2013 and earlier-Honda Civic Lease Questions

cmmarsch · November 2005

I am not exactly sure why not to put money on a lease, but everyone on this message board taught me that. I think it's because if something happens to your car, that money is just gone.

Anyways, it doesn't seem to me like you got a very good deal at least by Atlanta standards. I just signed a lease, waiting for mine to come !! Dark blue EX (no nav) with tan interior. Can't wait. Anyway, I didn't put any money down and my payments are 266/month for 42 months ... and that's for an EX. I had a deal worked out before i learned not to put money down that was 3000 down, 218/month for 42 months.

That's all i got for you ...

cmmarsch · November 2005

OOPS ! Sorry forgot to mention my trade in .. worth 1750....

meuseman · November 2005

You should not put any money down on a lease because you cannot recoup that money should something happen to the car. If you put $2000 down on a lease as a "cap cost reduction", then you drive off the lot and total the car, you will never see that $2000 again. The insurance company will pay off the bank for their loss, but not you.

beefybri · November 2005

I guess that makes sense. Your deal seems a little strange?
How could it cost more money in total, by puttin 3k down and payin $218 a month which equals $12,156 vs $0 down and $266 a month for 42 months which equals $11,172?

cmmarsch · November 2005

Hmm good question. Never added it up like that. I did forget to put my trade in in that second deal (1750) ?? now I am confused all over again !!

CarMan@Edmunds · November 2005

Hey cmmarsch. Yes, the selling price that you would have to pay to lease the car that you are interested in would be exactly the same as if you had decided to finance or pay cash for it. I'm not sure exactly what the market is like for the 2006 Civic right now. You can easily get a 2005 model for right around dealer invoice, or a little below once the dealer cash that is available on it is taken into account. However, the 2006 model is all new and will probably demand a higher dealer gross. You should be able to get a good idea of how much you should pay for this car right now by visiting the following discussion: "Honda Civic: Prices Paid & Buying Experience". Once you know an approximate selling price for the car that you want, let me know and I will be happy to estimate what its lease payment should be like for you using Honda's actual lease program.

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CarMan@Edmunds · November 2005

Cmmarsch, the answer is that dealers would not be willing to discount 2006 Civics much if they are indeed flying off the lots as you say. There's no reason for a dealer to give you a significant discount on one when they know that another interested consumer sill come along in the near future and offer them more money.

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CarMan@Edmunds · November 2005

I'm glad to see that you were able to find out this car's selling price, cmmarsch. In order for me to estimate what its lease payment should be for you I still need some additional information. This info includes how long you want to lease it for, how many miles per year you need to be able to drive it, and its full MSRP. Let me know and I will work up a payment for you.

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CarMan@Edmunds · November 2005

Cmmarsch, the lease program that you were quoted on this car looks good to me. Not that it is a great program, it's not, just that it is in line with Honda Finance's current lease program for this car.

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gaucho20 · November 2005

Hi CarMan-

This thread is quite informative! Can you help me out? I am looking at a 2006 Civic LX in San Francisco. I was quoted for a 36 month lease, 36000 miles, $1000 down, and $250 a month. Is this in line with the standard? Is this more appropriate for an EX? Should I get rid of the down payment?

Thanks!

Justin

sigma521 · November 2005

Hello Car-Man,

I'm in the market for a 2006 Honda Civic LX. I want to lease for 36 or 42 months. I had a couple of questions for you:
1. Can i get more than 15,000 miles per year on a lease? (20-25k?) I drive 100miles each day.
2. Is there a difference in residuals and/or money factors between manual and automatic transmission models?
3. What are the residuals for Coupe, versus Sedan.

Thank you...

Sergey Dubin

CarMan@Edmunds · November 2005

I'm glad that you find this thread to be so informative, Justin. I am not sure exactly how much others are paying for this car right now, lease payment wise, but I would be happy to give you my opinion on your deal if you let me know this car's full MSRP and selling price. These numbers will show me how much of a discount you are being given and will enable me to use Honda Finance's actual lease program to estimate what your lease payment should be. You absolutely should lease this car without making any sort of down payment. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Civic would be exactly the same, regardless of whether you had put $1,000 down, or had made absolutely no down payment at all.

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CarMan@Edmunds · November 2005

Hello Sergey. 15,000 miles per year is the highest mileage allowance that Honda Finance publishes residual values for. Having said this, you can lease a Honda vehicle with more than 15,000 miles per year. In order to do so you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.

There is no difference between the lease programs for Honda Civics equipped with manual or automatic transmissions. If you were to lease a 2006 Honda Civic LX Sedan through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00265 and 59%, respectively. The numbers for an otherwise identical lease of a 2006 Civic Coupe LX would be .00265 and 58%.

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krc · December 2005

How does your credit score affect the money factor? Could you give me residual values and money factors for a 2005 Civic coupe? My FICO score is between 600 and 650.

mamamia2 · December 2005

For an '06 Civic LX 4Dr.

36 Month lease, 12K miles/year, No money down.

And I have an excellent credit score of 780.

Price is "out the door" -- paying just the first payment and plates.

The best offer I got so far was $ 289 a month.

...And I am asking, is this really the best I can get these days? Even though I know those cars are selling like fresh donuts... Still, to me it seems high.

roosa · December 2005

It does seem high...but higher interest rates and selling price of the Civic makes it about right on target....I leased a 05 Accord in August under the same terms for $284.75 a month. CarMan mentioned this in a post...either here or in the Accord section. If it is any consolation, our Accord lease in 1996 was Higher....so interest rates DO matter....we have driven the Civic and like it, but the current lease on the Accord LX-SE is the only one with lease support, and very little btw, that American Honda Finance offers right now....the truth is...even at $289 it is a fine car....go ahead and splurge if you want it...Happy Holidays

bonnevillegreen · December 2005

Anyone interested in a Civic, I want to tell you that you can do a lot better than $289, which is more like how much you should be paying for an Accord... I know this for two reasons:

1. Honda just posted record sales for November, and despite the claims that there are shortages or whatever, the Civics are everywhere, and ANY dealer should be able to find one for you (even if you have to wait a week or so).

2. I got my Civic LX Coupe for ZERO down, $225/month. If you're interested in my exact strategy that I used when negotiating (because it did take some effort, feel free to email me).. the "lowest" dealers initially agreed to go was $269, but that changed pretty quickly.

I'm sharing this because I want those who are on a tight budget like myself to know they can still get into this great car. And remember, since this car has such a amazing retention value, IT SHOULD LEASE FOR LESS! The dealerships will profit when they sell it as a certified used vehicle!

I can post a longer explanation, including some specific numbers, but I think this is long enough for now..

mamamia2 · December 2005

xxcivicxx:

Well, I'd like to email you but there is no address available in your "member profile"...

If you get an '06 for that monthly payment of $225 -- OUT THE DOOR (first payment, doc fee and plates are always extra), with ZERO DOWN and if it INCLUDES the taxes... Boy, $225 really seems just too good to be true.

This morning I actually decided to go with a local LEASING COMPANY, ordering the car for me today (simply asking my verbal agreement, no down payment required), for end of January delivery FOR $249 A MONTH.

And when I told that to the dealer who was the cheapest around ($289), his reaction was almost embarassing... He would not believe me...

So please, xxcivicxx, share with us the secret.

azrob · December 2005

After a model has been around does honda start to discount? I'm going to sell my bmw 330cic and i want to replace it with a less expensive car, but I'm in no hurry, so I'm wandering if typically after several months the deals on the civic will get better

bonnevillegreen · December 2005

your ingorance gave me a good laugh, and i have a lease agreement in front of me that proves my point and your ignorance. i don't need your sarcasm since i'm really trying to help out those who, like myself, had a difficult time during the buying (leasing) experience.

my email is not hidden, it's available to anyone registered on this site.

if anyone still would like some help, let me know.. i don't want to post my strategy for personal reasons.

mamamia2 · December 2005

A. Ignorance? What ignorance? I was simply wondering about a deal that ANYBODY who's been shopping around would agree that it's pretty amazing... I was actually ASKING YOU to share the info with us.

B. Your email address was NOT available on the Member Profile box as of this morning. You changed it since, that's nice.

C. Your Message #38 from October 28 is revealing QUITE DIFFERENT NUMBERS as to the deal you got... Here is what you posted on this board then:

$0.00 down
$650 at inception (TTL, first month payment, etc. etc)

$260.00/month
42 month, 12k/yr.

So it's not 36 months -- but rather 42 months, and it's not $225 -- but rather $260...

Now, tell us, which one is it, xxcivicxx?

CarMan@Edmunds · December 2005

Yes, krc, your credit score will absolutely have an impact upon the money factor that you have to pay to lease through Honda Finance. All of the money factors that I have mentioned for leases through it assume that you qualify for its "Super Preferred" credit tier. In order to do so one needs a credit score of above 700, specifically I think over 730. Honda Finance's "Super Preferred" money factor for a 36 month lease of a Civic Coupe right now is .00265. I am not sure exactly what it would be for someone with your credit score, but it definitely would be higher than that.

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CarMan@Edmunds · December 2005

Hi mamamia2. You're right, the redesigned Honda Civic has been selling very well lately. I am not sure how much you would have to pay for one right now, but you should be able to get a good idea by visiting the following discussion: "Honda Civic: Prices Paid & Buying Experience". I would be happy to estimate what your lease payment should be like on this car if you let me know what its full MSRP (including the destination charge) and selling price are.

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CarMan@Edmunds · December 2005

OK, everyone. It's fine to disagree with other community members, but let's try to keep things civil. Thanks.

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mamamia2 · December 2005

I would be happy to estimate what your lease payment should be like on this car if you let me know what its full MSRP (including the destination charge) and selling price are.

---------- See, Car_man, but I did it backwards. I didn't first negotiate the selling price of the car (before turning to the leasing option), nor am I interested in it's price now....

I simply turned to 3 local dealers (and 2 leasing companies), gave them the same info:

Civic LX AT
36 month lease
12K miles/year
No money down (except first payment and license)
My credit score is 780 (yes, it's very high)

---- And asked for a monthly payment, out the door.

The offers I got from 2 dealerships were both "in the low $300s". The best I got from one dealership was $289, promising to get the car with the color I want "in a week or two". Not bad.

....Then, on Friday, one leasing company (recommended by a friend who's been leasing cars from them for years) offered the car for $249, but with a late January delivery. They did not ask for any money down, nor any signed agreement on my part...

I think the latest offer is really a great offer, seems legit, and I am taking it.

...Am I wrong, Car_man?

vf154 · December 2005

I'm not car man but using my spreadsheet (from Edmunds site) and assuming a MF, MSRP, sales tax I got a selling price of $16,465 vs inventory of 16,375:

Civic LX
Sticker + options 17860
Months of lease 36
Residual % 36 months 0.57
Residual after 36 mo 10180.20
Selling price 16465
Less residual -10180.20
Depreciation 36 mo 6284.80
Per month Deprec 174.58
Interest rate 5.0000
Money factor(example) Using 5% int 0.002083
Interest per month 55.51
Lease payment without Tax 230.09
Lease payment with CA tax 8.25% 249.07

Inventory + Dest on Edmunds is 16375

Any questions? Just ask, as I am doing the exact same thing myself and only have an offer so far of $17000 yielding a lease payment of $265 per month incl sales tax.
I am in Sunnyvale CA, where are you?

mamamia2 · December 2005

This is bitter-cold-snowy-brrrrr Chicago here... Where the sun is not shining but sales tax is lower than 8.25%... it's 7.25% here... And in a neighboring county it's 6.5%.

So, Is your calculation of $249.07 montly lease payment based on a sale price of $16,465 or is it $16,375 (incl. tax)?

And, based on a 7.25% tax, is $249 a month really "outrageous" or "an error, too good to be true", as some dealers here were trying to tell me?

What do you think?

wiphillyfan · December 2005

Hey Car_man, here's the deal i have on the table now. My '05 Civic EX Coupe AT has a payoff of $14,800. I have a dealer who would pay it off (I got the car for $15,700 4 months ago...it has 3k miles). Then they would put me in an '06 Civic LX Sedan AT for $262 42 month lease. Zero down...roughly $400 to start which includes 1st payment, paperwork and plates. The money factor seems a bit high at .00303 so I will try to get that down. The residual quoted was 55% with net cap cost of I believe $400 over invoice according to the salesguy. What do you think? Is this a good deal? My wife says its better for me to lease cause i'm always wanting to get new cars :-) Plus we have an Odyssey that we plan to buyout and keep.

etrainimac · December 2005

Dear CAR_MAN,

I am in Ohio, near Cleveland. I was givien a lease quote for 42 months on an EX coupe (2006) for $290/mo. Thats with nothing down. I calculated my own lease and came up with $267. Can you tell me what the residual is on this car?
2006 EX coupe 42/mo 1200 per month no navigation

Thank you so much!

honda4me · December 2005

CarMAN,

2006 Honda Civic LX, 4 Door, automatic, no other options. I am in Indianapolis, Indiana. For a 36 month lease the best deal I have found is $297.94, this price includes all taxes and nothing down. For a 42 month lease the best deal has been $278.95. Any thoughts on these deals? And should I be able to get a better deal? My credit is excellent. Thank you for your help.

honda4me · December 2005

I have been shopping around and have found some new deals. Dealer 2 has quoted $290.40 for 36 months for the the above car, 15,000 miles. Our local Credit Union came in with $257.29.

The dealer stated that the credit union could not match them on such items as built in gap insurance, Honda finance's $1500 damage waiver at lease end, as well as Honda's Pull Ahead and Honda preferred programs. Any thoughts on these items? I will check with the credit union after Xmas to see if they do not offer such items.

Any thoughts would help, thank you.

indysabre · December 2005

My local dealer In Fishers, IN will sell to me at MSRP - 19990 plus 550 for Destination.

I am a returing AHF leasee so they will wave the aqcuisition fee and security deposit.

Based on that, they quoted (before tax) 385 for 36 months 12K/yr and about 400 for a 15K/yr lease.

This seems kind of high since my 03 Accord EXV6 lease payment is 340 for 36 mo 15K/yr.

Can you supply the Money factor and residual amounts that AHF is using so I can check their numbers. My credit score is above 700.

Also when calcualting, do I use the 19990 or the price with destination added in?

It will be interesting to see what the lease should be and to then compare what i could get a new 06 EX V6 for in comparsison (I think I can get close to invoice for purchase price of the accord).

Thanks in advance!

indysabre · December 2005

OK just read some of the previous info here regarding MF and residual values. I then plugged those into the lease calculator here at edmunds.

Here is what i got:

Civic SI lease payments - my calcs (assuming 0 down no aqc, security waived and before taxes).

selling price 20450 (MSRP including destination)

MF .00255

residual 59% = 12066

12000 / yr 36 mo

Lease payment before taxes 315.84

price 20450

MF .00255

Residual 61% = 12474.5

12000 / yr 36 mo

Lease payment before taxes 305.48

Do these numbers look about right? If these are correct, I may email them back to the delear to see what they say now

CarMan@Edmunds · January 2006

Hi everyone. I was away on vacation last week and didn't have an opportunity to answer some of the questions that you had about Honda's December lease program for this model. Honda just introduced its new January lease program yesterday and I would be happy to answer any questions that those of you who are still in the market for it have.

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mamamia2 · January 2006

Hi, car_man, could you please refer to my posts here, #76 and #78? The Civic was ordered for a late January delivery... Still wondering whether the deal I got ($249 a month) is "too good to be true"...

Does Honda have a special this month?

rws0131 · January 2006

Car_man,

Do you happen to know the residuals and money factors for the civic ex coupe for 24 months/12 and 15k and the same for 36 month 12 and 15/k????

indysabre · January 2006

Still wanting lease numbers for the question I posted above you new post....Thanks in advnace!

jscan73 · January 2006

Car_man,

I was looking for the residuals and money factor on a 06 Civic Hybrid (with navigation). Over the phone, the dealer has quoted me a 58% residual for 36 months @ 12k miles per year, and a money factor of .00315 (seems kinda high). Was hoping to find out if these numbers are correct? Thanks a lot.

txman1 · January 2006

Car_man,

I am looking to get out of my '05 Jeep Grand Cherokee due to constant mechanical problems (imagine that). I purchased the vehicle new, and unfortunately doesn't qualify under Lemon Law. I am looking into leasing an '06 Civic LX, as it seems this may be my best option. I owe approximately $30,000 on the Jeep, and I get a KBB trade-in value of close to $22,000. I assume the dealer can absorb most of this negative equity. I don't have enough experiences with leases, but I am looking for an economical import. Perhaps a Nissan Sentra, which currently has a $2500 rebate, would be a better option? I have been looking up work sheets regarding leases, and the other posts regarding this. I am looking at a 36 month lease, @ 15,000 miles per year. I want to put down the least amount of money possible with this as well.

I am looking at getting the specifics on this vehcile ('06 Honda Civic LX, AT, 4 door) out the door. My credit score has been lowered to a 680, due to a bank error on a loan. It will take 60 to 90 days to remove the error. I have an 8.25% sales tax to consider as well. Any other responses from members are welcome, and I am located in Southern CA. Please let me know.

Thanks!

CarMan@Edmunds · January 2006

Hi mamamia2. Unfortunately, Honda still is not providing any sort of lease support on the Civic this month. The redesigned Civic must be putting a little pressure on the Toyota Corolla though because January is the first time in a long time that Toyota has had incentives on it.

$249 a month certainly sounds a lot better than in the low-$300 a month range. Many consumers shop around by looking strictly at lease payments. I personally prefer to look at every aspect of a deal before I agree to it. This is why I find the MSRP and selling price so important. With these numbers I can figure out what lease payment to shoot for in negotiations. Another way to look at this deal would be to use this car's base MSRP and dealer invoice price to figure out what the lowest possible lease payment would be on it and work our way up from there. A 2006 Honda Civic LX Sedan with an automatic transmission has a base MSRP of $17,860 and a dealer invoice price of $16,375. Using these numbers and Honda Finance's actual lease program I estimate that the lowest possible monthly payment for a 36 month, 12,000 mile per year lease of this car is $229. If you were to get this car for $500 over invoice, your payment would increase to $245 for an otherwise identical lease. This is fairly close to the lease payment that you were quoted, so yes I would say that you are getting a good deal.

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CarMan@Edmunds · January 2006

Hi rws0131. According to the latest information that I have seen, if you were to lease a 2006 Honda Civic EX Coupe without navigation through Honda Finance right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be an unappealing .00380 and 65%, respectively. The numbers for an otherwise identical 36 month lease should be .00265 and 57%. If you were to lease this car with only 12,000 miles per year, its 24 month residual value would be 1% higher and its 36 month residual value would be 2% higher.

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CarMan@Edmunds · January 2006

Sure thing, indysabre. I'll scroll back and take a look. It appears as though you are considering purchasing (or leasing in this instance) this car for full MSRP. This is fine, as long as it is the going rate for this model in your area. Have you shopped around any to see if you can get a discount on one? According to my calculations, if you were to lease a 2006 Honda Civic Si with an MSRP and selling price of $20,450 through Honda Finance right now for 36 months with 12,000 miles per year (.00265 factor / 59% residual), your zero down, pre-tax monthly payment should be around $320. The payment that I came up with is a little different than the one that you did, but Honda's money factor and residual value for this car are different this month than the ones that you used.

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CarMan@Edmunds · January 2006

Greetings jscan73. You're right, the money factor that you were quoted is a little high. Like most Civics, Honda is not currently providing any lease support on the Civic Hybrid. Even without lease support, the highest a vehicle's money factor can be if you were to lease it through Honda Finance is its standard rate...that is unless a dealer tries to mark the standard rate up to add additional hidden back-end profit to a deal. Honda Finance's current buy rate standard lease money factor for a 36 month lease is .00265. To qualify for this factor you must qualify for Honda Finance's "Super Preferred" credit tier and pay a security deposit. The residual value that you were quoted over the phone is right for a lease with 15,000 miles per year, but with 12,000 miles per year it would be 2% higher.

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CarMan@Edmunds · January 2006

Hi txman1. I am sorry to say that there is no way that the dealer that you get your Civic from can absorb most of the $8,000 in negative equity that you have on your Grand Cherokee. If you want to get out of it now, you are probably going to have to pay a significant amount of money out of your own pocket. Most Honda Civics have only a $1,500 or so difference between their full MSRPs and dealer invoice prices. As you can see, even if the dealer that you are working with sold you your Civic at full pop, it wouldn't come close to covering all of your negative equity. The Nissan Sentra would be a slightly better option, mainly because it has cash incentives available on it right now. The entire $2,500 customer cash that you mentioned is not available on leases of this car, only $750 of it is so again you will probably not be able to bake all of your negative equity into this deal. Your best option would be to continue driving your Grand Cherokee until you are less upside down on it, if you can tolerate the problems that you have been having. I hope that it is at least still under warranty.

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mamamia2 · January 2006

Thanks, Car_man.

I am expecting the car this coming weekend... Since the deal was done thru a leasing company, I suspect that they were not going thru Honda Financial service, but thru a private bank (but I will ask when getting the car), which may have their own calculation as to this car's residual value (probably HIGHER than Honda's own calculation?)...

If I am getting it right, what you're saying is, if neither the dealership, nor the leasing company WOULD BE MAKING ANY MONEY -- I should pay $229 a month (based on a dealer invoice price of $16,375.), right?

txman1 · January 2006

Car_man,

Thanks very much for your reply. You are correct! The dealers I've spoken to require me to come up with a crazy amount of cash to get out of it. Luckily, my Jeep is still under warranty, as I only have about 10,000 miles on it. I will be driving this poor excuse of an SUV until my warranty is up, and then evaluating my options from there. I will NEVER purschase another Daimler-Chrysler vechicle again; I should've listened to all of the horror stories.

Thanks again! You are a great resource for people in the market.

wiphillyfan · January 2006

2006 Civic Sedan LX AT 42 Month lease at $257 a month including TAX of 5.1% with ZERO down and $415 out of pocket (1st payment, plates, service fee) Residual is $10k. I also had a trade on my 2005 Civic Coupe which the dealer payed off (amt owed $14,600 - I bought that car 5 months ago at $15,700). They supposedly gave me $15,200 for my trade to be able to do my payment. I think i got a pretty good deal???

mamamia2 · January 2006

Yes, finally the car has arrived this afternoon.... What some dealerships called "a scam" and "too good to be true" -- turned out to be for real.

I signed the papers and wrote a check for the first month, title and doc fee. Zero money down, 36-month lease, max. 12k miles a year. Monthly payment of $249.

The leasing company is called Car Leasing, Inc. in Lincolnwood, Illinois. Their headquarters is in Dallas, Texas.

thematt · February 2006

Folks, I have a question about an *end* of lease. I was told this is the place to ask, although I mainly see *start* questions.

Namely, in about 6 months I have a 2003 Civic EX A/T coming off of lease. I leased the car originally because my previous Civic was stolen, I thought my grad studies would be done in 3 years, and I couldn't afford the payments on a loan. Well, guess what, research isn't done! So, I find myself needing a car I thought I might not (i.e., if I went to New York City, say, after PhD) and I'm still on a grad student salary.

Now, the car has a buyout of a little over $11k. But, I'm what you might call a light driver. I expect at the end-of-lease to have about 7000 miles on the car (with all maintenance every 6 mo). Most online blue books tell me the car is worth more than $11k.

So, what do you guys recommend? Should I buy the car, turn around and sell it, and then go back to the dealer with some money down? Or do dealers often have incentives when you turn in a leased car that is as low-mileage as mine?

kyfdx · February 2006

$11K sounds like a pretty good deal on a very low-mile '03 Civic EX..

Buy the car... if it is leased through Honda Finance, call them and ask them about financing options.. I wouldn't involve the dealer at all...

If after buying it, and paying the sales tax... if you think you can sell it and turn a profit.. and that is what you want to do.. then, by all means, go ahead and try..

Just leave the dealer out of it..

regards,
kyfdx
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