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2013 and earlier-Honda Accord Lease Questions



  • Well I'm on a business trip to NC all this week, and I ended up making a deal at the local Honda dealer (who did maintenance on my car when I lived here).

    I got a black EX V6 auto with Navi with a spoiler, fog lights, mud flaps and wheel locks for a selling price of $27,922. MSRP with the options was $31672. They gave me a 56% residual and .00202 MF. I put down 1500 and there were initially no other fees (get to that in a sec).

    The monthly payments are 385/month for 36 on a 12,000 mile lease. They messed up and thought I wanted silver, but I wanted black. So they ate part of the cost of the first payment, but I had to pay a 350 fee for them to get the car. So at signing I paid 1500 down, plus 350 first payment and 350 to get the car, for 2200 total).

    I think I got a good deal, and I should have the car in a couple of days. Can't wait!
  • Also, the payment includes Virginia state tax (3%). Registration I will probably have to pay for. They are going to give me a temp 30 day tag and send all the info to Virginia DMV, then I'll register when I get back.
  • I live in Illinois and am considering the 2006 Accord EX v6 (leather?) or the LX v6. No other options except maybe a sunroof....

    My question is 2 fold.

    1. What is the target price I should be looking for for these 2 models?

    2. If I were to lease, what should I look for as far as:
    MSRP + Dest -
    Selling Price -
    Residual Value -
    Money Factor -
    Target Lease Payment for 48 mos/12k -

    Any other information I should be concerned about?

    Thank you.

  • hey, just leased an accord Ex-L sedan yesterday (4 cyl) with navigation 5 speed stick. destination will be 550 no matter what. make sure when you get price quotes and do negociating tell them "Including destination" basically, go in first and negociate the selling price of the car with destination, if they ask, say your are still thinking of leasing or buying.

    money factor - .00245 for 48 month 12k
    residual is 49% @ 12k

    I wouldn't suggest leasing for that long personally. because after 36 months the car is out of warranty (and thus if something breaks, you have to pay for it even though you dont' technically own the car) also the money factor is a LOT higher for 48 months as opposed to 36 months (.00192 for 36 months, vs .00245 for 48 months... big difference)

    on my lease the fees I paid were:

    595 aqusition fee
    400 security deposit
    90 dealer fees
    390 first months payment
    120 registration fees

    I paid all them up front (1590 down I believe it was) and my payments are 390 a month for 36 months. I would imagine you coudl get an Ex v6 for about the same (because you arn't getting a navigation system, that should pretty much offset V6 vs the 4 cyl)

    also check your laws, in my state (RI) when you lease you only pay the tax on the portion your leasing (depreciation). but in some states you pay the tax on the full amount of the car, if that is the case leasing isn't a great idea.

    Advantages of a lease:
    Not much if any money down
    Low payments
    pretty low interest
    can drive a new car every 3-4 years if you wish to keep making payments

    Disadvantages of a lease:
    takes longer to pay off
    never own the car (if you don't buy out at the end)
    dealers and salesmen try to screw you in multiple areas (selling price, money factor, fees, etc.)

    my salesmen tries to tell me the money factor was .00265, I laughed at him. and asked how he could even quote me a lease factor before he ran my credit application, and then told him that the lease factor was .00192, after about 5 minutes I had the right money factor.

    Just do your homework and don't be in a hurry, and ya should be just fine, sorry fo the long post, hope this helps

  • Thanks Nick.

    I was under the impression the money factor and residual were the same, regardless of where you buy the car. What residual value and money factor should I shoot for then? Also, I believe in IL, you pay tax on the full amt of the car. Thanks again...
  • Sorry...but how then do you figure out the actual residual value based on 49%?
    Also, what selling price should I shoot for?

    So, if I am looking to lease a 2006 Accord EX v6 with 12k/yr for 36 mos and A+ credit, my terms should be exactly:

    Residual value = 49% = $????
    Money Factor = .00192
    Money Down = Roughly $1500
    Selling Price= ???

    Thanks Nick and/or Carman
  • well if your going for a 36 months lease the residual is 59%.Below is the info I got on the V6. you'll notice the residuals change depending on how long the lease is and the mileage of the lease. do a google search for a "lease calculator" and ya should get one ya just plug the numbers into. I'd figure you could get it for around 25,600 or so (invoice is 25,118 with destination). so assuming that and given you pay all lease fees up front (excluding tax) your payments should be somewhere around 360 a month. coudl be more or less depending on how your state does it's taxes (some you have to pay it up front, and others you can pay it in your payments) good luck to ya!


    2006 Honda Accord 4dr Sedan EX-L (V6)

    24 mo/15k mi - 67% residual – Money Factor .00192 Base Rate
    36 mo/15k mi - 57% residual – Money Factor .00192 Base Rate
    48 mo/15k mi - 47% residual – Money Factor .00245 Base Rate
    60 mo/15k mi - 36% residual – Money Factor .00440 Base Rate

    24 mo/12k mi - 68% residual – Money Factor .00192 Base Rate
    36 mo/12k mi - 59% residual – Money Factor .00192 Base Rate
    48 mo/12k mi - 49% residual – Money Factor .00245 Base Rate
  • Hi r0dxx. I sam work up some lease payments for these different scenarios for you, however in order for me to do so I need you to provide me with these cars' full MSRPs and selling prices. One can't calculate a lease program without these numbers. At least, provide me with their MSRPs (with the destination charge added in ) and dealer invoice prices. All of this info is available in the following section of this site: - New Vehicle Pricing.

    Smart Shopper / Prices Paid Forums
  • Let's work up a lease payment on this car for you, bridonohue, and see what we come up with. According to my calculations, if you were to lease a 2006 Honda Accord VP with an MSRP of $19,025 and a selling price of $17,050 through Honda Finance right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $266. Honda Finance's current lease program on the LX SE is very attractive right now. It is providing a buy rate lease money factor of .00184 on it. You may want to consider leasing this model. I can tell you what your lease payment should be like on it if you provide me with its pricing.

    Smart Shopper / Prices Paid Forums
  • Hello Nick. Honda's lease program for this car varies depending upon how long you lease it for and how many miles per year you need to be able to drive it. 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 a different term or mileage allowance. If you were to lease a 2006 Honda Accord EX-L with navigation through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00192 and 55%, respectively.

    Smart Shopper / Prices Paid Forums
  • Hey Nick. On a typical Honda Finance lease at lease signing you will have to pay your car's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, its $595 acquisition fee, and any required state taxes or fees. Any sort of doc fees that the dealer tries to charge you are nothing more than added profit for them. There's nothing wrong with paying a doc fee, if it's not too high and you make sure to take it into account when assessing the total selling price of your car.

    Smart Shopper / Prices Paid Forums
  • Hi Kevin. If you are in area where there is a decent level of competition for your business, I suspect that you should be able to get a 2006 Honda Accord for a few hundred dollars above invoice right now. For additional pricing feedback on this car, make sure to stop by the following very active discussion: "Honda Accord: Prices Paid & Buying Experience".

    You definitely do not want to lease either of these cars for 48 months. Honda's special lease program on the 2006 Accord is only available for leases up to 42 months in length. You will have to pay a higher interest rate if you lease for 48 months. If you were to lease a 2006 Honda Accord Sedan EX-L through Honda Finance right now for 42 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00192 and 55%, respectively assuming that you qualify for its top credit tier and pay a security deposit. The numbers for an otherwise identical lease of a 2006 Accord Sedan LX V6 should be .00184 and 51%.

    Smart Shopper / Prices Paid Forums
  • Hey kev6873. Vehicles' dollar residual values are based upon a percentage of the full MSRPs including the destination charge. So let's say that they car that you are interested in has a total MSRP of $28,000 and a residual value percentage of 49%. Its dollar residual value would be $13,720. This is the number that the depreciaiton portion of your lease payment is based upon and the price that you would have to pay to purchase your car at lease-end.

    Smart Shopper / Prices Paid Forums
  • Thanks a lot Carman. What price, then, should I shoot for for this car....

    Selling price with Destination and TTL? I am still not seeing anywhere....

    2006 Accord EX v6, standard options
    2006 Accord LX v6, standard...

    Thank you very much.
  • nacho2nacho2 Posts: 82
    I found this forum very beneficial to me and I wanted to share some info on the vehicle that I leased in Los Angeles. Last night, I took my wife to the dealership and I leased for her the 2006 V6 with leather msrp $27850. Specifically Carbon bronze w ivory leather. I went 24 months/15k with an out of pocket $653 and a monthly payment of $366 including tax. I asked the salesman for trunk tray and the wheel locks for the car. Our first honda, she is really excited about the car I am happy for her :)">. Hopefully this helps, and please don't hesitate if you have any questions.
  • car man:
    I must once again rely on you for the truth(and I CAN handle the truth!) Finally negotiated a good sell price on a leftover 05 Accord lease. In asking for their numbers to plug into my lease calculator I was told the money factor through honda is .00365. Oh say it isn't so. Could the 06 be .00192 and the 05 .00365?
  • I'm glad I found this site. I am interested in leasing an Accord, but have questions about lease costs. I'm not sure which one I want. There are three that I would like to compare.
    1. 2006 accord ex L---MSRP with destination=$25,500
    2. 2006 accord ex L V6--MSRP with destination=$27850
    3. 2006 accord HYBRID--MSRP with destination =$30,690

    I'm sure I can talk the price down some, but for now, if I use those prices what would my cost be. I plan to pay the usual fees (by the way--what are the usual fees?), but I don't want to put any money down toward the cost except for the first month payment.
    I'd also like to know the difference between a 12,000 mile and 15,000 mile per year lease. I'd like to only lease for 36 months, although the special advertised lease calls for 42 months. I guess you could give me the technical info and I could plug it into a calculator (if I can figure it out). Oh, my tax rate is 5.9% (lucky me!) and I have very good credit.
    Thank you so much.

  • Hey Carman -- set me straight please!

    Glad I found this forum also. Have my eye on an '06 Accord (auto transmission) EX-L. MSRP is $25,500 (includes destination). Through email negotiations have received a purchase price offer of $21,955 plus fees/taxes, which brings the total drive-away price to $24,175. However, I'm not interested in purchasing -- I want to lease.

    Now that I look closer at his emails to me, the offer specifically uses the words "purchase price" and "you can own" for $21,955. Am looking to close a deal by the end of the year as our county sales tax increases from its current 5% rate to 6% on 1/1/06.

    Have I screwed up by not telling the Internet Sales Consultant that I want to lease? What do I say to get the $21,955 purchase price offer to also be the selling price for a 36 months (or 39, or 42) lease deal? Do you have enough info to give me an estimated monthly payment for a 36 month lease?

    Am probably over-analyzing this, so need some guidance on how to close this out.


  • hey cheezo12,
    Your actually doing the right thing if you want to lease, the WORST thing you can do is walk in and say "I want X payment" What you want to do first is negociate the price of the car (called a "cap" cost in leasing terms) which is what you've done. get that as LOW as possible, after that get them to run your creidt (best to know how it is BEFORE you go, because when I leased, they tried to highball me , BIG time) if you have good credit on a 36 month lease money factor (interest in a lease, expressed in a decimil) should be .00192 (for good credit, with a security deposit down) I believe residual is 57% on the EX-L accord sedan. go here ( and plug thsoe numbers. (MSRP, CAp cost (negociated price) money factor, number of months and residual. running the calc quickly, you should be around 291 a month (this is assuming you pay all lease fees (aqusition, security deposit, and dealer fees) upfront (about 1,000 or so) it's best to pay all those fees rather than roll them in the lease, because then you are charged interest on them. good luck to ya!

  • Looking at EX-L 4CYL Auto - quote is for $22.8k (seems ok not great) - 3 yrs 36K. what is the residual % for 36 and/or 39 months. dealer quoted $340.00 all in (tax, etc) with a first payment of $500.00 (first payment and plates)- no other money down -

    is this a good deal????? help
  • Any luck with the data fromt he above emails...need residuals for 3 yr 36k miles on Accord 4cyl, auto, EX-L also what about 39months? quoted $340 all in (with tax and fees) but think it is high based on calcs?

  • I got quote from a honda dealer today.
    Is this a Good deal?

    2006 Accord Special Edition LX Automatic Special Featured Lease
    - MSRP 19575.00
    - Mile/y 12000
    - Residual - 51%
    - Term - 42 Months
    - Money Factor - 0.00184
    - Initial Cap Cost - 17881.00
    - Adjusted Cap Cost - 16474.79
    - Downpay - 3198.24 (2000 down + all fee)
    - Monthly pay - 203.24
  • hintzhintz FloridaPosts: 56
    I would like to know how you got this deal? and what was your selling price/money factor and residual that they used for this car. Thanks for your advice. You can reply to my email directly
  • Do you have the residual values for a 2006 Accord EX-L auto 4cyl for Dec or Jan? Headed to dealer and need help - looking at 36 month 12k and 15k lease. what other fees should I expect - taxes, tages, doc fee - anything else?

  • Mr. Car Man :)
    So, I've looked at like a crazy person and I think I've followed about every step. I've asked for a Work sheet to be faxed, on what seems like a very good deal. Although I am a little concerned that numbers are being moved around = case in point, the residual value.

    Here is my quote:
    2006 Honda Accord Sedan 2.4 EX
    MSRP 23,950.00
    Residual Value %: 57%
    Residual Value: 13,651.50
    Capitalized Cost: 21,113.00
    Term: 36 Months
    Lease Money Factor .0201 (what is this?)
    Cash Down: 2,000
    total add cap: 640.00 (what is this?)
    total sales tax: 818.70
    Adjusted Cap Cost: 20,372.59
    Cash Cap Reduction: 1,380.41 (what is this????)
    Base: 255.09 / month
    Ttl Inital fees 36.75 / ttl anual fees: 201
    Total Monthly Fee: $274.86 per month

    So If I'm right, at the end of the term, when calculating the residual value + what I already paid on the lease, I'll actually pay 23,545 to buy the car at the end of the term. Although I doubt I will buy the car, I thought somehow I must be loosing out. This deal seems good but I can't understand some of the language. Can you help me? I want to buy on Friday. Help help! help! You're the best! :P

    Thank you!!


    P.S. This is my first car I'm buying, so I'd love the help!!!!
  • P.S. The car in question is an automatic
  • reechzreechz Posts: 50
    does this make sense?
    i think that the numbers are high and I am shooting for something closer to $250 a month

    Honda Accord LX with Automatic transmission
    2006 Honda Accord LX sedan A/T
    $500.00 total down
    12,000 miles per year
    36 month term
    $299.00 including tax
    The buy out price will be $12699.75

    according to the dealer:
    costs include:
    dealer destination of $550.00. The MSRP on the Accord LX is $21525.00 and invoice is $19433.85. The selling price this lease is based on is $19345.63. Tax is calculated by the amount of payments x the tax rate. Using 8.625% the tax comes to $928.40. The money factor equates to 4.66%. The residual percentage is 59%.
  • Honda Santa Monica has a 42 month lease on a 2006 accord LX 4dr auto, 0/0/0 no downpayment, no drive off, no security deposit, includes 1st mo payment and all starting fees

    I emailed dealership and asked for a two year lease.

    they offered $219/mo, and $1495 due at signing.

    please share your opinion.

  • This is my first time buying looking at new vehicles. If I lease from out of town, can my car be repaired under warranty locally? Thanks!
  • kyfdxkyfdx Posts: 70,564
    Yes.. your warranty will be good at any US Honda dealer..

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