Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
Options
2013 and earlier-Acura MDX Lease Questions
This discussion has been closed.
Comments
(1) MSRP x Residual value (%) = Residual Value (RV)
(2) [Cap Cost (what you're buying it for) - RV - Cap Cost Red (down payment)] / 36 (months you're leasing for) = lease payment amount
(3) [Cap Cost + RV - Cap Cost Reduction] x Money factor = Finance payment amount
(4) Lease payment amount + finance payment amount = amount you should be paying per month before taxes
Hope that helps!!! you know, it could be that in your area they don't discount as much as down here? I know that different areas sell at different prices!! but, the money factor and residuals should be the same throughout...because that's what Honda and the banks give out...
CeeLee said go and check out Springfield Acura in NJ for the best price and I did. I spoke to Calvin over there and told him that my credit is in the dumps, but he walked me through the entire lease process and I think I got a really good deal.
I got my Lease $1500 below MSRP and I was showed that if I was Super Preferred Credit, I would pay $660 with the dealer making only a $500 profit...I got $673 with strained credit when everybody else was telling me $715 to $735 for a Tech/Ent.
After reading other posts, this seems to be a pretty good deal.
I went down to Cerritos Acura and spoke to their sales manager Paul S. who said they never made a deal like this in all of September to anyone named Soo. Can you give me more detail so that I can have some leverage while I'm working the deal?
If you'd like to email me this information, my email is kimjuil@gmail.com
Thanks!
I have been in the market for a 08 MDX and I went to Cerritos and they stated that there was no one in September that purchased an 08 MDX at those numbers. Can you give me the name of the sales person you worked with and what day you made this purchase. If you can email me your name, that would be even better.
Please email details to kimjuil@gmail.com
MSRP=$44,410
Cap Cost=$41,975
$0 down, $1,006.19 drive offs ($615.95 1st month payment, $8.75 tire fee, $333 registration, $45 doc prep, $3.49 sales tax on doc fee)
42 months / 10,000 miles per year
$0 security deposit, no turn in fees
60% residual
.0026 money factor (Honda Finance's best rate)
Monthly payment $615.95 ($571.65 base + $44.30 tax)
I hope this helps, and thank you to everyone before me for the help.
Thanks for posting the MF and Residual figures.. this helps alot!
I'm new here and just wanted to get your opinion on the lease rate that i got quoted from an independent leasing company in Brooklyn, NY.
2008 Acura MDX Base
$510/month
$2,818 total due out of pocket ($510 first month payment + $595 bank fee + $1,713 Tax at 9% for Pennsylvania where I'm moving)+ plates fees (around $230)
2008 Acura MDX Sport
$670/month
$3,296 Total out of pocket ($670 1st month payment + $595 bank fee + $2,031 Tax at 9%) + plates fee of around $230
Are these lease deals a good deal? Does anyone know where I can get a cheaper monthly payment in/around NYC?
Also, to me it doesn't make sense to pay $160/month more for Sport package. What you guys think?
Thanks to all,
Mike P
08 MDX Tech only. black/black
msrp. $44,510
selling $41,710
residual 59%
out o pocket
costs for $1500.00
equity and
doc feees and etc.
Down payment $0.00
36 month lease
15k a year =627.04 + 5% tx. =658.00
IS THIS A GOOD DEAL???
Thanks....
Don't know if you looked at my earlier posts but I shopped around for a long time and got pricing on all of the different MDX's and my guy at Springfield Acura in New Jersey beat that price for me on the Base model. Wifey and I settled on the Tech/Ent package though.
When we looked at the Base, just to see price difference, we got $3,000 down, 48 months, 15,000 miles, for under $500 a month. Our guys name is Calvin, you should give him a call. Tell him that I sent you LOL.
Here is the deal I got:
2007 Acura MDX with Sport Package (Brand New, Not a Demo)
36 months, 10K miles per year
$620/month including PA taxes of 9%
$1600 due at signing (1st month pmt, bank fee + tiltle and tags)
The dealership also charges $200 Doc. fee which they said is the requirement for NJ. I don't think it's true, but the heck with it:)
Is this a good deal?
Thanks, Gene K
Your getting a 2007 MDX Sport package, lease, 36 months, 10k miles with $1600 Down + $200 (Doc fee) for $620 a month. :surprise:
Again Run and Not Walk for that deal, because something is not right. Don't mean to rain on your parade, but a 2007 has a higher money factor (interest rate) and lower residual making for a worse deal than what you would get on a 2008.
Is it $1,600 down plus fees? Is there a 9% PA tax being added to your monthly payment of $620 making it more of a $680-690 payment?
msrp. $44,510
selling $41,710
residual 59%
out o pocket
costs for $1500.00
equity and
doc feees and etc.
Down payment $0.00
36 month lease
15k a year =627.04 + 5% tx. =658.00 ...... and i just finalized on the deal now. and i got it for $637.00 a month INCLUDING TAX....... DID I GET SCREWED OR AM I SAFE???????????????????????????
They wanna get rid of the last 2007 Sport they have on the lot, plus it's the end of the month and the guy needs a sale to add to his commission. Plus, I don't know the selling price of the car, nor the exact residual and money factor he used, but the guy has put the deal in writing to me and I will get all the figures tomorrow just to be sure.
I have the purchase order from the dealer with all the numbers stated correctly:
36 months, 10K/year, $1,600 upfront (includes: $620 1st month' payment, $595 bank fee, PA DMV fees and dealer doc. fees)
PA tax of 9% is included in the monthly payment.
I have double checked with the dealer and he confirmed everything is ok. He also told me that there will be no additional fees, taxes or any other payments added to the deal.
but, more importantly, are you happy? does this payment make you happy? as long as you're happy, you got a good deal. if you're not happy, shop around! good luck! it's a beautiful/awesome/kick butt car!!
thanks
I leased my MDX through DCH Montclaire Acura in Verona, NJ
The guy's name is Pat Danyo, mention to him that Gene Krasko has leased an MDX through him on 10/22/2007. He is a very nice guy with no bull. He gave me the best deal out of like 40 dealers that I called to.
1) I've looked all up and down this site and other blogs and on a 2007 Sport your just not getting a $620 a month payment...that's a Tech price and,
2) I called my guy over at Springfield Acura and gave him all of the numbers that you quoted and he tells me that even on a 2007, unless its used, a dealers price, making no money is $652 a month. The Dealer is losing $32 a month on your deal...more than $1000 behind invoice. Why would a dealer go that much into the hole? Even if it is their last one, a dealer isn't taking a loss like that when the next guy is going to come in and pay at least invoice.
And we have email addresses right here on carspace, I'm manthony33@carspace.com
Thanks again, I want to see how they gave you that price and then raise bloody heck about my pricing on a Tech/Ent.
Query: Your Sport was brand new and not a managers demo, or your not related to the owners of the dealership, or you didn't have a trade or anything like that?
The Cap Cost was $41,307
Buy price at end of lease term: $24,985
Monthly payment without the PA 9% tax: $568 ($620 w/tax)
The car was brand new with 12 miles on the odometer and I'm not related with anybody at the dealership. I found them by searching for the nearest Acura dealers on Acura's website.
MSRP: $46,265.00
Gross Capitalized Cost: $41,307.77
Residual Value: $24,983.10
Depreciation and any Amortized Amounts: $16,324.67
Rent Charge: $4,152.49
Total of Base Payments: $20,477.16
Lease Payments: 36
Base Monthly/Single Payment: $568.81
Monthly Sales/Use Tax: $51.19
Total Monthly/Single Payment: $620.00
$.20 per mile in excess of 10,000 miles per year
2007 Black MDX w/ Tech Package 5,000 mile demo
Selling Price: $39,482.00
6.5% Up-front sales tax: $1,344.33
Capitalized Cost: $41,421.33
Vehicle MSRP: $44,165
Total Residual Value: $23,369.10
Money Factor: .001740
Monthly Payment: $614.19
First Payment: $664.19 (includes $50 license, title and document fee)
Thanks for any thoughts on this deal.
It's for a 12,000 mile, 36 month lease
I opted for a Sport package for $620/month and that's for a new car, not a demo. I mean, if you look at previous posts above, I got a better Cap Cost on a new Sport than you're getting on a Demo Tech. Shop around and you will succeed.
I am just starting to look at the MDX and lease options. I have a 2004 Murano lease that doesn't end until March, but I am doing the research and would consider getting our early if it looks worthwhile.
First visit to an NJ dealer got me the following ref: quote:
2008 Tech (with Running Boards)
Price: $42500
MF: .0028 (36 Mths) .0026 (42 mths)
Residual: 62% (36) 57% (42)
Lease: $667 (36) $638 (42)
Of course he left out some details, but I assume this price includes NJ Taxes avergaged into the lease.
No Down Payment on the lease, just inception fees.
This actually seems high to me on the lease price given the supposed sale cost and I am unsure how to calculate the MF/Residual numbers.
Comments/Suggestions appreciated.
Got the MDX Tech for $400 under invoice - extras included are roof rack with cross bars, cargo cover and running board...
out of pocket = 1st month payment, Doc fees $189, 4 year motor vehicle reg for NJ = $354, bank fee $595 = total out of pocket of $1816
Monthly payment including sales tax = $678 with 22,000 miles/year for 42 month lease ...so if it were a base 15K mile/year lease the monthly would be approximately $602/month....
the killer is always the add'l mileage for me but i was able to get the extra mileage at a rate of 10 cents per mile...
i called 2 other dealers and they could not come close to this deal but who knows ??
any opinions would be greatly appreciated - the truck should be ready for pick up later this week so i can still cancel if this deal is too expensive compared to others on this board...
thanks in advance
This seems like a very good deal for an 08 Tech pkg. I've just talked to a dealer in NJ yesterday and their pricing was way hogher. Cd you pls tell me which dealer you are working with? Tx
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Once you arrive at a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using its buy rate lease money factor. Through October 31st, Honda Finance's buy rate for a 36 month lease of a 2008 Acura MDX is .00275 for "Super Preferred" tier customers who pay a security deposit at lease signing.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
If I was in the market for a 2008 Acura MDX in a part of the country that has a good level of competition, like the New York area, I personally would shoot for a selling price of $500 to $1,000 over dealer invoice. The price that you were quoted for this MDX looks a little higher than that. you can look up its exact dealer invoice price by visiting the New Vehicle Pricing section of Edmunds.com.
Once you have a selling price that you are comfortable with, have the dealer that gives it to you calculate your monthly payment using Honda Finance's buy rate lease money factor. You don't need to calculate money factors and residual values, banks set them. Its buy rate for 36 month leases is currently .00275 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The buy rate for a 42 month lease is .00250.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Are people able to negotiate the Cap Cost price below invoice? Is there a special dealer holdback this month?
I have negotiated the final price for a 2008 MDX w/Tech. However, I want to make sure when I go to sign the papers, I am being charged properly. What should my monthly lease payment be for 12,000 miles, a residual of 59 percent and a .00247 money factor. I think tax is 7 percent, however, I am unsure.
Final cap cost: $39,900
Doc Fee (VA): $ 299
Aquisition Fee: $ 595
Registration $ 141
Thanks.
How do I find out what the current money factors are from Honda Finance. I'm looking at 42 and 48 month leases and expect to get a prefered rate as I have been leasing from Honda for the past 8 years.
MSRP= $44,410
Negotiated price = $ 41,550
15k/yr
36 month lease
MF=.00247
Residual= 57%
Plus tags title and reg I had to take care of also about $200
Monthly payments with 0 down equal $655.89 with $885.89 due at signing includes first month payment, no tax for me since i'm in Oregon. Let me know what you guys think.
A friend of mine leased a x3 which was 47K car with 1800 out of pocket 450 a month. I'm a big fan of the new mdx and might be getting one soon but still not 100% comfortable with the leasing option. money factro equates to 5.9 % which is too high for my standards. 2400$ just interest first year.
But don't listen to me. Most important thing is how you feel about the car. If you really like it, it's worth every penny.
I went to the dealership looking to lease and Acura MDX Tech with DVD entertainment package. I have two cars that I want to trade in that I am paying for. Here is what they told me they would give me for my cars:
2005 Honda Accord LE/Owe:15,306.97/Dealer quote: 12,500.00
2007 Dodge Caliber/Owe: 17,436.38/Dealer qoute: 10,500
As you can see I have close to 9,000.00 dollars in negative equity. The salesman did a credit check and we were way above average (over 700
Erica
here are the numbers i got...
2008 MDX Tech
42 month lease at $690 per month including sales tax...
22,000 miles per year
$1200 out of pocket at inception including 1st month payment
Full roof rack, running boards, mats etc
I dealt with Springfield Acura in Springfield NJ thru Calvin Moore who was great to deal with...
Just to let you know the same basic deal was offered by Wayne NJ Acura within a few dollars per month more.
What does everyone think?
Obviously they are trying to roll all of the excess costs into your lease and with them telling you of 9K difference in a 36mth lease that will come out to at least $265/mth or $282 if they tax it (that is using the Super Preffered MF).
Anyway, a huge mistake to do it.
If you want to calculate what your cars should be worth, use GALVES.COM. This is the sight that most dealers use for estimating value of a used car and trade-in costs. If the numbers you find there are close to what they are telling you, then there is probably not much you can do.
If you are leasing the other cars, then you should wait them out. If not try and sell privately..
Good Luck
i.e. $ 499 per month
$2999 (includes first months payment, security deposit, aquisition fee and cap cost reduction) - plus sales tax, title, registration, doc fees.
10 K Miles per year
Are these factory deals usually further negotiable? and if so to what extent have people been able to negotiate on these deals?
Thank You
It appears that Acura has strong residuals, but only average MF's right now and that is why you are seeing higer lease payments.