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Comments
How much profit does the dealer have to sell for $900 less than invoice?
The lease calc below------
MSRP $
Final Negotiated Price $
Down Payment $
Trade-in value $
Usage Tax (Sales Tax) %
Length of Lease in months 243036424860
New Car Lending Rate %
Car Value at End of Loan $
Results
Total Monthly Payment:
$ 265.96 or 35 pymts of $273.55 ($0 down)
Capitalized Cost: $ 22389.00 (Includes $595 fee)Selling price you negotiate with the dealer 25050.00 MSRP minus discount
Lease Price: $ 22389.00
The capitalized cost minus $ 0.00 down payment and $ 0.00 trade-in value
Residual Value: $ 14278.00
Car Value after 36 months
Depreciation Fee: $ 225.31
The part of your payment that pays the leasing company for the loss in value of its car, spread over the term of the lease.
Lease Fee: $ 23.83
The Finance Fee part of your monthly lease payment
Pretax Monthly Payment: $ 249.14
Usage Tax: $ 16.82
How should I approach the dealer for this deal. I know the obvious is to go test drive and negotiate in person, but other than that does anyone have any other insight.
Dennis
You could drive yourself nuts trying to get a deal someone posts here. Some may be mistakes, some folks (heaven forbid) may not post the real price, and folks live in different regions. Some may have trades that don't mention, stuff like that.
Find out what incentives apply in your area, if any, and take those off of invoice and that should be a good price. If where *I* live the dealer gets $500 even if I cheap lease and where *you* live they get $0, then I will be able to get a better deal than you can. Some dealers deal cheap, NONE of the ones in my immediate area do - so I have to travel out of state to get a good deal. If none of the dealers you are working with will deal cheap, try others farther way.
Dennis
EXL V6 Lease 15000 miles per year ; MSRP: $27995
Selling Price; $25795
MF; 0.00050
Residual Value; 54%
Monthly payment; $333 plus 9% monthly lease Tax
Down Money; $0
1st payment, Tax and Tag due at Signing.
EXL V6 With Navigation lease., 15000 miles per year. MSRP: 29995
Selling Price; $27495
MF; 0.00050
Residual; 52%
Momthly Payment; $368 plus 9% lease tax
Down Payment; $0
1st Payment, Tax and Tag due at Signing.
Do you think that the deals will get better as time moves on. I am debating taking a deal now or waiting till the end of july?
Thanks for any advice you can give.
Also, I am leasing from dealer at chicago and the car will be registered at toledo ohio and the dealer will pay sales tax, so for car registration and license plates, how much would i have to pay and how is the process.
My quote is
2000 at time of signing , which includes tax, title, first mth payement, acquistion fees, doc and prep fees.
263 x 35 mth
Is it a decent quote and can somebody help me with above questions.
Thanks
In TN, 7% sales tax is added each month. So if your lease is $300 pre-tax, you pay $321 per month for 36 months.
In OH, you would take the lease cost ($300 x 36 = $10,800) and then figure the tax on that. If user wolfews6 is correct, this would be 6.75%. So $729 tax would apply to the lease. You could pay this at signing, or roll it into the lease which would increase your payments. You would also be paying interest on the tax, but with these cheap lease rates - so what?
I would not put the $2k into the lease, with a cheap money lease either do a sign and drive ($0 at signing) or pay the TTL or TTL+first payment and signing. If Honda will let you use their money for a real cheap rate, let them
Dennis
does anyone have info on whether the $750 and $1200 rebates to dealer apply to leases (EX models)? Are there any others that apply to leases this month?
Also, a suggestion to CARMAN (doing great work, thanks a ton!)
-- it may be very helpful for folks like myself who are just looking for the latest program details and incentives if you could post a program summary for each month as it comes out - i.e. residuals/MF/additional lease incentives for each trim. This way we won't have to scan as many messages to get the info together, and you won't have to post the same info again and again
Thanks in advance!
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Review your vehicle
Incentives can vary by region, so no easy way to include all of them in a single e-mail.
Edmunds has a page here that shows known incentives, just enter your ZIP code or the ZIP code of the dealer you are working with and it will show you what is available. For discounted financing, it matters where you live - for dealer money it matters where the dealer is.
For your area Edmunds says:
Marketing Support
$750 Cash to Dealer start: 05/01/2007 end: 07/02/2007 Get Dealer Pricing
Restrictions Eligible vehicles sold utilizing this incentive program do not qualify for: "2007 Accord 4-cyl Sedan Special AHFC Lease/Purchase Plan" and " 2007 Accord 4-cyl Coupe and 6 cyl (coupe/sedan) Special AHFC Lease/Purchase Plan". See dealer for details.
Comments Dealer participation may vary. Incentives and Rebates are provided subject to the terms of our Visitor Agreement.
$1200 Cash to Dealer start: 06/01/2007 end: 07/05/2007 Get Dealer Pricing
Restrictions This incentive may not be combined with " 2007 Accord 4-cyl Sedan Special AHFC Lease/Purchase Plan" or "2007 Accord Special AHFC APR Financing". See dealer for details.
Comments Dealer participation may vary. Incentives and Rebates are provided subject to the terms of our Visitor Agreement.
Unless the dealer messes up and gives you the purchase price and lets you do the cheap lease, the dealer incentives do not seem to apply.
Dennis
Although the $750 specifically states 2007 Accord 4-cyl Sedan Special AHFC Lease/Purchase Plan" and " 2007 Accord 4-cyl Coupe and 6 cyl (coupe/sedan) Special AHFC Lease/Purchase Plan.
The $1200 only says 2007 Accord 4-cyl Sedan Special AHFC Lease/Purchase Plan" or "2007 Accord Special AHFC APR Financing, nothing about the 6 cyl lease so that's why I was asking.
We don't have the $1,200 here, just the $750. Here and there, I think there is no current discounted APR deal anyway - none is shown.
In any case, it is a really good time to lease/buy an Accord and will probably stay that way for a while or even get better.
Dennis
From what I have been told - the dealer incentives are based on where the dealer is located, the lease/loan deals are based on where the lesee/buyer are located. For example, there is cheap money where I live on Civics - but not in a neighboring state. I can go there and buy a car and still qualify for the cheap money - residents of that state going to the same dealership would not.
Dennis
I appreciate the opportunity to help you find a vehicle that meets your needs. According to your inquiry you are looking for a Honda Accord EXL Coupe , I show that we currently have one available. This car has a suggested retail of $25,745. With the highest level of credit I can lease this car to you for $276. + tax = $292.56 for a 36 month lease / 12k miles per year and $1,000. down plus tax and first payment at signing. My offer is valid until the end of the month or until the unit I have in stock is sold.
Please let me know Is it a good lease deal.
Thanks
Thank you so much for such great and informative posts! I;ve only found you after returning from a dealership in Allston, MA. I need advice quickly on a lease deal:
2007 Accord EX-L (v4) w/Navi
monthly payment: $349, which includes all taxes and fees rolled in.
(tax in MA is 5%)
36 months/15K miles per year
The only up front payment (down payment) due is one month of payment of $349. They are also throwing in an iPod link (400 dollar option)
Please let me know if I should be pulling the trigger safely.
When doing a lease, as when buying, the first thing is to negotiate the price of the car. Once you have that at a low number, then worry about the lease details.
Dennis
wg
When doing a lease, just like when doing a purchase, you negotiate the price of the car first. In this case, you have to let them know at some point you are doing the lease. Once you have the price nailed down, then you run the numbers and see what the payment is. Just asking for a lease and getting a payment means nothing, to me. I would have to work the numbers backwards to figure out the price of the car. Also, we don't know your tax rate so again a payment stated w/taxes means nothing to us.
So get the price for the car and the payment w/o taxes and we can give you some advice. While your wife might love to have a new can in the next 2 days, don't rush into anything - or you will likely pay too much.
The fact that a Honda lease and an Acura lease go through the same lease bank means nothing. On ANY lease through ANY bank you can trade it in with no negative equity as long as the trade value at that time is equal to or greater than the lease buyout price (not including tax). So if after 2 years the Accord is worth $14k trade to the Acura dealer and the lease buyout at that point is $14k then you could trade it and get rid of it. If the buyout is more than the trade value to the dealer, the you pay out of pocket or roll the negative equity into the Acura lease (bad idea).
Dennis
Could someone tell me if there is a clause in the Honda lease that allows for cancellation of the lease right after you buy it, like a grace period. Usually the buyer can void any contract within a given period, 3 days, 10 days.
A dealer told me there wasn't, but I don't believe him. Thanks.
buyer's remorse, huh? sorry to hear it. hopefully you'll grow to like the car and keep it.
'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; '07 Vespa 200GT
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Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
There is on a re-finance of your house, but never in cars that I have ever heard of.
Do your homework, get a lease calculator, read the contract and the fine print BEFORE you sign and you will not need to un-wind the deal.
Dennis
I did do my homework and got a great deal according to these forums and I thank you all for that.
The reason I was asking, because it is not mentioned in the fine print on the lease, is because I was set on the EXL MT w/NAVI. Unfortunatly, there are NONE available. I had the dealer call other dealers and could not find one available. I guess they don't make enough. Anyway, had to settle for the non Navi version and I'm happy, but still wanted to know if I could recind on the deal if I found a NAVI. But since I can't, and there are none. Its a mute point.
Thanks for your input, and thanks to all on the board who allowed me to get a deal under invoice. THANKS.
I know its not the same, but you can always get a portable unit much cheaper, anyway. It won't respond to your voice input to change the climate control or radio station ... which is the coolest part of the accord's system ... but at least it gives you the NAV portion for a few hundred bucks.
'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; '07 Vespa 200GT
w
What is the residual for an '07 Accord EX-4 cyl after 2 years? I am exploring a 2 year lease with 18k miles per year. Thanks.
ACCORD has MSRP of $21870, Option to purchase of $12465, with $2399 due at signing and $199/month payment. CAMRY has MSRP of $21794, Option to purchase is $12585, with $2199 due at signing and $229/month payment. Everything else seems to be about the same. Any opinions based on these facts as to which one is better and other things I should consider. Thanks all....
New 2007 Accord SE-V6 Sedan
$259/mo
36 months, 12k/year
Zero due at signing (tax, tags, and doc fee included in payment)
I don't remember what the residual was, but I think the money factor was 0.0005
The only fine print was that you had to have a 710+ beacon score.
This seems awfully low to be a 0-down, out the door payment on a V6... opinions?
The lease offer is fishy though - almost like they were out to recover what they gave me on the offer. 36mo, 12K miles per year, $346 pm, 1500 + 1st month (at signing) 13,900 residual value. Im thinking this is a rip-off and considering getting a loan separately and paying the dealer the full amount in cash.
I would appreciate some quick advice as I already paid the 1500 + 1st month to "get the car off the market"
Thanks!
My 2 cents
This CAN be a better option than leasing under certain circumstances (if, for instance, the lease rates are highly subsidized or there is a large amount of lease cash that is not available when purchasing).
'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; '07 Vespa 200GT
36months, 12k miles, 346 tax included and 500 out of pocket which included the 1st months payment and registration. Ive been told its pretty good, i know they made money but they wanted to get rid of the car, and it was to nice to pass up. I was getting quotes all day long for more then 340 a month for the same car without spoiler and same 500 oop, so hope you all think its good.
wg
2007 Accord LX Sedan [automatic]
$195/month, 36 months, 12k
Trade-in, which basically amounted to $3500, covered money down and all fees
MSRP - $20925
Value at end of lease - $12,480
Looks like a great deal. Did you get the SE? either way you are getting a great car. It was awarded again in the car & Driver magazine as the best family sedan for value. Your deal looks really good, just remember if you feel its not, to try more than one dealership, you'd be suprised how some are better than others on their quotes. Other than that, that seems like a good deal. Make a move! fast.
Term in Months: 36
Miles per Year: 12,000
MSRP: $24,845.00
Selling Price (CAP cost) $22,068.00
Trade payoff (2004 Accord EX-L 2.4L manual) $13,997.50
Trade Value (TV): $13,500.00
Trade equity $- 497.50
Sales Tax (Texas 6.25% - If trade CAP – TV * .0625) ($22,068.00 – $13,500.00) $ 535.50
Inventory Tax $ 54.43
Texas DMV: $ 129.05
Documentation Fee: $ 50.00
Acquisition Fee $ 595.00
Total Sales Price (TSP): $23,929.93
Residual Value (RV) 57% based upon months leased & miles driven) $14,161.65
Monthly Payment (MP) (TSP – RV / Term in months) ($9768.28 / 36) $ 271.34
Money Factor (MF) as an Interest Rate (.00065 *2400) 1.56%
Finance Fee (FF) (TSP & Residual value * Money Factor) ($38,091.58 * .00065) $ 24.76
Total Monthly Payment (MP + FF) $ 296.10
Out of pocket (First month payment): $ 296.10
Leased 6/30/2007 from GUNNHONDA.COM San Antonio, Texas
Deal includes $13.82 a month of negative equity. I did this deal now because I wanted a 2007 Accord, the last of the seventh generation Accords and the EX-L 2.4L manuals are getting very hard to find. If I waited till my lease expired in the first week of September, I would not be able to find the model I wanted AND I would be paying Honda another $400 or so for miles above my lease cap. If I went for a 2008 Accord in early September I would most likely pay sticker, probably another $3000 over my deal on the 2007 plus the mileage!
The deal was done over the internet and phone, no bait & switch, no nonsense, no BS. The finance manager was also as straight forward and helpful. I DID have to drive to San Antonio and back from Houston, about 450 miles, but I saved $45 a month on the BEST deal I could get in Houston for a total of $1620 over the period of the lease!
I felt the deal was so good we traded my Wife’s 2006 EX-L 2.4L automatic for a 2007 EX-L V6 coupe in Cool Blue/Black. I’ll post the details of that transaction if anyone is interested. Bottom line, we leased two Accords from GUNNHONDA.COM in San Antonio, Texas on Saturday June 30, 2007!
36months, 12k miles, 346 tax included and 500 out of pocket which included the 1st months payment and registration. Ive been told its pretty good, i know they made money but they wanted to get rid of the car, and it was to nice to pass up. I was getting quotes all day long for more then 340 a month for the same car without spoiler and same 500 oop, so hope you all think its good.
Can I please have the residuals and money factor rates for the 2007 EX-L V6 Coupes in both the 6spd and auto transmissions for 24 mth and 36 mth leases? Thanks.
Also, are there any special lease deals on these models at the moment?
What was your money factor and residual on that vehicle? Was it an automatic? Thanks.
$320-340 with tax on an EX-L with navi. $0 down, first payment due at signing. This is what they offered, with no haggling."yet" Should I make a move? I have no specific numbers of the lease, but this is what is offered for July, They said "Honda" is running special.