sticker price then have a shady dealer add in $2,000 in bogus fees. I personally will only pay the acquistion fee. If they try to add in anything else I walk. Your state may require you to pay your sales tax up front but most just add it to your total monthly payment.
To answer your question yes, you should definitely worry about residual and money factor. Most dealers are upfront and honest about them but it's best to get multiple quotes. You can call and ask to talk to a salesman or even email and he will give you the numbers 99% of the time, no questions asked. READ MY LAST POST ABOUT HOW TO CALCULATE A LEASE PAYMENT TO FULLY APPRECIATE HOW IMPORTANT THESE NUMBERS ARE.
Get several quotes, in writing if necessary. Make sure they aren't adding in $1,000 worth of BS fees like window etching, paint sealant etc. They may give you the lowest sale price on the vehicle then add a couple of grand in bull crap fees to get their money back.
Also, normally the only difference between a 12,000 mile per year lease and a 15,000 mile per year lease is the residual will be lower on the higher mileage lease. FOR EXAMPLE: If you are getting 50% on the 12K the 15K will be 48% or so.