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2013 and earlier-Acura TL Lease Questions

CarMan@Edmunds[email protected] Posts: 38,515
edited January 2014 in Acura
Hi everyone. Please use the following discussion to post any questions that you have about leasing an Acura TL. Thanks.

Car_man
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Comments

  • My old faithful Accord sustained some serious damage today after hitting a piece of steel that fell off a vehical.

    It may be a total loss, busted oil pan and tore up the muffler, most unpleasant. So I may be moving along a little quicker then I had anticipated.

    Everyone at work says it was Karma after test drove a TL last week!

    I can do the math on a purchase, but I'd like to get some rough numbers on a lease in the DFW area.

    Any help?
  • Why is the lease on the TL so bad?

    36 Month
    12K annual Miles
    $605.06/month

    New to the whole car buying/lease, so please explain. Looking at Audi A4 and BMW 3 series and their leases are more affordable. Please advise.
  • Here is the quote i got from acura dealer in NYC.
    MSRP $33,760/dest. charge incl.
    Selling around $30,800.
    42 months money factor .000230.
    Residual 10k miles, 42 months 55%.
    42 months lease - $437/tax. incl.
    Up fron costs - Bank fee $595+tax, first month payment $437 + motor vehicle around $90. Total out of pocket $1186. Does this sound like a good deal?
  • That number looks like the RL lease.
  • Your're very wrong here...RL lease is $599 PLUS about 2500 out of pocket.....Checkout acura.com
  • Sorry :), i've misread who you replied to :) ...yes over 600 is definetely a rip off for $31000 car
  • patpat Posts: 10,421
    billyperks, I need for you to drop me an email as soon as possible - pat AT edmunds.com - thanks!
  • Pat or Car_Man,

    Pls help me out, i am one foot into the Acura dealership :) ....dealer wouldn't budge for less than $437 with tax for 42 months..... :(
  • Clear to me leasing is not the way to .....
  • Sorry to hear about the damage to your old car, hostage46. I hope you at least saw the vehicle that the big piece of metal fell off of and held them accountable. Since you are not familiar with how lease payments are calculated, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. I would be happy to give you an idea of what the car that you are interested in should cost to lease, but in order for me to do so I need some additional informaiton from you first. This info includes whether you want your car equipped with navigation, how long you want to lease it for, how many miles per year you need to be able to drive it, its full MSRP (with the destination charge added in), and an approximate selling price.

    Car_man
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  • Hello sks109. Always remember that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. If the Acura TL lease that you were quoted is based upon a high selling price, its lease payment is not going to be very good. This is a relatively expensive car to lease even if you are getting it for a good price because TLs sell well enough on their own that Acura does not have to provide any sort of lease support on them.

    Car_man
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  • Hey ozzynyc. You were quoted an excellent selling price for the TL that you are interested in. I looks as though it is probably very close to dealer invoice. Furthermore, the dealer that you are working with does not seem to be marking up your car's money factor any. This is also a good thing. Using the numbers that you provided, I come up with a zero down, pre-tax monthly lease payment of around $405. If you like the car, I don't see any reason not to pull the trigger on this deal.

    Car_man
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  • I have owned one car in the past, financed it for five years and paid it off. I am not trading my car in, I am giving it to my younger brother. I live in the Fort Lauderdale, FL area. I want to lease a 2005 TL with the navigation system. I don't have a lot of out of pocket money to put towards it. I have NEVER negotiated a lease before. I have learned a lot from the forums here, but would really appreciate any advice this forum could offer. I want to keep my lease payment as close to the $400 a month mark as possible. I am going in next weekend 9/24/05 to lease the car as I heard the end of the month is the best time to lease as sales people are more likely to deal since it’s the end of the month. One other factor is that my credit score is about a 658 (student loans from law school will do that!) I am not sure what effect that will have on the lease. I want to thank anyone who responds for taking the time to help out a first time leasor out.
  • I am looking at the 2005 TL, Automatic with nav
  • Many thanks Car_Man...

    This car is 1000 times better than Murano in pretty much everythiing EXCEPT for the trunk space LOL....

    I accidently sat in RL when i walked in the dealership and was glued to the gorgeous interior of that model. I have a 2003 TL now, and once sat in 2005 TL didn't have a WOW factor, but i think it's a great car...One thing that concerns me is the torque steering issue that some people have and some don't....I wonder if it's based on a certain production release, maybe there is a VIN category to avoid? Any info is appreciated...

    Thanks!
  • kyfdxkyfdx Posts: 148,679
    The torque steer is most noticeable on manual transmission models.. Most automatic buyers claim they can't detect it....

    regards,
    kyfdx
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    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • Car_Man,

    They want $595 bank fee (+ TAX, there is tax on bank fee???), first payment up front and the motor vehicle fee of about $90 to transfer the plates or $171 for new plates...Is this reasonable with $405 + tax a month for remaining 41 months plus these fees? Thanks!!
  • When will the 2006 lease residual be available for the 2006 TL? I plan to lease a TL by Nov 1st when my current TL 2002 TL lease is up. (wife wants a new car every 4 years) I got a screaming deal back them and I hope to get a new TL close to invoice again. I remember the dealer giving me a new '02 TL in the fall of "01 because the residuals and better on newer cars.

    Has anyone compared the lease pricing from an internet fleet leasing company that delivers to your door vs a dealer? I Google this and it brought up several car leasing companies. I was wondering if anyone has used any of these?

    My dealer has already called me and asked me to come in and pick out another TL. I asked them since my 2002 TL type S is within a few hundred bucks MSRP of the new 06 TL non navi as well as the almost same invoice if I could get the same deal.
    They told me to come and and we will see. My current payment is $400 total.

    Troy
  • Car_man, I am wondering if you can help me. I want to do a sign and drive lease on a new Acura--I am kinda torn between doing a 36 month lease, no money down, 15,000 miles on the two cars:

    2005 Acura TL with 6 speed and Nav

    2005 Acura RL

    I drove both and loved 'em. The TL was sportier but the RL has AWD which is important here in Massachusetts. I got a high lease quote on both as the opening shot from the salesman. However, I stopped by a second dealer and the numbers for the two cars, while both still a little high, were coming closer together. The salesman seemed to imply that the RL would be close to the TL because of the $2,500 that Acura has in place right now for the RL. The dealer quoted me $637 for the RL (36 months nothing down but the first months payments and the fees) and $545 for the TL. I think he cranked the number up on the TL because he wants me to take the RL. How do these numbers look for a quote in Massachusetts? Shouldnt the TL be closer to $400+ per month? How about the RL. Any help you can provide would be appreciated; I've never leased before, but a colleague told me it's the way to go, as I like to get new cars every 3-4 years.

    Thanks,
  • Welcome stgel01. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Once you have checked these articles out, stop back and ask any specific questions that you have on leasing this car.

    Car_man
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  • You're welcome ozzynyc. kyfdx took the words right out of my mouth on the torque steer issue :). Thanks.

    Car_man
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  • Ozzynyc, Honda finance's current base acquisition fee for leases of Acura models is currently $595, which is right in line with what you were quoted. Having to pay this plus your car's first month's payment at lease signing is typical of a new lease. I am not sure how much your state charges for transfer fees or new plates though.

    Car_man
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  • Hello Troy. Acura has not published its lease program for the 2006 TL yet. It will not do so until they begin arriving at dealers. I've heard rumors that the '06 TL will not begin to hit lots until mid-October. It is difficult to say how much you will have to pay to get your new TL, but I suspect that you will not be able to get an '06 model at dealer invoice when it first arrives. Keep an eye on the following discussion to see how much other community members are paying for similar cars: "Acura TL: Prices Paid & Buying Experience".

    Car_man
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  • Hey mmcporter. I just replied to the identical post that you made over in the Acura RL Lease Questions discussion. Please check there for my response. Thanks.

    Car_man
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  • Car_man,

    Thanks for the reply. Car_man,

    For the TL, the MSRP is $35,100 plus destination of $570. I havent negotiated the pricing yet, but the invoice is $31,985 with the $570 destination. So I would say that I should be able to get the car for $33K without breaking too much of a sweat. Again, looking for 0 down except the first payment plus fees, 15K miles per year on a 36 month lease. Hope this helps. I will post the similar information in the RL forum on the RL.
  • You are off by 2K, the MSRP for the car is 33,100 + dest. (unless you mean you want nav @ $2k). You need to find out from the dealer what's the selling price is, EVEN if you're planning on leasing it. If they tell you they don't give out selling prices, tell 'em to go do something biologically impossible and move on to another dealer. Once you get the selling price, all you need is 2 more numbers:
    1. The money factor (banks rate that translates to interest rate) which is a set number that you can post here and we'll find out if they made it higher than it is.
    2. The residual value or %.
    Then caclucalting your lease payments is very easy. Good Luck!
  • see my earlier post above--car I am interested in is the TL 6 speed with NAV--$35K+.
  • What i said before still holds true. You need these 3 numbers, else there is nothing to calculate:
    1. Selling price of the vehicle
    2. Money factor that THEY quoted you (to see if it's real or not)
    3. The residual value of the car whether it's $ amount or %
  • Ok, pulled the trigger and signed a 42 months lease. $1070 out of pocket that includes $595 bank fee, first month payment of $436 payment (that includes 8.375% NY tax) and new plates ($170 in NY using a dealer). They gave me a break since i have 3 more payments and lower the payment to $1070....Overall, i think it's a great deal....Got antracite color with light silver leather...
  • I hope you got the Nav with that payment of $436.00.
  • That's a good one. I got the car for $30,200. I want to see you get it for less in NY :)
  • So I take it you have the Non-Nav. :(

    I don't live in NYC anymore, I lived there for fifteen years, I now reside in Connecticut where dealers are more lenient and honest-IMHO.

    Several years ago I went to Acura of Westchester to purchase a 2003 TL TYPE S.
    They were trying to low ball me and I went to Greenwich Acura and got the car for invoice.

    I am not laughing at your deal, I was hoping that you got the Nav with the payment you mentioned.
  • I hear you m8t, but i don't need nav, i have my PDA with Navman which i love...I got the car for 30,200, which is almost $600 below invoice (with dest.). I only know one person on this board who got it for 29K and a change, but he paid Processing fees/doc fees, which is nothing but added profit to dealer. I'm paying nothing but a bank fee.....When i asked other dealerships in NY, the lowest i got is 31500. So what are you getting?
  • I am not in the market right now, I have a 2003 Type S that I am going to sell or trade in by the end of next summer.
    I only visit these boards to stay up to date on what's going on.
    Here is my short list for next years purchase
    1).TL
    2).RL
    3)GS (has to be a 350 awd)
    If my bonus comes through the right way
    1)Mercedes E350
    2)Audi A6 3.2 Quatrro
    3).Infiniti M35X

    Not buying this time, going forward all my car purchases will be leasing.
  • You're welcome mmcporter. Let's work up a lease payment on this car and see what we come up with. According to my calculations, if you were to lease a 2005 Acura TL with navigation with an MSRP of $35,670 and a selling price of $33,000 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $504.

    Car_man
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  • Congratulations on your new car, ozzynyc. Thanks for taking the time to share the details of your deal with everyone. Enjoy!

    Car_man
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  • mead1mead1 Posts: 8
    Car_man
    I was quoted $464/month (pre-tax) for a 42-month lease on a 2005 TL with Navi, automatic transmission, 10k miles/year. $800 up front (incl. first month and tax, tag, title). I was trying to determine if this is a good deal based on the other posts, but seemed to be comparing apples and oranges for the most part. What interest rate does Honda Finance typically give on 42-month leases? I saw ozzynyc had posted a money factor of .000230, but this seems really low (about 0.5%). I'd appreciate any thoughts you may have. Thanks.
  • troytntroytn Posts: 8
    I just signed a 42 month lease 2005 NAVI TL with a .000230 money factor for good credit consumers through Honda or if not so good you get .000240. Residual is best at 42 months right now. Residual on 42 months is 53% vs on a 48 mo lease its 46%. This is also 12,000 miles a year. Ist Month payment/tax/title money down. My payment is $490 Total including tax. This is getting the NAVI just above invoice. I think mine was $32,700. I believe invoice is 32,164 plus $550 destination so 32,714. I could have done slightly better but the color combos on 2005's are going going gone. Its 2006 models now and my dealer told me not much discounts on 06's until late Nov/Dec when sales slow for the holiday season. He mentioned Acura sent out memo stating that they are having record sales of the TL and be cautious on dealers discounting the 2006 models.
    As always SHOP around. I had 3 dealers tell me NO WAY to get a lease payment under $550 for a NAVI with no cap cost reduction. They were quoting me $510-$525 with NO NAVI. I feel good about my deal.

    Troy
  • mead1mead1 Posts: 8
    Troy-
    Thanks for the info--very helpful. My payment will be around $496 with tax on a 10k/year lease, so it sounds like you got a slightly better deal. I shopped the lease around the dealers down here in Miami, and this was the best I got after playing them off each other a bit. You're right though--they were all over the map, especially at first. Guess I need to decide whether to push for the extra $10-15/month off a month or just leave well enough alone. Thanks again.

    Justin
  • Hello mead1. Through the end of today, October 3rd, Honda Finance's buy rate lease money factor for a 42 month lease of a 2006 Acura TL should be .00230 for consumers who qualify for its Super Preferred credit tier with the payment of a security deposit. The .000230 that you saw mentioned was close, but it had an extra zero in there :) .

    Car_man
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  • Congratulations on your new car, Troy. Thanks for taking the time to share the details of your deal with everyone. Enjoy!

    Car_man
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  • philo82philo82 Posts: 10
    I was originally thinking of purchasing a 2006 Acura TL, but then decided to wait a year for the 2007s. So I asked about a one-year lease for an Acura TL at a dealership in Northern Virginia (DC Metro area), and was told the following by the salesman:

    1. They would offer me a 2-year lease on a "2005 or 2006" (which means a 2005, since the 2006s aren't in yet) Acura TL with no NAVI at $600/month - after a credit check, which is not a problem. This would require a deposit for the 1st month. All taxes would be included.
    2. Yearly Mileage Limit = 12,000 with $0.15 per additional mile.
    3. They would include a clause in the contract that would permit me to turn the car in after one year if it was in good condition. I understand they have to protect themselves, but who is to say the car is still in "good condition", and is there any special language that should be included in the contract to protect myself?

    I'd like opinions on whether this is a good deal, and if not, what would constitute one for one year? Thanks in advance.

    philo82
  • philo82philo82 Posts: 10
    One More Consideration - Lease vs. Buy and then Sell after one year

    If I'm paying $7,200 for a one-year lease, does it make sense to purchase a 2006 Acura TL, and then trade it in after one year for a 2007 model? I understand that Acuras retain their value more than many other brands. The question is, of course, which option would let me come out ahead after one year? Would I be losing $7,200 in resale value after one year if I purchased a 2006?
  • oid21oid21 Posts: 12
    Car_man, supposedly the money factors have changed for Oct. What are they currently on a 42 mo? Preferred/Super Preferred? Have the residuals changed too, or are they still 53% (42mo) and 46% (48mo?) Thx.
  • I'm not the expert here, but keep in mind the $7200 represents financing cost in addition to depreciation. I doubt the car would depreciate $7200, given 12K or so miles. But are you paying cash, or financing? If financing, you'll pay interest, so add that to any losses for depreciation. If you're paying cash, look at your opportunity cost (what would you earn on the money if you didn't buy the car?).

    In short, don't forget financing or opportunity costs when making your decision.
  • ozzynycozzynyc Posts: 31
    I think 496 a month is a lot for tl w/ nav. You should be able to negotiate the price below invoice for 2005, since every dealer wants to get rid of the cars ahead of 2006. I think you can negotiate the selling price to $31000, i've gotten down to 30,200 without nav (add about $1800 for nav). My taxes are 8.375%, so it's pretty high and yet i still pay $436 a month for 42 month with only $1000 up-front. I think nav is over-rated unless you REALLY need it. Good luck!
  • ozzynycozzynyc Posts: 31
    You do realize that for $600 a month you can get an Audi A6 for 24 months or a BMW X5 truck, right??? You shouldn't lease a car thinking that you would return it after one year. If you want one year lease, checkout swapalease.com and leasetrader.com. You can pick someone else's lease for that time frame and get a nice luxury car for $600. It's just not practical. I wouldn't go for it... Just my 2 cents...Good luck...
  • oid21oid21 Posts: 12
    05 TL 6MT Nav
    42 Mo lease
    12,000 miles/year
    Cap Cost: 33,500 (still high for an 05, I know)
    Money Factor: .00270 (high?)
    $2000 drive off (990 cap reduction, 250 lic/doc, first payment of 550, and something else, acquisition maybe?)
    $515/mo before taxes
    FICO 705

    Mike Hale Acura, Salt Lake City, Utah
    These guys were actually pretty decent to work with (unlike 90% of the dealers around here). But going through the process of typing these terms out tells me the deal just isn't where it needs to be. What do you all think?
  • Hello philo82. I don't believe that Honda Finance offers leases that are shorter than 24 months. It sounds to me as though the dealer that you are working with is going to lease you this car for two years, period. They cannot include a clause in a bank's contract that lets you off the hook after only 12 months. Consumers can purchase their leased vehicles whenever they want to, but there is a decent chance that it will cost you more to purchase your leased Acura TL than it will be worth on the open market after only 12 months. If this is the case, you will lose money by getting out of your lease early. Dealers often try to disguise this loss by adding negative equity into new loans or leases, but doing so only hurts your bargaining position on your new vehicle. It would be in your best interest to lease this car for the entire 24 months or to just purchase it and then sell it after a year.

    Car_man
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  • Hey oid21. To the best of my knowledge, Honda Finance's standard lease money factors, which is what you would have to use to lease an Acura TL right now, and residual values are the same right now as they were in September.

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