Hi bvdj84. The money factor that you mentioned is higher than Honda Finance's buy rate for leases 2007 Accords by consumers who qualify for its top credit tier and pay a security deposit at lease signing. The Accord's exact money factors vary by trim level. If you tell me exactly which model you want I can tell you what its buy rate is right now. It is most likely .00050 or .00065.
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Hello burgerchef. The dealer invoice price for a 2007 Honda Accord EX-L 4-cylinder Sedan with navigation and automatic transmission is $25,099. The selling price that you were quoted is less than $100 over invoice, which is very attractive. The money factor that you were given looks good as well. This looks like a good deal to me. Your Vehicle's residual values is set by the bank that you are leasing through and has nothing to do with the dealer. The higher your car's lease-end purchase price is, the better because the lower its lease payment will be.
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Hi waters96. I don't think that this car's selling price looks high at all. This looks like a very good deal. The dealer invoice price of a 2007 Accord EX-L V6 Sedan with an automatic transmission is only $25,415. It looks like you are paying less than that for this car. Plus, the dealer that you are working with is calculating your monthly payment using Honda Finance's buy rate lease money factor. This looks like a very good deal to me.
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Hi Brian. Honda's special lease money factors are available for any length lease, up to 36 months. So the same factors that you have seen mentioned in this discussion would be available for a 24 month lease of the car that you want. The residual values would be different for a 24 month lease though. Honda Finance's residual values vary by trim level. If you tell me exactly which version of the Accord you want and how many miles per year you need to be able to drive, I can tell exactly what its 24 month residual value is right now.
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Hi garrick. At lease signing, consumers who lease through Honda Finance typically have to pay their vehicle's first month's payment, its $595 acquisition fee, a security deposit equivalent to their monthly payment rounded up to the nearest $25 increment, and any required state taxes or fees.
I believe that the lowest mileage allowance that Honda Finance leases Honda division models with is 12,000 miles per year. It might do 10,000, but I doubt it. If you only drive 8,000 miles per year you may end up wasting some of your allowed mileage.
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Congratulations on getting your new Accord, ipip316. Thanks for taking the time to share information about your deal with everyone. Make sure to stop by the new Dealer Ratings & Reviews section of this site to share your thoughts on this dealer with everyone.
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Greetings kamran310. The money factor that you were quoted for this car is right in line with Honda Finance's current buy rate for it. This is a good thing. The selling price that you were quoted for this car over the telephone is outstanding. It is well below this car's $25,415 dealer invoice price. If you can get this car with this price and money factor go for it.
This is a great time to get a Honda Accord. Dealers are blowing out as many '07 Accords as they can this month. Not only is Honda running a stairstep promotion on it right now (the more dealers sell, the more dealer cash they get per unit), Honda is also basing its allocation of the new redesigned '08 Accord on how well dealers sell their remaining '07 models.
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Congrats on getting your new car, donaldj1. Thanks for sharing the details of your lease with everyone. Don't forget to stop by the new Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others.
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Hi garrick. By "pur price" I assume that you mean these cars' end of lease purchase option prices. If so, what are their selling prices? The selling price is a very important number to know because it shows how much of a discount you are being given. Let me know what the selling prices are and I'll tell you what I think.
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No problem, hannab. This car's lease program varies by term and mileage allowance. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda Accord EX-L 4-cylinder Sedan without navigation with 15,000 miles per year are .00065 and 55%, respectively assuming that you qualify for its top credit tier and pay a security deposit at lease signing.
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Hi yankees338. 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 one at dealer invoice. According to my calculations, if you were to lease a 2007 Honda Accord EX-L Coupe 4-cylinder without navigation, but with an automatic transmission that has an MSRP of $25,745 and a selling price of $23,382 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $288 assuming that you qualify for its top credit tier and pay a security deposit at lease signing.
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Hi vita604. Let me begin by saying that $3,000 is too much money to put down when leasing. I always advise consumers not to many any capitalized cost reduction on leased vehicles. Consumers who make them risk losing part or all of them if their car is totaled in an accident or stolen and never recovered. You can and should lease any Accord that you want without making any cap cost reduction. All you have to pay at lease signing are your car's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, Honda Finance's $595 acquisition fee, and any required state taxes or fees.
I can work up a sample lease payment on the car that you are interested in for you to give you an idea of what sort of monthly payment to expect. For now I will assume that you are able to get this car at around dealer invoice price. According to my calculations, if you were to lease a 2007 Honda Accord Coupe EX-L V6 without an automatic transmission or navigation that has an MSRP of $28,095 and a selling price of $25,505 through Honda Finance right now for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $370.
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i'm in iowa. i'm not sure what the sales price was, as i was just concerned with getting the lowest possible payment with only first payment down. tax title license are figured into that payment.
Thanks - I think you have a good deal but others more experienced in this arena will comment.
I'm picking up my EX-L 4 cy sedan today (no nav) 12/36 for $305/mth all in w/ only registration and first pymt up front - it's the lowest I've seen anywhere in the NY area and other dealers let me walk when I got close to this. Residual is 57% based on $500 below invoice. (I had $299 based on in stock color but wanted a different color so I had to go up a few dollars)
Given what I've seen in this forum - there appears to be a big difference between leasing in the NY metro area vs. elsehwere in the country. Can anyone else comment on this?
LOL Carman for the response. There must be some disconnect between me and the dealer offering the car at that selling price because they come up with $252 with $900 down. (The deal has changed slightly because I'm now looking at an EX-I4 MT, rather than an AT). I trust the guy as we walked through the #s on leaseguide.com together over the phone last night. He says that the $900 down does not all go towards capital cost reduction but is eaten up by the $595 acqusition fee, first month payment and DMV fees. Should I try to negotiate a price lower than the $20,736 selling price, try to get them to eat some of the fees or take it?
It is the lowest selling price quote I've gotten so far and the supply of MTs in California is pretty small.
Also thinking about rolling the dice and seeing if there are even greater incentives after the 4th.
Another quick issue on negotiating selling price first. I think many dealers are hip to this game. Almost all of the quotes now say not valid for lease and have quoted higher prices for lease when I get down to it. This is likely due to the larger incentives for sales rather than lease.
Your exactly right, when buying it rather than leasing, they have better incentives, but when leasing, they apparently don't have as much dealer cash on leases, because the lease deal numbers are already so good. I ran into this problem. This apparently is all HONDA, not dealers. It is almost better to own it, rather than lease, after all, its a honda, you could sell it, and get all your money or more back within a year or so. I lease my current 06 SE, and I could make some money off it now if I sold it third party. I plan doing that, if I want the 08 accord. Honda does not advise this, but they just mail me the title in 2 weeks of full pay off. 2 weeks to get my new car. I really would save your money down, and sign and drive, its already a good deal. Keep your cash flow. Do it on your terms, not theirs, its your contract, your terms. They are not looking out for you, so if it doesn't feel right, move on! GOOD LUCK! ITS A HONDA!
Picked up an 07 Graphite EX-L last night! I have been dealing with the same sales rep from Honda of Concord (Charlotte, NC) since July - glad I waited, cause the deal was even better! $312.00 per month including monthly sales tax. 36 months 12k per year are the lease terms. Money factor was 0.0005
I traded in my 02 Passat Wagon for $8500 and used $1500 of the used car value for the out of pockets. ($720.38 cap cost reduction, $312 first months payment, $40.00 title fee $15.00 registration fee, $399 doc fee and $13.62 up front tax. $7000 back to me in a check from the dealership.
Gross cap cost was $26555.00 - $720.38 cap cost reduction for a adjusted cap of $25834.62 Residual value is $15677.20 depreciation of $10904.78, rent charge of $ 747.36 = $302.91 per month. Tax is assessed monthly instead of all at once up front - and is $9.09 per mo for a total payment pf $312.00
How did I do? Just curious - cause I though it was a pretty good deal. I got rid of a declining Passat for a new Honda!
Car_man (or anyone else that has had experience or can simply help),
Seeing that Accords have such great lease offers right now, I have given up on the apparently impossible dream of trying to get a 4Runner for near $250 a month with only 2500 down.
Now I am looking into leasing a 2007 Honda Accord EX-L (4cyl, no vani). With the MSRP of the car being $25,745 according to Edmunds, and the invoice being $23,381, and the TMV being $23,260, lets say I get them to bring my selling price to TMV (23,260). What should my monthly payments be around if I want a 36-month, 12k a year, $1500 down lease with tier 1 credit in Southern California?
Is right now a better time to get it? Or should I wait until sometime next month?
If you look at the post right above you, you will see exactly what you are going to pay a month. She did a similar deal with $1,500 down. With 0 down you are looking at about $325 or about $335 at most with sign and drive. I had a deal run for me, and this deal is what I got. I would recommend you keep your cash flow and put 0 down. The deals are so good right now, you are really not affecting the payment to much. Remember for every 1k you subtract about $20-30 off your payment. Also that money down, does not affect you official pay off! I would do the deal now! 08's will be out soon, and deals aren't going to get too much better. Make a move on it! Start emailing your dealers, and then get the quotes like above, and do it! Good Luck!
For an EX-L V6 with navi- Est, $359 29kMSRP-27kPrice EX-L 4 with navi Est, $340 27kMSRP-25kPrice EX-L 4 no navi Est, $315 25kMSRP-23kPrice
That will give you estimated idea of what the deals are for the accord model line up. I have gotten all these deals, seeing where I wanted to be.
Have fun, but remember, don't sign it, unless its what others are paying. My dealer would not match the $312 deal. Others dealers will. EMAIL=Documentation!
I'm in Los Angeles and trying to figure out what my Actual Costs are and what is a fair deal on a 2007 Accord LX Auto - TMV is $19,388.00
The national advert/Official Certificate says: $199.00 36 months 12k miles/year $1999 cap cost reduction to qualified buyers (This is paid by dealer?) $2793 due at signing - Says includes 1st mo, security, acquisition fee, and capitalized cost reduction - This is nearly 3k at signing, seems a bit much. Shouldn't tax Based on $21520 MSRP - $12481.60 residual -58%-Is this high can it be negotiated? And am I correct in assuming that this is what my buy price will be in 36mos?
It seems to me to be a reasonable price if actual out of pocket expenses are less than $3k and monthly payments are $199.00, with a buyout price in 36mos of around $12500. Or can I do better, in your humble opinion.
I also used the lease calculator on Edmunds - Would these results be fair to take to a dealer to negotiate a good deal?
TMV $19388 8.25% Sales Tax $1600 Title, Reg, etc. $291 Cap cost reduction -$1999 Lease term 36 mos Miles 12k/yr Residual $12482 Acquisition fee $500 Security Deposit $200 Money Factor .000835 (used this number to make payment work out to $199 based on total amount financed of $18542)
I got a lease with "no" money down (just the initial stuff and first month) of about $660, for $280/month for a new 2007 Honda Accord EX-L V6 Sedan (Automatic). After a long phone negotiation. Boston area.
(all inclusive) Miles - 12K/year Money down - $660 Payments - $280/month Term - 36 months MSRP is $27,400
Hey, Car_man. I've got a dealer in Twin Cities to agree to $23,000 for V6 EXL Coupe with mats, moonroof visor and mudflaps, which I think is a very strong deal (almost $2000 under invoice excluding "extras"). What kind of residual factor and money factor do you think I should be looking for? I have very strong credit history (~740+ score). I'm thinking 57-58% residual for 36 months @ 12K and .00005 money factor. Are those realistic? How much difference in the residual would there be for 10K instead? I plan to pay only first month's pmt and license/title fees upfront and cap everything else.
FEATURED SPECIAL LEASE: Closed-end lease for 2007 Accord 4-cylinder Sedan LX Automatic Transmission (Model CM5647EW) for $199.00 per month for 36 months with a $1,999.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,793.00 total due at lease signing (includes first month's payment, security deposit, AHFC upfront acquisition fee and capitalized cost reduction; total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.
Subject to limited availability. Through 9/4/2007, to approved lessees by American Honda Finance Corp. Closed end lease for 2007 Accord 4-cylinder Sedan LX Automatic Transmission vehicles (Model CM5647EW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $21,520.00 (includes destination) less the capitalized cost reduction (which may be paid by the suggested dealer contribution) resulting in actual net capitalized cost $18,072.93. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $7,164.00. Option to purchase at lease end $12,481.60. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year. See dealer for complete details.
You should be able to buy this vehicle at invoice. Check edmunds or kbb for invoice pricing in your area. I'm guessing that it's close to $19,350 based on the TMV that you provided.
Next, according to this Ad, the money factor is about 0.00143 and the residual is exactly 58% of the MSRP. Residuals are established by the fund provider and can't be negotiated. The residual and payment vary inversely. The higher the residual; the lower the payment and vice versa.
AHFC's acquisition fee is $595. Also, there is no reason why you should pay the $1999 cap reduction. Bad idea! Why? Because (1) a car is a depreciating asset and (2) if your car is totaled, it's unlikely that you'll recover your down payment. And so, you're much better off banking the $1999 and using it to subsidize your higher lease payment if necessary. Afterall, the money factor equates to an interest rate of about 3.4%.
You may want to check my sample lease proposals posted in other forums (e.g., Infiniti G35, Acura TSX, etc.) and use them as a template to construct your own one page lease proposal. I FAX/email it to the dealer and it saves lots of time, money, and aggravation. At any rate, here's what I have...
MSRP = $21,520.00
Agreed Upon Value (Sell Price) = $19,350.00
Acquisition Fee = $595.00
Gross Cap = $19, 945.00
Cap Reduction = $0.00
Adjusted Cap = $19,945.00
Residual = 58% x $21,520.00 = $12,481.60
Money Factor = 0.00143
Base Payment = 0.00143 x (19,945.00 + 12,481.60) + (19,945.00 - 12,481.60)/36
= 253.69
I don't know how California computes sales tax. Most states tax the payment streams. Some tax the agreed upon value plus any other taxable items. Others tax the depreciation. You may want to confirm how CA computes sales tax but you seem to suggest that CA taxes the agreed upon value plus all other taxable items (e.g., acquisition fee). IF this is indeed the case, then your CA sales tax liability is...
0.0825% x 19,945.00 = 1645.46
In addition, the following amounts are due at Lease Signing...
You can cap any or all of these items. If you cap them all, you would have what is known as a sign and drive lease. However, you need to be very careful. I haven't found an Ohio dealer yet that can correctly compute payments on a sign and drive lease. I think this industry is mathematically challenged.
I just got my EX cloth today no navi no option. Signed and drove off with monthly lease of $269 after tax. price was 21500 plus 595 which looks like the dealer covered (since i didn't pay anything today) making the total $22100.
res. value of 13975 at the end. I hope i got a decent deal here cuz i don't feel like i got a GREAT deal, but i am happy for now (until i hear otherwise from Car Man )
this was at Downey Honda, CA. i am not sure if i can mention salesrep.'s name here, so i won't.
Thanks! My dad and I will probably go test drive one tomorrow and we'll see what the dealer(s) can come up with. That quote was at invoice; one dealer I spoke with claimed to be discounting cars up to $2,200 under INVOICE. Just out of curiosity, what was the money factor used in your calculations? Thanks a lot.
Hi guys! Need some advise ASAP in order to seal the deal on Accord EX-L V6, numbers are:
MSRP $27,995 36months 15k ml/yr payment 319 tax inclusive (NY state) out of pocket $ 1210 (includes first payment, DMV fees, and I guess some money down)
Have to respond today by end of the day........ did not ask for other numbers (like residual, mf, and so on), I am not planning on buying this car at the end of the lease.
I am looking to lease a Honda accord coupe either lx or ex and I live in NY - my tax is 8.25%. With no money down - 12, 000 miles and want a 3 yr or 2 yr lease with a buyout what is the best deal I can hope for. Thank you in advance
I am curious on what a lease on a 27k final price of an accord would be. I would be curious to see what others were paying when we were in the middle of the current generation accords. Where money factors and residuals were not really hot. Anyone buy an accord in like 03-04-05 when the numbers were really strict and no support. This would give me an idea of what my lease payments would be on the 08 model. A 27k EX-L would be 27k for awhile, and it will be the standard lease with little support. I am willing to put money down, which is not advised, but the only way for me to get what I want. The dealers are going to try and mark up the cars, and pulling all the cards, I can't wait til its out. What I am looking at in terms of 27k accord lease payment? :shades:
Very happy with only one day of research. Thanks to the last few pages of this thread and lease price digging, I was able to score the following lease today at Power Honda in Costa Mesa, CA:
2007 Honda Accord EX-L V6 (Auto) + wheel locks, mudflaps (dealer freebies) Gross Cap Cost: 23,532 Term: 36mo/15K miles Money Factor: .00050 We put down only 946.46, monthly payment $290.70.
I was able to get the following lease deal over a just few emails last week. I picked the car up on Saturday...
2007 Honda Accord EX-L V6 (Auto) Base Cap: $24,857 Term: 24mo/12K miles Money Factor: .00050 Residual: $18,196 (66%)
Sales tax (IL) was 7.25%. And I didn't know this, but I guess IL and TX have different lease terms, as far as tax goes. It does tax on the cap cost, and that becomes the adjusted cap cost then.
I traded my "had better days" 1999 Civic LX in with 117K miles, and forced them to give me $3000 for it. That was my down payment.
I only paid $380-something for first month + plate transfer fee.
Monthly payment = $272
I have a modified 2006 GTO as my go-fast toy, but I have to say, this Accord not only has a little pep to it, but the handling and steering response was a lot better than I was expecting. The car doesn't feel "mushy" at all, I assume the 17" wheels help that, but the ride is still smooth and not harsh.
Put 3 coats of Zaino on it yesterday, and we're good to go!!
Thanks for your advice. The good thing about my deal was that he sent me a complete statement via e-mail with everything laid out, including the money rate and the residual, etc. He didn't waiver on the price at all and completed the deal in 15 minutes. The only thing I didn't like was when I asked for a quote for the price of the car, he gave me one. When I asked him in a second e-mail for the money factor, etc., he said that the price was $800 more because American Honda offered less on a lease than a buy. However, as you mentioned between the low money factor and the nothing down, I felt I came out okay with a 285 payment, including everything.
Thank you so much for providing your insights. I really feel you've evened up the playing field for the consumer.
Pulled the trigger Sunday. Ended up happy with the deal. Not my best case scenario but we were limited by looking for an MT in Carbon Bronze.
Details. EX I4 MT Carbon Bronze
Selling: 20,800 Drive off $767 (first month payment, doc fee ($40) and cap cost reduction. on the CCR, I actually could have put less down but I thought that Honda required a security deposit. The dealer didn't and I just applied to CCR)
Money factor .00065 residual 58% Payment. $239 plus tax is $254
With some haggling, I probably could have done slightly better (at invoice probably) but I was fairly happy with the $s.
We did it at Honda of Oakland. I had a horrible experience there 3 years ago buying a Pilot and went somewhere else. However, this time was completely different. Good sales guy who let me take an extended test drive (an hour) so I could get used to the stick. Did not insult your intellegence like so many others. I showed them the leaseguide.com printout of what I wanted and they came close. At least, they matched my best written quote.
Anyway, love the accord, which was not my first choice but has instantly grown on me. Thanks everyone in the group.
Hi - great advice on this site! I missed the boat on this past weekend's deals. Looking to lease an Accord EXL for 3 years, 0 down, 45K miles. What should I expect from Honda at this time, given that it is the end of the 07's? Excellent credit history, ready to go...
I am interested in leasing an Accord ex-l automatic 4 cyl(no navi system) for 24 months with 18k miles per year. Any idea on money factor,residual,monthly lease payments(exclusive of state sales tax) on a no money down lease(other than Honda finance fee of $595 and first month payment and motor vehicle fees).I have excellent credit and my current honda finance lease on an acura is coming to an end at the end of september. Thank you for your help.
Yea guys, i called to see if i can lease an ex 4cyl today, they said with nothing out of my pocket my payment will be $431 a month, for 24 months, do you think honda will release another lease special on it?
yes, they may have slight difference in deal, but 24mths would be a higher payment, but not that high. August was a good deal, some dealers will try to get a profit from there 1 or 2 accords they may have left, they don't mind having a few, because that way when someone does not like or want the 08 model, they'll go right to the 07, and they have no where else to go. I suggest going to multiple dealers, email dealers, there are 07's out there, but limited, very limited, my dealer has more coupes, and like 1 V6. They are not worried about they few that are left, they are back ups. Just keep looking. You'll find a dealer wanting to sell more.
Carman, Yesterday (9/8/07) I was quoted the new lease program for a 2007 EX-L V6 Accord Sedan. For a 36 month lease with 12K miles they are telling me the numbers are 55% residual and money factor of .00285. This seems higher than what I had been reading here...(56% residual and a factor around .0006). I can still get a purchase price around $2000 below dealer cost but before I ink a deal I was wondering if this is correct for Septemeber or can I do better? Thanks
The lease deals on the 07's are back to normal, there really is no incentives on them. I got quote $499 for an EX-L navi 4cyl. That is high, but with no money down. These are normal rates, but perhaps a bit high due to a quick quote too. So basically it'll be like the 08's. I told the salesmen that 07 EX-L navi, will be sitting for a while, with 08's out, it'll either be, New style, or the 07 model for about the same deal. Really if you think about it, Leasing or purchasing a Honda is expensive, but you get what you pay for right.
Right now it would be better to purchase an 07 accord than to lease one. Incentives are only on buying one.
I see my next car, 2008 EX-L I4 MT Navi is finally available, MSRP of 27895, and i see you can get a Rear view Camera for 499! Now with that offering what does the TL have that this wouldn't?
Anyone have access to 36 Mo 15k/ yr MF and Residuals?
kongd, Sounds like a great deal! What dealership did you go to? Looking for something very similar in the Boston area... do you know the money factor used?
OK, just got some pricing from my local dealer on an 07 SE with auto and an 08 lx-p auto. These are the details.
07 SE Auto MSRP 22220 sell for 19596 Due at inception 468.02 36 months at 15k per year 349.52 Residual is 52% MF is .002850 Lease end purchase is 11944.4
08 LX-P Auto MSRP 22160 Sell for 22160 Due at inception 498.50 36 months at 15k per year 380.32 REsidual is 63% MF is .002850 Lease end purchase is 13960.80
I was told they they still might work on the selling price of the 08 but only the used car manager was in at the time and he couldn't make the call and the cars literally just showed up this morning (I will not be expecting much if anything at all). I will be stopping by after work to check out the 08 since I have not seen it in person yet but I reallly need a car and with a diff of only 30 bucks a months I will probably lean towards the 08. Let me know if anyone has any thoughts.
Oh, and phone calls to two other dealers came up with almost identical numbers payment wise although I did not get the other details.
Looks like this month is not a good month to lease... the MFs are way high. I hope they will come down by Nov when I need to lease. Anyone know from previous model intro history how they will progress down? .0285 is what they are now, we we think they'll be around .0200 in Nov? I know it's hard to tell but just wondering based on experiences in the past.
I live in CT and recently received a quote for a 2007 EX-L V6 w/out navigation for $24,589. MSRP is $27995 and invoice is $24,820.
If I go with the typical Honda lease for 36 months/15,000 miles with no money down, what can I expect to pay? I have really good credit (high 700's/800 score).
ALTHOUGH THIS POST IS LONG OVERDUE, I FELT OBLIGATED TO POST IT ANYWAY SINCE THIS FORUM HELPED ME GET AN EXCELLENT DEAL ON A 2007 HONDA ACCORD EX, AUTOMATIC, . USING EXCELLENT CREDIT AND THE INFORMATION GATHERED FROM THIS FORUM, I FINALLY FOUND A DEALER(HONDA OF WESTPORT, CT) THAT WORKED WITH ME..LEASE DATE WAS 5/16/07...SIGN & DRIVE(MEANING NOTHING DUE AT SIGNING BUT 1ST MONTH'S PAYMENT).. LEASE PAYMENT IS $299.87 PER MONTH(ALL TAX INCL). FOR SEVERAL REASONS, I WANTED THE EX AND DID NOT WANT TO GET A LARGER ENGINE. I WAS ALSO ABLE TO PICK THE EXACT COLOR COMBO I WANTED(WHICH HONDA OF WESTPORT LOCATED FROM A DIFFERENT CT DEALER. IN MAY, THIS WAS THE ABSOLUTE BEST LEASE DEAL AVAILABLE...I WAS QUOTED UP TO $60-$90 MORE BY SEVERAL DIFFERENT CT DEALERS AND WOULD HAVE NOT KNOWN WHAT A GOOD DEAL WAS WITHOUT THE INFORMATION I FOUND HERE...USE THIS FORUM TO YOUR ADVANTAGE..DO YOUR HOMEWORK AND YOU WILL GET A GREAT DEAL!!! THANK YOU EVERYONE FOR YOUR HELP!! I'M NOW USING THE FORUM FOR A POSSIBLE 2008 ACCORD PURCHASE!!
I received this email in August(from Honda of Danbury,CT). SEE BOTTOM OF THIS AD FOR THEIR SALE AMOUNT..I don't know if they would apply that to a lease but it's worth checking. I think a call center handles their calls. I hope this helps!! ________________________________________________________
LAST CHANCE - 2007 Accord Clearance Sale!
Offer good this week only through Honda of Danbury Internet Department. 8/9 to 8/15.
Brand New 2007 Accord EX sedan automatic - Was $24,095 This Week - $19,980 Brand New 2007 Accord EX with leather sedan auto - Was $25,795, This Week - $21,680
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I believe that the lowest mileage allowance that Honda Finance leases Honda division models with is 12,000 miles per year. It might do 10,000, but I doubt it. If you only drive 8,000 miles per year you may end up wasting some of your allowed mileage.
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This is a great time to get a Honda Accord. Dealers are blowing out as many '07 Accords as they can this month. Not only is Honda running a stairstep promotion on it right now (the more dealers sell, the more dealer cash they get per unit), Honda is also basing its allocation of the new redesigned '08 Accord on how well dealers sell their remaining '07 models.
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I can work up a sample lease payment on the car that you are interested in for you to give you an idea of what sort of monthly payment to expect. For now I will assume that you are able to get this car at around dealer invoice price. According to my calculations, if you were to lease a 2007 Honda Accord Coupe EX-L V6 without an automatic transmission or navigation that has an MSRP of $28,095 and a selling price of $25,505 through Honda Finance right now for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $370.
Car_man
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36 mth lease, first payment down for $317 per month. 15k miles per year. Is this a strong deal? getting it tomorrow.
i'm in iowa. i'm not sure what the sales price was, as i was just concerned with getting the lowest possible payment with only first payment down. tax title license are figured into that payment.
I'm picking up my EX-L 4 cy sedan today (no nav) 12/36 for $305/mth all in w/ only registration and first pymt up front - it's the lowest I've seen anywhere in the NY area and other dealers let me walk when I got close to this. Residual is 57% based on $500 below invoice. (I had $299 based on in stock color but wanted a different color so I had to go up a few dollars)
Given what I've seen in this forum - there appears to be a big difference between leasing in the NY metro area vs. elsehwere in the country. Can anyone else comment on this?
Seems good to me.
It is the lowest selling price quote I've gotten so far and the supply of MTs in California is pretty small.
Also thinking about rolling the dice and seeing if there are even greater incentives after the 4th.
Another quick issue on negotiating selling price first. I think many dealers are hip to this game. Almost all of the quotes now say not valid for lease and have quoted higher prices for lease when I get down to it. This is likely due to the larger incentives for sales rather than lease.
I traded in my 02 Passat Wagon for $8500 and used $1500 of the used car value for the out of pockets. ($720.38 cap cost reduction, $312 first months payment, $40.00 title fee $15.00 registration fee, $399 doc fee and $13.62 up front tax. $7000 back to me in a check from the dealership.
Gross cap cost was $26555.00 - $720.38 cap cost reduction for a adjusted cap of $25834.62 Residual value is $15677.20 depreciation of $10904.78, rent charge of $ 747.36 = $302.91 per month. Tax is assessed monthly instead of all at once up front - and is $9.09 per mo for a total payment pf $312.00
How did I do? Just curious - cause I though it was a pretty good deal. I got rid of a declining Passat for a new Honda!
Fire away... :shades:
Seeing that Accords have such great lease offers right now, I have given up on the apparently impossible dream of trying to get a 4Runner for near $250 a month with only 2500 down.
Now I am looking into leasing a 2007 Honda Accord EX-L (4cyl, no vani). With the MSRP of the car being $25,745 according to Edmunds, and the invoice being $23,381, and the TMV being $23,260, lets say I get them to bring my selling price to TMV (23,260). What should my monthly payments be around if I want a 36-month, 12k a year, $1500 down lease with tier 1 credit in Southern California?
Is right now a better time to get it? Or should I wait until sometime next month?
Your help would be really appreciated.
Thanks!
If you look at the post right above you, you will see exactly what you are going to pay a month. She did a similar deal with $1,500 down. With 0 down you are looking at about $325 or about $335 at most with sign and drive. I had a deal run for me, and this deal is what I got. I would recommend you keep your cash flow and put 0 down. The deals are so good right now, you are really not affecting the payment to much. Remember for every 1k you subtract about $20-30 off your payment. Also that money down, does not affect you official pay off! I would do the deal now! 08's will be out soon, and deals aren't going to get too much better.
Make a move on it! Start emailing your dealers, and then get the quotes like above, and do it! Good Luck!
For an EX-L V6 with navi- Est, $359 29kMSRP-27kPrice
EX-L 4 with navi Est, $340 27kMSRP-25kPrice
EX-L 4 no navi Est, $315 25kMSRP-23kPrice
That will give you estimated idea of what the deals are for the accord model line up. I have gotten all these deals, seeing where I wanted to be.
Have fun, but remember, don't sign it, unless its what others are paying. My dealer would not match the $312 deal. Others dealers will. EMAIL=Documentation!
The national advert/Official Certificate says:
$199.00 36 months 12k miles/year
$1999 cap cost reduction to qualified buyers (This is paid by dealer?)
$2793 due at signing - Says includes 1st mo, security, acquisition fee, and capitalized cost reduction - This is nearly 3k at signing, seems a bit much. Shouldn't tax
Based on $21520 MSRP - $12481.60 residual -58%-Is this high can it be negotiated? And am I correct in assuming that this is what my buy price will be in 36mos?
It seems to me to be a reasonable price if actual out of pocket expenses are less than $3k and monthly payments are $199.00, with a buyout price in 36mos of around $12500.
Or can I do better, in your humble opinion.
I also used the lease calculator on Edmunds - Would these results be fair to take to a dealer to negotiate a good deal?
TMV $19388
8.25% Sales Tax $1600
Title, Reg, etc. $291
Cap cost reduction -$1999
Lease term 36 mos
Miles 12k/yr
Residual $12482
Acquisition fee $500
Security Deposit $200
Money Factor .000835 (used this number to make payment work out to $199 based on total amount financed of $18542)
Thank you very much in advance for the advice.
(all inclusive)
Miles - 12K/year
Money down - $660
Payments - $280/month
Term - 36 months
MSRP is $27,400
Thoughts?
Okay, here's the Ad...
FEATURED SPECIAL LEASE: Closed-end lease for 2007 Accord 4-cylinder Sedan LX Automatic Transmission (Model CM5647EW) for $199.00 per month for 36 months with a $1,999.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,793.00 total due at lease signing (includes first month's payment, security deposit, AHFC upfront acquisition fee and capitalized cost reduction; total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.
Subject to limited availability. Through 9/4/2007, to approved lessees by American Honda Finance Corp. Closed end lease for 2007 Accord 4-cylinder Sedan LX Automatic Transmission vehicles (Model CM5647EW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $21,520.00 (includes destination) less the capitalized cost reduction (which may be paid by the suggested dealer contribution) resulting in actual net capitalized cost $18,072.93. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $7,164.00. Option to purchase at lease end $12,481.60. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year. See dealer for complete details.
You should be able to buy this vehicle at invoice. Check edmunds or kbb for invoice pricing in your area. I'm guessing that it's close to $19,350 based on the TMV that you provided.
Next, according to this Ad, the money factor is about 0.00143 and the residual is exactly 58% of the MSRP. Residuals are established by the fund provider and can't be negotiated. The residual and payment vary inversely. The higher the residual; the lower the payment and vice versa.
AHFC's acquisition fee is $595. Also, there is no reason why you should pay the $1999 cap reduction. Bad idea! Why? Because (1) a car is a depreciating asset and (2) if your car is totaled, it's unlikely that you'll recover your down payment. And so, you're much better off banking the $1999 and using it to subsidize your higher lease payment if necessary. Afterall, the money factor equates to an interest rate of about 3.4%.
You may want to check my sample lease proposals posted in other forums (e.g., Infiniti G35, Acura TSX, etc.) and use them as a template to construct your own one page lease proposal. I FAX/email it to the dealer and it saves lots of time, money, and aggravation. At any rate, here's what I have...
MSRP = $21,520.00
Agreed Upon Value (Sell Price) = $19,350.00
Acquisition Fee = $595.00
Gross Cap = $19, 945.00
Cap Reduction = $0.00
Adjusted Cap = $19,945.00
Residual = 58% x $21,520.00 = $12,481.60
Money Factor = 0.00143
Base Payment = 0.00143 x (19,945.00 + 12,481.60) + (19,945.00 - 12,481.60)/36
= 253.69
I don't know how California computes sales tax. Most states tax the payment streams. Some tax the agreed upon value plus any other taxable items. Others tax the depreciation. You may want to confirm how CA computes sales tax but you seem to suggest that CA taxes the agreed upon value plus all other taxable items (e.g., acquisition fee). IF this is indeed the case, then your CA sales tax liability is...
0.0825% x 19,945.00 = 1645.46
In addition, the following amounts are due at Lease Signing...
1st. payment: $253.69
Security Deposit: $275.00
Sales Tax: $1645.46
Title/Registration/Plates: $291.00 (wow, seems high)
You can cap any or all of these items. If you cap them all, you would have what is known as a sign and drive lease. However, you need to be very careful. I haven't found an Ohio dealer yet that can correctly compute payments on a sign and drive lease. I think this industry is mathematically challenged.
Hope this helps.
John
Medina, Ohio
res. value of 13975 at the end. I hope i got a decent deal here cuz i don't feel like i got a GREAT deal, but i am happy for now (until i hear otherwise from Car Man )
this was at Downey Honda, CA. i am not sure if i can mention salesrep.'s name here, so i won't.
MSRP $27,995
36months
15k ml/yr
payment 319 tax inclusive (NY state)
out of pocket $ 1210 (includes first payment, DMV fees, and I guess some money down)
Have to respond today by end of the day........
did not ask for other numbers (like residual, mf, and so on), I am not planning on buying this car at the end of the lease.
any thoughts???
any suggestion is appreciated!!
Happy Holiday to all
Thank you in advance
I am curious on what a lease on a 27k final price of an accord would be. I would be curious to see what others were paying when we were in the middle of the current generation accords. Where money factors and residuals were not really hot. Anyone buy an accord in like 03-04-05 when the numbers were really strict and no support. This would give me an idea of what my lease payments would be on the 08 model. A 27k EX-L would be 27k for awhile, and it will be the standard lease with little support. I am willing to put money down, which is not advised, but the only way for me to get what I want. The dealers are going to try and mark up the cars, and pulling all the cards, I can't wait til its out. What I am looking at in terms of 27k accord lease payment? :shades:
2007 Honda Accord EX-L V6 (Auto)
+ wheel locks, mudflaps (dealer freebies)
Gross Cap Cost: 23,532
Term: 36mo/15K miles
Money Factor: .00050
We put down only 946.46, monthly payment $290.70.
2007 Honda Accord EX-L V6 (Auto)
Base Cap: $24,857
Term: 24mo/12K miles
Money Factor: .00050
Residual: $18,196 (66%)
Sales tax (IL) was 7.25%. And I didn't know this, but I guess IL and TX have different lease terms, as far as tax goes. It does tax on the cap cost, and that becomes the adjusted cap cost then.
I traded my "had better days" 1999 Civic LX in with 117K miles, and forced them to give me $3000 for it. That was my down payment.
I only paid $380-something for first month + plate transfer fee.
Monthly payment = $272
I have a modified 2006 GTO as my go-fast toy, but I have to say, this Accord not only has a little pep to it, but the handling and steering response was a lot better than I was expecting. The car doesn't feel "mushy" at all, I assume the 17" wheels help that, but the ride is still smooth and not harsh.
Put 3 coats of Zaino on it yesterday, and we're good to go!!
Brian
Thanks for your advice. The good thing about my deal was that he sent me a complete statement via e-mail with everything laid out, including the money rate and the residual, etc. He didn't waiver on the price at all and completed the deal in 15 minutes. The only thing I didn't like was when I asked for a quote for the price of the car, he gave me one. When I asked him in a second e-mail for the money factor, etc., he said that the price was $800 more because American Honda offered less on a lease than a buy. However, as you mentioned between the low money factor and the nothing down, I felt I came out okay with a 285 payment, including everything.
Thank you so much for providing your insights. I really feel you've evened up the playing field for the consumer.
Details. EX I4 MT Carbon Bronze
Selling: 20,800
Drive off $767 (first month payment, doc fee ($40) and cap cost reduction. on the CCR, I actually could have put less down but I thought that Honda required a security deposit. The dealer didn't and I just applied to CCR)
Money factor .00065
residual 58%
Payment. $239 plus tax is $254
With some haggling, I probably could have done slightly better (at invoice probably) but I was fairly happy with the $s.
We did it at Honda of Oakland. I had a horrible experience there 3 years ago buying a Pilot and went somewhere else. However, this time was completely different. Good sales guy who let me take an extended test drive (an hour) so I could get used to the stick. Did not insult your intellegence like so many others. I showed them the leaseguide.com printout of what I wanted and they came close. At least, they matched my best written quote.
Anyway, love the accord, which was not my first choice but has instantly grown on me. Thanks everyone in the group.
Yesterday (9/8/07) I was quoted the new lease program for a 2007 EX-L V6 Accord Sedan. For a 36 month lease with 12K miles they are telling me the numbers are 55% residual and money factor of .00285. This seems higher than what I had been reading here...(56% residual and a factor around .0006). I can still get a purchase price around $2000 below dealer cost but before I ink a deal I was wondering if this is correct for Septemeber or can I do better?
Thanks
Really if you think about it, Leasing or purchasing a Honda is expensive, but you get what you pay for right.
Right now it would be better to purchase an 07 accord than to lease one. Incentives are only on buying one.
Anyone have access to 36 Mo 15k/ yr MF and Residuals?
I can't wait to get this car!
Thanks.
Andy
07 SE Auto
MSRP 22220
sell for 19596
Due at inception 468.02
36 months at 15k per year 349.52
Residual is 52%
MF is .002850
Lease end purchase is 11944.4
08 LX-P Auto
MSRP 22160
Sell for 22160
Due at inception 498.50
36 months at 15k per year 380.32
REsidual is 63%
MF is .002850
Lease end purchase is 13960.80
I was told they they still might work on the selling price of the 08 but only the used car manager was in at the time and he couldn't make the call and the cars literally just showed up this morning (I will not be expecting much if anything at all). I will be stopping by after work to check out the 08 since I have not seen it in person yet but I reallly need a car and with a diff of only 30 bucks a months I will probably lean towards the 08. Let me know if anyone has any thoughts.
Oh, and phone calls to two other dealers came up with almost identical numbers payment wise although I did not get the other details.
Can you please post the money factors and residuals for the following Accords?
2007 & 2008
12K miles
36 month (and longer if available? like say 48 month...)
Thanks!!!
Anyone know from previous model intro history how they will progress down? .0285 is what they are now, we we think they'll be around .0200 in Nov? I know it's hard to tell but just wondering based on experiences in the past.
If I go with the typical Honda lease for 36 months/15,000 miles with no money down, what can I expect to pay? I have really good credit (high 700's/800 score).
Thoughts?
USING EXCELLENT CREDIT AND THE INFORMATION GATHERED FROM THIS FORUM, I FINALLY FOUND A DEALER(HONDA OF WESTPORT, CT) THAT WORKED WITH ME..LEASE DATE WAS 5/16/07...SIGN & DRIVE(MEANING NOTHING DUE AT SIGNING BUT 1ST MONTH'S PAYMENT)..
LEASE PAYMENT IS $299.87 PER MONTH(ALL TAX INCL). FOR SEVERAL REASONS, I WANTED THE EX AND DID NOT WANT TO GET A LARGER ENGINE. I WAS ALSO ABLE TO PICK THE EXACT COLOR COMBO I WANTED(WHICH HONDA OF WESTPORT LOCATED FROM A DIFFERENT CT DEALER. IN MAY, THIS WAS THE ABSOLUTE BEST LEASE DEAL AVAILABLE...I WAS QUOTED UP TO $60-$90 MORE BY SEVERAL DIFFERENT CT DEALERS AND WOULD HAVE NOT KNOWN WHAT A GOOD DEAL WAS WITHOUT THE INFORMATION I FOUND HERE...USE THIS FORUM TO YOUR ADVANTAGE..DO YOUR HOMEWORK AND YOU WILL GET A GREAT DEAL!!!
THANK YOU EVERYONE FOR YOUR HELP!! I'M NOW USING THE FORUM FOR A POSSIBLE 2008 ACCORD PURCHASE!!
I hope this helps!!
________________________________________________________
LAST CHANCE - 2007 Accord Clearance Sale!
Offer good this week only through Honda of Danbury Internet Department. 8/9 to 8/15.
Brand New 2007 Accord EX sedan automatic - Was $24,095 This Week - $19,980
Brand New 2007 Accord EX with leather sedan auto - Was $25,795, This Week - $21,680