2016 Honda Accord Lease Questions

tarag23

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!

tarag23

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?

What dealer did you get that deal???

x200xth

This is the first time I've ever been interested in leasing a car. I started by seeing the advertisements for "Honda 2016 LX for $139/month".

I went in and talked to the dealer. Suddenly the actual payment they were talking about was around $250 per month. Got them down a little bit, but still not sure what would be reasonable. Found this site, and decided to go back, get all the numbers I could, and run them through one of the lease calculators.

Here they are, hopefully someone can tell me what a decent lease would be on this.

Base 2016 Honda Accord LX
MSRP: 23840.00
Discount: 4239.00
Final price: 19601.00

Destination Fee: 995.00
Taxes: 180.00
Tag fee: 130.00

Residual: $13588.80.

They are offering two options now:

$1000 down, $229.00/month for 36 months
$2000 down, $200.00/month for 36 months

I live in Florida, so the tax rate is 6%.

These seem a little high to me, but I may just not be plugging the right numbers into the calculators or not understanding some of the fees and other charges.

Michaell

x200xth said:

This is the first time I've ever been interested in leasing a car. I started by seeing the advertisements for "Honda 2016 LX for $139/month".

I went in and talked to the dealer. Suddenly the actual payment they were talking about was around $250 per month. Got them down a little bit, but still not sure what would be reasonable. Found this site, and decided to go back, get all the numbers I could, and run them through one of the lease calculators.

Here they are, hopefully someone can tell me what a decent lease would be on this.

Base 2016 Honda Accord LX
MSRP: 23840.00
Discount: 4239.00
Final price: 19601.00

Destination Fee: 995.00
Taxes: 180.00
Tag fee: 130.00

Residual: $13588.80.

They are offering two options now:

$1000 down, $229.00/month for 36 months
$2000 down, $200.00/month for 36 months

I live in Florida, so the tax rate is 6%.

These seem a little high to me, but I may just not be plugging the right numbers into the calculators or not understanding some of the fees and other charges.

The question is - what is the adjusted cap cost (selling price plus any fees and taxes you aren't paying up front).

Get a full accounting of the $1000 or $2000 due at signing.

gaewsky1

In Ohio does the state tax get charged for the net cap cost or the monthly lease payment amount?  I thought it was the monthly amount but have a dealer telling me it's the net cap cost. It's making my payments around $26 more per month due to this. 

Michaell

gaewsky1 said:

In Ohio does the state tax get charged for the net cap cost or the monthly lease payment amount?  I thought it was the monthly amount but have a dealer telling me it's the net cap cost. It's making my payments around $26 more per month due to this. 

I believe Ohio taxes the sum of the payments and collects it up front.

blazinginder

tarag23 said:

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!

Who's your local dealer

tarag23

Honda of Freehold. I have leased there before but the price matched planted honda.. this time they are screwing me around with high numbers.

blazinginder

tarag23 said:

Honda of Freehold. I have leased there before but the price matched planted honda.. this time they are screwing me around with high numbers.

Yea I hear you. Go to the dealer and person I mentioned in the direct message, you won't be disappointed.

kyfdx

tarag23 said:

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!

$1750 total lease cash on the EX-L

kyfdx

gaewsky1 said:

In Ohio does the state tax get charged for the net cap cost or the monthly lease payment amount?  I thought it was the monthly amount but have a dealer telling me it's the net cap cost. It's making my payments around $26 more per month due to this. 

Tax is applied to the total of payments, plus any taxable amounts paid upfront (Cap cost reduction, acquisition fee, etc). The calculated tax amount is then paid upfront, though you may finance it, by rolling that amount into the lease.

hillbilly77

Fl- 2016 Honda Accord Sport w sensing 4dr
Adjusted price $21,895
Battery Fee $1.50
Doc Fee $789
Tax $58.38
Non tax fee $217.00
Net Price $23,005

Lease 36 month, 12k miles, Residual 56%, MF $.00038
$0 down $278, $2500 down $203, $5k down $131

Great Deal? Anything look out of line?

kyfdx

hillbilly77 said:

Fl- 2016 Honda Accord Sport w sensing 4dr
Adjusted price $21,895
Battery Fee $1.50
Doc Fee $789
Tax $58.38
Non tax fee $217.00
Net Price $23,005

Lease 36 month, 12k miles, Residual 56%, MF $.00038
$0 down $278, $2500 down $203, $5k down $131

Great Deal? Anything look out of line?

$789 doc fee? shewwwwwwww

What is the MSRP?

tarag23

where are you getting the $1750 lease cash information tho? Will that reduce MSRP?? I can't go to the dealership and say "I saw on the forum that there is $1750 lease cash" Where is this publicized? lol

hillbilly77

The MSRP was $26,840 then the dealer had some side note that said market adjustment and raised the price to $28,395.

tonyg2016

find another dealer

hillbilly77

Dealer's final price is $21,895...taxes fees OTD is $23k.
Question- I've read where you need to be $1500-2500 below invoice. It that including all the taxes & fees?

Michaell

tarag23 said:

where are you getting the $1750 lease cash information tho? Will that reduce MSRP?? I can't go to the dealership and say "I saw on the forum that there is $1750 lease cash" Where is this publicized? lol

It's not public .. that is a factory to dealer incentive that the dealer can pass along to the customer.

Use the knowledge to negotiate your best price.

Michaell

hillbilly77 said:

Dealer's final price is $21,895...taxes fees OTD is $23k.
Question- I've read where you need to be $1500-2500 below invoice. It that including all the taxes & fees?

No that is before.

And, for a lease, taxes are not part of the equation on the price, depending on where you live.

tarag23

I got a local dealer down to a $289 lease payment with sign and drive for the EXL- then I find out that there is an additional incentive for current odyssey owners (we have one too) for an additional $1,000 off.. now the dealer says he can't do anything better.. should I hold out?? Is he bluffing

kyfdx

tarag23 said:

I got a local dealer down to a $289 lease payment with sign and drive for the EXL- then I find out that there is an additional incentive for current odyssey owners (we have one too) for an additional $1,000 off.. now the dealer says he can't do anything better.. should I hold out?? Is he bluffing

I don't think we have any way of knowing...

roaming

checking Money Factor and Residual for 36/12 lease numbers on Ex with Sensing.

Also need some clarification on 0down 35 calculations.  Do you pay taxes or anything else upfront on 0 down?  Do they actually drop the first payment?  Thanks.

Michaell

roaming said:

checking Money Factor and Residual for 36/12 lease numbers on Ex with Sensing.

Also need some clarification on 0down 35 calculations.  Do you pay taxes or anything else upfront on 0 down?  Do they actually drop the first payment?  Thanks.

.00038 and 56%; .00028 MF for sign and drive.

$1250 total lease cash.

Taxes depend on what state you live in - some states calculate the tax against the sum of the payments and collects it up front. You can choose to pay it at lease inception or add it to the cost of the monthly payment.

On sign and drive, the dealer actually makes the first payment for you.

kpwin17

May I please have the residual and MF for a sport with sensing, 36/15 and 39/15? And just to be clear, the dealer lease cash is $1750 on EX-L and $1250 on other models. Is that correct?

Thanks!

Michaell

kpwin17 said:

May I please have the residual and MF for a sport with sensing, 36/15 and 39/15? And just to be clear, the dealer lease cash is $1750 on EX-L and $1250 on other models. Is that correct?

Thanks!

54% / 52% and .00038.

$1250 lease cash on LX, EX and Sport; $1750 on EX-L, Touring and Coupe models.

tonyg2016

Michaell said:

On sign and drive, the dealer actually makes the first payment for you.

michaell, you are confusing people when you say that. The first payment and all taxes and fees are rolled into the cap cost - there is no free lunch. They take the sting out a bit by lowering the mf by 10 points (0.00028 vs 0.00038)

kyfdx

tonyg2016 said:

Michaell said:

On sign and drive, the dealer actually makes the first payment for you.

michaell, you are confusing people when you say that. The first payment and all taxes and fees are rolled into the cap cost - there is no free lunch. They take the sting out a bit by lowering the mf by 10 points (0.00028 vs 0.00038)

@michaell is correct. On the Honda sign and drive program with the lower money factor, the dealer is required to make the first payment.

Now, that may affect the selling price they agree to, but that first payment is not rolled into the CAP cost.

roaming

Texas FYI- tax and fee help

A dealer (I didn't go with) mentioned L&M was just released in Texas. I was unsure about that but our deal today had no drive off cost other than first payment. (Could just be an application of dealer lease cash but it wasn't stated on paperwork)

Paying $275 for 36 months On EX w/sensing


they are throwing in window tint... Essential for Texas

Thanks to @Michaell @tonyg2016 and @kyfdx!

kyfdx

roaming said:

Texas FYI- tax and fee help

A dealer (I didn't go with) mentioned L&M was just released in Texas. I was unsure about that but our deal today had no drive off cost other than first payment. (Could just be an application of dealer lease cash but it wasn't stated on paperwork)

Paying $275 for 36 months On EX w/sensing


they are throwing in window tint... Essential for Texas

Thanks to @Michaell @tonyg2016 and @kyfdx!

Any lease can be structured with only the first payment due at signing. You don't need a special program for that. Just roll the fees/taxes into the CAP cost.

How many miles/yr?

What is the MSRP?

What is L&M?

roaming

12,000 miles /year. 36 months

$28,515 (EX w/ HS + tint)

I don't now what L&M is but the taxes were less $1,223

$24,221 Price
290 Tax
183 Title & reg
125 Doc Fee
595 Acquisition
----------------------
$25,414

I may have been able to do better but appreciate this thread so I didn't do worse.

Hold your own in the finance room and have a great Memorial Day weekend/deal!

Michaell

roaming said:

12,000 miles /year. 36 months

$28,515 (EX w/ HS + tint)

I don't now what L&M is but the taxes were less $1,223

$24,221 Price
290 Tax
183 Title & reg
125 Doc Fee
595 Acquisition
----------------------
$25,414

I may have been able to do better but appreciate this thread so I didn't do worse.

Hold your own in the finance room and have a great Memorial Day weekend/deal!

What is your payment?

Congrats and enjoy the new Accord!

marni_carter

Hey there! Helping out my nephew with a lease on a new 2016 Honda Accord EX-L V6 Coupe. We are in Texas. His credit score is 706. Can he qualify for top tier MF on a lease with 706 or will he need his mom to cosign to get top tier MF?

Can you give me the May MF and Residual for the following:

36 months/15,000 miles per year
39 months/15,000 miles per year
39 months/18,000 miles per year

Thanks much!

Michaell

marni_carter said:

Hey there! Helping out my nephew with a lease on a new 2016 Honda Accord EX-L V6 Coupe. We are in Texas. His credit score is 706. Can he qualify for top tier MF on a lease with 706 or will he need his mom to cosign to get top tier MF?

Can you give me the May MF and Residual for the following:

36 months/15,000 miles per year
39 months/15,000 miles per year
39 months/18,000 miles per year

Thanks much!

.00038 and 52% for 36/15. Subtract 2% for 39 months.

No information on how Honda would address the need for extra miles over 15K; most brands charge a per mile rate of .15-.25 per mile, deducted from the 15K residual amount.

$1750 total lease cash.

706 should be enough to qualify on his own, though I suppose it depends on the length of credit history and whether he's had any auto loans in the past.

garmrift1

Hi, I wanted to get an assessment of a deal in CA for a 2016 Accord EX, 3 year/12k mile lease:

MSRP - $27,215 (incl. destination)
Residual - 57% ($15,512.55)
Initial cap cost - $23,002.96
Bank fee - $595
Adjusted cap cost - $23,597.96
Lease factor - 0.00038
Base mo rental - $239.45
Monthly tax 9% - $21.55
Total monthly payment - $261.00
DMV fees - $252
CA tire tax - $8.75
Amt due at start - $637.95 ($261 first month payment, $252 license fee, 8.75 tire tax, 80 doc fee, 29 DMV filing fee, 7.20 "doc.fee tax upfrt")

I asked about pricing if I finance the $637.95 and they got a bit hazy, but quickly showed me some paperwork at about $280 for a monthly payment. When I asked about the money factor and why it wasn't 0.00028, they hemmed and hawed a bit and said payments would go down to about $278, but wouldn't give me a written quote to take home.

I understand that you shouldn't negotiate on monthly payments alone (so making the true $0 drive off hard to assess), but I was wondering if there were any thoughts on the initial price quote. Did they charge the taxes/fees twice?

Thanks!

kyfdx

garmrift1 said:

Hi, I wanted to get an assessment of a deal in CA for a 2016 Accord EX, 3 year/12k mile lease:

MSRP - $27,215 (incl. destination)
Residual - 57% ($15,512.55)
Initial cap cost - $23,002.96
Bank fee - $595
Adjusted cap cost - $23,597.96
Lease factor - 0.00038
Base mo rental - $239.45
Monthly tax 9% - $21.55
Total monthly payment - $261.00
DMV fees - $252
CA tire tax - $8.75
Amt due at start - $637.95 ($261 first month payment, $252 license fee, 8.75 tire tax, 80 doc fee, 29 DMV filing fee, 7.20 "doc.fee tax upfrt")

I asked about pricing if I finance the $637.95 and they got a bit hazy, but quickly showed me some paperwork at about $280 for a monthly payment. When I asked about the money factor and why it wasn't 0.00028, they hemmed and hawed a bit and said payments would go down to about $278, but wouldn't give me a written quote to take home.

I understand that you shouldn't negotiate on monthly payments alone (so making the true $0 drive off hard to assess), but I was wondering if there were any thoughts on the initial price quote. Did they charge the taxes/fees twice?

Thanks!

The sign and drive program from Honda doesn't involve rolling in the initial fees (other than acquisition, which you've already done). In Honda's program, the dealership has to cover the first payment. Because of that, they may not give you the same price as this deal.

Also, government fees aren't covered under the program, either way. You want to pay those upfront, because they are non-taxable, and as soon as you roll them into the payment, they are being taxed, along with the rest of the payment.

That looks like a really good deal.

schand820

Can you please tell me the residual and mf for the below in NY:

1. EX-L 12k / 36month & 10k / 36m
3. EX-L with Navi and Honda Sensing 12k / 36m & 10k / 36m

Also what is the lease cash for both and how is that applied? Is it applied to the negotiated price or is this something you can leverage to get your negotiated price lower? How can you tell if the lease cash is applied?

Michaell

schand820 said:

Can you please tell me the residual and mf for the below in NY:

1. EX-L 12k / 36month & 10k / 36m
3. EX-L with Navi and Honda Sensing 12k / 36m & 10k / 36m

Also what is the lease cash for both and how is that applied? Is it applied to the negotiated price or is this something you can leverage to get your negotiated price lower? How can you tell if the lease cash is applied?

36/12 numbers - .00038 and 56% (EX-L) or 54% (EX-L Nav HS)

$1750 lease cash

Honda does not offer 10K leases.

Use the knowledge of the lease cash to negotiate your best deal. Rest assured, any offer from the dealer will probably already include that incentive.

treated07

Honda Accord Sport 
MSRP $25,900 w/destination 
Sales price $21,400
36/15
Cook County not Chicago 
No money down 

Can the experts please tell me what my payment should be.  Thanks in advance.

alex801

Hello,

Looking for MF and RV for 2016 Accord EX. 36/12 term in FL.

TIA

kyfdx

treated07 said:

Honda Accord Sport 
MSRP $25,900 w/destination 
Sales price $21,400
36/15
Cook County not Chicago 
No money down 

Can the experts please tell me what my payment should be.  Thanks in advance.

.00038 MF and 55% residual. $1250 lease cash.

What is your tax rate?

kyfdx

alex801 said:

Hello,

Looking for MF and RV for 2016 Accord EX. 36/12 term in FL.

TIA

.00038 MF and 57% residual. $1250 lease cash

treated07

Just leased a new Accord Sport 36/15k
Gross Cap Cost $21,808.95
Cap Cost Reduction $23,360.33
Residual Value $14,245.00
Sales Tax $787.11
I paid first month, plates, and wheel locks $574.56
$260 a month
Thanks everyone 

alex801

kyfdx said:

alex801 said:

Hello,

Looking for MF and RV for 2016 Accord EX. 36/12 term in FL.

TIA

.00038 MF and 57% residual. $1250 lease cash

Thank you.

Is money factor different for a true 'sign and drive' lease?

Michaell

alex801 said:

Hello, Looking for MF and RV for 2016 Accord EX. 36/12 term in FL. TIA

.00038 MF and 57% residual. $1250 lease cash

Thank you. Is money factor different for a true 'sign and drive' lease?

Yes - .00028

alex801

Michaell said:

alex801 said:

kyfdx said:

alex801 said:

Hello,

Looking for MF and RV for 2016 Accord EX. 36/12 term in FL.

TIA

.00038 MF and 57% residual. $1250 lease cash

Thank you.

Is money factor different for a true 'sign and drive' lease?

Yes - .00028

Interesting. Just learned something new. So basically it makes more sense for me not to put anything down. Initially I was going to pay first month and tag fee. Am I missing something?

Thanks again.

Michaell

alex801 said:

Michaell said:

alex801 said:

kyfdx said:

alex801 said:

Hello,

Looking for MF and RV for 2016 Accord EX. 36/12 term in FL.

TIA

.00038 MF and 57% residual. $1250 lease cash

Thank you.

Is money factor different for a true 'sign and drive' lease?

Yes - .00028

Interesting. Just learned something new. So basically it makes more sense for me not to put anything down. Initially I was going to pay first month and tag fee. Am I missing something?

Thanks again.

I don't think you can roll the license or tag costs into the lease, if the state wants them up front.

And, the dealer will make the first payment on a 'sign and drive' - you only make the other 35.

alex801

Got it, thanks..

medved55

good afternoon,

Looking for lease numbers for the EX accord 4 cy

12k, 36 months.

looking for residual, lease cash and MF for June.

Thank you in advance!

also i have had dealerships roll everything into a lease, including licensing costs. all i had to pay was first month.

klnmcmg

MF and RV for Accord Sedan EX-L with Navi 4cyl in NC? 36/15

keithwa

2016 Accord Coupe EX-L
MSRP: $29565
Sale Price: $26427.69
Adj Cap Cost: $27022.69 (includes a $595 acquisition fee)

Sign and Drive Lease
MF .00028
Residual 54%

Quoted a lease payment for a 36/15K at $337 + tax (.095) for a total lease payment of $369.33
Being asked for $344.25 down for license and doc fees.
Also told the $1750 dealer cash is factored into this deal.
Dealer is making the first payment leaving 35 additional.

Does this sound like a good deal? (Seattle, WA)

Thanks