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2013 and earlier-Acura TL Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello oid21. The last time that I saw Honda Finance's buy rate lease money factor for a 42 month lease of an 2005 Acura TL, it was only .00230. It looks to me as though the dealer that you are working with is marking up your car's money factor to add additional back-end profit to your deal. It is in your best interest to insist that they use Honda Finance's buy rate money factor to calculate your car's lease payment. If you choose to have your car's security deposit waived, the money factor will be a little higher, but still not the .00270 that you were quoted, unless you do not qualify for Honda Finance's top credit tier. It is difficult for me to give you my opinion on this car's selling price without knowing what its full MSRP is. this enables me to see how much of a discount you are being given. The MSRP will also enable me to estimate a lease payment on this car for you using Honda Finance's actual lease program.

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  • dpavdpav Member Posts: 19
    Car_man - I know the pricing is not yet out for the 06 TL, but I'm hoping to find out what HFAC is offering (MF and residual) on a 36 mo lease for 12K miles.

    Thanks
  • philo82philo82 Member Posts: 10
    Thanks, Car_man, and to everyone else for the input - it has been greatly appreciated. In fact, I've decided to repair my current car (far cheaper than leasing for one year), keep it for one more year, and then look at the new 2007 Acura TL.

    Speaking of the 2007 Acura TL -
    • For years, Mercedes has moved engines in higher-priced models down to models further down the model line.

    • Given that there were very few changes to the Acura TL for 2006, what do you think the chances are that Honda will imitate Mercedes by moving the engine of the Acura RL down to the Acura TL, and increasing horsepower or re-designing the Acura RL? Naturally, it is far too soon to expect any announcement from Honda on this.

    Philo82
  • bdcostbdcost Member Posts: 1
    Hello! I know, I know...I should have seen it coming. I am currently ina TL lease with six months to go and will shortly run out of my alloted miles (18,000 per year).

    I am considering the following options:
    1. Buy the car now.
    2. Trade as I near the end of the lease.

    Here are my questions:
    1. Will it save me money to buy the car now or at the end of the lease?
    2. If I trade near the end of my lease, will they "forgive" the extra mileage (est.9,000)
    3. There is a small amount of damage to the right front quarter panel (collided with my bike in the garage). If I trade before end of lease, will this damage be forgiven?
    4. If my lease is with American Honda Fin. Corp...is it more advantageous to trade for a Honda or an Acura? Thinking about Lexus or even the Toyota Camry XLE looks pretty good.

    Thanks...
  • corbo29corbo29 Member Posts: 3
    I probably should of checked out this site a bit earlier but I just leased an 06 TL w/o Nav on sat (10/8) in tempe and am wondering if they took me for alot more than they should. Here are the details...

    48 mos, 3k down, $499/mo, 12k mi, 680 fico

    After reading through some of these posts, I feel like I should have negotiated a little more but this was the first time in about 10 yrs that I have purchased a car so I guess I wasnt thinking so clearly.

    Any opinions are appreciated!!
  • ozzynycozzynyc Member Posts: 31
    I am sorry that i will have to rain on your parade, but you paid way too much for the car. The length of the lease alone should have made this lease around $400 with $3000 down. But this solely depends on the area and the dealer you worked with (tax, incentives, "document fees" that some dealers charge $800 and some $100, etc). Since this is a new car, they won't sell it at invoice. Did you at least get the selling price?

    Remember, when you lease the car this is what you need to know: 1. the money factor (bank's interest rate), 2. the selling price, 3. the residual value. Then calculating the payment is very easy.

    But don't worry and enjoy the car!!!
  • hintzhintz Member Posts: 71
    Drove a TL today and loved the car, the dealer won't even discuss prices or terms etc, unless you want to meet w/ the finance mgr. What a bunch of crap. I want to lease for 39mos/15k per year/ with 1200 down. The salesman said, you need to put around 5k down to get a payment around 499, I was so mad after the test drive and told them when they have real #'s call me. My fico score is 794... Go figure, Guess I will look at getting another lexus instead. URGH
  • dpavdpav Member Posts: 19
    Anyone know what HFAC is setting initial money factor and residual for the 06 TL for 12K miles 36 months? (no navi). Thanks in advance...
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dpav. Not surprisingly, Acura is not providing any sort of lease support on the 2006 TL. As a result, if you were to lease one through Honda Finance right now you would have to use its standard lease program. Its current buy rate standard lease money factor for 36 month leases is .00250. Honda Finance's 36 month, 12,000 mile per year residual value for an '06 TL without navigation is currently 62%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome Philo82. I think that you are making a wise choice.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello bdcost. There really is not any advantage to purchasing your leased vehicle now rather than waiting until the scheduled end of your lease to do so. Not only is there a good chance that the bank that you are leasing though is going to still want you to pay the interest portion of your remaining lease payments, but they will be a lot less likely to negotiate your car's selling price with you now than they will be in a few months. Of course, there is no guarantee that Honda Finance, or whichever bank you are leasing through, will negotiate your car's lease-end purchase price, more often than not they won't, but you stand a much better chance of getting them to work with you in a few months than you do now.

    Banks cannot charge excess mileage penalties on vehicles that consumers purchase. So buy purchasing your leased Acura at the end of its term you will get out of having to pay this charge. the same thing goes for any excess wear and tear charges. The question is whether your car will have a low enough purchase option price to justify purchasing it. There is a chance that your car's purchase price will be so high that you would actually be better off just paying the mileage penalty rather than buying it and trading it in for a loss. You do not necessarily have to trade your car in to a Honda or Acura dealer if you choose to do so.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi corbo29. You're right, it is better to research your lease prior to taking delivery of your vehicle but by visiting this discussion now you can at lease learn whether you got a good deal and if not what to do differently in the future. You never mentioned the selling price or MSRP of the car that you leased. 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 this car's selling price 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 your deal if you let me know what these numbers are.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dpav. Honda Finance's current buy rate lease money factor and residual value for a 36 month, 12,000 mile per year lease of a 2006 Acura TL without navigation are .00250 and 62%, respectively.

    Car_man
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  • karmavermakarmaverma Member Posts: 2
    I was quoted $30,990 plus applicable tax and title fee for a 2005 TL w/o nav. This is in the Columbus, OH area. For a 36 month, 12k mile lease on a 2006 TL w/o nav, I was told the residual is $19,686 (selling price of $32,500, so around 61%) and money factor is 0.00192. After reading these boards, this sounds pretty good IMO.
    I did some quick math and assuming I put the deposit and all fees down, I come up with a monthly payment of $380 (incl 6.75% sales tax). The dealer says it'll be $483 PLUS tax. Can anyone tell me what I'm doing wrong here? Any comments are appreciated.
  • corbo29corbo29 Member Posts: 3
    Hey Car_man. Thanks for the reply. None of my paperwork really shows an actual MSRP that was charged. It does show the Gross Capitalized Cost as $33,778.05 with a residual value of $17,648.80. If you need any additional numbers, let me know. The part that bothers me is that I was originally going to an Auto Broker represent me so I wouldn't have to worry the whole numbers thing but my sales guy talked me out of it and told me I would get a better deal without him. Not to bright an idea on my behalf. :confuse:
  • kyfdxkyfdx Moderator Posts: 236,681
    Just some quick math..

    $32,500 Selling price minus $19,686 residual = $12,814 depreciation..

    $12,814 divided by 36 months = $356/mo... and this is only the depreciation portion of the monthly payment...

    The finance charge portion is (residual + cap cost) X money factor

    (32500 + 19686) X .00192 = approx. $100/mo..

    Total $456/mo.+ tax (more or less)..

    I think you left out the finance charge portion of the payment..

    regards,
    kyfdx
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  • drmike29drmike29 Member Posts: 26
    It was suggested that I post this message here instead of my previous post in the New Prices Forum.

    Does anyone know the MONEY FACTOR and RESIDUAL VALUE currently available through Honda Financial for a 2006 Acura TL for 36 months/15k per year?
    Mike
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome corbo29. Consumers who understand how leasing works and shop around can actually get better deals on their own than they can by going through a broker because for educated consumers all brokers really do is add another party that needs to profit from your deal. As far as your car's full MSRP goes, since Acura models do not have much in the way of options available on them your car's MSRP should not be that hard to figure out. Acura's full MSRP for a 2006 TL without navigation is currently $33,940. Your car has a capitalized cost of $33,778.05. If you didn't roll any sort of taxes or fees into your car's cap cost, you only received a discount of less than $200 on this car, which is not a very good deal. If you rolled Honda Finance's $595 acquisition fee or any state taxes or fees into your car's cap cost, this deal is much better.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome drmike29. you've definitely come to the right place. Here is the information that you are looking for. If you were to lease a 2006 Acura TL without navigation through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00250 and 60%, respectively.

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  • drmike29drmike29 Member Posts: 26
    Hi Car_man,
    I should have been more specific. Would the rates be any different for the TL with Navi? Does a very good credit rating improve the rates?
    Mike
  • ozzynycozzynyc Member Posts: 31
    The money factor is the interest rate that bank charges. It doesn't change based on options selected in the vehicle (nav vs non-nav). The rate quoted is for someone with good credit history. Even if your history is just ok, the rate should still apply. Only if you have poor credit will the interest rate be higher.

    Good luck.

    Ozz
  • kyfdxkyfdx Moderator Posts: 236,681
    While money factors don't usually change with options, residuals sometimes do...

    And, the option most likely to affect the residual percentage is.. Navigation..

    Car_man will likely have specifics, regarding this model..

    regards,
    kyfdx
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  • levitynyc1levitynyc1 Member Posts: 3
    I live in NYC. This could be my family's 4th Acura.

    I recently went to look for a new TL. I was quoted a price of $439 (including tax) a month with 1st months payment and bank fees down (around 1000) W/o Navigation.

    Good deal?

    Thanks
  • jrboyjrboy Member Posts: 3
    The Acura website tells me that I can get a 2006 TL with NAVI on lease with the following numbers:
    36 Months Term
    12,000 Annual Mileage
    Required Refundable Security Deposit $625.00, 1st Monthly Payment $617.84, Capitalized Cost Reduction $0.00 to equal an estimate total of $1,242.84 due at lease signing
    Estimated Amount Financed $35,940.00
    for $617.84 per month

    When I do the math with the residual at 60%, money factor at .0025, and the selling price of $35,940.00 I get a monthly payment of $541 (399+142)
    What am I doing wrong?
    Is there a better way to lease this car?
  • brunnabrunna Member Posts: 53
    I searched and found a great website with this spreadsheet (Excel) to use for leasing calculations and found it to be dead on. They also have others for buying, etc. Give it a try and you will be in a much better position to negotiate. Good luck!
    http://www.carbuyingtips.com/regm.xls
  • kyfdxkyfdx Moderator Posts: 236,681
    The problem with the website, is you don't know what their assumptions are.. or even if the money factor and residual numbers are up to date..

    If they had an advertised lease on the website, then it would have all of the disclaimers and most of the information that you need.. But, if you just "build your own" and then use their calculator, the number you get is basically fiction..

    Hey.. that's why we are here!! To give you the correct numbers..!!

    By the way, your calculations are right on the money..

    regards,
    kyfdx
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  • dpearlsdpearls Member Posts: 1
    Hi, I'm thinking of leasing a 2005 TL. They tell me there is almost zero difference between the 2005 and 2006 and they are willing to give me $2,000 off of the 2005 list.
    I have a trade-in that is worth ~$6,000. Does it pay to put all of the trade-in value towards the Cap Cost reduction? I've read where paying down a lease is dangerous in case the car is stolen or totaled. Then your money is essentially gone.

    Thoughts, advice?

    Thank you
  • drmike29drmike29 Member Posts: 26
    I am close to closing a deal on a 2006 TL with navigation lease. For additional fees, the dealer is adding on $20 lean fee and $20 service fee for handling title and tag registration. Are these common fees to most leases or is my dealer trying to just make a few extra bucks?
    Mike
  • stevef4stevef4 Member Posts: 25
    whats the residuals for TL-with navi for 36 mo 12k and 15k
    that 60 percent for TL w/o navi for 15k seems high
    is honda running some lease specials on the 06 TL now?
  • markushamarkusha Member Posts: 1
    Hi guys,
    I would really appreciate your help in helping me to decide whether to buy or lease 2006 Acura Tl with Nav. I was able to get a great selling price: $33,400 (yeah, I know, it's just about $600 above invoice and delivery) and a good money factor: 0.0025. The problem is I live in IL which has this silly law requiring taxes to be collected off the whole price of the vehicle, as opposed to the lease cost. Therefore, after taxes, fees, security dep., etc my payment is either: a) $3,456 upfront and $475 a month or b) $1,240 upfront and $545 a month. (36 month lease, 12K miles a year).
    Alternatively, I can buy this car: 60 month loan, 5.8% interest; $646 a month plus tax.
    Any advice would be very appreciated. Thanks a lot!
  • ggesqggesq Member Posts: 701
    dpearls,

    The savings on a 05 vs. 06 are probably pretty considerable considering that most dealers are not offering great deals on the 06 as they are on the 05's. However, I do think you should make an educated decision between the two. The dealer telling you that there is almost zero difference between the two might be a little off from the mark. Consider the following changes for 06:
    New Blue (Royal) color replacing Abyss Blue
    Green color discontinued for 06
    New Tire Pressure Monitoring System
    New Torque Steer control mechanism (remember the TL is still a FWD sports sedan)
    Updated interior/exterior color combinations
    Some colors changing slightly: silver e.g. changed to a different shade of silver
    Extended Standard Warranty
    I believe these are most of the changes. Forgive me if I missed one or two... I am sure someone else can advise if I missed anything but if some or all of these things matter to you, it might justify paying the extra $$ for the 06.
    Personally, these things did not matter to me,so I bought an 05, but the dealer telling you that there is almost zero difference would be incorrect. Maybe they said that to move their old inventory :confuse:
    Just my .02, hope this helps. :D
  • malichsmalichs Member Posts: 8
    Hello all,

    I've been following this thread for a few days, but I don't see much mention of navi leases. I'm looking at an 06 auto with navi in the DC area, and I was quoted a selling price of 33995.

    First, can I do better on the price? Second, what would the lease payments be with this price (what is the residual and money factor for an 06 with navi)?

    thanks.
  • drmike29drmike29 Member Posts: 26
    Malichs,
    The values I was told earlier this week for 06 with Navi were
    Money Factor .0026
    36 month / 15 k = 59% residual value
    36 month / 12 k = 61% residual value
    Mike
  • drmike29drmike29 Member Posts: 26
    I assume that the Residual Values for the TL with Navi would not change often, but when do the Money Factors change? Monthly, weekly? The current money factor of .0026 is equivalent to 6.24% so is really not a bargain these days.
    Mike
  • jinvajinva Member Posts: 41
    I know the market for TL's is very good, so I'm not really expecting any deals. But after Thanksgiving I'm sure it's going to slow down. We have to turn in our current car by Nov. 30th. Anyone care to speculate on whether holding off until after Dec. 1 will be worthwhile? Or should we just try to make the deal late in Nov.?

    Thanks for any input.
  • stevef4stevef4 Member Posts: 25
    Im in same boat
    Im waiting till dec slow down
    expect some lease support by then
  • jinvajinva Member Posts: 41
    We will probably go in before Thanksgiving to see what is offered. We recently dealt with a very good Honda salesguy who told us that, at his dealership at least, November was actually a slower month than December. If that is true, it could be that a good sales price could be equal to a better lease rate.
  • sonyswsonysw Member Posts: 34
    I use leasecompare.com
    General rule of thumb for 36months/36k lease. Price of the car x 0.012 up to 0.014= lease price /month or $15 every $1000. The price should include everything except tax. FYI, I recently lease 2005 MDX with Navi for $38,000. Lease price zero down $470 per month ($515 with tax). Always negotiate the price first. Good luck.
  • jinvajinva Member Posts: 41
    Thanks. Using your rules of thumb, $15 x 38 = $570. So, if your deal is for $515, there's some incredible residual or money factor going on. I can't hope to get close to that on a TL. I think I could do a zero down lease a TL for $515 if it sold for around $34.5k.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Drmike29, Honda Finance's lease money factors are exactly the same for TL models with and without navigation systems.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi levitynyc1. You never mentioned the selling price or MSRP of the car 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 this car's selling price 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 on this deal if you let me know what these numbers are.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello jrboy. For some strange reason, the lease calculators are available on web sites, even manufacturer sites, that do not ask for inputs for vehicles' money factors or residual values never seem to be accurate. One would think that an automaker would make sure to have an accurate lease calculator on their site, but they usually don't.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dpearls. There's nothing wrong with trading in a vehicle when leasing, however if you decide to do so it would be in your best interest to have the dealer that you trade it in to cut you a check for it rather than use the proceeds from it as a capitalized cost reduction for your lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your TL would be exactly the same, regardless of whether you had put $6,000 down, or had made absolutely no down payment at all.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey stevef4. Acura is not currently providing any sort of lease support on either the 2006 or 2005 TL right now. It did however, introduce $500 dealer cash on the '05 TL to help dealers unload their leftover models. This is the first time that I remember seeing any sort of cash support on the TL since it was redesigned many moons ago. If you were to lease a 2005 Acura TL with navigation through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00260 and 52%, respectively. The money factor for an otherwise identical lease of a 2006 model would be the same, but the residual value would increase to 58%. Honda Finance's residual values for leases with 12,000 miles per year are 2% higher.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi markusha. Leasing in states like Illinois that require consumers to pay sales tax on the entire price of leased vehicles is the worst. Given your state's unreasonable sales tax rules and the lack of lease support on the TL, I personally would be inclined to finance or pay cash for one rather than lease it if I was in your area.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi malichs. If you were to lease a 2006 Acura TL with navigation through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00260 and 58%, respectively. I would be happy to estimate what your lease payment should be like on the car that you are interested in, but in order for me to do so I need you to provide me with its full MSRP (with the destination charge added in). For feedback on the selling price that you were quoted, stop by the following discussion: "Acura TL: Prices Paid & Buying Experience".

    Car_man
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  • 1ohioguy1ohioguy Member Posts: 2
    Car_Man.. et al -
    A few questions:
    When calculating the TL MSRP in a lease equation, I have not been including the destination of $615. Instead, I have been including it in the cap cost (including it in the negotiated purchase price)... or calculating the cost as an out-of pocket expense..outside of the leasing formula. Otherwise, including it will throw off the depreciation numbers... Is this correct?
    Secondly, Today (11-5)the dealer told me that the best 36 month lease rate offered by Honda on the 06 TL is .00285 (6.84%). Based on what I am reading here, this is simply not correct and about .6% higher than actual. He is also telling me that with a $31600 cap cost, a .61 resid, .00285 rate, 36 mo., 0 down and 1200 miles, a 2006 non-navi TL is $485 / mo inc. 6.75% tax with $595 origination + first month + title..etc = $1163 cash OTD. The only way I can get the math to work (to within $2)is to set the MSRP at $33940. He will do the same deal on 42 months, .57 resid at .0026 money factor for $455.99 inc 6.75% tax. $1134 cash OTD.
    1. What do you think about the interest rate? Is everyone getting the same story or is the dealer trying to recoup some $$ via a jacked up interest rate?
    2. What is happening with the math to come up with his number? Is it the treatment of the MSRP/destination?

    Thanks a ton to all who reply....great forum.
  • kyfdxkyfdx Moderator Posts: 236,681
    Always do your calculations with the MSRP including destination charge... $33,940 is the MSRP..

    regards,
    kyfdx
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jinva. It is difficult to predict what automakers will do with their future incentive programs. Acura rarely provides any sort of support on the TL. The $500 dealer cash that was introduced on the '05 TL this month is the really the first support that has been available on this car since it was redesigned many moons ago. If I had to make an educated guess, I would say that Acura probably will not provide any sort of lease support on the '06 TL when it introduces its new lease program on December 6th. In fact, this car's lease program might actually get worse if its residual values drop or Honda Finance raises its standard lease money factors. As I said earlier though, nobody knows foe certain exactly what will happen until the new program is officially announced.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi 1ohioguy. When calculating lease payments, always include the destination charge in your vehicle's MSRP. It should be taken into account in the capitalized cost as well, but ultimately your car's cap cost depends upon the selling price that you are able to negotiate.

    As far as this car's lease money factor goes. Honda is not currently providing any sort of lease support on the 2006 TL. As a result, if you were to lease one through Honda Finance right now, you would have to use its standard lease money factors, which it recently increased. Honda Finance's current buy rate lease money factor for a 36 month lease for consumers who pay a security deposit and qualify for its "Super Preferred" credit tier is .00260. If your credit is not perfect or you want to have your car's security deposit waived, your factor will be a little higher than this.

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