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2013 and earlier-Honda Accord Lease Questions



  • gperrgperr Posts: 126
    Thanks again Car_man- I pulled the trigger this weekend. Got my wife a new Silver/black 2010 Accord Sedan EX-L.

    here is my Deal:

    MSRP $27,540
    Purchase Price: $23,209 (including their dealer pack-mud guards/wheel locks/trunk tray & Window VIN Etch)
    36 months, 12k AHFC lease
    Residual 58%
    MF .00158
    Sales tax in NJ is 7%

    Monthly Payment: $300
    Out of Pocket: $704 (which includes 1st month $300, NJ 3yr Reg. & title fees $227.50, Doc Fee $169, and NJ Tire fee $7.50)

    I have brought in this dealership a decent amount of business and got them on an unusual very slow saturday.
  • That would be great.
    I'm trying to figure out the rate difference.


    Hi dyingbreed. I'm not sure what the factor is for someone with a 660-700 credit score, but I'll try to find out for you.

    Prices Paid: Buying & Leasing Experiences Forum
  • ral2167ral2167 ohioPosts: 723
    is that 4 cylinder or 6 cyliner? navigation or no navigation?
  • victor23victor23 Posts: 201
    Delta737h is correct, $250 is a standard dealer fee in OH, I don't know if it is state-regulated or not. I also have no idea why upfront charges don't add up. Having said that, I don't feel your sale price is competitive enough in the Ohio market (which currently is, in my recent experience, one of the cheapest nationwide). Just for the reference, have a look at Voss Honda in Tipp City, their website offer is 0-0-0-0 and $228x35 mo for LX-P (not LX), which means you could do even better than that.
  • gperrgperr Posts: 126
    edited June 2010
    4 cyl no nav.

    MSRP on an EX-L V6 would be $29,815
    MSRP on EX-L w/Nav would be $29,540
    MSRP on EX-L V6 w/Nav would be $31,815
  • biswajitbiswajit Posts: 15
    Hello all,

    This is one of the most helpful forums I have ever come across online, and have been able to know a lot about leases because of posts on this forum.

    I stay in Raleigh NC and am trying to get a decent deal on a lease for Honda Accord 2010 EX Sedan I4 Automatic. I have been given the following quotes by a dealer in the region. The sale price I was quoted was "The price of the 2010 Accord Sedan EX AT is $21,141 plus fees." and the MSRP on the dealer site is 24630 + fees.

    Lease numbers for 12k yrly 36 months
    Paying upfronts of $846
    Monthly payment is $249

    Lease numbers for 15k yrly 36 months
    Paying upfronts of $861
    Monthly payment is $262

    Zero down (no money out of pocket)
    12k 36 months
    monthly payment is $274

    Zero down
    15k 36 months
    monthly payment is $288

    I kind of get a feeling the deals are balanced and not too bad or too great, but I would definitely like to hear expert opinions on them.

    Any kind of help would be highly appreciated!

    Thanks in advance,
  • gerbiesgerbies Posts: 9
    I currently have a 2007 Honda Accord EX-L, V6 lease, which will mature in September. I started the shopping process as I wanted to see what else was out there other than an Accord. I still favor the Accord. After reaching out to a couple of dealers, the dealer with whom I took the lease on my 2007, said it might be advantageous to end my lease early in order to take advantage of the amazing deals on 2010 Accords right now. He also said the model/trim I want (Accord EX V6 with cloth interior) is a harder trim to come by versus the EX-L or 4 cylinder with cloth. Here's what he told me:

    - There's no penalty for terminating the lease, if the dealer purchases the car.
    - Because I only have 19,000 miles (I don't drive a ton) after almost 3 years, I know this would be a great car for resale for the dealership.
    - He said, I might have "equity" built into the car, which would make this deal smooth. How does that work? For example, the payoff per Honda Financial is $15,600. If he's willing to offer, say, $16600, what happens to that $1000?? I know what happens in a regular trade-in, but what about a lease?

    Currently, the deal he is offering (which is the best within 100 miles on-line) is:

    2010 Honda Accord EX V6
    MSRP $27750
    Price - $23,600 (including destination fees) (this is $1700 under invoice)
    Extra - Title/registration and tax

    I will see what my interest rate will be; we have super great credit and will qualify for the best interest rate (though, I will go with the dealer cash on this deal versus the current 0.9/1.9% offering).

    Help? Does this make sense to anyone? Will I be able to do this without killing my credit? I need to understand what the equity piece is about.

    Thanks in advance!
  • victor23victor23 Posts: 201
    Your dealer is probably right. I think I heard somewhere that Honda allows you to pay off and buy back at any moment without fines. Please someone correct me if I am wrong. If you pay off, you pay sales tax to purchase a car. If the dealer pays off, he does it tax-free, so it makes more sense for him. He then passes that $1000 difference to you. In this case, in the form of a trade-in allowance. You just sign the paper authorizing the dealer to pay off and acquire your leased car. This is legal and very common, I did that 3 years ago, but in my case it wasn't an early termination, I just had equty in my Honda with 24k miles after 36 months. This all should not affect your credit score in any way, these are two unrelated matters.

    Now, having said that, I don't think your dealer is honest with you. First, current deals are great indeed, but they will become only better as the MY nears its end in September (caveat: your choice may become limited at the end of MY). Second, I don't think there is currently any equity in any 2007 Accord, especially V6. Assuming you have a sedan without nav, your TMV for trade-in is about $15k (check it yourself here at Edmunds), i.e., your car isn't worth a payoff as a trade. I have the same situation with my own Accord (matures in 3 weeks, 22k miles). In my opinion, the dealer just wants to bait you to lure into the deal RIGHT NOW, he will not offer you the best deal possible and will handily recover the excessive trade-in allowance.
  • jimfireftrjimfireftr Posts: 26
    Delta, Thanks. I have since questioned the deal, and the dealer stated the upfront fees are $0. This was added due to "accounting reasons" Victor, the deal is actually through Voss, but you need to read the fine print in regards to your quote. "Excludes tax, tilte, license & dealer fee". The deal I have is much better.
    Update on best quotes with sign and drive ($0 out of pocket)
    All fees included:
    LX 12K/yr 220.96
    LX 15K/yr 233.64

    LX-P 12K/yr 241.23
    LX-P 15K/yr 254.45
  • victor23victor23 Posts: 201
    Jim, of course I read the fine print. What you are getting now exactly illustrates my point: 221 sign and drive is much better than 232 and 567 upfront (which you quoted initially). Congrats!
  • delta737hdelta737h Posts: 606

    You're absolutely right. The state does regulate the maximum amount dealers can charge for the doc fee and, currently, that amount is $250. Some dealers mislead consumers when they say that the state "mandates" the $250 doc fee... nothing couldn't be further from the truth.

  • delta737hdelta737h Posts: 606

    Accounting reasons? That's got to be a first! They should be able to account (itemize) for every item and every penny in the deal. Sounds like non-sense to me. I wouldn't let them get away with that!

  • gerbiesgerbies Posts: 9
    Thanks, Victor. I've since gotten more information about this potential deal. You're right: my car is not even close to being worth the payoff. My car has a few issues not helping the matter: one mismatched tire, many scratches, and a paint scrape on the back and front bumpers (one would have been covered by insurance). The dealer confirmed the car is worth a trade-in of $14500 with the issues and low mileage. As shared, the payoff is $15664.

    I got the internet quote from, so there wasn't much haggling. The salesman said something like I "backed" into a good deal, because I had already gotten a low internet price and they couldn't recover the trade in loss in the price of the car. You're right about the availability of this model. I called or e-mailed every Honda dealership within 100 miles and almost all of them didn't have the vehicle and weren't expecting to get any. Some offered to order one, but they couldn't match the low price I was already offered.

    Here's the final deal being offered:

    2010 Honda Accord EX V6
    MSRP $27555
    Vehicle Offer-$23200 ($2101 below invoice)
    Pay off trade completely (even though worth below payoff)
    3.9% APR
    $3000 down
    OTD payment for 60 months - $413 a month

    This seems like a good deal...thoughts??
  • victor23victor23 Posts: 201
    The price looks good to me. You may be able to qualify for 1.9% financing. Dealers often jack up rates and keep difference for themselves to make up for lower sale price.
  • gerbiesgerbies Posts: 9
    Thanks, I thought so, too. I was advised there's either dealer cash or the 1.9%. The price we were given includes the cash. Can you get both?
  • toyoman8toyoman8 Posts: 114
    edited June 2010
    no you can't get both, it's either low APR or cash back, but what you should be able to do is to get Cash back amount OFF the agreed $23,200 price.

    In another words is the agreed price is $23,200 and the cash back amount is $1000, you final price should be $22,200

    Now, if its dealer cash which is different from cash back,( b/c dealer cash is when a dealer throws an incentive and cash back is incentive from manufacture)
    then you could get both APR and dealers CASH
  • victor23victor23 Posts: 201
    I don't know all particulars of the current offer, but usually it is either-or when both cash and low interest are offered by the manufacturer, I agree with toyoman8 here. Now, can you discount the cash offer from the agreed price? It probably depends on what is meant by "agreed price". In my own case (and as I understood, in your case too), the scenario was like this: I ask, give me your very best bottom-line price. Dealer answers: our price is X for low-APR financing, Y for cash payment or alternative financing, Z for lease, and this includes all existing incentives. I knew what the incentives were, and his figures made sense to me, so I closed the deal. If you, however, negotiated best price before incentives, then the things are different (see toyoman's post).
  • mookie14mookie14 Posts: 252
    Does anyone have any experience with how Honda allows their customers to pay on the over mileage fees after turning in a lease vehicle? I'm not sure if they will expect everything all at once or will they allow the customers to make payment arrangements.

    If you know, please share.
  • biswajitbiswajit Posts: 15
    I came back from the dealer this evening, after having tried in vain to finalize on a deal. I have a score of 760+, but a "thin credit" file of just 2 years 4 months, and 3-4 credit cards with about average limits of 5-6k on each.

    AHFC apparently considered my application to be "Standard Tier" instead of "Super preferred" or even "Preferred" tier.

    I had negotiated 0 down and 35 payments of $249 for the 2010 Accord EX sedan Automatic before credit check and loan application. However when the application came back from AHFC, I was finally offered 0 down and 35 payments of $331 dollars. Residual was 15504 and MF of .00364 !!!!!!

    Hope that helps...
  • victor23victor23 Posts: 201
    Something doesn't add up. I don't ask how do you manage to get 760+ after just 2 years 4 months, but if you do, the person with this score should have been "no questions asked". Are you sure it is Honda who is inflating your MF and not a dealer? I had a somewhat similar story last months: negotiated excellent sale prices, but couldn't get decent MFs even before a credit check. One of the dealers was honest: he explained that at this sale price they are not going to give me a "lease buy rate" (aka Super preferred) whatever the score because they need to make a profit.
  • toyoman8toyoman8 Posts: 114
    edited June 2010
    it's ok. Just relax and Go home, and wait, they will call you for another 3 weeks with much better offer each time 'till you tell them you bought another car already :)))

    So wait and choose the best deal
  • biswajitbiswajit Posts: 15
    Well, I think I did all the right things right from day 1, and hence the score. I had checked the score even an year back, when I had just 1 year 4 months, and it was in the 740's. But that is entirely another discussion.

    However, I am not sure if it is the AHFC or the dealership inflating the rates. You might be absolutely correct about the dealer hiking the price up. Now, as much as I do not want to. I am thinking of visiting the Toyota dealerships. I need the car, but do not fancy Toyota's as much. :(
  • biswajitbiswajit Posts: 15
    Thank you for your advice... I will keep the forum updated about what finally happens.
  • See this is what I was trying to find out, if I'm considered regular tier, whats their money factor?

    But I can't imagine it would drive up the price by almost $100 a month.
  • victor23victor23 Posts: 201
    I understand. I researched quite many cars this spring. I hate to say it, but I liked Camry more than the last generation Accord. Actually, there are so many really good sedans on the market right now. In this price range my top picks would be Altima and (I hate to say it even more) even Sonata. (Sonata is, probably, the most practical choice currently. If only not for her face.)
  • Standard Tier MF for Honda I believe is .00314... and one change in the tier shouldn't change your payment by almost $100... It sounds to me like they jacked up the selling price... I would keep shopping your offer around to other Honda dealers...
  • ejv207ejv207 Posts: 12
    edited June 2010
    Hi Carman,

    Would you please provide the money factor and residual rate for the month of June on a 2010 Honda Accord 2.4 LX Sedan w/AT? The term I am looking for is 36 months at 12k miles per year. I am located in Central NJ. I understand they have different MFs for their credit tiers. Could you give me the numbers for Preferred and Super Preferred? Thanks!
  • angus215angus215 Posts: 1
    Does anyone know what the money factor will be for an Accord after July 6,2010?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're welcome, gperr. Congrats on your new ride. I've had a number of Accords myself. They're great cars. It's hard to beat $300 per month for a car that's loaded with options like it is.

    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Jit . The dealer invoice price of a 2010 Honda Accord Sedan EX with an automatic transmission is $22,331. If we subtract the $1,200 dealer cash that Honda is providing on this car from that, the invoice price drops to $21,131. That's right in line with the price that you were quoted, so you're getting a very good deal.

    Just make sure that the dealer uses Honda Finance's buy rate lease money factor to calculate your monthly payment and you're in business.

    Prices Paid: Buying & Leasing Experiences Forum
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