New to leasing and general questions

saintlucy

Hello, I'm considering leasing a 2016 CR-V EX-L w/ nav, 4WD AUTO and I have some generals questions, the lease language looks straight forward, but I'd like to get some feedback.

1. Are all lease agreements with HFS the same or do they differ from dealership to dealership? In my case, I have a Closed-end Lease agreement from New Jersey

2. If all agreements are the same, are there any gotchas and can they be amended?

3. Is the salesperson compensated the same way if it's a lease or buy?

4. Also, I'm putting $4K down on a 36 mo lease/15K mi per yr = monthly payment of $332. Does the payment sound about right? Pricing also assumes top-tier credit rating.

5. What else should I consider when doing a lease?

Thanks and I look forward to the feedback

Michaell

saintlucy said:

Hello, I'm considering leasing a 2016 CR-V EX-L w/ nav, 4WD AUTO and I have some generals questions, the lease language looks straight forward, but I'd like to get some feedback.

1. Are all lease agreements with HFS the same or do they differ from dealership to dealership? In my case, I have a Closed-end Lease agreement from New Jersey

2. If all agreements are the same, are there any gotchas and can they be amended?

3. Is the salesperson compensated the same way if it's a lease or buy?

4. Also, I'm putting $4K down on a 36 mo lease/15K mi per yr = monthly payment of $332. Does the payment sound about right? Pricing also assumes top-tier credit rating.

5. What else should I consider when doing a lease?

Thanks and I look forward to the feedback

There is an active lease discussion on the CR-V here:

http://forums.edmunds.com/discussion/37961/honda/cr-v/2016-honda-cr-v-lease-questions#latest

To address your questions:
1. The HFS contracts should be identical regardless of dealership
2. Not usually in the master agreement; it's the dealer specific paperwork that can have junk fees
3. Does it matter? I believe the answer is yes
4. We do not recommend making a down payment on a lease; if the car is stolen or totaled, you lose that money. Lease payments vary based on the selling price you are able to negotiate.
5. How many miles do you drive? Do you take good care of your car?

saintlucy

Thanks Michaell for the quick response!

3. It seemed the level of service changed when we went for buy to lease. Less service/ follow up with lease.
4. We had equity with our trade in, so we're applying some of it to the lease to bring down our payments. Is the any type of insurance that would protect my $4K loss in case its stolen or totaled?
5. About 13.5K Miles per yr and we take good care of our cars


Thanks again

Michaell

saintlucy said:

Thanks Michaell for the quick response! 3. It seemed the level of service changed when we went for buy to lease. Less service/ follow up with lease. 4. We had equity with our trade in, so we're applying some of it to the lease to bring down our payments. Is the any type of insurance that would protect my $4K loss in case its stolen or totaled? 5. About 13.5K Miles per yr and we take good care of our cars Thanks again

3.  If you think about it, when you lease a car the dealer has a pretty good chance of reselling you another car at the end of the lease term. 
4.  There is no type of insurance policy to cover any sort of down payment – whether it be cash or trade equity – in the case of a total loss.  Have the dealer cut you a check for the equity and use that to augment the payment 
5.  Based on that information, I don't see any reason why leasing would not be a good option for you. 

saintlucy

Re: #4, that's exactly what we're doing. Thanks for info, it was very helpful!

Michaell

saintlucy said:

Re: #4, that's exactly what we're doing. Thanks for info, it was very helpful!

Hope to see you in the CR-V lease discussion soon!