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2013 and earlier-Acura MDX Lease Questions
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I'm shopping the MDX vs. the GX470 for my wife. We're going to lease because we can deduct part of the lease on business.
Anyway, I worked out a deal of $800 over invoice on a Sports Package MDX. Total drives would be $1,710 which includes the bank fee, first month and registration. The problem - and it's a BIG problem - is that the dealer is telling me the residual on a 36 month, 12k/year lease is 52%. What a joke. Most of you are getting 58% residual on non-sport models. Is it possible the sport model has a 6% lower residual? Can't be....
With this ridiculous residual the $52,668 GX470 is $30 per month CHEAPER!
Any thoughts on this residual?
Thanks for the help.
April residuals are not out yet but will likely be 1% lower than current ones and the money factor will move slightly lower to compensate. My wife and I went ahead and leased ours with March residuals (just a few days ago) because I was worried that with soaring gas prices, crappy US economy, etc, that residual could actually go down more than 1%.... this is unlikely but I tend to worry about these things. One advantage of leasing is that if the economy goes in the dumpster and the residual value of a vehicle plummets, it's the bank who is going to get screwed on that residual value, not you (they effectively are the ones who bought the car at that price).
Residuals are below, remember they are for 15K lease and are for MARCH but might still be available because I don't believe the new April numbers are out yet. Add 2% to any of the numbers for a 12K vs. 15K mile lease. Also remember these residuals are from Honda finance, other banks, etc, might have different residual values.
2008 Acura MDX – 3/5/08
24 Month – Residual 66% of MSRP – .00197 Base Rate
36 Month – Residual 56% of MSRP – .00197 Base Rate
48 Month – Residual 46% of MSRP – .00220 Base Rate
60 Month – Residual 36% of MSRP – .00230 Base Rate
2008 Acura MDX Sport – 3/5/08
24 Month – Residual 61% of MSRP – .00197 Base Rate
36 Month – Residual 52% of MSRP – .00197 Base Rate
48 Month – Residual 42% of MSRP – .00220 Base Rate
60 Month – Residual 33% of MSRP – .00230 Base Rate
2008 Acura MDX Sport w/RES – 3/5/08
24 Month – Residual 61% of MSRP – .00197 Base Rate
36 Month – Residual 50% of MSRP – .00197 Base Rate
48 Month – Residual 40% of MSRP – .00220 Base Rate
60 Month – Residual 33% of MSRP – .00230 Base Rate
2008 Acura MDX Technology – 3/5/08
24 Month – Residual 64% of MSRP – .00197 Base Rate
36 Month – Residual 54% of MSRP – .00197 Base Rate
48 Month – Residual 44% of MSRP – .00220 Base Rate
60 Month – Residual 35% of MSRP – .00230 Base Rate
2008 Acura MDX Technology w/RES – 3/5/08
24 Month – Residual 63% of MSRP – .00197 Base Rate
36 Month – Residual 52% of MSRP – .00197 Base Rate
48 Month – Residual 42% of MSRP – .00220 Base Rate
60 Month – Residual 34% of MSRP – .00230 Base Rate
Thanks again for the help.
If residual does go down another point or two it's likely that the money factor will also go down, which should even the monthly payment out.
If you compare the 59% residual for a base MDX for February to the 58% residual for the same car in April, the monthly payment in April was actually lower, since the money factor dropped.
Any advice on getting the best deal for a higher mileage lease without too much out of pocket. I live in Atlanta, GA. Thanks for the help!
If a 15K lease on a base MDX is 56% I would expect the residual on the same car for 18K miles to be somewhere around 53-54%.
There's really no negotiation to be done on the residual and money factor with honda financine that I am ware of, all negotiation will be on purchase price of the car (cap cost reduction).
Thanks!
Lease vs. Buy doesn't mean anything to the dealer. What the dealer might try to do is ask you how much money per month you want to spend on the car. If you answer this question then the dealer can try to get you into a deal you don't want.
You need to take the responsibility to crunch the numbers ahead of time and know how much the purchase price of the car should be, which is independant of buy vs. lease. You should also know how much your payment should be, there are plenty of free calculators you can find to figure this out.
If you search through this thread you will see dozens if not hundreds of posts with prices for the MDX and where to go get them.
I think the above is a myth. The dealer makes the same amount on a car whether you lease or buy. Once the car leaves the lot the contract is with Honda's finance company with both a lease and purchase. Just do your homework and run your lease calculator ahead of time so you don't get screwed into a lease with unfavorable (for you) terms.
Does anyone know what kind of leeway dealerships have in discounting accessories? I am interested in leasing an MDX base and installing a roofrack with crossbars and side steps. The dealer, after much hesitation, has offered 10% off of these accessories. ($1,450-$145=$1,305). Are these prices fair?
Also, the dealer has told me that these accessories do not have any residual value but I have heard otherwise. Anyone know what type of residual accessories have?
Thanks!!
Really the person that ultimately benefits at the lease end is the person who buys the car next as the dealer will likely increase the asking price on the used car due to the nice accessories installed.
Typically accessories are marked up quite a bit from dealers, in the neighborhood of 30-40% but I don't know that for a fact in the case of Honda/Acura. You can buy the accessories yourself here;
http://www.hondacuraworld.com/Merchant2/merchant.mvc?Screen=CTGY&Category_Code=A- MDX
And investigate on how much they would cost to install.
As you can see the price of roof rack, crossbars and running boards (steps) would be about $800 if you bought them and installed them yourself. Or $800 plus labor if you bought them and then had them installed elsewhere.
It does involve cutting the moldings, reinstalling boots, etc, so I'm not sure how easy it can be considered.
I live in the Los Angeles area.
This is a deal I was quoted:
Acura MDX with Tech
1. MSRP : $44,110 including destination charge
2. Negotiated Price: $39,500
3. Lease origination fee rolled in to lease: $640
4. Total Cap cost: $40,115 (no cap cost reduction, no trade in)
5. Money Factor: .00197
6. 3 year lease
7. 12,000 miles
8. Residual: 56%
9. Other drive off fees (tax, title, license and first month): $928
10. Monthly lease amount: $598 including tax of 8.25%
Ideally, I'd like to take off $50 dollars a month. Is this possible?
You're getting the car for $100 under invoice, so I don't see how you're going to get another $1800 off from the purchase, which is what it would take to get the monthly down roughly $50 per month.
You could always wait and hope that Acura does some big incentive program. Occassionally they have waived the loan origination fee, but that only amounts to about $600 and would only reduce payments by around $15-$18 per month.
If you really want the payment down $50 then consider the non Tech version and invest in a nice portable GPS like the Garmin...
Or, you could just prepay $1800 on the lease, that would get the payments down $50 per month.
If the dealer does agree to waive this fee then that is coming further out of the bottom line on the vehicle.
I agree, that $500 over for an invoice for a car in relatively high demand is a great price. You get a very good deal and the dealer makes a small profit.
There is about $1200 of dealer holdback left in the car, so if you think you can get them to part with some of that then have at it.
The breakdown
MSRP $40,910 (base model)
Net capitalized cost $37,714
Term 36 months with 10,000 miles per year
Total Due at signing $2,999
Monthy Payment $499 (excluding tax)
Total payment $17,960
End leas purchase price $24,136
Anybody knows about any better deal in the area. Thanks
it includes about an $1800 cap cost reduction.
You can do better.
The breakdown
MSRP $40,910 (base model)
Net capitalized cost $37,714
Term 36 months with 10,000 miles per year
Total Due at signing $2,999
Monthy Payment $499 (excluding tax)
Total payment $17,960
End leas purchase price $24,136
Anybody knows about any better deal in the area. Thanks
Any dealers in SF bay area anyone can refer.
I think you will get the best deal that way. You should be able to get MDX for at most 2% over invoice price including all dealer/advertising fees, etc.
MSRP $44910
seling price $41000
Residual 56% ($25177.60)
money factor 0.00197
3 yr/12K per yr
$1500 for start-up fees, including 1st month payment
monthly payment including tax (9%) = $625
I signed the papers, put down my deposit and left happy...
Today I get a call from the dealer that the money factor today changed and they need to rework my numbers!
So my question is: where do I find the money factor online to "call them on this" as I don't believe him (I got that number from an Acura dealer) and do they really change from day to day? (I thought they were determined month by month).
Today, not so happy..
Please advise!
There are a few car buying sites that do list the money factors, you can search through this thread to find them.
Are you saying you can't get these yet? If not, do you know when?
Thanks.
As far as money factor goes, typically the way Honda Finance will do things is to reduce the money factor but also reduce the residual. Did they tell you there was also a residual?
Thanks
rajosmom
This would equate to a monthly payment of under $500 a month for you with very little money down.
I have cut a deal for an MDX with technology and entertainment package and I am feeling like I may have left something on the table. I offered $42900 (500 over invoice) and they accepted it. I plan on leasing and have a money factor of .00197 and a residual of 52%. Additional costs include an acquisition fee of $595, taxes up front and a DVM charge of $182. Of course there is the destination charge of $715 already included in the 42,900. Did I offer too much over invoice? I guess I was expecting a little haggling.
MSRP: $44,410
Selling Price: $40,403
Residual: 54%
Money Factor: .00197
36 Months/15,000 Miles per year
$4200 drive off cost
$550/month
How does this sound????
MSRP: $45,895
Destination: $715.
All Season Floor Mats 138
Roof Rails $223
Acquisition fee $595
DMV: $182
Taxes: Paid up front $2114.17 ( New York State)
Lease pymt: $650.70 (excluding taxes which were paid up front)
Total Cash due at signing: $3542 (consisting of $595, 182 and $2114 and first months lease pymt of $650. 70)
Money factor: .0097
residual value 52%
I have tried to run the numbers on the various lease calculators and I come close. What are your thoughts?
What makes up the $4200?
Feedback????
Mike
I live in Ft. Lauderdale, FL. I currently lease and MDX, so the dealer I used last time is trying to get me to come back and lease again with them. I used that as my starting point and am now shopping other dealers with that offer. FYI, all Acura dealerships get a 3% (of MSRP) holdback on each Acura sold. This is not something that they advertise, but is something I am using to my advantage. Also, I would wait until the end of the month when the dealers are more motivated to move a car to reach sales goals as opposed to making a huge profit. Let me know if this helps. I would be more than happy to provide the dealership names if you want to go that route.
rajosmom