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2013 and earlier-Honda CR-V Lease Questions

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Comments

  • jsdilopsjsdilops Member Posts: 60
    I just got my CRV.
    2011 CRV EX-L 2wd, 36m, 12k miles/y.

    Found out the residual the hard way, at the moment of signing the deal.
    It is 60% for 12k m/y, 58 for 15k.

    Ended up paying 316 before taxes (338 after, 7 % tax miami), sign and drive.
  • forever_youngforever_young Member Posts: 2
  • forever_youngforever_young Member Posts: 2
    The glossary says to multiply money factor by 2400 to get interest rate. Following are relevant facts regardgin 2011 Honda CR-V EX:

    MSRP 26,025
    Annual miles 12,000
    Residual value factor .63
    RV 16,395.75
    Cost, including 1,018.80 inceptionf fees and 595 assighment fee 26,359.80
    Net capitalized cost 9,964.05
    Term 36 months
    Money factor .00071
    Monthly payment before tax 307.14

    If you multiply .00071 x 2400, you get 1.7%, but when I calculated the interest rate based on a capitalized cost of 9,964.05 and 36 payments of 307.14, I calculated the interest rate to be 6.9%. Can you explain where I'm wrong?

    Also, what do you think of this deal (I'm in Fairfield, CT), what is included in inception fees, and where should I negotiate?
  • kyfdxkyfdx Moderator Posts: 235,217
    I don't think $9964.05 is your Net Capitalized Cost.. That looks like your depreciation...

    Trying to convert the MF to an interest rate, then calculating it is likely to be confusing... The money factor is used to calculate the payment..

    But, if you want to try, the amount you are financing is an average of the Capitalized Cost and the Residual... You are figuring it just on the Depreciation..

    regards,
    kyfdx

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  • jsdilopsjsdilops Member Posts: 60
    A lease is not calculated as a regular loan. For a regular loan you calculate the monthly payment based on periodic amortizations, and the amount of interest you pay each month is different. The formula is more complicated an usually you need a calculator with financial functions to do that.
    In a lease, you don't do amortizations, you're not paying towards the principal, instead, you are paying the depreciation (Price - Residual)/months. But somebody needs to pay the interest on the loan that the leasing company is, in theory, using to pay the dealer for purchasing the car (yes, you're negociating the purchase price on the lease so the leasing company pays less), and that will be You, of course. It would be too painful to calculate the total interest paid in, lets say, 36 months, add it all, and then divide it by 36, so you had equal payments every months, so they took a shorcut, instead of paying the interest on the full loan amount, nor paying the interest on the residual, why not pay interest on the average of those 2, e.g. (P+R)/2, as you're paying the interest monthly, the annual interest rate needs to be divided by 12, or by 1200 (it's a percentage), so the interest you pay every month is (P+R)/2/1200 = (P+R)/2400, that's why the money factor is the interest rate / 2400.
    Hope that helps.
  • markonline007markonline007 Member Posts: 47
    Hi Car Man,

    Could you provide the January residual and money factor for a 2011 Honda CR-V EX-L 4WD with 15K miles per year on a 36 month lease.

    Thank you,
    Mark
  • adams1980adams1980 Member Posts: 1
    Car Man,
    Would you please provide 24 mo. residual & mf with 15K miles per year?
    I also need to know how the #'s compare to the program that expired Jan.3rd
    I live in Oklahoma & leased under the old program and just received a letter from dealer that they need to redo some of the paperwork using Jan.4th as the date of lease. Sounds fishy to me. Please advise me what you would do. Thanks,
    Scotty
  • moebhaaimoebhaai Member Posts: 2
    What was your base price for this lease. My daughter wants to lease the CRV EXL as well and we are not sure what would be good True Market Value for it.
  • moebhaaimoebhaai Member Posts: 2
    What should be a good TMV for the 2011 CRV XEL. How does the lease formula work, like, what factor, risidual value terms etc.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'd be happy to Mark. Honda Finance's January buy rate lease money factor and residual for a 36 month lease of a 2011 CR-V EX-L 4WD with 15,000 miles per year are .00071 and 59%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi adams1980. Honda Finance's January buy rate lease money factor and residual value for a 24 month lease of a 2011 CR-V EX-L 4WD with 15,000 miles per year are .00071 and 67%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings moebhaai. It sounds like you are new to leasing, you definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

    Car_man
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  • whackedwhacked Member Posts: 14
    Hi Car_man,

    You are always a tremendous help. I know everyone really appreciates your time.

    Do you have the MF/Residuals for both a 2011 CR-V 2WD LX and EX, 12K/36 months?

    Thank you very much.

    Michael
  • thandamilkthandamilk Member Posts: 18
    edited January 2011
    Hi Car_man, and other fellow members

    I'm considering the following lease (36 month, 0 down) for a Honda CRV SE 2011 offered to me by a NJ dealership. Looking for advise on how you think this stacks up in terms of competitiveness. Also, as this is their first offer, do you believe there is further room for negotiation - either on price or options that they could throw in?

    Also, can anyone familiar with NJ dealers confirm if the Doc fee is negotiable. I've been told by a couple of dealerships that it is not.

    2011 SE AWD 36 Mth 0 Down, 12K miles per annum
    $239 per month + taxes (7.5% NJ)
    MF .00071
    MSRP quoted: 24,425
    Sell price quoted: 22,783

    Pay & Drive (Bank Fee, Reg & Title, Doc Fee, Taxes, 1st Month) = $1,400
    No Dispostion fee
    $1500 dollars worth wear & tear waived

    Thanks so much for your time. Appreciate it.
  • packer3packer3 Member Posts: 277
    I got my CRV at the end of Dec. 2010 at $265. 00 $700 down 12K 36 mths. out the door no other cost. Rte 22 Hillside Honda NJ. A good time to close the deal is this weekend end of the mth. I don't understand the wear and tear waiver, it's part of the lease warranty and it's important when you bring it back after 36 mths. trust me. I had a baseball size dent/crease over the wheel well, major scrapes on the bumper and big curb scrapes on the alum. wheel on my 08 Accord when I handed it back, didnt cost me anything.
  • thandamilkthandamilk Member Posts: 18
    Thanks for sharing. Is yours an LX/SE/EX?
  • packer3packer3 Member Posts: 277
    It's an SE.
    Honda right now in Hillside has an internet special for the CRV LX till Monday $1500.00 down $199.00 + tax which equates to about $205 a month out the door for 30 months no strings attached. Mohammed is the one of best reps down there.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks Michael. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 CR-V LX 2WD with 12,000 miles per year are .00071 and 62%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The numbers for an otherwise identical lease of an '11 CR-V EX 2WD are exactly the same.

    Car_man
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  • goangelsgoangels Member Posts: 4
    I leased a CR-V (SE 4WD) about a week ago in LA (9.75% sales tax) with 15K miles per year. I'm paying $295 per month (taxes and all other fees included) with no downpayment other than my first month payment. I hope this helps.
  • isles1isles1 Member Posts: 119
    Car_man

    Would you please post the February MF and residuals for a CR-V SE 4WD, 36 months with 12K and 15K p/y.

    Thank you.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'd be happy to help you out, isles1.

    Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 CR-V SE 4WD with 15,000 miles per year are .00071 and 61%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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  • highlander23highlander23 Member Posts: 3
    edited February 2011
    My quote from a South Florida Dealership:

    2011 Honda SE FWD
    MSRP - $23,175
    Dealer quote - $21,675
    Lease 3yrs/12k miles
    Money Factor - .00061 (720+ beacon)
    Residual - 62%
    Monthly payment - $249.99
    Down Payment - $600 dealer fee + first payment + title fees (approx $1,000)
    I just wanted to test drive the car, however, they provided me this information. They even printed the screen shot from the computer.

    When I went home, i plugged in the numbers in a lease calculator and got a monthly payment of $225.

    I'm still doing research to see if it is possible to get a lower cap cost.
  • drivewestdrivewest Member Posts: 17
    Here’s my two cents on the ‘easiest way’ to lease a CR-V. Since each model has a uniform price, you get your lowest monthly lease cost by standardizing your required lease terms. I suggest looking for: (a) 36 month term, (b)12K miles per year, (c) sales tax included in the monthly lease payment, (d) the same residual value for the given model, (e) minimal up-front money, comprising ONLY the document fee (not to exceed $75 in NY), inspection & tire fee ($22.50 in NY) and the actual cost of registration & plates (get the amount, maybe $175 in NY), (f) no other up-front fees, charges, etc. of any kind, (g) no end-of-lease fees, charges, etc. of any kind (except excess mileage and excess wear and tear) and (h) the lease must be through Honda Financial.

    Outline your required lease terms to a few dealers, and get their quoted monthly lease payment, of course confirming the up-front money is only approx. $272.50 (per above); all dealers will add the first month’s lease payment to that up-front amount. You then take the lowest monthly payment (which may require a second visit), since the vehicle and lease terms are the same. This approach lets you avoid all the fun discussions about money factor, capitalized cost, etc. You will have effectively ‘bought’ the car at the lowest price, since you’ve taken the lowest monthly lease cost, with the option to buy at a uniform price after 36 months.

    In my opinion, you should be comfortable with Honda Financial’s lease, because it specifies the following reasonable terms: (a) no disposition fee, (b) excess wear and tear coverage of $1,500 at end of lease, (c) gap insurance (ie, Honda will accept your insurance company’s check as payment in full if the car is totaled in an accident) and (d) a charge of 15 cents per excess mile.

    In comparison, Toyota’s lease is far less comforting (in my opinion), because it specifies the following standard terms: (a) $350 disposition fee (Toyota mandate), (b) no end of lease coverage for excess wear and tear (with no contractual protection, your turn-in cost could be anything), (c) no gap insurance (Toyota will supply it for $195), (e) an indecipherable arbitration clause, designed to protect Toyota if it has another recall. Thus, if you think the cars are about the same, I say choose Honda because its lease is more reasonable.
  • voldermortvoldermort Member Posts: 67
    CAR_MAN,
    WILL YOU PLEASE POST WHAT THE FEBRUARY'S MF AND RESIDUAL FOR THE EX-L 4DR SUV, 2.4L AWD/WITH NAV FOR 36 MTH 12,000 AND 15,000 MILES?

    THANK YOU MUCH! :blush:
  • voldermortvoldermort Member Posts: 67
    Please........someone help me out with this! I need this info fast! :(
  • packer3packer3 Member Posts: 277
    edited February 2011
    Pretty good I think, I got the SE in NJ $700.00 down $265.00 per month however it's four wheel drive due to the Jersey elements as you know.
    The money factor is a nice guide however when your leasing who cares. Do your homework on what other dealers are offering, Honda I found has some straight set deals every month on there leasing programs, and they are negoable in a downward method when you are ready to sign. I leased for years with GM and it the total opposite with them.
    Your getting a nice deal, I just saw a friend today and he got the EX AWD from a different dealer than I went to and he put $1,500 down and is paying $315.00 per month
  • hopkinspathopkinspat Member Posts: 1
    Wow. Great Forum here.

    So my 2008 CRV EX lease is ending. I'd like to get in the same thing with a 2011.

    Vehicle has 42,000 miles on it.

    I was flying blind when I did this last time. What is a reasonable deal for 2011 EX 4WD, 15,000 per year? How should I approach the buying process?

    I'll ship steaks, tuna or beef if someone can help me out here :)
  • hondalicioushondalicious Member Posts: 12
    Car_man

    Would you please post the February MF and residuals for a CR-V EX-L 4WD w/Navi, 36 months with 15K p/y.

    Thank you so much!
  • usa90usa90 Member Posts: 2
    edited February 2011
    2 weeks ago I lease CRV SE 2WD for $242.99 for 36 months 12k miles per year from MD. Paid only 1st month payment at the delivery.
  • packer3packer3 Member Posts: 277
    At the Rte 22 Hillside NJ Honda dealear ship I have been leasing from for the past 4 years is running an internet special on the Civic, Accord and the CRV SE AWD @ $189.00 36 mth 12K miles $1,995 down (which is neogiable) include taxes and fees no strings attached. That's how I got my 2011 LX on a holiday weekend a month ago, but with only $500. down $220.00 per month. Just look up ther internrt specials. Ask for Mohammed.
  • isles1isles1 Member Posts: 119
    edited February 2011
    Thank you.

    I have a deposit on the following offer:

    2011 CR-V SE 4WD, 12K, 36 months (base model)

    $267 per month; first month ($267) + New York State (NYS) inspection & title ($85) + NYS tire management fee ($12.50) + registration and plates (variable NYS fee based upon vehicle) due at signing. Sales tax, bank fee, etc. rolled into payment.

    Using MF of .00071, Residual of 62% and MSRP of $24,425 yields an approximate negotiated sales price of $22,250.

    Sound good? Set to take delivery in a few weeks when the car arrives. Thanks!
  • highlander23highlander23 Member Posts: 3
    Just picked up the 2011 Honda CR-V SE 2WD. Got the price to $21,300 for the vehicle with no options. Leased for $1000 down (first month plus tag/title/misc) down and $240/month. 62% residual and .00061 MF. Dealers original offer was $21,666 - $250/month - $1,260 down.

    The car was not on the lot when I made the deal and I had to wait a week for it to come off the ship. When the vehicle arrived, it included options that I did not agreed to: tint, a rear wing/spoiler, mug guards, tire locks and trunk cargo mat. The dealer said that since they screwed up, they will not charge me for the spoiler and tint (between $800 - $1000) and that I can keep the mud guards, wheel locks and cargo mat at their cost ($180). So I paid $180 and got all those additional accessories. It worked out since I was going to spend about $250 just to tint the car that day.
  • isles1isles1 Member Posts: 119
    I'd run through those numbers again. Based upon the financials you posted, the payment seems about $35 - $40 too high. Works out if the sales price was $22,300.
  • packer3packer3 Member Posts: 277
    edited February 2011
    If you live in NJ and read my email you lost out on a good deal at Rte 22 Honda. Also CRV's are proudly built in Ohio the SE come standard with tinted windows and rear mud guards and the dealer usually throws in the $40 wheel locks. The other options you got that are included vs the base LX is better seat cloth 6 CD cd player pocket holders on the back seat and alum. wheels thats the SE package over the base model.
    However you landed a rear spoiler and a cargo mat thats good.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I certainly will voldermort. Honda Finance's current base lease rate and residual value for a 36 month lease of a 2011 CR-V EX-L AWD with Navigation and 15,000 miles per year are .00071 and 58%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The residual value for a lease with only 12,000 miles per year are 2% higher.

    Car_man
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  • dsteinbach77dsteinbach77 Member Posts: 2
    I am afraid to know if I got a good deal or not:

    2011 Honda CR-V EX-L
    MSRP - $29,500 (+extra dealer equipment $31,000)
    Got it at - $27,500
    Lease 3yrs/12k miles
    Down Payment - $4500
    Monthly payment - $280.00
  • packer3packer3 Member Posts: 277
    About $3,000 down to much
  • wilddog2wilddog2 Member Posts: 4
    I am looking at a 3yr-12,000mile lease with 0 down about 370 a month list on vehicale 30500ish.
    does this look like a good deal?
    28,500 purchase price- is purchasing after 3yrs look like the better way to go?
  • voldermortvoldermort Member Posts: 67
    I was just quoted this.....does it look right?

    "2011 CRV EXL-Navigation 4WD
    American Honda Finance
    12k miles/year
    1st mth and DMV fees due upfront at signing ($357.34 + NYState motor vehicle fees)
    residual $17,791
    MF .000710
    $357.34 per month for 36 months. "

    It looks a little high for a $27,519.00 price tag. Does this look correct? Anyone?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi hopkinspat. The easiest way to get a good deal on a leased vehicle is to negotiate as low a selling price as possible on the model that you want and then have the dealer calculate your monthly payment using its buy rate lease money factor.

    If I was in the market for a CR-V right now, I personally would shoot for a selling price of around $500 over invoice. This vehicle's buy rate lease money factor is .00071.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go, hondalicious. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 CR-V EX-L 4WD with Navigation and 15,000 miles per year are .00071 and 59%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • dsteinbach77dsteinbach77 Member Posts: 2
    Damn it I thought so.
    Lesson fricken learned.
  • yzdealyzdeal Member Posts: 1
    Hello Car_man

    Long time lurker finally pull the trigger buying a CR-V. Can you please help me with these two quotes I got. I see one monthly payment lower but I wonder if they are actually about the same. And for some reason the residual value of the car seems to be different (one 60%, the other 62%)

    CR-V EX 2WD 12000miles / year

    #1
    1. Best price $23,198 (this price includes destination charge, as well as Honda Advertising).
    2. Residual value 62%
    3. Money factor 0.00061 (no cap reduction allowed. on approved credit)
    4. Vehicle Sentry Registration $199.50
    5. DMV title & registration $416.22 1 year registration, $31.25 AZ State licensing fees and Tire disposal fee
    6. Total drive off amount $1,124.13
    7. Vehicle acquisition fee $595
    8. Monthly payment $263.79 + tax (based on your local tax rate)

    #2
    1. Best price: $22,331
    2. Residual value and residual value %: $15,360.50--60.00%
    3. Money factor: 0.000610
    4. Tax & fees: Incept fees $1,108.32(Plates & Reg $427.17, Doc $369.00, First Payment $312.16).-Access $745.00 added to sell price (Tint, Splash Guards, Door Edge Guards, Wheel Locks).
    5. DMV title & registration: See Above
    6. Total drive off amount: No money down Total Cap Cost $24,779.32
    7. Vehicle acquisition fee (if any): $595.00 Honda Assignment Fee
    8. Monthly payment: $286.12 plus tax 9.1%= $312.16 @ 12,000 miles a year
    includes: window tint, splash guards, wheel locks, trunk tray, first application of auto butler paint protective coating, first free ding removal

    Which one is a better deal? I believe I need to pull the trigger today. Thanks tons!!!

    What is Total Cap Cost? does 24779 sound right?
  • jprauseojprauseo Member Posts: 31
    Traded in my 2009 EX Pilot lease. Had a buy-out of 20500 and the car was worth 24000. I leased a 2011 CR-V EX 4wd, 36 months 15000 miles

    MSRP was $26025

    Invoice was $23900

    My price was $23500

    Trade was $3200

    Purchased the car for $20300

    Let the Dealer roll in $1047 for fees, tax title and lic. and first payment for a total price of $21347

    Residual was 61% or 15875

    Money factor was .00071

    total payment with tax included $189.30

    Question- Should I have taken a check for $3200 and made my first 10 payments with it. The mothly payment would have gone up to 247.00 a month and I would have had to use 1047 of the 3200 on my fees.
  • packer3packer3 Member Posts: 277
    With all CRV's starting with SE and up come standard with tinted windows, rear splash guards the wheel locks are usually thrown in to make the deal. Paint coating is a waste and a ploy, dings Honda gives you up to $1,500 in damages $500 for each major dent. The trunk try is the only decent thing.
    Your leasing not buying
  • branscopbranscop Member Posts: 4
    Just got a pretty good deal on a 2011 CRV EX 4WD in NY.
    $1295 up front includes tax, tags, doc, DMV fees and first month payment
    $240.90 a month includes all tax included
    36mo/36k
    it's only been two days, but so far I'm glad I pulled the trigger
  • packer3packer3 Member Posts: 277
    Nice deal, you will love dring the thing, it drives like a car without any major body roll.
  • abcd_indyaabcd_indya Member Posts: 1
    Got CRV-LX for 24months lease @ 258 inclusive of all taxes with MF of 0.00071..$663 at sign in that includes first months payment..12000/yr...
    Residual at 69% and Money cap of 19880 + 595 = 20475
    Does this look fine ?
  • packer3packer3 Member Posts: 277
    I think for a two year deal it's okay because your not putting a lot of money down, your actually making the first payment in the $663. Though I would shoot for a lower monthly payment to seal the deal you have nothing to loose. I did a two year lease once, it goes by so fast and in two years your putting down more money. Three years is a good number unless you make alot of dough and the two years dont bother you. If you did three years on that down payment I'd bet you can get it down by $30 a month or more
  • crvbuyer2011crvbuyer2011 Member Posts: 1
    edited March 2011
    Would anyone happen to know if the following is a good deal on a 2011 CR-V Ex-L with Navi/Bluetooth? $0 down/upfront + $395/month (including taxes)? 36 months, 36k miles. Couldn't tell if I was getting a good deal or if the dealer was just that smooth. Thanks in advance!
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