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2014 Honda Civic Lease Questions

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  • MichaellMichaell Moderator Posts: 240,144

    @carmenohio said:
    Sorry to be so ignorant but can someone help me understand this better?

    I understand the percentage for the residual is the amount compared to that of the MSRP.

    Can the MF be negotiated however? Besides the sale price, what else do I want to try to negotiate to get the best deal?

    Civic wise, I'd be looking at a SI (also looking at an Accord Sport & Accord EX; both with manuals, all sedans but I can post that in the Accord thread).

    The only two variables in a lease are the selling price and the MF. Finance companies set a "base" MF that the dealer can mark up, but it cannot be negotiated below the base amount.

    What lease term and miles per year? Am I correct that this is for Ohio (based on your user name)?

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  • kyfdxkyfdx Moderator Posts: 235,217
    edited July 2014

    @carmenohio said:
    Sorry to be so ignorant but can someone help me understand this better?

    I understand the percentage for the residual is the amount compared to that of the MSRP.

    Can the MF be negotiated however? Besides the sale price, what else do I want to try to negotiate to get the best deal?

    Civic wise, I'd be looking at a SI (also looking at an Accord Sport & Accord EX; both with manuals, all sedans but I can post that in the Accord thread).

    The money factor we quote is the lowest offered by the bank. In theory, the dealer can mark up that rate for extra profit, but Honda dealers rarely do that. So, your negotiations should be based on the selling price, and like any car deal, watch out for "extras" that you don't need.

    By knowing the numbers and being able to calculate a lease, you can often catch those "extras" that they try to hide in the lease payment.

    The 2014 Civic Si Sedan (without NAV) has a residual of 58% for 36mo, 15K/yr.

    The money factor is .00030 or .00079, depending on your state. $800 lease cash. (Ohio is .00030, if that is where you are)

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  • carmenohiocarmenohio Member Posts: 5

    @Michaell said:
    What lease term and miles per year? Am I correct that this is for Ohio (based on your user name)?

    3 yr/12,000 miles. That is correct.

    Thanks kyfdx!

  • MichaellMichaell Moderator Posts: 240,144

    @carmenohio said:
    3 yr/12,000 miles. That is correct. Thanks kyfdx!

    The 2014 Civic Si Sedan (without NAV) has a residual of 60% for 36mo, 12K/yr.

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  • drbump471drbump471 Member Posts: 35

    Looking for MF and RV for Indiana
    Civic LX/EX/EX-L 12k 36mnth

    I assume that since I live in Indiana I will pay Indiana MF/RV regardless of where I purchase the car?

    Thanks in advance!!

  • MichaellMichaell Moderator Posts: 240,144

    @drbump471 said:
    Looking for MF and RV for Indiana
    Civic LX/EX/EX-L 12k 36mnth

    I assume that since I live in Indiana I will pay Indiana MF/RV regardless of where I purchase the car?

    Thanks in advance!!

    RV:

    LX 59%

    EX 59%

    EX-L 57%

    MF of .00030 and $800 lease cash.

    RV is standard nationwide, but MF is regional. Same MF in IL and MI; MF in OH and KY is .00079.

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  • drbump471drbump471 Member Posts: 35
    edited July 2014

    So based on this I want to lease from a dealer in IN, IL or MI

    Thanks!!

  • kyfdxkyfdx Moderator Posts: 235,217

    @drbump471 said:
    So based on this I want to lease from a dealer in IN, IL or MI

    Thanks!!

    Honda lease deals are only available based on state of residence/registration. Leasing from a dealer in another state will not help you, unfortunately.

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  • drbump471drbump471 Member Posts: 35

    @kyfdx said:
    Honda lease deals are only available based on state of residence/registration. Leasing from a dealer in another state will not help you, unfortunately.

    Got it. Thanks for confirming kyfdx!

  • rl47rl47 Member Posts: 5

    First time user, do you know what the lease rates are for preferred tier? I live in Ohio and interested in the LX or EX. 36months, 12000 miles per year

  • MichaellMichaell Moderator Posts: 240,144

    @rl47 said:
    First time user, do you know what the lease rates are for preferred tier? I live in Ohio and interested in the LX or EX. 36months, 12000 miles per year

    59% residual for either trim.

    .00030 and $800 lease cash. This is for top tier credit.

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  • dfsadfsa Member Posts: 7

    I got this quote for honda civic 2014
    2014 Honda Civic $179.00
    36 Months 10k Miles per year
    Total COD $1299.00 includes all fee’s
    Taxes are included in the monthly payment.

    Please comment on whether it's a good deal

  • MichaellMichaell Moderator Posts: 240,144

    @dfsa said:
    I got this quote for honda civic 2014
    2014 Honda Civic $179.00
    36 Months 10k Miles per year
    Total COD $1299.00 includes all fee’s
    Taxes are included in the monthly payment.

    Please comment on whether it's a good deal

    We will need the MSRP and selling price, along with the state you live in, to fully evaluate the deal.

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  • hondafan207hondafan207 Member Posts: 1
    edited July 2014

    Michaell

    So the 2014 Civic Sedan Si (no nav) has a residual value of 61% and a money factor of .00030? That would mean the money factor is less than 1% (.00030 x 2400). Unless I am calculating wrong that sounds like an excellent money factor. It is substantially lower from the Subaru WRX money factor which was .00188.

    In addition, any suggestions on what a good deal would be for a 2014 Civic SI Sedan with No Nav? I live in Maine. Edmonds and truecar suggest 2000k below MSRP. MSRP in Maine is $23,780.

  • MichaellMichaell Moderator Posts: 240,144

    @hondafan207 said:
    Michaell

    So the 2014 Civic Sedan Si (no nav) has a residual value of 61% and a money factor of .00030? That would mean the money factor is less than 1% (.00030 x 2400). Unless I am calculating wrong that sounds like an excellent money factor. It is substantially lower from the Subaru WRX money factor which was .00188.

    Yes, the MF on the Civic is incredibly low.

    In addition, any suggestions on what a good deal would be for a 2014 Civic SI Sedan with No Nav? I live in Maine. Edmonds and truecar suggest 2000k below MSRP. MSRP in Maine is $23,780.

    I'm not in the market, so can't tell you what a good deal would be.

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  • atos2012atos2012 Member Posts: 86

    @Michaell what is MF in CA? thanks.

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  • MichaellMichaell Moderator Posts: 240,144

    @atos2012 said:
    Michaell what is MF in CA? thanks.

    Southern CA - .00030

    Northern CA - .00079

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  • rl47rl47 Member Posts: 5

    I have been offered a lease of $245.23 + tax on an EX for 36 months. The breakdown they are giving me is MSRP $21880, selling price of $19190+$494 inception fee(maybe doc fee,title/license)+$595 acquisition fee=cap cost of $20279.73 They are quoting me a MF of .001220 which they say is preferred tier. There is no mention of $800 lease cash and the fees seem a little expensive. Another dealer gave me a quote of fees of $348. I had countered their initial offer of $258 + tax with a cap cost of $19000 which would include the $800 lease cash and $595 acqu fee and $348 title/doc fee/tags for a monthly payment of $222.69 and that is with tax 7% in Ohio and same MF. It doesnt seem like their offer is very good. Is my offer a realistic offer? I thought I would try considering a few people I have seen on her getting $215 tax included.

  • rl47rl47 Member Posts: 5

    @yyysguy said:
    crutnacker - I got a zero-down lease for an EX for $215/month. This included everything, new tag, FL taxes at 7%, all fees, etc. I paid nothing. This also included first month's payment. They also rebated me $225 a few weeks later for registration overage charges. At $330/month, your salesman and dealer would be making ~$4000 pure profit off of you.

    Can you break down the numbers you got to get to $215? Also what dealership did you use? Its almost cheaper to fly from Ohio and drive it back. My dealer in Ohio first quoted me $258 plus tax, and then $245 plus tax. Doesnt seem like a good deal to me

  • kyfdxkyfdx Moderator Posts: 235,217

    @rl47 said:
    I have been offered a lease of $245.23 + tax on an EX for 36 months. The breakdown they are giving me is MSRP $21880, selling price of $19190+$494 inception fee(maybe doc fee,title/license)+$595 acquisition fee=cap cost of $20279.73 They are quoting me a MF of .001220 which they say is preferred tier. There is no mention of $800 lease cash and the fees seem a little expensive. Another dealer gave me a quote of fees of $348. I had countered their initial offer of $258 + tax with a cap cost of $19000 which would include the $800 lease cash and $595 acqu fee and $348 title/doc fee/tags for a monthly payment of $222.69 and that is with tax 7% in Ohio and same MF. It doesnt seem like their offer is very good. Is my offer a realistic offer? I thought I would try considering a few people I have seen on her getting $215 tax included.

    The $800 lease cash is a dealer incentive, and they have likely factored that into their initial offer. You don't say how many miles/yr, so it's hard to calculate a payment.. I will say that the .00122 MF does not look right, and wonder if there is a communication issue. Honda dealers rarely mark up the money factor.

    I do think that the selling price on the first offer looks fair, including the $800 lease cash. If you give me the mileage allowance (and, it's a sedan, right?), then I can calculate a payment.

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  • yyysguyyyysguy Member Posts: 17

    @rl47 said:
    Can you break down the numbers you got to get to $215? Also what dealership did you use? Its almost cheaper to fly from Ohio and drive it back. My dealer in Ohio first quoted me $258 plus tax, and then $245 plus tax. Doesnt seem like a good deal to me

    I posted the numbers a month ago. Here it is again:

    @yyysguy said:
    I just leased a 2014 Honda Civic EX 4DR Sedan from Coggins Honda in Deland, Florida. This forum proved very helpful to me in getting up to speed on what to expect, and I wanted to share my experience and figures.

    I was able to get a zero-down, no money out-of pocket lease for $215/month (36 months, 12K miles/year) with Honda Lease. This deal includes the first months payment, so actually it's only 35 payments. This includes Florida state and Orange County sales tax @ 7% rate.

    MSRP $21,880

    Purchase price $18743
    Acquisition Fee $ 595
    Service Charge $ 699

    Cap Cost $20037.65

    Residual $13128

    Other costs (dealer paid) included $215 for first month payment, $427 registration (new tag) and a few other items for a total of 817.19 that the dealer ate.

    This dealer also includes with every vehicle their "appearance package", which includes window tint, wheel locks, Honda rubber floor and trunk mats, mud guards, pinstriping and free first oil change. They wanted to charge me $1995 for that, but I was able to get this for no charge.

    With no-money-out of pocket deals, it's very easy to compare your deal with this, since you only really care about the monthly payment. As I mentioned, they sent me a check for $225 for overpayment of registration, which the dealer paid for. Nice. This was using 60% residual at the time for the EX.

  • yyysguyyyysguy Member Posts: 17

    Also, my money factor was 0.0003

  • rl47rl47 Member Posts: 5

    @yyysguy said:
    Also, my money factor was 0.0003

    Thanks for the info, after I posted the question I realized that you had already posted it earlier

  • rl47rl47 Member Posts: 5

    @kyfdx said:
    I do think that the selling price on the first offer looks fair, including the $800 lease cash. If you give me the mileage allowance (and, it's a sedan, right?), then I can calculate a payment.

    12000 miles per year. My credit score is in the mid 600s, that is why they gave me that rate.

  • kyfdxkyfdx Moderator Posts: 235,217

    @rl47 said:

    1st offer... I calculate $245/mo. plus tax w/.00122 MF. We don't track the lower tier money factors, so I can't really comment on if it's appropriate or not.

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  • dfsadfsa Member Posts: 7

    @Michaell said:
    We will need the MSRP and selling price, along with the state you live in, to fully evaluate the deal.

    Michaell, This is in NYS
    The dealer came back with
    Cap cost $17559.45 plus Tax $573.68

  • MichaellMichaell Moderator Posts: 240,144

    @dfsa said:
    Cap cost $17559.45 plus Tax $573.68

    And the MSRP? NY calculates all the sales tax for he lease term up front; you can choose to pay it as pat of your initial out of pocket costs or roll it into the cap cost.

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  • dfsadfsa Member Posts: 7
    edited July 2014

    Michaell,

    Here is all the info i managed to pry from the salesman

    Msrp $19980.00

    Cap cost $17559.45 plus Tax $573.68

    2014 Honda Civic $179.00

    36 Months 10k Miles per year

    Total COD $1299.00 includes all fee’s

    Taxes are included in the monthly payment.

    NYS

  • MichaellMichaell Moderator Posts: 240,144

    @dfsa said:
    Michaell,

    Here is all the info i managed to pry from the salesman

    Msrp $19980.00

    Cap cost $17559.45 plus Tax $573.68

    2014 Honda Civic $179.00

    36 Months 10k Miles per year

    Total COD $1299.00 includes all fee’s

    Taxes are included in the monthly payment.

    NYS

    What trim level is this? Looks like a pretty good deal.

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  • dfsadfsa Member Posts: 7
    edited July 2014

    @Michaell said:
    What trim level is this? Looks like a pretty good deal.

    umm...i thought LX was the trim. no? Also any comment on the 10k/year vs standard 12?
    Also he mentioned 500 damage forgiveness and no gap insurance

    another thing is that I might be moving out of state in a few month(nj. anything i need to worry about as far as taxes/paperwork etc?

  • MichaellMichaell Moderator Posts: 240,144

    @dfsa said:
    umm...i thought LX was the trim. no? Also any comment on the 10k/year vs standard 12? Also he mentioned 500 damage forgiveness and no gap insurance

    another thing is that I might be moving out of state in a few month(nj. anything i need to worry about as far as taxes/paperwork etc?

    For Honda, 15K is the standard miles per year, then the residual is adjusted up 2% for 12K leases of 36 months. Honda doesn't really offer a 10K program, but if they did, the residual would be 3% higher than the 15K number.

    Lack of gap insurance is a bit of an issue ... if the car is totaled for some reason, gap insurance would cover the difference between the payoff and the current value. Without it, you are responsible.

    I'm not well versed on the details of tax implications of moving to another state. Are you moving into or out of NJ? I do know that in NJ, the sales tax for leases is calculated up front and either paid by the lessee or added into the net cap cost.

    I still think this is a very solid deal for a good car.

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  • smartin104smartin104 Member Posts: 42

    hi there. looking for the RV and MF for the 2014 Civic Coupe EX-L w/ Navi. for 36 months for 10k/12k/15k a year..northern NJ

    TIA

  • MichaellMichaell Moderator Posts: 240,144

    @smartin104 said:
    hi there. looking for the RV and MF for the 2014 Civic Coupe EX-L w/ Navi. for 36 months for 10k/12k/15k a year..northern NJ

    TIA

    50% for 36/15. Add 2% for 12K. No 10K numbers exist for Honda leases.

    .00030 and $800 lease cash this month.

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  • m2126m2126 Member Posts: 9
    edited August 2014
    what is the RV and MF on a 2014 Si Sedan without Nav for 36MO 12K and 15K in CA. Ty
  • tazo82tazo82 Member Posts: 1
    edited August 2014

    Can I please get the RV and MF for the 2014 Civic LX. It's going to be for 12k for 36 months in NJ. Thank you in advance.

  • MichaellMichaell Moderator Posts: 240,144

    @m2126 said:
    what is the RV and MF on a 2014 Si Sedan without Nav for 36MO 12K and 15K in CA. Ty

    36/15 - 58%. Add 2% for 12K

    MF is .00030 in Southern CA and .00079 in Northern CA.

    $800 lease cash.

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  • MichaellMichaell Moderator Posts: 240,144

    @tazo82 said:
    Can I please get the RV and MF for the 2014 Civic LX. It's going to be for 12k for 36 months in NJ. Thank you in advance.

    .00030 and $800 lease cash. 59% RV.

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  • kbclutchkbclutch Member Posts: 5

    Whats the best deal I can get on a Civic LX in Central Illinois?

  • MichaellMichaell Moderator Posts: 240,144

    @kbclutch said:
    Whats the best deal I can get on a Civic LX in Central Illinois?

    You should check the Civic Prices Paid forum, and use the shopping tools at the top of the page to get a target price.

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  • caranthoocaranthoo Member Posts: 3

    Does this sound like a good deal? I am in NC. 2014 Civic SI (no navigation), MSRP $23,780 Cap $22,059, Residual $14,268 and MF 0.00079. 3 yr 36k lease. Monthly $253. Upfront $739 (includes 1st month and fees). Any help is appreciated

  • MichaellMichaell Moderator Posts: 240,144

    @caranthoo said:
    Does this sound like a good deal? I am in NC. 2014 Civic SI (no navigation), MSRP $23,780 Cap $22,059, Residual $14,268 and MF 0.00079. 3 yr 36k lease. Monthly $253. Upfront $739 (includes 1st month and fees). Any help is appreciated

    I get $245.11 pre-tax with your numbers.

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  • caranthoocaranthoo Member Posts: 3

    Thanks Michaell but is it a good deal?

  • MichaellMichaell Moderator Posts: 240,144

    @caranthoo said:
    Thanks Michaell but is it a good deal?

    Base MF, so that's good. Only leverage you have now is on the selling price - and, I'm not in the market, so don't know what a good price looks like.

    Check the "Civic Prices Paid" forum to see what the experts over there (especially @brian125) have to say.

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  • buckeye783buckeye783 Member Posts: 2

    First time looking at a lease - trying to learn this whole process.

    From a Columbus Ohio dealer (internet department) on 8/13/14:

    Civic LX Sedan
    Cap Cost 17,231; MF .0002; Residual is 11,788.20.

    Civic EX Sedan
    Cap Cost 18,990; MF .0002; Residual is 12,909.20.

    Civic EXL Sedan
    Cap Cost 20,517; MF is .0002; Residual is 13,412.10.

    Are these good terms?

  • MichaellMichaell Moderator Posts: 240,144

    @buckeye783 said:
    First time looking at a lease - trying to learn this whole process.

    From a Columbus Ohio dealer (internet department) on 8/13/14:

    Civic LX Sedan
    Cap Cost 17,231; MF .0002; Residual is 11,788.20.

    Civic EX Sedan
    Cap Cost 18,990; MF .0002; Residual is 12,909.20.

    Civic EXL Sedan
    Cap Cost 20,517; MF is .0002; Residual is 13,412.10.

    Are these good terms?

    MF is the base rate; dealers cannot adjust the residual.

    The next step is for you to secure the best selling price in order to get a good monthly payment.

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  • sunflowercivicsunflowercivic Member Posts: 4

    Could I please have MF and residual for a 2014 Civic Si Sedan (without NAV) in KS, and in MO? 36 mo/12K. I live in the KC area, on the KS side, but might be able to do MO if it is a better deal. Dealer told me .00071, but from reading the posts here, it looks like some states are .00030. Price given was $23,750 with the pro pack appearance package (all weather mats, mudflaps, wheel locks, moonroof visor). They quoted a 60% residual.

    ((Part of my concern is that I have negative equity in a KIA OPTIMA lease. It seems like a bad financial decision to bundle that into a new lease, so I guess I am out the money on that one. Any ideas on this travesty are appreciated, even referring me to additional reference materials.))

  • MichaellMichaell Moderator Posts: 240,144

    @sunflowercivic said:
    Could I please have MF and residual for a 2014 Civic Si Sedan (without NAV) in KS, and in MO? 36 mo/12K. I live in the KC area, on the KS side, but might be able to do MO if it is a better deal. Dealer told me .00071, but from reading the posts here, it looks like some states are .00030. Price given was $23,750 with the pro pack appearance package (all weather mats, mudflaps, wheel locks, moonroof visor). They quoted a 60% residual.

    ((Part of my concern is that I have negative equity in a KIA OPTIMA lease. It seems like a bad financial decision to bundle that into a new lease, so I guess I am out the money on that one. Any ideas on this travesty are appreciated, even referring me to additional reference materials.))

    60% residual and .00079 MF for both KS and MO. $800 lease cash.

    Regarding your existing lease, the best thing is to wait until the lease is up before going into a new car. Otherwise, you will be responsible for the negative equity, either out of pocket or by rolling it into the new lease.

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  • sunflowercivicsunflowercivic Member Posts: 4
    • 60% residual and .00079 MF for both KS and MO. $800 lease cash.
    • Regarding your existing lease, the best thing is to wait until the lease is up before going into a new car. Otherwise, you will be responsible for the negative equity, either out of pocket or by rolling it into the new lease.

    Michael, if the MF is from Honda and is .00079 for KS on a Civic Si Sedan, how can a KS dealer offer .00071? I know they can pad it for profit, but I did not know they could lower it. They tried to add the negative equity in and quoted me a payment of $472. For a Civic. I refrained from laughing and took the quote sheet, and walked away.

    And regarding the lease, if I still owe a difference over the residual when I trade it in, then what happens? I calculate I will still be $1,350 short of the residual when I trade it in. I have a payment of $335, with the lease ending in April of 2015. The residual is listed as 15,904. My current payout is $19,265; 6 more payments puts it at $17,255 in April. Does this mean I have to pay the difference?

  • MichaellMichaell Moderator Posts: 240,144

    @sunflowercivic said:

    • 60% residual and .00079 MF for both KS and MO. $800 lease cash.
    • Regarding your existing lease, the best thing is to wait until the lease is up before going into a new car. Otherwise, you will be responsible for the negative equity, either out of pocket or by rolling it into the new lease.

    Michael, if the MF is from Honda and is .00079 for KS on a Civic Si Sedan, how can a KS dealer offer .00071? I know they can pad it for profit, but I did not know they could lower it. They tried to add the negative equity in and quoted me a payment of $472. For a Civic. I refrained from laughing and took the quote sheet, and walked away.

    And regarding the lease, if I still owe a difference over the residual when I trade it in, then what happens? I calculate I will still be $1,350 short of the residual when I trade it in. I have a payment of $335, with the lease ending in April of 2015. The residual is listed as 15,904. My current payout is $19,265; 6 more payments puts it at $17,255 in April. Does this mean I have to pay the difference?

    The dealer may be using a finance company other than HFS ... check with them. Different companies have different MF and residuals.

    If you wait until the end of the lease, you can return it and walk away with no obligations other than excess mileage. The residual is a best guess by the finance company - sometimes they guess high (meaning the car is worth less than what they thought) or guess low (meaning the car is worth more than what they thought). The residual is the value you can buy the car for at the end of the lease. If the car is worth less than the residual, you don't have to buy it. If the car is worth more, you can buy it and trade it in and get the equity.

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  • sunflowercivicsunflowercivic Member Posts: 4

    *The dealer may be using a finance company other than HFS ... check with them. Different companies have different MF and residuals.

    If you wait until the end of the lease, you can return it and walk away with no obligations other than excess mileage. The residual is a best guess by the finance company - sometimes they guess high (meaning the car is worth less than what they thought) or guess low (meaning the car is worth more than what they thought). The residual is the value you can buy the car for at the end of the lease. If the car is worth less than the residual, you don't have to buy it. If the car is worth more, you can buy it and trade it in and get the equity.


    Michael,
    Thank you for this information regarding the lease. It is very helpful.

    I heard back from the Honda dealership: it is Honda Finance. The dealer is offering 2014 Civic SI (without NAV) for $23,000, which includes $800 dealer cash; MF .00071; payment 310.38 (tax rate is 7.38). _ Is this a good deal?_ I would have $856.58 due at signing; the recent college grad program would cover $500, so I would put down $356.88 which includes the first month's payment. When I calculate it, I get $281.68 + $20.79 for a total payment of $302.47. I saw lots of people on this forum get their Civic Si's for considerably less, with payments in the low-mid $200's.

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