2013 and earlier-Honda Accord Lease Questions

indianajohns

Leasing thru Honda Finance is awesome

Yeah, it is really awesome. Except for the 7% lease rate compared to everyone elses 0-5%.

chutist

Anybody know what the rates are between now and the end of the month? I've been looking at 2009 Accord EX-L V6 without Nav - great credit.
36 month lease 12K miles a year.

MSRP is 29225 and the best price quote is right around 26K. I haven't said anything about a lease to the dealers...yet.

This is my first lease so I'll be off reading everything here... I'm good at "buys" but there seems to be a lot more to WATCH on a lease.

Words of wisdom?

We will keep the car but money is tight so we're thinking of leasing to keep the payment down...

indianajohns

Once you start getting lease quotes from dealers on that EX-L you will probably realize that leasing an Accord is not very smart. I'd take the $26,000 sale price and get a bank loan for 72 months. Your payment would probably be around $430 per month vs. $390-$410 on a zero down lease. For a couple more dollars a month you would own it.

Take advantage of Honda's great resale value. After 3 years you'd owe around $13,900 and you could trade it off just as if you had leased it. Even if it's worth only 50% of it's MSRP after 3 years you are still coming out ahead.

chutist

Don't really want to get into a lease vs. buy debate.

....that said....I wished my crystal ball worked as well as yours. If it did I would have LEASED my 2005 Suburban and pitched them the keys at the end of 3 years. There is a value in keeping your options open.

I'd like to get the Current MF and residual info so I can run the numbers and make an informed choice for myself.

If somebody has the current lease rate info, that would be helpful. :shades:

djhalptert

Last I heard it was 60% residual on a 36 month and MF was .00249. If you negotiated a price of $26,000. Your monthly payment would probably be about $395. I'm with IndianaJohns, I would definitely buy it for a couple more bucks.

mookie14

Hey guys my lease is up 8-2010 at this point i want to keep it may change. But anyway how does this work if i give it back and get another honda is it easy to get another honda down pymt etc. How does this go dwn also if i want to keep this one how do i finance it seeing thats its used. thanks.

chutist

Thanks,

The price is down to 24650. Using the calculator at Edmunds:
Cap cost 24650
Tax 7.25 1787
Tags 370
Residual 14790 (.60 of the 24650)
Payment 413.42

Too bad the Residual is not "fixed" on the invoice, bargaining down the price also bargains "down" the residual... Right? I though remember reading somewhere that some brands have the 3 year residual on the invoice as a fixed amount?

I'd like to find a better calculator...it forced the money factor to .0025 and INSISTED on adding a Security Deposit. Or maybe a link to the formula so I can just do the calculation myself? :shades:

Current promo from Honda has 3.9 for 60 months.
So no down...less the "security"
Sales price 24650
Tax 1787
Tags 370
TOTAL 26807
Payment 492.48

For a delta of 79.06 per month...

Hey it's just a couple of bucks a month... I've got two kids in college and a 3 year old in day care...could I get both of you to send me a couple of bucks a month? Hey it's just a "couple" of bucks! :P LOL!!!!

Better deal to buy? Maybe, but I'm in a cash crunch for the next 3 years…80 Bucks a month is a fair amount of coin at this time. So the choice is not as clear cut as it appears. :shades:

kingpcgeek

Too bad the Residual is not "fixed" on the invoice, bargaining down the price also bargains "down" the residual... Right? I though remember reading somewhere that some brands have the 3 year residual on the invoice as a fixed amount?

Residual is ALWAY based on the MSRP, not the selling price of the car.

Use the lease calculator HERE

chutist

Oh you are the KING. Thank you! :shades:

So now we have :
MSRP 28695
Base Cap Cost 24788
Residual (.60) 17217
MF .00249
Term 36 months

Sales Tax% 7.25

Payment 314.90+ 22.83 tax = 337.73... now we are talking!

Depreciation 7571
Finance Charge 3765
Total Sales tax 882

kingpcgeek

You sure the quote you have is for a V6? The price you have is around $2000 under invoice. I haven't seen anyone here get close to that price. If that price was for an I4 then it would be around invoice, and much more realistic.

indianajohns

I actually had said to buy the car at 72 months. A $25K loan at 6.9% for 72 months would only be $425.

Also, on you lease calculations you need the NET CAP COST, not the "BASE" cap cost. The cap cost is just the negotiated sale price. In your case $24,788. The NET CAP COST is the sale price plus any and all fees. So add to that $24,788 you at least an acquisition fee of $595, and maybe/probably tags, title, doc fee, sales tax, security deposit. Depends on your state laws and dealer greediness. Point being you are probably back up to $27,000 anyway.

I also agree with KingPCGeek, that sale price can't be on a V6. If it is they are just trying to lure you in. Then they will hit you with all kinds of BS fees to get their $2K back. You CAN'T lease a $29,000 EX-L V6 for 36 months with ZERO down for less than $390. It's mathmatically impossible.

chutist

I understand..I am talking about a 2008, NOT a 2009. Don't know if the residual or MF would be different from what I used?

I'm was surprised at that much BELOW invoice, but I have it in WRITING and I've got 3 dealers within $100 of that price. Maybe there is some factory to dealer cash we don't know about?

Read for yourself and correct me if I'm wrong. I was doing a "trade off" between a Accord (practical) vs. Civic Si( FUN!). Here is the email with the contact info xxx'd out per the rules here:

XXXXX is currently handling some other matters so I'm responding to your email. We can do 24788 on the 2008 EXL V6 plus taxes and registration. In terms of the 2008 Civic Si which is a fabulous car, $20741.80 plus taxes would be our price on one without navigation. The exact car does have the high performance Michelin Pilot Exalto. Please either write back with questions or call the office.

xxxxxxx
Internet Director
xxx xxx Honda Superstore"

Am I missing something? :confuse: Looks like a good deal to me! :shades: I know it's surprising, even to me...but SEVERAL of the dealers I checked had 4 or 5 2008's just like I'm looking at....plus 2009's on the ground.

Thoughts? Seemed like a smoken deal to me and I am planning to complete the purchase on Friday.

Are there any legitimate additional costs to the dealership that would keep them from honoring the price on a lease vs. a purchase?

indianajohns

We all thought you were talking about a 2009 because you said......"Anybody know what the rates are between now and the end of the month? I've been looking at 2009 Accord EX-L V6 without Nav - great credit.
36 month lease 12K miles a year.

MSRP is 29225 and the best price quote is right around 26K. I haven't said anything about a lease to the dealers...yet."

This changes everything. I would expect that you probably could legitimately get that price for an '08.

chutist

I understand your point...and I appreciate all the opinions. :shades:

If somebody tries to "bait and switch" me they would just see my backside…. as I leave.

As you can see in my reply above...I have the quote, in writing. And it's not just one guy...

I'm just exploring my options. I did a 72 month car loan....once. I really didn't like it.... So MAX loans for me are 60 months.

There is some "value" in letting them have the "risk". Again I point to the Suburban that a few years ago was the hottest thing going...now it is a true White Elephant. LOL!!!

djhalptert

I also thought CHUTIST was talking about a 2009.

As of Sep 24th, (not sure if this is current), MF was .00270 and res was 56%. Again, unsure if that is the actual current MF and residual.

YOUR PAYMENT WITH THESE NUMBERS WOULD STILL BE OVER $400 A MONTH.

I would consider buying it or if you are totally convinced to lease, I'd get a 2009 for the same price.

chutist

You are quite correct, my mistake.
2008.

I've been running numbers first 2008 vs. 2009 Accord EX-L V6 and the Civic Si....and things are starting to run together. It didn't take long to figure out that the 2008 was going to be one GREAT value for 2K under invoice! And that's my wifes first choice... :shades: The 2009's were running about 1500 more.

I had to make a spread sheet and question list to ask each dealer JUST TO KEEP IT STRAIGHT. And make sure I was compairing "Apples to Apples"...

I may well end up just buying it. I have CU financing for 60 months at 4.5% and Honda is offering 3.9% if I remember right....

djhalptert

I've been running numbers first 2008 vs. 2009 Accord EX-L V6 and the Civic Si....and things are starting to run together. It didn't take long to figure out that the 2008 was going to be one GREAT value for 2K under invoice! And that's my wifes first choice... The 2009's were running about 1500 more.

Just remember, the 2009's may not have a better selling price than the 2008's but the 2008's have a 4% lower residual and 0.52% higher money factor. So again, you could really end up leasing a 2009 for the same price as a 2008. I still think it's smarter to buy either of them though.

chutist

Yes with the higher MF and lower residual, better to buy the 2008.

bvdj84

What highest trim on the Accord do you think I can get for under $400 on a lease?

Let me know.

Thanks

jb_turner

EXL V6 with Navi and all the bling Honda offers for it.

bvdj84

Are you sure I can get an EX-L V6 Navi for under $400 a month on a lease? With $0 down??

rhard49

Ditto

I leased my wife an ex-l v6 no money down folded in the sales tax's
(8.25% in NY you must pay the sales tax upfront ( 329 x 8.25% x 39)
and paid 329.00 for 39 months, paid dmv just under 100 bucks and first month payment to drive out the door.

Nav should add between 50-58 dollars a month max

bvdj84

So how low do you think I could go on an EX-L 4cyl>?

jb_turner

You did not say "With $0 down" in your original post.
You asked a specific question and you received a specific answer.

jb_turner

"So how low do you think I could go on an EX-L 4cyl>?"

Few hundred.

There are numerous things to consider in a lease and you are asking very general questions.
Have you tried to find this information out yourself from Honda dealers? Just compare apples to apples between different dealers and go with the best OTD price.

bvdj84

Yes, I have tried doing this several times. It is a real chore. Dealers don't always like to do work like this. Its sometimes better to seek other customers that have had similar deals/experiences.

ebetty

Hi guys! I appreciate all the info on the site!

Do you have any ideas on how to improve this deal?

EX-L AT w/NAV v6 AT
MSRP 31425
Invoice 28636
Tax 1061
DMV Misc Fee 250
Acquisition Fee 1175
Gross Cap cost 31122.34
Residual 58 %/ $18226
Sell rate .00250
1000 due at signing (incl first payment)
sales tax rate 6.75%, Ohio
36 mo 15 k mi/yr = $468.79/mo

jhinsc

What highest trim on the Accord do you think I can get for under $400 on a lease?

It will depend on the lease rate you can get. I got my 08 EX-L V6 on the leadership purchase plan at 3.9%, $0 down and 0 drive-off, 36/mo, 15k miles per yr, $359/mo. Granted this was an 08, net price was right at invoice, and end value was 56% of msrp or $16,100. The LPP plan is similar to lease (same rates and terms), the only major difference is it's titled in your name vs the lease co. It's works better for me since I can deduct the majority of car expenses for business. Look into it and see if it works for you, either way, lease or LPP should be almost dollar for dollar the same as pymts go. I'm assuming if the rate is the same, the only difference would be the higher cost of the 09 vs 08. So you should be able to get for under $400/mo easily. Good luck!

bvdj84

Is this the coupe, they try to up the price on the coupe sometimes.

You can certainly do better. I would reply, that I really want that car, but not at that price. State that you will go elsewhere to get a better price, because you seen better.

Watch out for any extra fees, accessories.

You can do better, your going into Acura territory with that price. The TSX starts around this price range.

ebetty

no it's a sedan. a second dealer quoted $479! they're going the wrong way!

bvdj84

Yeah, a dealer is telling me $370 EX-L 4cyl no navi, $412 EX-L 4cyl navi, and then another dealer told me $537 on a loaded Accord, EX-L V6 Navi.? With $0 down!

Can they be right?

$537 ventures into Acura territory doesn't it? I think I could get a TSX for the price.

This one dealer actually went off on me, I just asked questions on why it seemed so high, and its like as if I offended the man, its not personal, its a car, strictly business... He kept talking over me, he would not let me get a word in. Man, I don't expect you to go broke because I want a deal, but don't be a price gouger either. sheesh! I hung up on him, what a moron. None of us have time to play little games, I want straight up information, cut to the chase. I couldn't believe it. What nerve. And to think some are out there paying those ridiculous prices, and buying their games. Poor people. Not all dealers are like this though, some are really nice and understanding. My VW is amazing!! They truly offer great service.

So if I saw correctly someone got an EX-L V6 with Navi for $359 or this range?? Was this $0 down?

jhinsc

So if I saw correctly someone got an EX-L V6 with Navi for $359 or this range?? Was this $0 down?

If you're referring to my post, mine is without NAV, and it's 0 down as I stated previously on the LPP plan. NAV equipped Accords will have a lower % of MSRP residual value than non-NAV, which is why pymts can be up to $60/mo more over 36 mo's. People will also get different quotes from dealer based on their credit scores. I think Honda and other lenders now require mid-700's scores to get the best rate. Know your score before shopping to get the best rate.

jhinsc

Yeah, a dealer is telling me $370 EX-L 4cyl no navi, $412 EX-L 4cyl navi, and then another dealer told me $537 on a loaded Accord, EX-L V6 Navi.? With $0 down!

Can they be right?

$537 ventures into Acura territory doesn't it? I think I could get a TSX for the price.

It seems dealers seem to quote leases or pymts NOT based on good credit scores AND inflated prices. Why can't they do what mortgage lenders do - quote base on great credit scores and terms fully disclosed? (ie; 740 credit score and 1 point) It would make more sense to me to see it done that way, then they can quote your specific pymt based on your personal data. Bottom line is to find a dealer whom you're comfortable with and you think is honest with you. If a dealer quotes you a ridiculous pymt/price, just tell them it's seems high and you'll keep looking elsewhere.

bvdj84

I know, it is unfortunate that buying a new car is so competitive, I did tell the salesmen that his quote was too high, and he too so much offense, he literally shut down on me. It was amazing how he switched gears on me so fast. I was just being straight up honest, I told him, I understand the business, and don't expect him to not make the $100 off the deal. But, I stated, I want a fair deal. The deal was too high.
There are dealers that will only move cars at higher prices, rather than keep the cars moving rapidly, at low, medium, higher prices, then atleast your dealership is moving cars off the lot, and not cutting into costs, collecting dust. Cars sitting on the lot for long periods of time is not cost affective. If there is a customer wanting to get a car, and they are so close to moving it, but have to adjust a bit, (not take a huge hit) but an adjustment, then I would move it. Then the car is off and gone!
My local dealer does this, keeps the cars on the lots, unless sold at their higher price. As a salesmen, I would ask the customer, how close am I to the number you want, and I try to meet them there, instead of saying "no, I cannot do that".
Now if there number is way off, then of course, No. But usually if you level with a customer, then you can work something out, making both parties feel important and respected. Notice that the more personable, social sales reps are higher ranked than the others, They are usually sales of the month, because they know how to reach the customers level. Acting all fake or snobby,smothering the customer will get you no where typically. Anyway...lol Rambling

Sometimes though doing business over the phone where you cannot see the numbers in person is not really smart. I believe my credit is in the 700's, and before the always bumped me up to super preferred.

dif

I have just received the following lease offer after a reasonable amount of research and was happy to hear these numbers. Please let me know if this offer sounds reasonable.

Honda Accord EX
36 month
15k miles/year
$1,790 Total Out-of-Pocket
$290/month

zman16

My local honda dealer just notified me that Honda is offering a reduced MF on all 36 accord leases. The MF rate has been reduced to 0.00157 the rate is good until the end of this month an he said it may be extended.

This is the deal I received on a 09 V6 ex-L sedan.

12000/year 36 mos
MSRP 29475
Selling price 26774 (includes destination)
Residual = 60%
MF = 0.00157

I'd prefer to lease a new maxima so I will probably wait to see if Nissan lowers their MF next month. They are only offering 500 cash incentive towards leases at the moment.

CarMan@Edmunds

Hi dif. Looking at this car's selling price is a great way to tell how good a deal this is. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. I personally would never lease anything without knowing what price I was being charged for it. If you tell us what this number is, I am sure that either myself or another knowledgeable community member will be happy to give you their opinion on it.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

bvdj84

Okay, is it just me, that the loaded Accord is perhaps more than a base model TSX lease? That would make sense, because the TSX base price is around that range, but it seems to me you could get into a TSX cheaper, even perhaps with the tech package.

Whats wrong with this picture?

Would one want to get the TSX?

drnick5

my lease is coming up for my 2006 accord EXl w navi

I'm WAY under the miles (I'm at about 33,000 and have a 3 year 45,000 mile lease) so I'm sort of forced to buy it.

anyway, I'm wondering the BEST way to go about this. should I finance through the dealer? go to a private credit union? is my buy out price negotiable? any other tips you can recommend for doing this?

thanks in advance!

kingpcgeek

why are you forced to buy because you are under miles? that makes zero sense.

drnick5

well, I'm technically not forced.... but in my opinion if I give the car back and lease another one, arn't I just giving the dealer equity? (given the fact I have paid for 45,000 miles of depreciation and only driven 33,000)?

what doesn't make sense about that?

kingpcgeek

You are not giving the dealer a thing, its not their car. The car is the property of Honda Finance. All the dealer does is hold the car for Honda until it is taken to auction.

kyfdx

I get your point about possibly giving up equity in the car (no matter who it belongs to), but you should probably check current pricing before making that assumption.

It's possible that your car isn't worth the residual, even with the low miles.

regards,
kyfdx

drnick5

thanks for the tip kyfdx,

I did a quick KBB lookup and got a trade in price of about 14,000 and a private party price of about 16,000 (assuming good condition, 4 out of 5 stars)

so I guess I'm not really forced into buying it, but I have no complaints about the car and I did buy the extended warranty (although I coudl transfer that if I decided to sell it)

decisions decisions....problem is I wouldn't lease a new accord (my brother has an 08 exactly like mine, I don't like how big they have gotten, although the car is nicer)

kyfdx

I know what you mean... the Accord sort of out-grew us, rather than the other way around, as well..

The good thing? If you want smaller, you can move down in class. Get a car that is virtually as big as your old Accord, and save money.. (I like the Mazda3).

kingpcgeek

What matters is what the residual value at the end of your lease term. That is what you have to pay Honda if you want to buy the car at the end, there is no negotiation to that price.

Be very leery of KBB values at this time. With new car sales so slow, dealers are dropping prices like never before, which in turn drops used car values. This summer I looked at trading in my wife's 06 IS250 for an 08. KBB showed a trade in value of about 22K. No dealer would give me more then 20K.

People on these forums are buying brand new Accords for 19k or less so that is going to depress the market of used Accords.

drnick5

well, the problem is I won't be able to find a new accord with the features I want (I had to order mine, my brother just got an 08 and he had to order his as well)

I paid about 24,500 for my accord, a new one just like it would be about 28,000 or so. don't think thats going ot be an option

bvdj84

Well, I have decided the TSX is a better lease option for me, the Accord is a bit steep for its price, when I can get nice base model TSX with more options, for literally not much gap between the Accord. $370 for a 4cyl Accord no navi? For a little more, I can get a TSX.

10sfan

I have a similar delima, but based on the past 6 years of owning Acura's and using both Honda and Acura dealerships, (several in my area) Acura customer service and overall treatment from start to finish is better. Loaner vehicles are never a problem and your TSX has 12k miles and 1yr longer on the warranty.

cruiser8_8

Could someone tell me what's the current money factor and residual value for a 2009 EX-L with Navi (4-cylinder). I am looking for the lease buy rate for 12k/yr and 15k/yr on a 36 months lease. The dealer is quoting me a 57% residual on a 36 months and another quoted me 57% on the same 36 months (I am suspicious now). Which is the correct current residual value...? :confuse:

Thanks in advance...