2013 and earlier-Honda CR-V Lease Questions
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Thanks in Advance!!
Examples:
1999 Civic EX, bought in September 1999 for $15,000, financed for 60 months at 4.9% (it was considered low rate then). Drove for two years, sold for about $12,500 (pay off was about $10,000). Total cost of "lease" $2,500 over 24 months = $104/month
2001 CR-V SE, bought for $23,000 in June of 2001, Financed for 60 months at 4.9%. Car got stolen, and found. Insurnace gave me $10,000 to fix. Fixed my self for $4000. Sold for $18,000 (theft recovery on the title) after a year and a half. Pay off was $18,000. If you don't count that I made $6000 on the insurance it cost me $278/month to "lease" But when you count the insurance money, the "lease" was free and I made $1000.
2002 Civic Si, bought for $14,500 in January of 2003, financed at 1.9% for 60 months. Sold in March of 2005 for $12,500 (pay off $8500). The cost of "lease" for 28 months is $71/month.
Right now I am "leasing" 2005 CR-V EX 5 man. :-)
When you look at the whole picture, rather than just "what my monthly payment is going to be" you save more than traditional or baloon lease.
And I'm not sure how you are getting your net montly costs??("loan montly payment" were calculated using Edmunds's Basic Loan Calculator)
1999 Civic EX
loan monthly payment = 282.38
total loan payments = 282.38 * 24 = 6777.12
net payment = (6777.12 - 2500)/24 = 178.21(not 104)
2001 CR-V SE
loan monthly payment = 432.98
net payment = 432.98(not 278)
2002 Civic Si
loan montly payment = 253.51
total loan payments = 253.51 * 28 = 7098.28
net payment = (7098.28 - 4000)/28 = 110(not 71)
And I'm not sure how you are getting your net montly costs??("loan montly payment" were calculated using Edmunds's Basic Loan Calculator)
1999 Civic EX
loan monthly payment = 282.38
total loan payments = 282.38 * 24 = 6777.12
net payment = (6777.12 - 2500)/24 = 178.21(not 104)
2001 CR-V SE
loan monthly payment = 432.98
net payment = 432.98(not 278)
2002 Civic Si
loan montly payment = 253.51
total loan payments = 253.51 * 28 = 7098.28
net payment = (7098.28 - 4000)/28 = 110(not 71)
I think you are forgetting that my cash obtained from the sale of the vehicle was greater than the pay off amount. :-)
Even if I did calculate it wrong, has anyone been able to lease a top of the line Civic for $110/month with no money down?
No, I don't think I did forget. For the 2002 Civic example, I subtracted $4000(the difference between the sale price and the pay off amount) from the "total loan payments" in the "net payment" line.
Anyways, if anybody could post the lease info for a CR-V, it would be greatly appreciated!
No matter how good your purchase deals turned out to be..
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Or maybe CR-V leases...
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Or maybe CR-V leases...
The point I was trying to make, there are no great leases of the late 90's when it was really cheaper to lease. These days, it is cheaper to buy. Unless there is some really hot lease program. Like BMW had a 325 for $199/month for 24 months with no money down a couple of years back.
This will be the 36mo / 12k mi program.
How about Honda's acquisition fee? Thanks guys.
I do have the option of paying it off if I want. But it seems that I would save money by making the payments and just paying the residual at the end. Am I right in this assumption?
Thanks for any help.
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You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.
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Can you provide the residuals and MF for a CRV SE, 36 and 48 mos, 12k miles?
Thanks.
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OK. Enjoy your new CR-V.
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What is the current money factor & residual value of the 06 SE with 15K/year and 36 months lease?
The dealer quoted me $24,000 before tax, title , license.
BTW, I'm in Texas.
What would my monthly lease payment be? Assuming with no money down other than the security deposit and acquisition fee.
Do I have to pay the tax upfront or that would depend on my credit?
Thanks.
In some states you pay tax upfront on the whole vehicle. In other states you pay tax on the payments.
Thanks
I realize that this post is over a month old but I'm hoping you can answer this question. I too have sold my leased cars at end of term and turned a profit. Normally, I have the buyer send the payoff to the lease company to get the title and then the lease company sends me the overpayment (profit). This process also helps me avoid the sales tax if I were to buy the car myself ahead of the sale to a buyer.
Now with my Honda lease about to run out, I want to perform the same process since I have some equity in the car. The problem is, that AHFC wants me to use a dealer to act as the middleman. A potential buyer would have to pay a dealer who in turn would buy the car and then turn the title over to the new owner.
This seems cumbersome to me. What did you do for your lease end buyouts?
I'm just wondering if any of the depreciation/finance are any more or less during the term and if the residual rates are the same as traditional leases....
I realize that this post is over a month old but I'm hoping you can answer this question. I too have sold my leased cars at end of term and turned a profit. Normally, I have the buyer send the payoff to the lease company to get the title and then the lease company sends me the overpayment (profit). This process also helps me avoid the sales tax if I were to buy the car myself ahead of the sale to a buyer.
Now with my Honda lease about to run out, I want to perform the same process since I have some equity in the car. The problem is, that AHFC wants me to use a dealer to act as the middleman. A potential buyer would have to pay a dealer who in turn would buy the car and then turn the title over to the new owner.
This seems cumbersome to me. What did you do for your lease end buyouts?
I never leased per se. I am my own lessor and lessee. Sorry, I don't know what the procedure is with AHFC.
Sales tax is calculated differently, depending upon what state one is in. I am not personally familiar with how sales tax is calculated on leased vehicles in Texas right now, but you may be able to find out by visiting one of the following sites: Texas Department of Transportation or Texas Taxes.
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Therefore, if you live in one of the states where leases are taxed this way, AND there is a significant chance you will want to purchase the vehicle at the end of the initial term, the LPP is better than a traditional lease -- assuming that the monthly payments and buyout price are similar. The LPP has no sales tax advantage over a traditional lease if you don't buy the vehicle at the end.
282.00 a month (Includes EVERYTHING)
36 months
12k miler per year
0 money down
Thanks...
Yeah, but they DO offer great incentives on the outgoing model!
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BTW looking to do 36 mons, 12K per year, no money down, excellent credit - also looking at the RAV4 - any comment on this?
Much appreciated!
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Thanks
Brian
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The MSRP is 20,300 but I had an offer for $17,800.