Hello tyler143. Here's the 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 base 2009 Acura TSX with 15,000 miles per year are .00270 and 63%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. You definitely do not want to lease this car for 24 months. Honda Finance's 2 year program for it is terrible.
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Here you go, mycle. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2009 Acura TSX with 12,000 miles per year are .00270 and 65%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.
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Hi civhybrid07. You definitely do not want to lease an '09 TSX for only 24 months. Honda Finance's 24 month money factor for it is terrible right now, .00370. You would be much better off going with a 36 month lease (which I described in my previous post).
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Hi, I am a new member and planning to lease my first car. I got quote to have your opinions. Are those numbers OK to think that offer seriously? MF was .00270. Mine is .00280. How does it change the monthly payments?
It is 09 TSX base manuel for 36 months with 12K Selling price = $29,720 including Destination Fee Money factor = .00280 Residual = $19,318 $0 capitalized cost reduction
Down payment consists of the following: 1st payment = $425 Acquisition fee = $595 Motor vehicle fee = $150 NYS inspection = $10 Document fee = $45 Tax at 8% = $1,287.70
I am interested in a 2009 TSX. Never leased before but interested in this option. We were given a 36 month, 0 down, 12,000 miles lease fo 447. or purchase the car at 27900. Is this a good lease? What should I know about leasing?
Is this a good deal? I have never leased before and the sales guy didnt email me all the info. 09 TSX with tech package 6spd 36mo,12k miles, $2k down, $424.09+tax
I am getting ready to turn in my 2005 Acura TSX as it is near the end of the 48 month lease period, current lease payment is $349.00 per month including tax. I went to the dealer and spoke with a new salesperson (previous sales person retired) to obtain prices on a 2009 TSX basic package and this is what they gave me: $479/month- 15,000 miles, $469/month - 12,000 miles and $459/month - 10,000 miles with $1500 down. I feel like I am being ripped off .. if anyone has any thought/suggestions on this, they would be greatly appreciated.
For an 09 TSX without the Technology package, those figures seem high. Try to get the sale price of the car and negotiate on that. With a sale price slightly above invoice, but below MSRP, you should see monthly prices in the high 300's without cap cost reduction. But you won't be able to tell unless you get their selling price. Hope this helps.
I know I'm a little early, but when the October lease rates are available, could you provide them? Looking for the base car, 15K per year for 36 and 48 months.
Thanks for the info. I'm going out this month to a few dealers to see what they quote. I was very disappointed in the dealership (Davis Acura) where my family has already leased 4 Acuras ... it was a new salesperson and he was just terrible but I really love the car!!
What kind of Acquisition (or bank) Fee does Acura charge to get a lease? Do they have a Disposition Fee at the end of the lease? Did they list a Purchase Option Fee should you decide to purchase the car at the end of the lease?
Sorry about all the fee questions, but inquiring minds...
Acura charges $595 for acq/bank fee and no disposition fee. Also includes $1500 damage waiver ($500 per incident) and GAP coverage is included. I don't believe there is a purchase option fee.
Acura charges $595 for acq/bank fee and no disposition fee.
Thanks for this - some dealers mark up the acq/bank fee - so it's nice to know what it is before hand. BMW dealers are famous for marking their acq fee up $200 and many people don't seem to know that MB charges a hefty end-of the lease fee.
Welcome atuncer. One possible explanation for why the money factor that you were quoted is slightly higher than the one that you have seen mentioned here is Honda Finance's security deposit waiver program. Honda Finance will waive its security deposit requirement on leased vehicles in exchange for a money factor increase of .00010.
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Hi redrobin1. Since you are new to 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.
In short, the two most important numbers to know when leasing are your car's selling price and the money factor that the dealer is using to calculate its monthly payment. I see that you already know what the dealer is charging for this car. That's a great start. Let's take a look at it. The dealer invoice price for a 2009 Acura TSX with an automatic transmission but without the Technology package is $27,399. So it appears as though the selling price that you were quoted is $500 over invoice, which is very good.
Just make sure that the dealer that you are working with uses Honda Finance's current buy rate lease money factor of .00270 (for "Super Preferred" tier customers who pay a security deposit at lease signing) and you're in business.
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Hi jmb8606. It would be much easier to tell if this is a good deal if you provide us with this car's selling price. Never lease from a dealer that does not provide you with this information. The selling prices of leased vehicles are negotiable, just as if one was paying cash for or financing them.
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36 month lease 12K miles $3,800 Drive off (Down) payments of $400.18 including tax(some reason off by a few cents, What is the tax at your home or county tax?) $371.40 with out tax. .00280 money factor 62% Res. Value
your $3800 drive off includes the following: 1st month payments of $400.18 Cap red of $2497.16 Sales tax up front $243.91 1st years fee of $8.75 Sec Deposit $000.00 Doc Fee $55.00 Acq. Fee $595
Here's the information that you're looking for, drtravel. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Acura TSX without the Tech Package with 15,000 miles per year are .00270 and 63%, 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 48 month lease are .00255 and 53%.
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Thanks for the info - looks like October's number are identical to September's. I'll just wait as I believe Honda will have to provide some incentives in the next few months given the current economic situation. The TSX residuals are higher than BMW's which suprised me and I bet alot of other people.
i got the new Acura tsx 2009 without eh tech package this is the deal i got 500 down including tax and fees 408 dollars a month i added the 600 tire warranty for 17 dollars a month total 425 dollars a month for 39 month the reason for the tire is i had Mazda6 before and had to change 4 tires over 4 years because of potholes and Acura uses the same tires
can you give out more info on your lease? is that 36-month 15K/month lease? what's the breakdown cost of your inception fee? what's money factor? thanks a lot!
I don't have the 39 month values, however if I were to lease this car I wouldn't put anything down and I wouldn't pay over invoice.
So a car with a MSRP of $29,720, Cap cost of $27,398 (invoice price with nothing down), 36 months with 15K per year has a residual of $18,724 (63%) and a money factor of 0.0027 would have a monthly lease payment of $365.48 + TTL. I doubt a 39 month lease would be much different - the monthly payment might even be a little bit lower.
When analyzing leases you need to provide more information than just the monthly payment. They may have bumped up the money factor, your cap cost may have been too high etc.
Don't know what market you are in but in So Cal, buying this car for close to invoice is definitely doable.
PS - good luck on finding the money factor in your contract. Seems like car leasing is exempt from listing the APR. Just multiply the money factor by 2400 to determine the interest rate - 2400 * 0.0027 = 6.48%. I think this is too high and am willing to wait until the rates comes down.
i was quoted MF of 0.0030 for 36-month 15K/yr lease. if you have good credit, the MF is 0.0029. can anyone tell whether it's correct for october? i saw 0.0027 from Mr carman's post too, is it right? where can i get this number officially? thanks!
Hi Car Man, since you seem to have all this info, I'd really appreciate your help on this. I was wondering which factory terms change month to month. Is it just the money factor, or do residuals (for each miles/year tier) change each month too? From what I can gather on this forum, it seems like we should maybe be expecting 66% for 10k, 65% for 12k and 62% for 15k?
Also, you said above the money factor for October is 0.0027 or 0.0028 w/o a security deposit...is that the best rate that any dealer can use in the month of October, and they can mark it up from there? The strange thing is that the TSX lease special on the Acura website ($329/mo w/o tech 10k mi/yr) seems to be using a 0.0030 money factor, which sounds pretty high...
Hi spoon7. Manufacturers' lease programs, both the money factors and residual values, do often change from month to month. Honda Finance's current program for the 2009 TSX is scheduled to run through November 3rd.
Honda finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Acura TSX without the Tech Package with 15,000 miles per year are .00290 and 63%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. If you were to have your security deposit waived, the money factor would be .00010 higher. Dealers are usually allowed to mark banks' buy rates up a little to add additional hidden profit to dealers if they choose to.
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I'm having a hard time understanding Acura's current offer. It seems to be quite good and I'm not understanding how. When I run through the calculations myself I use the following:
Assumed Vehicle Cost: $27,500 Residual: $17,325 (63%) Down Payment: $2,675 Term: 36 mo Money Factor: 0.00290 Miles: 10k
Based on these numbers I'm calculating an expected payment of ~$400 / mo versus the $309 / mo they are offering. I'm only trying to understand this so that I can try to predict if there's a chance an even better deal will come in the future since this offer ends Nov 3, 2008. It seems doubtful it'll get better than this, but maybe I'm missing something. Can anyone help shed some light? I should mention this is without the Tech Package.
I'm not going through the numbers for you (you can see an example in the TL lease forum for that) - however I would be suprised if Acura doesn't provide some more lease support in the next few months. Their current interest rate is almost 7% which is a bit high given the state of auto sales. Keep an eye on the October sales figures announced tomorrow. If they are as bad as September sales - all auto manufacturers will have to come up with better incentives.
It's a buyer's market and will continue to be so for awhile - IMHO. You hold the upper hand and not the dealer - so I'm betting the deals will be better soon.
Use the following formula to calculate a lease payment: (Cap Cost – Residual Value) / Term = Depreciation (Cap Cost + Residual Value) X Money Factor = Interest Depreciation + Interest = Base Monthly Payment
In your case the cap cost is 29720-2675 (down payment) - 661.08 (discount) = 26,383.92. Residual value is 66% X 29720 = 19615.20
So the depreciation is (26383.92-19615.20)/36 = 188.01 and interest is (26383.92+19615.20) X 0.0027 = 124.20
Monthly payment is 188.01 + 124.20 = $312.21 plus TTL (not sure where the 309 comes from - maybe a slight reduction in the MF or some voodoo math)
Is this a good deal?
You are only getting a $661 discount which means you are paying $1660 over invoice. I think this is way too much - in So Cal I can buy a TSX for close to invoice.
The MF is 0.0027 with a paid security deposit.
You have to pay a capital cost reduction of 2675 - it's pretty much agreed that you shouldn't put anything down on a lease.
When you have the information available, would you be able to advise the MF and residual numbers for November? Also, while the auto industry in general is really hurting, how would you rate Acura as to a possible steep decline in sales in October or are they holding their own? I really appreciate your help with this information.
This deal runs from 11/4/2008 thru 1/5/2009 - 10K miles per year for 36 months with no security deposit, $595 acquisition fee.
Use the following formula to calculate a lease payment: (Cap Cost – Residual Value) / Term = Depreciation (Cap Cost + Residual Value) X Money Factor = Interest Depreciation + Interest = Base Monthly Payment
The cap cost is 29720-2675 (down payment) - 906.80 (discount) = 26,138.20. Residual value is 65% X 29720 = 19318
So the depreciation is (26138.20-19318)/36 = 189.45 and interest is (26138.20+19318) X 0.00263 = 119.55
Monthly payment is 189.45 + 119.55 = $309.00 plus TTL
Compared to last month's lease deal - the residual decreased from 66% to 65% and the allocated discount increased from $661 to $906. Don't remember if they required a security deposit last month, also note that the offer doesn't include the money factor however I reversed engineered the offer to determine the money factor they would use.
Thanks for the info. I've read that in some of the messages that you shouldn't pay much up front in a lease ... How do you get around that with the salesman? As you can probably tell, I am new at leasing and really dispise dealing with auto sales people. I always get this feeling that everything is very secretative with them and thus the distrust. My lease is up in mid-January, I keep thinking that they might be offering some good deals. Any little tidbits and tips are appreciated.
Hi mcginsu. Here's the information 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 TSX without the Tech package with 15,000 miles per year are .00263 and 62%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.
Acura's sales were off around 25% for the month of October. As bad as this is, it actually is better than the industry as a whole. Clearly Acura is going to need to continue to provide incentives on its vehicles to help them sell. However, eventually all automakers will cut production in response to the slowdown in consumer demand. They will not continue to crank out vehicles and increase incentives forever. I would not be surprised if the lease program on the TSX improved in the coming months, but I don't expect a huge fire sale.
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Do you have the numbers for a 4 year lease 15K per year?
I noticed that the advertised lease deal on Acura.com is valid for November and December so it looks like Acura isn't planning on changing their lease numbers for two months. Note also that they do not require a security deposit to obtain the 0.00263 MF - at least that's what their web site details imply.
I have gotten lease quotes on the Accord, and the TSX, and it makes more sense to me to get the TSX. I get so much more, and the gap between them both is almost not there in lease numbers. They are quoting me $370 for an EX-L 4cyl Accord no navi, $0 down, then just a little bit over $400 for the TSX. Now, for what I get in just the base model TSX, it seems to me, worth the upgrade! Not to mention the TSX is an amazing car, and it has the paddleshifters I want, bluetooth, little things like this. I have not even test driven the car, but I would honestly lease one without even doing so. I am that confident!
Does this make sense that the Accord and TSX lease deals are so close together? They were quoting me clear into the $500's for a loaded Accord, which goes right into TSX territory. I am sure I could probably get a loaded TSX for lower than this, give or take, it would not be to far off. Still the TSX might seem more attractive.
I have made up my mind, the TSX is the car I want, I have looked at other cars, but I keep coming back to this car. Now if I can get my payments under $400 a month, then we got a deal.
Hello all I am ready to lease a 2009 TSX w/ Tech before the end of this year and would really need your helps in getting the best lease deal. I've been searching the internet a bit and found many people reporting that a TSX can be have with close to invoice price now. So my question is if my lease is going to be based on a negotiated price of let's say $30,000 is it possible to get a TSX w/Tech for Acura's advertised deal on a regular TSX which is $309/month? I would like to keep my down payment under $3000 if not lower. BTW I have 760 FICO and I'm in Southern California.
TSX w/Tech for Acura's advertised deal on a regular TSX which is $309/month?
Some rough numbers for you:
Say you lease a 2009 TSX w/Tech package for 36 months, 10K per year with a down payment of $2675 - just matching the web site. You say you can get the car at invoice.
MSRP = 32,820 Cap cost = 30,241 (invoice) less 2675 = 27566 Residual is 32820 X 0.62 = 20348.40
I would never put anything down on a lease - I'm sure all the lease experts agree with me on this point. If you do the same lease with nothing down the cap cost would be 30241, the payment increases to 407.84 plus TTL which is 81.33 more per month. Over the course of the lease you pay 81.33 X 36 = 2928 instead of the 2675 down.
Of course this lease is only for 10K per year. For 15K per year the residual would be 32820 X 0.59 = 19363.80. The payment for nothing down is 432.60 plus TTL, the payment with 2675 down is 351.27 plus TTL.
Don't shop based on a monthly payment. With a big enough down payment I can get the monthly payment to any number you want.
BTW - I'm also in SoCal. If you make a deal be sure to let me know the details and from which dealer you got it from. Planet Acura seems to be the most aggressive in their e-mails but I'm not sure whether they will actually come through in the end.
Of course this lease is only for 10K per year. For 15K per year the residual would be 32820 X 0.59 = 19363.80. The payment for nothing down is 432.60 plus TTL, the payment with 2675 down is 351.27 plus TTL. -------------------------------------
Now, for that $0 down, $432.60 a month. Why would I want to get an Accord EX-L 4cyl with navi that supposedly has a payment that goes into the $500's.
Does any of this make sense? Why does it seem that Accord lease is so high, or am I missing something?
Hi drtravel your final payment seems to make sense for TSX w/Tech ($326.51 plus TTL/month) but I don't understand your math. It is my understanding that when we lease a car we are only paying for the depreciation of the car correct? So if the depreciation is ($27566-$20348.40=$7217.60) over a 36 months lease shouldn't my interest payment be based on $7217.60 since that's how much I'm financing? Your math shows my interest to be based on ($27566+$20348.40) which means $47914.40! How did you come up with that?
You aren't financing the depreciation. In terms of a regular loan, the depreciation is how much of the principal you are paying off during the term. The amount financed is the entire purchase price. After all, that is what the bank pays the dealer for the car you are leasing.
They add the CAP cost and residual, because they are seeking an average of those two numbers. The actual amount financed for lease purposes is the (CAP cost + residual) / 2.
You don't see the divisor in the calculations, because it is accounted for within the money factor, itself.
does anyone think I will be able to swing this deal before the end of the year? I'd like a 3 yr, 12k/yr lease for the 09 base. I have a trade in that is valued at $7100 (outstanding loan is $5500) per KBB's trade-in value. I would like to be at the $309/month with putting nothing down (except possibly 1st month's payment). based on the numbers in this thread, it would look like this:
msrp: $29720 purchase: $25650 money factor: 0.00263 residual: 63% total pmt: $309 total pmt + tax: $332
I think the math works out to be about $600 over invoice, assuming that I get $1600 for my trade. is this reasonable?
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I am a new member and planning to lease my first car.
I got quote to have your opinions. Are those numbers OK to think that offer seriously?
MF was .00270. Mine is .00280. How does it change the monthly payments?
It is 09 TSX base manuel for 36 months with 12K
Selling price = $29,720 including Destination Fee
Money factor = .00280
Residual = $19,318
$0 capitalized cost reduction
Down payment consists of the following:
1st payment = $425
Acquisition fee = $595
Motor vehicle fee = $150
NYS inspection = $10
Document fee = $45
Tax at 8% = $1,287.70
Thank you.
09 TSX with tech package 6spd
36mo,12k miles, $2k down, $424.09+tax
Thanks,
Jackie O
2009 TSX TECH (W/Navigation).
1. MSRP = $32,820.00
2. Lease Price = $30,879.00
3. Residual Value % @ 62% or $20,348.40
4. Lease Term - 36 mths
5. Yearly Miles - 12,000 miles/yr
6. Customer Cash down = $2,500.00
7. Monthly Lease Payment Including Tax = $439.67
15,000 miles and 42 months
MF = .00255 = 6.12%
Residual = 60% = 17,832
MSRP (inc. destination) = 29,720
Invoice Price (inc. destination) = 27,398
Sales Price ($170 above invoice) = 27,568
Cap Cost (Sales price + Bank Fee) = 28,163
Monthly Lease Payment = 363
CT Tax (6%) = 22
Total Monthly Payment = $385
Out the door I'm only paying the first month payment of $385 plus the motor vehicle fees of $137.
$32,820 MSRP
$30,224 invoice
$31,000 selling
36 month lease
10K miles
$3,500 down payment
$399.83 including tax
$20,701.80 Resid. value
$32,820 MSRP
$30,224 invoice
$31,000 selling
36 month lease
12K miles
$3,800 down payment
$399.49 including tax
$20,373.20 Resid. value
Thank you
Sorry about all the fee questions, but inquiring minds...
Also includes $1500 damage waiver ($500 per incident) and GAP coverage is included. I don't believe there is a purchase option fee.
G
Thanks for this - some dealers mark up the acq/bank fee - so it's nice to know what it is before hand. BMW dealers are famous for marking their acq fee up $200 and many people don't seem to know that MB charges a hefty end-of the lease fee.
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In short, the two most important numbers to know when leasing are your car's selling price and the money factor that the dealer is using to calculate its monthly payment. I see that you already know what the dealer is charging for this car. That's a great start. Let's take a look at it. The dealer invoice price for a 2009 Acura TSX with an automatic transmission but without the Technology package is $27,399. So it appears as though the selling price that you were quoted is $500 over invoice, which is very good.
Just make sure that the dealer that you are working with uses Honda Finance's current buy rate lease money factor of .00270 (for "Super Preferred" tier customers who pay a security deposit at lease signing) and you're in business.
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12K miles
$3,800 Drive off (Down)
payments of $400.18 including tax(some reason off by a few cents, What is the tax at your home or county tax?)
$371.40 with out tax.
.00280 money factor
62% Res. Value
your $3800 drive off includes the following:
1st month payments of $400.18
Cap red of $2497.16
Sales tax up front $243.91
1st years fee of $8.75
Sec Deposit $000.00
Doc Fee $55.00
Acq. Fee $595
Your Residual is $20,348.40
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500 down including tax and fees
408 dollars a month
i added the 600 tire warranty for 17 dollars a month total
425 dollars a month for 39 month
the reason for the tire is i had Mazda6 before and had to change 4 tires over 4 years because of potholes and Acura uses the same tires
can you give out more info on your lease? is that 36-month 15K/month lease? what's the breakdown cost of your inception fee? what's money factor? thanks a lot!
So a car with a MSRP of $29,720, Cap cost of $27,398 (invoice price with nothing down), 36 months with 15K per year has a residual of $18,724 (63%) and a money factor of 0.0027 would have a monthly lease payment of $365.48 + TTL. I doubt a 39 month lease would be much different - the monthly payment might even be a little bit lower.
When analyzing leases you need to provide more information than just the monthly payment. They may have bumped up the money factor, your cap cost may have been too high etc.
Don't know what market you are in but in So Cal, buying this car for close to invoice is definitely doable.
PS - good luck on finding the money factor in your contract. Seems like car leasing is exempt from listing the APR. Just multiply the money factor by 2400 to determine the interest rate - 2400 * 0.0027 = 6.48%. I think this is too high and am willing to wait until the rates comes down.
Also, you said above the money factor for October is 0.0027 or 0.0028 w/o a security deposit...is that the best rate that any dealer can use in the month of October, and they can mark it up from there? The strange thing is that the TSX lease special on the Acura website ($329/mo w/o tech 10k mi/yr) seems to be using a 0.0030 money factor, which sounds pretty high...
Honda finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Acura TSX without the Tech Package with 15,000 miles per year are .00290 and 63%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. If you were to have your security deposit waived, the money factor would be .00010 higher. Dealers are usually allowed to mark banks' buy rates up a little to add additional hidden profit to dealers if they choose to.
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Assumed Vehicle Cost: $27,500
Residual: $17,325 (63%)
Down Payment: $2,675
Term: 36 mo
Money Factor: 0.00290
Miles: 10k
Based on these numbers I'm calculating an expected payment of ~$400 / mo versus the $309 / mo they are offering. I'm only trying to understand this so that I can try to predict if there's a chance an even better deal will come in the future since this offer ends Nov 3, 2008. It seems doubtful it'll get better than this, but maybe I'm missing something. Can anyone help shed some light? I should mention this is without the Tech Package.
I'm not going through the numbers for you (you can see an example in the TL lease forum for that) - however I would be suprised if Acura doesn't provide some more lease support in the next few months. Their current interest rate is almost 7% which is a bit high given the state of auto sales. Keep an eye on the October sales figures announced tomorrow. If they are as bad as September sales - all auto manufacturers will have to come up with better incentives.
It's a buyer's market and will continue to be so for awhile - IMHO. You hold the upper hand and not the dealer - so I'm betting the deals will be better soon.
(Cap Cost – Residual Value) / Term = Depreciation
(Cap Cost + Residual Value) X Money Factor = Interest
Depreciation + Interest = Base Monthly Payment
In your case the cap cost is 29720-2675 (down payment) - 661.08 (discount) = 26,383.92.
Residual value is 66% X 29720 = 19615.20
So the depreciation is (26383.92-19615.20)/36 = 188.01
and interest is (26383.92+19615.20) X 0.0027 = 124.20
Monthly payment is 188.01 + 124.20 = $312.21 plus TTL (not sure where the 309 comes from - maybe a slight reduction in the MF or some voodoo math)
Is this a good deal?
You are only getting a $661 discount which means you are paying $1660 over invoice. I think this is way too much - in So Cal I can buy a TSX for close to invoice.
The MF is 0.0027 with a paid security deposit.
You have to pay a capital cost reduction of 2675 - it's pretty much agreed that you shouldn't put anything down on a lease.
The interest rate is 0.0027 X 2400 = 6.48%
When you have the information available, would you be able to advise the MF and residual numbers for November? Also, while the auto industry in general is really hurting, how would you rate Acura as to a possible steep decline in sales in October or are they holding their own? I really appreciate your help with this information.
Thank you, Jackie O
They were down about 20% except for the new TL which was up 20%+
Use the following formula to calculate a lease payment:
(Cap Cost – Residual Value) / Term = Depreciation
(Cap Cost + Residual Value) X Money Factor = Interest
Depreciation + Interest = Base Monthly Payment
The cap cost is 29720-2675 (down payment) - 906.80 (discount) = 26,138.20.
Residual value is 65% X 29720 = 19318
So the depreciation is (26138.20-19318)/36 = 189.45
and interest is (26138.20+19318) X 0.00263 = 119.55
Monthly payment is 189.45 + 119.55 = $309.00 plus TTL
Compared to last month's lease deal - the residual decreased from 66% to 65% and the allocated discount increased from $661 to $906. Don't remember if they required a security deposit last month, also note that the offer doesn't include the money factor however I reversed engineered the offer to determine the money factor they would use.
Thank you,
Jackie O
Acura's sales were off around 25% for the month of October. As bad as this is, it actually is better than the industry as a whole. Clearly Acura is going to need to continue to provide incentives on its vehicles to help them sell. However, eventually all automakers will cut production in response to the slowdown in consumer demand. They will not continue to crank out vehicles and increase incentives forever. I would not be surprised if the lease program on the TSX improved in the coming months, but I don't expect a huge fire sale.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I noticed that the advertised lease deal on Acura.com is valid for November and December so it looks like Acura isn't planning on changing their lease numbers for two months. Note also that they do not require a security deposit to obtain the 0.00263 MF - at least that's what their web site details imply.
Thanks
Does this make sense that the Accord and TSX lease deals are so close together?
They were quoting me clear into the $500's for a loaded Accord, which goes right into TSX territory. I am sure I could probably get a loaded TSX for lower than this, give or take, it would not be to far off. Still the TSX might seem more attractive.
I have made up my mind, the TSX is the car I want, I have looked at other cars, but I keep coming back to this car. Now if I can get my payments under $400 a month, then we got a deal.
Some rough numbers for you:
Say you lease a 2009 TSX w/Tech package for 36 months, 10K per year with a down payment of $2675 - just matching the web site. You say you can get the car at invoice.
MSRP = 32,820
Cap cost = 30,241 (invoice) less 2675 = 27566
Residual is 32820 X 0.62 = 20348.40
Depreciation = (27566-20348.40)/36 = 200.49
Interest = (27566+20348.40) X 0.00263 = 126.02
Lease would be 200.49 + 126.02 = 326.51 plus TTL
I would never put anything down on a lease - I'm sure all the lease experts agree with me on this point. If you do the same lease with nothing down the cap cost would be 30241, the payment increases to 407.84 plus TTL which is 81.33 more per month. Over the course of the lease you pay 81.33 X 36 = 2928 instead of the 2675 down.
Of course this lease is only for 10K per year. For 15K per year the residual would be 32820 X 0.59 = 19363.80. The payment for nothing down is 432.60 plus TTL, the payment with 2675 down is 351.27 plus TTL.
Don't shop based on a monthly payment. With a big enough down payment I can get the monthly payment to any number you want.
BTW - I'm also in SoCal. If you make a deal be sure to let me know the details and from which dealer you got it from. Planet Acura seems to be the most aggressive in their e-mails but I'm not sure whether they will actually come through in the end.
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Now, for that $0 down, $432.60 a month. Why would I want to get an Accord EX-L 4cyl with navi that supposedly has a payment that goes into the $500's.
Does any of this make sense? Why does it seem that Accord lease is so high, or am I missing something?
They add the CAP cost and residual, because they are seeking an average of those two numbers. The actual amount financed for lease purposes is the (CAP cost + residual) / 2.
You don't see the divisor in the calculations, because it is accounted for within the money factor, itself.
regards,
kyfdx
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msrp: $29720
purchase: $25650
money factor: 0.00263
residual: 63%
total pmt: $309
total pmt + tax: $332
I think the math works out to be about $600 over invoice, assuming that I get $1600 for my trade. is this reasonable?