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2013 and earlier-Honda Accord Lease Questions

CarMan@Edmunds[email protected] Posts: 38,514
edited January 2014 in Honda
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Honda Accord. Thanks.

Car_man
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  • Can you give me the residual values and MFs for a 36 mo 36k lease on a 06 Accord Value Package?
  • The residual is 57% and the money factor will vary (as it always does) on your credit history. Currently AHFC is not offering special lease rates for the 2006 Accords. Good luck.
  • I know this is off-topic, but only slightly off-topic. :D

    Could you give me the residual values and MFs for a 36 mo 45k lease on a 06 Civic LX Coupe?

    Thanks!
  • A: If you were to lease a 2005 Honda Accord sedan VP through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00255 and 50%, respectively. this assumes that you pay a security deposit and qualify for Honda's stop credit tier. :) .

    Car_man
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  • Hi jnuzzi. Please post any questions that you have about leasing a Honda Civic in the following discussion: "Honda Civic: Lease Questions". Thanks.

    Car_man
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  • Honda states on its website that special lease rates are available on all new 2006 Accord models through 10/31/05. Have the residual values and/or MFs gotten better in the last few days? Last week I I believe the residual and MF on a 06 EX V6 for 3 year, 36K miles was 59%, .00250 respectively.
  • Car man, can you give me the current MF & res for 36 month, both 12k & 15k miles? I believe the August numbers were .00113 and 54/52%. Message #5 above on the VP scares me -- did Honda increase the MF to more than the 2006 number, and decrease residuals?
  • Hi maltbie. While Honda was not providing any sort of lease support on the 2006 Accord early on this month, on September 20th it introduced a special lease program on this car. The residual value that I quoted you for this car earlier would be the same, but Honda Finance's new buy rate lease money factor for a 36 month lease of a 2006 Accord Sedan EX V6 is now .00192.

    Car_man
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  • Hello nvnick. Unfortunately, Honda terminated its special lease program on 2005 Accords. Its residual values are lower and you have to use Honda's standard lease money factors to lease one this month. If you were to lease a 2005 Accord EX V6 sedan 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 .00255 and 51%, respectively. At least, the dealer cash that Honda is providing on this car, $1,200 on '05 Accord V6 Sedans, is no compatible with leases through Honda Finance. Make sure to take it into account when negotiating your car's capitalized cost.

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  • Sorry if the answers above actually take care of this question, but could you give me the numbers for the following:

    2006 Honda Accord EX-V6 Sedan Manual Trans & Navigation
    36, 39 & 42 Month lease residuals and money factors
    12k miles per year

    Thanks in advance!
  • gen1gen1 Posts: 7
    Car man, can you give me the current:
    42 Month lease residuals and money factors
    12k & 15k miles per year
    for 2006 Accord LX Automatic Sedan (Model CM5646EW)
    Thank you!
  • I bought out my leased Honda Accord last week. It's a 2002 Accord LX Coupe and I had been the only-ever owner (picked it up with 31 km's on it). Since the car has low mileage and is in excellent shape, buying out the lease and then reselling it made perfect sense to me.

    In acquiring the used-car-sale package (required in Ontario to sell a used car), I found that somebody who I had never heard of had a lien against by VIN#. Further investigation with the help of Honda Canada revealed that somehow, somebody else had leased a car with exactly the same VIN# (hence the lien). This other party was contacted and asked to verify their VIN aginst their ownership (to rule out a data entry error) - they have verified that the VIN on the vehicle itself matches the VIN on my vehicle.

    My guess at this point is that the other car was illegally resold (possibly stolen or previously written off).

    I'm wondering if Honda Canada had sold me my vehicle without first doing a lien check to ensure that the car was actually sellable. At the very least, I did not get full disclosure. I cannot resell the vehicle until they figure out this mess - so how could Honda have sold me that vehicle under the same conditions?

    Any advice on how to proceed? Do I have any legal case against Honda? This is in Toronto, Ontario.

    Thx,
    -jj
  • nvnicknvnick Posts: 50
    Car_man,

    Thanks for the reply on the 2005 Accord, looks like the 2006 deals are better. Are the residuals for October still 59% (36mo/36k) and 57% (36mo/45k)? MF still 0.00192? Thanks for the great service you provide here at Edmunds!!!

    I'll check the Passat forum for 2006 2.0t numbers, may the best car also be cheaper!
  • Hi typesdriver. The above posts wouldn't exactly answer your question because Honda just introduced a new lease program yesterday. If you were to lease a 2006 Honda Accord EX-V6 Sedan with Navigation through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00192 and 57%, respectively. The numbers for otherwise identical 39 and 42 month leases should be .00192 and 53%.

    Car_man
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  • Here's the information that you are looking for, gen1. If you were to lease a 2006 Honda Accord LX 4-cylinder Sedan through Honda Finance right now for 42 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00184 and 53%, respectively. Its 12,000 miles per year residual value would be 2% higher.

    Car_man
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  • I am very sorry to hear about this messy situation jjbimmer. I am not all that familiar with the Canadian market and do not know exactly how you should proceed in your country. A number of knowledgeable community members frequent the following discussion, perhaps they will have some suggestions for you: "Any Questions for a Car Dealer?".

    Car_man
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  • You're very welcome nvnick. Honda Finance's 36 month, 15,000 miles per year lease program for the cars that you are interested in are exactly the same in October as they were late last month (.00192 / 57%).

    Car_man
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  • waydewayde Posts: 198
    Hi Carman -
    Can you tell me what I should expect to pay for a lease with just 1st payment and plates down?
    2006 Accord EX V6 Coupe 6 Speed / Auto (haven't decided yet)
    MSRP 27950
    Sell Price 26000 (shooting for)
    36/36k or 42/42k
    Thanks!
  • Hey wayde. Let's estimate a lease payment for this car and see what we come up with. According to my calculations, if you were to lease a 2006 Honda Accord EX V6 Coupe with an MSRP of $27,950 and a selling price of $26,000 through Honda Finance right now for 36 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around $346. The payment for an otherwise identical 42 month lease should be around $339. For the money, the Accord makes a great lease vehicle.

    Car_man
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  • waydewayde Posts: 198
    Thanks!! Much appreciated. Will have to see what I can get for trade now on my car (ouch).
  • blaneblane Posts: 2,017
    wayde,

    Don't trade your car. Sell it privately. You'll probably come out at least $1,000 ahead.
  • Would I come out better financing this car for 3 years at 5.75 percent, as opposed to leasing it from Honda Finance for 3 years 12K per year and then buying the car from Honda Finance. Lets assume I am able to get Edmunds TMV deal.

    thanks, rdiamond
  • jagm96jagm96 Posts: 7
    I was wondering if it was better or to lease a 2005 or 2006 at this time. Can I get a better deal on leasing a 2005 than a 2006 at this time. I am looking at keeping my monthly payments around 225.00 and realize I cannot buy new. I would like to lease a Honda Accord for 15,000 miles per year for 2 - 3 years. I will consider longer lease if I have to. Also are there any residency requirements with Honda Leases?

    I live in Southern NJ near Cherry Hill, NJ.

    I am totally new and novice to leasing and am now doing research.

    Any information would be helpful!
    Thanks.
  • dpavdpav Posts: 19
    Car_Man - thanks for all your help with these forums :

    Can you help me calculate the tax on lease payments. My calculations jive with yours - but once I start talking final monthly payment with some dealers - I have no way of knowing if the "extra" in my payment is just tax or tax plus some fees. The HFA lease agreement does not break out tax seperately and I dont know how to back into the calculation. Thanks - I live in Ohio (6.25%).
  • You're very welcome, wayde. Good luck.

    Car_man
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  • Hi rdiamond. Honda Finance's current buy rate lease money factor for the 2006 Accord EX is .00192. This is equivalent to an interest rate of around 4.6%, which is better than the rate that you were quoted to finance this car, but not much. Once the additional costs of leasing are taken into account, such as Honda Finance's $595 acquisition fee, are taken into account the interest rates are almost a wash. If you enjoy the convenience that leasing provides then there's nothing wrong with leasing this car, but you really won't come out much ahead by leasing and then purchasing at lease-end over just financing from the beginning.

    Car_man
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  • Hello jagm96. 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.

    Honda's lease program is more attractive on the 2006 Accord than it is on the 2005 model right now. Not only are the 2006 model's residual values higher, but its money factors are lower. Honda is providing dealer cash on the 2005 model that will help you to negotiate a lower selling price, but I don't know if this cash is enough to make up for the difference in these cars' lease programs. I suspect that it is not.

    I'm not sure what you mean by asking if there are any residence requirements with leases. If you are asking if you are allowed to move with a leased vehicle, the answer is yes, most banks allow lessees to move anywhere within the continental U.S. with their leased vehicles. I would be happy to give you an idea of what it will cost to lease the Accord that you are interested in if you let me know the exact model that you want, as well as its full MSRP (with the destination charge added in), and approximate selling price.

    Car_man
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  • You're very welcome dpav. I am not positive that I know how sales tax is calculated on leased vehicles in your state. I believe that I have heard Ohio taxes the entire selling price of leased vehicles. If this is indeed the case, leasing is expensive in your area. You would have to calculate sales tax on your car's entire selling price and then pay it at lease signing or add it to your car's capitalized cost before calculating your monthly payment.

    Car_man
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  • dglozmandglozman Posts: 178
    Car_man,

    Would you be able to provide me with the info on the lease for this car. I'm looking at 36 month lease 12K miles. Assuming I will pay TT&L upfront, what my monthly payments should be? I understand that in addition I have to pay $595 bank also which I would like to incorporate into payments. I live in NJ so taxes are 6%.
    I was thinking to pay around $1000 out of pocket ( to cover TT&L) and to have payments around 250 a month. Is this realistic? too high? or too low?

    Thank you very much in advance!

    Dmitry
  • jagm96jagm96 Posts: 7
    Dear Car_Man

    I wanted to thank you for the information you suggested I read. I deeply appreciate it. I am going to go read the information you suggested. I will check out the local Honda sites and see what they currently have in stock. I was looking at the lease sales on the 2006 Honda Accord SE for 239.00. But I see I need to read more and find out more information for you. I know I just want something simple, but it must include AM/FM/CD audio system and intermittent windshield wipers. I would like the exterior to be blue and the interior to be gray cloth interior.
  • dglozmandglozman Posts: 178
    Car_man,

    One more thing. MSRP for the car I want (according to Carsdirect) is $22,075 and the selling price is $20,038. I'm not sure to how obtain a residual value and money risk factor. But what should be the numbers I have to negotiate for?

    Thanks,

    Dmitry
  • nvnicknvnick Posts: 50
    Dmitry,

    The 36mo/12k miles yr residual is 59%, and MF = 0.00192, so using your CarsDirect numbers above, the pmt is $258/mo + tax. I think the standard Honda acquisition fee is $595, and security deposit $250, so adding the 1st month payment, you should be able to drive away in your LX/SE with just $1,103.
  • Car_man,

    It's great to see you running this forum and providing so much help to everyone. You were a lifesaver to me when I leased my Pilot in December, and now my wife and I are looking for a 2006 Accord (her 2003 Accord was totaled in Hurricane Katrina). I'm just trying to figure out how to calculate our monthly lease payments based on final selling price and as little down as possible. Because of short supply and high demand in our area, the best we can do on a 2006 Accord SE is $21,000 and we can get an EX for $23,000. We're looking at 36 mo/12k miles yr. I've tried using info you've provided for others here along with Edmunds Lease Calculator to determine payments, but don't seem to be doing it right. Can you please advise? Thanks so much!
  • I am wanting to get some input on leasing a Honda Accord before Oct. 31. My problem is, I am $3,000 upside down in the vehicle I currently own. I see that the Accord EX is being offered on lease for $269 a month with $2,138 due at signing. My question is: Is there any way for me to get my payment at $325/month on a 42 month lease with 15,000 miles, $325 with tax included? Any input or suggestions would be greatly appreciated.
  • Kirstie_HKirstie_H Posts: 11,098
    Hi accordlease,
    One thing we'll need to know before anyone is able to assist you is the tax rate in your area. It can vary widely, and it's important in being able to calculate payments.

    Also, we'll need the full details of the offer. What is the MSRP on the vehicle advertised? What is the assumed selling price? Any additional info you can provide on this offer will assist those who can help calculate a payment for you.

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  • Hi Kirstie!

    I am looking at the EX model Accord. I believe the list price is $23,300 and I am not sure what the actual selling price would be(?). You know Honda does not have a hard time selling vehicles and the dealers around here don't seem to want to deal much on the price of the car. The tax rate is 9.75%. I don't know how to calculate a lease payment to know if I am getting a fair deal. I am not sure what the residual is either. Thanks for all of your help.
  • jagm96jagm96 Posts: 7
    Hi there:

    I was wondering if when the current lease offers end if they continue to make special offers on Honda Accords? I do not quite of the amount I need to partake of the current honda leases. Also, it is my understanding the current leases go to 44 months when the warranty on the car goes to 36 months. I thought it is not wise to lease beyond the warranty on the car. Do I understand this correctly?

    Thanks,
    John :confuse: :confuse:
  • emma4emma4 Posts: 4
    To make a long story short, I leased a 2002 Honda Civic. When the lease was up I decided to buy the car rather than trade it in. I paid in full thinking my daughter would drive the Civic (she's a college student) and would pay me back (yes, I know, I know!). In the meantime I began a new lease on a 2004 Accord EX 4dr. Well you can see where this is going... dear daughter was unable to afford the Civic leaving me with two cars. It's been about 15 months and I still can't sell the Civic although it's in perfect condition, 51,000 miles, and a reasonable selling price (which goes down, down, down by the day). I've tried ebay, 5 local and state newspapers, autotrader, etc. and still only wholesalers contact me offering pathetic amounts.

    Recently with the high gas prices, I thought it might be a good idea to trade the Accord lease and put the Civic back on the road. Well it seems that Honda doesn't allow the trading of leases. Am I right on this? Then I thought I would just park the Accord in the garage til the lease was up (21 months) but can you actually take a leased car off the road? Stop insurance? I know I'll still have to make the lease payments. In another scenario I thought about taking both cars to a dealership and "trading" them in for a new car (which I'd buy, not lease) but again I'm not sure this is the wisest financial move to make. I've already lost thousands in this mess and was hoping you might be able to offer some advise about how I can get back to one car in the least expensive way possible? I could really use some help and would appreciate any advise on how to salvage this mess. Thanks! Confused in RI.
  • akireakire Posts: 3
    Are the manufacturer lease specials such as those advertised on the Honda website a good deal or are they simply a starting point for negotiations?
  • jagm96jagm96 Posts: 7
    Hi there:

    Is there a posibility that you can find someone to take over your lease on the Honda Accord. You might want to check into that and see if you can sublease the Honda Accord that you have.

    :)
  • haefrhaefr Posts: 600
    Honda doesn't give a rat's derriere whether you operate the car or even re-register yearly or not. They defintely have a vested interest in your keeping your lease payments current, though. I wouldn't drop the car insurance, though - these are high desirability vehicles and there's always the chance it could be stolen and end up in a chop-shop to be parted out.
  • I would be happy to help you out, Dmitry. If you were to lease a 2006 Honda Accord LX SE Sedan through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00184 and 59%, respectively. I can't tell you what your lease payment should be on this car without you providing me with its full MSRP (including destination) and approximate selling price.

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  • You're very welcome jagm96. Let me know if you have any other questions.

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  • Ahhhh, thanks for the additional information, Dmitry. I should have scrolled down before I responded to your previous post. OK, now we're in business. According to my calculations, if you were to lease a 2006 Honda Accord LX SE Sedan with an MSRP of $22,075 and a selling price of $20,038 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $256. If you were to roll Honda Finance's $595 acquisition fee into your car's capitalized cost, the payment for an otherwise identical lease would increase to around $274.

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  • Thanks nolafilm. I'm glad that everything worked out so well with your Pilot lease. I'm sorry to hear that your car was totaled in the hurricane, but at least it sounds like everyone is OK and that is the most important thing. You are still missing a key piece of information that is necessary to calculate your car's lease payment, its MSRP (including the destination charge). If you provide me with these cars' MSRPs I would be happy to estimate what their lease payments should be like for you.

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  • Hello accordlease. The fact that you are $3,000 upside down on your current vehicle will make leasing a new Accord much more expensive than it normally would be. You would be better off waiting until you are less upside down to lease a new vehicle. If you still want to lease a new Accord, it is important to negotiate as low a selling price as possible. Negotiate the best selling price that you can before entering the negative equity from your current vehicle into the picture. Once you have arrived at a good selling price, add the $3,000 in negative equity to your new car's price and calculate its lease payment. Honda Finance may not allow you to roll all of your negative equity into your lease. If that is the case, you will have to pay money out of your own pocket to make up for the amount that cannot be baked into your new deal. I would be happy to calculate how much it should cost to lease the new Accord that you want, with and without your negative equity, if you let me know its full MSRP and selling price.

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  • Hi there John. It is difficult to say exactly what Honda's lease program on the 2006 Accord will be like after its current special lease program on it expires on October 31st. It is fairly safe to say though that Honda will offer some sort of special lease on the '06 Accord in November. It's hard to predict whether it will be better or worse than the current program, but if I had to make an educated guess I would say that Honda's November lease program for the Accord will be at least as attractive as its current one.

    Consumers are free to lease new vehicles for however long they want to. Honda is advertising a 42 month lease on the Accord right now because the longer lease term enables it to tout a lower monthly payment. However, if you do not feel comfortable leasing this car for that long you can always lease it for 36 or 39 months. If you opt for a shorter lease term, this car's lease payment will be different though.

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  • Hi emma4. A number of banks, I believe including Honda Finance, do not allow lessees to transfer their deals to others. to be honest with you, unless you got an absolutely amazing deal on your Accord or were willing to sweeten your deal by paying money out of your own pocket, I suspect that you would have had a difficult time finding someone to assume it anyhow. You definitely would be allowed to stop driving your Accord if you want to, but I am not sure if Honda Finance will allow you to stop your insurance on it. Unfortunately, there is not really any inexpensive way for you to get out of your lease early. It is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off selling your Civic for what you can get for it rather than trying to get out of your Accord lease. The market for smaller cars, like the Civic, has heated up a little bit now that gas prices are so high. Perhaps you will eventually find a taker for your car.

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  • Hi akire. Most manufacturers' advertised lease payments leave a little meat on the bone so to speak. Dealers would be pretty angry if an advertised lease didn't leave them with much profit. If you live in an area where there is a decent level of competition for your business, there is a good chance that you will be able to negotiate a more attractive selling price than the one that the current Honda Accord advertised lease is based upon.

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  • emma4emma4 Posts: 4
    Thank you for your thoughtful response to my situation. I've already gone through buying out the lease on the Civic, including having to pay state sales tax for a car that's not even being driven, and will never go that route again. Someone else on the forum mentioned the possibility of finding someone to assume the lease. Do you know what that entails? What happens at the end of the lease, am I still the responsible party, etc? In the meantime, I'll try to focus on selling the Civic again.

    Thanks for your advice!
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