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2013 and earlier-Honda CR-V Lease Questions

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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi sam91. Chances are that you are losing money by getting out of your CR-V lease five months before its scheduled end date. You will likely be better off if you want until February or March of 2008 to get a new vehicle.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi shamcc. The fact that you do not want to make any down payment on your lease is very smart. It is in your best interest to go with a zero down lease. Trading in your current vehicle should not prevent you from leasing your new one without making a capitalized cost reduction. Just have the dealer that you are working with cut you a check for your Passat rather than using the proceeds from it as a down payment for your new lease.

    The lease payment for the CR-V that you are interested in will depend upon a number of variables, including the exact trim level that you want, how long you want to lease it for, and what mileage allowance you need. If you provide me with this information, I can work up a sample lease payment for you to give you an idea of what to expect.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on getting your new Civic, esomniac. Don't feel too bad about getting it over the CR-V. Sure it's not as big, but it's a lot more fun to drive and its better on gas :) . Thanks for taking the time to share information on your recent CR-V shopping experience with everyone. Make sure to stop by the new Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on Boch with everyone. Enjoy your new ride :shades: .

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings lfahome. Here's the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda CR-V EX 4WD with 15,000 miles per year are .00270 and 62%, respectively for consumers who qualify for its top credit tier. The money factor for an otherwise identical lease with only 12,000 miles per year would be the same, but its residual value would be 2% higher.

    Security deposits and disposition fees are not included as part of the capitalized cost of leased vehicles. Honda Finance charges a security deposit that's equivalent to your vehicle's monthly payment rounded up to the nearest $25 increment at lease signing. Honda Finance will waive its security deposit requirement in exchange for an increase of .00010 in the money factor that is used to calculate your vehicle's lease payment. Security deposits on Honda Finance leases are never added to the cap cost. Disposition fees are charged at lease-end when lessees return their vehicles. Acquisition fees on the other hand are charged at lease signing. Honda Finance charges a $595 acquisition fee on every vehicle that it leases. You can either pay this fee at lease signing or have it rolled into your truck's capitalized cost to make it part of your monthly payment.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings jpauto. Here's the information that you're looking for. Honda Finance's November buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda CR-V EX-L AWD with 12,000 miles per year are .00270 and 63%, respectively for consumers who qualify for its top credit tier and pay a security deposit at lease signing.

    Car_man
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    houstons80houstons80 Member Posts: 9
    Carman,

    What should I be getting on lease payments.
    Here is the deal I have in hand.
    MSRP: 18395 08 Civic LX 4DR Auto
    Sales Price: 17135+TTL
    15K Miles per year
    They are quoting me $324 per month for 36 months. With $600 give or take down.
    Seems way high to me. What should it be? I was thinking in the $230-$250 range. One guy on here got one for $277 that was for a car that was 2K more!
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    toledo73toledo73 Member Posts: 174
    A 64% Residual?!. I'm really skeptical. Using a lease calculator I got from Edmunds using your numbers I get 262 month on a CRV LX 2wd. The Honda web site claims 375 month for the same vehicle.
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    shamccshamcc Member Posts: 2
    Hi there Car_man -

    Thanks for the tip on the Passat - excellent idea.

    Regarding the model CRV - I do admire the EX-L - I really just like the leather and the seats are easier to adjust / more comfortable (I'm 5'11").
    As for length of lease and mileage - I was thinking around 3 years and 12 - 15,000 miles.
    Easy enough?
    Thanks!
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    tonys44tonys44 Member Posts: 9
    I have just been quoted a monthy lease price of $336.10 per month for a 2008 CR-V EX-L (no Navigation). This is for a 39 month, 10 K miles per year lease. I don't put a lot of miles on the cars I drive so 10 K is fine for me.

    This deal is not through AHFC, but a local bank. Is this a good deal?

    Thanks.
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    tonys44tonys44 Member Posts: 9
    I should have included that this is for a 4WD model and that I am putting down $2400, which includes the taxes, bank fee and first month's payment.
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    smarque1smarque1 Member Posts: 2
    Hello,

    I’m looking to buy or lease a 2008 CR-V EX 2WD no Navi by years end. I wanted to wait till December to see if there were any year end incentives but still haven’t found any for a CR-V on Hondas website – they never have lease or finance specials on these models from what I’ve seen. I will most likely purchase or lease the last week of the month. I have begun looking and have received some quotes. One dealer advertises $100 above invoice @ 22,078 (21,978 + $100) which appears to be the best deal I’ve received from email without haggling. I live in Texas (El Paso to be exact) and there are three local dealers. I would like to get a snapshot of pricing and the best lease scenarios I can expect.

    I have very good credit - FICO 758. I am a recent graduate - I know Honda has graduate programs – not sure what if any benefit this will give me. If I lease I’m looking for 0 down no trade 3 years. If I finance I’m looking to put $3,000 down no trade 60 months.

    What target purchase price should I shoot for?

    What are the best lease terms I should look for? Could you provide a breakdown?

    I’ve never leased before so I’m not to sure about the process. I’ve also heard my insurance premiums would be higher. Let me know your thoughts with the above info on leasing vs. financing.

    Thanks for the help in Advance,

    Sam
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, shamcc. Honda is not currently providing any lease support on the 2008 CR-V. As a result, if you were to lease an '08 EX-L 4WD 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 .00260 and 61%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The money factor for a lease with only 12,000 miles per year would be the same, but the residual value would be 2% higher. This lease program is only scheduled to run through January 2nd.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi tonys44. Honda is not currently providing lease support on the 2008 CR-V, so I am not surprised that the dealer that you are working with is running your lease through an independent bank. The best way to determine if this is a good deal is to look at this truck's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. If you tell me what the MSRP and selling price of this vehicle are, I would be happy to tell you what I think. I can even use Honda Finance's lease program to calculate a sample lease payment for the sake of comparison.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello Sam. Since you have never leased before, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    $100 over dealer invoice is an excellent selling price for a 2008 Honda CR-V. Let's work up a sample lease payment on the truck that you are interested in and see what we come up with. According to my calculations, if you were to lease an '08 CR-V EX 2WD without leather or navigation that has an MSRP of $23,585 and a selling price of $22,079 ($100 over invoice) through Honda Finance prior to January 3rd for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $309, assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

    Car_man
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    hobie1981hobie1981 Member Posts: 23
    My uncle leased an '07 Accord in July 2007. Do to some health issues, he has recently moved further out in the burbs, to be closer to family. He really needs to have an CR-V, rather than the Accord. Anyone have any experiences with Honda Finance regarding "upgrading" a lease. Not sure if that would be the word for it.:-)
    Hopefully this is not going to be a big oops for him $$$$.

    Thankx,

    Hobie
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    jcbagginsjcbaggins Member Posts: 4
    Sorry, Honda Financing (and every other leasing company that I know of) requires you to pay for the full pay-off price outlined in the lease. My suggestion is to 1) sell the car privately and payoff the loan before purchasing a different vehicle or 2) transfer the lease to another person to assume the payments. This can be done locally or through websites such as leasetrader.com.
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    smarque1smarque1 Member Posts: 2
    Carman,

    Thanks for the reply. Unfortunately (to my discovery) in TX you have to pay tax on the purchase price of the vehicle and not the monthly payment. At the conclusion of the lease you get taxed again if you choose to purchase -ouch. In comparison I could get a similar payment (tax inclusive) financing with $1500 down at 5.9% for 66 months. I’ve decided to see what the New Year holds for special financing and go from there.

    I have reviewed your previous posts and must thank you and everyone who contributed to this forum for all the great information provided.

    - Thanks

    Sam
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    bvdj84bvdj84 Member Posts: 1,724
    You'll be able to trade into another lease, BUT, you are going to have some negative equity in it. Even with Honda, you'll have to wait about between 1-2yrs before being able to walk away with owing nothing. I would keep the 07 for a while longer, or just sell it privately.
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    j1mbo01j1mbo01 Member Posts: 13
    I am looking to lease a 2008 CRV EX or EX-L. Does anyone have the current Honda money factors and residual values for a 36 month lease and 12,000 miles per year? Also what fees does honda charge? Is there an aquisition fee or anything like that? Thanks.
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome Sam. Yeah, traditionally Texas' sales tax rules have not been very attractive for consumers who want to lease.

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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi j1mbo01. Here's the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda CR-V EX 4WD with 12,000 miles per year are .00255 and 64%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The money factor would be exactly the same for an '08 EX-L 4WD, but the residual value would be 63%.

    At lease signing, Honda Finance charges a $595 acquisition fee and a security deposit that's equivalent to your vehicle's monthly payment rounded up to the nearest $25 increment. It will waive its security deposit requirement in exchange for a .00010 increase in the money factor that is used to calculate your vehicle's monthly payment.

    Car_man
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    ertriciaertricia Member Posts: 1
    Hi All!
    This is my first ever asking for help on the internet. Here goes: I am shopping for a new car to lease or buy I am considering a Honda 2008 CR-V 2 WD, EX-L as it fits my needs. I have leased before but have never understood the lease formula or lingo. I really want to go into the dealership being a more knowledgable about the information being given me. I don't want to spend more than $ 23,000 if possible. Any feedback will be greatly appreciated.

    Tricia
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    blueiedgodblueiedgod Member Posts: 2,798
    What are your primary reasons for leasing?

    When you say you don't want to spend more than $23,000 on a lease, that is an awfully large amount spent on a lease, especially on a CR-V since it sells for about the same.

    Can you write off lease as business expense? Is this going to be a company car?

    If you are getting this vehicle just for your self and have no business expence, look into buying it outright, as lease is a very expensive proposition over long term.
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    blueiedgodblueiedgod Member Posts: 2,798
    What are your primary reasons for leasing?

    When you say you don't want to spend more than $23,000 on a lease, that is an awfully large amount spent on a lease, especially on a CR-V since it sells for about the same.

    Can you write off lease as business expense? Is this going to be a company car?

    If you are getting this vehicle just for your self and have no business expence, look into buying it outright, as lease is a very expensive proposition over long term.
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    brysonfbrysonf Member Posts: 1
    help requested.
    I have 04 CRV on 48 month lease due back next month, never had a problem, great shape. Question: I am under my km allowance had 24,000/yr x 4 = 96,000.
    I will drive it back at around 60,000.
    I am going to likely lease an 08, I want to credit the value back to the new lease.
    I know they charge $0.08 when you are over. What is a fair number I should negotiate to?
    Thanks...
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    blueiedgodblueiedgod Member Posts: 2,798
    help requested.
    I have 04 CRV on 48 month lease due back next month, never had a problem, great shape. Question: I am under my km allowance had 24,000/yr x 4 = 96,000.
    I will drive it back at around 60,000.
    I am going to likely lease an 08, I want to credit the value back to the new lease.
    I know they charge $0.08 when you are over. What is a fair number I should negotiate to?
    Thanks...

    I don't think they pay you when you are under miles. Check your lease agreement paperwork for a definitive answer.
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    rd502rd502 Member Posts: 2
    Looking at CRV EX or EX-L for lease. Can anyone provide current Honda residual values and money factors for these cars on 36 and 48 months, both at 15k miles/year?

    Thanls
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    jjohnson085jjohnson085 Member Posts: 53
    Does anyone know when the residual and MF changes every month? My CRV isn't due to come in until Feb. 24th - 28th so I was wondering if what I was quoted might change?

    Thanks
    Jeff
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    njnydrivernjnydriver Member Posts: 1
    I'm looking for anyone who got a lease on a 2008 AWL EX-L CR-V to compare some of the quotes I've gotten. I have good credit and I'm trying to get a 36-month lease and just wondering what I should expect as a fair lease as far as the down payment and monthly payments. Please help. Thanks.
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome to the forums njnydriver. Let's work up a sample lease payment on this truck for you to give you an idea of what you might have to pay for one right now. The MSRP and dealer invoice price of a 2008 Honda CR-V EX-L AWD are $27,335 and $25,457, respectively. First, let's assume a selling price of $1,000 over invoice. According to my calculations, if you were to lease an '08 Honda CR-V EX-L AWD that has an MSRP of $27,335 and a selling price of $26,457 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $374, assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. If you were able to get this truck for $500 over invoice, it would lower the payment to around $359. You can use these figures as a guideline in your negotiations.

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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rd502. Here's the info that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda CR-V EX 4WD with 15,000 miles per year are .00235 and 62%, respectively. The numbers for an otherwise identical 48 month lease are .00220 and 53%. The money factors for the EX-L version of this truck are the same, but its residual values are 1% lower.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings Jeff. Honda is not currently providing any lease support on the 2008 CR-V. As a result, if you were to lease one through Honda Finance right now, you would have to use its standard money factors. Honda Finance last revised its standard money factor on around February 8th. It is difficult to say exactly when it might change it again, but I don't expect it to do anything for the next couple of weeks.

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    hondaluverhondaluver Member Posts: 1
    2008 Honda CR-V EX 4WD

    Months: 36
    Miles: 12,000 per year
    Monthly cost: 353.74

    Due at signing: 1920.94 (inception fees):
    1st month payment: 353.74
    sales tax @7.375%: 939.19
    security deposit: waived
    Registration fees: 200
    Dealer Doc Fees: 179
    VIN Etch Program: 249
    Cap. Cost Reduction: 0

    Not sure about the 1920.94 breakdown... $200 in registration fees??? 179 Dealer Doc Fees - what are those?

    Is this legit??? :lemon:
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    stormy111stormy111 Member Posts: 16
    I presently have a 2005 Honda CR-V SE that seems to very popular due to the older square body style in Connecticut. The local CarMax dealer may be ready to buy the car at lease end at the lease-end purchase price, even though I am almost 15,000 miles over the lease miles purchased. Honda Financial, however, insists that I personally buy the car out at lease-end instead of CarMax, saying the assignment on the lease can't change. If CarMax can buy the car direct, they do not have to pay the sales tax on the residual value of the vehicle that I would have to pay since it is a dealer transfer. This would save me the 6% sales tax on the lease-end $14,400 purchase price. Any ideas on how to handle this transaction?
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    kyfdxkyfdx Moderator Posts: 237,185
    If the lease isn't up yet, just sell it to CarMax for the amount agreed upon... Then, let CarMax call Honda Finance... they will tell them they took the car in trade, and ask them for the payoff. Then you can settle up for any difference, plus or minus (no difference, if your info is correct).

    Since they are a dealer, they will be quoted the payoff without sales tax included..

    Lessees trade in leased cars all the time... The key is: You have to stay out of the transaction and the communication loop..

    Now, if you've already made your last payment, and your lease expires in the next couple of days, there could be an issue.. but, generally, any bank is happy to get a car sold for the residual. Honda Finance doesn't allow third party individuals to buy out your lease, but dealers are a different story... you just have to let the dealer make the calls.

    Good luck!
    kyfdx

    Edmunds Price Checker
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    lhandelsmanlhandelsman Member Posts: 3
    Hi all,

    I am looking to lease a 2008 CRC EXL 2WS loaded with navigation. MSRP is 27,800. Just went in to test drive it to make sure I liked it and got a quote (of course) which was insulting. 3 yr $1000 down at $557/mth plus tax. Come on. Anyone know the residuals and mf on this vehicle so I can negotiate with them with some knowledge. These guys try to screw you as bad as they possibly can every time, how do they sleep at night?

    I would expect this car to lease for a max of $350/mth with nothing down. I got a quote on an Volvo XC90 with 2295 down for under 400.
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    guchguch Member Posts: 12
    you can get RDX withTech for much cheaper
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    guchguch Member Posts: 12
    in 2004 I got 2005 Pilot EXL, for 2500 down and 300/month, 15k/year

    this seems too expensive
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    handsonarthandsonart Member Posts: 10
    Hi Car-man
    I'm interested in leasing a 2008 Honda CR-V EX 4WD with 15,000 miles per year with zero down. I used the edmunds basic lease calculator and got $482.74 (after tax/ny). Sales tax at 6.25 = $1654. My current lease on a Honda Pilot is up in May and I have an excellent credit rating.. how did you get $374 or $359 (before tax) in reply to question #289? My number using the calculator seemed higher than yours.
    thank you.
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    handsonarthandsonart Member Posts: 10
    Hi Car-man-
    Sorry.. same post as #296 with correction to style:
    '08 Honda CR-V EX-L AWD with 15,000 miles per year with zero down. I used the edmunds basic lease calculator and got $482.74 (after tax/ny). Sales tax at 6.25 = $1654. My current lease on a Honda Pilot is up in May and I have an excellent credit rating.. how did you get $374 or $359 (before tax) in reply to question #289? My number using the calculator seemed higher than yours.
    Thanks
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    nmvargasnmvargas Member Posts: 2
    Hello Car_man,

    I have a lease swap that I want to do (an 07 Accord EX with cloth + a 15k miles allowance for an 08 CRV EX with leader either 2wd or 4wd with the 15K miles allowance) and need your expert advice. My credit is good but not excellent. I had never leased a car before and really did not know much about leases going in ...and so, here is what I did:

    I traded my old 1993 Jeep Grand Cherokee Limited in the Accord lease back in October of 07 and got a the lease for $310 per month. Now, I feel that I got taken. Your thoughts? I did not have to pay any other fees at the time of the lease signing. I really like the 07 Accord better than the 08 (the 08 body does nothing for me).

    BUT, I have a 2 year old who gets accidentally bumped a lot when we put him in his Britax car seat in the Accord. I've tried a variety of entry techniques but to no real avail. I am now fed-up with the matter. My son is complaining much more to me about the issue long after I've managed to get him into the seat -- and he keeps asking for extra kisses and attention for his suffering :) which I sometimes have to stop the car in street traffic to do otherwise he goes into a fit that makes the ride very stressful for me. And so, I want out of the Accord. I would like to approach the dealer for the swap ASAP. Please help us!

    I don't want to have to pay any additional fees. I simply want to give the dealer the key for the Accord and get in exchange the key for the CRV along with only the price differential per month.

    Lastly, the lease financing for the Accord was done through Honda ... does it matter what dealer I go to? Does it have to be to the same one that did the original lease?

    Much obliged.

    Best,
    Nidia
    PS. We leased the Accord from Honda of Mission Valley in San Diego, CA.
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    blueiedgodblueiedgod Member Posts: 2,798
    I am no lease expert, but leases are usually much more difficult to get out of. Generally, you are on the hook for the remaining payments. So, if you leased Accord for $310/month for 36 months in October, and wanted out of this lease in April, you are on the hook for the remaining 29 payments or $8990. Then the difference between the current vehicle value and the residual would be subtracted. this is what it would cost you to get out of this lease. So, let's say, the Accord is worth $17,000 now, as opposed to the residual of $12,000 at the end of the lease. Then $5000 would be subtracted from the $9000 you owe on the lease, and you would have to pay, or roll into the new vehicle, about $4000.

    As to the problem with the children. I don't think CR-V has much more if any rear seat legroom than the Accord. Accord is a bigger platform than the CR-V, which is basically a Civic on steroids. Try moving the front passenger seat forward to get more room in the back for the kids.

    Good luck.
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    nmvargasnmvargas Member Posts: 2
    Thank you very much for the feedback. I dealer has given me the impression that I can swap the for the CRV but I am just wondering what sort of monthly payment would be a good deal in this instance if I swap the Accord. I really like the Accord for many reason but the issue with my son getting bumped has to do with the height clearance and the resulting space between the seat of the Britax and roof of the Accord. He gets bumped on the head when we misjudge the available clearance sometimes on entry. His head comes in contact witht he top of the frame (the black rubbery part) allowance for the right rear passenger door. He just turned two and so now I am trying to teach him to just climp up own his own after I put him on the ground just outside the rear door. But, he is growing fast and so I fear that the height clearance available with the Britax will only become more of an issue. The seat is suppose accomodate him up to 65 lbs. He is now 32 lbs.

    Best,
    Nidia
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    stubbygangstubbygang Member Posts: 10
    Hi, I just found this board, and it is Great!!. I am coming out of a 2005 Chrysler Pacifica lease in June, and I want to get into a 2008 CRV EX-2wd...No Nav system, I live in south Florida. I was wondering what the residual and the money factor is now on this car and if anyone has any experiences in south Florida. Basically I'm looking for a 36 month lease, 12,000 or 15,000 miles per year, no money down.(cap cost reduction) 6% sales tax in the payment, I will pay the license fees out of pocket....that all nothing else.
    My concern is, I cosigned for my youngest daughters 06 Accord Coupe Purchase (actually my name is on the top, her's second, but she has been making the payments without a hitch) I was wondering will this affect my ability to get a good money factor on my lease of the CRV. Thanks. Stubby
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    stubbygangstubbygang Member Posts: 10
    Hi Carman, I'm still loking for some numbers for a 3 year, 36,000 mile lease on a 2008 CRV EX 2 WD, with the 6% tax built in, and no money down.....Any Quotes around?

    Coral Springs auto mall quoted me 410.00 a month with 1000.00 down......I think their on DRUGS

    thanks

    Stub
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi lhandelsman. You're not kidding, $550 per month for a Honda CR-V is nuts. That's BMW Lexus, Mercedes territory. Honda is not currently providing any sort of lease support on the CR-V. As a result, if you were to lease one through Honda Finance right now, you will have to use its standard lease program. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of an '08 CR-V EX-L 2WD with 15,000 miles per year are .00235 and 59%, respectively.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi handsonart. I always calculate leases manually. I just double checked my calculations and I came up with a zero down, pre-tax monthly payment of $381 for a 36 month lease of a 2008 Honda CR-V EX-L AWD without navigation that has an MSRP of $27,335 and a selling price of $26,457. I used a money factor of .00235 and a residual value of 60% to arrive at this payment. The formula that I used is outlined in the following article: Calculate Your Own Lease Payment.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello Nidia. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    It is difficult for me to say how good a deal you got on the Accord that you leased last year without more information, like how much you were given for your Jeep, what Accord model you leased, how long you leased it for, what your mileage allowance is, etc...

    How long is your Accord lease? I suspect that you have a long time left on it. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    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: sysop, "Real-World Trade-In Values" #, 14 Dec 2000 11:07 pm. 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.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome stubbygang. I'm glad that you like this discussion so much. I would be happy to give you an idea of what this vehicle's current lease program is like. Unfortunately, Honda is not currently providing any lease support on the 2008 CR-V right now. If you were to lease a 2008 Honda CR-V EX 2WD without the navigation or leather options through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value would be .00235 and 61%, respectively for consumers who qualify for its top credit tier and pay a security deposit at lease signing. The money factor for an otherwise identical lease with only 12,000 miles per year would be the same, but the residual value would be 2% higher. As long as you have a good credit score, the fact that you co-signed your daughter's lease should not hamper your ability to get a good deal on a lease of a CR-V.

    Car_man
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    stubbygangstubbygang Member Posts: 10
    Car_man, Thanks tons for the info....now I have a much better idea of what I'm dealing with.
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