2013 and earlier-Honda Accord Lease Questions

kingpcgeek

According to the forums over at leasecompare.com here are the January numbers from Honda. I am sure they are not much different for March but you can add a post there and the owner of the site will give you the number for March:

2008 Honda Accord EX I4 Sedan Automatic
24 Month – Residual 69% of MSRP – .00355 Base Rate
36 Month – Residual 61% of MSRP – .00255 Base Rate
48 Month – Residual 52% of MSRP – .00235 Base Rate
60 Month – Residual 37% of MSRP – .00245 Base Rate

2008 Honda Accord EX V6 Sedan Automatic
24 Month – Residual 68% of MSRP – .00355 Base Rate
36 Month – Residual 60% of MSRP – .00255 Base Rate
48 Month – Residual 51% of MSRP – .00235 Base Rate
60 Month – Residual 37% of MSRP – .00245 Base Rate

2008 Honda Accord EX-L I4 Sedan Automatic
24 Month – Residual 66% of MSRP – .00355 Base Rate
36 Month – Residual 60% of MSRP – .00255 Base Rate
48 Month – Residual 51% of MSRP – .00235 Base Rate
60 Month – Residual 35% of MSRP – .00245 Base Rate

2008 Honda Accord EX-L I4 w/Navigation Sedan Automatic
24 Month – Residual 64% of MSRP – .00355 Base Rate
36 Month – Residual 58% of MSRP – .00255 Base Rate
48 Month – Residual 49% of MSRP – .00235 Base Rate
60 Month – Residual 34% of MSRP – .00245 Base Rate

2008 Honda Accord EX-L V6 Sedan Automatic
24 Month – Residual 66% of MSRP – .00355 Base Rate
36 Month – Residual 59% of MSRP – .00255 Base Rate
48 Month – Residual 50% of MSRP – .00235 Base Rate
60 Month – Residual 35% of MSRP – .00245 Base Rate

2008 Honda Accord EX-L V6 w/Navigation Sedan Automatic
24 Month – Residual 64% of MSRP – .00355 Base Rate
36 Month – Residual 57% of MSRP – .00255 Base Rate
48 Month – Residual 48% of MSRP – .00235 Base Rate
60 Month – Residual 34% of MSRP – .00245 Base Rate

Residuals posted are for 15K miles/year. Add 2% to Residual for 12k mi/yr and 3% for 10k mi/yr on all terms

hondakate

My situtation:
So…I am leasing a 2005 Honda Accord 4DR EX-V6 (with all the extras…navigation, leather, all the perks, and my car is in top condition). My lease is ending on July 14th, 2008 and I want to buyout my car. It is in great condition and I am under my miles. The buyout is $14,000. I am a young single female and I want to negotiate and pay less for my buyout. I am able to pay in cash. Edmonds true market value is as follows:
Trade-In value $14,788
Private Party value $16,384
Dealer Retail value $17,586

My questions:
Do I have room to negotiate with cash?
How should I go about doing this?
Edmonds recommends calling Honda and talking to someone regarding buyout options, should I do this?
Should I go to a dealership in person and hand them cash personally?
Should I buyout before my lease is up?
Is there anything else that I need to lookout for?

If you have any experience with this I would greatly appreciate any help. This is my first lease and I am trying to make smart decisions.

dwynne

Sadly almost no lease bank will negotiate lease buyout prices any more. The reason? They almost always take "Residual insurance" on the cars they lease - much like GAP coverage protects you if your car is totalled or stolen the residual insurance "guarantees" they will get their residual back on the car at lease end. The caveat is that the lease car has be turned in and sold at open auction. So if they offered it to you for $1,000 under buy out they would lose $1,000. Easier for them to just get you to turn it in and let it go to auction, then no matter what it brings they get full value.

Some captive lease banks don't use this insurance, but they also don't negotiate buy out prices. They may offer the cars to the turn in dealer for the buy out price or maybe a discount, but often they have private (their dealers only) auctions of the lease turn ins to give their loyal dealers first crack at the lease turn ins.

In any case, I would doubt you have any way to get a better price than buyout. For sure when they find out the condition and miles.

The only way it might happen is for you to wait until they ask if you want to buy it (if they ever do). If you act interested at all or contact the lease bank, there is about no chance of a discount. There may be none anyway, but it would be better to wait for them.

If it is an AHFC lease you can actually mail the payoff to them directly using a mileage statement on their web page. They send you the title and you go down and pay the sales tax and get it in your name later. Any Honda dealer (like the one that leased you the car) and do this for you, but they may or may not charge a fee for it. I have been told if the Honda dealer does it for you AHFC will knock $500 off the buy out price, so most will do this for no extra fee (and pocket the $500). Maybe you could find an honest / nice one that would let you buy it out for $500 under and no fee, but I would doubt it.

In most cases the trade value is less than the buyout so folks are justified in saying to the bank "If you drop the price I will buy the car". In your case, there is no justification for them to drop the price (even if they would think about it) since as you say, trade in value exceeds your buy out price.

Dennis

jaxs1

The only advantage of paying with cash is that you don't need to listen to their "monthly payment" quote nonsense and can focus on the purchase price without distraction. You may sometimes get a better price on a normal purchase (not lease buyout) if they are counting on making extra money from commissions they get on financing they obtain for you. Why do you think they are so anxious to get you to take their own financing even if you walk in with cash or a pre-approved outside loan?

You usually cannot negotiate the price of the buyout. If the buyout is too high to be realistic, and you still want it, just return the car at the scheduled end of the lease and buy back the car as a separate transaction as a "new customer" at market price as long as the price difference is big enough to more than makeup for paying any disposition fee you pay for turning the vehicle in.

bvdj84

A dealer just emailed me and they told me that honda is releasing a new lease in April, apparently Toyota, "Camry" has out sold the Accord, so he said they are probably going to offer something more aggressive! Now how aggressive, probably not too much, but some to get them moving. Which I think we all knew their sales were down, and eventually they would have to compensate for that.

Also, I just got an email stating that the Accord has top pick out of 7 other models in the Accord's class. That is great! Even better reason for me to pick the Accord!

Literally I have been waiting and researching for months, I am going to make a move soon! If they release something with some better rates... I am on it.
I have got one dealer to offer me $318mth, $2k down! Now with a better rates,
I could do a little better than that!

I am leaning towards a.... EX-L 4cyl, Navi
1. White-standard tan
2. Black-tan
3. Polished metal-black

I have concluded that to me, they are some of the best colors.

browns99

We have been really looking at a new Accord, EX V6 no navi, 24 month lease w/ no cap cost and no trade in....we are in COlumbus, OH. This is a company car, so cap cost and trade in are not options. However, I was really shocked at the payment an internet salesman emailed me back with:

Greetings!
Your 24 mnt Lease $522.67 for 12,000 miles with just your first payment.
You will need 720 Becon Score for credit.
Payment includes all taxes and fees for Franklin County.

How can we do better....we have a cap on the monthly payments at $430 per month including tax.....but we don't want to go longer than 36 months. We both love Hondas, but we are also looking at other car options to see if we can do better.
Any help/advice is much appreciated!

bvdj84

Yes, that quote is too high! You need to simply go to honda.com and request quotes from area dealerships via email. Then you need to request a good sale price for that car, which at this time can be had around invoice in most places.

Even with $0 down and 24mth, you should still be under $430, you might even be able to get a model up.

This is how I got all my good quotes, via email. Works the best, but that quote you got, is crazy. Now it will be a bit more since it is 24mths, but not that much. I probably wouldn't work with that dealer anymore, unless you get quotes from other dealers and ask them to later match that deal, which happens alot, but then they would be admitting that they were ripping you off.

If you do the email quotes, get a good sale price, then go from there, that is really it. Just watch out for extra unneeded costs, and remember some dealers might not reply back to you, just reply to many as possible, your simply just getting quotes,
actually most dealers will try to work with you, but some are quite rude and forceful, don't try to push them, its not good.

Good Luck, this will help alot, get your quotes, print them off, and sign the deal.

browns99

Thank you so much for your response!

I am trying other selers in our area. WHat is really throuwing them for a loop is the fact we *refuse* to put any money down to the cap cost....it's like it does not compute for them- it's a company lease, why should we put any $$ down.
Thanks for your advice!

bvdj84

Yep true, plus for every 1k down, it accounts for about $20-30 or so off the payment, so it really doesn't matter to the actual lease.

I am putting down $2k on my lease, only because I want my payment a little lower while getting the navi. It is worth it to me to do that. 36 months is a quite a bit to live with a payment, so why not get what you want. Now, putting anymore than 2k is getting a little crazy.

I am leaving out the down payment til the end, that way it is the lowest I can go.

Perhaps use your position that it is a company car and you have a cap cost.
But, do not tell them your cap cost... but at some point if you tell them that, then they'll know they are guaranteed a deal if they are willing to do one. Because rather being you doing the deal, it is the company and you are ready to buy, Today! Perhaps mention that later on in the process though, otherwise they might hound you about the cap, and it would make it more complicated.

In the end, company lease or not, it is all the same, but using your position at some point could help, which I would use later on, think of it like your special card you can pull.. it could sway it. Remember if it doesn't feel right, then it is not, don't do it. Little research, quotes, and you'll do fine, and drive away with what you want.

Looking back on it, I love my 06 SE, but I should have gotten the EX, which got my sunroof, which to me is a big option for me to have, but it was my first time leasing, new to the game, If I have that on my 06 SE, than I probably opt to keep it and not trade for the 08. Oh well, its a lease. so basically if you are going through the hassle, get what you want, if you can. Never should you have to beg to get what you want, the next dealer could do it for ya, of course within reason. lol.

browns99

You were right- we were contacted by an internet specialist at another dealership, and the terms are so much better, even with nothing down except fees:

2008 Honda Accord Sedan EXL V6..24mo...12k
miles/year..tax incl -
$530.82/mo with $639.32 due at signing (1st
pmt/fees) .... 36mo -
$419.03/mo with $527.53 due at signing ... for
every 3k add'l miles,
your monthly pmt increases by about $20

I was surprised how much going from a 2 year to a 3 year really changed the payment, but we are 99.9% sure this is "the one". This will be our 2nd accord, we have a '98 EX-L v-6, and the paint has worn off the back of the roof of the car, it really bothers my husband. Otherwise, it runs like new no major issues.

I really liked the way the Accord handled, and love the new look.

jaxs1

Do they announce them before April 1st?
People are saying they are changing, but with no specifics.

browns99

Actually contacted by a different salesperson from another dealership where we have purchsed twice before...were a bit slow to respond to my email but he gave me these lease terms on an Accord EX-L V6 no navi, 0 cap cost, 0 trade in:

Hello Again, Don't know how in the world I missed the lease information. With no Navi you would be looking at $481.17 + tax for 24 mo and $374.41 for 36 months. This is with 785.00 total due at signing at 12k per year. This is at a less than invoice price on an in stock unit. If you need the lease altared please let me know and I will get it done.

That was from Immke NW Honda in COlumbus, OH...I'm very pleased, with that, especially b/c we only want a 24 month lease. I think they really want to move what they have in stock. Hopefully, we will like whatever color they have.

I'll let you know if I can do any better on the financing!

jaxs1

I meant really specific lease terms (money factors, residuals etc.), not just a payment example.

bvdj84

Ya, just remember though that the lease rates on the Accord are not what the competitors are, But, with that said, the Accord is worth it to me! There many other competitors that literally blow the doors off the accords rates. So remember that the rates are still not really nice.

Also, Dealer told me rates are to change for April, perhaps waiting a day or to the rates are going to change. Dealer told me that the Camry outsold the Accord, and that Honda is going to offer a new lease for April. So, I am waiting as well, but, I am going to make a move probably this month!!

browns99

Here is are the specific terms:

EXLV6 is 67% and 0.00380
and on the EXL 4 is 67% and 0.00217
terms are 24 month lease, 0 down, 0 trade in ( a sign and drive basically)
With no Navi you would be looking at $481.17 + tax for 24 mo and $374.41 for 36 months. This is with 785.00 total due at signing at 12k per year
HTH!

gator88

I learned today that the residual value and money factor for 36/12 on EXL V6 w/o nav is 60% and .00245. For EXL 4 cyl residual is 61%.

steevo

Wow thats pretty weak.
Keep in mind that money factor adds up to almost 60 dollars a month over a Camry or Altima of equivalent price.
More when you consider that both Camry and Altima are selling below invoice.
Personally, leasing still seems foolish with the Accord especially the loaded ones. If it has to be Honda, may as well make it an Acura TL. At current prices a TL is probably cheaper to lease than an Accord V6 with Nav.
Maybe there is a lease program coming out soon....

gator88

According to the dealer I was at, Braman Honda in Miami, the Accord sales are very strong and Honda has no reason to lower rates. We'll see.

bvdj84

I really find that hard to believe. The Accord is totally struggling to move! Cannot deny what the facts are, overall numbers are down compared to its competitors. But, the dealer would say that, because they are trying to sell a car. It is not up to them to decide that choice, Honda has to look at what is going out, and who is leasing vs buying. I am seeing new models of other cars that just got released and see more of them than the Accord. Perhaps, they are doing much better than other dealers, so maybe in their location they have a good crowd. Who knows, but it is getting a little old with stiff incentives, because I am waiting to lease one soon. Either way, I think I am set of the 08 Accord EX-L 4cyl, Navi.

steevo

Think hard. You are better off buying this car than leasing. I like the new Accord also but no way its worth 50 dollars a month more than a Camry/Altima. If I were you and I had to lease the Accord, I would wait another month or 2.

bvdj84

Ya, but I do not want some massive loan to pay, I want to lease. It is easier. I have waited long enough, Since Debut. I want to enjoy my car during the warm months as much as possible. Plus, my mileage on my current lease will be up soon, so either way, time is running out. Also they are not going to offer such a good deal that has that much of a contrast between now and then. I do feel it is worth more than the Altima, without a doubt. Camry and Accord, they are about even, but I tend to prefer the Accord.

steevo

I completely agree with you on the lease. It just doesn't seem worth it to me on the Accord because the other cars are WAY cheaper to lease. For the prices people here are reporting they could be leasing 08 Maximas or Acura TL. Maybe even a G35.
I know its apples and oranges but the bottom line is paying over 375 a month for what is essentially a cookie cutter family sedan is a little off to me.
Either way its only a lease so may as well get what you like! Before you know it its time for another.....

bvdj84

Ya, true, good point, I have an 06 Accord, and love it, it actually feels really weird to be thinking of getting another car, this will be my second lease. I really would like to do another lease, and this time it will be completely in my name, as I am young and my grandfather co-signed for me. Now, its like wow! there is so many options that I can use, but found the new accord to have the most bang, especially with the navigation, size, and its a honda. I thought about getting a TL, they are beautiful!!

CarMan@Edmunds

Here's the information that you're looking for, Gregg. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Accord Coupe EX-L V6 with Navigation and 12,000 miles per year are .00235 and 56%, respectively. The money factor for an otherwise identical lease for one without navigation would be the same, but the residual value would increase by 2%. You definitely do not want to lease this car for only 24 months, not only are the payments for 24 month leases typically much higher than they are for 36 month leases, but Honda Finance's 24 month money factor for this model is much higher right now.

Car_man
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CarMan@Edmunds

Hey jaxs1. Honda did not enhance its lease program on the Accord for April. It still has a tiny amount of lease support on 2008 Accord 4-cylinder sedans and no support on V6 or coupe models. I think that the sentiment here is right, the segment that this car is in is so competitive and the market for new vehicles is so bad right now that I would be shocked if Honda does not have to introduce a better lease program on the Accord at some point over the next several months. It is difficult to say exactly when this will happen though.

Car_man
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bvdj84

Ya, well, I think that I am no longer going to wait for the enhanced leases on the Accord. I have my eye on a fully load 2.0T Passat. I am getting many incentives, literally $3,700 off of invoice they are giving me. I am able to get a cheaper payment of $330 with $0 due at signing. I think I would be crazy not to take that kind of deal!
Love the Accord, but certainly not going to spend an arm and a leg on one right now.
The Passat was priced at $29k, and I am able to lease that for about $22k-23.
Plus, I am going to have a bit more fun factor with this car.
Financially, leasing the Accord right now is not advised, especially when lease deals on other models are very good right now.

I had my heart set on a white EX-L 4cyl, Navi, but required $2k down to be where I want, and the Accord does not offer any incentives to get you in the door anyway.
Oh, well, I have not made a decision yet, but I am thinking its a good move if I make it on the Passat!

Let me know if anyone else is in the same boat, and which cars they are looking for. The Passat drove very close to the Accord.

morad1

Car_man,

Can you tell me what the MF and residuals are now for a 2008 Honda Accord LX Automatic for 3 years and 15,000 per year?

I also have a question about the advertised lease program currently available through Honda FS. The program is for $219/mo for a 3 year lease at 12,000 miles per year witha $2,599 drive off, which I think includes first month payment, acquisition fee and around $1800 of cap cost reduction. I am trying to figure out if this would be a good deal if the cap reduction amount was just rolled into the monthly payment (my rough calculations would put the monthly at about 260-ish) and there was some adjustment made for 15,000 miles instead of 12,000.

Thanks for your help.

dwynne

Passats have terrible reliability (much worse than average says CR), For the term of a normal lease, maybe you will have no problems - but I would not count on it. Terrible resale compared to an Accord, but that is not an issue for you leasing one.

They also require premium fuel in either the I4 turbo or the V6 Passat while the I4 Accord runs on regular. The I4 A5 Accord is EPA rated 21 city, 31 highway 24 combined, while the turbo 4 auto Passat is rated 19, 28, and 24 combined. So if real world combined driving you do get 2 mpg worse, you have to factor in the 10-15% premium fuel price penalty into the operating costs. Just something else to think about.

Very few of us HAVE to have a new car, we get one when we want one . I would wait for a better deal on an Accord, or see if you can learn to love a Camry or perhaps a Legacy. Heck, the Civic is plenty roomy for most folks and gets a ton better mileage.

Dennis

kyfdx

Agree with all that..

But, if I can lease a Passat cheaper, that's the way I would go... It is a much more interesting drive than an Accord..

Not sure if I'd own one out of warranty, though... :surprise:

jdunnisher

Car_man,

If you have them, could you also post the April MF and residuals for the EX and EX-L Accord Coupes (4-cyl)?

Thanks!

bvdj84

Yes, I have thought about all of that, but financially it will still be better to lease the Passat, I went back to the Honda dealer, and tried to see if I could get something similar. NOPE, nothing close to the Passat deal. Not yet, not anytime soon even if they do offer an incentive, it won't be that huge of a jump in lease boost. It really hurts that I cannot get the Accord, but at the same time, why not try other brands, my mothers 04 Jetta has not had any problems....I will always love Honda, but come on now, $350-480 a month on an Accord lease? That is too much, not when you can buy it and be similar to that price. When looking at a lease, I am looking for minimum due, and literally, I sign the papers and I am out the door with a new Passat. With the Accord, I would totally have to put some cash down, and we are looking at $380 or so for the EX-L 4cyl, with payment due. Why not try a VW, which I love, they give off this fun vibe...lol. Keep the VW for 2-3 yrs, and get an Accord when they come back to earth....lol For me, its like pulling teeth when looking for a new car, so many choices, rides, feels, options, blah blah, so any way... Its crazy

The Accord V6 gets about the same mileage as the Passat, very similar, and at some point, I am sure the Passat better, it really depends on the driver, but I am not too cool with the premium gas needed for the Passat, but it is not a requirment all the time, I called service today. It will do a little worse than my current 06 Accord, but I see many cars, even the 08 accord 4cyl, are about this range of mileage these days anyway, even smaller cars. The 06 Accord and 08 passat share many measurements in wheel base and overall measurements, even weight, which is interesting.

jaxs1

VW resale value isn't bad at all. That's makes it easier to them to have a good lease deal. With a 4 year warranty, at least you won't have to worry about paying for repairs even with a 45K mile lease.
Maybe I'll take a look at the Passat.

dwynne

I would not want to own one out of warranty either, but based on the CR surveys the odds of you spending many, many more hours or days at the shop go way up if you choose the Passat. The good news, it is under warranty. The bad news, you are back at the shop again. Does VW give service loaners now ?

Dennis

kyfdx

I've had 8 Honda products... I rarely spend time in the shop, as you attest..

But, I'm getting bored.. I was warned against BMWs, the same way as VW.. Our current model has 34K miles, and has been back to the dealer a grand total of three times.. Two of those for scheduled maintenance.

So... As long as I'm financially protected, I'm willing to take a chance..

dwynne

You are confusing the manufacture's captive leave bank residual with actual value. VW's captive bank can put some inflated residual on their cars to make them more attractive to lease. A lot of the lease banks do this to move cars when other options fail.

If you compare a 05 Passat to an 05 Accord, for example, the Accord trade value may be $1k or more trade in - and dealers will WANT your trade (not so with the VW). The difference in private party and retail is even higher.

Also check the ALG residuals on lease either one new - these are the numbers 3rd party banks use to make sure they write lease deals where they don't get stuck at lease end. The Passat is a 50% or so residual to lease for 36 months, the Accord is 54-55% residual.

As I mentioned, you don't have to worry about the REAL future value of the VW since you are doing a lease. You also don't have to worry about the cost of repairs as you will be under warranty for the entire lease. You DO have to worry about the car breaking down on you and / or time spent taking it in for your "Free" repairs. While the overall odds may say you might not have a problem in 45k, they REALLY say you will not if you pick a different car.

VW and Audi make some nice cars, many are fun to drive and you can often get an "Audi for VW money" by getting a VW - but they are just a huge risk as they are poorly made.

Dennis

dwynne

I had good luck with a 330i (the 3 is usually BMW's best model) and terrible luck with an much more expensive M5. I loved both cars but did not care for getting stranded (twice) and having to hassle with repairs, but BMW does have free service loaners . Heck, my C5 'vette convertible was fun to drive when it was not in the shop. Too bad they would keep it for a week at a time just about every time something failed (and a lot did in 3 years). No service loaners at the Chevy store either, but one time they DID rent me a car from Enterprise - a Geo Metro :sick: . My S2000s have been much more reliable and fun to drive not to mention cheaper to lease and insure.

It is just the odds you are playing, like the friend of a friend that had so much trouble with his 5 series they finally replaced the whole car - but not under he spent weeks in loaners and was stranded over and over.

I would say most sedans from VW would have more driver fun and "soul" than those from Honda (si sedan excluded) - and that may make it worth the potential for extra hassle. Everyone should get what he or she wants, but if I could not wait for a better Accord deal (what *I* would do if I were in the market for something like an Accord) then I would look at a Camry or Legacy or something other than a Passat - but that is just me.

Dennis

kingidivine7

Just wanted to share the deal I was offered. Accord EX-L, Manual, Navigation...$382/month (includes 5% sales tax), $0 down, only first month's payment due, 3 years/36,000 miles. Seems like a good deal, right?

dwynne

Does not sound that bad with nothing down and including tax, but I would have to know "what am I paying for the car" before I would consider any deal. Are you near invoice or what? Make sure it is an AHFC closed end lease too. Some dealer was going really cheap G35/G37 lease and it turns out they were open end 3rd party lease deals (open end means you basically have to buy the car at lease end or guarantee its value).

Dennis

morad1

Didn't get anything last time so thought I'd give it one more try.

Does anyone know what the MF and residuals are now for a 2008 Honda Accord LX Automatic for 36 months and 15,000 per year?

I am trying to get a fair lease rate and am also trying to figure out if the current national offer for an Accord LX (219/mo., 12K miles per year, 36 months, 2399 down) makes any sense. I wouldn't pay the capital cost reduction and would instead had that amount included in the selling price. I'm just trying to figure out if that is a good deal or not, so I need to get the current MF and residual.

I've leased a couple of BMW's the last few years and it seems like that is so much more information readily available about lease rates for BMWs than for regular cars like Accords and Camrys. I'm trying to get a car for my mom right now and information seems so much harder to come by for these kinds of cars. Thanks to anyone who can help.

dwynne

Did you try just asking a Honda dealer (or two or three) ? I have never heard of a Honda dealer jacking up the lease buy rate and they can't change the residual - so just ask them and see what they say. Compare what a few dealers say and if they all agree you have the right numbers.

In your case, the model you want is list as a "current offer" on Honda's web page. With the info given there you can solve for the residual and MF on the lease. Residual is easy, they give MSRP as $21,795.00 and the purchase price at lease end as $13,512.90 which is 62%. If you plug the net cap ($18,867.32), residual, term, and payment into a lease calc and solve for MF you get 0.00217 (5.21%) - which is not that great of a lease deal.

The lease special is just a suggested deal and is usually not a very good deal. You negotiate a low price (say at invoice) for the Accord, destination, and dealer doc/prep fee - then plug that number in and see where the payment falls. Roll in the $595 bank fee, taxes, etc as you want or pay them at signing. The only thing you need from the offer is the residual, term, and MF on the lease.

Dennis

morad1

Thanks dwayne, I'll give that a try and see what people are offering.

jdunnisher

dwynne has the correct MF (0.00217) for AHFC's April lease program, provided you qualify for their top credit tier. The residual of 62% is for a 12k lease. Since you are looking for a 15k per year lease, you would just subtract 2% from the residual.

I am also shopping Accords right now, and have confirmed the aforementioned numbers at a local dealer. Unfortunately, this isn't a great time to lease an Accord. I think I'm going to wait another month or two to see if AHFC comes out with better lease rates as they get closer to the new model year.

As dwynne also noted, you don't really want to target the advertised lease specials, as they are typically based on MSRP. Now that you have the MF and residual, you can use one of the many online lease calculators to determine what your monthly payment should be once you've negotiated a vehicle price that you're comfortable with.

exhaust

I'm looking to lease a 2008 Accord EX-L auto in the NYC area and was wondering what I should expect to pay per month for 36 months 12,000 miles a year and $0 down and what purchase price I should aim for.

bvdj84

Well, I am in Indiana, I got an offer of $343 with about $493 due. Not bad!
But with so many other deals offered, this deal looks just fair! But this car is
a Honda!!! Got love the Honda!!

bvdj84

I think that I am going to accept the offer of $493 down with $343 a month on an Accord!! Does this sound good??

It is a 36mth, 12k lease.

Let me know!

benzserviceguy

Just picked up the car about 1hr ago. Here is what we got:

08 ACCORD EX-L V6
Graphite Grey (dark metalic silver) with Grey leather interior
We leased for 36 months, 12K per yer.

MSRP: $28,695.00
Residual valve $17,217.00
60% residual with 12K miles/yr
Money Factor of .002450 (5.88%) - this is the BUY rate for Super preferred credit (over 710 beacon score)

Selling price $26,105.00 ($300.00 back of invoice)

We gave a check for $3,700.00 - this included 1st mo payment,
assignment fee (bank fee) of $595.00
Doc fee of $45.00
Tax, title & license fees
Cap cost reduction of $3,149.41
TOTAL CAP COST = $23,572.59

Monthly payment of $277.18 PLUS 8.25% cali tax of $22.87 = $300.05

WE FEEL GREAT, THE PROCESS WAS PAINLESS AND WE GOT IT FROM WOODLAND HILLS HONDA IN WOODLAND HILLS, CALIF

WE LOVE IT !!!!

bigdove

we just leased a 2008 honda accord exl in nyc. we are paying 339.00 a month. no money down no bank fees etc. we think we got a good deal. did we?

cjb8

Honda sent me literature for my 2005 Accord (LX V6) saying that the payoff quote is non-negotiable. Considering my car's blue book value is ~$15,610 and the payoff is $12,500, I figured I would buy the car and, if I wanted a new car within a year, I could sell it and still end up with a profit (or at least very little loss).

My question is, is the payoff quote really non-negotiable, or are they just saying that because they don't want you to try? I know that the financing company does not want my car, and I have negotiated the cost of a previous car (Ford) in the past (at the end of its lease).

socal9

I am currently leasing a 2004 cr-v that is due to be turned in, and its residual value is $12,441. I'm looking at the ex-l sedan (w/nav), and live in Orange County CA. The MSRP I've seen on Edmonds is $30,260 (invoice = $27,404), and the best price I've been quoted is $28,300 + fees with a residual of 58% after 36 mos/12k per year. MF = .00217. I really like what the Edmonds calculator says my monthly payment will be, but I just don't trust that number! Would one of you oh most knowledgeable folks plug those numbers in for me and see what _you_ get? Thanx.

kyfdx

Using your numbers..

$30260 MSRP
$28300 Selling price
58% residual
.00217 MF

Payment = $398.09

I don't know the numbers... just doing the math with the numbers you provided.

regards,
kyfdx