As a guide depending on the sales tax in your state and selling price. I just leased a 2007 EX-L V6 sedan with no money down, sales taxes (8.675%) and bank fee rolled in for 324.92 36 months. Due @ sgning 1st month, DMV, and NYS fees the selling price listed on my lease was 23611
I have noticed that it is advocated not to make a downpayment while leasing (as you loose that money in case of the car being totalled). However it seems that sales tax is not calculated on the down payment. If that is the case it might not be a bad deal as you save the ST % (in my case about 9%), moreover you get the option to extend the lease with the lower payment.
Here and most states cap cost reductions are taxed. Where are you located? Perhaps in your state they are not for some reason.
With a lot of factory sponsored lease deals you are getting money well below market value - I have done lease deals where it was < 1% or 2% effective APR. At those numbers, why would you want to put ANY of your money into a lease? Heck, roll in the taxes and acq fee too if the money is that cheap.
Most lease extensions are for only a month or two max, so having a lower payment by shelling out a lot up front does not seem to pay then either.
wondering if you can give me the current M/F and res % for the above. car that im looking at is the 2007, 36 mo, 12k per year lease. msrp=27050. initial sale price offer is 24900. also, are there any dealer incentives that i should be aware of.
The EX-L w/nav I4 should be 0.00096 MF (a nice 2.304% rate) and 57% residual - based on MSRP of $27,645 w/dest (with AT) this would be $15,757.65. Your lease will be based on 57% of the MSRP w/dest as shown on the car you lease (prices can change throughout the model year). This is for a 36 month/36k mile lease with top tier credit. The residual will be the same for all, the MF may be higher for those with weaker credit.
You can check right here on Edmunds for incentives - they may vary by region so plug in your ZIP code and see what comes up.
For most of us, Honda is doing a $750 dealer incentive on Accord sedans. Invoice on the I4 EX-L w/NAV AT is $24,963 so take away $750 and $24,213 would be a good price (deal keeps holdback) for the car including dealer fees. Sounds like your initial offer is about invoice and needs to come down a bit.
A lot of dealers don't deal quite as low on NAV equipped cars. They say they don't get that many of them so they normally don't make quite as sweet a deal on them as if you picked the same car w/o NAV.
I am going tommorow to get a Accord V6 ex-l with navigation the msrp is 29995 and I think I am gettin it for 25980 I am putting down $2200 icluding all fees(taxes,bank fees, etc) except DMV. it has a money factor of .0009 and a residual of 59%. All together it comes out to 295.58 a month
From SOCAL. Was offered a dark grey 4cyl accord lx 5spd manual with 2000(or 1500 dont remember) 36 months lease/12000/yr for 190/mo. does this sound like a good deal(from leasing co. not honda)
Any thoughts on this offer that I just received? This is, of course, without any negotiation. If I try for this, what should I be looking to accomplish??? Thanks in advance!
$69 per month w/ $4969 due at signing. New 2007 Honda Accord SE V6 sedan (Model CM6647EW). 5spd Automatic, AC, pwr w/l, cruise, alloy wheels, AM/FM/6-CD, ABS, front & side airbags, side curtain airbags $69 per month Lease for 24 months. 12,000 miles per year.Total due at start $4969 ($69 first pmt, $4305 cash down or trade, $595 bank fee, $0 security deposit). Tax & tags extra.
*Security deposit waived to customers who qualify for automatic approval. Previous HMAC Super Preferred customer required. Purchase prices exclude tax, tags, & dealer installed options. NJ residents exclude All manuf incentives applied to pmts retained by dealer. Tax & tags extra. Prior sales excluded. Artwork for illustration only; does not constitute actual vehicle. In stock units only. Vehicle must be in stock and delivery taken by 1-22-07. Offer ends 1-22-07.
I asked the finance manager at my dealership if the dealer incentives for this month applied to my accord EX coupe. He said no, they were just for regular financing. True or not? :confuse: I'm referring the $750 and $500 numbers that have been tossed around here recently. Thanks for your help!!\
I'm in MA, and I just bought a Accord Coupe EX (4 cyl)
you definitely should be putting less down. Hold onto that money to help you make the higher payments.
there are 2 reasons to do this. One is that, as many here would tell you, if the car is lost or stolen, you lose all that money you put down. Second, the money factor is most likely so low that you really aren't saving much money in interest by putting down more money. Keep that down payment in a money market, for instance, to offset a good deal of the interest and make the payments from that account.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Car - 07 Accord SE V6 Total out of pocket - $1200. including all fees and motor vehicle chages. Trade in - $500. Terms - $265-month(tax included)/ 36 months/ 12000 miles/year MSRP - $24845.00 Residual - 14658.20
Looking for a third family car, one my teenager will mostly use. For a 07 Accord Value Pack with AT I was quoted @ MF 0.00096, 57% residual for a 3yr/12k lease, including all Maryland tax (5%) and fees, registration etc at $268/month with only first month payment up front. I believe Acq fee is $495, again all rolled in. I am told cap cost is $18,125 incl dest ( 17530 plus 595 dest). Do you think I can do better?
that 750 marketing support DOES NOT apply to leasing. got some bad info from a dealer nearby. however, places are trying to move these cars.. you should easily get them to throw in the acq fee ($595) and DMV for a cap AT invoice.
Hi ....intrested in buying or leasing new 07. My wife likes the idea of low monthly payment of lease. Have leased before with honda. looking for tips on getting the best deal, and what we can negotiate on regarding the car when it comes to lease. The car is fully loaded.
1) negotiate the price of the car, just like you were buying or financing it. For most Accords this will be invoice or less - including dealer fees (excluding TTL).
2) Negotiate the trade in, if any
3) Do the lease - make sure the dealer gives you the "buy rate" (applies if you have tier 1 credit). Most Honda dealers do not mark up lease rates, but you have to check them. Keep in mind if you do not qualify for the tier 1 rate you will be paying more.
4) Take care of the car and watch the miles - and enjoy
5) Buy the car off the end of the lease end if you want it - or just turn it in for something new (new design Accord will be > 2 years old at that point).
that 750 marketing support DOES NOT apply to leasing. got some bad info from a dealer nearby.
I confirmed this with two dealers.
I am very surprised since in the past the "marketing support" could always be combined with a lease - cheap or normal. My wife's Accord was leased "cheap" and we paid under invoice due to the $600 incentive at that time (2 years back).
I am planning to buy this car w/o nav end of Feb. What did u end up paying? I drove it-great-better than an Acura TL. I love my garmin nuvi 350 portable navigator. Thanks.
if I were you I would buy it before the 5th of Feb. the dealer has 750 cash from honda that he can give to you if he chooses to. that deal from Honda ends on the 5th.
Depending on where you live (neither you nor your profile say) you should be able to get this car for invoice or less, then less any dealer incentives. Currently this is $750 for January and "who knows" what it will be in Feb or March - but LIKELY the same or more.
Invoice is $25,277, $24,527 would be a nice price for this month.
The $750 incentive is from Honda Motors to it's franchised dealers while the special lease is an offer made by Honda Financial to customers. Entirely exclusive. It's the dealer's choice to not pass on the savings.
while your input is appreciated I work for Honda and I am telling you that the dealer will most likely give the incentive. for reasons I have written about in the accord purchasing forum.
well since the prices will be different because of incentives on purchases I would be honest with them and tell them what you are looking to do. A good salesperson will try and meet your needs either way.
Even though the national lease was for the EX-L Auto, the dealer gave me the same deal with the 6-Speed. (Same MSRP). My total driveoffs were $2035, with a montly lease of 269 + tax for 36 months with 12k miles per year. The money factor was .0009.
I am happy with the deal. The same terms on Leasecompare.com had a payment over $400.
I got $2000 off MSRP before my $1335 cap reduction. I ran the numbers on Leasecompare.com, and the best deal they had on the identical numbers was at 418/month. Wow, a savings of 150 a month (and leasecompare.com ususally has pretty good terms).
FYI, got the deal at Scott Robinson Honda in Torrance, CA.
I'm looking for a EX-L 4 cyl , zero down, in Southern Cali. Around what type of monthly payment should I be in the range of for a 2yr/24K. Invoice for this is I believe 22,500--assuming I could get invoice from the dealer.
You will have to pay at least the license, doc, and lease fees (700 total) even with nothing down. Putting just over 1000 down on a lease is not much these days. If I had put nothing down, and rolled the fees into the lease, my payment would have gone up about $75 per month.
There is no lease special on the EX-L 4 cylider. If you want a lease special on the EX-L, it will be on the V6, and exactly the terms I had. All the lease specials are 36 months.
If you deviate from the factory lease, then you will pay a bit more than you should becasue AHFC will not inflate the residual value, will offer a higher money factor (interest rate) and will not force the dealer to lower the price.
On the factory leases, there is very little profit for the dealer, and the sales person only makes $100.
You will have to pay at least the license, doc, and lease fees (700 total) even with nothing down. Putting just over 1000 down on a lease is not much these days. If I had put nothing down, and rolled the fees into the lease, my payment would have gone up about $75 per month.
There is no lease special on the EX-L 4 cylinder. If you want a lease special on the EX-L, it will be on the V6, and exactly the terms I had. All the lease specials are 36 months.
If you deviate from the factory lease, then you will pay a bit more than you should because AHFC will not inflate the residual value, will offer a higher money factor (interest rate) and will not force the dealer to lower the price.
On the factory leases, there is very little profit for the dealer, and the sales person only makes $100.
I have several problems with your posting.
1) You don't HAVE to pay anything down at all. You can roll everything into the lease - taxes, acquisition fee, security deposit, taxes, tags, etc. You are correct in that the more you roll the more you pay per month - but you do not HAVE to put down anything or the amount called for the the lease special. With the cheap lease money factor there is no reason to put ANY money into the lease at all - let Honda finance all of it for 2.16% or whatever.
2) There is not a published lease special on the I4 EX-L as there is on the V6 model, but they have SIMILAR rates on the I4 model. The V6 EX-L numbers are 58% residual and 0.00090 MF, the I4 EX-L numbers are 59% residual and 0.00096 MF. So a point better residual but slightly higher money (0.144%). The net should be an attractive deal on the I4 EX-L for less money per month. So while there is no STATED and ADVERTISED deal you can get an I4 for a comparable deal and pay less - if that is what you want.
3) You can deviate all you want from the stated lease - the MF is the rate you qualify for based on tier (top credit will get the numbers I posted). The residual is as stated and can't be changed by the dealer. It is up to you to negotiate a better deal on the car to save yourself money. To accept the deal as advertised is to throw money away. No one is forcing the dealer to lower the price - that is your job. The amount of the residual and the MF vary with the trim level - but all the sedans are either 0.00090 or 0.00096 and the residuals are between 53% (hybrid) and 60% (I4 EX) so you can choose what you want and get a pretty good lease deal - advertised or not.
4) In the V-6 EX-L deal they state net cap cost as $24,598.10 with the buyer putting up $1,335.00 so the selling price is then $25,933.10 . Invoice is $25,414 so you would be paying $519.10 over invoice - which is too much. You should be able to BUY about any Accord for invoice less dealer incentive or LEASE about any Accord for invoice - including destination and any dealer prep or doc fees. So you negotiate invoice for the car including destination and dealer fees and then the cap cost reduction drops from $1,335 to $816 (plus TTL, acq fee, and security) to get the stated payment of $269 plus tax. Roll all that stuff in and you will have a higher payment - but in any case you saved yourself $519 by not just doing the deal as advertised. True, that is less than you normally save on these deals - but it is still worth the effort. I really don't care how much the dealer or salesperson makes on a deal. If I know dealers that will lease me the car for invoice or a little less WITH these cheap rates then that is what I would pay. They are making the holdback and probably some other incentives as well.
The advertised offers are just to bring folks in and have them think about a lease and to move product. They have a nicer number "$199 a month" or $269 a month" and may or may not be a good deal as advertised. You have to look at the numbers and look at invoice and decide. I would not go into the dealership and say "I want the lease deal I saw on TV and the web". I would pick the car I wanted, get invoice or less for the price, then do the lease at the "buy rate" and have a better deal and lower payments.
yes $170 includes the 3% tax and the the inception was 399 doc and 595 aquisition. All that was rolled in the lease. I gave 0 down.
the residual is 13k.
my car had a salvage title. they probably gave me 1k if at all.
on paper it says they gave me 3k for my trade in and sold the car for 19k.
hope this helps.
best time to buy a accord. they giving them away if u know to deal.
I suggest when you go to the dealer just talk about the payments and watch out for the residual value, negotiating the price etc is a different ball game.
You sound like you really are ripping into me. I was just letting you know about the "deal" I got on my Honda Accord. It sounds like I got hosed according (no pun intended) to you.
Anyway, everything you say is correct. But I leased the 6 speed. I wanted a particular color (Graphite Pearl), and my dealer had to go over 150 miles to get it, and trade them an EX L auto that the wanted on their lot to sell/lease. The sales manager is a friend of mine, so I know I got a better deal than most would get, although I told him to not treat me any different. I found out later that the dealer paid for my doc fees.
The bottom line is I got a great car at a payment I have not had for a vehicle since the early 1990's. I just got out of a lease on an Infiniti FX 35 through leasetrader that was costing be 700 a month, so beleive me, I am happy.
Good luck to you, dwynne. I think you should spring for the V6, that motor is something else.
Not ripping, just correcting the things you said that were not true. Someone reading your post would think that the advertised specials were the only good lease deals that Honda has (false) and that you have to put down what the special says (false) and if you deviate from that you don't get as good of a deal (false) and that the advertised deal is a great deal and can't be bettered (false).
You didn't get "hosed" bad on this deal as (lucky for you) the advertised deal is just a few hundred over invoice and all the Accord rates are low. In past deals the advertised deals left a lot more money on the table. In any case, just walking in and asking for the "special" is not your best deal - but for "Saturn like folks" that don't want to negotiate it can be a decent deal.
You should always have the dealer include the "doc fee" or "prep fee" in the quote for the price of the car. Invoice or less INCLUDING destination and doc/prep would be an acceptable price on any Accord. If you have to add dealer fees on top of that price then it is too much.
My wife drives the Accord in our house, I have an S2000 for nice days and an RX-8 for when it is not top-down weather.
The I4 SE numbers are 57% residual and 0.00096 MF for a 36/36k lease.
MSRP is $22,220 so residual would be $12,665.49 and invoice is $20,196 (for some reason the special page on the Honda web site has the wrong MSRP and residual). Your lease will be based on 57% of the MSRP as shown on the SE I4 sedan you select - which may be slightly different from the current MSRP of $22,220.
If we plug these into a lease calculator we get $240.73 per month plus tax, with you paying all fees and taxes at signing. To get your $220 payment the sales price of the Accord would need to be about $696 lower than invoice. So either you are getting the car well below invoice or some of the money due at signing is going to a cap cost reduction. I have no idea how much DMV, taxes, dealer fees, etc are so I can't figure it from there.
What I would do is get all that itemized out (are they ripping you with a high doc fee, for example) and see what is what. Also get the cap cost (the selling price) of the Accord and compare to invoice.
The other thing I would do is roll all that into the lease and do a sign and drive (nothing due) or maybe just a first payment due lease. Honda is doing this at about 2.3% effective finance rate - so let them loan you the taxes, DMV, acq fee, etc at this low rate. Sure you payment will be higher, but where else can you borrow at such a low rate? If something happens to the car (total loss, theft, etc) your insurance will pay off the lease so the less you have out of pocket the less you lose.
MSRP - $27,995 - Dealer Invoice $25,277 - then they added the azquisition fee of $595 to the Total Cap Cost (is that right? thought that was like a dealer fee that did not affect the lease price)
Nothing down except 1st pmt, MV, Doc, tax $305/month....they showed me a Honda memo that would not allow them to use the $750 on the lease...so apparently I lost that option too....any other thougths before I head back tomorrow?
Leased the same car last week in NJ. Total out of pocket including MV, 1st month and all other fees was $1500. My monthy payment, including tax is $290./36 months / 36,000 miles.
The acquisition fee has to be paid - either rolled into the cap cost of the lease or paid at signing. With the current real cheap lease money, I would roll everything into the lease and pay nothing or just first payment at signing. Sure you pay more per month, but you are using Honda's 2.x% money.
I have no idea if you have a good deal or not since I don't know your taxes and fees, you need to post the cap cost (your negotiated price) which should be right at or below invoice INCLUDING any dealer prep or doc fees. If you are paying over invoice to the car when you include the dealer fee (not counting the lease acquisition fee) then you are paying too much.
Actually when leasing the SE 4 cyl Honda uses the 22,970 as List price when calculating the residual. This is using the $750 package discount as part of list price so 57% of 22,950 is 13,092.90. I just leased one and this is also on honda's web page under special deals...Interestingly, you can lease the V6 SE at almost the same as residual is 59% and payment is same, only difference is tax. I went for the 4 cyl as I want lower fuel cost and may purchase at lease end so eventually will need to ante up...
When leasing the dealer should use the MSRP on the window sticker and residual will be xx% (whatever matches the model you pick) of that. When I leased my wife's Accord they had a special on that exact model, but the car we chose had a slightly different MSRP so the lease residual was based on that number and not the "Advertised special".
If the MSRP on the sticker of the car you chose did not match the MSRP shown to calculate your lease, then they did not do your lease correctly. Note that if they did inflate the MSRP and this the residual, your payment would be LESS per month than if they had used the correct MSRP.
Leased car for $289/month for 36 months. Taxes[8.625] and first month up front, doc fee about $68. Total of about $1253 out of pocket. Wanted an Acura TL, but couldn't justify an extra $4300 over the 3 years.
you guys seem to know everything, and i know so little! I'm looking at all these lease offers and now i'm wondering if its better not to mention the special offer at all? I want the lowest payment possible? i dont care if i get the cheapest trim (i think LX?) I want a coupe and i need an automatic. I think i can get about 1000 for my trade-in (after they pay my loan off) according to the trade in value i got from Kelly Blue Book and NADA guide. Are those websites a good negotiating tool to bring with me? Are they accurate? The online special says with 2200 down My payment would be 210. Is that feasible or a gimmick? I need help. I dont want to go in the dealership sounding like an idiot. Maybe some tips would help me put my game face on. Thanks!!!! :confuse:
Car_man has some useful tips about lease essentials (look back this forum for a few months, I think you will find it). Don't worry about the lease special. That is just a sample for the car company to advertise assuming dealer take a certain percentabe off a particular model with their money factor and residual. You normally can do a lot better.
The thing you can do is to negotiate your cap cost to as low as possible, make sure the money factor they charge you is the same as what Honda offer, verify that the residual percentage is correct, make sure that dealer don't sell you any add on, and finally those pesky doc fee/processing fee etc are as small as possible. if you have done all that, then you get the best lease possible. And the last decision is wether it is still good enough for your purpose (other car manufacturer may offer a best lease deal. Who know, they change every month)..
Comments
Link form msg #810
http://forums.roadfly.com/forums/financing/8200415-1.html
Link from msg #812
http://www.leaseguide.com/calc.htm
As a guide depending on the sales tax in your state and selling price. I just leased a 2007 EX-L V6 sedan with no money down, sales taxes (8.675%) and bank fee rolled in for 324.92 36 months. Due @ sgning 1st month, DMV, and NYS fees
the selling price listed on my lease was 23611
If that is the case it might not be a bad deal as you save the ST % (in my case about 9%), moreover you get the option to extend the lease with the lower payment.
What am i missing?
2017 Accord Sport CVT Mod Steel Metallic
With a lot of factory sponsored lease deals you are getting money well below market value - I have done lease deals where it was < 1% or 2% effective APR. At those numbers, why would you want to put ANY of your money into a lease? Heck, roll in the taxes and acq fee too if the money is that cheap.
Most lease extensions are for only a month or two max, so having a lower payment by shelling out a lot up front does not seem to pay then either.
Dennis
wondering if you can give me the current M/F and res % for the above. car that im looking at is the 2007, 36 mo, 12k per year lease. msrp=27050. initial sale price offer is 24900. also, are there any dealer incentives that i should be aware of.
You can check right here on Edmunds for incentives - they may vary by region so plug in your ZIP code and see what comes up.
Link to the Edmunds incentive page
For most of us, Honda is doing a $750 dealer incentive on Accord sedans. Invoice on the I4 EX-L w/NAV AT is $24,963 so take away $750 and $24,213 would be a good price (deal keeps holdback) for the car including dealer fees. Sounds like your initial offer is about invoice and needs to come down a bit.
A lot of dealers don't deal quite as low on NAV equipped cars. They say they don't get that many of them so they normally don't make quite as sweet a deal on them as if you picked the same car w/o NAV.
Dennis
Was offered a dark grey 4cyl accord lx 5spd manual with 2000(or 1500 dont remember) 36 months lease/12000/yr for 190/mo. does this sound like a good deal(from leasing co. not honda)
$69 per month w/ $4969 due at signing.
New 2007 Honda Accord SE V6 sedan (Model CM6647EW). 5spd Automatic, AC, pwr w/l, cruise, alloy wheels, AM/FM/6-CD, ABS, front & side airbags, side curtain airbags
$69 per month Lease for 24 months. 12,000 miles per year.Total due at start $4969 ($69 first pmt, $4305 cash down or trade, $595 bank fee, $0 security deposit). Tax & tags extra.
*Security deposit waived to customers who qualify for automatic approval. Previous HMAC Super Preferred customer required. Purchase prices exclude tax, tags, & dealer installed options. NJ residents exclude All manuf incentives applied to pmts retained by dealer. Tax & tags extra. Prior sales excluded. Artwork for illustration only; does not constitute actual vehicle. In stock units only. Vehicle must be in stock and delivery taken by 1-22-07. Offer ends 1-22-07.
I'm in MA, and I just bought a Accord Coupe EX (4 cyl)
there are 2 reasons to do this. One is that, as many here would tell you, if the car is lost or stolen, you lose all that money you put down. Second, the money factor is most likely so low that you really aren't saving much money in interest by putting down more money. Keep that down payment in a money market, for instance, to offset a good deal of the interest and make the payments from that account.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Total out of pocket - $1200. including all fees and motor vehicle chages.
Trade in - $500.
Terms - $265-month(tax included)/ 36 months/ 12000 miles/year
MSRP - $24845.00
Residual - 14658.20
Thank you, Lori
Thanks, Lori
good luck,
nick
2) Negotiate the trade in, if any
3) Do the lease - make sure the dealer gives you the "buy rate" (applies if you have tier 1 credit). Most Honda dealers do not mark up lease rates, but you have to check them. Keep in mind if you do not qualify for the tier 1 rate you will be paying more.
4) Take care of the car and watch the miles - and enjoy
5) Buy the car off the end of the lease end if you want it - or just turn it in for something new (new design Accord will be > 2 years old at that point).
Dennis
I confirmed this with two dealers.
I am very surprised since in the past the "marketing support" could always be combined with a lease - cheap or normal. My wife's Accord was leased "cheap" and we paid under invoice due to the $600 incentive at that time (2 years back).
Dennis
the dealer does not get the 750 dealer cash if you get the special lease rate. you can have 1 or the other but not both
Invoice is $25,277, $24,527 would be a nice price for this month.
Dennis
The $750 incentive is from Honda Motors to it's franchised dealers while the special lease is an offer made by Honda Financial to customers. Entirely exclusive.
It's the dealer's choice to not pass on the savings.
while your input is appreciated I work for Honda and I am telling you that the dealer will most likely give the incentive. for reasons I have written about in the accord purchasing forum.
rest assured the dealer will most likely give it.
If I plan to lease the Accord, do I have to state that in my message to them, or do I just say I want the best price on the specific car I want?
Even though the national lease was for the EX-L Auto, the dealer gave me the same deal with the 6-Speed. (Same MSRP). My total driveoffs were $2035, with a montly lease of 269 + tax for 36 months with 12k miles per year. The money factor was .0009.
I am happy with the deal. The same terms on Leasecompare.com had a payment over $400.
BTW, the car rocks!
What was the price you negotiated this lease deal on? (IE: how much off of MSRP?)
FYI, got the deal at Scott Robinson Honda in Torrance, CA.
I'm looking for a EX-L 4 cyl , zero down, in Southern Cali. Around what type of monthly payment should I be in the range of for a 2yr/24K. Invoice for this is I believe 22,500--assuming I could get invoice from the dealer.
There is no lease special on the EX-L 4 cylider. If you want a lease special on the EX-L, it will be on the V6, and exactly the terms I had. All the lease specials are 36 months.
If you deviate from the factory lease, then you will pay a bit more than you should becasue AHFC will not inflate the residual value, will offer a higher money factor (interest rate) and will not force the dealer to lower the price.
On the factory leases, there is very little profit for the dealer, and the sales person only makes $100.
Look here for the current lease offers: http://automobiles.honda.com/tools/current_offers.asp?Function=new
good luck
just a few of Q's if you wouldn't mind....
did you get auto or manual?
does $170 include tax?
what was your inception?
thanks.
There is no lease special on the EX-L 4 cylinder. If you want a lease special on the EX-L, it will be on the V6, and exactly the terms I had. All the lease specials are 36 months.
If you deviate from the factory lease, then you will pay a bit more than you should because AHFC will not inflate the residual value, will offer a higher money factor (interest rate) and will not force the dealer to lower the price.
On the factory leases, there is very little profit for the dealer, and the sales person only makes $100.
I have several problems with your posting.
1) You don't HAVE to pay anything down at all. You can roll everything into the lease - taxes, acquisition fee, security deposit, taxes, tags, etc. You are correct in that the more you roll the more you pay per month - but you do not HAVE to put down anything or the amount called for the the lease special. With the cheap lease money factor there is no reason to put ANY money into the lease at all - let Honda finance all of it for 2.16% or whatever.
2) There is not a published lease special on the I4 EX-L as there is on the V6 model, but they have SIMILAR rates on the I4 model. The V6 EX-L numbers are 58% residual and 0.00090 MF, the I4 EX-L numbers are 59% residual and 0.00096 MF. So a point better residual but slightly higher money (0.144%). The net should be an attractive deal on the I4 EX-L for less money per month. So while there is no STATED and ADVERTISED deal you can get an I4 for a comparable deal and pay less - if that is what you want.
3) You can deviate all you want from the stated lease - the MF is the rate you qualify for based on tier (top credit will get the numbers I posted). The residual is as stated and can't be changed by the dealer. It is up to you to negotiate a better deal on the car to save yourself money. To accept the deal as advertised is to throw money away. No one is forcing the dealer to lower the price - that is your job. The amount of the residual and the MF vary with the trim level - but all the sedans are either 0.00090 or 0.00096 and the residuals are between 53% (hybrid) and 60% (I4 EX) so you can choose what you want and get a pretty good lease deal - advertised or not.
4) In the V-6 EX-L deal they state net cap cost as $24,598.10 with the buyer putting up $1,335.00 so the selling price is then $25,933.10 . Invoice is $25,414 so you would be paying $519.10 over invoice - which is too much. You should be able to BUY about any Accord for invoice less dealer incentive or LEASE about any Accord for invoice - including destination and any dealer prep or doc fees. So you negotiate invoice for the car including destination and dealer fees and then the cap cost reduction drops from $1,335 to $816 (plus TTL, acq fee, and security) to get the stated payment of $269 plus tax. Roll all that stuff in and you will have a higher payment - but in any case you saved yourself $519 by not just doing the deal as advertised. True, that is less than you normally save on these deals - but it is still worth the effort. I really don't care how much the dealer or salesperson makes on a deal. If I know dealers that will lease me the car for invoice or a little less WITH these cheap rates then that is what I would pay. They are making the holdback and probably some other incentives as well.
The advertised offers are just to bring folks in and have them think about a lease and to move product. They have a nicer number "$199 a month" or $269 a month" and may or may not be a good deal as advertised. You have to look at the numbers and look at invoice and decide. I would not go into the dealership and say "I want the lease deal I saw on TV and the web". I would pick the car I wanted, get invoice or less for the price, then do the lease at the "buy rate" and have a better deal and lower payments.
Dennis
yes $170 includes the 3% tax and the the inception was 399 doc and 595 aquisition. All that was rolled in the lease. I gave 0 down.
the residual is 13k.
my car had a salvage title. they probably gave me 1k if at all.
on paper it says they gave me 3k for my trade in and sold the car for 19k.
hope this helps.
best time to buy a accord. they giving them away if u know to deal.
I suggest when you go to the dealer just talk about the payments and watch out for the residual value, negotiating the price etc is a different ball game.
it sounds like you got a great deal.
I am trying to work out a deal like yours but the dealers around here (NYC) are not as accomodating(yet).
You sound like you really are ripping into me. I was just letting you know about the "deal" I got on my Honda Accord. It sounds like I got hosed according (no pun intended) to you.
Anyway, everything you say is correct. But I leased the 6 speed. I wanted a particular color (Graphite Pearl), and my dealer had to go over 150 miles to get it, and trade them an EX L auto that the wanted on their lot to sell/lease. The sales manager is a friend of mine, so I know I got a better deal than most would get, although I told him to not treat me any different. I found out later that the dealer paid for my doc fees.
The bottom line is I got a great car at a payment I have not had for a vehicle since the early 1990's. I just got out of a lease on an Infiniti FX 35 through leasetrader that was costing be 700 a month, so beleive me, I am happy.
Good luck to you, dwynne. I think you should spring for the V6, that motor is something else.
:mad:
You didn't get "hosed" bad on this deal as (lucky for you) the advertised deal is just a few hundred over invoice and all the Accord rates are low. In past deals the advertised deals left a lot more money on the table. In any case, just walking in and asking for the "special" is not your best deal - but for "Saturn like folks" that don't want to negotiate it can be a decent deal.
You should always have the dealer include the "doc fee" or "prep fee" in the quote for the price of the car. Invoice or less INCLUDING destination and doc/prep would be an acceptable price on any Accord. If you have to add dealer fees on top of that price then it is too much.
My wife drives the Accord in our house, I have an S2000 for nice days and an RX-8 for when it is not top-down weather.
Dennis
36mo w/12k
$0 down
acq fee+doc+dmv and first month (about $1200) at signing for $220 + tax
I think this about $700 better than the national ad.
MSRP is $22,220 so residual would be $12,665.49 and invoice is $20,196 (for some reason the special page on the Honda web site has the wrong MSRP and residual). Your lease will be based on 57% of the MSRP as shown on the SE I4 sedan you select - which may be slightly different from the current MSRP of $22,220.
If we plug these into a lease calculator we get $240.73 per month plus tax, with you paying all fees and taxes at signing. To get your $220 payment the sales price of the Accord would need to be about $696 lower than invoice. So either you are getting the car well below invoice or some of the money due at signing is going to a cap cost reduction. I have no idea how much DMV, taxes, dealer fees, etc are so I can't figure it from there.
What I would do is get all that itemized out (are they ripping you with a high doc fee, for example) and see what is what. Also get the cap cost (the selling price) of the Accord and compare to invoice.
The other thing I would do is roll all that into the lease and do a sign and drive (nothing due) or maybe just a first payment due lease. Honda is doing this at about 2.3% effective finance rate - so let them loan you the taxes, DMV, acq fee, etc at this low rate. Sure you payment will be higher, but where else can you borrow at such a low rate? If something happens to the car (total loss, theft, etc) your insurance will pay off the lease so the less you have out of pocket the less you lose.
Dennis
Nothing down except 1st pmt, MV, Doc, tax $305/month....they showed me a Honda memo that would not allow them to use the $750 on the lease...so apparently I lost that option too....any other thougths before I head back tomorrow?
I have no idea if you have a good deal or not since I don't know your taxes and fees, you need to post the cap cost (your negotiated price) which should be right at or below invoice INCLUDING any dealer prep or doc fees. If you are paying over invoice to the car when you include the dealer fee (not counting the lease acquisition fee) then you are paying too much.
Dennis
If the MSRP on the sticker of the car you chose did not match the MSRP shown to calculate your lease, then they did not do your lease correctly. Note that if they did inflate the MSRP and this the residual, your payment would be LESS per month than if they had used the correct MSRP.
Dennis
I'm looking at all these lease offers and now i'm wondering if its better not to mention the special offer at all?
I want the lowest payment possible? i dont care if i get the cheapest trim (i think LX?) I want a coupe and i need an automatic. I think i can get about 1000 for my trade-in (after they pay my loan off) according to the trade in value i got from Kelly Blue Book and NADA guide. Are those websites a good negotiating tool to bring with me? Are they accurate? The online special says with 2200 down My payment would be 210. Is that feasible or a gimmick? I need help. I dont want to go in the dealership sounding like an idiot. Maybe some tips would help me put my game face on. Thanks!!!! :confuse:
http://www.leaseguide.com/calc.htm
Car_man has some useful tips about lease essentials (look back this forum for a few months, I think you will find it). Don't worry about the lease special. That is just a sample for the car company to advertise assuming dealer take a certain percentabe off a particular model with their money factor and residual. You normally can do a lot better.
The thing you can do is to negotiate your cap cost to as low as possible, make sure the money factor they charge you is the same as what Honda offer, verify that the residual percentage is correct, make sure that dealer don't sell you any add on, and finally those pesky doc fee/processing fee etc are as small as possible. if you have done all that, then you get the best lease possible. And the last decision is wether it is still good enough for your purpose (other car manufacturer may offer a best lease deal. Who know, they change every month)..