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2013 and earlier-Honda Accord Lease Questions
CarMan@Edmunds
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Hi everyone. Please use the following discussion to post any questions that you have about leasing a Honda Accord. Thanks.
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Could you give me the residual values and MFs for a 36 mo 45k lease on a 06 Civic LX Coupe?
Thanks!
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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!
42 Month lease residuals and money factors
12k & 15k miles per year
for 2006 Accord LX Automatic Sedan (Model CM5646EW)
Thank you!
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
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!
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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!
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Don't trade your car. Sell it privately. You'll probably come out at least $1,000 ahead.
thanks, rdiamond
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.
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%).
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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.
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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
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.
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
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.
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!
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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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.
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:
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.
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.
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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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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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Thanks for your advice!