2013 and earlier-Honda Accord Lease Questions

pegasus17

REF:3957
1. Several of us math geeks on here have our own lease spreadsheets. The math is not that complicated but most people don't want to bother with it. I gave you the numbers you need to verify on a previous post. I can send you the spreadsheet with your situation if you provide an email address. I am very confident my numbers are correct - they are typically within a penny. Perhaps "delta737h" can give you a second opinion as he is quite geeky too.
2. Put the burden on the salesman/dealer to tell you why there is an extra $400 in your deal. Tell them you get 337 vice their 348 and have them explain it. Sad truth is they just plug some numbers into their lease program and go by whatever comes out - they have no clue how or why! I am in the same boat on a Sonata lease right now and the guy could not explain to me why his tax number was $100 higher than my tax number. I asked twice and he finally said that he has to go by what the program says even though he doesn't understand how it's calculated. If more people pressed these guys on the numbers, maybe they would have to get smarter on their software...
Remember, it's your $400!

ml_driver

In your early reply, what is cap 2? You had sales price of 26,250 (correct) & cap 2 (26845).
Thanks

pegasus17

REF:3959
cap 2 = sales price - CCR (zero) + acq fee (595)
26250+595=26845

ml_driver

Thanks...I'll let you know how it turns out

ml_driver

Thanks again for your help. It pays to do your homework and spend time reviewing the lease agreement before signing. Pay attention to the details. The difference in your calc. and my quote was they rolled in the cost of the first month's payment (Honda is making it) back into the cost. This is where the additional $340+- was coming from. When I called it to their attention, the Finance Manager said it didn't make sense to her and revised the deal. As a result, I got what a very fair deal.
Sales price was $26,250. With 15K mi. a year before taxes, the monthly payment is $353.
Great vehicle and would recommend it to anyone.

yeek

I'm confused as to how your MSRP for an EX-L is $29,815. The MSRP for an EX-L w/o NAV or RES is $34.115 with destination. What am I missing?
Thanks.

bvdj84

Yes!! Taking the time to read out the lease agreement. Looking at the terms and most of all....the car! I so should have taken the weekend to think things over before I signed something to just be done with it. Taking a weekend to look at all your options is not going to hurt. Looking back on it, I had other options. There are always options. Dealers that are willing to help.

I will be seeking an EX-L V6 Accord, Looks like a good deal can be had!

nydesi80

Hey anyway you can email your calculator program. Every online calculator I use always does not come out right.

pegasus17

REF: 3962
Congratulations! $353.01 is the correct pre-tax monthly payment for your deal at 54% residual (15k miles per year), all other numbers remaining the same. Enjoy your new ride.

tex18

I would like a copy of that program too if possible.

soulchild

First let me say thank you all for making this forum so incredibly informative and empowering the consumer. I have been researching (with no specific vehicle in mind) for about the last 50 or so days and reading all of the lease forums and think that this is one of the best deals I have seen (that ml_driver has described) and I am about to start contacting dealerships for similar terms. My question is with regards to the residual and money factor for the same EX-L V6 3yr 15k, but including Navigation (I would include b/u camera & remote start). If the monthly payment increase was nominal, I would consider it.

Thank you in advance for you assistance and expertise.

zack82

Carman,

Can you post the money factor and residual value for the Accord Coupe EX-L, V6 Manual? It would be for a 3 year lease, 12k miles.

Dealer is offering a purchase price on the vehicle for $24,672. They are throwing in the Destination fee of $710, Closing fee of $299. Thanks!

nifty

John,
Thanks for all you great info. This is my first post.
I am trying to lease a honda (insight, this week) and I thought I had created a good excel spreadsheet w/calcs built in. But I put your lease numbers in and did not arrive at the same payment. (more than ten bucks off)

I am fuzzy on what the sales tax is based on and how/where it is figured and added in a car lease. I am in CA and my rate is 8.75.

I was wondering if I could send you my excel spreadsheet and have you test it out.

I don't know how to mail it to you?
Nifty

delta737h

Greetings nifty!

You can email your spreadsheet to me at...

diffeq@zoominternet.net

and I'll be happy to review it. I'm not sure how CA handles sales tax but I'll find out.

John

kyfdx

California taxes the monthly payment..

delta737h

nifty,

CA taxes the monthly "rental receipts" in most cases. However, there are exceptions. As kyfdx has indicated, tax is levied on the monthly payment. This applies to most, if not all, consumer retail leases in CA. Here's the reference...

http://www.boe.ca.gov/pdf/pub46.pdf

John

nifty

John,
I just sent the calc. to your email. Let me know if you get it. I had some mail send errors, but I think I have your email address correct now. I'm not too "Net savvy".
Thanks,
Nifty

delta737h

nifty,

I have not received your email so let me re-enter my email address...

diffeq@zoominternet.net

Hopefully, it will work this time.

John

nifty

John,
So do i remove anything from your address? It wont go through as is.

nifty

John,
I just re-sent using a Q instead of a G. My Bad. I should have reached for the readers before I entered the Web.
Nifty

lorimore

I have been following this forum for a couple of weeks and it has been extremely informative about the leasing process.

In the Atlanta area, quoted price of $23,398, 2010 Accord EX-L, which includes destination but not tax, tag and title. I'm having trouble working out what the lease rate would be and whether this is a competitive price or not. Any input would be appreciated.

moody2010

I am in the market for the first time so don't know leasing in detail. I have been offered the following quote:
2010 Accord LX Sedan Automatic
15k miles/yr, 24 months
$0 drive off
$310 per month (tax included)
I am based in Michigan. Could someone tell me if this is a good deal?

victor23

Re: #3979
I have no time to do math right now, but at a first glance, even for 24 mo/15k, I would say it should be closer to $230-250 (incl. tax) if your credit is good enough.

delta737h

moody,

I'm not sure what your sales tax rate is in Michigan. So I'll assume 8%. If so, you can probably get a payment just south of $300. A payment of $295 is probably very "doable" if you're willing to shop around. I'm also assuming that any dealer fees (doc fee(s)) and title/reg./plate fees are paid upfront.

moody2010

Thanks victor23. My score is above 765 which I think is good enough. The Michigan sales tax is 6%. How is $230-250 (incl. tax) possible? The promotion is $0 down excl. tax, title and license, $250/month for 12k miles/yr and 36 months on Accord LX. For $0 drive off, the best I have gotten is $310/month (incl. tax) at least in my area.

brunkhorse

Hello all I am in the NYC metro area and this is an offer I got from the dealer. I have some questions any help would be appreciated:

36 months 12k/yr
Sale Price 26,890 but they want $2800+ in fees!
I was given 54% for the residual but .00202 for the MF this seems a little high doesn't it I see other people posting a lot lower? This number is set by the leasing company correct?
According to truecar.com the good price is 27948 but my question is does that take into account all the fees they are quoting me? I'm only really liking to sale price in this deal but would I be correct in assuming they are rolling over some of the sale price to that large fee amount?

CarMan@Edmunds

I'm glad that you find this discussion so informative, soulchild. 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 2010 Accord Sedan EX-L V6 with navigation and 15,000 miles per year are .00127 and 52%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

When negotiating your deal on this car, make sure to take advantage of the $1,200 dealer cash that is currently available on it.

Car_man
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CarMan@Edmunds

Here's the info that you're looking for, zack82. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Accord Coupe EX-L V6 without navigation with 12,000 miles per year are .00127 and 54%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

Car_man
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victor23

Exactly, 250 is "the promotion". When I was a leasing novice 6 y ago, I also found a similar promotion on the Honda website (after a week-long negotiation with a dealer at around $350 for LX with downpayment), printed out a certificate, and took it to the dealer asking if they are to honor it and holding my breaths, what if they don't participate? It appears that these promotions are still extremely profitable for both Honda and its dealers (well, not exactly unexpected) and you can negotiate much lower. I got the same payment (as for LX) on a V6 model on my next lease. Right now, Voss Honda in OH advertizes LX AT at $218x35 months pre-tax. I saw some people in this thread got around $200 pre-tax, 0 down on LX; a lot of people here get EX at ~$270 all-included, and some even said $250 for EX. One can find deals at $25-26 k (selling price) for EX-L V6. I understand that currently the bottom-line price on Accord is well south of invoice. Maybe with a good reason, though: after being a Honda fan for 6 years and after extensive web research and several test-drives this spring, I am afraid I might leave Honda now.

ellemaree

Hi!
I was given a sales price of $19,426 for a 36 month lease with 12,000 miles for $250.50 monthly including the sales tax of 9%.
He said to me that for a lease in the city of Philadelphia there is the standard 8% tax PLUS an additional 3% for a total of 11%...how do I find out if that is the right tax for my area?
is this a good lease deal? I told them I had to run the numbers and I would be back Monday.
money factor is .00127
thank you in advance

delta737h

ellemaree,

You may be able to get a better deal. Check some of the earlier posts to get a feel for what others are paying. Regarding Philadelphia sales and use tax, you may want to check PA's Department of Revenue website...

http://www.portal.state.pa.us/portal/server.pt/community/use_tax/14489

Click on commonly asked questions and browse or do a search using keyword "lease". Unless it's recently changed, you'll discover that the Motor Vehicle Sales Tax rate is 6% plus an additional 1% Local Sales Tax for vehicles registered in Allegheny County (Pittsburgh area) and a 2% local Sales Tax for vehicles registered in Philadelphia. The tax (8% in Philly) is levied against the base monthly lease payment and paid monthly by the fund provider directly to the Department of Transportation, which acts as a collection agent for the Department of Revenue.

It appears that Philly has an 8% tax rate. I have no clue where the dealer is getting the additional 3%. It doesn't make much sense to me. You need to get a detailed explanation from the dealership and confirm with PA's regulating authority. PA's Department of Revenue is a good place to start.

John

ellemaree

They wouldn't let me take any of the papers with the amounts etc home, so I was trying to write everything down. I could of possibly left out the 1200. dealer cash which would bring it down to that ballpark figure.
Initially, the pricing was for the LX and I said I needed to run the numbers with a few people (meaning this forum) lol left and he ran out the door and said he could do it for the same price for the LXP.
This is the worst, I even took a man with me thinking it would help

ellemaree

You guys have all the insight and information! I thought I was well versed and did some reaserch before I went into the dealer today but now I feel as though I know nothing. I posted what I was offered and heard it wasn't a good deal and I had no idea it wasn't while sitting at the dealer. It all seems so overwhelming.

delta737h

ellemaree,

Don't worry about the dealer's numbers. Frankly, they mean very little. I have had a lot of success doing the following....

(1) Do all the research. Visit AHFC website and look at the lease promos to determine the Money Factor and Residual Factor. They're not explicitly stated but there's enough info enabling one to calculate them. Go to Edmund's and look up the MSRP as well as the invoice price. Comb the Accord forum to see what deals others have gotten. Get a feel for a competitive selling price.

(2) Create a one-page lease proposal on your letter head. It must look very professional. Here's an actual proposal that was accepted just a few weeks ago. Please excuse the awful formatting.

2010 Honda Accord LX Lease Proposal

Retail Pricing Information

Base MSRP 2010Honda Accord LX AutomaticModel CP2F3AEW… 21,855.00
Polished Metal Metallic ……....….………………………………… 0.00
Destination Charge……………………………………….…………….….. 710.00
MSRP…………………………………………………..…………….…...…… 22,565.00

Agreed Upon Value………………………………………………….……… 18,891.92

Amounts Financed (Capitalized)
AHFC Acquisition Fee…………………………………………………… 595.00
Documentation Fee…………………………………………………………. 250.00
Medina Sales Tax @ 6.50% x 36 x 214.42…………………………….. 501.74

Capitalized Costs
Gross Capitalized Cost…………………………………………….……… 20,238.66
Capitalized Cost Reduction…………………………………………………………………. 0.00
Adjusted Capitalized Cost…………………………………………………… 20,238.66

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………………..……….…………….…….… 229.00
Taxable Monthly Lease Payment…………………………….……….. 214.42

Estimated Charges Payable at Lease Origination
License, Title, Registration Fees (estimated)…………………...…….. 80.00
Amount Due at Lease Signing……………………………………..…..… 80.00

Fund Provider: AHFC
GAP Coverage: Included
Annual Mileage Allowance: 12k
Disposition Fee: None
Excess Mileage Charge: $0.15 per mile

(3) FAX/email it to a dealer and do your negotiating via phone. You'll discover that this will save you time, money, and aggravation.

Good luck!

John

victor23

All official tax info is, as was mentioned, at the PA Dept of Revenue site. Don't know much about Philadelphia, but here in Allegheny county the do charge an extra 3% on leases, the total is 10%. 6% PA tax, 1% County tax, and 3% is a so-called "use tax".

ellemaree

Hi Victor,
THANK U!
Yes, that must be correct then. Its 6% for PA, 2% for Philadelphia plus the 3% use tax. I really thought he was fudging the numbers.
I have to make a decision by Monday as that is when the 0,0,0 down lease promotion ends. This car shopping is for the birds!

pegasus17

REF: 3994
Maybe this will help. These are pre-tax good deal numbers (35 payments) I used from a local Ohio dealer web site. just add your tax rate and BMV fees to come up with a deal you can live with.
Accord LX 218
Accord LX-P 228
Accord EX 245
If your tax rate is indeed 11%, then your LX-P deal should be 228+25=253 without fees. Calculate your fees and divide by 35, add to 253 for final payment. (note: The money factor is low so the capitalization won't add much if the fees are $300 or less). If they can't explain why their number is different, just walk away. May 3rd is the end of the month for Honda, so you can do this if you are prepared! Good Luck.

ellemaree

Thank you!! Yes, now that I am looking at the numbers I guess his numbers weren't that off. I think its the selling price that I need to negotiate more with....but I am at the point that I am ready to just sign and end it all. This is nuts..i mean it was wild in the dealership...he offered a sales price of 19,426 for the Honda LXP for $252.66 monthly with taxes, initially offering it for the LX then ran after me saying he could do it for the LXP. I think I am going to say its a done deal for the EX and see what he says lol

pegasus17

i checked truecar.com for a philly zip code (19107)
msrp 23565; truecost is 20009 - his offer of 19426 seems very good

http://www.truecar.com/Honda/Accord_Sedan/2010/best-price-report-04CAC1AF.html?c- olorInfo=Taffeta%20White,Black,6317_001_WH.jpg&optionInfo=6472311,6399540,647230- 7&incentiveIds=0&trimId=320856&modelId=19979&zipcode=19107

FWIW, I just went through this same ordeal on a lease. Was shopping both Accord and Sonata - ended up with a Sonata on 4/29. Cross-shopping helped as did these excellent forums for consumers. Seal the deal tomorrow and let us know!

ellemaree

John,
Thank you for the information, this forum and all the useful information is magnificent.
I think you and others on this site should offer phone service with a fee..meaning people can call while at the dealer, run the numbers and you give ur advice. Seriously, I would of paid for that instant help.

ellemaree

Thank you Pegasus!
how do u like the sonata? my friend just got one

I hope I can do this tomorrow! lol i need a car bad but don't want to get gipped!!

delta737h

ellenmaree,

Many thanks for your kind words. Good luck to you!

All the Best,

John

zaid918

Hi everyone,

Anyone have the #s for a 36 month lease, 0 drive off deal, 12k miles per year in California? Also if you can post the #s without Navi?

Thanks!

Steve

CarMan@Edmunds

Hi brunkhorse. Through May 3rd, Honda Finance's buy rate lease money factor for a 36 month "Sign & Drive" lease of a 2010 Accord is .00127 for consumers who qualify for its top aka "Super Preferred" credit tier. If your credit is less than perfect, you will have to pay a higher money factor than that.

If I was in the market for a 2010 Accord right now, I personally wouldn't want to pay more than $700 under dealer invoice. That amount would increase to around $100 under invoice if you add Honda Finance's $595 acquisition fee to your vehicle's capitalized cost.

Car_man
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CarMan@Edmunds

Hi Steve. Through May 3rd, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2010 Accord Coupe EX-L V6 with 12,000 miles per year are .00127 and 54%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

The addition of navigation to this car lowers its residual value by 2%.

Car_man
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dlarruso

I have never leased before but am looking at doing it posssibly today. I am interested in the 2010 Honda Accord LX-S 2 door Coupe no navigation. I am in Peoria, Arizona, I have $2,500 to put down up front if I needed to, and I have excellent credit. I would need 15,000 miles a year. I have only negotiated sales of cars not leases so I need the boards help in figuring out what I should be walking in with to get the best deal and it looks like there are several on here with a ton of experience.
Thanks
-Daniel Larruso

pegasus17

REF: 3999
Curious if you were able to seal the deal on Monday, 5/3?
re: Sonata - so far, so good; only 115 miles on it
Both Accord & Sonata are great cars at really good deal prices. I was torn between Accord EX 0-0-0 lease and Sonata GLS promo lease but would be happy with either choice...

ellemaree

Hi Pegasus,

You are not going to believe the ordeal I went through. lol so come to find out I have a judgement in my name for an old credit card I got in college....well on Monday I went back to seal the deal and I was there until 8:45pm with no decision from the bank. I had my dad as a co-signer who has a credit score in the 800's so needless to say they let me take the car home but didn't find out until today at noon that it was approved with me on the lease along with my dad!
Nothing changed, same super tier credit rating money factor, 0 down and first month paid.
I got a 2010 4rd accord for $249 with taxes XLP.
First time I ever leased or bought a car.

icyman6969

Does anyone know what rates are for May for 36 month lease with 15k miles? did it change May 4th? what is it now? still dealer incentive?

thank you

davidm123

Hi all,

I missed the boat with the Really Big Thing event (0 down, etc...). Do you guys know if Honda is going to bring this deal back in June or anytime soon, or is it dead?

Thanks.