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2013 and earlier-Honda CR-V Lease Questions
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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.
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?
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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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.
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
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
Car_man
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Car_man
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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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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
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.
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.
The numbers for an otherwise identical lease of an '11 CR-V EX 2WD are exactly the same.
Car_man
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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.
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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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.
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.
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!
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
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
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!
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!
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.
However you landed a rear spoiler and a cargo mat thats good.
The residual value for a lease with only 12,000 miles per year are 2% higher.
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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
does this look like a good deal?
28,500 purchase price- is purchasing after 3yrs look like the better way to go?
"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?
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.
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Lesson fricken learned.
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?
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.
Your leasing not buying
$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
Residual at 69% and Money cap of 19880 + 595 = 20475
Does this look fine ?