2013 and earlier-Honda Accord Lease Questions

nm_socal

Greetings. Excellent discussions here. Thanks for keeping it very interactive.

Question: Let's say I have two cars:
* A (leased)
* B (purchased. Making payments. Not yet paid-off)
(They are different makes. Brand shouldn't matter, but just in case ... they are Mercedes and Toyota. I was looking for an Odyssey ... )

When the lease of A ends, and I wish to purchase it, can I ask them to take "B" off of my hands? Will it work? Will they offer the trade-in amount?

I have a situation where if I purchase "A," the other car becomes redundant in my household. I'd hate to have to sell it in the open market - not enough time in a day!

Please advise. Thanks.

XxHaimBonxX

Sure you can, however, if Toyota is worth less than the payments remaining on it, prepare to pay the difference.

CarMan@Edmunds

Hi JimmyVegas11. Here's the information 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 Coupe without navigation with 12,000 miles per year are .00250 and 55%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier and pay a security deposit at lease signing.

Honda is currently providing $750 dealer cash on 2009 Accord 4-cylinder models. Taking this cash into account, you should easily be able to negotiate a selling price that's several hundred dollars below dealer invoice.

At lease signing, Honda Finance charges vehicles' first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, and a $595 acquisition fee. I believe that it is waiving its security deposit requirement on the '09 Accord right now.

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CarMan@Edmunds

Hi cargirl1710. Honda's current incentives are scheduled to run through March 2nd, however I would not be surprised if they were extended through the end of March relatively unchanged.

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XxHaimBonxX

Picked up my TSX today paying same as agreed. $1100 on credit card and $326 per month. 12K miles, for 39 mos. All paperwork and plates were ready for me to sign, so I did and drove away.

Let me know if you are around NY and need help. My e-mail is xxhaimbondxx@aim.com

srq5363

Edmunds was a huge help to me and I wanted to "give back" by sharing my lease deal through Honda Cars of Bradenton in Florida. Final deal was 36 month/12K miles/yr, purchase $21421.99, Gross Cap (and net since no Cap Redux) = $22016.99 (purchase price plus acquisition fee), MF=.00250, Residual=$15295.75 (61%), amount due at signing $902.48 (but dealer paid $329.10 of it so I paid only $573.38 which included all other taxes, 1st month, dealer fee, tag, etc. Monthly payment is $279.98 plus our 6.5% tax = $298.18. They agreed to get me the car I wanted (black with ivory interior) and not charge me for any added dealer stuff. I ended up getting the pinstripe and the door edge guards at no charge and it has the wood trim which I thought only came with EX-L so I am very pleased. Thanks to all who participate here!

alexg456

After looking over a month for a Honda EX-L deal, I got an Acura TSX deal that was pretty much better than any Honda deal I got from about a dozen dealers in NY Metro Area.

The deal I got is from DCH Heart Acura, just south of Poughkeepsie, NY. Same dealership where "xxhaimbondxx" got his deal. In fact, he tipped me. Thanks again! It was totally worth the 1.5 hour Metro North ride from Grand Central.

Acura TSX. 39 month lease. 10K/year. 0 down (only first payment upfront and DMV). All taxes and fees rolled into monthly payments. $349 a month. I don't drive to work, so 10K is fine by me, but 12K/year would have been just marginally more expensive.

The whole experience was a breeze. Everything was agreed upon on the phone/email. I just took Metro North this morning and the process (minus cofee chat, weather, business and life) took about 15 minutes. I'm very happy with my choice. The salesguy is just a pleasure to work with, compared to everyone else I had spoken to from about a dozen Honda dealeships I visited in February, who kept telling me how amazing their deals were -- such BS.

XxHaimBonxX

Congrats! I picked it up Friday, the car is awesome. So many little convenient things, I keep pleasantly surprised.

Does your steering feels very stiff? I enjoyed it being stiff and steady while regular driving, however, once I tried parking or making a u-turn, it required some force. It feels like it does not have much power assist.

Enjoy your ride!

gpsac

Hello carman,

Do you have the current mf and res for the Accord sedans for 12 and 15k miles @ 24mo?
thank you!

lyakir

Car_man,

Please also provide those numerst for 36 month lease for LX and EX

Thnkas a lot

AXM23

CarMan,

Please post the MF and resid for March for the 4dr V6 for 12k and 15k without NAV. Thanks

kim100

Hi Carman & kyfdx:

My Honda lease is up and I must return my car tomorrow. I went to my original dealer and this is the final (?) offer he came up with. I did not negotiate this at all (except to mention the marketing support. Could you kindly let me know what you think of this deal for a 2009 Accord LX lease? Can I do better? The salesman gave me the printout of the lease worksheet and I am taking the numbers from it.

Sign and Drive:

Invoice - 19608
MSRP - 22375
Market Support (less $1k)
Residual - .60
Rate - .00225
First month down - 250
36 months at $250. per month (total)
12k miles per year

I greatly appreciate your input and expertise in this. Especially since the first dealer I went to tried to get me to sign and drive at $390 per month!
Thanks,
Kim

bvdj84

That is a great deal!!! Go for it!!

kim100

Really??? Thank you sooo much. I am making the call now!

bvdj84

Well, I have always had a lease around $20-22k, and my payments are usually around $299-$319 total! $0 down! So your deal seems to be right on track!
Its all about the sale price, I have a car now that was $25k, and they worked a really good deal on the lease, this is through GMAC, they are no longer leasing, so for my $319 payment, for a car that was $25k, and the price was lowered with incentives. I would say I am lucky to have such a loaded car and low payment. I have got the whole package, leather, roof, everything except the V6, I didn't want a V6. That is awesome. That alone is worth it to me, though I would prefer my Honda. Sometimes in a lease, you have to start out with a higher priced car, because you can sometimes work a deal out that would essentially be the price of a lower trim car. I have had much luck in doing this. If it seems to costly, then you can work down from there.

I would make the call now, that is what I call a cheap lease on a nice car!! You will love the car!

CarMan@Edmunds

Congratulations on getting your new Accord, srq5363. What a great value for $280 per month. Thanks for taking the time to share the details of your lease with everyone. If you'd like, you can also stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience as well. Enjoy your new ride!

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CarMan@Edmunds

I sure do, gpsac. Here's the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 24 month lease of a 2009 Accord EX 4-cylinder Sedan with 15,000 miles per year are .00225 and 66%, respectively. The money factor for an otherwise identical lease of this car with only 12,000 miles per year would be the same, but the residual value would be 1% higher.

When negotiating your lease on this car, make sure to take advantage of the $1,000 cash incentive that is currently available on it.

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gpsac

Well... thought the rates may be better this month. Honda residiuals of course have always been strong , but 225 is almost three times the interest compared to two years ago. 07 SE V6 sedan in April 07 came to 185 for 24mo + tax @ 15k yr with no cap red. Of the 5 Accords I've leased thru AHFC I have never wanted to keep one longer than 24mo (or any car actually), but the wife is driving this one and she just hit 20k. I called AHFC and was surprised how easy it was to extend the lease. Was told we could keep it up to two more years. Just one of the many reasons I don't understand why anyone would purchase a new Honda.

Thanks car-man!

CarMan@Edmunds

Hello lyakir. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Honda Accord LX 4-cylinder Sedan with 15,000 miles per year are .00225 and 58%, respectively for consumers who qualify for its "Super Preferred" credit tier. The numbers for an otherwise identical lease of an '09 Accord Sedan EX 4-cyl. without leather or nav are exactly the same.

When negotiating your lease on this car, make sure to take advantage of the $1,000 dealer cash that is currently available on it.

Car_man
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CarMan@Edmunds

Here you go, AXM23. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Accord EX V6 Sedan without navigation with 15,000 miles per year are .00225 and 57%, respectively for consumers who qualify for its top credit tier. The money factor for a lease with only 12,000 miles per year is the same, but the residual value is 2% higher.

When negotiating your lease on this car, make sure to take advantage off the $1,000 dealer cash that is currently available on it. With this cash, you should be able to negotiate a capitalized cost that's below dealer invoice.

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AXM23

Sorry Car Man. I meant the EXL V6.

needanewride

Hey everyone. I've been reading all the posts here and have found them very helpful. Here is a quote I am working with. Please let me know if you think this is a good deal. I want it as low as possible without ripping the dealer off:

$23,550 cap

.002250

56% resale
monthly calculated tax $26.56

$356.44 per month total

This is with $2500 down. Thanks!

ral2167

seems WAY too high to me.

jhinsc

Term of lease and yearly mileage? I agree it's seems high, especially with the down pymt. Do you qualify for lowest rates? If it was me, I would be looking at no more than $300/mo max, no $ down, 36/mo, 15k miles/yr,

AXM23

Too high. I was quoted $350 a month with a total of $1500 out of pocket for the EXL V6.

bvdj84

Way tooooo high!!! Yikes!

stevecar

I am ready to lease a 4 cylinder EX-L sedan automatic. We are in central NJ.
I always ask to roll everything in to the payment so I have an even playing field.

I would like other people recent experiences. I got a price from a large dealer of anywhere from 350 all in with 1500 down to the same dealer different day 400 all in in.
I don't trust them at all. I figure it should be about 350 including everything, nothing down, includes tax. 12000 miles a year.
I am a returning customer with AHFC.

I have a few weeks. just don't want games. any thoughts.?

renz

Hi, I live in MA, near Boston, and was offered this lease deal today.

36 months
15k miles year
$1000 down
$359/month
Sale price - $23,375
This seems kind of high to me. But their initial offer was $371. Are there any cash incentives out there that can lower the sale price.

What is a good bargaining tool to help bring these monthly #'s down. I was hoping for a sub $300 payment without too much down. Any thoughts? Thanks,

jhinsc

Renz and Stevecar,
Your payment quotes are too high, especially with $ down. I have an 08 EXL V6 no-nav at $359/mo, nothing out of pocket (SC) and 15k miles/yr. Prices have not gone up that much and my lease rate is 3.9% equivalent. The net lease amount ended up base invoice so I know I left some profit on table for the dealer. Unless you're ready to sign and drive off, don't expect the dealer to give you their very best quote/deal. Good luck!

stevecar

thank you. That's what I thought. I'll wait until I'm ready to walk out with a car. At least I know where I should be.

bvdj84

Your payment seems to high, you should be able to get the payment without any money down. When the economy was stronger, when the deals were more strict they quote me $380 with $0 down. So your quote is a bit off. $1500 is a lot to put down for look like to be nothing.

So you are right, they are off, and they SHOULD not be playing games now. Dealers should be moving any and every car now. Not to just use that as an excuse for us to get a good deal, but for the dealer itself to stay afloat. You see dealers all the time that are so strict with their deals, they would rather have the car sit there for several more weeks only to have someone else buy it at "their" price. My motto if I was a manager, if its a reasonable deal for both of us, then move it. Now, not giving it away for free, but keep them moving. That is what will make them successful, the dealers who move them in and out quickly seem to be the most successful. They focus on the number of cars released in a month, not my cost of each car. That is the way to do it.

My dealer is the same way, strict! Too prideful to move anything.

Anyway good luck!

ktulu

Hey guys I'm interested in getting an Ex-l V6 coupe no nav. I live in NJ if that matters. I'm just wondering what monthly payment I should be shooting for with $3000 down and 12000 miles a year?

I'm really hoping for $250 a month for 36 months. Is that crazy?

Thanks for the help.

needanewride

Thanks for the feedback. Yeah, I qualify for the top tear as far as credit goes. I actually even offered to put $4500 down and this brought the price down to about $290 per month for the EX-L 4 cyl 09 accord coupe no nav but if you thought that seemed high with $2500 down then I'd be curious to know your thoughts on this. It does include window tint, wheel locks, splash guards or something but whatever. Let me know. Thanks again!

fener1907

I got deal FOR
36 MONTH
15K PER YEAR
300$
I JUST PAID 3500 DOWN
FROM COLUMBUS OHIO LINDSAY HONDA EAST
I DONT KNOW IF IT IS AGREAT DEAL BUT I FELT IT IS OK.

needanewride

Better than what I'm being offered and you are getting the v6

parker1856

I live in the Boston area and I am very interested in the TSX. Can you please point me in the right direction?

Thanks.

parker1856

I just received the following quote for this car in Boston, MA:
36 Month Lease
$336 Per month
12K miles
$1900 at signing for the non residual costs
I am very new at this, and wanted to know if this is reasonable. Unfortunately, I do not even know if the monthly payments includes taxes. Can anyone please give me some advice? Also, if there is anyone in Massachusetts that can refer to me to a Honda dealership they had good experiences with, I'd would appreciate it. Thanks!

dolsey01

I purchased mine at Acura of Peabody. I worked with the "Internet" department. Acura of Boston was actually a little bit cheaper. PM me and I'll send you the emails of both people to deal with.

bvdj84

I know you all want a low payment, but putting that much down on a lease is absolutely crazy. You would be better off keeping your "savings" in the bank, and walk out with clean lease deal. You just put money into a car you do not even own, who knows you may want to trade out after 1-2yrs into the lease. It doesn't even help your principal. Though, I almost put 2k into a lease once, but you know, I trade my cars so often, doing that would be crazy, or just throwing cash away. Even if you do keep it the whole lease, I do not think it is wise to dump money into lease. Keep the money in the bank, you'll have that and your new leased car. Especially now days, not a smart thing to do for anyone, regardless of income or savings amount.

I can understand why one chooses to do this, but if you have to do this, perhaps that model of car is not one you can truly afford.

For every $1k, it only drops your payment about $20 or so.

Just be careful!

medich

i was always curious as to why putting money down on a lease is considered "bad". i was always told "dont put money down on a leased car" but i was never told why. can you shed some light on this. also, does anyone know if the leasing prices for the accord 4DR or any car are projected to go down, especially in the NY area, or is it impossible to know and just a month to month guessing game.
thanx

jhinsc

You do know that putting down minimal amount on a lease does not help you if you want to trade earlier than the lease term. The payoff amount will be higher by the amount you didn't put down, leaving you in a potentially "upside down" situation. I had good luck with my last 06 EXL V6 Accord when I traded up to an 08 EXL V6 within 6 months of the end of lease with absolutely no $ out of pocket. The difference in payment was due to going from 1.9 to 3.9% lease rate and higher price of the 08, so it made financial sense for me to do. Plus I didn't have to fork out $800 for new tires with only 6 months to go.

Trying to trade out of a lease after 12 or 24 months on a 36 month or higher lease term in most cases does not make good financial sense. I do agree with your assessment to not put money down on leases if possible. Keep that money in the bank and subsidize your payments by monthly withdrawing the small amount you would have saved on your monthly payments. And if your deposit was coming from a credit card - well, we don't need to discuss the financial sense of doing that.

XxHaimBonxX

#1 and most important reason is that if your car is totaled or stolen, that money is gone. #2, simple financial, you better off putting that money in a 3 year CD and make $20 bucks per month in interest. Not only you are earning money, you are keeping the principle, instead of putting it down. There are probably many more, but these were my primary.

needanewride

is this your monthly payment including tax? :confuse:

1001001SOS

Greetings all,

Can someone please provide for me the residuals and money factors on a lease for a Accord EX-L with Navigation? It would be 12K per year and I am considering 24 and 36 month terms.

Thanks in advance!

kingpcgeek

When you lease a car the finance company is the only person that receives money if the car is totaled or stolen. So if you put $2,000 cap cost reduction on the car to get your "right" lease payment, and then the car is stolen the insurance company will only pay to the finance company what the market value of the car. You will not get a check for the amount you put down on the car. If the market value of the car is less then what you owe the finance company you better hope that you have gap insurance or you owe the difference between the amount the insurance company pays and the amount owed to the finance company. If you lease through Honda they provide gap insurance.

LVchad

Hi everyone, I wanted to share my deal that I negotiated today and will probably sign tomorrow. Please let me know what you think.

MSRP - 29,225 (w/ 670 destination fee)
Invoice - 26,684 (w/ 670 destination fee)
Sales Price - 25,382
MF - .00225
RV - 58%
36 months
12k mi/yr

Monthly payment - 388.52
Due at signing - Nothing except first month's payment of 388.52

I think this is a good deal, what do you think?

jhinsc

Your rate seems high, equivalent to 6.12% based on your money factor. Ask if this is the best they can do on the rate. Are they applying any dealer cash incentive to get you below invoice? Do you have another dealer you can negotiate with? Let both know you're looking for the best deal they can give you and be ready to buy.

LVchad

jhinsc,

Actually, it is 5.4% and that rate is not negotiable. That is the money factor set my Honda Finance. And yes, I got dealer cash of 1k which is part of the reason why my price is well under invoice. In fact it is more than 1k under invoice. I have worked with 4 dealers on prices and this is the best so far.

jhinsc

My bad, I used .00255 instead of .00225 to calculate. If you need a car now, this appears to be a good deal. When I was shopping last summer, as I was a returning customer, the sales manager kept me updated when he thought rates were changing. I don't know if your dealer will do the same for you. You might want to wait a couple weeks to see what the April rates will be. Good luck.

needanewride

There is a special running on the Accord EX sedan for $199 per month with like $2999 down locally. I asked the dealer I've been working with offering the special how this would affect the EX-L coupe and he said it doesn't and basically the rates on the coupe might go up because of supply and demand. I personally haven't even seen an 09 accord coupe any time lately so I'm not sure they are even in demand. Obviously he's trying to get me to move on signing for one. Do you really think the price would go up? This seems unrealistic to me. Do rates usually get better closer to Summer?