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Comments
MSRP $27,995, Residual of 16,237.10 (58%
Money Factor of .00090
Vehicle Price 25,933.10
Vehicle Cost 25,414.57 (Profit? 518.00)
Due at signing 3154.79 which includes 580.73 in taxews, 595.00 in lender fees, 1915.79 down payment.
36 months, 12K year
$269.00 per month.
It seems as though there may be some more room on the sell price and I wanted to put down as little as possible and and get my payment around 299 or so.
Any advice or thoughts would be appreciated. I have a 2000 S70 SE that I need to unload, but I figure maintenance on the Honda vs. Volvo over next few years, make this an easy decision.
Thanks!
$2,199 (including tax) due at signing
$211 (including tax) mo. for 36 months (first month included in down)
This is for California where tax is 8.25%.
Can someone tell me if this is a good deal?
You should try to negotiate the sales price of the car some more. In my area, Honda Accords are going for slightly under invoice.
3 yr. 12k annual Lease
$2,199 (drive off including tax & fees)
$213 mo. for 35 months (after tax)
50% residual
This is in California where tax is 8.25%
Is it worth it to get your payment just a little lower for 1 or 2 grand? They say that for every grand add on or take $20 off your payment. So really when the offer to give you the low payment, you really have to come up with at least 1,500 or 2500 down, and that, for a lease is quite a bit, for only a slight difference in payment. My payment is $299 for a 06 SE 4cyl, I traded my car in for 1,000 so they used that as my downpayment, and really looking back on it, they really didnt give me anything for my trade. Really, its like I gave them none down at all. So If I read your statement right, you put money down, for just a little, little difference, That is a great deal, but keep in mind that you should not put too much down. so if they say a deal for 199 a month, with for example 2,500 down, just add about 40plus dollars to your payment if you did not put anything down, seriously thats all it really does to your payment. Keep your $$$, and just pay your payment, after all your leasing it. Sorry long comment, but its the truth, Even I should have waited a little longer until I got my car, I could've gotten a better deal on an EX.
it sounds like a good deal if it includes all taxes, fees, dmv, etc. If not make sure they are reasonable.
I would recommend, as some one (or people) have in earlier posts, take advantage of the favorable money factor and reduce cost at signing.
Roughly speaking, the terms of the lease work out to about $100 per $3/monthly. eg $2000 would add about $60 putting you at around $270/month sign and drive.
good luck and let me know if this helps.
I managed to haggle a bit more and got it down to this:
$1,999 drive off.
$209.66/mo (including tax)
This is for the '07 Accord EX (NOT SE) 4cyl. 3 yr. 12k/yr. lease.
tax in CA is 8.75%
so compared to my initial post, the offer changed quite a bit. Better car (EX model) and lower price.
I still know that I could have shaved a few more dollars off. As a matter of fact another dealership offered 207.56/mo with the same drive off which would have saved close to 80 bucks but it wasnt worth the gas and time to drive to that one since it was farther. But for the most part, the guy helping me was a friend of a friend and i the price was satisfactory so i didnt want to be too stingy and ruin a friendship or two.
Enjoy your new ride!
Sometimes dealers will match or beat quotes that are "written". Meaning from e-mail or written on paper from the salesman. They want to see a hardcopy to know its real, which is where lies the challenge. Because some dealers are smart and only quote me over the phone verbally.. and when i tell them to e-mail me the offer, they say "i dont want to e-mail you my offer just to have you bring it to another dealer to match".
not sure what insurance is required, but some tell me that full coverage on teh vehicle is highly recommended or possibly required since the vehicle isn't yours, you should have insurance to cover if its lost or stolen.
So is your lease total $1999+209*35 for the entire three years? Or there is still some fees for the DMV stuff and docs?
I'll ask about the specific insurance thing tomorrow.
Thanks again.
Since your car has the same msrp as mine, did you try starting with my quote to see if any dealer can match or beat it? Or try starting with $1999 drive off, 210/mo (all fees and taxes included) and see if any dealers respond to that.
And yes, my lease if for 3 years, 12k/yr. And in the case of a new car, i always get full coverage on the auto in case it is lost or stolen, but i get minimal coverage on liability and have a high deductable to offset the increase in the premium from full coverage on the auto itself.
I think the residual on the EX 4cyl is 60%. The higher residual on the EX is due to the moonroof and the security system, i was told, because it significantly adds to the resale value of the vehicle.
Wayne
The lease is for a 2007 Honda Accord SE V6,36 month lease, 12,000 miles per year:
MSRP = $24,845 (includes dest)
Cap Cost = $22,403 (includes ttl, etc)
Residual = 59%
Money Factor = .0009
Months = 36
Base Pmt $248.00
5% MA sales tax $12.40
Total Pmt $260.40
This is for a true "Sign and Drive" lease...no cash due at signing...not even tax, title, registration or 1st month payment.
The SE trim includes a CD changer, 17" alloys, and a couple other upgrades from the LX. The V6 engine is excellent and is a great upgrade from the 4cyl.
This deal is at Bernardi Honda in Natick, MA.
Best of luck to those looking.
However, you may only be able to get a comparable rate to mine if:
1) dealer has the car in stock
2) dealer is looking to turn over cars, at the sacrifice of profit.
Basically, if the dealer does not have the car in stock, they wont do a dealer trade at the price they quoted me because they won;t go through the hassle since profit is very minimal. And second, if the dealer is a small volume dealer, they might not be willing to sell at such a low price since they can sell to another buyer for more profit. Unless, they are looking to turn over more cars, regardless of profit.
I believe my rate is satisfactory... simply because i know i could have gotten it down another 200 bucks. THe dealer i went to had a special this holiday weekend which matches any other dealers quote by $200. So all i had to do was drive to another dealer, get them to quote me in writing the same deal i got. Then, drive back to Honda of Pasadena and show them the quote and have them knock another 200 bucks off with the promotion. For me, however, the time/gas/energy to drive to another dealer wasnt worth it to save 200 bucks.
One more point i didnt mention, the lease did NOT qualify for super preferred top-tier credit. The lease was under two names co-signed. One was super-preferred top-tier, and the second name was bottom tiered. Because the lease is based on all the names involved, it was negatively affected by the bottom-tiered co-signer. However, the dealer still worked with us and negotiated the price as if it were a top-tier buyer involved.
Anyway, I got a deal like this:
$2200 drive off
$206/mo (8.25% CA tax included) for the next 35mo.
Total in 36mo is $9410; or 261/mo
which is sort of equivalent to the deal posted by bandros.
I am going to try to have them knock off another $5 from the monthly payment since a dealer a little farther away quoted me that. I am a little greedy here but the dealer farther away also quoted me a purchase price of $21,698 OTD on the exact SE V6(no any haggling has been done to this price), which made me think there is still quite some profit for the dealer through the lease offer. Thanks for sharing the information.
That being said, Honda always wants to push their accords, so they will usually have something going. Check Honda's corporate website for press releases.
You may also want to check out the wholesale blue book on your current car, and see if your buyout on the lease gives you any equity. That happened on an Acura I had a few years back. I used the equity to fund all my driveoffs on another Acura lease.
638 up front cost
258 per month for 35 months
all taxes and fees included
tax is 7% in NJ
Is this a fair deal?
Thanks
but definately not a great deal.
People on this forum have been quoted about 260/mo (tax included) with no down for SE V6's.
this is an offer I receive please evaluate, thank you!
Trade in 04, 325ci with 47k dealer offers 19k for the car.
Going into an 07 Accord Coupe EX no leather, 4cynliders, 36months, 15k
for $22193 no sure what the interest is, it's around 3.somthing.
Monthly pyts. $ 426
credit score is 620
thanks!
BTW what bargaining leverage can I use?
The dealer keeps reminding me that I have a 3k negative with my trade in and a low FICO score of 615, and that's the best deal they can give me. :confuse:
All fees and tax are included
I guess it's nearly equivalent to the deals posted here.
Thanks for your great information!
Now I know that you should always negotiate the price of the car. But can you also negotiate the residual value and the money factor?
How does the residual value and money factor come into play?
Thank you!
IMO, you'll get your best leverage by talking to 2-3 dealers and get their quotes so you know where you can get the best deal. Also make sure you have priced your trade-in accurately. You don't want to just accept the dealer's word that you are -$3000 on it. You can check the trade-in value on edmunds.com, kbb.com or nada.com
Honda tiers their credit, so a tier 1 (above 740)will get the best rates. Tier 2 is above 680 I think, etc, etc. So the 615 will absolutely affect your monthly lease rate, as will a negative trade in.
Good luck.
1) Just like if you were buying a car, you should negotiate the price. For a lease it is called the "capitalized cost". You can do this via email or phone these days and it's a lot faster than going to multiple dealerships. Many dealerships are great about doing online negotiating, others are still hesitant to do it. If you live in an area with many Honda dealerships, you should absolutely talk to several of them as you will get different prices from each one. Also scan these forums to see if there are dealerships in your area that are offering better deals than others.
2) As when buying a car, make sure you know what is and isn't included in the "Capitalized cost". Tax, title, license, doc fees, destination charges, and cap reduction (down payment) are charges that dealers may try to get from you outside of the capitalized cost. To make it easy you can have them roll all of that into the cap cost and get your lease quote that way. It's called a sign and drive deal...you don't pay a dime at the dealership you just start making monthly payments beginning in the 2nd month. I believe this makes it easier to compare prices across dealerships.
3) On "corporate sponsored" lease deals residual value and money factor are set by the corporate office and can't be negotiated by the dealer. Such is the case with the current Accord deals. Your credit score may affect the money factor, but you won't be able to negotiate it.
FYI: Money factor is the interest rate for the lease so the lower the money factor, the less you are paying monthly. The residual value is the value of the car at the end of the lease. The higher this value is, the lower your payments will be since you are basically paying the difference between the value of the car today and the value of the car at the end of the lease term.
The dealers keep on saying that they're giving me the "net price" of the car.
I looked at the cap price and it's a bit lower than KKB invoice.
OR trade it in. Trading in a lease is just like trading in any other car. Problem is, you are usually more upside-down on a lease than on a financed vehicle. The difference between what you owe (all remaining payments plus the residual) and what a dealer is willing to give you for the car.
OR you can sell it privately. Again, if you sell it for less than the remaining payments plus residual, you have to come up with the difference.
'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