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There is a sign and drive option on this car. If you opt to go that route, the factor drops slightly to .00127.
Car_man
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If you decide to go with a nothing due at signing lease on this car, its money factor drops to .00127.
Car_man
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Just make sure that the dealer uses Honda Finance's current buy rate lease money factor of .00137 (.00127 for sign and drive leases) to calculate your payment and you're in business.
Car_man
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Car_man
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As far as what sort of selling price to shoot for goes, the dealer invoice price of this car is $21,889. If we subtract the available $1,200 dealer cash from that it drops to $20,689. I personally would shoot for a selling price of a couple hundred dollars over that...which is right around the $21,000 that you mentioned.
Car_man
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That's what I did, I looked at the national offers. I wonder where Carman is getting the the promo's for the EX-L's?
That's a very good question for carman. Good luck!
John
Car_man
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Also, what difference should I see if I want 15,000 miles/yr instead of 12,000. Thanks.
Price I got is
$22,919.00 Internet Price
710.00 Destination Fee
99.00 Processing Fee
499.00 Delivery Charges
43.50 Private Agency Tag Fee
6.50 W/T Lab Fees
Sales Tax
197.00 Estimated Tag Transfer Fees
2.00 MVWTF
__________________________________
$25,982.62 Total Drive Out Price Factory Equipped
For a 36 months lease with zero down (all fees into lease) the payments will be 325 plus tax (so just under 350)..and the first month is waived/free
I don't have the residual yet or the money factor..but if this seems like a good deal to you that are more up to speed I may pull the trigger.
Also.. what do they require for proof of income on a lease? I don't think there will be a problem, my husband is turning in a BMW lease that is just in his name..this will be too...both our credit scores are over 775. I was laid off though and I am hoping that does not come into play. My husband is a self employed programmer and he has had his business 5 years...he is doing better than when he got the BMW lease...but I am not sure how the economy has affected car loans/leases if credit has tighted up as much as home loans and creditcards.
Thanks in advance
Honda is offering special lease on LX now on it's website. Does it mean that other trims are not covered? Or they use LX as example?
Could you, please, let me know what money factor is for Accord in April and residual value for 36mo/15K lease? Is it different money factor for LX then other trims?
Also $1,200 cash to dealer offer is back. So, what good lease deal should look like, in your opinion, after negotiating near invoice price on the EX-L V6 and taking advantage of $0 drive off lease offer? How much per month for 36/15 lease for Los Angeles?
Thank you in advance!
Car_man
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As far as this vehicle's selling price goes, the dealer invoice price for a 2010 Honda Accord EX-L 4-cylinder with an automatic transmission is $25,029. If one subtracts the available $1,200 dealer cash from that it drops to $23,829. You were quoted a selling price of $23,629 on this car, or around $200 under invoice. That is an excellent deal. If you like the car, and the dealer is using Honda Finance's buy rate lease money factor to calculate your payment I personally don't see any reason not to go for it.
Car_man
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Honda Finance's April buy rate lease money factor and residual value for a 36 month lease of a 2010 Accord Sedan EX-L V6 without navigation with 15,000 miles per year are .00127 and 54%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier and opt to go with zero due at lease signing.
If I was in the market for this car, I personally would shoot for a selling price of a couple hundred dollars over dealer invoice minus the available dealer cash. Let's use that price to work up a sample lease payment and see what we come up with.
According to my calculations, if you were to lease a 2010 Accord Sedan EX-L V6 without navigation that has an MSRP of $29,815 and a selling price of $26,385 ($500 over invoice minus the dealer cash) through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $340.
Car_man
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Is DMV fees separated.
In other words what is NOT included in your deal?
What was the $400 for? Cap Cost?
After tax? This means Tax included in that price $320- $325?
Please clarify this for me
Thank you very much in advance
2010 Accord EX-L, 4cyl, no nav. Sticker on the car was about $27,600, got the price down to $23,629.00. The deal that I have pending is $320-$325 after tax, $400.00 up front, 36 month lease, 12,000 miles per year. I am in Orlando, Florida (6.5% tax). They are also throwing in 3 oil changes.
Question about the $0 $0 $0 $0 special deal.
Can you roll in (included) the Taxes in this deal? In other words can you get a price with taxes in the monthly payment and have this $0 $0 $0 $0 program deal?
Or
Do you have to do have to do the SIGN and Drive program deal to include taxes in the monthly payment program?
I was told with the $0 $0 $0 $0. That Taxes could not be put in the monthly payment and must be payed up front.
Thank you for help.
Looking to lease a 2010 EXL V6 w/ Nav - 12,000/yr
This is what I got when I went yesterday:
MSRP - 32,000
Selling Price - 28,474
MF - .00137
Residual - 50%
With 2k down they wanted 410/month after taxes, seems too high
Should I put 0 down, will that get me a better MF? Also the Residual seems low.
What do you guys think? What monthly payment should I be going for?
Just a side note, the dealership offered me the 0 down 265 a month before taxes and fees, probably around $310 after on a 2010 LX when I checked with the dealership about buying my lease out. Too high on the APR and residual price for me and they were trying hard to get me to lease again. I ended up buying a used sports car from the dealership next door and they bought out my lease and made my last two payments. So there's always those kinds of things in the end.
Car_man
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There is absolutely no reason in the world why taxes can't be rolled into any consumer retail lease as long as the amount advanced by AHFC, or any other fund provider for that matter, does not exceed their maximum funding level which is generally around 130% of the MSRP as a rule of thumb. For example, Ohio requires that sales tax be paid upfront, and so, capitalizing sales tax is not uncommon in Ohio.
Hope this helps.
John
1) I was told that the reason you could not roll (include) Taxes in the $0 $0 $0 $0 Lease program. Is that every state has different taxes and since the monthly payment would be different per state and they pay the first month. They would eat more money for some states then others. That if I wanted to roll taxes in. It would have to be the sign and drive program.
2) Also I was told that in the $0 $0 $0 $0 program the first months payment is waved. We all know that. He said that the dealer pays half the first month and the factory the other half. Sounds to me they do not like the $0 $0 $0 $0 program and just wanted to make any excuse to do a sign and drive. BTW The salesman even asked his manager.
3) I did ask the money factor and residual. It is the same numbers you have been posting here.
Car_man I been following you and these boards for over 9 years. This is why I knew to ask you guys.
I also felt that I was getting a snow job. The price I was given was very high imo Much higher then others on this board. Then of course they played the talk to my manager before you leave. Then someone different calls the next day. They get you to talk to everyone including the janitor. Just to confuse you.
I checked Dealer Rater. They got one of the lowest grades and people complained about the same tactics.
So bottom line is. If there is anyway to make sure about the $0 $0 $0 $0 question I asked. We would very much appreciate it.
I plan to go to another dealer. Still have a little time left on lease.
Again,
Thank You
Thanks again
I just finished speaking with the F&I manager at Rick Roush Honda in Medina, Ohio and was told that they will roll the sales tax into the the lease. They will also make the first payment. I wanted to be crystal clear and reminded him that the first payment will include a portion of the capitalized sales tax. He claims that Honda reimburses the dealership for some portion of the first payment and so there seems to be a shared split. I also sent him the following one-page lease proposal that you may find helpful...
2010 Honda Accord LX Lease Proposal
Retail Pricing Information
Base MSRP 2010Honda Accord LX AutomaticModel CP2F3AEW 21,855.00
Basque Red Pearl .. . 0.00
Destination Charge . . .. 710.00
MSRP .. . ... 22,565.00
Selling Price
Agreed Upon Value . 19,851.20
Amounts Financed (Capitalized)
AHFC Acquisition Fee ... 595.00
Medina Sales Tax @ 6.50% x 36 x 235.03 .. 549.97
Capitalized Costs
Gross Capitalized Cost . 20,996.17
Capitalized Cost Reduction . 0.00
Adjusted Capitalized Cost 20,996.17
Residual Data
Residual Factor .. . . 0.60
Residual Value (Residual Factor × MSRP) .. . . . 13,539.00
Cost of Money/Term
Money Factor . . . 0.00127
Term (months) . 36
Lease Payment Itemization
Monthly Lease Payment . .. . . . 251.00
Taxable Monthly Lease Payment .. .. 235.03
Estimated Charges Payable at Lease Origination
License, Title, Registration Fees (estimated) . ... .. 125.00
Amount Due at Lease Signing .. .. 125.00
Fund Provider: AHFC
GAP Coverage: Included
Annual Mileage Allowance: 12k
Disposition Fee: None
Excess Mileage Charge: $0.15 per mile
Reg. M Disclosure: NA
=====================================================
2010 Accord Sedan Featured Special Lease - Zero Due at Lease Signing
$0 down payment, $0 security deposit, $0 first month's payment, $0 due at lease signing
Excludes taxes, titles and dealer fees. Lease Example with $0 due at lease signing for $250.00 a month for 35 months thereafter. For well-qualified buyers.
Terms
Offer valid through: 5/3/2010
FEATURED SPECIAL LEASE: Closed-end lease for 2010 Accord Sedan 5 Speed Automatic LX (Model CP2F3AEW) for $250.00 per month for 36 months with a no capitalized cost reduction available to customers who qualify for the HFS Super Preferred credit tier. Other rates/tiers are available under this offer. $0 due at lease signing ($0 first month's payment and no 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). Not all buyers may qualify. $0 due at lease signing offer requires dealer contribution, which could affect final negotiated transaction.
Subject to limited availability.From March 2, 2010 through May 3, 2010, to approved lessees by Honda Financial Services.Closed end lease for 2010 Accord Sedan 5 Speed Automatic LX (Model CP2F3AEW), for well qualified lessees.Not all lessees will qualify.Higher lease rates apply for lessees with lower credit ratings.MSRP $22,565.00 (includes destination).Net capitalized cost $20,961.42. Net capitalized cost includes $595 acquisition fee.Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra.Total monthly payments $8,750.00. Option to purchase at lease end $13,539.00. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12000 miles/year.See dealer for complete details.
Regards,
John
I just got around to using your Money Factor calculator and I'm not getting the proper result. Is it possible there is an error?
Thanks!
Money Factor calculator? Do you mean the formula I provided in a previous post? All my formulas and equations are correct as I've been using them for years. Can you provide me with details? I'm sure I can help you fix whatever problem you're having with the calculation.
John
Yea I meant your formulas. And yes, it did work. I'm not even going to tell you what I did wrong:). Just kidding...Actually, I was plugging in monthly payment instead of the sum of 36 payments....
Thanks!
Glad you got it worked out. Let me know if you have any more questions.
All the Best,
John
This is not a special thing he is doing just for you? correct?
Also what did you mean by this?
" I wanted to be crystal clear and reminded him that the first payment will include a portion of the capitalized sales tax"
All payments would have to include part in tax. If you roll the taxes into the payment. no?
Just a little confused,
Again Thank you for the help
Lease for a 2010 Accord Coupe LX-S Auto in Colorado.
Receiving a quote of:
MSRP - $24,065
Sale Price (including doc fees of $400) - $21,400
Money Factor - .00127
Residual - 58%
Term - 36 Months
Acquisition Fee = $595
Thanks
Yes, they will make the first payment including tax. Yes, they will gladly do this for anyone. And, Yes, this is the $0 $0 $0 deal as described in Honda's lease promo.
The posted lease proposal is exactly the one I FAXED to Rousch which they accepted. Actually, I wasn't surprised. Could I have gotten it for less money? YES. Is this a great deal? NO. Is this a bad deal? NO. I would describe is as a "reasonable" deal.
Hope this helps.
I knew the salesman did not know what he was talking about. I am surprised that his manager did not know either. That is where I second guessed.
So either they do not know their own programs or they were trying to pull a fast one.
Either way does not make them look good.
This is probably why their dealer rater rating is so low. People get mad and post on there. I was told that website is important to dealers. That people do go their.
The LX you got. Or did you receive it yet? Is it the 4cl? Did you test drive the 4cl? We are not sure about the power. Seems the torque is on the low side.
Assuming the Acquisition fee of $595 will be added to the 21,400 price, your payment will be $268.92 before taxes. I'm not sure how it works in Colorado, but I believe the taxes are paid with the monthly payment. So if you have a 7% tax rate, multiply your payment of 268.92 by 7% and you'll get 18.82 for a total monthly payment of 287.74. As an FYI, I live in VA and the sales tax is actually charged at the full price of the car
Depreciation Fee = (Net Cap Cost - Residual) ÷ 36
Depreciation Fee = ( $ 21995– $ 13957.7) ÷ 36 = $223.26
Finance Fee = (Net Cap Cost + Residual) x money factor
Finance Fee = ( $21995+ $13957.7) × .00127 = $45.66
Rent Charge over term = $1643.76
Total Monthly Payment = Depreciation Fee + Finance Fee = $268.92
Your experience with your dealership is not uncommon. This happens a lot! For instance, I won't be at all surprised if the dealer tells me on Saturday that they forgot the $250 doc fee. If so, my response will be TOUGH. My dad told me long ago that when you're in business and you make a mistake; you eat it. I told the salesman today that the only costs I expect to see on Saturday are the costs on my lease proposal. I also expect that all my numbers will be transplanted onto the AHFC lease agreemnt ready for me to sign. I told him that if there is anything that you think you might have forgotten, please tell me now or foreever hold your peace. And so, I gave him some time to think.
Dealers will often tell you over the phone that they can do a deal just to get you in the door so they can beat you up. Hopefully, they're smart enough to know that I'm anything but stupid as my lease proposal alone should serve as strong evidence. I intend to call them on Saturday before I go in to ensure that the documents have been completed and ready for me to sign with no surprises. My proposal reflects a payment of $251.00 and that's exactly what I expect to see on the Reg. M disclosure form. All numbers must be to the penny. Ball park figures don't cut it.
I once was told by an Ohio dealer that the doc fee was required by the state of Ohio. I immediately knew that he was (a) lying or (b) was grossly misinformed. Either way, it didn't reflect well on him and so I walked. When a dealer does business with me, they darn well better know what they're talking about; otherwise, I'll simply walk out the door.
The LX is for my wife and, yes, she has driven one and seems very pleased. We've dealt with Rousch before and have no complaints. They've never played games with us and seem very direct and straight forward.
All the Best,
John
MSRP.................... 22,565.00
Sell Price................ 19,464.30
AHFC Acq. Fee...... 595.00
Ohio SAles Tax..... 523.67
Gross Cap........... 20,582.97
Adj. Cap............. 20,582.97
Res. Factor........ 0.60
Residual............ 13,539.00
Money Factor... 0.00127
Term (months). 36
Monthly Payment.. 239.00
Upfront Lease Chg... 75.00
(title, plates, reg)
Hope all of you the very best!
I had a bad experience at the dealer today. This question might straighten some of it out
Some states collect the tax upfront (you can pay it, or have the bank pay it and roll it into the lease payment). Some states collect the tax on the payment, each month..
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
Some states ask for taxes up front. Others like CA Give you the choice.
For example the money factor in 2007 equaled less then 1% interest. Since Honda was changing models. So why not throw tax into the deal. Almost free use of money. imo
But if the interest rates are 5% or higher. It is not worth it imo
So depends on your state. Then you choose if you want to pay the tax upfront. If it makes sense for you.
Choice is always cool :shades:
MVC Reg/Title/Tags
Bank Fee
Doc Fee
Tire Fee
Total Upfront fees--$1128.00
36 month lease--$220.00 per month includes NJ 7% sales tax
That's it! Remember it is the LX-P Honda Accord.
Now, will a Howie Mandel out there say to me--"I made a good deal."
Another question if you do not mind.
Why would a person want to do a sign & drive program OVER the $0 $0 $0 $0 program.
Isn't the $0 $0 $0 $0 better? :confuse:
Which program has the better money factor?
2010 Accord Coupe EXL V6 (No Nav)
12k miles
36 months
What are the same values for 15k miles?
Thanks
Thank you for previous detailed response. You estimated around $340 per month with oooo lease. My calculations were exactly the same.
I'm going to get the car this coming weekend and got quotes from different dealers using Edmunds site!
First, I got the selling price of the car from them and than monthly payment quotes.
The selling price is quite good, ranging from $25,649 to $26,128.
But, even that selling price is lower then yours estimate, the monthly payments are higher. Usually from $370 plus tax.
One dealer reminds about $595 acquisition fee.
So, is there other fees that raise monthly payment or oooo lease offer is not compatible with their special internet price, as one dealer put it?
Thank you again!
Joe
EX but no leather? That seems like $100 per month lower then I was quoted. Seems a lot lower for just no leather. Ask the experts here ,but seems good price to me
So since we are used to the V6 we are bias. That said. The V4 had ample power.but the take off was sluggish. The reason was the torque. The car picked up power after 3000 rpms. This is consistent with high horse power and lowish torque. imo
All this said.
The V4 was sufficient in the power area. The other difference is the passage seat is manual in the v4. For city driving you won't see much of a difference. On the highway you will.
We also figured that with the average Gas price of $3. You would save approx $150 per year on GAS with the v4.
We are still thinking about both. No decision yet.