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I got a great lease quote from Mike Patton Auto in
La Grange, Georgia. They are a non commission dealership. They were extremely friendly. They had a fully loaded v6 navi, for I think 25k, and now, I bet they could go a bit lower. They also ship to anywhere, they also shipped to hawaii before. They will help you out. They also will do a trade in over the phone if you have one. Their prices are great, no haggle. I did not get one from there, I was going to, but I am waiting on the new accord, since I already have an 06 accord. I never really got a break down on the lease, but Call them. They actually helped me decide to keep my 06 accord til the new accord comes out. Also their not too far from you. You will get an awesome deal. Take a look at their inventory on their site, but call for the actual prices though. Good luck, let me know if you need more info.
I was amazed how friendly they are, and their prices are very fair too, Also when the new accord does come out, they'll be slighlty lower than other places.
Good Luck! Call them!!
What dealership was this at? What was the selling price and residual value? Did you look into how much an EX-L would run?
There may be a few hundred dollars still on the table, but overall I'd say this is a good deal. Hope this helps - perhaps others will chime in with additional thoughts.
thanks
I'm new to the site but saw how helpful everyone seemed to be and thought someone might be able to tell me if i am getting a good deal. I am looking at Honda Accord 2007 EX V^ with Navi. I am getting a quote of 26,629 (includes the destination charge but does not includee taxes).
BTW, I am in Newark, NJ.
Thanks in advance for your reply!
Did you put any $$ down to get the $239 payment? It looks like from your posts was that all you did was 239+265dealerfee for the 504 initial payment and then 239 including the taxes per month. Is this correct?
Thanks
Hope that helps.
Hope that helps.
The is the response from honda dealer friend about sdalia's deal:
Ok, here we go. We called the zone to make sure nothing is on that we didn’t hear about. Nope But I did make a mistake on the residual, which is 69%. That gets you to 282, and then Jim said well, let’s get crazy if we can, and go under invoice by about 400. So, you can get 260., but that’s a loser as well. Just not as much of a one. So if they are still doing that, it’s a helluva deal, Buddy. Let me know. (This one came right from our manager, and it still isn’t quite there. If it was within 10 bucks, I’d still love your business, but I couldn’t fault you over 21 dollars. That’s pretty significant.
The is the response from honda dealer friend about sdalia's deal:
Ok, here we go. We called the zone to make sure nothing is on that we didn’t hear about. Nope But I did make a mistake on the residual, which is 69%. That gets you to 282, and then Jim said well, let’s get crazy if we can, and go under invoice by about 400. So, you can get 260., but that’s a loser as well. Just not as much of a one. So if they are still doing that, it’s a helluva deal, Buddy. Let me know. (This one came right from our manager, and it still isn’t quite there. If it was within 10 bucks, I’d still love your business, but I couldn’t fault you over 21 dollars. That’s pretty significant.
So... let's go with what we do know. Apparently quite a few people have stated buying Accords for 1000 - 2000 below invoice. Maybe some regions have dealer cash that others do not? I don't know. Can anyone authenticate this? Most know that the "dated" current model is running down as a profitable model and of course dealers want to sell as many 2007 models as possible in order to receive as many 2008 models as they can. New model Honda's are almost always hot sellers which means higher profits.
Honda does have a pretty nice lease calculator on their site. They've had it for a number of years. (Of course you have to assume that it is using the correct MF and res % also!) Their calculator also automatically adds the acq. fee of 595 to whatever selling price you put in.
Plug in an SE V6 at a selling price of 21755 (invoice according to Edmunds) and for 24 mo 15k miles you get 287.53 (+ tax). First payment and security deposit of 300 totaling 587.53 due at lease signing (remember the calculator adds the 595 acq fee to selling price). So cap cost (selling price) here is 21755 + 595 = 22350. Of course in this example we are assuming the dealer has no "dealer fee"! Ha! Pause. Not!
Now plug in 20405. 1350 under invoice. Calculator adds the 595 and you have a selling price or cap cost of 21000. payment for 24 mo 15k mile lease is 229.73 (+ tax).
An earlier post stated that the MF was .0009 and residual was 70% for 24 mo 15k. Well i manually calculated this 21000 example (using 69% as you stated). With a MF of .0009 i get a 24mo payment of only 195.04 (+ plus tax)????
So.... I respectfully repeat my earlier request that if anyone has the knowledge of current money factors and residual percentages for various terms and models, please post. Without that info this forum will continue to be full of guesstimations and approximations. Cheers
Not sure if you can post a web link here so here is the disclosure text from the ad and link to ad below.
All advertised stock numbers include $399.50 processing fee, but do not include taxes, tags, title or cost of optional equipment selected by the purchaser. Lease
payments all plus tax.
CIVIC: 42 month lease 239.00, 12k per year, resideual 56%, money factor 2.70, 0 due at signing.
ACCORD: 36 month lease, 12k per year.
SE: 4 cylinder 258.00, residual 56%, money factor .0096, 0 due at signing.
SE: V-6 258.00, residual 59%.
EX: V-6 323.00, residual 57%, money factor .0090, 0 due at signing.
Lease payments “SUPER PREFERRED” rate with approved credit. Sale prices good through April 10, 2007.
http://dpa.xtn.net/attachments/display_ads/WestSideHonda4_4-10.pdf
$289 per month with 0 down? Did you put down TTL? Or processing fee? If not what was the selling price/ residual/money factor? I have been negotiating with several dealers and not anywhere near $289. Was your lease 36mo/12k? Thanks
I got a brand new 2007 EX-L V6 6 speed sedan for 289 per month + tax (5% in massachusetts) with 690 due at signing. 300 of the 690 was the first months payment, and the rest of it was the documentation fee, including vehicle prep, registration, tags, inspection. That is all I had to pay at the start of the lease. The selling price was 24,600, though I don't think that they were including the aquisition fee. That was probably residulalized. Not sure of the residual and money factor, but i can find out if you want.
--Josh
The "incentive" rumour right now is to move the 2007s in order to increase the allotment from Honda of 2008s. The 2008s will sell for a sweet profit for months after they arrive making it worthwhile to move the 07s at slim profit margins.
Use the Lease Calculator at Leaseguide.com . The lease calculator you are using on Hondas website is useless.
Thanks
Many do this is by adding extra equipment which lowers the payment. They are able to residualize this equipment at retail just like the MSRP of the car. This in turn raises the residual more than it raises the selling price thus lowering the principal being repaid over the lease term. Of course by doing so, this puts you in a poorer position at lease end, but does give you lower payments.
Any thoughts or suggestions I am open to as I haven't leased a vehicle in about 10 years and feel like I am so uneducated in this area - Thanks!
We usually did this on a few vehicles so we could beat out competitors advertised lease payments. At the risk of dating myself
Doing this would be most effective on a short term 36 or even better on a 24 month lease. The higher the residual percentage a car had, the greater the affect. Honda is a decent example as you pick a model and that's it. An SE sedan is an SE sedan other than choice of engines and transmission. Plus they have some of the strongest residuals on the planet. Any options are dealer installed and if you are familiar with the Honda site you've seen that you can even price your car out and include the Honda dealer installed options. These options increase the MSRP. Way back when in addition to the dealer installed Honda options we would take a car and add custom wheels, change out the cloth interior for leather and put in a sunroof, etc. The lender would allow us to residualize the retail value of the addition. Let's say $995 for a sunroof. Our cost was say $400. On a car with a 65 or 70 % residual we would basically be giving away the sunroof for cost and gain 65 or 70% of 995 to add to the residual. We could give a customer more car for less per month. Or at least more car for the same per month. I don't understand how you could end up with a lower residual on an Accord with NAV than one without. Unless the % for some reason is lower on the NAV model(?).
Hope this helps.
http://dpa.xtn.net/attachments/display_ads/WestSideHonda4_4-10.pdf
Go back to post #1091 and read from there. The numbers for April were provided by Car_man in a few different posts. You should be able to find what you need.
EX-L 4 .00096; 56% @ 15k; 58% @ 12k 36 mo
EX-L V6 .00090; 55% @ 15k; 57% @ 12k 36 mo
EX V6 .00090; 55% @ 15k; 57% @ 12k 36 mo
SE 4 .00096; 54% @ 15k; 56% @ 12k; 36 mo
SE V6 .00090; ? @ 15k; 59% @ 12k; 36 mo
LX 4 .000?; ?% @ 15k; ?% @ 12k; 36 mo
LX V6 .000?; ?% @ 15k; ?% @ 12k; 36mo
EX-L V6 .00090; 65% @ 15k; 67% @ 12k
EX-L V6 w/ NAV .00090; 63% @ 15k; 65% @ 12k
I'm also trying to find out the current factory to dealer incentives.
The percentages represent the projected value of the vehicle. Besides history, factors which affect a vehicles future value are of course age, mileage and condition. Honda says that a 3 yr old EXLV6 driven 12k miles per year should be worth 57% of the original MSRP. Now you deduct the 57% from the selling price which gives you the principal portion of the lease (loan) that needs to be repaid (keeping in mind that Honda does require an acquisition fee of 595.00 and a refundable security deposit = to the monthly payment rounded up to the next 25.00 increment. i.e. 289.00 pymt. = 300.00 deposit). To determine the monthly cost for use (interest) simply add the agreed selling price to the residual and multiply by the currect money factor for that particular vehicle/term/mileage.
Quick example:
MSRP 20,000 w/ 75% res for 24 months and .0009 money factor
Selling price agreed is 19000.
Residual 15,000 (20000 x 75%)
19000
-15000
=4000 /24 = 166.66 (principal to repay)
19000
+15000
=34000 x .0009 = 30.60 monthly cost (interest)
166.66
+30.60
=197.26 (most states then cahrge tax only on payment)
Finally have my lease paper work infront of me for the V6 SE. Here are the numbers for you. Agrred value for the vehicle 21057.87, gross cap cost 22053.93, no cap cost reduction, residual value 17143.05, depreication 4910.88, rent charge 846.48, total base payments 5757.36, 24 month lease, monthly payment 239.89
Thanks
I approach car buying (or leasing) from the position that I am going to get the best possible deal for "me". This is to spend as little as possible for the most car I can get. That's why unless there is some unusual circumstance, I always lease with 0 down for as short of a term as affordable. With the low money factors on Accords right now, I'd rather put that cash into my 401k than to put it into anything that is going to eventually wear out and be worth nothing.
I think you were looking at a 36 mo 12k mile lease. Invoice on the EXL V6 (according to Edmunds) is $25,415 including destination charge. Let's assume that a dealer will sell one for invoice (they will).
Now assuming we can negotiate an invoice deal as above (and let’s assume that the dealer is not charging a "doc fee" or "dealer fee"), the payment with 0 down payment for 36mo would be approximately 299.00 (plus tax if you live in a state that collects tax only on payment and down payment). Now to drive away you would only write a check for the first payment, your refundable security deposit of 325.00 and Honda’s required acquisition fee of 595.00. Approximately $1,194.00 (+ tax on payment). Or you could even have them add that to the price to drive off with 0 out of pocket. Of course that would raise the payment some.
Now $1,000 down to reduce the selling price would lower the payment to approximately 272.00 + tax. Roughly $27.00. $2000 down should then lower it to roughly 245.00 + tax.
Now take your $2,370.00 up front cost. Deduct 595.00 acq. fee, 279.00 payment, 300.00 sec dep which leaves us now with 1196.00.
Not knowing which state you reside and how tax is collected, I will assume that the $1,196.00 is cap cost (selling price) reduction or down payment. So if 0 down at invoice gave us 299.00 and $1,000 down gave us 272.00, I would have to say that your 279.00 with $1,196 down looks like a pretty decent deal.
In order to combine this response with other questions being asked in this forum, “is getting a car at invoice a good deal right now?” or “are dealers getting $1,000 - $2,000 back from the factory?”.
I asked a close acquaintance who is a Ford dealer to check with a friend of theirs who happens to be a Honda dealer. I do mean “dealer”. Not sales manager or internet sales manager. This dealer is in a state up north and I did not find out if incentives were different in different regions, but I seriously doubt it. Currently Honda is providing him with $750.00 cash on all Accords. That’s it. It does not matter if it is a purchase or lease. He get’s $750.00.
Now does that mean that people who are saying that they are buying Accords for 1000 – 2000 below invoice are lying, mistyped or remembered incorrectly when posting? I would not assume so. Some dealers may be willing to lose some money on 2007 models just to increase their 2008 allocation on the new Accord where they will more than likely make up for any 2007 loses.
Bottom line. With the information I have and assume to be true, if you can get an Accord for invoice or better yet split the 750.00 you’d be getting a pretty good deal.
*Since it’s been too many years since I calculated leases (not to mention by hand) if anyone detects an error please let us all know.
That is probably the biggest mistake folks make when trying to do a lease. They completely forget that step one in ANY car transaction is negotiating the lowest price. They do it a lot with these "Advertised specials" that are run - they just walk in and say "I want that" and there is PLENTY of profit in the dealer at that point - and lots more savings for the buyer if they negotiate for it.
In general the biggest mistake folks make is "playing payments" with the dealer. They say "I don't want to pay more than $400 a month" and the dealer gives them a REALLY bad deal that is $399.99 per month.
Dennis
Accord EXL V-6
Negotiated Price 25,700.00
Down Pymt $3,366 (includes, taxes, 1st mo. pymt, security deposit, bank fee, plates and registration)
Lease for 36Mo @ 279.00
Or Down pymt of $2,000.00 with same terms for $318.36 mo
Or down pymt of $1,000.00 with same terms for $348.00 mo
Any thoughts??