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2013 and earlier-Acura MDX Lease Questions
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I know how you feel.
The residual value for 2008 MDX with 15k a year is 47%. I already ask 3 dealers in New York, only 1 sales person from another acura dealership told me the truth, this guy is very honest. I asked and compared the prices between August and September, last month's price was lot better.
This sales person told me I should wait for the 2009 model because it has better residual value at around 57%, price should be better than the 2008, but Honda Financial has not release the leasing program to their dealers yet. I think we should wait for 2 more weeks.
If the price for mdx is around 700 then I would rather go for Mercedes ML350 only at around 600. I am talking about no money down with tax roll into payments. pay only the 1st money and bank fee when picking up the car.
hope this will help you.
My original plan was to purchase a new MDX - putting roughly 1/2 down in cash & financing the other 1/2. When speaking with the Financing manager - he suggested a pre-pay lease. The idea of leasing an SUV is attractive in the event that SUV values continue to plummet as gas prices continue to rise. Being a complete novice to leasing - can someone help me understand if this is a good option?
Long story short, these are basically the options - as presented to me - for an MDX Sport with $1200 in accessories and another $1500 in taxes/fees for a total price $40,600:
Option 1 = Purchase putting $21,500 down and finance the rest for a total of $43k (includes the financing interest).
Option 2 = $20,200 down & buy-out at $22,300 at the end of lease for a total $42,500.
Option 2 seems like a no-brainer based on the fact that I am OK with the down payment, but would like the option of not being tied to the SUV in case things really turn on SUV's.
Am I missing something? Are there risks to the lease or fees that I am not considering?
Thank you for your help!
Furthermore, can you tell me the MF and Residual #'s for September for a 2008 MDX Base with 36 months at 15K miles and 42 months at 15K miles?
Thanks
I've asked the salesperson to break that down for me but he has yet to do it.
Car_man
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Car_man
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Car_man
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If you want to lease an '08 MDX right now, shoot for a selling price of $3,500 or so under invoice and see what happens. Unfortunately, I suspect that this lease program is so bad that you won't like the resulting monthly payment.
Car_man
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Pre-paid leases are calculated the same way that regular leases are, but all of the monthly payments for the vehicle that you want are added up and the total is paid at signing. The main advantage of pre-paid leases is that while they are not interest free, most banks provide lessees who go this route with a discount in the money factor that is used to calculate the interest in exchange for making all of their payments in advance.
If you decide to go with the pre-paid lease, you should negotiate the selling price of the MDX that you want, just as if you were paying cash for or financing it. The selling prices of leased vehicles are negotiable. The lower a selling price you negotiate, the less expensive your pre-paid lease will be.
Car_man
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Car_man
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Thanks for your help!!
Here's the lease program info that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Acura MDX Tech with 10,000 miles per year are .00270 and 53%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.
Car_man
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Total MSRP= $48,8xx.
Selling Price= $37,995
I visited the dealership very late and could only get brief information. Sadly, the salesperson wasn't too knowledgable. I believe I can get them to lower the price a little. I was interested in leasing the vehicle because even with a so-so money factor, the residual should bode well with such a lowered selling price.
-How can I lease this vehicle?
-If Honda finance is not running a special on '07's, could I go to the bank and lease it that way?
-Would a lease like this make sense?
-Is something like this feasible? (this is just me guessing mf/residual)
MSRP =$48,800
MSRP =$46,800 (without accessories if they can be residualized)
Selling price =$37000
Residual at 3yr/44%= $20,592 (realistic residual?)
Money factor = .00270 (realistic? going high just in case no special)
Depreciation payment= $455 ($37000-20592= 16408/36)
Interest payment = $155 (37000+20592 x .00270)
Payment = $610 (not including tax)
Other comments/suggestions?
For example here in Southern California I was offered a bramd new 2008 MDX with Tech + Ent pkg NO acc for ~38xxx
2007 is STILL a two year OLD car...even if it has 0 miles
Take a look at carsdirect.com...and see how much new are selling for and what you really need.
Hondaacuraworld.com seem to have good prices for acc....
I am looking at a 2008 MDX with the tech package, sport running boards, cargo mats. The costs I was able to negotiate in NY are:
MSRP: $45,005
Vehicle Cost: $40,901
total selling Price: $37,688
total cap cost: $37,587
Cap reduction$3,056
Owed trade: $469
Retention Rate: 0.00265
Total Initial Charges: $3,855
Monthly Payment: $543
10k miles per year
42 month lease
Any help you can offer is VERY appreciated. I've been trying to read the other posts, but have been a little confused. Should have got an MBA and not a degree in English Literature!! Thank you.
I'm almost positive they will lose more money if we turn it in on time then if they give us the above adjustment, but we're terrible negotiators and would really, really appreciate any input/info/advice! Thanks!
Car_man
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I'd like to get a base for $450 a month with $1k cap cost reduction with TTL paid up front.
Any feedback greatly appreciated.
Car_man
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any thoughts are welcome. thanks.
Could you please post 2008/2009 MDX Rate/Residuals with the Sport/Entertainment package.
36 Months w/ 12000 & 15,000 Miles.
Thanks..
Please post 2008/2009 MDX Rate/Residuals with the Tech/PTG package.
36 and 48 months w/ 10,000 & 12,000 Miles.
Thanks.
Also, I have a 2006 MDX with the lease up, I owe $1,300 in mile overage. Should I roll that into my new lease?
What should I expect in the Houston area to pay for a 2008 MDX with Tech/PTG?
And is the $4k dealer cash factored into that price?
Im in the market to lease an 08 MDX w/technology pkge for 42 months, with $2500.00 down and 15k per year (mileage). Been shopping dealers in NY/NJ area and I have been getting some crazy prices. Dealers have been in the area of $688 to $630 per month. The problem from what I am being told is that due to the $4000 incentive the 08's are limited. In addition, I had a dealer give me a price of $590 for a vehicle that they had on the lot but deal fell through. Not sure if im getting the run around. At this rate, I may have to wait for something with the 09, but the $4000 is hard to pass on.
Car_man
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The numbers for an otherwise identical lease of an '08 model are .00290 and 44% (ouch). On the bright side, there is $4,000 dealer cash available on the '08 model that can be used to negotiate an attractive capitalized cost for your lease.
If you were to lease with only 12,000 miles per year, the above residual values would be 2% higher.
Car_man
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The numbers for an otherwise identical lease of an '08 model are .00290 / 49% for 36 months and .00290 / 40% for 48 months. Both are compatible with $4,000 dealer cash.
If you were to lease with only 10,000 miles per year, add 1% to the above residual values.
I personally would rather start my new lease with a clean slate than continue to pay interest on the excess mileage charges from a previous lease, but you can roll the charge into your new lease if you want to.
Car_man
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hope this helps and good luck!!!!
It sounds like your total payments over 3 years is going to amount to somewhere around $30k. That sounds like a terrible deal to me. I'm not saying that you can necessarily do better, as the MDX doesn't sound like it's leasing very well right now (terrible residuals and money factors).
Anyhow, a good rule of thumb in my opinion is that the total of all payments over 3 years should not total more than around 50% of the MSRP of the vehicle (before tax). With the MDX, this is simply not possible due to the poor residuals and money factor offered by Acura right now. It really depends on how much you want an MDX in the end. I would look at another vehicle if I were you though. There is no way I would personally pay $30k to rent a $46k car for 3 years and then hand it back to Acura. You're better off buying the car if you can swing the extra couple hundred a month. At least you can turn around and sell the car in 3 years and come out much further ahead.
Just my $.02
P.S. The Lexus RX is leasing MUCH better than the MDX right now if you check the RX Lease forum
I am an avid follower of your posts on here...and finally ready to purchase/lease an Acura MDX.
Looking at the future outlook of SUVs and the economy, I am confused between purchasing or leasing a new MDX. I am not sure what the market for SUVs be like in the next 2-3 years. Hence, I am leaning towards leasing one. What do you think?
I know you have already posted lease numbers for Tech. Pkg and Sport/Entertainment package. I am interested in Sport only Pkg. Could you please post 2008/2009 MDX Rate/Residuals with the Sport Only Pkg. 36 Months 12K and 15K Miles.
Thanks a lot in advance!
As long as the economy recovers by then, and I sure hope that it does, the market for SUVs will likely be better two to three years from now than it is today...but I doubt that they will ever regain their former level of popularity. If I was in the market for an MDX right now, I personally would probably lease one as well.
Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Acura MDX with just the Sports Package and 15,000 miles per year are .00247 and 47%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The numbers for an otherwise identical lease of an '08 model are .00290 and 45%. Don't forget the four grand dealer cash that is available on the '08.
If you were to lease with only 12,000 miles per year, the above residual values would be 2% higher.
Car_man
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Does it make sense to wait for November or possibly December to see if the lease numbers get better? Or Should I go for it now? I am prepared to close a deal now or in the next month or so; however, I am in no rush...I definitely want to close a deal before christmas.
But, there are mixed feelings out there as to the dealer incentives and also the effect of the economy on car leasing for the next couple of months? Any thoughts?
What's the residual factor on this car? I see from the other posts that the money factor is .00290. I was told in September it was 54% I would imagine it is less now.
Also, is there typically a disposition fee on this vehicle at the end of the lease?
Many thanks!
Car_man
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Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2008 Acura MDX with 15,000 miles per year are .00290 and 49%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. When negotiating your lease on this truck, make sure to take advantage of the $4,000 cash incentive that Acura is currently providing on it.
Car_man
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Could you post November 2008 lease buy rates and money factor for 2008 and 2009 MDX Tech and Entertainment pkg models with 15000 miles per year?
Appreciate your help.
Thanks,
Lokesh
Could you please post 2008/2009 MDX Rate/Residuals with the Sport Only Pkg. 36 Months 12K and 15K Miles for NOVEMBER?
Also, any dealer incentives for 2008 Models in November?
Thanks.
Question: when calculating the residual do you take into account the destination charge?
Thanks
I just visited a dealer and received below numbers for a 2009 MDX Tech. for 15K miles/36 months:
Selling price : 41900
Residual : 51%
MF : 0.00178
Is this a good deal? Should I wait more to see if the numbers get better? Are the above residual and MF same as released by AHFC?
The 2008 model's lease program is much worse at .00290 and 44%, but Acura is providing $4,000 dealer cash on it which can be used to negotiate a low capitalized cost.
Car_man
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Vehicles' residual values are based upon a percentage of their full MSRPs, including any options that can be residualized and the destination charge.
Car_man
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If you like the MDX, I personally don't see any reason not to pull the trigger on this deal.
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