It looks like an ad for a v6 accord ex-l for 279 a month with $0 down and no bank fee, probably only taxes and plates on top of the monthly payment. Any one go to this place and get this deal. I will be calling them tomorrow about this offer but I just dont trust these people, especially since my father just leased the same car 2 weeks ago in Brooklyn, NY for 310 a month with $0 down plus tax, bank fee and plates. Any help would be greatly appreciated!
First, I want to thank car_man and kyfdx for making this such a great site. This was my first lease; I knew nothing. But after reading this and the Prices/Buying Experience forum, I learned a lot and think I got a good deal. Originally I wanted an Accord SE I4 but after reading leaseguide.com, setting up my own Excel spreadsheet, going out for quotes, and reading more forum posts, I found that the current money factor for an SE I4 made it more expensive to lease than an EX I4. I first went to a neighbor who sells for a Honda dealership, but they weren't competitive. After 2 weeks, I went out to 8 dealers and learned the best way to get my point across was to say: Accord EX 4cyl AT, lease, 36mo/15K miles, no trade in, no accessories, out of pocket = first payment only, quote me the monthly lease payment excluding taxes. I finally requested internet quotes via Honda.com and went with Planet Honda, Union, NJ; good experience, straightforward: MSRP $23,945 (23,350 + 595 destination) Net Cap Cost $21,405 (= selling price, incl 595 lease acq fee) Residual $13,409 (std 56%) Money Factor .00065 (1.56% APR) Out of Pocket $900 (first payment + equiv of sales taxes, taxes my choice, I misunderstood and thought sales taxes had to be paid upfront :confuse: ) Lease Pmt: $245/month This would be the equivalent of $262/month including taxes if I had only put down the first lease payment. Felt good because I had read $300 over invoice was a good selling price, and by my calculations, $21,405 is $350 under invoice . Thanks again, to everyone! Leo
I live in Bay Area, California. I want to lease Honda accord EX 4 cyl. What is the best place to lease the car in California in general and Bay Area in particular? I'm willing to drive extra 400 miles if I can save $1000. Also,this is my 1st lease. Can somebody tell me how good lease for EX 4cyl should look like?
HI, I SAW THE CAR IN THE PAPER FOR $10 MO CHEAPER THAN I PAID THE VERY DAY AFTER I PICKED IT UP. THE DEALER HUNTINGTON HONDA THATS HUNTINGTON HONDA WOULD'NT DO ANYTHING TO MAKE IT RIGHT. THAT IS EXACTLY WHAT I WILL TELL HONDA CORP. WHEN THEY CALL TO REVIEW THE DEALER AND THE SALESMAN.
A dealer in NJ is calculating payments wrong. Should I report this to Honda/BBB?
I personally don't care with what they are doing, and I can just move on to next dealership to get my car, but it bothers me that a dealership is trying to fool the customers.
They are calculating sales tax on the complete cost of the car, adding it to the cap cost and then adding the sales tax again on the part of the lease payment. So, they are essentially calculating the sales tax twice and claiming that this is how Honda calculates the lease.
Here are the numbers they gave me: MSRP - 23945 Selling price - 18800 + destination (595) Motor Vehicle - 187 Documentation - 289 credit check - 52 tire tax - 7.50
Residual after 36 months - 13409 money factor .00065 Sales Tax in NJ -> 7%
based on these numbers, they are telling me that my monthly payment, with $1,000 down will be $229 a month.
All Internet lease calculators I have used show it to be $187 a month (with a $1000 down payment), and the only way to get the $229 a month number is to add 7% sales tax on FULL price and add it to the base cap cost.
They would not send me an email with the breakdown and are saying that they get $229 a month when they put these numbers in their computers, and they have checked with their manager.
You think I should report this to BBB / Honda, or just move on and not bother about them.
Short answer - if they're unwilling to give full disclosure, move on.
Long answer - I made a few assumptions: your $1000 is total out of pocket and all the misc fees (535), first payment (229), AHF acquisition fee (595), security deposit (250), and upfront sales tax (457) were capitalized. I can get the payment to about $218 with the numbers.
However, if I bump the money factor to .00095, I get just a shade under $229. My guess is they've bumped the money factor, which they are not required to disclose. Unethical, yes. Illegal, no. Move on to a dealer who is willing to deal honestly and openly.
I have been given the following numbers in Columbus, OH area for an Accord EX - 4 Cylinder for 36 months lease with 15k miles per year. I am planning to get it tomorrow, so please let me know if this is a descent lease or can I do better.
Selling price = $21554. Money Factor = .000650 Residual Value = $13409.20 $560.43 DUE AT SIGNING (FEES AND 1 ST PAYMENT) Payment Per Month = $285.43 (Include all taxes and fees). Sales Tax = 6.75%
Ok guys, so I used the board to get a good idea of all of the details, and now I got myself a deal. At the risk of ruining my new purchase, I look for your feedback on your thoughts. My opinion is that it is a good deal, but the dealer made more than I would have liked on it:
2007 Honda Accord EX-L V6 with Navigation - 12,000 miles/year MSRP: 29,400 of course Negotiated price: 23,627 + 595 = 24,222 internet pricing Residual: 16,197.30 this should be 54 I guess.. but it does not work out that way does it? I think they basically threw that 36th payment into the Residual. APR: 1.7% which I believe works out to a MF of 0.000708 a bit fishy?
So the big question is how much down, well I paid 0 down and I only have 35 payments total. The payments are 313.16.
In MD all of the taxes (1213.55) are added to the payments. Also the dealer added GAP insurance for 399 and charged me for it - threw it into the payments - a bit bitter about that actually. I also rolled in my TTL of 195 into the payments.
So brainiacs, go ahead and run this through your magic machine and tell me your thoughts on if it was a good deal.
By the way this was from Sport Honda in Silver Spring, MD.
The last thing I will note is that the contract I have says Simple Interest with Balloon payment - not sure if this is the same as a lease or some dealer trick.
Thanks, so good or bad? Balloon note is different from a lease in what way? I would assume the main difference is that I HAVE TO pay the Balloon under this contract. Whereas a lease, I can give the dealer the car back.
A lot of captive finance company balloon notes let you turn the car back end at the end of term. I have no idea if Honda Finance works that way, though.. I would check with the finance company. You may have the option of returning the car, just like a lease.
Usually, balloon notes are used in states with unfriendly tax laws, in relation to leases. That may be the case in Maryland.
First of all Maryland is a state that requires sales tax on the entire car price to be built into the lease payments. And since at lease time, the car is titled in Honda's name, when you buy the car at the end of the lease (if you choose to), you are forces to pay the taxes on the used car at that time!!!---again.
So I heard that this Balloon is a work around for that. It may even be better than the lease, it says that I can prepay the entire balance at any time with no penalty - I guess if I wanted to I can turn around and sell it tomorrow. It also says that they will agree to buy it back for the Residual Value agreed to as indicated in my first message. I am limited to 36,000 miles for the term.
So I guess not so bad after all, but why don't dealers just tell the truth damn it. I was clearly knowledgeable of all of the numbers related, just tell me.
I must admit, if I went in for a lease and they told be a balloon payment is better, I would have pretty much run out of the dealership.... maybe that is why?
It sounds like you did okay... If you have any intention of buying the car at the end-of-term, then the balloon note will definitely save you on taxes... And, if the simple interest loan rate is 1.7%, you'll have cheap money until then, as well...
I'm not all that familiar with the balloon note programs, but it sounds like a good deal, in this case.
My father told me today to pay off the bill to my 05' Honda Accord. After looking at it, and comparing it to what my friends are paying for their nicer cars, I think something might be out of line.
My 05 Accord, EX V6 with Navigation was a demo model, retailing for 27,500. I am not sure what was put down when signed, but we have been loyal Honda leasers for the last 5 years and lease two Hondas.
is $618 dollars for a three year lease normal for my car?
My father told me today to pay off the bill to my 05' Honda Accord. After looking at it, and comparing it to what my friends are paying for their nicer cars, I think something might be out of line.
My 05 Accord, EX V6 with Navigation was a demo model, retailing for 27,500. I am not sure what was put down when signed, but we have been loyal Honda leasers for the last 5 years and lease two Hondas.
is $618 dollars for a three year lease normal for my car?
I don't understand. "Pay off the bill." Soooo... what exactly does that mean? Pay the remaining balance? And your remaining balance is $618? How many months of payments is that? 2?
is $618 dollars for a three year lease normal for my car?
$618 for a full 3 year lease is ridiculously cheap. So I don't believe this is what you meant. If you are paying $618 a month, you've been paying that all this time, correct? So why are you just realizing it now?
I definitely need more clarification here because none of this adds up the way I am reading it. The only thing that makes sense to me is that $618 is maybe the final 2 months' payments. But, then again, I'm not sure how you'd only have 2 months left on a 3-year lease on a demo '05.
'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
My car had a misfortune hit into the Back of an SUV, a Honda Pilot of all SUV's. No damage to Pilot, not even a scuff mark but mine, the silver Piece with the H symbol was pushed in and the hood pushed back (not too much) but enough damage to be a pain,I could drive around with it looking like that but I need to get it fixed. SHOULD I GO TO THE DEALER or a Body Shop (1st Fender Bender I ever had).
you either financed instead of leased, rolled a bunch of negative equity into it, or have bad credit. Without one or more of these 3 things happening, I'm not sure it is possible to get a lease payment over $600 in an Accord.
'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
I am new to the boards and would really appreciate some advice from the Gurus.
We have a lease offer for 2007 Honda Accord LX 4 cyl Sedan MSRP 21,870 (incl $595 destination fee) Selling Price: $20,290.12 Residual Value: $12,465.90 MF: 0.00065 12,000 miles Down Payment: $2,399. $182 lic and title &598 doc fee Monthly Rent $199 (with tax $213)
There is nothing you can do at this point. But I would love to know all the details of the lease directly from the contract you signed back when you got the car. I just can't imagine those numbers are possible without all kinds of garbage being added on.
'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
I just leased a 2007 Accord. I turned in my 2004 Accord (also a lease), paid nothing up front, and my monthly payments were to be $312/month. The financing department then tried to sell me "Total Loss Protection" for an additional $23/month. I am in New York, and now that I am reading about this, and also went to the AHFC website, it appears there should be no charge for the gap protection. Is gap protection and total loss protection the same thing? Was I getting a snow job? Thanks to anyone who can give me some info on this!
Does anyone have the residuals and money factors for Aug on a 15k lease for 36 months.
Also what fees are the normal fees to lease, i'd like to roll them all in and just pay my first months payment and drive away. I've got a price of 23575 on the 4cyl, this is including them giving up 3% hold back, as well as an 800 dollar honda to dealer incentive (is this incentive available if you lease?).
This is my first post, so please bear with my ignorance. How are people getting a discount off MSRP for leases? I have talked to several Honda dealers in the Dayton, Ohio area and all use the MSRP to figure lease payment. I am looking at a 2007 Accord EX-V6. Any advise would be greatly appreciated!
the MSRP is used in the calculation, as the residual price is a % of the MSRP. However the Capital Cost (the agreed sale price of the car) should never be MSRP. Lease Calculation is as follows
(MSRP of Car * residual %) = X ((Agreed Price of Car - X "Residual Price from above")/# of Months in lease) = Y ((Agreed Price of Car + X "Residual Price from above")* Money Factor"provided by dealer ex: .0005" = Z
Now to get Monthly Payment: (Y + Z) * State Sales Tax = Mo Payment
So it's used but you should never pay that as your agreed price.
qbrozen, I finally got the figures let me run them through you.
Honda 05 Accord
the lease if for 12,000 miles a year
ok the MSRP on the car is 29,150
ammount due at lease is 2,252.93 35 monthly payments of 617.81 total of payments is 23,878.28
gross capitalized cost 36,293.00 capitalized cost reduction 1,462.12 adjusted capitalized cost 34,830.88 residual value 14,768.18 depreciation and any amortized amounts 20,062.80 rent charge 2, 178.36 total of base payment 22,241.16
i know that there is something terribly wrong in these figures. First the agreed value of the car is 33,131.00 (including taxes, fees, service contracts, ect.) How can that jump from the MSRP of the car, $29,150?
I need some quick help here. I was just offered the following deal for an Accord EX-L MT:
36mo, 12k mi/month The M.S.R.P. is $24,845.00 the Selling Price is $20,846.00 The end of term buyout is $14,161 The money factor is .00065 The residual is 57%
and then I was told $257/mo + tax with zero down (it should be ~$22 or so in FL) . I think - in general - that the $257+tax is good for this car (I was offered $369/mo for a low-end Mazda6 lease, they our out of their minds) but when I plug in the price, money factor etc. in my spreadsheet then I get a much lower number. Is my spreadsheet messed up or I'm missing something? The $257 is kinda pushing my budget anyway. Thanks for any help or advice. Csaba
You are probably getting the higher number on lease payment then what you expect, because Honda has done VERY POOR job in training the sales people about lease.
This is the first time I am trying to lease a Honda and I am going through the exact same experience like you. (I have always leased in luxury sector before).
EVERY (Yes, EVERY) Sales person that I have spoken to in NJ, had ABSOLUTELY no clue about car leasing. I have talked to 12 SALES REPs so far, they negotiate a price on phone, and when I ask that give me all the numbers, before I come down to your dealership, they give me a monthly number that does not match. When I ask questions, they basically say "the lease numbers are calculated by our manager and we don't know how are they calculated"?
The whole experience with Honda Lease has been very bad so far. At least 3 dealerships, gave me a quote on phone, and when I show up there, the phone sales rep is "not available, and this another fine salesperson can help me out". Their numbers are completely different from the numbers I got on phone.
The dealerships in NJ have 3-4 levels of sales people. The phone sales rep, whom you will never see in person. Then the sales rep who shows you the car takes all your information etc, and when you think you have negotiated well with this sales rep in person, suddenly a manager walks in who wants to negotiate a final price.
So, the first 2-3 layers, with whom you are talking to, have NU CLUE on how leasing works. And the guys who are calculating the lease are doing that based on MSRP or 200-300 ABOVE invoice and NOT On the price that the sales guys are negotiating with you.
I don't know how Honda Sells so many cars with that type of Sales team.
I just dealt with the same BS. i did 2 internet quotes online, one dealer came back with a bottom line price (under invoice) the other one said why don't you come into the office and we can meet and talk about it. I'm thinking to my self well i'd like to just hammer out as much as possible via the net / email as it's easier but i'll humor this other dealership and go visit - figuring i'd talk to an internet sales manager or something. I get to the dealership and ask for the person i've been emailing and get the response " oh she works in our call center, let me get you a sales rep". So it's like starting from square 1.
The issue is this dealership has the in stock, the other one with the real internet dept has to locate it but we'll see what's what when i see that internet manager at lunch time.
it's like i don't have time for this, just sell it to me at invoice and be done with it - they've got like 400 07s with 08s on the way.
well, i mentioned negative equity before, but you said you didn't trade, right? So somehow you have a buttload of money tacked on to that cap cost. You need to figure out what that is. Somewhere in your papers should be a breakdown, including the MSRP of the car (which it would seem, for starters, you paid full sticker).
You should take a look at your money factor, too.
Certainly, there is going to be nothing you can do about this so long after leasing. BUT, the most important thing you can do is learn from 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; '11 Mini Cooper S
Just had some recent experience with leasing that might be of interest to you.
We went to BOCH Honda, apparently the #1 dealer in the country.
Basically, we ended up leasing an EX automatic for $265 a month including taxes with Zero down. This was for 24 months and 12k a year.
The fact of the matter is that dealerships charge two different prices for their cars. They have the OTD purchase price for an Accord and then they have the LEASE price. It's not really possible, from my experience, to negotiate a sales price and then have them honor it for a lease.
There is a significant price difference currently between an OTD sales price and that on a leased vehicle. If you don't believe me, take a look at the 07 LX lease that honda has been advertising for $2400 down and $200 a month. Friends, back-calculate the numbers and you'll see that the "vehicle sales price" is not as attractive as the advertising leads you to believe.
Stick with the EX model or better and insist on zero down for the best deals. Attempt to negotiate an OTD sales/purchase price and then tell them you want to lease at that price. If they honor it, you're getting a fanastic deal. Make sure to use a good lease calculator like the one found on carbuyingtips.com.
I am in Atlanta. Has anyone heard of a better deal. I understand that the '08 coming in September may allow even better deals. My dealer mention that they have over 150 accords on the lot...
I'm in Los Angeles CA. Has anyone heard of good deal lease program? This is my first time leasing car. Please give me good idea and I can get better deal. Thanks~ :confuse:
I disagree (in part). I think the best way is to first negotiate the price of the car. This is not the OTD price..AND...does not include any rebates or incentives. The dealer does not have to know what financing option you are considering before you get down to the rock bottom price of the car. I like to avoid the "what payment can you afford" trap as most dealers try to hone in on that when the negotiations begin. I tell them "I already have my rate approved by my bank and know what terms and payment I am looking for. I only want to discuss the price of the car I picked out and what is the rock bottom price you are willing to sell it for (before rebates/incentives are calculated in there)? Invoice or slightly over? For popular models are hard to find it just might be the MSRP. The final NET negotiated price will end up being either your purchase price OR the Capitalized Cost..LESS any applicable dealer or mfg incentives/rebates, including your down payment, to get your Net purchase or Net Cap Cost. Most lease plans allow you to reduce the lease Cap Cost using both dealer and national incentives/rebates but in most cases the incentives cannot be combined with special low APR rates. In the dealers mind they are getting the same amount for the vehicle regardless if you purchase or lease. The higher incentive is to sign up leases because of commissions with the banks and also getting repeat customers who are going to turn the car in back to the same dealership which may also result in a repeat new car sale for another new car in 24, 36, or 48 months, etc. I turned in several leases over the years and they ALWAYS push hard to get you back into a new car lease or at purchase at all cost. Just my 2 cents. :shades:
I agree that negotiating the price is the #1 item no matter if you are leasing or buying - getting the lowest possible price nets you the lowest payment in either case.
But you do have to be aware of the incentives and promo deals - Honda may have a dealer incentive that can't be combined with the discounted lease deals. So if you don't disclose you are leasing and get a "sell price" that the dealer bases on the incentive, THEN you tell them that you are leasing they really can't lease you the car for that price - since they lose the incentive on the cheap lease.
Never ask for an out the door price or play "what do you want to pay" with the dealer, get the rock bottom price, know the incentives and lease rates, and run the numbers for yourself to be sure you are getting the best deal.
I need help recreating the #s on an advertised lease deal on the El Cerrito of Honda (SF Bay Area) web-site. Advertised deal:
The 2007 Accord 4-Cylinder Sedan EX Automatic Transmission is now available on Featured Special Lease* at only $209.00 per month for 36 months with a $1,595.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier and a total signing amount of $2,399.00 for other buyers. Fine print lists the following:
MSRP $23,945.00
Net capitalized cost $20,605.09
Option to buy (residual?)=$13,888
No money factor is listed in the deal.
I want to go to the dealer and negotiate the lease for invoice (at the most) and forgo the $1595 down payment. I presume that the lower agreed to price would essentially keep the payments the same.
However, factoring in $0 DP and using the money factor .00065 someone mentioned above, the Edmunds calculator spits out a payment at $291.
While some of that is tax, I can’t believe that accounts for all of the difference. Can someone give me a thought about what I may be missing or is the actual $ factor lower than .00065?
Comments
http://www.huntingtonhondacars.com/ad.asp
It looks like an ad for a v6 accord ex-l for 279 a month with $0 down and no bank fee, probably only taxes and plates on top of the monthly payment.
Any one go to this place and get this deal. I will be calling them tomorrow about this offer but I just dont trust these people, especially since my father just leased the same car 2 weeks ago in Brooklyn, NY for 310 a month with $0 down plus tax, bank fee and plates. Any help would be greatly appreciated!
Originally I wanted an Accord SE I4 but after reading leaseguide.com, setting up my own Excel spreadsheet, going out for quotes, and reading more forum posts, I found that the current money factor for an SE I4 made it more expensive to lease than an EX I4.
I first went to a neighbor who sells for a Honda dealership, but they weren't competitive. After 2 weeks, I went out to 8 dealers and learned the best way to get my point across was to say:
Accord EX 4cyl AT, lease, 36mo/15K miles, no trade in, no accessories, out of pocket = first payment only, quote me the monthly lease payment excluding taxes.
I finally requested internet quotes via Honda.com and went with Planet Honda, Union, NJ; good experience, straightforward:
MSRP $23,945 (23,350 + 595 destination)
Net Cap Cost $21,405 (= selling price, incl 595 lease acq fee)
Residual $13,409 (std 56%)
Money Factor .00065 (1.56% APR)
Out of Pocket $900 (first payment + equiv of sales taxes, taxes my choice, I misunderstood and thought sales taxes had to be paid upfront :confuse: )
Lease Pmt: $245/month
This would be the equivalent of $262/month including taxes if I had only put down the first lease payment.
Felt good because I had read $300 over invoice was a good selling price, and by my calculations, $21,405 is $350 under invoice
Thanks again, to everyone!
Leo
Boris
I SAW THE CAR IN THE PAPER FOR $10 MO CHEAPER THAN I PAID THE VERY DAY AFTER I PICKED IT UP. THE DEALER HUNTINGTON HONDA THATS HUNTINGTON HONDA WOULD'NT DO ANYTHING TO MAKE IT RIGHT. THAT IS EXACTLY WHAT I WILL TELL HONDA CORP. WHEN THEY CALL TO REVIEW THE DEALER AND THE SALESMAN.
I personally don't care with what they are doing, and I can just move on to next dealership to get my car, but it bothers me that a dealership is trying to fool the customers.
They are calculating sales tax on the complete cost of the car, adding it to the cap cost and then adding the sales tax again on the part of the lease payment. So, they are essentially calculating the sales tax twice and claiming that this is how Honda calculates the lease.
Here are the numbers they gave me:
MSRP - 23945
Selling price - 18800 + destination (595)
Motor Vehicle - 187
Documentation - 289
credit check - 52
tire tax - 7.50
Residual after 36 months - 13409
money factor .00065
Sales Tax in NJ -> 7%
based on these numbers, they are telling me that my monthly payment, with $1,000 down will be $229 a month.
All Internet lease calculators I have used show it to be $187 a month (with a $1000 down payment), and the only way to get the $229 a month number is to add 7% sales tax on FULL price and add it to the base cap cost.
They would not send me an email with the breakdown and are saying that they get $229 a month when they put these numbers in their computers, and they have checked with their manager.
You think I should report this to BBB / Honda, or just move on and not bother about them.
Long answer - I made a few assumptions: your $1000 is total out of pocket and all the misc fees (535), first payment (229), AHF acquisition fee (595), security deposit (250), and upfront sales tax (457) were capitalized. I can get the payment to about $218 with the numbers.
However, if I bump the money factor to .00095, I get just a shade under $229. My guess is they've bumped the money factor, which they are not required to disclose. Unethical, yes. Illegal, no. Move on to a dealer who is willing to deal honestly and openly.
I have been given the following numbers in Columbus, OH area for an Accord EX - 4 Cylinder for 36 months lease with 15k miles per year. I am planning to get it tomorrow, so please let me know if this is a descent lease or can I do better.
Selling price = $21554.
Money Factor = .000650
Residual Value = $13409.20
$560.43 DUE AT SIGNING (FEES AND 1 ST PAYMENT)
Payment Per Month = $285.43 (Include all taxes and fees).
Sales Tax = 6.75%
Thank you.
2007 Honda Accord EX-L V6 with Navigation - 12,000 miles/year
MSRP: 29,400 of course
Negotiated price: 23,627 + 595 = 24,222 internet pricing
Residual: 16,197.30 this should be 54 I guess.. but it does not work out that way does it? I think they basically threw that 36th payment into the Residual.
APR: 1.7% which I believe works out to a MF of 0.000708 a bit fishy?
So the big question is how much down, well I paid 0 down and I only have 35 payments total. The payments are 313.16.
In MD all of the taxes (1213.55) are added to the payments. Also the dealer added GAP insurance for 399 and charged me for it - threw it into the payments - a bit bitter about that actually. I also rolled in my TTL of 195 into the payments.
So brainiacs, go ahead and run this through your magic machine and tell me your thoughts on if it was a good deal.
By the way this was from Sport Honda in Silver Spring, MD.
The last thing I will note is that the contract I have says Simple Interest with Balloon payment - not sure if this is the same as a lease or some dealer trick.
Ok Guys, go to town on me...
Cheers,
It doesn't sound like a lease.. From your description, it sounds like a balloon note.
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Any advice?
Usually, balloon notes are used in states with unfriendly tax laws, in relation to leases. That may be the case in Maryland.
The payment sure seems reasonable for a $30K car.
regards,
kyfdx
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First of all Maryland is a state that requires sales tax on the entire car price to be built into the lease payments. And since at lease time, the car is titled in Honda's name, when you buy the car at the end of the lease (if you choose to), you are forces to pay the taxes on the used car at that time!!!---again.
So I heard that this Balloon is a work around for that. It may even be better than the lease, it says that I can prepay the entire balance at any time with no penalty - I guess if I wanted to I can turn around and sell it tomorrow. It also says that they will agree to buy it back for the Residual Value agreed to as indicated in my first message. I am limited to 36,000 miles for the term.
So I guess not so bad after all, but why don't dealers just tell the truth damn it. I was clearly knowledgeable of all of the numbers related, just tell me.
I must admit, if I went in for a lease and they told be a balloon payment is better, I would have pretty much run out of the dealership.... maybe that is why?
Any more thoughts on this???
I'm not all that familiar with the balloon note programs, but it sounds like a good deal, in this case.
regards,
kyfdx
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MSRP: 28095 (including dest.)
Sale Price: 24995
Term: 36 months
Miles: 12k
Residual: 54%
Money Factor: 0.0005
Monthly Payment: $337.13
$0 due at signing (all taxes, fees, etc. rolled into monthly payment)
My 05 Accord, EX V6 with Navigation was a demo model, retailing for 27,500. I am not sure what was put down when signed, but we have been loyal Honda leasers for the last 5 years and lease two Hondas.
is $618 dollars for a three year lease normal for my car?
My 05 Accord, EX V6 with Navigation was a demo model, retailing for 27,500. I am not sure what was put down when signed, but we have been loyal Honda leasers for the last 5 years and lease two Hondas.
is $618 dollars for a three year lease normal for my car?
I don't understand. "Pay off the bill." Soooo... what exactly does that mean? Pay the remaining balance? And your remaining balance is $618? How many months of payments is that? 2?
is $618 dollars for a three year lease normal for my car?
$618 for a full 3 year lease is ridiculously cheap. So I don't believe this is what you meant. If you are paying $618 a month, you've been paying that all this time, correct? So why are you just realizing it now?
I definitely need more clarification here because none of this adds up the way I am reading it. The only thing that makes sense to me is that $618 is maybe the final 2 months' payments. But, then again, I'm not sure how you'd only have 2 months left on a 3-year lease on a demo '05.
'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
Honda Pilot of all SUV's. No damage to Pilot, not even
a scuff mark but mine, the silver Piece with the H symbol
was pushed in and the hood pushed back (not too much) but
enough damage to be a pain,I could drive around with it looking like that but I need to get it fixed. SHOULD I GO
TO THE DEALER or a Body Shop (1st Fender Bender I ever had).
'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
I am new to the boards and would really appreciate some advice from the Gurus.
We have a lease offer for 2007 Honda Accord LX 4 cyl Sedan
MSRP 21,870 (incl $595 destination fee)
Selling Price: $20,290.12
Residual Value: $12,465.90
MF: 0.00065
12,000 miles
Down Payment: $2,399.
$182 lic and title
&598 doc fee
Monthly Rent $199 (with tax $213)
The dealer is in Florida.
Should we go for it?
Thanks
'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
I have a friend that is looking to lease an Accord EX V6 with Navi in Illinois what are the rates (MF, Residual etc) there?
DO you know the rates in Maryland as well?
Thanks
Also what fees are the normal fees to lease, i'd like to roll them all in and just pay my first months payment and drive away. I've got a price of 23575 on the 4cyl, this is including them giving up 3% hold back, as well as an 800 dollar honda to dealer incentive (is this incentive available if you lease?).
Thanks for any help.
Andy
Or, better yet, figure out exactly what you plan to pay and make the offer. If you ask what THEY think you should pay, of course they will say MSRP.
'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
Lease Calculation is as follows
(MSRP of Car * residual %) = X
((Agreed Price of Car - X "Residual Price from above")/# of Months in lease) = Y
((Agreed Price of Car + X "Residual Price from above")* Money Factor"provided by dealer ex: .0005" = Z
Now to get Monthly Payment: (Y + Z) * State Sales Tax = Mo Payment
So it's used but you should never pay that as your agreed price.
Honda 05 Accord
the lease if for 12,000 miles a year
ok the MSRP on the car is 29,150
ammount due at lease is 2,252.93
35 monthly payments of 617.81
total of payments is 23,878.28
gross capitalized cost 36,293.00
capitalized cost reduction 1,462.12
adjusted capitalized cost 34,830.88
residual value 14,768.18
depreciation and any amortized amounts 20,062.80
rent charge 2, 178.36
total of base payment 22,241.16
i know that there is something terribly wrong in these figures. First the agreed value of the car is 33,131.00 (including taxes, fees, service contracts, ect.) How can that jump from the MSRP of the car, $29,150?
your help is much appreciated
Carlo
Guy wouldn't come down from 25845, 1500 over invoice. I'm lookin to pay invoice or a little under. Do you think this is doable?
I'm sure i'll be getting a call at some point to come back...
I need some quick help here. I was just offered the following deal for an Accord EX-L MT:
36mo, 12k mi/month
The M.S.R.P. is $24,845.00
the Selling Price is $20,846.00
The end of term buyout is $14,161
The money factor is .00065
The residual is 57%
and then I was told $257/mo + tax with zero down (it should be ~$22 or so in FL) . I think - in general - that the $257+tax is good for this car (I was offered $369/mo for a low-end Mazda6 lease, they our out of their minds) but when I plug in the price, money factor etc. in my spreadsheet then I get a much lower number. Is my spreadsheet messed up or I'm missing something? The $257 is kinda pushing my budget anyway. Thanks for any help or advice. Csaba
You are probably getting the higher number on lease payment then what you expect, because Honda has done VERY POOR job in training the sales people about lease.
This is the first time I am trying to lease a Honda and I am going through the exact same experience like you. (I have always leased in luxury sector before).
EVERY (Yes, EVERY) Sales person that I have spoken to in NJ, had ABSOLUTELY no clue about car leasing. I have talked to 12 SALES REPs so far, they negotiate a price on phone, and when I ask that give me all the numbers, before I come down to your dealership, they give me a monthly number that does not match. When I ask questions, they basically say "the lease numbers are calculated by our manager and we don't know how are they calculated"?
The whole experience with Honda Lease has been very bad so far. At least 3 dealerships, gave me a quote on phone, and when I show up there, the phone sales rep is "not available, and this another fine salesperson can help me out". Their numbers are completely different from the numbers I got on phone.
The dealerships in NJ have 3-4 levels of sales people. The phone sales rep, whom you will never see in person. Then the sales rep who shows you the car takes all your information etc, and when you think you have negotiated well with this sales rep in person, suddenly a manager walks in who wants to negotiate a final price.
So, the first 2-3 layers, with whom you are talking to, have NU CLUE on how leasing works. And the guys who are calculating the lease are doing that based on MSRP or 200-300 ABOVE invoice and NOT On the price that the sales guys are negotiating with you.
I don't know how Honda Sells so many cars with that type of Sales team.
I'm thinking to my self well i'd like to just hammer out as much as possible via the net / email as it's easier but i'll humor this other dealership and go visit - figuring i'd talk to an internet sales manager or something.
I get to the dealership and ask for the person i've been emailing and get the response " oh she works in our call center, let me get you a sales rep".
So it's like starting from square 1.
The issue is this dealership has the in stock, the other one with the real internet dept has to locate it but we'll see what's what when i see that internet manager at lunch time.
it's like i don't have time for this, just sell it to me at invoice and be done with it - they've got like 400 07s with 08s on the way.
i'll update on my progress.
You should take a look at your money factor, too.
Certainly, there is going to be nothing you can do about this so long after leasing. BUT, the most important thing you can do is learn from 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; '11 Mini Cooper S
We went to BOCH Honda, apparently the #1 dealer in the country.
Basically, we ended up leasing an EX automatic for $265 a month including taxes with Zero down. This was for 24 months and 12k a year.
The fact of the matter is that dealerships charge two different prices for their cars. They have the OTD purchase price for an Accord and then they have the LEASE price. It's not really possible, from my experience, to negotiate a sales price and then have them honor it for a lease.
There is a significant price difference currently between an OTD sales price and that on a leased vehicle. If you don't believe me, take a look at the 07 LX lease that honda has been advertising for $2400 down and $200 a month. Friends, back-calculate the numbers and you'll see that the "vehicle sales price" is not as attractive as the advertising leads you to believe.
Stick with the EX model or better and insist on zero down for the best deals. Attempt to negotiate an OTD sales/purchase price and then tell them you want to lease at that price. If they honor it, you're getting a fanastic deal. Make sure to use a good lease calculator like the one found on carbuyingtips.com.
Have a deal lined up and need a second (and third...)opinion. Put down $2,000 including 1st month's pmt. Payments will be 210.06.
36 months
12,000 miles
MSRP 25,545
Sale Price 21500
Gross Cap Cost 23,128
Cap Cost Reduction 1789.65
Adjusted Capitalized Cost 21338
MF .00065
$1000 down
$259 + tax.
I am in Atlanta. Has anyone heard of a better deal. I understand that the '08 coming in September may allow even better deals. My dealer mention that they have over 150 accords on the lot...
Thanks~ :confuse:
2007 EX-L 4 Cyl
36/15000
Cap Cost:$22,200
Residual: $14,104
Out the door $1000
Payment $259
Thoughts?
Is this a good deal? It should be under invoice.
They claim it is rock bottom. Should I hold out for more?
Thanks!
Thanks
Just my 2 cents. :shades:
But you do have to be aware of the incentives and promo deals - Honda may have a dealer incentive that can't be combined with the discounted lease deals. So if you don't disclose you are leasing and get a "sell price" that the dealer bases on the incentive, THEN you tell them that you are leasing they really can't lease you the car for that price - since they lose the incentive on the cheap lease.
Never ask for an out the door price or play "what do you want to pay" with the dealer, get the rock bottom price, know the incentives and lease rates, and run the numbers for yourself to be sure you are getting the best deal.
Dennis
The 2007 Accord 4-Cylinder Sedan EX Automatic Transmission is now available on Featured Special Lease* at only $209.00 per month for 36 months with a $1,595.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier and a total signing amount of $2,399.00 for other buyers. Fine print lists the following:
MSRP $23,945.00
Net capitalized cost $20,605.09
Option to buy (residual?)=$13,888
No money factor is listed in the deal.
I want to go to the dealer and negotiate the lease for invoice (at the most) and forgo the $1595 down payment. I presume that the lower agreed to price would essentially keep the payments the same.
However, factoring in $0 DP and using the money factor .00065 someone mentioned above, the Edmunds calculator spits out a payment at $291.
While some of that is tax, I can’t believe that accounts for all of the difference. Can someone give me a thought about what I may be missing or is the actual $ factor lower than .00065?
Thanks.