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2013 and earlier-Acura MDX Lease Questions

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  • 24liza24liza Member Posts: 13
    Tonight we're looking at a 2005 MDX Touring Model with 17,000 miles on it. (No DVD, Navigation) The asking price is 32,000. (NADA lists average trade-in on this as $30,925)The father is selling it for his son who is out of the country. The lease is up in June. They are currently paying $429 a mo. to Honda Financial. They would lose too much if sold back, so are selling privately. My questions are - Is it difficult buying a leased vehicle from a private party? I assume we would need to ck. out VIN, get signature affdidavit from Son, and pay off Honda Financial first. Any other situations we should know about? We will also pay a dealer to have it thoroughly checked out before sale.
    Our budget is really $30,000 so we're hoping they will go with that, if everything cks. out. Thanks for any advice!
  • miamifx35miamifx35 Member Posts: 3
    Hi Car Man

    The MSRP is 46,365. What do you about the lease acquisition fee? Is that standard? Let me know. Thanks for all your help.
  • spektrespektre Member Posts: 80
    Hey guys,

    how do the numbers break down on the currently advertised deal for the base model 07 MDX? The ad is $499/mo, 36mo/12k, around $3398 total due at lease signing. I put this into a lease calculator and either the residual is crazy-high or the money factor is unbelievably low...
    Also, can you get a similar deal on the tech/ent pkg or would the numbers be more normal for that model?

    Thanks!
  • gene00gene00 Member Posts: 115
    I've been trying to decipher this lease myself, but with different results than you are getting. The thing that confuses me is the cap cost reduction and the 'dealer contribution'. In the fine print it says "MSRP $40,665... less the suggested dealer contribution resulting in actual net capitalized cost $38,360.35". This makes the dealer contribution = $2,304.65. The total due from the buyer at signing is $3,398. I figure $499 for 1st month's payment, and $595 for acquisition fee. Subtract those from the total due & you also get $2,304. So either the dealer contribution is $0 and the cap cost is reduced only by the buyer's cap cost reduction, or both the dealer and the buyer are contributing $2,304 and the actual cap cost is $36,056. This would put the money factor at a staggering .00375 = 9% interest rate. I think it must be that the dealer is contributing nothing & the money factor is a more likely .00292 = 7% interest rate. Can someone check my math?

    $40,665 MSRP
    $38,360 cap cost
    $27,246 residual (67%)
    $499 monthlies/36 months (10k mi, not 12k)
    = .00292 money factor

    p.s. car_man, I would also like to know the money factor & residual on a 2007 MDX w/Tech & Ent
  • spektrespektre Member Posts: 80
    Well, see, that's my point exactly - you did the math for 'average' money factors, but look at that residual! There's no way they'd do 67%- that's absurdly high!
  • smith83smith83 Member Posts: 60
    Based on my dealings with Acura so far on this vehicle, the cap cost reduction ($2,304.00) comes completely from the buyer. The MF quoted was .00290 (6.96%). The residual on the base model is 67%. I believe this deal runs through 12/31/06.

    It appears as though demand is VERY high on this vehicle.
  • gene00gene00 Member Posts: 115
    But they are doing a 67% residual. It's right there in black & white - 27245.55 buy at lease end / 40665.00 MSRP = 67%. It's that high for several reasons. They may have raised it to work the numbers down to $499/mo to draw in more potential customers. It's the base model, so more tricked-out models will have a lower residual, 1 or 2% for each trim package. Also it's for 10k miles/year. Drop the residual 2% for 12K & another 2% for 15k miles. So a fully loaded 2007 MDX with 15k miles per year on a 36 month lease would have a residual of about 58%.
  • peligrosopeligroso Member Posts: 42
    I'm getting a lease on 07' MDX base model for $2000 down,15k miles a year for 36 months at $640 a month through chase financial instead of honda.Is this a good deal or can I get better ?
  • krista11krista11 Member Posts: 2
    Hi Car Man and any others who can help:
    I've been negotiating on a black Acura MDX Touring with extra options of cargo cover and chrome steps (no nav or DVD). Invoice was originally $35Ksomething, that one sold, this one has added chrome steps and cargo cover, so I'm estimating it at $36K-37K? The cap cost seems really good, better than Edmunds TMV and has those extra options, but money factor is high (compared to Toyota, who is offering .0018 on 2007 4Runner).
    Option 1 via Honda Financing:
    Cap Cost $32,582
    Residual $18,795
    Money factor .0031 (I see you stated Honda's is .0028 in Oct, has it changed for Nov.?)
    36 months/12K mileage
    $599/mo
    $1493 down (1st mo, $250 documents fee, 15.50 $595 bank fee - is that legit on Honda Finance?)
    Has a $1500 damage waiver upon return and no disposition fee upon return
    Option 2 v ia US Bank:
    Another dealer quoted me a money factor of .00224, so I negotiated that w/this dealer, however, it would be US Bank, not Honda Finance. Dealer claims that the banks are much more stringent about damage upon return?
    Same cap cost, residual, money down, monthly term and mileage as Option 1
    Difference is a .00224 money factor and $570.80 per month
    However, there is no damage waiver, $395 disposition fee (vs. 0 above) and $350 fee if I want to buy it at lease end.
    Questions:
    1. Am I on the right track for a good deal?
    2. Have you heard that the lease return via a bank lease vs. car manufacturer lease are tougher, specifically Acura?
    3. Would you recommend one of the options over the other?
    4. Do they still have that $3K dealer cash back offer and should I have them deduct that from the $32,582 cost ($29,582 seems unrealistic?

    It seems like there aren't many 2006s left and no deals to be had on 07 due to lack of inventory?
    Thanks much - this forum is terrific and has been helpful.
    K
  • izmirianizmirian Member Posts: 49
    Any more posts? I've done some shopping around this weekend and ended up arguing with both dealers. I'm expecting to get lease deals like they offer for BMW X3s but seems impossible. If you think about it, a loaded X3 runs about 46K which is about same as MDX with Sports Package. I'm shopping for the best deal not necessarily the best car. But I guess it's too early to get that from Acura these days.
  • izmirianizmirian Member Posts: 49
    Car_Man or anyone else

    I'm planning to lease 07 MDX. I've read all the posts so far. Do you know the exact money factor for leasing for 36 mos with best credit rating?

    Thanks a bunch.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi miche25. By 2.8, I assume that you mean that this truck's money factor is .00280. If so, this is right in line with Honda Finance's current buy rate for a 36 month lease of a 2007 Acura MDX for consumers who qualify for its "Super Preferred" credit tier. I would be happy to give you my opinion of this deal if you provide me with this truck's MSRP and selling price.

    Car_man
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  • izmirianizmirian Member Posts: 49
    Hello again,

    I've got these figures from the dealer. Let me know what you guys think.

    2007 MDX Tech Package
    MSRP 44165 (Destination charge Included)
    Dealer Discount -1000 from MSRP.
    44165-1000= 43165
    Money Factor: .0029
    Residual: 0.64
    12K Per year
    Acquisition Fee: 595$
    Goverment Fee: 77$
    Taxes: 1376.10
    Document Fee: 245$
    Security Deposit: 0$
    Residual: 28265.60$
    Monthly Payments: 586.65$
    Down Payment: $4000.00 (includes fees and first months payment)

    This deal looks good to me what do you think? Any hidden costs?

    :confuse: :D
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks for the additional information, miamifx35. OK, so you are interested in leasing a 2007 Acura MDX with the Technology and Entertainment Packages that has an MSRP of $46,365 and a selling price of $45,042. This truck has a dealer invoice price of $41,863. The price that you were quoted for it is $3,179 over invoice. This is a pretty large dealer profit, but then again this is a model that was just redesigned. There's enough room to play here that it wouldn't hurt to get another quote or two on this truck if there are other Acura dealers in your area. You also may want to stop by the following discussion to see how much other community members have paid for similar trucks lately: "Acura MDX: Prices Paid & Buying Experience".

    Honda Finance charges a $595 acquisition fee on every vehicle that it leases. All consumers who lease through it have to pay this charge and individual dealers do not have the ability to waive it.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings spektre. A money factor of .00290 and a residual value of 67% were used to arrive at the lease payment that Acura is currently advertising on the 2007 MDX. You should be able to negotiate a similar discount and to use the same money factor to negotiate a lease on a model as you want it equipped. In fact, to use a good Thanksgiving reference most manufacturers' advertised leases leave a little meat on the bone. I would not be surprised if you were able to negotiate a larger discount than the one that is being assumed for the purpose of this ad on the selling price of the MDX that you want.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Well, spektre, they did. This truck's residual value is indeed an amazingly high 67% right now. This great residual makes up for this truck's lousy money factor.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi peligroso. You never mentioned the selling price or MSRP of the MDX that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

    As you probably already know, the 2007 MDX is a completely redesigned truck that was just introduced. As a result, consumers do not seem to be getting very large discounts on it yet. I have been seeing prices of around $1,000 to $1,500 off of MSRP mentioned. Make sure to stop by the following discussion to see what the latest selling prices that have been reported are: "Acura MDX: Prices Paid & Buying Experience".

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings krista11. Honda Finance's current buy rate lease money factor for a 36 month lease of a 2007 Acura MDX is .00280 for consumers who pay a security deposit at lease signing and qualify for its "Super Preferred" credit tier. Consumers who qualify for this credit tier, but opt to have their security deposits waived have to pay a .00290 factor. Honda Finance charges a $595 acquisition fee on every vehicle that it leases. Even though Acura is not providing any sort of lease support on the '07 MDX, I personally would lean towards leasing through Honda Finance rather than some independent bank unless there was a significant difference in my vehicle's lease payment. I have always had good experiences with Honda Finance.

    Acura is still providing $3,000 dealer cash on the 2006 MDX to help dealers unload their leftover models. It is not providing any support on the redesigned 2007 model though. I would be happy to give you my opinion on the price that you were quoted for this truck if you let me know what its full MSRP is.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey izmirian. BMW is providing much more lease support on the 2007 X3 than Acura is providing on the 2007 MDX right now. The main reason for this is that the MDX was just redesigned. Eventually Acura will have to introduce lease support on the 2007 MDX, but it is going to ride the popularity of the redesigned model for as long as it can.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey izmirian. Acura is not currently providing any sort off lease support on the redesigned 2007 MDX. 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 a base 2007 MDX with 15,000 miles per year are .00280 and 64%, respectively for consumers who pay a security deposit at lease signing and qualify for its "Super Preferred" credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi again izmirian :) . The money factor and residual value that you were quoted for this truck are right in line with Honda Finance's current program for it. The $1,000 discount is in line with the prices that other community members have reported getting quoted on it lately, but there is enough profit left in this truck that it wouldn't hurt to shop around if there is another Acura dealer or two in your area. Also, make sure to stop by the following discussion to see the latest prices that other community members have reported getting on this truck: "Acura MDX: Prices Paid & Buying Experience".

    The one thing that I'm not crazy about on this deal is the large down payment that you're making. Consumers can and should lease any vehicle that they are interested in without making any sort of capitalized cost reduction. All you have to pay at lease signing are your vehicle's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, Honda Finance's $595 acquisition fee, and any required state taxes or fees at signing.

    Car_man
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  • mcho3mcho3 Member Posts: 37
    i just spent about 4h dealing on this car.
    what i got is $2500 down, 36 month lease, 12k/year, payment of $650(including tax)
    we were going to take this deal but we had to take $1000 hit on our trade in. what do you guys think about this figure.
  • izmirianizmirian Member Posts: 49
    Mcho3,

    What is the tax rate in your state? :confuse:
  • mcho3mcho3 Member Posts: 37
    8.9
    i am not so sure but i think this is it.
  • ronnoronno Member Posts: 1
    interested in leasing a new mdx. is there any advantage in leasing an 06 versus a new 07 other than the reduced sticker price?
  • izmirianizmirian Member Posts: 49
    I'll do the calculations. and get back to you. If you've already purchased enjoy your drive. It's one hell of a truck.
  • izmirianizmirian Member Posts: 49
    Carman or Acura owners

    A quick question: I see that Honda's best lease money factor available for almost all models is around 0.0029 which is pretty high compared with competitors like BMW and Audi. Has it been like this all the time or is there hope that the rates would go down in the future? I'm still waiting to lease an X3 or 07 MDX but with available deals at BMW Finance, it's not rational to lease an MDX.
  • dw1nkdw1nk Member Posts: 5
    Hi,
    I've never leased before, but am interested in leasing a 2007 MDX with the Sport Package. MSRP is $46,265, which includes $670 in destination charges. A Bay Area (CA) Acura dealer has quoted a $44,265 sale price (not including tax or license). They have offered a 36 month lease, 10k miles/year, with payments of $611.95 (including taxes) and a $29,610 residual. Thanks for help in assessing this!
    David.
  • izmirianizmirian Member Posts: 49
    What's the tax rate in your area?
  • dw1nkdw1nk Member Posts: 5
    Our tax rate is 8.75%.
  • izmirianizmirian Member Posts: 49
    How much money are you putting down?
  • izmirianizmirian Member Posts: 49
    And do you qualify for the best tier credit which is Fico 710 and above. ?
  • izmirianizmirian Member Posts: 49
    With that tax rate you must be making around 4K of down payment when you are leasing the car. There is no way your payments can be $611 without making any down payment. If you're not it's one hell of a deal.
  • dw1nkdw1nk Member Posts: 5
    Yes, we do have best tier credit, and yes, the deal includes $4k down. Good deal???
  • izmirianizmirian Member Posts: 49
    I'm no pro or the host. I just know because I'm in the market for an MDX as well. It sounds in line with what others and I've got from dealers.
  • rotobadgerrotobadger Member Posts: 1
    Can you tell me the name of the dealer in San Fran? I am about to pull the trigger on an '07 MDX Sport OR a Mercedes ML350. I am leaning towards the MDX if I can get a deal like you did. Was the $4000 plus tax or did that number include?

    Thanks!
  • dw1nkdw1nk Member Posts: 5
    It was Oakland Acura, not SF. The $4k down did not include tax, which is included in the monthly payments.
  • shoeman1shoeman1 Member Posts: 8
    I am looking to lease a base model 2007 lease for 36mos 12K.

    MSRP is 40K, Destination is $595

    I was quoted $568 a month with $1525 due at inception for fees (first payment, $595 bank fee, $185 documentation fee and motor vehicle fees of $270).

    NJ sales tax is 7%.
  • blackexv6blackexv6 Member Posts: 503
    Does anyone know if Acura runs money factor specials on the MDX?

    I've been following the Pilot Leases and they have some good specials right now (probably because the Pilot is at the end of its design cycle).

    I am looking to lease an '07 MDX w/TECH+ENT but will probably wait a few months.

    Any comments?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ronno. Acura is not currently providing lease support on either the 2006 or the 2007 MDX right now. The main advantage of going with a 2006 model over a 2007 model is the fact that Acura is currently providing dealers with $3,000 dealer cash to help them unload their remaining leftover '06 MDXs. This dealer cash will help you to negotiate an attractive capitalized cost for a lease of a 2006 model.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey izmirian. Acura was providing special lease money factors on the 2006 MDX earlier this year. It is not doing so any longer because once we get this late in the model year it really becomes too expensive for automakers to provide enough lease support on vehicles to provide them with attractive lease payments. Acura has switched over to dealer cash on the 2006 MDX. It has not started providing lease money factor support on the 2007 MDX yet, but I suspect that it will eventually have to introduce some later on in the model year. It's difficult to say exactly when this will happen, but it almost certainly will.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings dw1nk. 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.

    Let's take a look at the specific deal that you were quoted. The dealer invoice price of a 2007 Acura MDX with the Technology and Sport packages is $41,773. The selling price that you were quoted is around $2,500 over invoice. I am not intimately familiar with what the market is like for this truck in your neck of the woods right now, but this is a lot of room to play with. It wouldn't hurt to shop around with a few other dealers to see if you can beat this price. The worst thing that could happen is that you would confirm that this is the market price for this truck right now. Also make sure to stop by the following discussion to see how much other community members have paid for similar trucks lately: "Acura MDX: Prices Paid & Buying Experience". When you arrive at a selling price that you're comfortable with, make sure that the dealer you are working with calculates your truck's monthly payment using its buy rate lease money factor. Honda Finance's current buy rate for a 36 month lease of this truck is currently .00275 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit equal to their vehicle's monthly payment rounded up to the nearest $25 increment at lease signing.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey dw1nk. $4,000 is way too much money to put down when leasing. I always tell community members not to make any sort of down payment when leasing. Consumers who make a capitalized cost reduction risk losing it if their vehicle is totaled in an accident or stolen and never recovered. Consumers can and should lease any vehicle that they want without making any sort of cap cost reduction. Without one, this truck's monthly payment will be higher but your money will be safer.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello shoeman1. You never mentioned the selling price of the MDX that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the truck that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what this truck's selling price is.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi blackexv6. Unfortunately, Acura is not currently providing any lease support on the 2007 MDX. If you want to lease one through Honda Finance right now, you will have to use its standard lease program. The deals that are currently available on the 2007 Honda Pilot are currently much more attractive than the ones that are available on the Acura MDX, both in terms of the money factor and the selling price that you will likely be able to negotiate. If wanted to lease a 2007 Acura MDX and didn't need to get a new vehicle immediately I personally would probably wait a couple of months to see if this truck's lease program gets any better.

    Car_man
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  • mdxhuntingmdxhunting Member Posts: 1
    Dealership is offering us a 2007 tech+ent for $564/month on a 36 month/ 45K mile lease. We are putting down $5,000 on the lease. Selling it to us for $1,000 over invoice. Sales tax in NJ = 7%. I have not asked about the residual or money factor he's using....yet.

    Only one thing I want to know? Is this a fair lease pmt? I have read other posts regarding money down on leases, but we always put $5k down. It's a monthly budget thing. Don't like writing gigantic lease pmts.....psychological I guess. Any help would be appreciated. Thanks.
  • hpowdershpowders Member Posts: 4,330
    It IS only psychological because if you include the $5000 down spread over the 36 monthly lease payments with no money down, your monthly payment becomes a more realistic $702.88.
    Either way, they are getting your money.

    I leased a 2005 V-8 BMW 545 last year with a MSRP of $60,000 for no money down, 36,000 miles, 36 months for $673 per month.

    I'm no expert on the MDX, but to me your deal seems a bit high for a 6-cylinder vehicle with little low-end power.
  • shoeman1shoeman1 Member Posts: 8
    Right now the selling price on this base model vehicle is $1000 off MSRP.

    I just recently discovered the invoice price is right around $37,000. Maybe there is still an opportunity for the dealer to discount even further.

    Am I at least headed in a good direction with the lease deal I posted?
  • fxsportfxsport Member Posts: 13
    What dealer did you get $1000 over invoice from? I'm in NJ and the best I can do so far is $2500 over invoice on a sport/tech/ent. Please let me know!

    Thanks!
  • long_isl_crvlong_isl_crv Member Posts: 3
    Does anyone know what the current money factor/residual is for this car?
    Also is the incentive still $2500 for the dealer?

    Thanks in Advance.
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