2013 and earlier-Honda Accord Lease Questions

sparkland

It looks like "Mr. Opportunity" came out of hiding a little early this year, but his deals are nothing to write home about. Not much different than before his arrival.

w5t

That is a great deal! Are you putting any money down upfront?
So far the best I have gotten from the dealer I went to here in North Carolina is a sell price of $29K using the .0018 factor and a 56% residual he is quoting me $440 per month with no money down. I ran the numbers on my HP and keep coming up with $421.00. I am not sure where the extra $20 per month comes from and have asked via v-mail for an explanation.
Do Honda dealers get a hold back on Accords or is there a specisl dealer incentive on selling them that you or anyone else knows about?
Thanks for the info!
WT

kingpcgeek

No that deal is not that great since it is based on MSRP. But using the new lease factors at invoice you can save $20-$30 a month.

vsp59

??? Not sure what you mean. I just registered on this site a couple of days ago... And only to reply to EX-L V6 NAV question since I felt it could be some help.

sparkland

"Mr. Opportunity" is the cartoon character who does the advertsising campaign for Honda on their commercials. I was not directing that statement at anyone here on this board. My point was only that the lease deals for the Accord have not changed substantially since the 2008 came out.

Sorry for the misunderstanding.

Brad :shades:

bvdj84

Yep, of course not, probably the Accord is selling quite well, so they don't want to over do it. Though they should up their game, because the competition is getting really stiff.
Though, I would get a new 08 TL, since its the last year of its cycle, and its truly an amazing car! The Fancy version of the Accord! So if I had to choose now, it would be the TL, the most bang for its buck! Not to deter anyone away from Accord, because I am a Honda guy, but right now you would be silly to not at least look at the TL, because the deals are better.

mplshondadlr

I think you have the worng money factor which is why your lease figures are different then the dealers. The money factor for the Accords is .00200.

petepat1

Hi. I am calculating my lease offer for a Honda Accord EX-L V6 and cannot square the dealer's calculation of the monthly payment with what I am coming up with. I think the problem is in the depreciation: How is that calculated? Is the 56% depreciation based on the MSRP or the selling price?

kingpcgeek

Residual is based on the MSRP

packer3

You should be paying those numbers for the LX-P.

w5t

I went back to the dealer and tried to work him for lower numbers . The best he woul do pn an EXLV6 with NAV on a 36 month l12,000 mi per year lease is $440 per month with Tax and Tags and first month payment upfront. He (or Honda) waived the security deposit. How does tha sound?
Thbja for all your help!
WT

bvdj84

I think thats pretty good. For what you are getting, thats not bad.

Of course, what was your sale price though?

w5t

The salews price he gave me was $29,028.00

ming2

We leased a '08 Accord Coupe at the beginning of the year. My question is when you lease a vehicle and need some body work due to an accident are you commited to have a Honda dealer do the work or can you go to any body shop to have the work done? Also I just went for the first oil change back to the dealer; on the dash when then oil indicator light came on a #1 {tire rotation needed} also showed up. My question here is everytime a new no. shows up at the time of an oil change am I commited to have that work done because it is a leased vehicle? If I don't have that work done at the oil change will I be penalized when the lease is up and turn in the car?

mdhaves

Is this a good deal? They will price EX at invoice.

24/15k: $654.92 down $370.04 month

gforce11

No, you are not required to repair or serviced the car at a Honda dealership. They want you to since they make money that way, but you aren't required to do so. Do what makes sense to you. Just make sure you return the car in great condition and you will be fine.

canddmeyer

There are national Honda programs, and there are regional specials. Go to Honda's website and input your zip code to see what offers come up.

kingpcgeek

There are no additional Manufacturer Regional offers available. Contact a dealer to inquire about additional offers that may be available in your area

comohombre

Does anyone know what is 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 with 12,000 miles per year? Thanks.

gprett

I'm planning on leasing Accord EXL 4 cyl AT and first want to iron out lowest selling price. Got first response back from the dealership and here is their breakdown:

internet Price....................$23845.00
Destination ..........................670..00
splash guards........................150.00
all season floor mats......... 166.00
hands free bluetooth(installed).870.00
_________________
Total..............................$ 25566.00
NJ 7% sales Tax..................1789.62
Tire tax...................................7.50
DMV....................................254.00
Dealer doc fee......................199.00
_______________________
Total....................$ 27816.12

Can anyone give me some feedback and let me know what numbers I can work on? Thanks in advance.

CarMan@Edmunds

Welcome junkneeded. I'm glad that you find the information here so helpful. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Accord Sedan LX-P 4-cylinder with 15,000 miles per year are .00186 and 58%, respectively. The residual value for a lease with only 12,000 miles per year is 2% higher.

Car_man
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CarMan@Edmunds

Hey greggpow. The addition of navigation knocks 2% off of this car's residual value.

Car_man
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CarMan@Edmunds

Here you go, comohombre. 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 4-cylinder without navigation with 12,000 miles per year are .00186 and 56%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

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CarMan@Edmunds

Hi w5t. You definitely should not pay full MSRP for this car, even if it means having to drive to a different dealer. Most dealers are selling it for closer to dealer invoice. Shop around by e-mail or phone if you have to, but you shouldn't have much trouble finding a dealer that is willing to sell you this car for much less than full price.

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CarMan@Edmunds

Hello bobo8652805. Here's the info that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 24 month lease of a 2008 Accord Sedan EX-L V6 with navigation and 15,000 miles per year are .00186 and 64%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The numbers for an otherwise identical 4-cylinder version of this car are exactly the same.

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CarMan@Edmunds

Comohombre, 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 without navigation with 12,000 miles per year are .00186 and 56%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

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bulldog12

Can you give more information? Is it a v6 or 4cylinder. Navigation included? What all is included in your down payment?

comohombre

Thanks for your reply car_man. Do you know what the average security deposit would be around?

hondamattnj

Have you thought about leasing a TL with out nav?

kyfdx

The security deposit amount is the payment, rounded up to the next $25 or $50 increment..

vsp59

Coggin DeLand Honda. Took delivery on 07/21/08.

MSRP - 30,895.00
Negotiated Price - 27,610.07
Wheel Locks, Mu Guards - 220.00
Dealer Fee - 599.00
Acquisition Fee - 595.00
Gross Cap Cost - 29,021.07

Paid 3,600 at signing (did not have to) 2,809.76 of which went to Cap Reduction. I know that it is not a good idea with a leased vehicle but I wanted to cut my car payment in half.

Net Cap Cost - 26,211.31
Residual - 17,301.20 (56%)
Money Factor - 0.00186
FL Tax Rate - 6.5%

Monthly Payment - 349.78

vsp59

Hi Brad,

No gripes. It was my misunderstanding. Born and raised in a different country I do not have the same frame of references.

Cheers,

Vlad

kingpcgeek

Paid 3,600 at signing (did not have to) 2,809.76 of which went to Cap Reduction. I know that it is not a good idea with a leased vehicle but I wanted to cut my car payment in half.

I know it is too late in your case, but for all of the others out there that use this logic. Take the money that you would have put down to cut the payment in a higher interest savings account like INGDirect. If and when you need to make a lower car payment take some of the money out of savings to help with the payment.

You risk losing some or all of your cap reduction as soon as your drive off the lot if your car is totaled or stolen. Insurance companies only pay for the market value of a lost or stolen car, and the depreciation starts as soon as the tires hit the road with you behind the wheel.

vsp59

Test drove TL before getting Accord EX-L V6 NAV. Did not like TL at all. Ride is nervous and harsh. Residual is extremely low what automatically jacks up monthly payments into 400s and this is already G35 territory. TL is not a sport car at all but simply ruffed up Accord. My current car is 2006 Infiniti M45 Sport so I have a good point of reference what true Sport Sedan should be. Took delivery of EX-L V6 NAV last Monday. It will be sitting in my garage till the end of September when M45 goes to its home at the end of the lease. Decided to ride low economics in a more mainstream vehicle.

kingpcgeek

$860 for Bluetooth, wow! I think I might go with an aftermarket product. I am not sure since that will be a dealer installed option if the lease residual applies to it as well. You might wind up paying for the entire $860 during the term of the lease, not the 44%-46% you would be paying for the rest of the car.

vsp59

I understand exactly what you are talking about. Guilty as charged.

kingpcgeek

Wow you took a bigger jump then me. I'm thinking on downgrading from a G35 to a EXLV6. I have also thought about the TL, yes the residual are pretty bad right now but they can be had for $2500 below invoice.

Lease payments I'm looking at including local tax, only first month payment down.

Accord Sedan EXLV6: $449
G35: $498
TL: $451

I have one payment left on my G35 lease, with a turn in day of 10/23 so I do have time. But I'm wondering if July is going to be better then the next couple of months.

mdhaves

4 cylinder, no navi. Includes tax (7.75%), title, tag.

bvdj84

gprett-

What in the world is with all the extra fees? I would hate to have picked a top of the line Accord! Nearly $28k for an EX-L 4cyl> I hope you realize that. You might want to try elsewhere on that deal. BAD price in my opinion. Think about it, if you got an EX-L V6 Navi, would your price be like nearly $34-35k.

With deals on the 08 Acura TL, I would seriously think of getting one of them, because this is the last year of this model, excellent lease deals to be had, even if you waited til the last minute. You would be driving a top of the line Accord! Probably for about the same payment as an Accord.

Definitely think about the add-ons when considering a lease, it is simply a way to make profit, splash guards are pretty much standard, so adding them is silly when classified as accessories. $199 Doc fee? Seriously tell them to reconsider that, it does not take that, I didn't even have a doc fee when I had done my last 2 leases, unless they hid it from me somwhere else.

I have gotten quotes for the Accord, and I know where got that kind of crazy high price. Its a lease, and this looks more like a loan, life long lease.

w5t

Well guys, I finally made a deal with my local dealer after walking out 3 times. I got a n Accord EVL-V6 with Navi for 36 months 12,000 miles no money down for $430.00 per month (Includes tax). I think it is a good deal based on the sell price etc.. I even goth the dealer to make the first lease payment for me so I have a total of 35 to go! It is a sweet ride!!!!!!!!
Thnaks to all of you who hhelped me by giving me information to use in my negotiations!
WT

bvdj84

That is a pretty good deal, since they were offering $370 for the EX-L 4cyl, NO navi.
So a bit more you can get a loaded accord. Good job! It is always good to have it all signed and say good bye to looking for a car for awhile.

fox1021

That is great. There are good deals out there. I got a lease back in January in Georgia. I got an EX-L-no navi with 15,000/year. I pay $371/mo.(that includes tax) No money down and they payed my first month. I thought it would immediatlely get better right after I leased it, but with the economy and more people buying sedans, it seems that my deal looks good now. Your deal is great too!

vsp59

I think you got a great deal. As an additional benefit you will not be lectured about INGDirect account. Congratulations and enjoy your new ride.

kingpcgeek

Gee I guess that was a dig at me.

sparkland

"I strongly suspect that consumer auto leases (at least those sponsored by the auto manufacturers) will be history by the end of the year.

Chrysler has already announced that they will exit the lease business on August 1st. Cerberus Capital not only owns Chrysler and Chrysler Financial but controlling interest in GMAC as well. So I suspect GM will follow shortly.

Ford took a $2.1 billion charge for the quarter due to falling lease residual values.

Honda just released their first quarter financial report and noted that they expect falling lease residual values in the USA to cut their operating profit by $231 million. Just look at the residual calculations on 2006 Ridgeline's as an example of how wildly they miscalculated.

I believe the manufacturer sponsored consumer lease will soon be history. Only time will tell."

This information was quoted from "Joe" on the ROC forum.

Interesting reading. :shades:

kingpcgeek

For the US manufacturers I can see that. But as a percentage I am sure they lease a lot less cars then the Europeans and Japanese because their residuals are so bad. I only lease cars so I don't even think about a US car because a Japanese lease is so much cheaper. Toyota, Nissan, Honda, and BWM will not stop because they sell too many cars that way. That's really the only way some people can afford one of their nicer cars. Another reprecussion if they stop leases and force people to buy is that only buy a car every 6 years instead of leasing a new car every 3 years.

bvdj84

I never thought that I would ever start the leasing game, I am only 23yrs old, and I have already leased 2 cars. Truly it is the only way for me to get the car I want without having that massive loan. Its crazy, I do believe I have been drawn into the leasing game, where it is hard to stop leasing. 3yrs do go by fast, and you ask yourself, is it really time to trade my car already? Really, that is typically the first option they run when at a dealer, they assume your going to lease, especially at Honda. It is probably easier to do than to get the run around on a loan. Besides all the massive paper work when doing the deal, its quite easy, sign here, sign there, and heres the keys. Its really that simple how a transaction can take. Especially if you already had the car picked out, the price, payment set in email, just go to the dealer and sign and drive! When you sign, its like signing a roll of wallpaper, just basically scanning the words along the way. Mostly getting to the point, that you cannot get out, or break the rules. I will honestly say though, that leasing a Honda is probably the easiest lease! You can basically get out of it, at any time, when your payoff is the same as your trade value, that is the beauty of the Honda, it holds value so well! Leasing gives you the opportunity to try out cars you might like, and have more fun.

Leasing is geared for people who pamper their cars, appearance and care. I think I obsess with pampering my car, but it shows when I turn it back in, and get many compliments.

Will I lease again after my current lease, which ends 2011? Yes, I will, and I have my eye on an Acura!! Perhaps the TSX! 2011 will offer many new advanced rides that are arrive in that time, so it'll be interesting!

Bummer part, that the lease payment is forever there at the end of the month... never ending. I'll never actually own it, but does it bother me now? No.

vital411

You never truly own a car anyway, it owns you. If you buy it you typically will pay 25 or 30% more per month, then in 5 years you "own it" Course then it's got 60k miles, and it's do for a major $ service, and by then you've probably done tires, and brakes, and now it's out of warranty so anything else that starts to go is on you. Then when you finally do go to sell or trade it, it's worth a minuscule amount compared to the MSRP.

Since cars depreciate eitherway, leasing is a way to get in use the car during it's best years while under warranty so all you have to do is pay the payment, and before it depreciates too much you get out and get a new one.

To me it works out the same, but this way i get a new car every 3 years and have the piece of mind to know that it will always be working and reliable.

If a manufacturer did away with leasing i wouldn't buy their cars. And I imagine this be true for many who are in the same position as me.

sparkland

If the manufacturers including the foreign automakers continue leasing--I would expect the payments to be quite a bit higher to offset the poor residuals or a higher initial down payment. That would be the downside to the consumer.

Brad

bvdj84

Yes, true, but sometimes, I think I don't really need to lease anyway. But, like you said, having that peace of mind in knowing that its all covered, that is worth it to me. It almost out weighs the cost of owning an older car in which needs parts all the time. But then again, if you already have a car that you know that practically everything is fixed, than I would keep it as long as you can, and certainly don't trade it in, if you choose to later get a new car. But, at what point do you choose to get a new car rather than dump more money into your old?