I live in NJ, but am working in VA so I went into a dealership here--
I am looking at... MSRP: $44,410 Selling Price: $39900 Residual: I thought it was 58%, but it must be 54% b/c it should be the same you are getting quoted Money Factor: .00197 36 months/12,000 miles per year
1st payment as drive off cost (all taxes, fees, etc rolled into monthly costs) $621/month
other option is to pay $1500 as drive off (including the 1st month payment) and pay $594/month
What dealership are you dealing with in VA? I am toying with the idea of getting my wife out of her 2006 MDX and into a 2008. Just curious as I would head to VA from NC if the deal was good.
I leased a 2006 MDX Touring with NAV and RES in April of 2006 and walked out the door for just the first months payment of $558.90. I have been testing the waters on a 2008 MDX with Tech but cannot get the lease below $700 with no money down. I know it is hard to forecast deals, but do you think it is realistic that I might get a similar deal to my current one if I wait until the Summer months? The sticker price on my 2006 was 44K which is right about where the MDX with Tech is at. I look forward to any assistance with this.
You should definitely be able to acquire the MDX with Tech package for under $700 per month before taxes.
If you get the MDX+Tech for $500 over invoice including all fees (lease acquisition, destination charge, etc) and just make the first payment then you should be under $600 per month, around $595 per month before taxes on a 3 year 36,000 lease.
You might see Honda Finance waive the lease acquisition fee as gas prices and inventories build during the summer. A lot of it also depends on what market you are in and how the cars are selling there, also how many dealers there are for competition.
12K / year is fine with us. We have never taken a lease to the point where we had to return the vehicle. The key with me when I lease is no out of pocket or up front cost. I roll everything into the payment and let my money work for me. When I get out of my lease early the difference I pay for what the dealer gives me and what is owed on the vehicle is what I consider the money I would have put down on the vehicle had I done it up front.
Just leased a 2008 MDX with Technology Package (no power lift gate) Nimbus Grey with Taupe.
Here are the numbers. 1. MSRP: $44,410 (includes destination charge) 2. Gross Cap Cost: $39893.55 (includes destination charge) 3. Cap Cost Reduction: $0 4. Adjusted Cap Cost: $39893.55 (includes lease initiation fee) 5. Residual: 56% = $24870.00 6. Money Factor: 0.00197 7. Sales Tax: 8.25% 8. 36 month lease, 12,000 miles per year 9. Monthly lease payment $589.85 inclusive of tax. 10. Out the door cost: $941.00 includes first month lease payment and dmv fees
Mine came from NC. It is fully loaded tech and entertainment. I am paying $769 INCLUDING tax. The list was close to $51,000. It is about $675 without tax.
Thanks to everyone on here for your guidance and for giving a baseline from which to work a deal off of. I completed a very smooth transaction yesterday here in NC and drove home to my wife a 2008 Steel Blue Metalic / Taupe MDX with Tech. Here is the deal I worked using trirascal got in Southern Cal as a baseline.
Here are the numbers. 1. MSRP: $44,410 (includes destination charge) 2. Gross Cap Cost: $39893.55 (includes destination charge) 3. Cap Cost Reduction: $0 4. Adjusted Cap Cost: $39893.55 (includes lease initiation fee) 5. Residual: 56% = $24870.00 6. Money Factor: 0.00197 7. Sales Tax in NC 3% 8. 36 month lease, 12,000 miles per year 9. Monthly lease payment $577.83 inclusive of tax. 10. Out the door cost: $1044.83 includes first month lease payment and dmv fees
The experience at this dealership was incredible and I definitely would not have known what to shoot for if it had not been for your guidance. Keep in mind that the last time I attempted this in December, the monthly quote I received was for $789.11 with $2500 up front. My wife is ecstatic and that can only be a good thing.
Best deal I found in South Florida after calling everyone around was (and forgive me for not having all the details with me):
Standard MDX Absolutely NO money down (leave the wallet and checkbook at home)..... Dealer paid first month payment.... Maintenance package included... 36 months/12,000 miles... $595 month (35 months) including tax....($547 w/o tax) Free tints for the front and cargo cover......
You're very welcome, maui90071. While there certainly are legitimate costs associated with selling vehicles, doc fees are not really anything more than a way for dealers to pad their profits. Most dealers charge one, but if the dealer that you are working with is charging an inordinately high doc fee make sure to take this into account when evaluating your deal.
Registration is a fee that is charged by your state and dealers have to charge it on every vehicle that they sell.
Honda Finance charges a $595 acquisition fee on every vehicle that it leases. Individual dealers are not allowed to waive this charge. You can either pay it at lease signing or roll it into your vehicle's capitalized cost to make it part of your monthly payment.
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If this does not include the Tech package, I would not do this deal. with first month and acquisition fee due up front for me, I got my MDX with Tech for $577/month including the tax. I was going to be making my car payment on my 2006 anyway, so the first month payment was a wash. If I had gone with the base MDX with no Tech, the deal was in the low $500's with the same money down.
I agree with you. I've visited and talked to around 4 or 5 dealers and they can't beat this. I see on the boards that many folks outside of Florida have gotten great deals but not sure why in South Florida, it is a bit more difficult. Second best No money at signing deal was $611 for a standard.
Question: I was quoted a residual factor of 55% for a 3 yr, 15K mile lease of a Base model. Can anyone confirm that? Everywhere I've looked it's been 54%.
Congratulations on getting your new MDX, mdx4mywife. Thanks for taking the time to make such a descriptive post about your deal. I'm sure that other community members will find it very helpful. Make sure to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others as well. Enjoy your new ride :shades: .
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Here's the info that you're looking for, amy9. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Acura MDX Tech with 12,000 miles per year are .00180 and 55%, respectively.
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You're welcome as always, hpowders . Honda Finance's current buy rate lease money factor and residual value for a 24 month lease of a base 2008 Acura MDX with 10,000 miles per year are .00180 and 67%. The numbers for an otherwise identical 36 month lease are .00180 and 58%.
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Hey amy9. Honda Finance charges a $595 acquisition fee on every vehicle that it leases. Lessees can either pay this charge at lease signing or roll it into their vehicle's capitalized cost to make it part of their monthly payment. Individual dealers do not have the authority to waive this charge.
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Could you please assist me with residual, money factor and what price I should be paying for a 2008 Base MDX for 36 months with 12,000 miles? Also, what would be my best case monthly payments for this lease with no money down besides first months payment and motor vehicle fees? I will be leasing in New Jersey and the msrp for a 2008 Base MDX is $40,195 and the dealer invoice is $36,514 (I obtained these numbers from edmunds and they do not include the destination charge.) Thanks so much!
What is the current residual and buy rate lease money factor for a 36 month lease of a 2008 Acura MDX Tech/Ent with 12,000 miles per year? I assume you have to choose between the $2k off and the reduced money factor?
Hey guags, Congrats on your deal! I am looking for a new lease this months. Used to drive an MDX and loved it, so I am reconsidering leasing another one. Can u pls tell me which dealership you used? What was MSRP on your vehicle? Thanks.
I have another year left on my lease, and a friend of mine wants to buy out the balance, not take over lease. Now is there a way to do this and avoid double taxation? The lease is through Toyota Finance, no early termination penalties exist. I heard I can do this through a car dealership, they would charge somewhere around 100.00 administration fee. I was thinking of asking the dealership I will be purchasing my next car from (Acura). My concern is, by asking them to do this, it affects my leverage/barganing power. Thoughts?
I ended up going to Esserman by International Mall. Rick Case, South Acura, Pembroke Pines, etc. couldn't come close. I have done plenty of reading on the forum and yes, many folks have found better deals but all outside of Florida. One guy said he got a super deal at Pembroke Pines but they couldn't do it. Pembroke was over $100 more for a "nothing down" deal. Second best was Rick Case. They could do $611 including tax "nothing down" and include maintenance. As far as the price, I don't have the details here with me, but shoot for invoice. I believe invoice (standard MDX) including destination in this area is around $37,700 +/-
Here's the current proposed deal I've received for an 08 MDX w/ Tech + Ent in the Los Angeles area.
MSRP: $46610
INVOICE: $42397.59
GROSS CAP / SELLING PRICE: $42492.59 (-500 under invoice + 595 Bank Fee*)
CAP REDUCTION: $881.30 ($2000 Down - $624.53 (first payment), -$372 (license), -$45 (doc), -$76.42 Cap Reduction Tax**)).
NET CAP COST: $41611.29
RESIDUAL - 54% - $25169 (36 Months / 10K)
MONEY FACTOR: .0018 or 4.3%***
TAX: 8.25% (Southern California)
PAYMENT: $624.53
My questions are as follows:
1. What is the current dealer incentive people are talking about - $2000 or reduced money factor? Does someone have details on this? Do I have room on my deal to bring this down further - i.e. $1000 under invoice? I currently have $500 under invoice and a .0018 MF - do I have any room to negotiate further?
2. Is the Bank Fee (*) normally part of the selling price or should it be part of the additional costs that would be eaten up by my money down - does it matter?
3. What is Cap Reduction Tax (**)? I haven't seen that before. Is that standard?
4. I'm returning an existing lease to Acura for a new MDX. Should I be asking for any additional benefits as a returning customer - i.e. oil change, extended XM servic, etc.?
I don't have all the detailed numbers as you, but my 2008 MDX with Entertainment Sticker was $48,000+, I also added the rear parking sensors into the deal. Zero money down, first month payment only. $769 for 36 months, including tax! Maybe it is worth buying out of state and trucking it to your destination. I've dome that 3 times now. I buy strictly on price, not location of the vehicle, but figure the one time shipping into the deal.
The $2000 Factory to dealer Cash back IS NOT available for leases....so you can't use it to negotiate your deal. With that being said, I hammered out the following deal:
2008 Base MDX Sport Running Boards included
MSRP: $40,910 (plus the boards, I think they charge around $720 for them retail) Agreed Price: $37,400 (which, if you factor in the boards is right around invoice) 3 yrs/15K per year 55% Residual .00180 MF 5% Tax $2500 Cap cost reduction ($3900 total at signing includes first months payment, bank fee, etc)
MY Payment including tax: $ 464.00
For comparisons sake, I ran the deal with no money down and the bank fee rolled in and came out to $560/mo
I heard you can use the $2,000 but not on that $499 lease Acura has on the base! I spoke to a dealer about getting the sport with ent and he took another $2,000 off the price he is working the # for me for tomorrow.
Trying to buy 08 MDX w/Tech. Negotiatied a deal for 40k (including sport running boards). I decided to lease and when the paper work shows up, the money factor is .00245. I was expecting .00197 as indicated on this forum. May not seem like alot but over the term of the lease it's well over $1,000. When I discussed with the dealer, they said they couldn't give me that rate as the discounted the vehicle (they were counting on the cash back to dealer). BTW, I had never mentioned the cash back. He said he could give me the MF but would have to raise the price so it would effectively net out.
I thought the money factor was non negotiable. From this experience it certainly appears that it is. Anyone heard of this before?
Unfortunately dealers may pad the money factor to produce additional profit. It looks like this dealer is charging you a whopping 1.15% more in interest than the base money factor. The residual value of a vehicle, however, is non-negotiable.
This dealer is acting like the MDX is the hottest vehicle out there at the present time, which it surely is not. I'm sure most dealers are seeing MDX's piling up on their lots as gasoline prices continue their relentless march upward and the MDX proves more and more unattractive, producing only 17-18 mpg on premium fuel.
Another factor in your favor is that the 2009 MDX's will be out soon and the dealers have to get rid of the 2008's.
You definitely should shop around. You should e-mail every dealer in your state and tell them you expect the base money factor. You should be able to find a few realists that see it your way.
At this point in time, the Acura dealers need you more than you need them. It is a buyer's market and you should be calling the shots.
I agree that leasing the MDX is a wise move at this time. There are reports of dealers refusing SUV's on trade-ins because there is no longer any demand for them. Those SUV owners finding the rare dealer who will buy their SUV's are being offered fire-sale prices. They are getting slaughtered! Better to turn the vehicle back in to Acura at lease end and be worry-free.
Depends how long you plan on keeping it and your household. For me, I plan on keeping mine 6-8 years. Who knows where gas prices will be down the road. I can always sell it privately after it's paid off. Unless you NEED your car to commute to work, I don't see a reason to panic and drive some crappy econobox. We also have a new accord which gets 25mpg around town and 29 highway on regular. Leasing has some hidden costs as well, for example tires and brakes. If you lease for 3 years at 15k a year, you will need to invest 800-1000 in tires, and a few hundred for brakes as well to just give it right back to the dealer. I leased my last two vehicles, never again. Now I also drive 18k to 20k miles a year all leasure. If I were to drive 12k a year, I would lease for sure.
If you drive 18k to 20k miles a year then leasing is not for you. I drive 9000 miles a year, have no kids at home and am careful where I park. I replace the tires at the end of year two so when I return the vehicle, I have a year's worth of use from them. One doesn't have to turn the vehicle in with new tires, so long as they have usable tread. I have never had to pay for brakes on any of my 3 leased BMW's. I'm still debating with myself whether I should go for a base MDX. I could lease it for around $500 a month which is much better than "my" 545i at $721 a month....and the deals are out there for the taking. I may never see a better buyer's market in my lifetime for an SUV.
I agree with you that if you are financially well-off, one shouldn't panic and abandon the type of upscale vehicle you have grown accustomed to and move down to some econobox. You won't be happy.
I agree with all points. To be honest, the MDX was out of my price range when I was shopping around last December. NOW, with the ability to get them for invoice AND 2.9% apr, its a win win. I am ecstatic with my new rig.
Dealer told me I cant take the $2000 off if I am planning to lease the MDX. I am confused becasue the fine print says it cant be used on a "speacial lease". I would think that means the $499 deal they are offering on base not on a lease I am trying to negotiate. So if I am planning on leasing the car with tech and ent should I be able to use that $2000 when negotiating? Does the current Edmunds TMV on this car include the 2k?
Dealer quoted me at $42587 for an 08 MDX with Sport and Entertainment. I'm looking for a 3 yr/15000 mile/yr lease. Dealer rolled up everything (715 acquisition, 280 for tags and title, 95 for processing, tax of 6%, and 595 which he claims is built in to the lease(?)). He quoted the monthlies at $812, which seems better than other deals I'm seeing in Maryland. The residual is 49%, and the MF is .00245. These numbers aren't as good as what I'm seeing online, but when I use MY model, which excludes the $595 mystery charge (does anyone else know what this is?), I come up with a higher monthly of $839.23. (in case anyone is keeping score, i'm using a price of $42587 +$715 + $280 + $95 = $43677, a residual of 49%, a money factor of .00245, and a tax rate of 6%).
Any thoughts? Good deal? Stay away? Thanks in advance!
Adr2, I'm no mathmetician but that is an aweful deal.The only fees should be MV and first month payment. 49% residual and .00245 is not even in the ball park. Not sure if it varies per state but I have been to several dealers in Jersey and the residual ranges from 52% to 54% with a .00180 to .00197 on the rate. The sale price is about what it should be though if you cant use the $2000 but no one has answered that yet.
Comments
I am looking at...
MSRP: $44,410
Selling Price: $39900
Residual: I thought it was 58%, but it must be 54% b/c it should be the same you are getting quoted
Money Factor: .00197
36 months/12,000 miles per year
1st payment as drive off cost (all taxes, fees, etc rolled into monthly costs)
$621/month
other option is to pay $1500 as drive off (including the 1st month payment) and pay $594/month
thoughts? need to make a decision on 4/23 or 4/24
You should definitely be able to acquire the MDX with Tech package for under $700 per month before taxes.
If you get the MDX+Tech for $500 over invoice including all fees (lease acquisition, destination charge, etc) and just make the first payment then you should be under $600 per month, around $595 per month before taxes on a 3 year 36,000 lease.
You might see Honda Finance waive the lease acquisition fee as gas prices and inventories build during the summer. A lot of it also depends on what market you are in and how the cars are selling there, also how many dealers there are for competition.
Here are the numbers.
1. MSRP: $44,410 (includes destination charge)
2. Gross Cap Cost: $39893.55 (includes destination charge)
3. Cap Cost Reduction: $0
4. Adjusted Cap Cost: $39893.55 (includes lease initiation fee)
5. Residual: 56% = $24870.00
6. Money Factor: 0.00197
7. Sales Tax: 8.25%
8. 36 month lease, 12,000 miles per year
9. Monthly lease payment $589.85 inclusive of tax.
10. Out the door cost: $941.00 includes first month lease payment and dmv fees
So is this a good deal?
Here are the numbers.
1. MSRP: $44,410 (includes destination charge)
2. Gross Cap Cost: $39893.55 (includes destination charge)
3. Cap Cost Reduction: $0
4. Adjusted Cap Cost: $39893.55 (includes lease initiation fee)
5. Residual: 56% = $24870.00
6. Money Factor: 0.00197
7. Sales Tax in NC 3%
8. 36 month lease, 12,000 miles per year
9. Monthly lease payment $577.83 inclusive of tax.
10. Out the door cost: $1044.83 includes first month lease payment and dmv fees
The experience at this dealership was incredible and I definitely would not have known what to shoot for if it had not been for your guidance. Keep in mind that the last time I attempted this in December, the monthly quote I received was for $789.11 with $2500 up front. My wife is ecstatic and that can only be a good thing.
Standard MDX
Absolutely NO money down (leave the wallet and checkbook at home).....
Dealer paid first month payment....
Maintenance package included...
36 months/12,000 miles...
$595 month (35 months) including tax....($547 w/o tax)
Free tints for the front and cargo cover......
Thanks!!!
Registration is a fee that is charged by your state and dealers have to charge it on every vehicle that they sell.
Honda Finance charges a $595 acquisition fee on every vehicle that it leases. Individual dealers are not allowed to waive this charge. You can either pay it at lease signing or roll it into your vehicle's capitalized cost to make it part of your monthly payment.
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Thank you as always!
Question: I was quoted a residual factor of 55% for a 3 yr, 15K mile lease of a Base model. Can anyone confirm that? Everywhere I've looked it's been 54%.
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Could you please assist me with residual, money factor and what price I should be paying for a 2008 Base MDX for 36 months with 12,000 miles? Also, what would be my best case monthly payments for this lease with no money down besides first months payment and motor vehicle fees? I will be leasing in New Jersey and the msrp for a 2008 Base MDX is $40,195 and the dealer invoice is $36,514 (I obtained these numbers from edmunds and they do not include the destination charge.) Thanks so much!
Jay
Can you post the May Money Factor and Residual for a 2008 Acura MDX Tech with Rear seat entertainment?
Thanks in Advance!!!!!
- B
Thanks in advance.
Congrats on your deal! I am looking for a new lease this months. Used to drive an MDX and loved it, so I am reconsidering leasing another one. Can u pls tell me which dealership you used? What was MSRP on your vehicle? Thanks.
Cap cost 40,900 (invoice)
only inception fees down (1800, dont have the break down)
669 a month, 2 years 18k per year.
Reason I want a 2 year lease? Don't have to worry about spending money on tires and breaks, to simply give the car back to Acura.
Good deal?
Here's the current proposed deal I've received for an 08 MDX w/ Tech + Ent in the Los Angeles area.
MSRP: $46610
INVOICE: $42397.59
GROSS CAP / SELLING PRICE: $42492.59 (-500 under invoice + 595 Bank Fee*)
CAP REDUCTION: $881.30 ($2000 Down - $624.53 (first payment), -$372 (license), -$45 (doc), -$76.42 Cap Reduction Tax**)).
NET CAP COST: $41611.29
RESIDUAL - 54% - $25169 (36 Months / 10K)
MONEY FACTOR: .0018 or 4.3%***
TAX: 8.25% (Southern California)
PAYMENT: $624.53
My questions are as follows:
1. What is the current dealer incentive people are talking about - $2000 or reduced money factor? Does someone have details on this? Do I have room on my deal to bring this down further - i.e. $1000 under invoice? I currently have $500 under invoice and a .0018 MF - do I have any room to negotiate further?
2. Is the Bank Fee (*) normally part of the selling price or should it be part of the additional costs that would be eaten up by my money down - does it matter?
3. What is Cap Reduction Tax (**)? I haven't seen that before. Is that standard?
4. I'm returning an existing lease to Acura for a new MDX. Should I be asking for any additional benefits as a returning customer - i.e. oil change, extended XM servic, etc.?
Let me know what you think.
Neocortex
2008 Base MDX
Sport Running Boards included
MSRP: $40,910 (plus the boards, I think they charge around $720 for them retail)
Agreed Price: $37,400 (which, if you factor in the boards is right around invoice)
3 yrs/15K per year
55% Residual
.00180 MF
5% Tax
$2500 Cap cost reduction ($3900 total at signing includes first months payment, bank fee, etc)
MY Payment including tax: $ 464.00
For comparisons sake, I ran the deal with no money down and the bank fee rolled in and came out to $560/mo
I'm pretty happy with the deal, any comments?
I thought the money factor was non negotiable. From this experience it certainly appears that it is. Anyone heard of this before?
I've decided to shop the deal a bit more now.
This dealer is acting like the MDX is the hottest vehicle out there at the present time, which it surely is not. I'm sure most dealers are seeing MDX's piling up on their lots as gasoline prices continue their relentless march upward and the MDX proves more and more unattractive, producing only 17-18 mpg on premium fuel.
Another factor in your favor is that the 2009 MDX's will be out soon and the dealers have to get rid of the 2008's.
You definitely should shop around. You should e-mail every dealer in your state and tell them you expect the base money factor. You should be able to find a few realists that see it your way.
At this point in time, the Acura dealers need you more than you need them. It is a buyer's market and you should be calling the shots.
I agree that leasing the MDX is a wise move at this time. There are reports of dealers refusing SUV's on trade-ins because there is no longer any demand for them. Those SUV owners finding the rare dealer who will buy their SUV's are being offered fire-sale prices. They are getting slaughtered! Better to turn the vehicle back in to Acura at lease end and be worry-free.
I agree with you that if you are financially well-off, one shouldn't panic and abandon the type of upscale vehicle you have grown accustomed to and move down to some econobox. You won't be happy.
is it a good one?
Any thoughts? Good deal? Stay away? Thanks in advance!