Hello jgura. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Acura MDX Tech with 10,000 miles per year are .00247 and 60%, respectively. Vehicles' residual values are based upon a percentage of their full MSRPs, including destination charges and any factory installed options. The policy on dealer installed options varies from bank to bank. I;m not sure if Honda Finance allows the residualization of dealer installed items.
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Hi Danny. Honda Finance's lease program for the 2008 Acura MDX is national, so it should be the same in Texas as it is in the rest of the country. That means that either you are paying a higher selling price for the MDX that you want than others who have reported getting lower monthly payments have, or that sales tax is higher in Texas, or both. Do you know what selling price your lease payment is based upon? If you let me know what it is, I would be happy to give you a detailed analysis of this deal.
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Hi discount80. This truck's lease payment will depend upon what sort of selling price you are able to negotiate on it. For now I will work up a sample payment for you assuming a selling price of $500 over dealer invoice. Let me know if you want to use a different price. According to my calculations, if you were to lease a 2008 Acura MDX Tech that has an MSRP of $44,410 and a selling price off $40,903 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $597.
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Hi smith83. One reason why the lease payment that you were quoted is higher than the others that you have seen mentioned is that your lease is based upon a very high mileage allowance, 18,000 miles per year. Most of the leases that I have seen mentioned hear include only 15,000 or 12,000 miles per year. Also, some community members have probably been able to negotiate a larger discount than $2,500 on their MDXs. $2,500 off of an '08 MDX Tech is probably right around $1,500 over dealer invoice. If you are in an area that has a decent level of competition, I would not be surprised if you were able to negotiate another $500 to $1,000 off of this truck's price by shopping around.
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Hi socalguy61. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2008 Acura MDX with 10,000 miles per year are .00247 and 62%, respectively for consumers who qualify for its top credit tier and pay a security deposit at lease signing.
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Hi carnutz3. $300 below dealer invoice is an excellent selling price for a leased Acura MDX. The $1,500 negative equity that you have is not ideal, I personally would wait until I was at least even on my trade to get something new, but if you really want to get a new vehicle now it is what it is. Make sure that the dealer you are working with uses Honda Finance's current buy rate lease money factor of .00247 to calculate your monthly payment and you should be all set.
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Hi hazelw. This lease definitely appears to be a little on the expensive side to me. If there is another Acura dealer in your area, it wouldn't hurt to start shopping with them next time.
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I was given the following offer for 08' MDX TECH by a local NJ dealer yesterday:
$499/mo* 36 Months 10,000 mi/yr. $2,999 Down*
* (Price does not include destination, tax, title, or license fees. Offer can not be combined with any other promotion, including special financing, lease programs, etc. Price Match Guarantee valid with a competitors purchase order, signed by the sales manager and customer, valid stock number, valid VIN number, and proof of deposit. Prior sales excluded. Expires 7 days after quote. Not valid after month's end. All vehicles are equipped with Protection Packages for an additional cost. Not responsible for typographical errors)
All the fees included in * above sumed up to around $1,960 as follows: Destination $715 Bank $595 Title, License, Doc, etc (don't remember exactly everything, but do remember the amt:) $650. I was able to negotiate to remove the $1310 (Destination and Bank), so the total fees on top of $2,999 downpmt are now $650.
How good is this deal? Does it imply good selling price given the 60% residual and .00247 MF that you mentioned earlier? I did not negotiate the selling price explicitly but was going off the assumption that the lease with the same terms and monthly pmt currently advertised on Acura.com for the BASE model was not a bad deal. So, considering that, it seems that I am paying basically the same price for the TECH that is being advertised for the BASE unless there is a catch somewhere, is there? Sorry for the long question, but I hope you can help.
Has anyone had an experience with add-ons like Roof Rails and Sport Running Boards on a lease? Are dealers adding these costs the the MSRP for lease calculation and residualizing the cost over the lease or are they simplying trying to charge you 100% of these costs over the lease term??
Received a quote for the MDX and this dealer broke down inception fees including a $166.55 NJ Supplemental Tax. He explained that "this is a new SUV Tax in NJ. It started on all the 2008 models. It has to do with the MPG"
Has anyone heard of this?? Is this accurate?? What if I buy in NY but live and register in NJ??
Does anyone know the residual and MF for 36 month/12000 miles per year for MDX with tech and ent? Deciding between this and a Lexus GX470 based on lease rates.
Hi garrick. It is difficult to predict what manufacturers will do with their future lease programs with 100% accuracy. The end of the year is typically the best time to purchase or lease a new vehicle. Manufacturers often pile on the support in order to hit annual sales goals. If I was in the market for an Acura MDX, I personally would probably pull the trigger on one in December. Again, it is difficult for me to say whether this is as good as its lease program is going to get though.
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Greetings znewman. If the payment that this dealer quoted you is $30 per month less than the one that the dealer that you have a relationship quoted you, chances are it is a decent deal. Still, it would be best to take a close look at this offer before pulling the trigger on it. I would be happy to give you a detailed analysis of this lease, but you never mentioned this vehicle's selling price or MSRP. 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 what this vehicle's selling price is 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. Let me know what these numbers are and I'll tell you what I think.
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Hi vbc123. 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 what this vehicle's selling price is 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.
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Hello VBC . The best way to analyze this deal is to look at the MSRP and selling price of the MDX that you are interested in. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them, Without knowing these numbers, it is difficult to tell how much of a discount you are being given. If I was in the market for this truck in your area right now, I personally would shoot for a selling price of around $500 over dealer invoice. Let me know what these numbers are and I'll tell you what I think.
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Hi jgura. I did some digging into this tax issue for you and in 2006 New Jersey passed a new tax on new vehicles that forces dealers to collect an additional 0.4% on the sale or lease of new vehicles that have selling prices of more than $45,000 or that get worse than 19 mpg. Typically consumers cannot avoid paying their home state's taxes by purchasing out of state. You will get hit up for any New Jersey taxes that you tried to avoid when you go to register your car.
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Here's the information that you're looking for, slojo. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Acura MDX with the Tech and Entertainment Packages and 12,000 miles per year are .00247 and 57%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.
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thank you for the response. the MDX I am looking at is now the base model, with a $500 over invoice price (I don't have the numbers with me), with only first month's payment and the obligatory $595 bank fee. Monthly payment is $594 per month. No destination or other charges. Dealer also will split my last payment on the MDX I am coming out of (representing another $250).
Can you send me the details on the dealer you bought from and if possible the actual details on the car and lease? I think you got a nice deal if it was a true sign and drive for $594? I am doing a deal this week and your help will be much appreciated. You can email me at jgura@verizon.net
Car Man, I am looking at leasing a base 2008 MDX and live in Baton Rouge, where there is NO competition. (Only one other Acura dealer in a 500 mile radius.) This is the deal I've been offered:
MSRP: $40,910 (includes $715 destination fee) Asking Price: $39,173. 42 month lease w/ 15,000 miles per year $3000 down (my trade) Money factor (through Honda) is .00250
$556/month Residual: $20,045.
I'm probably going to add the body side moulding, which inexplicably is not included! (Only adds $333.30, so don't worry about that part.)
Is this a good deal considering where I live? Any suggestions? I'm trying to do the deal in the next few days, so any quick advice would be appreciated.
Well Suzanne, I think youare getting ripped off and should spend less money and get a Tahoe. Also I hear your husband is wonderful man and should be listened to at all times
CUTE family squabble. I am going to get an MDX TEch in NJ this week, but I have done a lot of reasearch.
First off the current rates from Acura on an MDX Base are: 36 Month – Residual 59% of MSRP – .00247 Base Rate 48 Month – Residual 49% of MSRP – .00240 Base Rate for 15K miles. Subtrace 2% for 12K and 3% for 10K. Also, you are putting basically $3000 down as a cap cost reduction and that should drive the price way lower than you
Using your numbers at a 36mo lease with 3K down you should be paying $483.30+tax per month. Then due at Inception just Bank Fee/Doc Fee/DMV.
However you should be able to do better on the sale price anyway. Check this forum and Edmunds for the Inv price of the car and try for something within $500 of that number.
Thanks Igura, but my lease is 42 months and not 36. Also, that monthly payment includes the horrrible 9% tax rate we have in Baton Rouge. So maybe it sounds a little better now?
I've found it difficult to get the price down b/c there's no competition here.
Am considering leasing an 08 MDX with Tech/Entertainment pkg/ 3 yrs/12k miles a year in northern NJ. I have never leased before and have a couple questions.
1. Are the current leasing rates mentioned above published somewhere by Acura? In otherwords, can I assume these are constants in the calculation and negotiate only on purchase price and trade in value?
2. I have a trade in worth $15k. When I tried to model lease using Honda Finance website lease calculator, got an error message stating tradein/down payment could not be > 20% of purchase price. Is this a policy and if so is it negotiable?
2008 MDX Base 36,999 selling price 36 month lease; 12,000 miles money factor .00247 residual .61% 24,995 556.67 /month with only first month lease due at signing.
The #s related to Honda Financial are standard unless dealer is ripping you off. The residuals (say 59% for Tech or 57% for Sport for 36/12)), and money factor (.0247) are well known. The big unknown is the cost, and in your case the value of trade in. Here is my deal which I closed last Friday at Montclair Acura for Tech Pkg.
Cost is Invoice. Inception fees are around 1800 (I don't remember #s exactly, but they are something like: 200 doc fee, 160 special NJ tax (0.4%), bank fee of 625, 3y registration ~300, and first month of 603). Monthly is 603.
If you're trading in, your monthly will be less by about $40 since you do not have to pay tax on the car's depreciation up to your trade in value.
I would recommend sending bids to a few NJ dealers - their #s are mostly likely be very similar since their inventories are full of MDXs. Then visit a few to appraise your trade in.
I'd done a few leases with trade ins and its not a pleasant experience. The dealers will attempt to make more $s on your trade-in than on the new car.
I live in Chicago and I am looking to lease a new Acura MDX 2008. They have offered me a 42 month lease @ $570 per month with 12K miles per year. No money down and this price includes taxes which are 6%. It also includes the all weather package w/side molding. Is this a good deal.
Hi there, I've got a quote on a base model '08 MDX, no accessories at this point. MSRP 40910 selling price 37228 (invoice) 59% residual (standard AHFC) .00247 money factor (standard AHFC) $2500 total cash: includes down payment plus all inception fees 36 month/15K The lowest price I've gotten thus far is $486/mo without tax
I have never leased before, I am looking to get an excellent deal considering I am not in dire need of selling my current car, please let me know what you think.
Here is a good one for anyone out there. I live in the Chicago area. I was attempting to lease a new MDX (Sport and Ent. package the past week) I received a good price via the internet manager at a local dealer and a fair value for my trade. However, the F&I guy did something I have never heard. When quoting the lease (standard .00245MF and 60% residual), he stated that Honda required an additional $188/month "rent charge". This was on top of the base rent charges in the lease contract. I have Tier I credit, yet he could not explain this phantom charge other than Honda said they can get it so they charge it. I have leased before through Honda and not seen this. Definately a scam, and huge one at that. Needless to say I have decided to keep my current vehicle due to this. Just wondering if this has happened to anyone else. Based on where I live, competition is limited so I can't just run to other dealers. Anyone else had similar F&I issues??
I must not have explained it well in the first post. I already had a payment quoted that included the depreciation and rent charge. It matched the leasing software that I used, so OK to the deal there. The $188/mo. was on top of the entire package.
carman, I understand that the lease rates for the acura mdx change tomorrow. Do you have any idea of what they will be? I am in the process of purchasing an MDX, the dealership did say that if the lease rate went down, he would adjust my contract, as I have not takedn delivery of the car yet. Here is my current deal MDX with Navi selling price 40K lease rate.00247 1500 down which includes 1st payment tax tagdestination charge etc payment $610 including 6.5% tax.
Do you have any thoughts on whether this is a good deal? Thank you so much for your help.
Hi foggybottom222. The money factors and residual values that you have seen mentioned in this forum are correct, but Acura does not provide this information directly to the general public. As long as the dealer that you are working with is using this truck's buy rate lease money factor to calculate your monthly payment, the only variable that you have to worry about is its selling price.
There's nothing wrong with trading in your current vehicle when leasing a new one. However, you would be better off having the dealer cut you a check for the equity that you have in your trade instead of using the proceeds from it as a down payment for your lease. I always advise consumers against making large down payments on leased vehicles. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.
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Hello zman12. Acura just introduced a new lease program for the 2008 MDX yesterday. Its January buy rate lease money factor for this model is now .00214 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. If you haven't finalized your deal yet, make sure that the dealer you are working with uses this money factor to calculate your monthly payment.
The selling price that you were quoted for the MDX that you are interested in is outstanding. I believe that it is below dealer invoice.
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Hey sduby. $200 over dealer invoice is a very good selling price for a leased Acura MDX. Now that you have arrived at an attractive selling price, all you have to do is make sure that the dealer you are working with is using Honda Finance's buy rate to calculate your vehicle's monthly payment. Its new January buy rate lease money factor for leases of any '08 MDX for up to 36 months is .00214 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.
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Hi fiskehill. For someone who has never leased before, you are doing a great job in your negotiations. Not only are you getting a good deal, but you have collected all of the information that's necessary to tell that it is one. Dealer invoice is an excellent selling price for a leased 2008 Acura MDX. Acura just published its January lease program. Its new buy rate lease money factor for a 36 month lease of this model is .00214 for consumers who qualify for its top credit tier and pay a security deposit at lease signing. Make sure that the dealer you are working with uses this new factor to calculate your monthly payment and you're all set.
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Hi forward2slash. The money factor that you were quoted for thee MDX that you are interested in is right in line with its December buy rate. Acura just published its January lease program yesterday. Its new buy rate lease money factor for a 36 month lease of this model is .00214. Make sure that the dealer you are working with uses this factor to calculate your monthly payment.
The selling price that you were quoted for this truck looks great to me. I don't know what the mark-up is on the running boards, but you are getting the truck itself for only $100 over dealer invoice. If you like the vehicle, I personally don't see any reason not to pull the trigger on this deal.
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Hi peaceout. You're right, Acura did publish a new lease program for the 2008 MDX yesterday. Its new buy rate lease money factor for this model is .00214 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. This is slightly better than the .00247 month factor that was available in December, but the 2% drop in its residual values probably more than offsets the improved money factor.
The $40,000 selling price that you were quoted for an '08 Acura MDX with the Tech Package is very attractive. I believe that it is right around, if not below dealer invoice. The deal that you were quoted looks good to me.
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I am looking to buy F-150 SuperCrew. I am able to negotiate the following:
Cap cost: $25,400 (after $4100 rebate) (If they give me loan, it would be at 4.9% but I have to give up $1,500 in rebate). Zip Code: 75006.
I want to talk Lease Option with them for 3 yr with 45,000 miles. What are the MF and other costs that I should be worried about? My credit is Excellent. They did say that the lease would be calculated at 4.75%. Is that equivalent to MF = 4.75% / 2400 = 0.001979?
Can you please guide me on the MF and other loop-holes?
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I was given the following offer for 08' MDX TECH by a local NJ dealer yesterday:
$499/mo*
36 Months
10,000 mi/yr.
$2,999 Down*
* (Price does not include destination, tax, title, or license fees. Offer can not be combined with any other promotion, including special financing, lease programs, etc. Price Match Guarantee valid with a competitors purchase order, signed by the sales manager and customer, valid stock number, valid VIN number, and proof of deposit. Prior sales excluded. Expires 7 days after quote. Not valid after month's end. All vehicles are equipped with Protection Packages for an additional cost. Not responsible for typographical errors)
All the fees included in * above sumed up to around $1,960 as follows:
Destination $715
Bank $595
Title, License, Doc, etc (don't remember exactly everything, but do remember the amt:) $650.
I was able to negotiate to remove the $1310 (Destination and Bank), so the total fees on top of $2,999 downpmt are now $650.
How good is this deal? Does it imply good selling price given the 60% residual and .00247 MF that you mentioned earlier? I did not negotiate the selling price explicitly but was going off the assumption that the lease with the same terms and monthly pmt currently advertised on Acura.com for the BASE model was not a bad deal. So, considering that, it seems that I am paying basically the same price for the TECH that is being advertised for the BASE unless there is a catch somewhere, is there? Sorry for the long question, but I hope you can help.
Thanks!
VBC
Has anyone had an experience with add-ons like Roof Rails and Sport Running Boards on a lease?
Are dealers adding these costs the the MSRP for lease calculation and residualizing the cost over the lease or are they simplying trying to charge you 100% of these costs over the lease term??
Has anyone heard of this?? Is this accurate?? What if I buy in NY but live and register in NJ??
CARMAN - Any ideas??
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thank you for the response. the MDX I am looking at is now the base model, with a $500 over invoice price (I don't have the numbers with me), with only first month's payment and the obligatory $595 bank fee. Monthly payment is $594 per month. No destination or other charges. Dealer also will split my last payment on the MDX I am coming out of (representing another $250).
Can you send me the details on the dealer you bought from and if possible the actual details on the car and lease? I think you got a nice deal if it was a true sign and drive for $594? I am doing a deal this week and your help will be much appreciated.
You can email me at jgura@verizon.net
MSRP: $40,910 (includes $715 destination fee)
Asking Price: $39,173.
42 month lease w/ 15,000 miles per year
$3000 down (my trade)
Money factor (through Honda) is .00250
$556/month
Residual: $20,045.
I'm probably going to add the body side moulding, which inexplicably is not included! (Only adds $333.30, so don't worry about that part.)
Is this a good deal considering where I live? Any suggestions? I'm trying to do the deal in the next few days, so any quick advice would be appreciated.
Thanks!
Suzanne
CUTE family squabble.
I am going to get an MDX TEch in NJ this week, but I have done a lot of reasearch.
First off the current rates from Acura on an MDX Base are:
36 Month – Residual 59% of MSRP – .00247 Base Rate
48 Month – Residual 49% of MSRP – .00240 Base Rate
for 15K miles. Subtrace 2% for 12K and 3% for 10K.
Also, you are putting basically $3000 down as a cap cost reduction and that should drive the price way lower than you
Using your numbers at a 36mo lease with 3K down you should be paying $483.30+tax per month. Then due at Inception just Bank Fee/Doc Fee/DMV.
However you should be able to do better on the sale price anyway. Check this forum and Edmunds for the Inv price of the car and try for something within $500 of that number.
Good Luck
I've found it difficult to get the price down b/c there's no competition here.
1. Are the current leasing rates mentioned above published somewhere by Acura? In otherwords, can I assume these are constants in the calculation and negotiate only on purchase price and trade in value?
2. I have a trade in worth $15k. When I tried to model lease using Honda Finance website lease calculator, got an error message stating tradein/down payment could not be > 20% of purchase price. Is this a policy and if so is it negotiable?
Thanks
36,999 selling price
36 month lease; 12,000 miles
money factor .00247
residual .61% 24,995
556.67 /month with only first month lease due at signing.
is this fair?
Cost is Invoice. Inception fees are around 1800 (I don't remember #s exactly, but they are something like: 200 doc fee, 160 special NJ tax (0.4%), bank fee of 625, 3y registration ~300, and first month of 603). Monthly is 603.
If you're trading in, your monthly will be less by about $40 since you do not have to pay tax on the car's depreciation up to your trade in value.
I would recommend sending bids to a few NJ dealers - their #s are mostly likely be very similar since their inventories are full of MDXs. Then visit a few to appraise your trade in.
I'd done a few leases with trade ins and its not a pleasant experience. The dealers will attempt to make more $s on your trade-in than on the new car.
Good luck.
I live in Chicago and I am looking to lease a new Acura MDX 2008. They have offered me a 42 month lease @ $570 per month with 12K miles per year. No money down and this price includes taxes which are 6%. It also includes the all weather package w/side molding. Is this a good deal.
Appreciate your insights
Thanks,
sduby
Residual value $23318.70
Thanks for your opinion.
I've got a quote on a base model '08 MDX, no accessories at this point.
MSRP 40910
selling price 37228 (invoice)
59% residual (standard AHFC)
.00247 money factor (standard AHFC)
$2500 total cash: includes down payment plus all inception fees
36 month/15K
The lowest price I've gotten thus far is $486/mo without tax
I have never leased before, I am looking to get an excellent deal considering I am not in dire need of selling my current car, please let me know what you think.
'08 MDX tech and entertainment, sports running board, all weather mats
12k/month; 36 mos; 615/month, 3600 down (incl first month, cap cost 1116, ny sales tax 7.375% apx 1727.50, dmv fees 141)
money factor 0.00247, residual 57%
42398 vehicle cost, markup 106.50, option price 769 (running board); total selling price 43273.50
Depreciation, which is the difference between the CAP cost and the residual value, divided by the lease term.
Finance charge (aka rent charge), which is the equivalent to the interest on a car loan.
Depreciation + rent charge = pre-tax lease payment
It sounds like the F&I guy did a poor job of explaining it. On a $45K MDX, $188/mo. sounds about right for the finance portion of the lease payment.
regards,
kyfdx
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I understand that the lease rates for the acura mdx change tomorrow. Do you have any idea of what they will be? I am in the process of purchasing an MDX, the dealership did say that if the lease rate went down, he would adjust my contract, as I have not takedn delivery of the car yet.
Here is my current deal
MDX with Navi
selling price 40K
lease rate.00247
1500 down which includes 1st payment tax tagdestination charge etc
payment $610 including 6.5% tax.
Do you have any thoughts on whether this is a good deal?
Thank you so much for your help.
sorry i forgot to add this lease is for 36 months, 12K miles 59% residual.
Thank you
There's nothing wrong with trading in your current vehicle when leasing a new one. However, you would be better off having the dealer cut you a check for the equity that you have in your trade instead of using the proceeds from it as a down payment for your lease. I always advise consumers against making large down payments on leased vehicles. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.
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The selling price that you were quoted for the MDX that you are interested in is outstanding. I believe that it is below dealer invoice.
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The selling price that you were quoted for this truck looks great to me. I don't know what the mark-up is on the running boards, but you are getting the truck itself for only $100 over dealer invoice. If you like the vehicle, I personally don't see any reason not to pull the trigger on this deal.
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The $40,000 selling price that you were quoted for an '08 Acura MDX with the Tech Package is very attractive. I believe that it is right around, if not below dealer invoice. The deal that you were quoted looks good to me.
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Cap cost: $25,400 (after $4100 rebate)
(If they give me loan, it would be at 4.9% but I have to give up $1,500 in rebate).
Zip Code: 75006.
I want to talk Lease Option with them for 3 yr with 45,000 miles. What are the MF and other costs that I should be worried about? My credit is Excellent. They did say that the lease would be calculated at 4.75%. Is that equivalent to MF = 4.75% / 2400 = 0.001979?
Can you please guide me on the MF and other loop-holes?
Thanks, vick