2013 and earlier-Honda Accord Lease Questions

urirx98

MOney factor was 0.0005 or 1.2 % and residual was like 54%. THis was automatic EX-L with spoiler. 500 out of pocket which included 1st month and fees. This was in Florida with 6.5% tax included, montly was 346

socal11053

I recieved the following offer earlier today. I'm in Southern California.

EXL-V6 Navi

15k miles
$1000 out of pocket
.0005 money factor
$25,500 selling price
$25,675 adjusted cap cost w/$595 assignment fee

36 mo. @ $301 + tax

I didn't throw out any numbers. I just asked for a quote. Some others over the past 2-3 weeks have quoted me significantly more in person. I'll shop this around a little, but I can see being in this car from someone in the next 48 hrs.
This seems like a good deal to me.

CarMan@Edmunds

Hi lmazur88. You never mentioned the selling price or MSRP of the Accord that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are. Shoot for a selling price that's as close to dealer invoice as possible.

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CarMan@Edmunds

Hi creativitis. The best way to evaluate this deal is to take a look at this car's MSRP and selling price. These numbers will show us how much of a discount you are being given on this car. Let us know what these numbers are and we'll tell you what we think. Consumers have been reporting leasing Accords for pretty close to dealer invoice. That's what you should shoot for.

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CarMan@Edmunds

Hi urirx98. Honda's cash incentives on the 2007 Accord are not compatible with its special lease program. A selling price of $300 over invoice is a very good deal for a lease of this car through Honda Finance right now.

Car_man
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CarMan@Edmunds

Hello urirx98. Dealer invoice is a very good price for a lease of any Honda Accord through Honda Finance right now. Make sure to find out this car's exact selling price from the dealer and to compare it with the invoice price that is listed in the Edmunds.com - New Vehicle Pricing section of this site to double check that you are actually being sold this car at invoice. Also, make sure that the dealer that you are working with is using Honda Finance's current buy rate lease money factor of .00050 (for a V6 Coupe) to calculate your monthly payment.

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CarMan@Edmunds

Hi blackexv6. Through September 4th, Honda Finance's buy rate lease money factor and residual value for a 24 month lease of a 2007 Accord Sedan EX 4-cyl. without navigation with 15,000 miles per year are .00065 and 66%, respectively. 15,000 miles per year is the highest mileage allowance that Honda Finance publishes residual values for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It less less expensive to do so at lease signing than it is to wait until the scheduled end of your lease and have to pay an excess mileage penalty.

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bvdj84

I was offered $320with tax for an EX-L with navi, 0 down, 12k, 36mth.

Does this sound good, now keep in mind I already have an 06 SE, I just want everything on the Accord. Should I trade? I have to make a decision soon, and payment will stay the same that I am paying now on the 06. I know I brought this up earlier, but they lowered their price down to this, take it or leave it? anyone in the same boat?

qbrozen

HUH?? You trade in your '06 SE and drive away in an '07 EXL navi with $0 down and the same payment?? What are you waiting for??? Unless there is a piece to the puzzle missing here, this is a no brainer.

bvdj84

Haha, I know, I guess I have an attachment to my SE, I love it, but just take that, and look at the EX-L it would be perfect, could not ask for more. I think I would be crazy not to do this. Considering that, I will NOT be able to get an 08 like this anyway for this price. Plus I really don't like the new 08 sedan look. I'm so torn, between them both.. Im talking to the dealer today to get more info.

nope just first payment due at signing. Also I might have them put me as sign and drive.

uneducated

I'd appreciate any thoughts...

I'm hoping to get a 36-month lease on an EX Sedan 4cyl automatic, with 15k miles per year.

Is it likely that I'll be able to get out the door for $280 a month and zero down? I have no idea where comparable offers for leases are right now, but I have had a few dealerships in my area offer prices just under $20,000. I assume dealerships are trying to clear out inventory for the '08s and that most accord buyers are interested in waiting for them (so I assume it's a good time to get an Accord). Thank you very much for any help, I'm hoping to get cracking on this soon.

bvdj84

Wow, yes, read my post above, Im able to get an EX-L with navi for $320, 0 down!, so for your car which is a few steps down, oh ya, you should be able to do quite well. Plus at $280, you could get the EX-L, shoot for that.Get the most for your buck! Their even letting me sign and drive, so that I don't have a double payment. Send in plenty of email quotes, I do all my work through email, that way you can play all the dealers to get the best price. Go to Honda and locate all the dealers in your area, if a place that has a good quote is far away, than prefer a dealer thats closer use that quote. They typically will.. Good Luck, do you research. 08 accord will be sticker and steep on an deals for quite awhile.

CarMan@Edmunds

Hello scraggs. Yes, Honda is running a special lease program on the '07 Accord right now. Through September 4th, Honda Finance's buy rate lease money factor and residual value for a 24 month lease of a 2007 Accord EX-L V6 Coupe without navigation with 15,000 miles per year are .00050 and 61%, respectively. The numbers for an otherwise identical 36 month lease are .00050 and 53%. The type of transmission that this car has does not have any impact upon its lease program.

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CarMan@Edmunds

Greetings uneducated. This car's lease payment will depend upon what sort of selling price you are able to negotiate on it. For now I will assume that you will be able to get it for $500 over invoice. That would put the selling price of an '07 Accord EX 4-cylinder Sedan without leather or navigation (MSRP $23,945) at around $22,255. Using these prices, Honda Finance's 36 month buy rate lease money factor of .00065 (for Super Preferred tier customers who pay a security deposit) and a 15,000 mile per year residual value of 56%, I come up with a zero down, pre-tax monthly payment of around $269.

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uneducated

Thank you Car_man, I appreciate the help. I will try to post back specific lease offers I get. So far I have had a few internet quotes for just under $20k (destination included).

~UnEd

uneducated

An offer for $289 per month + taxes, from what you mentioned Car_man it seems like it should be about $289 with taxes included (at 7%). Don't know how that squares with the just under $20k offers with destination included, seems a bit high.

jimfireftr

Ok here is what i have
36Month/15k per year
$270/month including taxes (6.5%)
$270 down (no other fees besides first payment)
Adjusted cap cost $22021.07
Residual $12930.30
"Agreed upon value of the vehicle" $20777.21 (negotiated price)

I had several dealers quote $272/month with different intial fees. Jeff Wyler Honda in Colerain Oh(near Cinci) asked what it would take to beat all deals. When it came time to sign with the finance person he gave me the same 272 and 500+ down. I said that was not what was quoted to me. Well after 60 seconds with the salesman and sales manager we were back to 270/month and 270 down. The internet team at Jeff Wyler in Colerain Oh were great. Any questions let me know

uneducated

Jim and Bvd -- any reccommendations on how to play the different dealerships off each other? I fear I've mangled it somewhat, but it also doesn't seem like anyone's too eager to help or compete.

bvdj84

Hey Car man!,

What should I expect my payment on an EX-L with out navi, 4cyl
Lease:
36mth
12k
0 down
I don't know the total cost.
I am assuming I could get under $300payment perhaps? maybe?

Thanks alot!

jimfireftr

Well by all means am i an expert, but i have learned alot on here from Rujo, Dwyne, etc.. I simply dealt with 4 dealers and took the best offer. Different parts of the US will have better deals than others, you simply have to take what your market gives. Also the incentives change monthly so next month may be better(who knows) I was skeptical that the deal i was quoted would be honored since no other local dealer would match. In the end i am satisfied and happy with my new Accord. Good luck

dwynne

I think you just have to be realistic. If you get a deal where it appears the dealer is making little or no profit, then take the deal and enjoy your new car !

You might grind away for days or weeks trying to get a little be more on a deal, but if you value your time at all you will see that you are wasting it.

A local dealer would not go as low as a remote dealer, so I ended up paying the extra $200-300 to the local dealer just so I did not have to spend 6 hours on the road and the gas to go get the "cheaper" car. My wife and I picked up the car, had a nice dinner, and were home before we would have even made it to the less expensive dealership.

So just keep it in perspective, don't pay too much but don't worry about squeezing the last blood out of the dealer either.

Dennis

bvdj84

Thanks for the advice, because Im going through a deal right now, and it seems like they can do $10 more a month than I pay now to upgrade from an 06 SE to an 07 EX-L. They say, that their getting every possible thing to work for me. I guess I can't nip pic, but im already in a nice car, just want more features, so I want the hassle worth while.

Thanks

uneducated

Thank you both very much! I've had poor responses from the dealers I contacted, so I will try again. Will definitely be happy with a good deal, have only seemed to get one fairly firm offer. Possibly started with unrealistic expectations seeing what some others were being offered. I don't really have the time to go stick my face in, so I understand if they don't think I am serious.

~UnEd

tuftuf

Can you advise on a new lease for 07 accord LX. I am returning my end of lease accord. What should I look for and what should I expect?
I am not sure if there is any incentive I should ask for as far as lawyality customer?

uneducated

Just took a 2007 EX Accord 4cyl. Automatic for $271+taxes per month. Nothing down, just first payment to walk out the door. Very close to what Car_Man predicted. Felt like things shifted on me a bit at the end, but I'm coming out better on this than my last EX lease, so I'll slowly inch up there. Thank everyone for their help!

TufTuf -- There is an incentive as a loyalty customer (Leadership Leasing Loyalty program) when returning a lease to a dealership, my understanding is that it is limited to removing any need for a security deposit on your next Honda (which doesn't really seem all that sweet). More here under "Option 1" ... http://www.hondafinancialservices.com/looking_ahead/lease_end.asp

jbasirico

I got for EX-L V6 no navi:
36months
15k miles/year
$299/month

Granted, I put $3000 down but they gave me a 30 day window to make down payment.

I think that bargaining for the extra miles lowered the residual for purchase after 3 years, too.

lboogs

and looking for a honda dealership to go to...any advice and suggestions would be greatly appreciated!!!

jamess3

I am considering moving to a lease from a car that I own. Is there a tax benefit to trading in a car when you lease? For example, if I trade a car worth $20k for a lease on a $25k car, do I only pay tax on the $5k difference?

Thanks,

Jim

qbrozen

depends on your state laws.

jamess3

Colorado.

Anyone know of a resource to find out?

Thx.

Jim

michaellno

james,

when we traded in our Focus for a new ION last summer in Denver, we were given the tax credit for the value of the trade in vs. the price of the new car.

So, yes, if you trade in a car worth $20K for a new car that costs $25K, you would only be responsible for the sales tax on the $5K difference.

How much sales tax you pay, of course, is dependent on where you live, not where you buy the car.

I live in Castle Rock, where the sales tax (combined state, county and city) is 7.5%. Will be different based on where you live.

Good luck, and let us know how it all turns out.

g_p

I just searched the board to see if I could find the money factor and residual % for a V6 EX-L with Nav. Can anyone help with that (both 24 and 36 mo and both 12 and 15K/yr)?

I stopped by the dealer today and got a quote of 0 down with all fees rolled into the payment and a monthly payment of 370 for 36 mo and 12K/yr. This also figures no first payment so I guess it would be 35 payments at that price. This is in Charlotte/Gastonia, N.C.

It was like pulling teeth to get all the details of how they figured the pmt, so I left and thought I'd do some research first.

I have a couple of other dealers working numbers for me now, but if I can get the relevant #'s, I should be able to figure the payments out for myself. Thanks -

qbrozen

but was your new car a lease? Laws are different for that in many states.

michaellno

Good point ... I don't know how it works for leases here in Colorado. Both the Focus and the ION were bought.

chio

I've been Offered (?) $20,659.45 OTD. When I asked about leasing the response was that it would be $300/mo. with only the first payment payable when I get the car. The dealer is Fairfax Honda in Fairfax, VA.

I'm confused. Does this sound good?

CarMan@Edmunds

You're very welcome, UnEd.

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CarMan@Edmunds

Hi bvdj84. I would be happy to work up a lease payment on this car for you. However in order for me to do so I need you to provide me with its full MSRP and approximate selling price. For now I will assume that you will be able to get it for $500 over invoice. According to my calculations, if you were to lease a 2007 Honda Accord EX-L 4-cylinder Sedan without navigation that has an MSRP of $25,645 and a selling price of $23,791 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $280.

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CarMan@Edmunds

Hi tuftuf. Unfortunately, other than the waiver of your security deposit for free on your next lease Honda is not providing any special loyalty incentives on the Accord right now. I can work up a sample lease payment on this car to give you an idea of what sort of lease payment to expect. You never mentioned how long you want to lease for, what mileage allowance you need, or what selling price you were able to negotiate on it, so for now I will assume that you want a 36 month lease with 15,000 miles per year at $500 over invoice. Let me know if you want something different. According to my calculations, if you were to lease a 2007 Honda Accord LX 4-cylinder Sedan that has an MSRP of $21,520 and a selling price of $20,084 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $270.

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CarMan@Edmunds

Here's the info that you're looking for, g_p. Honda Finance's current base lease rate and residual value for a 24 month lease of a 2007 Honda Accord EX-L V6 with navigation with 15,000 miles per year are .00050 and 62%, respectively. The numbers for an otherwise identical 36 month lease are .00050 and 52%. If you were to lease with only 12,000 miles per year, the 24 month residual value would be 1% higher and the 36 month resid would be 2% higher.

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CarMan@Edmunds

Greetings chio. It sounds as though you are not all that familiar with how leasing works. If that is the case, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. The more you know, the less likely it is that you will be taken advantage of by the dealer that you are working with.

The selling price that you were quoted for the '07 Accord SE V6 that you are interested in looks very attractive to me. It is below this model's $21,755 dealer invoice price. I suspect that this is not the price that is being used to calculate your lease payment though. Honda is providing dealer cash on the '07 Accord right now, but this cash is not compatible with its special lease program. The dealer probably quoted you a purchase price for a cash purchase of this car, not a lease. Find out exactly what selling price is being used to calculate the lease payment that you were quoted. If it is close to dealer invoice, then you are in good shape. Just double check that the dealer is using Honda Finance's current buy rate lease money factor of .00050 (for "Super Preferred" customers who pay a security deposit at lease signing) and you're in business.

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bvdj84

I am having the problem of not being super preferred, I am close, but I am young, therefore don't have alot of history. Does it make sense to pay like 20-30 more because I am not super preferred? That really is what made me decide whether not to do a deal on an 07 EX-L, I currently pay $318 for my 06 SE, they said they could get me into an EX-L for $340. Also with a sign and drive, it would add $7 dollars. Does this all make sense. Should I make the deal? or just keep my car and wait for the 08. Any advice would be awesome!! I got to make a decision soon!

Thanks.

chio

Thank you Car_Man. Here's the latest. Yesterday I leased a SE V6 from Fairfax Honda in Northern Virginia.(BRAD IS A GREAT SALES PERSON).

Here's the deal I walked out with (good or bad) yesterday:

Amount due at lease signing: $300.17 (I bought some extras and that increased the amount a bit) Mud guards and wheel locks came with it. I got it in COOL BLUE. Total monthly payments for 36 mo. lease with 12,000 is $11094.12;

Residual is $13,913.20; rent charge is $688.32. Agreed upon price was: $22,650.00. (as I said, I purchased some accessories which amount to $500).

I've probably accidently omitted some of the information, but wanted to post this for folks to see for informational purposes.

Love my new COOL BLUE car..

chio

I recommend, very highly, Fairfax Honda in Fairfax, VA. Brad was my sales person and he is super super in every way...and I'm a difficult person to deal with. Never felt pressure of any kind and he was beyond professional - just couldn't do enough for me.

mc5

IS THIS A GOOD DEAL, BAD DEAL, OR ANAVERAGE DEAL? 36MO LEASE, $289 mo 36 mos just taXES OUT OF POCKET. ACCORD EXL V6 COUPE????

asdfj

I have an 06 Accord that I leased through AHFC last year. I was rear ended by a semi at low speed. The car suffered noticeable damage to the rear trunk lid, turn signal and bumper but was not totaled. It was repaired by a reputable shop using all Honda parts. I'm satisfied with the repair, but I'm wondering if I need to worry about Honda being satisfied with the repair if I turn the car in at the end of the lease to them? Will I likely have extra fees due to the car previously being in a wreck? How does this turn in process work how carefully do they go through the car?

kyfdx

Nothing to worry about..

My wife was rear-ended in her '01 Accord... Rear panel was pushed all the way in to the wheels.. $9000 of damage.

We were just 9 months into an AHFC 3 year lease.. It was fixed properly. No problems with the inspection.

They can't ding you for having had body work, if it was done properly. This is one advantage of leasing. You don't have to worry about diminished value from your car being in an accident.

regards,
kyfdx

lexlethal

WOW That is an amazing deal! Where were you offered this I want in on it!

wannacar3

Need help...just left the dealer and they gave me a lease offer for 07 accord ex-l for $297 36mths/ 12000 miles. Here is the break down..

MSRB: 25645
Selling: 22000
Residual: 14617

No matter how I calculate it it comes out to around $250-260 per mth with $0 down.

Could it be that $0 down is not the same as "sign and drive"?

Thanks.

mc5

THANKS. IT SEEMED LIKE A GOOD DEAL TO ME AS WELL. I GOT THE CAR ON LONG ISLAND. IT MAY BE USEFUL TO KNOW THAT EACH DEALER WILL GET AN EXTRA 08 FOR EVERY TWO 07 ACCORDS THEY SELL.

06asmsi

Team Honda Lithia Springs Georgia is running 07 accord V6 EX-L at 259.00 for 36 months $0 Down $0 Security that seems like a pretty sweet deal for that car!