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2013 and earlier-Honda Accord Lease Questions

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Comments

  • Hi rickforward. It is very unusual for a consumer who is turning in a leased vehicle to have any equity that they can use towards their new vehicle. The only way that this will happen is if your leased car costs significantly less to buy at lease-end than it is currently worth on the open market and you can convince the dealer that you are working with to take it as a trade. Most likely, you will just walk away from your lease owing nothing.

    What you were told is correct. Honda is currently running a special lease program on the 2006 Accord, but not on the 2006 Civic. The Civic was relatively recently redesigned. The fact that it is new and has been well received by the public and that it gets fairly good gas mileage has kept Honda from needing to provide any sort of lease support on it yet. Individual dealers cannot choose which vehicles special lease programs are available on. Given its lack of lease support, I would not be surprised if the lease payment for a less expensive Civic was around the same as an Accord's payment right now.

    I believe that Honda Finance's current base lease acquisition fee is $595 in all states. The acquisition fee is a legitimate charge, but in my opinion the advertising charge is more of a dealer expense. Dealers often try to pass all sorts of advertising charges and doc fees into consumers. Don't let these fees cloud the big picture...the total price that you are paying for the car that you want. It doesn't really matter how the price breaks down as long as the out the door price for the car that you want, including every fee, is the lowest that you believe you can get in your area. If you feel that $200 over invoice (what this dealer is trying to charge you) is a reasonable price, then go for it. However, if you feel as though you can get this car for less money from another dealer, shop around.

    I'd be happy to give you my opinion on this deal, however you never mentioned the exact MSRP and selling price of the car that you are interested in. I need these numbers to calculate what your car's lease payment should be. Let me know and I'll tell you what I think.

    Car_man
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    Smart Shopper / Prices Paid Forums
  • Hey anzial. The money factor that you were quoted for this car is right in line with Honda Finance's current buy rate for it (with a waived security deposit). This is always a good sign. You should be able to negotiate a capitalized cost that is very close to dealer invoice on an Accord right now, especially in an area where there is a lot of competition like in Southern California. You can find the exact dealer invoice price of the car that you want by visiting the following section of this site: Edmunds.com - New Vehicle Pricing.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • I sure can, cgr45. Here you go. If you were to lease a 2006 Honda Accord Coupe LX V6 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 .00079 and 57%, respectively.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • ral2167ral2167 ohioPosts: 767
    isn't the 6 speed an EX and not an LX? do these numbers still apply for an EX as opposed to an LX?
  • qbrozenqbrozen Posts: 26,416
    yes, those numbers apply to the EX, too.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • qbrozenqbrozen Posts: 26,416
    Hey guys, I got above quote in SoCal, with $575 down. It's 24723 total cap cost, .00089 MF, 58% residual (36mo/12k). Is that good for an EX V6? Or can I do better? Like bring down total cap cost closer to the invoice? Any feedback is appreciated :)

    I have no idea why you would want to be closer to invoice on this deal. Considering invoice is $25,118 and you are being quoted $24,723, getting closer to invoice would mean you'd be paying MORE.

    I think its a great deal as it stands.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • ral2167ral2167 ohioPosts: 767
    if a 36/month-12K lease has .00089 mf and 58% residual, what would these numbers be for a 15,000 mile a year lease.

    would mf stay the same, but the residual change? change to what? thanks.
  • qbrozenqbrozen Posts: 26,416
    Yes, MF stays the same, residual drops 2%.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • Hi. thanks for getting back

    the msrp (from edmonds) on the 2006 LX SE is $22,075 (including destination charge). The invoice (according to Edmonds) is $19,928.

    the dealer quoted us a selling price of one percent over invoice

    at the moment, the lease offer to me is $285/month "zero" down (including tax, mv.)

    bank fee ($595)
    this is for a 36/month 12,000 miles a year deal.

    is this enough for you to calculate?
    if not let me know asap and i'll get other data
    thanks again
  • Hello Car_man:
    I've never leased before (have bought 2 Accords from same dealership Route 22 Honda in Hillside, New Jersey, and my salesperson is anxious to close another deal).
    What do I need to specifically know to get the best possible deal?
    I know that I can negotiate a deal to buy at Invoice ( LX V6 @$23141/MSRP $25,650 per Edmonds, EX V6 @ $25,118, MSRP $27,850 per Edmonds). Now I understand that Honda is giving dealers $750 cash-back. Is that a factor in a lease?
    My lease would be 36months/45,000 miles or 36 months/54,000 miles.
    I intend to put the least possible money down - only what is necessary for me to drive off with the car. My credit history is excellent.
    I hope I've explained my position enough for a response from you.
    Thanks!
  • aboweabowe Posts: 3
    I've been offered the following:
    36 Month, 12K miles, $2000 down, monthly payment $281 for a 4cyl. Accord EX sedan. I plan to ask them to throw in the floor mats.

    (Good) Deal or No Deal??

    Thanks for any replies. Al
  • anzialanzial Posts: 21
    Actually, Edmunds shows invoice of 24.568, so they do have a little wiggle room still :) Although 24,723 cap cost does include $595 destination fee (or is it lease inception charge?) and some sort of electronic doc fee :) So you do have a point... but then, who knows how deep their hold back goes on this ;)
  • ral2167ral2167 ohioPosts: 767
    i don't think that's a good deal, but i'm just a bit confused so get other opinions......

    i got a quote for a 4 cylinder EX-L coupe with an msrp of $24,800. the quote was $21900 or thereabouts. anyway, using a 56% residual and .00169 mf, and also edmunds worksheet on how to figure out a lease payment, i get a monthly payment of $282 a month. add tax and it's $300/month. that's for 15K miles per year.

    if i did the worksheet right, which i think i did, my payment is $19 more than yours, but i get more miles, and with no $2000 down payment. i understand that you're getting a sedan, and not a coupe... but it's still a 4 cylinder. i assume the msrp is higher for your car.

    my confusion comes because when i do these worksheets, i wonder whether this is real-world figuring-- i have yet to actually propose this $300 figure to any dealer-- they might not accept it and say it's way too low.

    plus a V6 has a money factor of .00089, so if i go that route, my payment is only $8 higher ($308) for a 6 speed coupe compared to a 4 cylinder 5 speed ex-L coupe.

    from what i read in the forums, the advice has been to have as low a down payment as possible. why are you putting $2000 down, which seems awful high?

    looking forward to other comments on your deal. maybe it's a good deal. to me, it doesn't seem all that great.
  • aboweabowe Posts: 3
    I opted to put down a large amount to keep the monthly payments low. When I plug the figures into the Edmunds lease calculator the payment comes out $320 so I thought the $281 sounded pretty good. Any other thoughts?

    Al
  • ral2167ral2167 ohioPosts: 767
    your deal looks better and better...

    i received printout today from dealer saying current super preferred money factor on an accord coupe V6 manual is .00280. i was under the impression it was .00079. dealer indicates those were last month's numbers.

    i also was under impression that residual on a 3 year/15K lease was 56%...it's 55% according to printout.

    so now i'm all confused-- i read these posts thinking that money factors and residuals are one thing, then i get an email from a dealer with an "offical looking" worksheet indicating numbers that aren't buyer-friendly as i've assumed.

    can anyone verify the actual residual/money factor on an accord V6 6 speed manual tranny at 15k/year for 3 years?

    anyway, sorry i spoke too soon-- your deal sounds good at this point.
  • qbrozenqbrozen Posts: 26,416
    but then, who knows how deep their hold back goes on this ;)

    I believe holdback is 3%.

    And, yes, I always include destination when i'm referring to invoice, personally. Just makes things easier, IMHO.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • qbrozenqbrozen Posts: 26,416
    Now I understand that Honda is giving dealers $750 cash-back. Is that a factor in a lease?

    Nope. The $750 is not awarded to the dealer when the buyer gets the special subsidized lease deal.

    What do I need to specifically know to get the best possible deal?

    Well, that's very open-ended, but coming here is a good first step. What you need to do is figure out what you want to pay for the car. Invoice is a decent start, but, realistically, you could get below that. Not much, but some.

    So, let's say you target $500 under invoice for the heck of it. You then plug that into Edmunds lease calculator, along with the appropriate residual and MF, and come up with a payment. You then push for the dealer to meet your request.

    only what is necessary for me to drive off with the car.

    You don't need to put down a single dime unless you want to.

    Hope this helps.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • qbrozenqbrozen Posts: 26,416
    hmmmm... well, I just got my sedan 2 days ago and the MF was .00089 (it would be 79 if i chose to put down a security deposit, but its actually cheaper to take the higer rate and pay no security deposit). So I think that dealer is not being truthful.

    I may be wrong, but I do believe the coupe has a lower residual than the sedan, so 55% could be correct.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • qbrozenqbrozen Posts: 26,416
    I've been offered the following:
    36 Month, 12K miles, $2000 down, monthly payment $281 for a 4cyl. Accord EX sedan. I plan to ask them to throw in the floor mats.


    What is the purchase price?

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • aboweabowe Posts: 3
    I won't know all the facts till tomorrow night. So far we've just passed emails and I need to see the paperwork and make sure there are no hidden costs. Based on the website ad for the LX SE with about $2000 down and payments of $239 plus tax I think the EX at $281 including tax is about right. The EX lists $1725 higher according to the Honda website.

    Al
  • anzialanzial Posts: 21
    OK, I got confused there for a sec :) So I gather that I did get a good deal, and the dealer didn't go empty handed either - I saw their worksheet and it was apparent that they could go as low as $24,400 net cost incl. destination fee, which is below official invoice but probably around the actual invoice for that dealership. What kind of deal did you get?
  • gbrozen:
    thank you for your input. just need a few more questions answered.
    what is the money factor and residual value for:
    Accord LX V6 Automatic with 36 months/45,000 miles?
    Accord EX V6 Automatic with 36 months/45,000 miles?
    I assume from reading into previous posts that those 2 items, along with the cost of the vehicle, are what i need to come up with a lease cost using the Edmunds calculator?
    Thanks.
  • qbrozenqbrozen Posts: 26,416
    I don't have the paperwork in front of me, and it was an odd number, but I got it for somewhere around $24,820. Then again, I didn't do too good on my trade, so take it for what its worth. Since it was a lease and I had a particular payment in mind, they got the deal done for me, so that's the important part. I definitely feel like I left money on the table, but I'll live. ;)

    The tax issue was an important detail that I did not have the proper information on, so that's what kind of screwed me in the end. I'm new to leasing, but I learned a lot this time around and won't make the same mistakes again.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • qbrozenqbrozen Posts: 26,416
    No problem.

    The EX and LX are the same. Money factor is .00079 IF you have to put down a security deposit. If you don't (and I suggest you don't if you can avoid it), the MF is .00089. Residual is 56% with 45k miles.

    I'll state this now for anyone who has a question about it. The reason I say to take the higher MF rather than pay security deposit, in this case, is because the .0001 difference amounts to roughly $4 per month. Over the course of a 36-month lease, that's $144, which is less than half the security deposit. Now, depending on your credit, an individual might HAVE to pay a security deposit, I'm not sure. In my case, it was my choice, and they were kind enough to point out that my credit score meant I could pay $0 security deposit and take the higher MF.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • kyfdxkyfdx Posts: 136,941
    Yeah... but, you get the security deposit back at the end of the lease...

    $144 is a lot to pay, just to borrow $350 for three years...

    Just my $0.02...
    kyfdx

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

    Edmunds Moderator

  • qbrozenqbrozen Posts: 26,416
    Ah, but what could you do with that $350 over 3 years?

    Plus, how many people actually get their deposit back at the end? How many trade out of their lease before its full maturity? How many "roll" the security deposit onto their next lease?

    PLUS, if you're talking about putting $0 down, you are financing that $350 over 3 years. Its only if you pay it up front that you are saving the full $144 over the 3 years. So, in my view, paying $350 up front to save $144 over the next 3 years isn't a great move, either.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • kyfdxkyfdx Posts: 136,941
    That is a 12% return on your money.... Under all of your scenarios, you still get the $350 back, or avoid paying it on the next lease... Either way, you get it back.. you aren't spending it.. The leasing company can't just "keep it".

    If you trade out of your lease, you get the security deposit credited against your payoff... There is no way to "lose" the money..

    Really.. .making the security deposit is a good deal..

    regards,
    kyfdx

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

    Edmunds Moderator

  • qbrozenqbrozen Posts: 26,416
    i dunno. I'm pretty sure my sister never saw her deposit again. I'd have to ask her. I know she got a bill for damages (which were unbelievably minor), so I'm pretty sure she didn't get it back.

    Why can't they just "keep it"? Who is stopping them? If the consumer doesn't say anything, they don't have to volunteer to give it back. heck, tell that story to the millions of people who have overpaid PMI over the years because the bank never volunteered to remove the extra charge. If the consumer didn't think to call to get it removed several years down the line, it didn't happen.

    My wife and I both had leases a long time ago. I traded mine, which brings me to the question below. As in my sister's case, we received a bill on my wife's car. Never any mention of a security deposit. I never thought about it at the time, and neither did she.

    I didn't know it was credited to your payoff. Are you sure about that? I'm not sure about it. I seem to remember when trading my lease all those years ago, the payoff was exactly my residual plus remaining payments. No mention of the security deposit.

    Heck, to each his own. Personally, I kept my $350 and put it in my son's college fund. Its going to do much more good there as the interest continues to compound over time.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • kyfdxkyfdx Posts: 136,941
    Well... to simplify things... the answer to almost every one of your questions is yes... I'm sure..

    The bill for damages or over-mileage at the end of the lease will be the same, regardless of any deposit. If you have a deposit, that can be applied towards the damages, but if you don't, you'll have to pay up, anyway..

    Making the deposit will result in a lower cash outlay over the term of the lease... The math doesn't lie..

    But, I get your point about people that don't keep track of such things... They usually get the short end, no matter what...

    regards,
    kyfdx

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

    Edmunds Moderator

  • qbrozenqbrozen Posts: 26,416
    just a funny aside I should have mentioned in the post. the bill for my wife's damages was about $80. It was for a cracked license plate frame and $50 for the paintless removal of a ding. I understand the ding, but the plastic license plate frame??! Good grief! I would have replaced it myself if I knew they'd charge for it. (this was a mitsubishi galant, by the way)

    We weren't together when she first got the car, so I couldn't prove any kind of security deposit, and she is HORRIBLE about keeping proper paperwork. so whatever she gave in the beginning (and I'm sure she did because she leased it when she was about 20 years old with little credit history) was lost to the wind.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • anzialanzial Posts: 21
    I'm new to leasing, but I learned a lot this time around and won't make the same mistakes again.

    Same here :) Thanks for sharing btw, I guess I'll live too ;)
  • ral2167ral2167 ohioPosts: 767
    am considering leasing a "new" 2005 model accord coupe LX 4 cylinder-- 55 miles on it.. never titled...

    anyway, i will obviously offer much less than original invoice, since it's a 2005, for the capitalized cost

    dealer says it's treated just like a new car-- same as 2006-- as far as incentives go...

    my question is-- what would the residual be on a 2005 model for a 3 year lease? would it be the same as a 2006 3 year lease, or a 2006 4 year lease?

    i am assuming money factors would be same as for a 2006. is this right?
  • kevin9812kevin9812 Posts: 1
    Today, I received a quote Accord Se $169 with $1999 down.
    I am new to leasing. What you guys think of this offer?
    Is this good deal?
  • qbrozenqbrozen Posts: 26,416
    I don't have the paperwork in front of me, and it was an odd number, but I got it for somewhere around $24,820.

    So I went back and perused the paperwork this morning. I was surprised to find out that I did much better than I originally thought. The sold the car, in fact, for $24,088! I was looking at the price WITH the acquisition fee of $595, which brought the total to $24,683.

    I'm not sure why they sold it that low, but, like I said before, I didn't do too hot on my trade. HOWEVER, they also gave me $1k more for my trade than I originally thought, too, so, although I still didn't get as much as I hoped for it, it was better than I thought we settled for. So, all in all, I'm happy with the deal.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • marys236marys236 Posts: 78
    I understand that the depreciation portion of the payment is based on negotiated sale price of the car less the residual value. Also, the sale price of the car is your capitalized cost, and interest is based on residual value + cap cost, x mf. If you are going to capitalize the TTL, do you include the TTL in the sale price/cap cost of the car to calculate the depreciation? It doesn't seem like you should. Seems like you should use the sale price to calculate depreciation, and sale price + ttl to calculate interest.
  • anzialanzial Posts: 21
    That's what I'm talking about, I'm pretty sure you can get one for under $24 grand + acquisition fee, so it's not unreasonable to aim for total cap cost of $24,500 or less for EX V6 :) Good job!
  • anzialanzial Posts: 21
    AFAIK, TTL is added on top of the payments, in fact, I had to pay reg/license up front, tax is added to each payment.
  • marys236marys236 Posts: 78
    I guess Oklahoma is different, you pay the ttl separately to the state tax commission after you lease the car, just like when you buy one, but I understand the dealer will roll it into your lease payments, just as they will finance it in your loan if you buy.
  • anzialanzial Posts: 21
    I guess I'm getting confused at the point when you are saying that you can finance the state tax :) If only they could finance the APR as well ;)
  • marys236marys236 Posts: 78
    That would be great. In Oklahoma, my understanding is you pay tax on a lease just the same as if it was a sale, 3.25% of the purchase price, or cap cost, which is paid within 30 days after the purchase to the tax commission. The dealer can roll the amount of the tax into the amount financed on loan, or into the cap cost on a lease, and write you a check that you then turn around and pay to the tax commission. Of course, the tax is figured on the cap cost before you add in the amount of the tax, otherwise you'd be caught in a vicious circle. I could be wrong, but that's how I've been told it would work.
  • Dear Car man

    On the table in NYC is a 2006 Honda ACCord SE.
    Offer good until MOnday is $290/month, $600 down for 36 months/12,000 miles

    The msrp (from edmonds) on the 2006 LX SE is $22,075 (including destination charge). The invoice (according to Edmonds) is $19,928.

    The dealer quoted us a selling price of one percent over invoice, including a $250 "advertising fee"

    Can you advise ASAP?

    Is this a good deal?
    I would like it to be more like $270 a month with $600 down, but need to make the decision very quickly and if that is unrealistic, it would help.

    thanks

    Rickforward
  • marys236marys236 Posts: 78
    Okay, I was wrong about that, you do have to pay the tax up front when you lease a car, but it is still 3.25% of the purchase price, or cap cost. It is not added on to the payment, unless you ask that the tax be included in the cap cost. Anyway, I leased a 2006 EX-L 4 cyl AT, for $308 per month, sale price of $22,450, + acquisition fee $595, 36 month, 15K miles/year, cash up front for ttl and first months payment, MF 00169, RV 56%. I think I got a decent deal. I bought it at Bob Howard Honda in Oklahoma City, OK.
  • qbrozenqbrozen Posts: 26,416
    The dealer quoted us a selling price of one percent over invoice, including a $250 "advertising fee"

    So... I'm not clear on the price. 1% over would be roughly $200 over, but you said "including" the ad fee. So it sounds like they are offering the car at about $50 UNDER invoice, and then adding the ad fee to get to $200 over? Is this correct?

    In order to drop $20 per month, you need to get them to come down roughly another $600-$700. I don't think its unrealistic, personally, but I don't know how the market is in NYC, either.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • ral2167ral2167 ohioPosts: 767
    i use two lease calculators to get an estimated monthly lease..and edmunds calculator is always higher...

    is it because it seems that edmunds calculator calculates tax on the negotiated price of the car, and not on the bottom line monthly lease payment?

    suppose i lease an accord and negotiate a $20,000 selling price. edmunds calculator seems to figure tax on the $20,000. that's not right in most states, right? tax on leases is NOT based on the selling price of the car.
  • ral2167ral2167 ohioPosts: 767
    also, it appears the money factor of .00079 and .00089 are only good for sedans this month. the quotes i am getting for coupes show money factors of .0025 for coupes. anyone lease a coupe this money and get money factors of .00079/.00089??
  • qbrozenqbrozen Posts: 26,416
    I dunno. Edmunds works OK for me. It does have the full tax in the tax box, but it is calculating it on the lease payment in the final tally.

    For instance, I put in a $20k car, and it tells me that would be $1200 tax. However, it is only adding $24 per month to my $400 sample lease payment, which is 6% of the payment. If it were indeed dividing up the full $1200 over 36 payments, that would add $33 per month to the payment.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • ral2167ral2167 ohioPosts: 767
    you're probably right... i'm probably wrong..

    still can't quite figure out i get two different payments when i use edmunds calculator and leaseguide.com's calculator while inputting the same numbers. will have to do some more looking.
  • qbrozenqbrozen Posts: 26,416
    i haven't looked at leaseguide's, but make sure it is putting in all the info that Edmunds is. Edmunds adds in the acquisition fee, security deposit, and estimated tags/dmv fees.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • greenacuragreenacura Posts: 42
    Has anyone recently purchased an Accord sedan EX-L V6 with navigation? If so could you post your payemts and deal details. I am thinking of trading in my 2004 Acura TL for an Accord and couldn't find any posts for a loaded nav Accord.
  • roachbuggroachbugg Posts: 15
    Hello board, I have an 03 Accord that I have about 7 months left on a 48 mo lease with 15K per year. I am already at 65K miles, and honestly I would like to turn my car back in and BUY a new one (but not a honda- ready for an upgrade). I have been reading other internet forums, and have heard stories of people calling the leasing company, giving them specs about the car- and if the value of the car is equal or less than the average selling price, they would let you turn it in with no problem. Are any of you familiar with that? Please feel free to offer suggestions. What I have already been doing is paying an extra $100 on my car payment every month to equate for the 1,000 miles that I am going over each month- but don't know if that is wise. I love my car, but honestly have grown tired of it, but do not want to trade it in and risk being hit with a much depreciated value that what is owed. Any help or points would be greatly appreciated. Thanks
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