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With 2000 total down the lease payment is 353.79X36 months or 335.59X48 months. With 3000 total down it is 322.19X36 months or 311.48X48 months.
This looks fairly reasonable for a lease, though I am waiting longer, it can only get better from here.
Let me know what you think. This is not too bad for it just coming out.
Also always know what they are selling you the car for so you can check their math witha lease calc of your own.
The .00285 money factor converts to 6.84% which is a high rate on a new car, anything under .002 will be great.
I'm waiting until Nov, hopefully by then the rates will be where i need them.
- Andy
MSRP - $27,995
Invoice - $24,700
Sale Price - $24,900
Current Negotiated amount - $23,000
I want a lease. Here's the deal on the table: a 36 month, 15k mile lease with $750 total paid out of pocket (first month's payment & fees). My trade-in (2004 Jeep Grand Cherokee) was a wash (they are offering to pay off the entire balance). Also included is that they are removing my Sirius satellite radio from my Jeep and installing it in the Honda; considering they hire out for this, I consider this a nice bonus. My payments would $365 out the door, including my CT taxes. The residual rate, 53%, equates to a residual value of $14,837.
Considering the loss of all incentives (except the dealer cash) and the higher money factor of .0285, I thought this was a pretty good deal.
I know I could wait until next month or November just to see if the rates go down, but then I might now be able to find a vehicle at this price.
Thoughts???? I put a refundable deposit and the deal, if completed, will be done on Tuesday (i.e., signing all of the paperwork). I would love some opinions...
Thoughts???
Most importantly, I got the color he wanted Graphite Pearl. This was no easy feat...Seems if you wait any longer all that will be left are Silver...
When doing the lease calc for residual which price do you I use, the MSRP of 27,895 or the 27,858 with the added accessories?
If it's the latter, is it better to try to work a deal having the dealer just keep the MSRP as the basis for the calculation and add in the accessories to the Capital cost?
Thanks!
Andy
Work on price, then mention/add the accessories. You'll get a better deal. Remember, the more you wait, the better chance of getting a deal. Don't be in a rush.
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I would be happy to work up a sample lease payment on the exact Accord that you are interested in for you, but in order for me to do so I need you to provide me with its full MSRP and approximate selling price. For now I can tell you that Honda Finance's current buy rate lease money factor and residual value for a 2007 Honda Accord EX-L 4-cylinder Sedan without navigation with 15,000 miles per year are .00275 and 54%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.
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This car's residual values vary significantly by model year, so I need you to tell me which model you want before I can give you an accurate idea of what they are like. 15,000 miles per year is the highest mileage allowance that Honda Finance publishes residual values for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until the scheduled end of your deal and have to pay an excess mileage penalty.
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Can you please post the money factor and residual for an
08 Accord EX-L 6-cylinder Sedan for 36 months and 12K miles/year
Thanks
I am interested in selling my 06 SE leased car. I have 25k miles on it. At what time would be the best mileage and time to sell it. Considering warranty, miles. I am using that income to roll into a 2008 accord lease deal.
Honda does allow me to sell it, but does not support it, it will take 2 weeks to receive my title upon payment, and then transfer it to the new owner. Thank you so much for any advice. I am in no hurry to sell it, considering most are not dealing on the 08 now anyway.
My guess would be that the used Accord market is a bit down since a lot of previous generation owners and coming out of them to get the new 08 Accord and I would not expect that to get a lot better. For sure, waiting until the base warranty is up (at 36/36k) will make it a lot harder to sell your used car. The problem is your car depreciates as you drive it while waiting for a deal on a new 08. So it could be that any savings on the new car you net as a result of waiting may be eaten up by getting less for your used car.
I assume you have compared your lease buy out price (not including tax) against the Edmunds/KBB/NADA trade and retail values? I would be surprised if there was THAT much profit in the difference. Selling it yourself without the title in hand can be a real pain - you will ask for cash or a legit cashier's check and then not have a title to give the buyer - that alone may send them to another seller.
Dennis
I might just trade it in, that might be easier, but getting them to grant me full pay off is the key.
But in most states that pay off includes sales tax - selling you the car they have to collect any taxes that are due. The actual payoff (to a dealer) would not include taxes and so would net you more profit or more able to move the car due to a lower price. You don't say where you are, but in MOST states taxes will have to be paid twice if you do this. Some states (CA, I think) let you re-sell the car within xx days without double tax, other states may have different laws.
I have done this a couple of times - sell a car I have on lease - and paid a dealer a modest fee to handle the paperwork, provide a temp tag, etc. Well worth the $300 it cost me each time.
Dennis
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Let's work up sample lease payments on this car using the price that you were quoted and $1,500 under invoice and see how much getting the additional discount would save you per month. According to my calculations, if you were to lease a 2007 Honda Accord EX-L V6 Sedan without navigation that has an MSRP of $27,995 and a selling price of $24,589 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $380. If you were able to negotiate a selling price of $1,500 under invoice, it would drop this car's monthly payment to around $341.
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You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get a new 2008 Accord. Not only will waiting enable you to save money on getting out of your current lease but the longer you wait, the more likely it is that Honda will have a special lease program on the 2008 Accord.
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That is the only reason I thought about selling it, because I would lose so much if I trade it. Anyone else in the position or have been?
Can I pay the dealer to sell the car for me? So that I can use the extra $$ for the 08. ??
Oh no! Somebody should put a stop to that!
Can I pay the dealer to sell the car for me? So that I can use the extra $$ for the 08. ??
A dealer? No. Would you let a dealer put a car on your front lawn and then you have to go through the process of demo'ing it to a dozen people, running their credit, processing paperwork, lending them money, etc, etc, only so the dealer can profit from it?
There are consignment lots out there you could try out if you really want to.
'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 saw an ad advertised from a dealer as follows:
07 ' Accord Sedan LX
32 month lease, $1995.00 down, $595.00 bank fee, 10k miles per year, plus tax and plates for $129 per month for 32 months . MSRP is $21,670. What do you think of this deal ??
If you actually rolled those costs into the lease, you'd have a little higher finance charge (and, that's what I would do), you might end up around $217/mo..
That's a good deal, if 10K/yr fits your needs.. As long as there aren't any other costs besides tax and registration, it looks really good.
regards,
kyfdx
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I've got my whip ordered for Nov delivery, so i'm just hoping that the MF will drop to a .002 or less for NOV, if not and the car arrives Mid Nov, i'll hold off 2 more weeks to wait for the Dec Rates but that's all I can wait. My currently lease is up on Nov 12, but i could rent a cheap car for a few weeks if it'll turn into a savings over the 36 months of my lease.
Just looking for trends at this point as I know Oct rates won't dictate Nov rates, i'm just hoping to see them go lower.
Thanks!
Dennis
So now i have to either see if i can extend my current lease for a month or rent a car....I'll cross that bridge when i come to it.
Thanks.
If there is no special rate, then the cost of leasing then buying the car would rise to more than the cost of just buying it in the first place. When they have cheap lease deals with well below market rates, then if you run the numbers the lease then buy may come out even or perhaps save you money.
One advantage to leasing is the bank takes the chance on future value, not you. For example, at the end of my RX-8 lease the car was not worth even close to lease residual. Too bad for the lease bank as I gave it back to them. Had a purchased it with a long term loan I would have likely been upside down and owed more than I could get for it.
That advantage sort of goes away with an Accord, which is pretty much the gold standard is holding value used. A nice Accord is always a welcome trade and a quick seller, so there is not a lot of risk to buying one with a loan as loan as the loan is at a decent rate and you deal the price down low on the front end.
If you just buy new with a loan and then trade cars before the car is paid off, you might as well lease as the trade in amount is likely not a good deal (for you) and it is SO MUCH nicer shopping for a new car without a trade. You make a bottom of the line deal on the new car knowing you are just going to turn in the old one.
Dennis
That would all be true if I were to take out a loan on the car, but I don't plan on buying one, I will only lease, because leasing gives you a bit more options.
When I sell my 06 SE accord, I assume that the buyer will be responsible for getting a loan or funds to pay off my car, meaning they will pay tax and will be tied in with the amount. I will simply put it up for sale, and then they will hand over a check so that I can pay it off, then title is released within 2 weeks. There would be no reason for me to buy the car first and then sell it, that would be pointless, when Honda is not going to know the difference if its me or the buyer. You see many cars on ebay that are still on loan or lease, and title is released within payment.
I have sold cars off of lease before, and that is the only way to do it and come out OK on the deal. It is NOT the same as buying and selling the car off a loan as in most states you have to handle the tax problem.
Dennis
I have done this very deal - sold 3 cars off of lease and 2 of them before the end of the lease so I do know what I am talking about.
You never have mentioned where you live and have not filled out that information in your profile, but if you "state your state" I can research this for you and let you know for sure.
In some states, you have to pay sales tax on the whole selling price of the car even though you are leasing. In other states (CA, for example) you have a small window when you can buy the car and re-sell it to someone else w/o having to pay the taxes. Those are the exceptions, in most states title can't transfer to a 3rd party directly w/o sales tax being paid twice. It is possible that whoever told you this was the case does not know any better or is including the taxes in the payoff amount.
So let me know where you are and I will try to verify it one way or the other, but for most of us what you are trying to do will not fly - when selling off a LEASED car. It works fine on a FINANCED car since you (likely) paid sales tax on the whole car and it is titled in your name only with the bank as a lien holder.
Dennis
This is what a dealer is willing to lease a 2008 Accord EX, base 4-cylinder. Even with the higher money factor (0.027) it seems like a decent deal. It's not the best, but it seems like they were more aggressive on the price given the high money factor. Seems like a somewhat decent deal if you must have the car now I guess. These are the figures.
MSRP: $24,495
Selling Price: $22.107
Assignment Fee: $595
Inception Fee: $745
Tax: $790
Vehicle Markup: -$108 (Fudge factor I am sure)
12K miles
Out of pocket down: $1000
With $1000 down $309 per month (that is 35 payments of $309).
I am starting to believe that all these numbers they work are bull. They give a high money factor, but they can also move lower on the price to compensate. My opinion is not to nickel and dime the fees and little things (like I see some talk about here - too complicated). Go in with your price (with fees in mind), and everything can fall into place (with the right dealer of course).
Please comment on this.
Rob