2016 Honda Accord Lease Questions

subaruguru77

@kyfdx -

OK -

On a $27,215 MSRP (2016 Accord EX, CVT)
We're at $0 down out-of-pocket
$264 / mo
36 month lease; 12,000 mi/yr.
MF = .00028
57% residual
Being told that the $1,250 (lease cash and bonus lease cash) has been applied to the deal

Thoughts?

Michaell

bada_bing said:

Please provide lease MF and residual for 3 yr/36K lease on a 2016 Honda Accord Sport Manual in SoCal (zip code 90278). I am also curious about what the total $1,250 lease cash means. If TrueCar.com dealer is quoting a price of 23,264 for a car with MSRP of $25,100, does this mean that for a lease, I can subtract $1,250 from the $23,264 to use as the selling price for lease payment calculation?

.00038 and 57%

I can't help you with what TrueCar pricing does or does not include.

Michaell

subaruguru77 said:

@kyfdx -

OK -

On a $27,215 MSRP (2016 Accord EX, CVT)
We're at $0 down out-of-pocket
$264 / mo
36 month lease; 12,000 mi/yr.
MF = .00028
57% residual
Being told that the $1,250 (lease cash and bonus lease cash) has been applied to the deal

Thoughts?

OK, the .00028 MF is for 'sign and drive' - all fees are rolled into the capitalized cost, and the dealer makes the first payment.

Don't negotiate the payment - negotiate the selling price, then make sure you understand all the fees that are being added in.

subaruguru77

@kyfdx, @michaell -

Got it!

$27,215 MSRP
$4,065 Discount
$23,150 Selling Price
$595 Acq Fee
$72.50 Cap Fees
$782.40 Cap Taxes
$23817.50 Gross Cap Cost
$24,599.90 Net Cap Cost
8.25% sales tax
57% Residual
12,000 miles /yr
36 month lease
0.00028 MF
$263.66 out-the-door, no money down

Good deal, I'm thinking . . . . .

Michaell

subaruguru77 said:

@kyfdx, @michaell -

Got it!

$27,215 MSRP
$4,065 Discount
$23,150 Selling Price
$595 Acq Fee
$72.50 Cap Fees
$782.40 Cap Taxes
$23817.50 Gross Cap Cost
$24,599.90 Net Cap Cost
8.25% sales tax
57% Residual
12,000 miles /yr
36 month lease
0.00028 MF
$263.66 out-the-door, no money down

Good deal, I'm thinking . . . . .

I get the same payment, to the penny. Looks solid.

smiehlke

Michaell said:

subaruguru77 said:

@kyfdx, @michaell -

Got it!

$27,215 MSRP
$4,065 Discount
$23,150 Selling Price
$595 Acq Fee
$72.50 Cap Fees
$782.40 Cap Taxes
$23817.50 Gross Cap Cost
$24,599.90 Net Cap Cost
8.25% sales tax
57% Residual
12,000 miles /yr
36 month lease
0.00028 MF
$263.66 out-the-door, no money down

Good deal, I'm thinking . . . . .

I get the same payment, to the penny. Looks solid.

How are you guys getting that payment?

Residual = $15512.55
Net Cap = 24,599 - 15512.55 = 9086.45/36 = 252.40
252.40 * 8.25 = $20.82
$272.40 + Money factor...
I'm getting $276.74

kyfdx

smiehlke said:

Michaell said:

subaruguru77 said:

@kyfdx, @michaell -

Got it!

$27,215 MSRP
$4,065 Discount
$23,150 Selling Price
$595 Acq Fee
$72.50 Cap Fees
$782.40 Cap Taxes
$23817.50 Gross Cap Cost
$24,599.90 Net Cap Cost
8.25% sales tax
57% Residual
12,000 miles /yr
36 month lease
0.00028 MF
$263.66 out-the-door, no money down

Good deal, I'm thinking . . . . .

I get the same payment, to the penny. Looks solid.

How are you guys getting that payment?

Residual = $15512.55
Net Cap = 24,599 - 15512.55 = 9086.45/36 = 252.40
252.40 * 8.25 = $20.82
$272.40 + Money factor...
I'm getting $276.74

Tax is included in the NET CAP... so, you don't add it later.
Finance charge = (24599 + 15512) X .00028 = $11.23 month

$252.43 + $11.23 = $263.66

freshstays116

What's the money factor and residual on a Honda Accord sport with 15k 36 months in NJ with no money down, and excellent credit and a previous Honda lease.

Thanks

kyfdx

freshstays116 said:

What's the money factor and residual on a Honda Accord sport with 15k 36 months in NJ with no money down, and excellent credit and a previous Honda lease.

Thanks

.00038 MF and 55% residual. $1000 lease cash + $250 bonus lease cash.

gaewsky1

Could I please get the rates for a EX w/ HS CVT 12000 per yr, 36 months? Any lease cash in Columbus Ohio?

Michaell

moe_status said:

blockquote>

We do not allow solicitation on our boards. Your post has been deleted.

vlady15

Hi can you please provide Residual, MF and any cash incentives for 2016 EX w/o sensing in MD. Does the sign and drive incentive available as well? Thanks

vlady15

I forgot to mention in previous post. I need the numbers for 12/36 lease. Thanx

Michaell

vlady15 said:

Hi can you please provide Residual, MF and any cash incentives for 2016 EX w/o sensing in MD. Does the sign and drive incentive available as well? Thanks

vlady15 said:

I forgot to mention in previous post. I need the numbers for 12/36 lease. Thanx

57% and .00038; .00028 for sign and drive.

$1250 total lease cash.

vlady15

Michaell said:

vlady15 said:

Hi can you please provide Residual, MF and any cash incentives for 2016 EX w/o sensing in MD. Does the sign and drive incentive available as well? Thanks

vlady15 said:

I forgot to mention in previous post. I need the numbers for 12/36 lease. Thanx

57% and .00038; .00028 for sign and drive.

$1250 total lease cash.

Thanks. So how does sign and drive works? Do I just ask for it?

kyfdx

gaewsky1 said:

Could I please get the rates for a EX w/ HS CVT 12000 per yr, 36 months? Any lease cash in Columbus Ohio?

.00038 MF and 56% residual. $1250 lease cash

njones9320

Ok so I am very new to all of this and just trying to figure out if I am getting a decent offer from the dealership. I am looking at leasing a 2016 Honda Accord Coupe EX-L v6 and they priced me at 31180. I am trading in a 2009 honda accord sedan EX with ~75k, they offered me 7000 for it and I am comfortable with that offer given the condition of the car.

They wanted me to cap out and put 5k down with 2k cash back to me and a monthly payment of 355 which seemed very outrageous to me putting 5k down on a lease. I then spoke with a sales manager and he said he would keep me at 355 a month and give me 3500-4000 back cash for my trade in. So still putting 3000-3500 down, which I am assuming (hoping) includes all the fees but I stupidly didn't get that far into it. (I am going back to the dealership in a few days to discuss further)

So really I just want to figure out what I should expect to put down and where about my monthly payment should fairly be at. I live in upstate New York. If anyone could help or offer me some advice it would be great. Sorry if I have no idea what I am talking about. I am doing this alone and need to get it all figured out ASAP.

Michaell

njones9320 said:

Ok so I am very new to all of this and just trying to figure out if I am getting a decent offer from the dealership. I am looking at leasing a 2016 Honda Accord Coupe EX-L v6 and they priced me at 31180. I am trading in a 2009 honda accord sedan EX with ~75k, they offered me 7000 for it and I am comfortable with that offer given the condition of the car.

They wanted me to cap out and put 5k down with 2k cash back to me and a monthly payment of 355 which seemed very outrageous to me putting 5k down on a lease. I then spoke with a sales manager and he said he would keep me at 355 a month and give me 3500-4000 back cash for my trade in. So still putting 3000-3500 down, which I am assuming (hoping) includes all the fees but I stupidly didn't get that far into it. (I am going back to the dealership in a few days to discuss further)

So really I just want to figure out what I should expect to put down and where about my monthly payment should fairly be at. I live in upstate New York. If anyone could help or offer me some advice it would be great. Sorry if I have no idea what I am talking about. I am doing this alone and need to get it all figured out ASAP.

A few questions and comments:

1. As you've determined, it's not a good idea to use trade equity as a down payment on a lease, other than the up front fees and taxes. Get the dealer to cut you a check for the difference
2. Negotiate the price of the new car just as if you were buying. There is an active "Accord Prices Paid" forum here; the experts there can help you figure out a good target price.
3. Get a full accounting from the dealer on the up front fees and taxes.
4. What lease term and how many miles per year are you looking for?
5. The money factor on the coupe EX-L V6 is .00038; there is $1750 total lease cash available - use that to negotiate your best deal

smythts

Can you please run these numbers to help me figure out how the dealer is quoting what he is?
Honda EX-L (no sensing) 36/12, no money down, in VA.
MSRP: $29,505
Discount: $3,775
Rebate: $1,500
Adjusted Price: $24,230
Taxable Fees (est): $595
Processing Fee: $649
Tax: $1044.43
Non-Tax Fees: $102.51

With that I get:
Net Cap Cost: $26,620.94
Residual (assuming 56%): 16,522.80
$10,098.14 leased over 36 months = $280.50
Interest = (26,620 + 16522.80) x .00028 = $12.08
I get $292.58. Not far off from his quote, but still less.
Interestingly enough, when I asked him via email what the MF would be, he said 0. Is that even possible on a lease? If yes, wouldn't that bring the payments back to $280.50?

Thanks for your help!

Michaell

smythts said:

Can you please run these numbers to help me figure out how the dealer is quoting what he is?
Honda EX-L (no sensing) 36/12, no money down, in VA.
MSRP: $29,505
Discount: $3,775
Rebate: $1,500
Adjusted Price: $24,230
Taxable Fees (est): $595
Processing Fee: $649
Tax: $1044.43
Non-Tax Fees: $102.51

With that I get:
Net Cap Cost: $26,620.94
Residual (assuming 56%): 16,522.80
$10,098.14 leased over 36 months = $280.50
Interest = (26,620 + 16522.80) x .00028 = $12.08
I get $292.58. Not far off from his quote, but still less.
Interestingly enough, when I asked him via email what the MF would be, he said 0. Is that even possible on a lease? If yes, wouldn't that bring the payments back to $280.50?

Thanks for your help!

56% and .00038 on the EX-L; .00028 for a true 'sign and drive' lease - all fees rolled into the cap cost and the dealer makes the first payment. Also, there is $1750 in lease cash available; you might be able to get a little bit more off the selling price.

Your math is correct. MF can't be 0.

I would confirm the net cap cost - that's where the difference is.

What payment is the dealer quoting?

smythts

Thank you for the quick reply! The dealer is quoting $300/month. How is lease cash applied? Is it treated as a rebate and thereby reducing the net cap cost further? My guess is that they are going to say the lease cash is applied in the "discount" section ($3,775)

Michaell

smythts said:

Thank you for the quick reply! The dealer is quoting $300/month. How is lease cash applied? Is it treated as a rebate and thereby reducing the net cap cost further? My guess is that they are going to say the lease cash is applied in the "discount" section ($3,775)

That would be my guess, too.

Lease cash can be used to lower the transaction price or to offset the upfront costs of the lease (bank fee, dealer fee, first payment, etc.).

bada_bing

I got a price quote of $20,666 for a manual 2016 Accord Sport sedan (MSRP $25,100).  I think the price is good and I was going to get it for a 3 yr/36K mile lease, but the dealer is telling me that if they don't have the car in stock and they would have to trade Honda USA to get the car I want, there is a $550 surcharge that I have to pay. Manual transmission cars are non-existent in SoCal, so I would surely have to special order it to get it. The dealer is also telling me that Honda does not accept factory orders (I'm willing to wait however long it takes since I have 2 months to go on my current lease). 

So so essentially what he is saying is that I have to pony up this extra $550 surcharge on top of the $20,666 selling price no matter what. Is he telling me the truth? This price is far better than the other dealer offers I've gotten through online buying places like TrueCar.com which have offered essentially invoice ($23,264). 

I was ready to accept the $20,666 selling price, but this extra surcharge makes it a far less attractive price. 

bada_bing

I forgot to ask a further question on this ' true Sign and Drive lease'. Is this lease option in lieu of some of the lease cash? The reason I ask is why would anyone not choose this over the regular lease when you get a lower MF and Honda makes the first payment? Since the interest rate is essentially zero, rolling the acquisition fee and DMV fees into the capitalized cost won't cost anything (other than spreading those over the lease term). 

Michaell

bada_bing said:

I got a price quote of $20,666 for a manual 2016 Accord Sport sedan (MSRP $25,100).  I think the price is good and I was going to get it for a 3 yr/36K mile lease, but the dealer is telling me that if they don't have the car in stock and they would have to trade Honda USA to get the car I want, there is a $550 surcharge that I have to pay. Manual transmission cars are non-existent in SoCal, so I would surely have to special order it to get it. The dealer is also telling me that Honda does not accept factory orders (I'm willing to wait however long it takes since I have 2 months to go on my current lease). 

So so essentially what he is saying is that I have to pony up this extra $550 surcharge on top of the $20,666 selling price no matter what. Is he telling me the truth? This price is far better than the other dealer offers I've gotten through online buying places like TrueCar.com which have offered essentially invoice ($23,264). 

I was ready to accept the $20,666 selling price, but this extra surcharge makes it a far less attractive price. 

I don't think that's a Honda-mandated charge, but rather a dealer imposed one.

If you are stuck on having a stick, you'll have to take what the dealer can find.

Alternatively, you can search for that car yourself and make a deal with that dealer directly.

Michaell

bada_bing said:

I forgot to ask a further question on this ' true Sign and Drive lease'. Is this lease option in lieu of some of the lease cash? The reason I ask is why would anyone not choose this over the regular lease when you get a lower MF and Honda makes the first payment? Since the interest rate is essentially zero, rolling the acquisition fee and DMV fees into the capitalized cost won't cost anything (other than spreading those over the lease term). 

I suppose you'd have to run the numbers both ways to see which makes more sense.

bada_bing

Michael,
Thank you for the responses. Assuming  that I have to pay this $550 surcharge to get a manual car, do you think $21,216 is a good selling price for a $25,100 MSRP Accord Sport with all the incentives included in that selling price?

Honestly I think $550 is too steep and the dealer is trying to at least make half that amount in extra profit. I can't even test drive a manual car to see how it drives since they don't exist here. Another option I'm mulling over is leasing another VW. I would not have to pay the $350 disposition fee and perhaps excess wear and tear charges that inspection companies invariably come up with. 

Michaell

bada_bing said:

Michael,
Thank you for the responses. Assuming  that I have to pay this $550 surcharge to get a manual car, do you think $21,216 is a good selling price for a $25,100 MSRP Accord Sport with all the incentives included in that selling price?

Honestly I think $550 is too steep and the dealer is trying to at least make half that amount in extra profit. I can't even test drive a manual car to see how it drives since they don't exist here. Another option I'm mulling over is leasing another VW. I would not have to pay the $350 disposition fee and perhaps excess wear and tear charges that inspection companies invariably come up with. 

I would recommend you check in the "Accord Prices Paid" forum - we don't track selling prices here.

And, I understand the whole "path of least resistance" - I've got a Hyundai lease due later this year, and I'd love to look at other brands, but I'll probably end up with another Hyundai.

green_halat

Hi- I'm returning with some new stats! I'm working with a dealership in Manhattan and got down to the below numbers for leasing a 2016 Honda Accord EX-L with no nav/sensing. 15K miles for 36 months.

MSRP - $29,405
Selling Price - $24,000
Cap Cost - $23,635
Residual - 54%
Monery Factor - 0.00038
Tax in NYC - 8.875

We discussed trading in our old Accord for 1,300 as a down payment and adding another $400 to round it out to $1,750.

This brings us to a monthly payment of $250 with $1,750 down. All fees are taken care of (taxes, acquisition, motor vehicle, and 1st payment).

What are your thoughts on this deal? Your feedback is greatly appreciated, folks!

Michaell

green_halat said:

Hi- I'm returning with some new stats! I'm working with a dealership in Manhattan and got down to the below numbers for leasing a 2016 Honda Accord EX-L with no nav/sensing. 15K miles for 36 months.

MSRP - $29,405
Selling Price - $24,000
Cap Cost - $23,635
Residual - 54%
Monery Factor - 0.00038
Tax in NYC - 8.875

We discussed trading in our old Accord for 1,300 as a down payment and adding another $400 to round it out to $1,750.

This brings us to a monthly payment of $250 with $1,750 down. All fees are taken care of (taxes, acquisition, motor vehicle, and 1st payment).

What are your thoughts on this deal? Your feedback is greatly appreciated, folks!

I get $230.47 with those numbers. I confirm the MF and residual as correct.

I would confirm the cap cost ... $20/mo x 36 = $720 extra somewhere.

green_halat

Michaell said:

green_halat said:

Hi- I'm returning with some new stats! I'm working with a dealership in Manhattan and got down to the below numbers for leasing a 2016 Honda Accord EX-L with no nav/sensing. 15K miles for 36 months.

MSRP - $29,405
Selling Price - $24,000
Cap Cost - $23,635
Residual - 54%
Monery Factor - 0.00038
Tax in NYC - 8.875

We discussed trading in our old Accord for 1,300 as a down payment and adding another $400 to round it out to $1,750.

This brings us to a monthly payment of $250 with $1,750 down. All fees are taken care of (taxes, acquisition, motor vehicle, and 1st payment).

What are your thoughts on this deal? Your feedback is greatly appreciated, folks!

I get $230.47 with those numbers. I confirm the MF and residual as correct.

I would confirm the cap cost ... $20/mo x 36 = $720 extra somewhere.

Thank you. Does your monthly number include NYC tax at 8.875%? If I add tax to what you derived, it equates to $250, which sounds about right.

Michaell

green_halat said:

Michaell said:

green_halat said:

Hi- I'm returning with some new stats! I'm working with a dealership in Manhattan and got down to the below numbers for leasing a 2016 Honda Accord EX-L with no nav/sensing. 15K miles for 36 months.

MSRP - $29,405
Selling Price - $24,000
Cap Cost - $23,635
Residual - 54%
Monery Factor - 0.00038
Tax in NYC - 8.875

We discussed trading in our old Accord for 1,300 as a down payment and adding another $400 to round it out to $1,750.

This brings us to a monthly payment of $250 with $1,750 down. All fees are taken care of (taxes, acquisition, motor vehicle, and 1st payment).

What are your thoughts on this deal? Your feedback is greatly appreciated, folks!

I get $230.47 with those numbers. I confirm the MF and residual as correct.

I would confirm the cap cost ... $20/mo x 36 = $720 extra somewhere.

Thank you. Does your monthly number include NYC tax at 8.875%? If I add tax to what you derived, it equates to $250, which sounds about right.

My calculation was before tax ... so, approximately $250/mo after.

Quaker

rprestel said:

kyfdx said:

I'm looking for the MF and residual for the Accord Touring in Ohio. 15k miles / 24 months.

Thanks!

.00038 MF and 56% residual. $1250 lease cash + $500 bonus lease cash.

36/15 residual is 49%

Just got a call from the dealer. Honda Accord Touring.

Msrp: $35515
Selling price $33069
Down: $0
36/15 @ $509

What do you guys think? Seems high to me. 

Selling price is too high. My selling price was about $2,500 less than that in January. You should be able to get a better price now.

dannyd27

Curious what the lease payments should be for a 2016 accord touring. Would also like mf and residual.

MSRP 34450
Selling price 31950
12k/36 mos

Only putting taxes, which came out to about 2k. I live in NJ but am purchasing in CT.

kyfdx

dannyd27 said:

Curious what the lease payments should be for a 2016 accord touring. Would also like mf and residual.



MSRP 34450

Selling price 31950

12k/36 mos



Only putting taxes, which came out to about 2k. I live in NJ but am purchasing in CT.

.00038 MF and 51% residual. $1750 lease cash

Adding in the $595 acquisition fee, it's $435/mo.

blazinginder

Leased a new 2016 Accord EX-L sedan on Saturday. From my local dealer in NJ. 

MSRP $29,505
36mth / 12k miles 
$0 total out of pocket


Monthly Payment: $289 (including all taxes, dmv, fees, etc.)


How do you guys think I did?

kyfdx

blazinginder said:

Leased a new 2016 Accord EX-L sedan on Saturday. From my local dealer in NJ. 

MSRP $29,505
36mth / 12k miles 
$0 total out of pocket


Monthly Payment: $289 (including all taxes, dmv, fees, etc.)


How do you guys think I did?

That looks really good.

_vroom_vroom_

Hi - can you share Residual, MF, Lease Cash, etc in for Pennsylvania, 12/36?
- Accord Sport
- EX
- EX-L
Thanks very much!

Michaell

_vroom_vroom_ said:

Hi - can you share Residual, MF, Lease Cash, etc in for Pennsylvania, 12/36?
- Accord Sport
- EX
- EX-L
Thanks very much!

.00038 and 57% (Sport or EX) or 56% (EX-L)

$1250 lease cash on sport or EX; $1750 lease cash on EX-L

blazinginder

kyfdx said:

Leased a new 2016 Accord EX-L sedan on Saturday. From my local dealer in NJ. 

MSRP $29,505
36mth / 12k miles 
$0 total out of pocket


Monthly Payment: $289 (including all taxes, dmv, fees, etc.)


How do you guys think I did?

That looks really good.

Thanks. Looking to possibly get another one for a different purpose. 

 Any idea what a 15k or 20k mile per year lease would be on the EX-L?

whzup444

Good deal? 
2016 Accord EX-L
MSRP 29500
Down Payment $1000. 1st monthly payment covered. 
Lease: 36 months/12,000...$249/month all taxes, fees included. 

gaewsky1

Potential deal '16 Accord EX w/ HS 12,000 per yr, 36 months no money down
Sticker $28125
Residual .56 $15750
Net Cap $24700
Depreciation Pymnt $248.61
Money Factor .00038 Pymnt portion $15.37
Sales tax 7.5% $19.80
Monthly Lease pymnt $283.79
Columbus, OH

Is the math coming out correctly?

tonyg2016

gaewsky1 said:

Potential deal '16 Accord EX w/ HS 12,000 per yr, 36 months no money down
Sticker $28125
Residual .56 $15750
Net Cap $24700
Depreciation Pymnt $248.61
Money Factor .00038 Pymnt portion $15.37
Sales tax 7.5% $19.80
Monthly Lease pymnt $283.79
Columbus, OH

Is the math coming out correctly?

are doc and dmv included in the 24700?

gaewsky1

tonyg2016 said:

gaewsky1 said:

Potential deal '16 Accord EX w/ HS 12,000 per yr, 36 months no money down
Sticker $28125
Residual .56 $15750
Net Cap $24700
Depreciation Pymnt $248.61
Money Factor .00038 Pymnt portion $15.37
Sales tax 7.5% $19.80
Monthly Lease pymnt $283.79
Columbus, OH

Is the math coming out correctly?

are doc and dmv included in the 24700?

Yes all fees are included.

blazinginder

whzup444 said:

Good deal? 
2016 Accord EX-L
MSRP 29500
Down Payment $1000. 1st monthly payment covered. 
Lease: 36 months/12,000...$249/month all taxes, fees included. 

Thats a GOOD deal. Comes out to about $277.5/month with $0 down....What state? How'd you manage that deal?

whzup444

blazinginder said:

Good deal? 
2016 Accord EX-L
MSRP 29500
Down Payment $1000. 1st monthly payment covered. 
Lease: 36 months/12,000...$249/month all taxes, fees included. 

Thats a GOOD deal. Comes out to about $277.5/month with $0 down....What state? How'd you manage that deal?

Sorry also includes $500 graduate bonus cash which probably helps. Minnesota/twin cities. 

hillbilly77

Florida-2016 Honda Accord Sport w/Honda Sensing (CVT) 4dr, 36 month lease, 12k miles-
$0 down, $278
$500 down $263
$1k down $247

Great deal?

tonyg2016

about 20 bux too high depending on tax rate

Michaell

hillbilly77 said:

Florida-2016 Honda Accord Sport w/Honda Sensing (CVT) 4dr, 36 month lease, 12k miles-
$0 down, $278
$500 down $263
$1k down $247

Great deal?

What is the MSRP and adjusted cap cost?

tarag23

_vroom_vroom_ said:

Hi - can you share Residual, MF, Lease Cash, etc in for Pennsylvania, 12/36?
- Accord Sport
- EX
- EX-L
Thanks very much!

How do you know the lease cash are those amounts for the EX-L?? Just want to be prepared when I go to the dealership. Getting high $400's quotes for payment from local dealer in NJ and I am getting ripped!