2013 and earlier-Honda Accord Lease Questions

kingpcgeek

The dealer is quoting me a 57% residual on a 36 months and another quoted me 57% on the same 36 months

HUH?

spidy99

Could someone (Maybe a Host) tell me what's the current money factor and residual value for a 2009 EX-L with Navi (4-cylinder). I am also 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 (12 k/yr) and another quoted me 59% (12k/yr) on the same 36 months (I am suspicious now). Which is the correct current residual value... and M.F. curent in place? :confuse:

Thanks in advance...

CarMan@Edmunds

Greetings spidy99. Here's the info that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Honda Accord EX-L 4-cylinder with Navigation and 15,000 miles per year are .00184 and 57%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The residual value for a lease with only 12,000 miles per year would be 2% higher.

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bvdj84

Car man,

Why does it seem more attractive to lease an 09 TSX base model or even a tech model, than it does for an Accord EX-L V6 Navi. $370, $0 down leases me an EX-L no navi, but I have been told all up into the $500's for a loaded accord, but yet I can get a loaded TSX for cheaper, in the $400's. I am a little confused, and makes me wonder why one would get an Accord when you can get the TSX, other than the V6.

srq5363

I posted this under pricing, too...not sure which forum is best. I've been going back and forth on this with a Florida dealer. What is your opinion?

'09 LX-P $22027 for the base LX-P but it has mud guards, trunk tray, wheel locks and pinstripe (none of which I want) so together, they want $22195
36 months/12K miles
gross cap $22814
cap cost redux $1807
adj cap cost $21007
MF=.0018
Residual=$14400
$249/mo+tax
$2899 at start includes 1st, cap reduction, and $827 in "upfront charges" which I still don't fully understand. They told me the acquisition fee is $595 so I think they are just "stealing" a little profit. The $2899 probably should be $2667. Maybe the difference is the reduced dealer fee---see below.

In an earlier email, I was told the dealer fee is $399.50. In his latest email, he said I literally only pay $2899 to start the lease, though.

The Honda website says the current program for the LX, which my guy said applies to other models, too, specifically shows that the cap cost reduction is $2095. I asked why theirs was lower and was told it was the LX-P not the LX, which sounds fishy. Your thoughts?

One more thing, I received an email from another dealer today who only said that Honda just lowered the MF to "reflect 1.9% APR" which would be .00079. He didn't provide any other info and I am still waiting for clarification.

phxhonda

Here is the situation. I am currently leasing a 2007 Accord SE V-6. The lease will run out in January. I expect it will have around 20k miles when the lease ends.

The residual price is $16.9k. From what I have read Honda Financing won't negotiate on the residual price. Is this a good price for a 2 year old Accord?

I really don't like dealing with dealers, and really like this car. It handles great and I have kept it in very good condition. However I don't want to overpay for the vehicle. I have looked a KBB and a few other sites for pricing. I am interested in getting feedback from other posters on the price. Is $16.9 a reasonable price for a 2-year old V-6 accord?

thanks

spidy99

CAR MAN:

Is the residual value and money factor the same for an Accord Coupe (Nav, Auto). I was told by the dealer that the sedan and Coupe has different M.F. and residual value.

I was told that the residual value for a COUPE IS 55% for 36 monthe/12 K year...
Is this correct? :confuse:

bvdj84

Let us know what deal you get, I would be curious to see how much more you are going to pay than the 09 TSX. I told the dealer, your quotes are going right into Acura territory. I have gotten several quotes, and they are seem more reasonable than the Accord. Now, if you want the coupe Accord, which a hot! I like that car too.

choochbertucci

tonight i was at my local honda dealer (north jersey) looking to lease an `09 accord lx-p. i negotiated a cap cost that was 20,675 including destination charge. msrp is 23,275.

i asked him to run the numbers for a lease with no cap cost reductions to see what the monthly payment would be. now, when the salesperson returned with some lease numbers, he quoted a residual percentage at 62% and the residual figure at 14,305.

correct me if i'm wrong, but isn't the residual figure based on the percentage of the negotiated cap cost (20,675)? if not, i don't see why one would negotiate a sales price if they are going to base the residual on the msrp. i've seen some conflicting information on some websites, one says that residual value is ALWAYS based on msrp, but that doesn't seem right.

also, i thought sales tax was based on the depreciation of the car, not the residual value. he was telling me that the taxes were based on the 14,305.

i'm sorry if i didn't give the right information to answer my question, but hopefully someone can answer. thanks.

kingpcgeek

The residual is based on the MSRP. You negotiate a selling price because one factor of your lease payment is depreciation. Depreciation is the difference between the selling price and the residual value of the car at the end of the lease. So the lower the selling price of the car, the lower the depreciation (and interest).

Taxes on leases are calculated differently based on the state. In most states you pay sales tax based on the monthly payment, in other states you pay taxes on the total selling price of the car, I have never heard of taxes being charged on the residual value of the car. But I do think that NJ is one of the odd ball states with regards to taxes and leases.

Lease Payment Calculation Formula:
(Cap Cost – Residual Value) / Term = Depreciation
(Cap Cost + Residual Value) X Base Rate = Interest
Depreciation + Interest = Base Monthly Payment

kyfdx

I'm pretty sure it's based on the total payments, but then paid upfront or added to the cap cost...

CarMan@Edmunds

Hi srq5363. Honda Finance's current buy rate lease money factor for the 2009 Accord is .00184, which is equivalent to an interest rate of around 4.4%. I don't know what the dealer who told you about the 1.9% was talking about, but they're wrong.

Negotiate as low a selling price as possible on the car that you want and then have the dealer calculate your monthly payment using the aforementioned lease money factor. If I was in the market for an '09 Accord right now, I personally would shoot for a selling price of dealer invoice. You can look up this car's invoice price over in the New Vehicle Pricing section of Edmunds.com.

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CarMan@Edmunds

Hi spidy99. If I am not mistaken, the Accord Sedan and Coupe have the same money factor right now, .00184 (for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing).

Honda Finance's residual values vary by trim level. You never fully described the car that you're interested in, so for now I will assume that you want an '09 Accord Coupe EX-L with nav, The 36 month, 12,000 mile per year residual value for this car is 57%. The resid for an otherwise identical lease of an EX-L V6 w/nav is 55%.

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bvdj84

Car_man,

Does it look more attractive to lease an 09 Accord or 09 Acura TSX?

Please let me know, I am favoring the TSX. But, the Accord would be great too.

gab2409

I hope car_man will shed his opinion on the matter, as I have looked extensively at the two cars (TSX base and accord coupe ex-l 4 cylinder). from the quotes I received, I think I can get out cheaper on a base TSX. I think that is going to be the way to go for me.

bvdj84

Hopefully we will get an answer as, I have asked this before..lol.

It does look more attractive. I would be totally happy with a base model TSX. Still be in better lease terms than the Accord. Based on quotes I got too.

On the TSX you'll get a more sporty transmission, paddleshifters of the wheel, plus I really think you won't lose much style when compared to the coupe Accord. I think the TSX is very cool, or what you call, a hot car..lol. I picture mine, black on black with tinted windows.

Thanks for any insight.

gab2409

the big perks for me are the bluetooth, HID's and fog lights. other than that, I would be fine with either one. but, for the same price, it doesn't make sense to go with the accord, in my opinion.

bvdj84

I agree. That for me is a plus too.

gold233790

Carman-

Could you provide me with the current MF and residuals for a 2009 EX-L coup w/Nav over 36 months, 15k miles per? Thanks.

ac21

kyfdx, CAR_MAN -

I'm in the process of leasing an '09 Accord EX, and this is my first lease so i wanted to get your advise on a couple of questions as I await quotes from some dealers in Chicago

What is the current residuals on the EX for a 36mo lease for both the 12K or 15K mi/yr option? Also, can I assume from your other postings that the M.F. for this car is .00184 for both mileage amounts?

We are trying to decide between 12k and 15k for the deal, as we think we are likely to travel 13-14k/yr. Is $.15/mi on a 12k lease typical for excess mileage and what's usually the break-even mileage between a 15k lease and a 12k plus excess mileage charges? (i can calculate it if there isn't a easy guideline)

I'm also shooting for invoice ($21993) as the selling price on this vehicle based on your advice, but i'm curious how to handle other fees from the dealer such as the destination charge. Do you think that I can get straight invoice given the current environment or should I bake in the destination charge?

Lastly, is there any advantage to putting money down (besides lower payments)? If putting money down will get me a lower M.F. or higher residual, I'm willing to do it, but at ~4.4%, i can't borrow cheaper than that so I don't want to part with any more cash than I have to.

Thank you for your advice in advance. This board has been extremely helpful for a leasing newbie and I'm looking forward to my first transaction

- ac21

dg915

Where can I confirm the .00184 money factor ? I am being told it is .00249

dg915

Car man, Can you tell me the residual value of 2009 Accord EX-L V6 and 2009 Accord EX-L 4 cyl

goody59

Just signed the papers in Northern NJ at Mahwah Honda for a 2009 Accord 4 door Sedan EXL V6 3years/ 36000 miles
Put down $923.50 for ($375.00 first month, $7.50 MV Tire Fee, $331.00 3 years registration/title fee, $3.00 Temp Plate Fee, $8.00 NJCAR DSP Service Fee, $199.00 Documentation Fee).

Price $26548 ( Exactly invoice plus destination)
Residual 59%
MF .00184
Tax 7%
Monthly payment $375.00 thru AHFC ( I redid the calcualtion when I got home and it should come out to $373.75, no complaints here. No back end purchase fees etc.
Thank you to everyone on the Edmunds Forum for making this a painless transaction.

bvdj84

I was offered $332 a month on an EX-L V6 with Navi, $0 Down with first payment due. I believe if I signed and drive it would be $354. Now, I am not sure what the sale price was or the lease rates were. But, does this sound right?

Now, I am trying to trade or get rid of my current car, so I am hoping that I can use the deal to my advantage to absorb the negative equity. What do you think?
I would be trading a 08 Pontiac G6 with 9,500 miles, leather, roof. With plummeting Pontiac values, I might get screwed. I thought I could lower it down to the 4cyl with navi to lower the lease deal, then factor in the trade. I would be happy just to get a Honda back. But getting loaded Accord sounds nice. Let me know. My payoff on the G6 is around $20-21k. Thanks guys.

ac21

fyi for future buyers, just signed in Chicago at Fletcher Jones Honda for a Accord Sedan EX I4 -

36mo/15K miles Balloon Financing (leasing is a bad option in Chicago);

Invoice + Dest: 20662
Cash Price: 20,000
APR: 5.3% ( AHFC standard)
Resididual 60% (AHFC standard)
Taxes: 9.25% (i love chicago)

good luck everyone.

pej7445

BVD84,

Wow - $332/mo for an EX-L w/ NAV? Where was that? I'm getting quotes of 439/mo (12k/year).

Any info would be much appreciated.

bvdj84

I know, I am very curious on why that is so low, I got the quote I believe in Indianapolis. I got a quote from $484 to all the way down to $332. I don't know why I even bother getting quotes from my local dealer, which is Bob Rohrman Honda, their quotes are always higher than the rest. I always ask for a sale price, but I would be curious on what their doing to keep the payments up. Lease rates, tweaking on the back end. Some dealers are more than happy to get you a good deal. They need to, many are holding off, saving, I would too. Don't be in a hurry. As much as I want to get an Accord or Acura TSX, I think if wait til spring, it'll be worth it.

Now, the low quote I got was apparently an "internet" quote.

bvdj84

I think your $439 isn't bad. I think its sale price is around the base model of the TSX. So the lease payments are close. I think if I put $1k down, I could get around $400. Which is good, I am seriously thinking a V6 would be worth it, considering the mileage. But, I do love the looks of the Acura, plus its paddleshifters, which the Accord is so lacking when compared to other cars now.

What was your sale price on the quote?

mbradford

Wow! Are they requiring you to put anything down? Even TTL/fees? Is it an 08 or an 09?

asheh

Here is your lease quote for the 09 Accord LXP sedan auto.
Honda lease: 36/12 K with $2000 out of pocket your monthly payment will be $219 + tax for 36 mos .

The 09 Accord EX 4cyl. sedan auto : Honda lease: 36/12 $2000 out of pocket your monthly payment will be $244 + tax for 36 mos.

The 09 Accord LXS coupe auto : Honda lease:36/12 K with $2000 out of pocket your monthly payment will be $244 + tax for 36 mos.

The 09 Accord EX 4cyl coupe auto : Honda lease: 36/12 K with $2000 out of pocket your monthly payment will be $255 + tax.

Not sure what the make of it.

toyoman8

forget KBB, go on craigslist and see what other sell the car for. go on cars.com and see what other dealers and people sell it for if the residual value is close to what people sell, then you did good buy the car off, if not well you know the answer to your question

bulion33

Hi bvdj84...I too was offered a similar quote to yours. Here's what a dealer in SoCal quoted me:

2009 Honda Accord Sedan EXL w/Navi
MSRP $ 31,425.00
Internet $28,514.92

Lease Terms: 36 mos./ 15,000 miles $00.00 down payment
36/15K Drive off's ($670.97)
$351.51 includes taxes

However, when I put in his residual (55%) and money factor (.00184) the math doesn't add up. Am I calculating this wrong or is he trying to pull my leg just to get me into the dealership? I basically said that if I can get this quote in writing I'm there to pick up the car. Do you guys think this a good deal?

zman16

Hi Bulion,

That is a great deal if he holds up on the quote. I would be suspicious but they could be getting extra incentives from honda for meeting a sales quota or something.

Let us know how you make out.

2keylicious

i got a quote from a honda dealer on an LXP sedan - 36/12 $259 month with $1800 out of pocket (tax, DMV, first payment). can i do better?

bvdj84

$670 would be considered monies down wouldn't it? I would not pay that. Why are they asking that? Yes, good deal!

tenstepn

Hey guys! I have an end of lease inspection scheduled for next week, and I was just wonder what to expect...I'm a little nervous. Someone rear ended me last March, and did about $1500 worth of damage (confined to the deck lid and rear bumper cover) is this something they are going to ding me for?

What about little stuff? Dings - got a couple, scratches? got one of those on my passenger side mirror...

What all do they look at? Exterior body, interior? I have new tires..

maintenance records?

Anyway, someone enlighten me...they are coming to my place of employment and if everything checks out I'll be picking up an 09 Accord EXL after they are done...will I know if I owe anything after the inspection?

Ok, that's all!! really!

Thanks again!

jhinsc

Not necessarily. The drive-offs are probably first mo, taxes, misc fees, etc. A down payment would actually reduce the amount financed in the lease. I agree this sounds a great deal, but I would be wary until I saw the lease contract and all the numbers to be sure it was true.

jhinsc

Did you have the damage repaired? If not, of course they're going to "ding" you for it. I assume you have an Honda now, and if you have an Honda lease, you can go to the Honda.com website and look up under financial services what the expectations are at lease-end.

bulion33

Yes, you are correct. It's actually first month (with tax included), misc fee, etc. I am NOT putting anything down. It's funny though because the dealer said that he would honor this quote and that it's a legit deal but yet would not give me the selling price of the car. He gave me some "internet special" price as I guess the selling price when he initially sent me his quote but when I did the math with the numbers didn't come out to what was quoted. I am supposed to go into the dealership some time this week so I will keep you all posted.

teach42

The lease on my 2007 Accord V6 SE 4dr goes up in January and I'm debating what to do. Residual is 16,894.
Car has 18,500 miles, on a 12K per year lease, so I'm well under.

What I don't understand is how to determine what the car is actually worth. Do I have any positive equity in the car that I could use as a trade in towards a new car/lease? Or should I just buy it out since I know the miles are relatively low and I know I've driven it easy...

This is my first lease, so I'd appreciate any assistance people can give me.

tenstepn

Yes, the damage was repaired and looks just like new! - Thanks for your reply!

CarMan@Edmunds

Hey bvdj84. The lease programs for the 2009 Accord and 2009 TSX are actually fairly similar right now. The TSX's residual values are slightly better, but its money factor is slightly worse.

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CarMan@Edmunds

Hi gab2409. The lease programs for the 2009 Accord and 2009 TSX are actually fairly similar right now. The TSX's residual values are slightly better, but its money factor is slightly worse. Given its higher MSRP, I don't see how the TSX would be cheaper to lease right now. What quotes are you getting on both of these cars?

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CarMan@Edmunds

Here's the information that you're looking for, gold233790. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Accord Coupe EX-L 4-cylinder with navigation and 15,000 miles per year are .00184 and 55%, 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

Welcome ac21. I;'m glas that you find this discussion so helpful. Since you are new to leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

Here are the answers to your specific questions. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Accord Sedan EX 4-cylinder without leather or navigation with 15,000 miles per year are .00184 and 60%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The residual value for a lease with only 12,000 miles per year is 2% higher.

The destination charge is considered to be part of vehicles' prices. All consumers have to pay this fee. I don't know why most price guides don't automatically include it in them. Bank on including it in the price that you will have to pay. Invoice including destination is still a very good price for an '09 Accord.

Putting money down on a lease is actually a bad idea. It has no impact upon vehicles' money factors or residual values. In fact, I always advise consumers not to make any sort of capitalized cost reduction when leasing. Those who make one risk losing part or all of it if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, it is much safer to go with a zero down lease.

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CarMan@Edmunds

Hi dg915. You never mentioned how long you want to lease for or what mileage allowance you need, so for now I will make some assumptions. Let me know if you want info for a different set of variables. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Accord EX-L V6 Sedan without navigation with 15,000 miles per year are .00184 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 '09 Accord EX-L 4-cylinder Sedan without navigation are .00184 and 59%.

You need to have a credit score of 710 or higher to qualify for Honda Finance's top credit tier. If your score is lower than this, your money factor will be higher.

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CarMan@Edmunds

Congratulations on getting your new Accord, goody59. Thanks for taking the time to share the details of your lease with everyone. If you'd like, you can hop on over to the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others as well. Enjoy your new ride :shades: !

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toyoman8

hello. I live in Houston, TX and interested in leasing Accord EX-L 6cyl. 36mos x 12k

My first question for people who know:

1. Is it doable to get an 08 accord for an invoice or bellow?
2. Money Factor
3. Residual Value
4. Aquis. Fees

kiml4

Hi: I am at the end of my Honda lease and only have a 10 day extension. This time I want to lease an Accord sedan XL 4 cyl. Unfortunately I cannot take the time to research pricing, or do hard negotiations. Could anyone tell me what would be a fair monthly payment in Long Island, NY, with no out of pocket (except tags) for 36-39 months? I need to have the lowest monthly payment as possible and would put everything else into the back end.

Thanks so much for your help. I don't like doing business like this, but it was not intentional neglect. My mom passed away recently after a long illness and my mind has been trying to deal with that. Again thanks!

Best,
Kim

asheh

Car_man,

Please tell me what you think of this.

The selling price for the 09 Accord EXL 4cyl. sedan auto is $24,120 incl. D+H. The money factor is .00184 and the residual is $16,424.25. There is no security deposit due.

lease quote for the 09 Accord EXL 4cyl. sedan auto. Honda
lease: 36/12 K with $2000 out of pocket your monthly payment will be $269 + tax for 36 mos.