Just leased an Accord EXL today, selling price: $21,921 w/ free iPod music link. Had offer on the table for 36 months/12K miles, $2200 due at signing and 35 payments of $205 + Tax. Ended up going for a 36 month/15k miles deal, 0 down (which ends up being $1200 all said and done), and 35 payments of $245 + tax. Then, in my one moment of weakness, they talked me into extending the warrenty 9k miles including 4 free oil changes and 3 inspection stickers. I decided to do it because I am most likely going to buy the car at the end plus I talked them down from $600 to $450. All said and done this is how it breaks down:
36 Months/15k miles $1267 due at signing $257/month (inc. 5% tax) $450 Sentinal Warrenty
Let me know what you guys think about the lease as well as the Honda Sentinal Warrenty.
My Fico score is 706. Does this put me in tier 2? Any way they can squeeze me into tier 1? I am Interested in an Accord SE. They have a special lease with money factor of .0009 for the top tier. What MF can I expect at 706?
You can definitely do better than paying almost $3,000 up front. It's always recommended to negotiate your best purchase price using the dealer cost (not MSRP) figures that you can research on the Edmunds website.
One dealer told me that Honda's $750 discount is not available for lease customer. Also it not available if you get Honda's special lease money factor .00096.Is this really true ? ">
I am trying to do a pre-calculation of a 24 month/12k per year lease on the SE-V6 and need to confirm some details (any help appreciated). It seems the residual of 70% is applied to the inflated MSRP of 24845 and not the true MSRP of 23945 for the SE-V6. The best money factor available is .00096 and the acquisition fee of 595 is built into the lease payment. The lessor is AHFC (American Honda Finance Corp.). Gap insurance is included? Security deposit is waived. Disposition fee is zero?
I got .00096 when I leased my SE-4cyl this weekend. Yes GAP insurance is included and Sec dep is waived. Also no disposition fee. I paid $595 bank fee upfront along with $167 doc fee and first month's payment. Dealer included the tax to the MSRP to inflate the price. Not sure how it help them but I am sure it does some how. It did not increase my monthly payment though. The selling price of the car was $19600. I did not get $750 break. I was told it is not available for lease customer.
From some very "rough and ready" calculations it looks to me like selling price might be around invoice on this offer. My impression of various posts on the buying experiences forum is that many are getting sales prices of $1000-1500 below invoice. Even if the $750 dealer cash isn't available on lease deals it seems likely a better selling price could be negotiated. And like others . . . I don't like the big upfront $$.
Here's the latest in ohio: 2007 Honda Accord Sedan SE V6 MSRP - $23,945 ... Your Price - $20,870 2007 Honda Accord Sedan SE MSRP - $22,220 ... Your Price - $19,192
Lease Option: 2007 Honda Accord Sedan SE V6 ..24mo...12k miles - $247/month + Tax with $327 due at signing ..36mo...12k miles - $250/month + Tax with $330 due at signing
2007 Honda Accord Sedan SE 4 ..24mo...12k miles - $259/month + Tax with $339 due at signing ..36mo...12k miles - $252/month + Tax with $332 due at signing...
I guess I did not do too bad in NJ for SE4. I got $254/month including 7% nj tax for 36month/15k with 1029 due at signing ($595 bank fee+ 254 first month payment + 167.50 doc fee + 7.50 tire tax)
Sounds like you did quite well! The real question is do you like your car? I am torn between the SE-4 and the SE-V6 especially since the price difference (lease) is minimal. I need to take a longer test drive soon.
The car is very preppy and has a very good break system. I also have a 2005 Pilot which I am leasing. I still like my Pilot which is 255 HP. The Accord is for my wife and she likes it. If you are not too concern with the gas price go for the V6.
You should negotiate the selleing price of the car which should be at least $300-$400 below invoice. Then if you have good credit(750) you should be qualified for .00096 money factor=2.3% interest. Try not to put any money down.
If I were to lease this vehicle in NJ here is what the break down would be:
MRRP: $27995 Residual value after 36 month: 27995*.56=15677.20 Assuming selling price of the car at invoice: 25400 25400-15677.20=9722.80
9722.80/36=270 (monthly payment without finance charge or tax)
What's the sequence of events for leasing? Do I negotiate a car price first? Settle on a base price and then start the leasing process? I don't really understand. Don't you also shop around for lease quotes? What do I do? Thanks!
So after I've nailed the price down with the dealer, I tell them "ok, I want to lease, give me 3 days to get some figures together and quotes from people, thanks." ?? Is that what I do? Do banks and/or credit unions offer leasing? If I'm buying a Honda, will lease offers vary from dealership to dealership?
Like calvinc, I am also a newbie looking at the V6 EXL. I followed arob1's math until the finance charge. I'm not disputing it, but it doesn't make sense (to me) to use the invoice + residual value in the fin. calc. Aren't you only financing the difference between the two (ignoring present value)?
calvinc, as stated above, we are in a similar situation, but I think closed end leases refer only to the fact that there is a set maturity date. Does not refer to any buyout options.
As I said in that example consider invoice price is your selling price. If you are not putting any money down then selling price is also your net cap cost. So you are financing the difference between net cap cost and residual value. And yes this how to calculate the lease finance charge. I know it is confusing
Actually, you are financing the average of the CAP cost and the residual value.
Think of the lease as a balloon mortgage.. At the beginning of the term the CAP cost is the amount financed. At the end of the term, the residual is the amount financed.. The average of those two numbers is the average amount financed each month of the lease.
To get an average, you would add the two numbers together and divide by 2. The money factor already takes the division by 2 into account to simplify the equation. So, you just add the two numbers together.
Hi - I have receieved the following quote from a Mass Dealer for 2007 EX V4 MSRP $24,095... Selling Price $21,773 Residual 59% of msrp.....$14,216.50 Money factor - .00096 Bank Fee - $595 rolled into the lease cost
Up front - Doc and plates - $385.75 Cap Cost reduction - $333
Monthly payment - $264.59
The MSRP seems a bit high...otherwise, how does this look?
Just got back from my local dealership and they quoted me what I think is an amazing lease on an 07 Accord. 2007 EX-L V6 6 speed, no nav, no accessories Carbon Bronze/Ivory Leather
$289/month plus tax 36 Months, 36,000 miles 1200 down, First months payment, down payment, and reg/doc fees due at signing, acq fee and S.D. waived (we've leased through this dealership multiple times). My car salesman claims that they are making no money off this lease.
I didn't negotiate using the selling price because the deal just sounds so darn good! Any opinions? Carman?
If we assume a 57% residual and .0009 MF (which I believe are the numbers for the EX-L V6 AT for 36mo/12Kmi - the 6 spd could be different) . . . a quick calculation looks to give a cap cost of about $25,000. Adding the $1200 down payment and subtracting the (waived) acq. fee would result in a selling price of approximately $25,600. (To clarify: the selling price in this deal calculates to $26,200 if the acq. fee truly is "waived". But since for most customers the acq. fee would presumably not be waived, the "total price" of $26,200 comes to $25,600 for the car and $600 (595) acq. fee.)
(I'm plugging numbers into a spreadsheet and may have messed it up in the process - hopefully someone will correct me if so. Also, hopefully anyone with more accurate residual and MF numbers will chime in.)
I'm not posting to applaud or criticize a specific deal - but to provide additional info that may be of help to someone (like me!) who hasn't pulled the trigger yet on an Accord deal.
I calculate 283/month using the following data: MSRP 27995, sell 25414 (invoice), 15957 (57% residual), MF .00090, CCR 1200, acq fee 595. check with post 1057 too...
I leased an EX-L auto, $290 per month including tax with total out of pocket of $1500.(36 months/36,000 miles.) Try to make the payment $290.00 a month, including tax, and you have done very well. I live in North Jersey. Good Luck
Using your numbers and my spreadsheet I get ~240 month before taxes. that includes the 595 acq fee, residual of 14658 and selling price of 21500 (which is very low for the SE-V6). I have not been able to get my local dealer below 21.6 for a similar deal (24 month lease with 70% residual). There must be a HIDDEN doc fee they're not disclosing yet.
Thanks for all your help on this! I just signed on a cool blue metallic/grey 6 speed sedan, non-nav for 290.00 per month plus tax with zero down and only the documentation/reg fee due at signing plus the first months payment. I think I got a really good deal! Thanks again! ---Josh
Excellent deal! (I figure the "negotiated selling price" to be about $24,500.) Congratulations - nice color combo, too. Knowledge of your deal is definitely going to help me negotiate mine - thanks!
Yeah it seems like the dealerships really want to move these cars. If you find the right dealership, they will pretty much do anything they can to make you stay and sign a deal. My sales manager said that they were using "extra advertising money" to subsidize down my lease even further. I don't know if this is complete BS, but they still legitimately saved me 1100 dollars, so I'm not complaining! BTW the deal was in the Boston area, if you want more information on the dealership, etc, feel free to e-mail me! ---Josh
Wanted to know if this is a good deal on a Massachusetts lease 2007 Accord SE Auto MSRP $22,370... 36 Mo 12,000 mi/yr Selling Price $19,850 Residual after 36 months.....$12,824.00 Down payment $2,000 (includes reg, new plates, insp sticker, 1'st month payment, all fees)
Monthly payment - $202.70 (includes Ma 5% sales tax)
I need a few more details to help you out. What is MSRP before and after the SE discount? i thought SE-4 was 23120/22220; perhaps different in MA. what is cap cost reduction (CCR)? residual should be 56%...
Don't have more than this info. Ad was 2007 SE 240 a month, no sec dep. I e-mailed and asked what would it be with 2,000 down they came back and said 203 a month includes tax reg 1'st months payment all fees. SOrry i don't have more info
Hey, I am about to lease that 2007 Accord Se auto (msrp 22,370) I know that I can get the car for $202.70/mo (includes MA 5% sales tax) with 2,000 down. I know the lease buy out is 12,824 after 36 mo. The 2,000 down covers 1'st month payment, reg, title, and all fees. No sec dep required!! I'm very happy with the quote of 202.70/mo what things should I be looking for other than what I already know? How can the dealer try to "soak" me, lol?? I don't know selling price or what percent the residual value is!! I was told the 2 things that are important on the lease is monthly payment and residual value, trying to figure out other stuff is almost impossible. Thanks for your help.
It is very possible to figure it all out. They try to get you to focus on the monthly payment so they can hide what they are making on the lease. You should NOT put down 2000 on a lease; you should minimize the initial o-t-d outlay to first, fees and taxes. Here in OH, all taxes are due up front (not part of the monthly payment). I will work up the numbers and post something soon (next hour) using my spreadsheet.
Hello, I have my trade which is worth $2,000 and I owe nothing on it. Would like to use that to help with up front costs and get payment to what they quoted me $202.70.
REF: 1071 I am not trying to piss on your deal. Putting 2000 down (your trade) is your call but is not recommended by those of us who lease a lot (and the moderator, CARMAN) of this forum. Without the other details (CCR primarily), it is tough to calculate this lease. It doesn't seem bad but make sure it is a AHFC (Honda) lease and there is no disposition fee. As you said earlier the security deposit has been waived which is good. Sorry i can't give you any more info.
The information people share on this forum was invaluable to helping me negotiate my lease so its my turn to give back and post the numbers on the accord I just purchased today. Also I was dieing for someone to post an exact and explicit breakdown of all dollar figures involved so here is mine to hopefully help out someone else.
Date purchased: March 25 2007 in Washington State Model: 2007 Accord 4 door EXL (non/nav) V6 Interior: Black Exterior: Black
The numbers straight from my lease agreement.
Amount due at lease signing----- Capitalized cost reduction= $1906.99 Sales/Use Tax= $172.54 Advance Monthly Payment= $279.47 Registration Fee= $205.00 Documentary Service Fee= $35.00 TOTAL DUE AT SIGNING= $2600.00
Payment and Cost Section: Agreed upon valued of the vehicle= $25,200.00 Acquisition Fee= $595.00 Gross Capitalized cost= $25,795.00 Capitalized Cost Reduction= $1906.99 Adjusted Capitalized Cost= $23,888.01 Residual Value= $15957.15 Depreciation and amortized amounts: $7930.85 Rent Charge: $ 1290.91 Total of Base Payments: $9221.76 Lease Payments: 36 Base Monthly Single Payment: $256.16 Monthly Sales/Use Tax: $23.32 Total Single Monthly Payment: $279.47
Lease Miles: 12,000 miles per year $.15 cents per mile overage Money factor: .0009 Residual Percent 57% Sales Tax in king county Washington for autos is 9.1%
So to sum it up for those who want quick info. Sale price was $25200 Payment including tax is $279.47 per month. $2600 Total out of pocket. .0009 money factor 57% residiual 36 month 12,000 lease.
The way I did it. I researched everything I could through these forums. Then looked at the carsdirect.com price which had a target price of $25,164. Then called every Honda dealer in my area and asked for the Internet Sales department and gave them an offer of $25,200 and told them they would sell a car today if they met it with no dealer markups of any kind. AFTER they agreed to the price I told them I was leasing and to tell me the lease numbers. Always ask for the internet sales first since some dealers (like the one I went through) Have separate NON COMMISSIONED sales people selling the cars and they are more focused on quantity of cars sold quickly. When I went in they still tried to add a $695 security security system that they tried to attach to every car on the lot. I said emphatically no and kept crossing it out on their paperwork and would not sign anything including their unofficial negotiation papers they try to make you sign before going to finance. All in all it was a good experience with the dealer if you call ahead and are firm with the prices you research.
REF: 1073 That is the best writeup i've seen on these boards this year. Thanks for the details. FWIW, I plugged your numbers into my homemade lease spreadsheet and came up with a pre-tax monthly payment of 256.18 which is only 2 cents off. I assumed an MSRP of 27995. After all that work, go out and enjoy your new car!
Sorry if this has come up before, but I'm going Friday to lease an '07 Accord Sedan EX-L (no navigation) V6 and auto tranny. Price quote I have is $23,330!! I will mention I want to lease at the table.
What Residual Percentage should I be looking for? Is it standard nationwide based on car type and options? I've seen a few different numbers mentioned--54% to 57%, etc.
While I cannot answer your inquiry relating to the Residual elsewhere I can advise that the Residual on an '07 V6 EX-L (auto) & (w/o navigation) in Florida is 57% with a Money Factor of .00090 or 2.16%. I am in the market for an identical vehicle and can tell you that a price quote of $23,330 will probably include other fees (i.e. dealer fee, documentation, etc.) in addition to tax, tag, and license fees. While I hope you are able to obtain said price (as I will follow in your footsteps), I think a more feasible price will be obtained in the neighborhood of $23,800 give or take, plus tax, tag, etc. Regardless, please post an update on the forum.
REF: 1075 Purchase price for a leased Accord may be higher since supposedly they don't give the 750 incentive on leases. 23.8 is a good price for a buy (23.3 seems low). Residual is 57% (of 27995) for a 36mo/12k per year lease and the best MF is .00090 (or 2.16% rate) Good hunting...
Does someone know the residual for an SE 4 cyl at 36 mo, 15k miles per year?
Honda's website shows a 59% (12,696.80/21,520.00) at 12k miles for the LX (and following the 2% rule, I assume this translates to 57% at 15k miles). Is the residual different for the SE 4 cylinder?
Thanks.
P.S. What I'm seeing in this forum is 57% at 12k miles for the SE V6, so I'm a bit confused.
Comments
36 Months/15k miles
$1267 due at signing
$257/month (inc. 5% tax)
$450 Sentinal Warrenty
Let me know what you guys think about the lease as well as the Honda Sentinal Warrenty.
My Fico score is 706. Does this put me in tier 2? Any way they can squeeze me into tier 1? I am Interested in an Accord SE. They have a special lease with money factor of .0009 for the top tier. What MF can I expect at 706?
Thanks,
Greg
24 months / 12k per year
$167 per month, $2887 due at signing plus tax, title, doc, plate.
A 24 month lease would actually be good for me (I'm moving away in 2 years). Is this an exceptionally good deal, or can I do better?
http://www.edmunds.com/caradvice.html
Then "decide" to consider leasing instead. Keep trades out of the discussion and base your monthly payment on no money up front.
2007 Honda Accord Sedan SE V6 MSRP - $23,945 ... Your Price - $20,870
2007 Honda Accord Sedan SE MSRP - $22,220 ... Your Price - $19,192
Lease Option:
2007 Honda Accord Sedan SE V6
..24mo...12k miles - $247/month + Tax with $327 due at signing
..36mo...12k miles - $250/month + Tax with $330 due at signing
2007 Honda Accord Sedan SE 4
..24mo...12k miles - $259/month + Tax with $339 due at signing
..36mo...12k miles - $252/month + Tax with $332 due at signing...
why the v-6 is less than the 4 cyl is beyond me.
which is 255 HP. The Accord is for my wife and she likes it.
If you are not too concern with the gas price go for the V6.
http://automobiles.honda.com/tools/current_offers.asp?ModelName=Accord%20Sedan
Is that a good deal? Am I better off negotiating something from scratch? I've never leased so I'm new to the whole idea. Any tips for a first timer?
If I were to lease this vehicle in NJ here is what the break down would be:
MRRP: $27995
Residual value after 36 month: 27995*.56=15677.20
Assuming selling price of the car at invoice: 25400
25400-15677.20=9722.80
9722.80/36=270 (monthly payment without finance charge or tax)
25400+15677.20=41077.20
41077.20*.00096=39.43411(finance charge calculation)
270+39.43=309.43
309.43*.07=21.66 (7% nj tax calculation)
Monthly payment including NJ tax=(309.43+21.66)=$331.09(with $0 down)
Due at signing:$595 bank fee+$331.09 first month payment+ doc fee($75-$150)+$230 nj motor vehicle fee
$2374 on Honda website does not include tax, doc fee and motor vehicle fee.
Hope that helps !
calvinc, as stated above, we are in a similar situation, but I think closed end leases refer only to the fact that there is a set maturity date. Does not refer to any buyout options.
Think of the lease as a balloon mortgage.. At the beginning of the term the CAP cost is the amount financed. At the end of the term, the residual is the amount financed.. The average of those two numbers is the average amount financed each month of the lease.
To get an average, you would add the two numbers together and divide by 2. The money factor already takes the division by 2 into account to simplify the equation. So, you just add the two numbers together.
Hope that helps,
kyfdx
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
MSRP $24,095...
Selling Price $21,773
Residual 59% of msrp.....$14,216.50
Money factor - .00096
Bank Fee - $595 rolled into the lease cost
Up front -
Doc and plates - $385.75
Cap Cost reduction - $333
Monthly payment - $264.59
The MSRP seems a bit high...otherwise, how does this look?
Thanks
2007 EX-L V6 6 speed, no nav, no accessories
Carbon Bronze/Ivory Leather
$289/month plus tax
36 Months, 36,000 miles
1200 down, First months payment, down payment, and reg/doc fees due at signing, acq fee and S.D. waived (we've leased through this dealership multiple times). My car salesman claims that they are making no money off this lease.
I didn't negotiate using the selling price because the deal just sounds so darn good! Any opinions? Carman?
(I'm plugging numbers into a spreadsheet and may have messed it up in the process - hopefully someone will correct me if so. Also, hopefully anyone with more accurate residual and MF numbers will chime in.)
I'm not posting to applaud or criticize a specific deal - but to provide additional info that may be of help to someone (like me!) who hasn't pulled the trigger yet on an Accord deal.
Good Luck
(from dealer email to me)
Selling price: 21,500 (Discounted from 24,940)
> Includes mudguards and paint sealant
> Money Factor: .00090 (with approved credit)
> Residual: .59
>
> Term: 36 months, 12k miles/yr.
>
> Money Down: 1st payment (approximately 270)
> Payment: 252 plus tax
When i questioned the lease payment as too high, based on the selling price, the dealer said that the residual is based on the MSRP.
Thanks again!
---Josh
---Josh
2007 Accord SE Auto MSRP $22,370...
36 Mo 12,000 mi/yr
Selling Price $19,850
Residual after 36 months.....$12,824.00
Down payment $2,000 (includes reg, new plates, insp sticker, 1'st month payment, all fees)
Monthly payment - $202.70 (includes Ma 5% sales tax)
Thanks
Mark
I am about to lease that 2007 Accord Se auto (msrp 22,370) I know that I can get the car for $202.70/mo (includes MA 5% sales tax) with 2,000 down. I know the lease buy out is 12,824 after 36 mo. The 2,000 down covers 1'st month payment, reg, title, and all fees. No sec dep required!! I'm very happy with the quote of 202.70/mo what things should I be looking for other than what I already know? How can the dealer try to "soak" me, lol?? I don't know selling price or what percent the residual value is!! I was told the 2 things that are important on the lease is monthly payment and residual value, trying to figure out other stuff is almost impossible. Thanks for your help.
Mark
I have my trade which is worth $2,000 and I owe nothing on it. Would like to use that to help with up front costs and get payment to what they quoted me $202.70.
I am not trying to piss on your deal. Putting 2000 down (your trade) is your call but is not recommended by those of us who lease a lot (and the moderator, CARMAN) of this forum. Without the other details (CCR primarily), it is tough to calculate this lease. It doesn't seem bad but make sure it is a AHFC (Honda) lease and there is no disposition fee. As you said earlier the security deposit has been waived which is good. Sorry i can't give you any more info.
Date purchased: March 25 2007 in Washington State
Model: 2007 Accord 4 door EXL (non/nav) V6
Interior: Black
Exterior: Black
The numbers straight from my lease agreement.
Amount due at lease signing-----
Capitalized cost reduction= $1906.99
Sales/Use Tax= $172.54
Advance Monthly Payment= $279.47
Registration Fee= $205.00
Documentary Service Fee= $35.00
TOTAL DUE AT SIGNING= $2600.00
Payment and Cost Section:
Agreed upon valued of the vehicle= $25,200.00
Acquisition Fee= $595.00
Gross Capitalized cost= $25,795.00
Capitalized Cost Reduction= $1906.99
Adjusted Capitalized Cost= $23,888.01
Residual Value= $15957.15
Depreciation and amortized amounts: $7930.85
Rent Charge: $ 1290.91
Total of Base Payments: $9221.76
Lease Payments: 36
Base Monthly Single Payment: $256.16
Monthly Sales/Use Tax: $23.32
Total Single Monthly Payment: $279.47
Lease Miles:
12,000 miles per year
$.15 cents per mile overage
Money factor: .0009
Residual Percent 57%
Sales Tax in king county Washington for autos is 9.1%
So to sum it up for those who want quick info. Sale price was $25200 Payment including tax is $279.47 per month. $2600 Total out of pocket. .0009 money factor 57% residiual 36 month 12,000 lease.
The way I did it. I researched everything I could through these forums. Then looked at the carsdirect.com price which had a target price of $25,164. Then called every Honda dealer in my area and asked for the Internet Sales department and gave them an offer of $25,200 and told them they would sell a car today if they met it with no dealer markups of any kind. AFTER they agreed to the price I told them I was leasing and to tell me the lease numbers. Always ask for the internet sales first since some dealers (like the one I went through) Have separate NON COMMISSIONED sales people selling the cars and they are more focused on quantity of cars sold quickly. When I went in they still tried to add a $695 security security system that they tried to attach to every car on the lot. I said emphatically no and kept crossing it out on their paperwork and would not sign anything including their unofficial negotiation papers they try to make you sign before going to finance. All in all it was a good experience with the dealer if you call ahead and are firm with the prices you research.
That is the best writeup i've seen on these boards this year. Thanks for the details. FWIW, I plugged your numbers into my homemade lease spreadsheet and came up with a pre-tax monthly payment of 256.18 which is only 2 cents off. I assumed an MSRP of 27995. After all that work, go out and enjoy your new car!
What Residual Percentage should I be looking for? Is it standard nationwide based on car type and options? I've seen a few different numbers mentioned--54% to 57%, etc.
I think that is a great quote, BTW!!
Regards,
Steve
Purchase price for a leased Accord may be higher since supposedly they don't give the 750 incentive on leases. 23.8 is a good price for a buy (23.3 seems low). Residual is 57% (of 27995) for a 36mo/12k per year lease and the best MF is .00090 (or 2.16% rate) Good hunting...
Does someone know the residual for an SE 4 cyl at 36 mo, 15k miles per year?
Honda's website shows a 59% (12,696.80/21,520.00) at 12k miles for the LX (and following the 2% rule, I assume this translates to 57% at 15k miles). Is the residual different for the SE 4 cylinder?
Thanks.
P.S. What I'm seeing in this forum is 57% at 12k miles for the SE V6, so I'm a bit confused.