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2013 and earlier-Honda Accord Lease Questions

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Comments

  • Wow, I wasn't even aware of the Leadership Purchase plan option! Now I'm a bit upset that I signed and took delivery last night. I guess I did ok, but I sure wish I was given this option. Did you have to put anything down? Do you recall what your initial payment was? I assume since I already have the car that this can't be negotiated now, right? Thanks in advance for any insight.
  • dad23dad23 ColoradoPosts: 447
    Where could I find more information about the Leadership Purchase Program? I see mention of it on Honda's financial services website, but not a whole lot more. Thanks in advance :)
  • Yes - I believe your payment should be around $350 at $200 over pure invoice (not including advertising fees, etc.).
  • jhinscjhinsc Posts: 399
    I too never heard of it until told to me by the dealer. I had to ask several times what the name of the program was since I never heard of it. It's a lease hybrid, much like a lease with purchase option. My payment for 36 months, 15k miles per year is $309/mo. Drive offs do not include a first payment, unlike a lease. I had some equity in my trade-in, so all fees, DMV and tax were taken care of. :shades:
  • Hi everyone. Honda is scheduled to publish its new March lease program today. I should have an opportunity to take a look over within the next day or two. I would appreciate it if those of you who still have questions for me about leasing one post a note for me in this discussion later on this week. I'll be happy to answer any questions that you have on the new program then. Thanks.

    Car_man
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  • benji123benji123 Posts: 93
    Hi Car man,

    Since I'm still trying to make up my mind (it takes me a while!), I'd definitely be interested in the following March numbers:

    Honda Accord Coupe EX-L V6 (w/o navi) for 24 months, 12,000 mi. per and 36 months, 12,000 mi. per.

    Thanks!

    P.S. - If you see any "killer" deals on other variants of the Coupe, please let me know!

    Ben
  • zombiemanzombieman Posts: 14
    Car_man,

    I'm interested in leasing a fully loaded Accord EX V6 with Nav and possibly adding on fog lights, iPod connector, & deck spoiler. MSRP before add-ons is $28729 after those three it comes to $29608 (BTW do any of those add-ons affect the residuals?).

    Please tell me what the money factor and residuals would be on a 24 month lease at 12K & 15K miles/yr, and on a 36 month lease at 12K & 15K miles/yr. Also is it possible to do something like a 30 month lease through Honda Financial?

    Thanks!
  • jshcarsjshcars Posts: 11
    Car_man,

    I'm interested in leasing a fully loaded Accord EX-L Sedan automatic 4cyl w/o nav. MSRP is $24,950.

    Please tell me what the money factor and residuals would be on a 24 month lease at 12K & 15K miles/yr, and on a 36 month lease at 12K & 15K miles/yr.

    Thanks!
  • jshcarsjshcars Posts: 11
    Hi - My friend owns a non-Honda car dealership, but he says they are also an independent leasing company that leases Accords. What are the advantages/disadvantages of going this route? If it matters, Honda Financial is not involved.

    Thanks.
  • Hi Car-man, as per your post: I'm looking to lease an Accord V6 EX 6MT - 3 years/15,000 miles per year. I'm in So. Calif., if that makes a difference.

    All I need is MF and Resid %. You've already educated me on the rest!

    Many thanks,

    Teton
  • dmbmay98dmbmay98 Posts: 19
    The dealer quoted me for the financing at .00089 for 36 months at 12k miles. If that helps anyone. He said those are the new numbers but i dont have anything to back it up against so take it as it is. He said the numbers for the identical 36 month lease ex-l 4 cyl is .00176. I am not saying those are right but those are the numbers he gave me
  • nvnicknvnick Posts: 50
    Thanks for the new money factors. What residual was he using?
  • raybouliraybouli Posts: 4
    Hi Carman,
    My local dealer[Long Island, NY]is offering a no money down lease for an Accord LX for $239.00 a month [36 months 12k, and 15cents thereafter]which includes delivery prep, destination,bank and gap fees with a residual value of $12,700. If I plan to not buy the car, does this seem to be a good deal. Thank you in advance.
    Raymond.
  • gperrgperr Posts: 129
    Car_man,

    Can you please provide the 36 month 12k and 15k buy rate MF and Residual for '06 Accord Sedan (automatic) in LX and LX Special Edition. Also, any incentives available for either lease or buy?

    When is this program scheduled through?

    Thanks

    gperr
  • dmbmay98dmbmay98 Posts: 19
    I think the guy may have lied to me since another dealer quoted me at .00076 with a security deposit at 12k miles for 36 months. So the rates must be the same
  • diegobudiegobu Posts: 1
    Hi raybouli,
    I also live in Long Island and looking for an accord. Which dealership offer you that deal?
    Thanks.
  • Hi Car_Man, I Still need the updated March lease MF and residuals for an Accord EX V6 6MT for 3/15,000. Are they posted someplace else I should be looking?

    Thanks

    Teton
  • Hey Ben. If you were to lease a 2006 Honda Accord Coupe EX-L V6 through Honda Finance right now for 24 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00076 and 65%, respectively. The numbers for an otherwise identical 36 month lease should be .00076 and 57%.

    Car_man
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  • Greetings zombieman. According to the latest information that I have seen, if you were to lease a 2006 Honda Accord Sedan EX V6 with navigation through Honda Finance right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00076 and 63%, respectively. The numbers for an otherwise identical 36 month lease should be .00076 and 54%. If you were to lease with only 12,000 miles per year, this car's 24 month residual value would be 1% higher and its 36 month residual would be 2% higher. You can lease thorough Honda Finance for 30 months. This car's 30 month factor would be the same, but its 15,000 mile per year residual value would be 58% and its 12,000 mile per year residual would be 59%.

    Car_man
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  • Hi yankeelaw. If you were to lease a 2006 Honda Accord EX-L 4-cyl. Sedan without navigation through Honda Finance right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00169 and 66%, respectively. The numbers for an otherwise identical 36 month lease should be .00169 and 56%. This car's 12,000 mile sper year residuals would be 1% higher for 24 months and 2% higher for 36 months.

    Car_man
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    Smart Shopper / Prices Paid Forums
  • Hey yankeelaw. Honda Finance is currently running a special lease program on the 2006 Accord. If you lease through an independent bank, you will not be able to take advantage of this car's special lease support. As a result, I suspect it will be less expensive to lease an '06 Accord through Honda Finance than it would be to lease one through an independent bank right now. Furthermore, Honda Finance is very lenient when evaluating the condition of leased vehicles at the end of their contracts. Who knows if the independent leasing company that you deal with will be fair. They may try to nickel and dime you to to death at lease-end.

    Car_man
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  • Here you go, Teton. If you were to lease a 2006 Honda Accord EX V6 Sedan through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00079 and 56%, respectively.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • Hey gperr. If you were to lease a 2006 Honda Accord LX or LX Special Edition Sedan (their lease programs are currently the same) through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00169 and 57%, respectively. These cars' 12,000 miles per year residuals for this term would be 2% higher.

    Honda is not currently providing any cash incentives on leases of '06 Accords right now, but it is providing $500 dealer cash on purchases of LX V6 and Coupe models.

    All of these programs are currently scheduled to run through April 3rd.

    Car_man
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    Smart Shopper / Prices Paid Forums
  • Car man,

    Can you provide all relevant info for the lease of an Accord VP for both 12,000 and 15,000 miles? Many thanks!
  • joe105joe105 Posts: 1
    Car man,

    Can you provide the current residual and money factor on a Accord Coupe LX 4 cyl. lease for 12,000 miles and 36 months. Thanks.
  • qbrozenqbrozen Posts: 26,415
    hey car_man.

    So I'm just pondering this idea here ... i want to make sure I'm getting everything right.

    Using Edmunds lease calculator, using the numbers you gave for an EX V6 sedan with Nav (i'd be interested in a 6-speed with leather and nav, if that makes a difference) on a 36 mo/15k lease and my state's 6% sales tax, I come up with a $375/mo payment with $0 down ... is this correct? Seems like a great deal to me, and very tempting. OH, I'm assuming a buy price of $27,500 since carsdirect tells me I should pay $27,064 (msrp is $29,850).

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • I am considering Honda Accord V6 EX as my next car. I have received a purchase price quote of $27,000 Drive Out with Window Tint (as the only option). Leasing it would be better for me from Tax perspective. However, the dealer refuses to honor that price for leasing; instead offering me the "published lease deal" on Honda web site. My understanding was that the lease is based on negotiated purchase price. Can some one confirm this?

    For leasing, should I be paying the TT&L or not? In other words, do I apply the residual value to the drive out price or selling price w/o TT&L? Honda Financial service web site says it depends on the state in which the transaction is done (see the excerpt below). Does anyone know what the rule is in Texas?

    Any help will be greatly appreciated.

    Honda Financial Services Web Site:
    If I lease, am I responsible for sales tax and property tax?
    In some states, you pay sales tax that is based upon your monthly payments. Other states require you to pay tax on the full value of the vehicle. Property tax treatment varies from state to state as well. Ask your dealer for information about the tax regulations in your state.
  • qbrozenqbrozen Posts: 26,415
    In other words, do I apply the residual value to the drive out price or selling price w/o TT&L?

    Neither. Residual is applied to the MSRP.

    As far as purchase vs. lease, I'm not sure why the dealer cares. He should be getting the same no matter what. Then again, maybe he gets a cut of the financing on a purchase, but not a lease?? But, as far as I know, if he leases for $27k or finances for $27k, he is still getting $27k. Maybe I'm wrong.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • topgun7topgun7 Posts: 412
    no, dealer don't really care if you buy or lease. The finance option make them some money. The situation is more like whatever color you like in a car is the hot color of the moment and the dealer want to charge some more.

    Instead of play the dealer game, why not just send out email to all the dealers around you and see what the best deal for your leasing. I did an 04 EX-V6 sedan back in Dec 03 for 3Yr 15Kmi/yr lease for about $320 in Bay area. The price was 1000 below invoice. Shop around, if you have a few dealers around you, you should be able to get a good price especially with the low money factore now.
  • jshcarsjshcars Posts: 11
    Thanks so much. It seems from your other posts that the EX V6 has a .00076 money factor.. what are the numbers for an EX-L V6 auto sedan w/o nav at 12k and 36mo?

    If I'm not mistaken, if the EX-L is .00169 and the EX-L V6 is .00076, the prices would ultimately be very close despite the EX-L V6's higher MSRP and invoice...?

    Thanks.
  • zombiemanzombieman Posts: 14
    Car_man,

    Thanks for all the March numbers!

    One of my local Honda dealerships told me that the Accord Coupe EX-V6 has a money factor of .00076 and the Accord Sedan EX-V6 had a slightly higher money factor of .00079.

    They also said that if I wanted to waive the security deposit that I could pay .00010 higher (e.g. .00086 and .00089 respectively).

    Does that sound right to you? Is this just another way for them to make a little more money? Paying the .00010 higher money factor costs approx. an extra $150-$160 (depending on the final negotiated price) over a 36 month lease. So basically in order to save an extra months payment up front, that you would get BACK at the end of the lease, you're asked to pay'em an extra $4-$5 a month.

    Let me do the math on that. If my lease payment was $320/month and I didn't have to put that down as a security deposit (so I'm using the .00089 MF) and I put that $320 in an account drawing 5% interest, I'd make an extra $50 over 36 months. But if I went with the lower .00079 money factor, my payment would only be $315.65. So that extra $4.35 a month totals up to $156.60 in savings over 36 months. Therefore to save myself from giving Honda the refundable security deposit/extra month's payment at lease inception, it would cost me approx. $106.60 (spread out over three years).

    Something for people to look at. It seems that you're better off in the end if you're able to put down the security deposit and get the lower rate!
  • qbrozenqbrozen Posts: 26,415
    wish i could get an answer to my last question. I want to confirm my payment would truly be that low.

    I'm working on the wife as we speak. "but, hun, its got 2.4 inches more rear legroom than our Lincoln" and "but, hun, it would actually be a LOWER monthly payment!"

    ;)

    I don't think she's going for it, by the way. She knows I really do have a disease and she shouldn't cave into my whims.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • Can someone give an opionion on the following Lease deal I found in my local paper.... :confuse:

    2006 Honda Accord LX Sedan AT - $159 for 36 Mo. 12K a yr, $3,997 due at signing includes 1st mo pay, down pay plus fees. tax & tags extra. Total payments $5724. Residual Paymnt $12,611, $.15 each addl mile. All rebates included.
  • raybouliraybouli Posts: 4
    Hi diegobu, sorry I took so long. Huntington Honda offered that deal but it ended on 3/5/06. This week they offered a lower monthly rate but with $2006 down which included the bank fee, destination fee,delivery prep,and gap fees.This for a 2006 accord lx 4 door $199/month. My friend leased from this dealership and is very happy. Raymond.
  • jhinscjhinsc Posts: 399
    2006 Honda Accord LX Sedan AT - $159 for 36 Mo. 12K a yr, $3,997 due at signing includes 1st mo pay, down pay plus fees. tax & tags extra. Total payments $5724. Residual Paymnt $12,611, $.15 each addl mile. All rebates included.

    It seems your best bet is to try and lease it for about $250 for 36 mo. with no money down, only driveoffs. The $3,000+ is a large chunk of change to put down on vehicle you're effectively "renting" for 3 years. Put it in the bank and subsidize your monthy pymts to keep your cash flow where you want it. :shades:
  • bsc99bsc99 Posts: 9
    I was pleasantly surprised to find that the residual for the MT version (36 Months @ 12K Miles Per Yr.) is identical (58%) to the AT version. I will be signing the leasing contract as soon as the VIN # is available for my inbound Carbon Bronze/Ivory example. :)
  • qbrozenqbrozen Posts: 26,415
    according to carman in message 326, 12k miles/yr gives a 59% residual. 15k/yr is 58%. so were you given the wrong number or does the MT actually cost a point?

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • kyfdxkyfdx Posts: 136,895
    Message #326 is regarding EX-V6 with Navigation..

    Those numbers are different than the EX-V6 without NAV.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • bsc99bsc99 Posts: 9
    Correct: $16,153, or 58%, sans Nav...
  • qbrozenqbrozen Posts: 26,415
    ah. ok. thanks for the correction.

    Very interesting that the residual is higher with NAV. Isn't it usually the reverse for most vehicles?

    Is this a sign that Nav is becoming more desirable and prevalent? Or is this just an anamoly exclusive to Honda?

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • mnokermnoker Posts: 28
    I was quoted a deal from Honda of Santa Monica CA on a Honda Accord 4dr Ex V6 w navi for 300 below invoice. The MSRP is 29300 and dealer price 26085. Is this a good deal? And what monthly payment am I looking at for 36 months for 12k 0 down just the drive off.
  • kyfdxkyfdx Posts: 136,895
    You might want to go back and check those posts again.. Might have been some 30-month numbers sneaking in there..

    In general.... For Hondas.... NAV residuals are lower than Non-NAV..

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • zombiemanzombieman Posts: 14
    gbrozen,

    In post #326 (Car_Man replying back to me) for a 12K/yr mileage lease, he gives a 36 month residual of 56%. kyfdx is correct, the 59% residual is on a 30 month lease. The residuals are exactly the same for either AT or MT. And they are 1% higher (e.g. 57% 36mth & 60% 30mth 12K/yr lease)on an EX-V6 WITHOUT Nav. Honda Finacial sets that 1% lower amount for Navigation on both the Accord and the Acura TL.

    And Car_Man's money factor numbers are just about spot on as well. The only difference I found was that the lower .00076 MF is for the Coupe and the sedan is at .00079. I'm talking to about five different local Honda dealerships currently (hope to work a deal soon) and the MF on a 36 month 12K/yr lease is .00079 if you pay a security deposit and .00089 if you don't want to pay it.
  • Not much action for the month of June in here and wondering if any recent lease quotes for an SE V6 12k or 15k per year.
  • qbrozenqbrozen Posts: 26,415
    doh!
    So much for those speedreading lessons. ;)

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • mnokermnoker Posts: 28
    My dealer called me today and is telling me that the MF for a Accord 4Dr Ex v6 w navi is .00125. Is this number right or is the dealer playing games because she first told me its somthing like .00150 and when I told her to double check she came back with .00125.
  • bigdusfbigdusf Posts: 6
    I was looking at this special from a local Honda dealer on a 2006
    Accord EX w/AT

    According to the ad:
    MSRP:$23,800
    Monthly payments:$259
    36 month lease/12,000 a year
    Residual Value:$13,804 which is 58% of MSRP
    Down Payment:$999 (includes 1st month)
    Sales Tax:8.75% according to Edmunds Lease calculator

    Does anyone know what the MF is on this car? My credit score is around
    715, would that qualify for the best rate?

    When they have deals like this are they still going to let you
    negotiate the price down of the car and lower the monthly payments?

    Thanks
  • asleepyasleepy Posts: 70
    I just leased a 2005 Accord Coupe EX w/AT and the MF was .00076 (I live in the Bay Area, CA). Here was my deal:

    MSRP: $24050
    Selling price: $20703
    Cap Cost: $21298
    Cap Cost Reduction: $0
    36 mo/12K a year
    Residual: $13708.50
    Sales Tax: 8.75%
    Drive Off: $787 (fees and registration)
    Monthly payment: $237 w/o tax; $257 w/ tax

    My selling price was $1000 below invoice but I know Honda has a $500 dealer cash. I emailed other dealers and their selling price was +/- $200 of mine so I did not push too hard on my dealer.

    You should negotiate the best selling price deal. Then the lease money factors and residuals apply -- just make sure your dealer is not marking up the money factor (my dealer told me they could not mark up MF on "special leases" from Honda but I don't know if I believe him but I got the base MF so I can't complain).

    Is your "down payment" of $999 the drive off amount? According to hondacars.com, the drive-off on the deal you mentioned was around $1900 (which includes first payment).

    - A.
  • bigdusfbigdusf Posts: 6
    I emailed this dealership yesterday and got a quote. The first quote I received back was for $20,979 selling price. According to the Edumnds invoice price it is only like 50 more. It seems like a pretty good price, but I have to figure if that is the first offer they will go lower. I'm not a big fan of grinding out a lower price, but I might just lean on them a little to see if I can get anything better.

    So that selling price doesn't include tax,title,license. The $999 is not the drive off cost. There is also a $55.39 doc fee according to the ad.

    This seems like a pretty good deal to me, but I need to find out the MF and confirm the residual value first. I emailed the dealer back with these questions but probably won't hear back until Monday.
  • asleepyasleepy Posts: 70
    I believe the MF on a 36 month Accord lease is .00076 and the residual is 57%.
This discussion has been closed.