2013 and earlier-Honda Accord Lease Questions

kingpcgeek

From what has been posted earlier the I4 is .00186 and the V6 is .00129. The V6 rate was lowered this past Monday and only applies to sedans.

jcastaldo

Anyone lease a Sedan V6 EX-L with Navi lately and have lease details?

thanks

keithdenalixl

My local dealer is advertising the following deal on a 2008 Accord EX V-6:

$219 per month for 27 months, $0 down + $895 bank fee + tax

10,000 miles per year, 18 cents afterwards.

The price looks low, considering they are advertising a 2008 LX-P for the same price, but a 39 month lease and with $595 bank fee.

Does anyone agree that this appears to be a good price?

Does anyone know what the prices should be for 15,000 and 18,000 mile per year leases?

Thanks.

jcastaldo

Who is the local dealer and what city is it in?

keithdenalixl

Huntington Honda in Huntington Station New York.

kingpcgeek

It does not look like they are using Honda Finance. You need to be careful that it is not an open ended lease. You want to stay away from them.

keithdenalixl

It is a close end lease. My main question is what should the higher mileage lease prices be?

kingpcgeek

since its a third party bank we wouldn't know. typically to go from 10k to 12k you deduct 2% on the residual, and from 12k to 15k another 2% on the residual.

kzia

I just visited a local Honda dealer (Planet Honda, Union, NJ) to get more information about the nationally advertised Honda lease: "2008 Accord Sedan LX 4-Cyl Featured Special Lease" on http://automobiles.honda.com/current-offers.aspx?ModelName=Accord%20Sedan.

I specified that I was looking for a basic 2008 Honda Accord Sedan LX (4-cyl), automatic transmission, no options added (as specified in the lease ad).

Basically, it is a 36 month lease with $2,599 down, 12k miles, for $219 per month. The dealer added fees totaling up to $1,735 (included bank fee, first month payment, documentation fee, registration/license/title fees, tire tax, window etching fees, etc), all of which according to him are "required" and due at the time of lease signing.

My question is: what is the lowest additional fees have shoppers found for this nationally advertised lease and from which dealer?

Thanks.

oldbob

Window etching? " Required" by the Additional Dealer Mark-up
Foundation of America.

keithdenalixl

I went to dealership today and test drove car. They are using Hond for the lease. Unfortunately they don't go over 12,000 miles per year. Honda Financial for 15,000 miles per year was approximately $300 per month - no big deal.

jcastaldo

All of these FEES are bull. I have leasted many Honda's and other cars over the year. the ONLY fees required by law are license/title (DMV) fee, tire tax, and sales tax.

Bank Fee goes into dealers pocket
documentation fee goes into dealers pocket
window etching - not required by law. If required by Honda it should be free or included in the price

Also if you have good credit (over 700) you can get a better deal than the one offered by Honda finance. I just got in a 2008 Honda Accord V6 EX-L with Navigation for $328 month total with $1500 paid at signing.

You need to go in knowing what is BS and what is true or they will take you for a ride.

wchang

How would you go in and argue to remove the bank fee and doc fee? I spent hours with two dealerships and neither budged on these fees at all.

In fact, I find it complete BS that both dealerships included the Bank Fee ($595) into the sales tax and lease calculations regardless whether I would pay it up front or not..

kingpcgeek

The "595 bank fee" is the Honda Finance lease acquisition fee. It does not go to the dealer, it goes to Honda finance. You are going to have to pay it if you want a lease from Honda. Good luck on getting the doc fee waived, I've never heard of a dealer that did not charge one.

mplshondadlr

KINGPCGEEK is correct. The $595.00 bank fee goes to Honda, not the dealership. The ACQ fee helps cover the GAP and $1500.00 damage waiver at the end of the lease - both of which are free to the leasee. Remember, Honda does not charge a lease disposition fee either - most non-captive (BofA, Wells Fargo ETC...) do charge you a fee when you don't buy the lease out.

Yes the dealer documentation fee is profit. Here in Minnesota it is capped at $75.00. But, it does help to cover the cost of the office support staff. If your are really upset about having to pay a doc fee, ask the dealer to reduce the selling price = to the doc fee. The doc fee will still be on the paperwork, but you're not paying it. I've had to do that six times in my ten years of selling cars.

kingpcgeek

Yes the dealer documentation fee is profit. Here in Minnesota it is capped at $75.00

Must be nice. Here in Phoenix I have found the low end to be $349 at a Honda dealer to $689 at a Lexus dealer.

jcastaldo

I disagree with you. I just leased a pilot two months ago. There was no bank fee. This is a BS fee. The dealer can waive these fees, I have my lease agreement to prrove it.

mplshondadlr

Not a Honda lease. The $595.00 ACQ fee CAN NOT be waived.

kzia

Thanks everyone for responding. According to the Honda lease details:

"$2,599.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee and capitalized cost reduction; with no security deposit. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like)."

So my understanding is that for this lease, AHFC upfront acquisition fee (which I believe is $595) is included in the $2,599 payment, but any other documentation fees charged by the dealer is not.

kingpcgeek

that is correct

dodgehappy

Helping my sister shop for a new Accord Coupe or Civic Coupe. What are the rates/residuals for an 08 Accord coupe LX-S, EX, and EX-L @12K per year? Also, if we bump up to 15K per year, how much difference will that make?

dodgehappy

Is there any dealer cash out there for the 08 Accords? Our dealer is saying he will do $200 under invoice on an 08 Accord Coupe but I was wondering if Honda has any cash incentives out there he may be holding back. I know when we leased our Odyssey a couple months ago there was an extra $1000 from Honda for the van. I was hoping for the same type of etra money for the accords.

kingpcgeek

there is no dealer cash for Accords

locarnini

What was the term of the lease? Did you lease through the dealership or did you find your own? I am looking for the exact same car and lease terms.

Thanks

mj1228

2008 EX-L (coupe) no navi
4cyl
15,000 mi/36 months
$0.00 cap reduction (inceptions only approx $550.00)
$408.00/month
Dealer quoted money factor of .001860 and residual of 54%
Pennsylvania transaction

any thoughts on this? Also, can I get this for under $400/month?

dodgehappy

I was just quoted the same MF and Resd. for the 08 EXL Coupe with 15K in Central Ohio. My dealer said $399.00 per month w/tax (6.75%) AND $0.00 out of pocket.

mj1228

thanks for the response...sounds like I may be able to work the dealer down a few more dollars....much appreciated....are you going to get it?

carshopper100

I'm actually looking for the same deal. What state and city is this deal from?

I was quoted today
V4 EX-L
12K/36
0 down
Monthly 322.99 + tax

Thanks

kyfdx

PA lease tax is 9-10%.. fyi..

mj1228

thanks....the deal ($408/month) I was quoted includes tax

kzia

Are there any other fees included in "DMV Fees" or "Motor Vehicle Fees" besides license, title, registration, and documentation?

For the 2008 Honda Accord Sedan LX, I think the total DMV fee in New Jersey is $187.50. Does anyone know if this is the first year fee, or does it include renewals to cover all 3 years?

Thanks.

dodgehappy

I am actually shopping this deal for my sisters first car and she is still undecided if she wants the Accord or Civic at this point so I am not sure if we will get the Accord coupe or not. I am also waiting to hear back from other local dealers to see what pricing they have to offer.

carshopper100

I got quoted this price today over the phone. 36 month / 12k miles lease w/ no money down

2008 Accord EX-L Auto
no additional options

$322.00 + tax a month

Thanks

carshopper100

does anyone know what the current money factor and residuals are for this model? Thanks

kingpcgeek

Believe it or not its about the same price to lease a V6 EX-L or a I4 EX-L because of the lease rates

I4 EX-L Sedan
Residual: 56%
MF: .00186

V6 EX - L Sedan
Residual: 58%
MF: .00129

CarMan@Edmunds

Hi dodgehappy. Honda Finance's new buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Accord Coupe LX-S with 12,000 miles per year are .00186 and 57%, 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 lease of an '08 Accord Coupe EX 4-cylinder are the same. The numbers for the '08 Accord Coupe EX-L 4-cylinder without navigation are .00186 and 56%. The residual values for leases with 15,000 miles per year would be 2% lower.

Car_man
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rxke

Hi Car Man

I am interest in leasing a Honda Accord EXL-V6 Coupe either a 2008 or 2009. Do you have the money factor and residuals for this car with 15K for either 24 or 36 months in NY.

Thanks for your help. You have always been a great help in the past.

kingpcgeek

2008 Accord V6 Coupe (All V6 coupes are EXL)
You will want to lease an 08, the MSRP is $500 less, the dealers are dealing better, and there is no difference between the two.

36 months
15k
53%
0.00186

cowkitty

Hey folks.

I got a somewhat decent lease deal on a 08 Accord Coupe EX-L 4 cyl (with $1400 of silly dealer accessories that I didn't want). We agreed on a price of $24,800 OTD.

The problem was that they kept changing the monthly payments on the car. They started with $3000 down and $340/mth. When we expressed concern this was higher than their competitors for the same car, they gave us excuses about residuals, accessories etc and then lowered it to $322/mth. And then finally someone else came out and said there had been a mistake and the payments were actually $280/mth.

So we signed and drove away with our new car - pretty ticked off at the runaround.

NOW... they've called me back today to tell me they made a mistake on the lease paperwork and that they put the residual in for a 4 door and not a coupe. And that we need to come back in and make changes to the lease which will increase our payments by $7/mth.

What is going on? Do I need to do this?? Why would we willingly go back and increase our payments? Isn't a deal a deal? Just wondering what our options are.

Thanks everyone.

bigdove

we got a 2008 honda accord exl 4 cyc. for 0 down no bank fee and it's 370.00 amonth INCLUDING the ny sales tax. don't ever put money down. went to a dealer in brooklyn paragon

kyfdx

If they truly made a mistake in the residual, then Honda Finance won't fund the lease, as is... I'm pretty sure that you signed something that said you would bring the car back, if financing isn't approved.

So.. you have some options..

1) Tell them you won't pay any more, and you are bringing the car back.

2) Sign the new lease agreement for $7/mo.

If you choose option #1, they may re-write the lease with the original payment, to get you to keep the car. Of course, this will mean that they have to lower the selling price by $200-$300 to make that work. This is probably what will happen... unless, of course, they screwed up really big, and have already cut the price just to get to the $7/mo. variance.. Either way, it's their mistake, and eating another couple hundred is better than taking back a car with a couple hundred miles on it..

Just make sure you don't take Option #3. Ignoring them. They will re-po the car, if necessary. I'd insist on the same payment, but you will definitely have to sign a new lease. If Honda Finance won't fund the first one, even though it's because of the dealer mistake, you still have to sign for a new one.

Just convey to them that you are more than willing to just bring the car back, and they'll probably re-write the lease for the same terms, and take the hit on the difference.

Good luck, and let us know how it goes.

regards,
kyfdx
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bvdj84

Wow! The leases are getting much better! a 4cyl EX-L is the best model to get!

cowkitty

Thanks for the advice Kyfdx- you were spot on. I went with Option 1. I called them back and was very polite while I spoke to my salesman.

(The ironic thing was that the morning this all happened, he called me to see how I had enjoyed my car-buying experience and I said I was very disappointed in the run-around in monthly lease payment numbers. FOUR hours later, the finance manager calls to say the payments are increasing again and we need to -re-sign the lease. How awesome!)

Anyways, I explained how frustrating this whole number dance was and that I would bring the car back and void the deal. Honestly, the extra $7/mth was negligible - it was the principle. Seriously, would they allow me to change the terms of a signed contract to my favor? LOL.

He seemed quite surprised since he didn't know about the additional increase. After he found out what was going on, he called me back to say they would eat the difference and we didn't have to re-sign anything. He was very apologetic.

Wow, I am 0 for 4 in car-buying experiences. It's been awful every time. I'm glad I did some research here or it could have been much worse. So for those of you who regularly respond on this forum, day after day to help us all out.. THANK YOU !

kingpcgeek

If you are getting a sedan you can get a V6 for about the same price as an I4 because of the better money factor on the V6

orchid1021

My husband and I went to get a quote yesterday on a 2008 honda accord LX lease. Not sure if this is a good deal? Plus we unfortunately made the mistake of telling him we wanted to trade in a car as well...but here was our deal

2008 Honda Accord LX
$317 a month
12K miles per year
36month lease
0 due (except for NY motor vehicle fee)

How does that sounds? Not too sure since my husband and I were able to lease a 2007 accord that we got last year for much cheaper..

ANy thoughts?

Thanks!

jcastaldo

Does your price include the proceeds from your trade in?

Where is the Honda dealer located in NY?

orchid1021

This deal had nothing to do with the trade in. Also, I want to be sure and get the lease through Honda Financial. any opinions? dealer on long island ny.

kingpcgeek

If will take some time to read this forum or any leasing forum you will find that no one can tell whether a lease is a good deal without knowing the price of the car that the dealer is selling you. If you only negotiate the price of a lease payment you open yourself to getting into a bad deal.

You need:

Publicly Available Items
MSRP
Invoice Price
Current Manufacturer Residual
Current Manufacturer Lease Factor

Items particular to your deal
Selling price (in these car buying times you should be around invoice on most cars)
Lease factor dealer is quoting you (dealers can mark this up)
Dealer doc fees
Local sales tax, and whether you pay up front or every month.
Out of pocket money up front.

jaydoc

In Michigan.
I could have done better if I was not looking for Black E XL.

mj1228

2008 Accord EX-L Coupe/4cyl
15,000 miles/36months
$0 down

Sale price negotiated: $24,462.00 (dealer claims this is $300.00 over invoice)
money factor: .001860
residual: 54%
Pennsylvania Sales Tax: 9%

looks like like the lease payment will be $398.00/month (includes the tax and the mandatory Acquisition fee which added $16.52/month to payment)

Does this seem like a fair deal for me? Thanks