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2013 and earlier-Honda Accord Lease Questions

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Comments

  • ericw2ericw2 Posts: 5
    mnoker: I think MSRP for that car, including destination, is $29,850 with destination, and dealer price is $26,935 with destination. I'm assuming you're looking at the automatic, rather than the manual. (You are looking at a 2006 model rather than a 2005 model, right?)

    I'm very interested in your deal because I may lease the same car, except I'd be going with the coupe model and a manual transmission, which is hard to come by in my area (Seattle). I'd also be going for a two-year lease at 12,000 miles per year.

    Would you mind posting exactly what you quoted in terms of cap cost (I'm wondering what the exact number is given the discrepancy between the number you have as MSRP and what Edmunds says that MSRP is with destination)? Also, does anyone know if there is some kind of dealer cash on the EX V6 Coupe with navigation (and manual transmission) right now? I'm wondering how mnoker was quoted a figure below invoice (unless it's purely as a result of some sort of dealer holdback or other standard allowance).

    Thank you!
  • mnokermnoker Posts: 28
    I have gotten an even better offer from Kolbe Honda.
    Here is the exact quote and yes automatic
    " Thank you for your interest in the 2006 Honda Accord EX V6 NAVI. M.S.R.P. Of $29,850. Your special internet price for this vehicle is $26,114*

    You will also receive clear door edge guards valued at $197 at NO EXTRA COST. And no additional equipment are added on most of our vehicles, unlike other dealers.

    Please contact us to schedule an appointment for a test drive.

    All KOLBE HONDA prices include destination charge."
  • ericw2ericw2 Posts: 5
    mnoker: Thank you very much for your posts. I appreciate the help.

    Best of luck to you.
  • jshcarsjshcars Posts: 11
    Just brought one home after much online negotiation. Thanks everyone so much for the information, it made this process much more bearable (and cheaper).

    Negotiated cost of car $22,250 (inc. destination); adding tax (5% of sale price for MD) & title & acquisition = gross cap cost of 24,152.50; Adjusted cap cost (I paid sales tax) = 23,038.27; residual value = 14790 (58%); money factor .00169.

    Bottom line for a 12k/36mo lease was $293.05/mo with only sales tax ($1115.23) + first month down.

    (actually, I had to put security deposit down also because they thought the loyalty program wouldn't apply because I returned my last leased Accord just over a year ago -- anyone know if that is the rule?)
  • bsc99bsc99 Posts: 9
    Picked mine up last weekend (love everything about it - 200 miles already). In large part due to this forum (and excessive shopping), I think I got a smoking deal:

    Cap Cost: $24,750
    MF: .00079
    Residual: $16,153
    Monthly: $287.50 (inclding 6% NJ tax)

    Inception Fees: $1,138 = 1st Mos. Payment + MV (3 year prepaid registration)+ Security Deposit + NJ Tire Tax + Acquisition Fee.
  • Anyone know what the difference is between buying a Honda at the end of a traditional lease and This

    I'm just wondering if any of the depreciation/finance ratios are any more or less during the term and if the residual rates are the same as traditional leases....
    It just sounds like a lease......
  • jhinscjhinsc Posts: 399
    It's basically a lease hybrid. I did this program with my 06 Accord because the numbers just made sense for me. You need to have the dealer lay it out side by side for you, show you the costs needed upfront, what's required at the end, and then make your choice. I like the fact that if I want to keep the Accord at the end of the term, I can buy it. If not, I can trade it in if I have equity, which can apply toward the next car, or turn in back in just like a lease. For me, it provides more flexibility at the end of term than a lease.
  • What about the taxes? On a lease they are applied each month. Is it the same on this plan?
  • jhinscjhinsc Posts: 399
    This is where you need to see the numbers side by side. The taxes are paid in full upfront by you. For me, where I live, the maximum sales tax on autos is $300 so it didn't have much of an impact either way. It was offset by the fact I didn't have to pay the first month's payment upfront, so it was a wash.
  • Hi everyone,

    Thia is my first time getting a car on my own and I need some input! I am interested in leasing a 2006 Honda Accord EX-L. I live in Monmouth County, NJ. The invoice price is $25,500 and that is being dropped to $22,999 (which they said is $7 under invoice...is that even that much??). I am going for 36 months/15,000 miles/yr. With $2,000 down, they gave me $279 month.

    Is this a good deal? The dealership is making it out to be a steal...but of course they could be full of crap. I'm skeptical with putting that much down too, but they say it's covering all the costs. Is it possible to put LESS down, but still have the same monthly payment or even LOWER? ...or am I asking for too much?!

    Any help would be greatly appreciated! I am scheduled to go pick this car up tomorrow night and sign all the papers. No actual deal has been made, so I can pull out.

    Please Help!
  • carzoom1carzoom1 Posts: 1
    that is a very good price. How did you manage that? The best i've been offered so far is $1,000 over invoice for ex-l,v6,sunroof,navi,auto. Anyone know what is realistic to actually be able to get the car for?
  • jsbarjsbar Posts: 9
    Looking at an 06 EX-V6 auto, 36mos 12k miles. From what I've seen posted here it seems the mf should be .00079 with a residual of 56%? Is that right? I read a "current lease special" on the honda website that had a 58% residual. Are they just playing with the numbers there? Thanks.
  • willoughwillough Posts: 2
    Can I ask who the dealer is? I'm looking at the same car and getting a higher price. Thanks.
  • susanm3susanm3 Posts: 1
    I'm negotiating a lease on an EX-L AT in Rhode Island. I think the most recent offer is pretty good, given what I've read in this forum. Purchase price $22,396 (told it's $100 under invoice); 12K miles per year for 3 years; money factor .00169; residual 58%. I'm putting down 1,000 and rolling tax, title, destination fee, 1st month payment, etc. into my monthly payment -- $307.89/month. I was hoping for a payment under $300, any way I can achieve this without putting more money down?
    Any feedback is appreciated! Thanks in advance.
  • jsbar,

    I think the 56% residual is for 15k miles per year. For 12k per year, the residual should be 58%.
  • bsc99bsc99 Posts: 9
    "Can I ask who the dealer is? I'm looking at the same car and getting a higher price. Thanks."

    Planet Honda in Union, New Jersey. I should note that, in exchange for accepting my numbers, I agreed to take delivery an in-stock car (Carbon Bronze/Ivory) that very morning.
  • I am getting a little bit similar deal from a dealer in Indy for a 06 Accord EX w/AT

    36 month lease/12,000 a year
    No Down payment
    MSRP - $23,800
    Selling Price - $21,929.89
    Residual - 13,328.00
    Residual percentage - 56%
    Money Factor - 0.00179
    Monthly payment w/ taxes - $325.70

    According to the dealer they are just making $200 profit. Does the above figures look right and can I negotiate more. If yes, how much more.

    Thanks
  • jhinscjhinsc Posts: 399
    Sounds a little high. I got an EXV6 in Feb. with very little down (less than $1000-equity of trade) and payments of $309/mo with 15k miles per year. This was on the leadership purchase program which is a lease hybrid. All I did was tell the sales manager I wanted the advertised lease deal on the Honda website, but bump mileage up to 15k from 12k, and no money out of pocket. Check it out and see if the numbers compare favorably. Sorry don't have all the details, but I know the interest rate was 2.29%, which is lower than your quoted money factor. I don't think the rates for EX 4 cyl are as favorable as the V6 models or the LX 4 cyl models. I'm happy with the V6 and getting 26 mpg avg, but I would have chosen the 4 cyl EX-L if it had the VSA and the rates made sense. Good luck to you! :shades:
  • jmcmbzjmcmbz Posts: 44
    Hi Car Man, Do you if the lease rates (MF & Residuals) are the same for April? I did a comparison of the EX-L NAVI with and without V6 for the March numbers. The 4 cyl was $30 more per month due to the lower residual and higher MF! Too late for March but hoping the same deals are in place this month. Thanks!
  • qbrozenqbrozen Posts: 26,435
    Sounds a little high. I got an EXV6 in Feb. with very little down (less than $1000-equity of trade) and payments of $309/mo with 15k miles per year.

    ah, but any money down makes a huge difference. At the original poster's rate, a mere $900 down can change the payment ~$28.50/month.

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

  • jhinscjhinsc Posts: 399
    My down payment paid for the $300 sales tax on auto's in my state, and the $199 DH fee, which left just over $500 toward the car price. Assuming that's about $16 per month added to my payment, making an equivalent payment of $325 compared to poster's payment of $325 including taxes. I also have 15k miles per year vs. 12k miles. Assuming he/she has a 7% tax rate, their base payment would be about $303. When comparing the difference in price, it seems high to me, unless I'm missing something. :confuse:
  • jmcmbzjmcmbz Posts: 44
    I have been told that today (April 3rd) was the last day for the current lease numbers / promotion. We went ahead with a lease on a Silver / Black EX V6 Navi including Ipod adaptor for $26500 cap-cost plus $595 bank fee. Paid $674 out of pocket for a $354 per month payment (including 8.25% Cali Tax) on 36 month 12K lease. No security deposit so slightly higher MF (.00089) but wanted minimal OOP. Finance lady told me (of course she said she shouldn't but...) that they actually lost $1086 on my deal even with holdback. She said they probably made it up on someone elses deal and just needed to make quotas. Not sure about this but I'm extremely pleased with this deal! Any thoughts or comments? Los Angeles area here.
  • qbrozenqbrozen Posts: 26,435
    well, i believe all his numbers add up, according to edmunds lease calculator.

    And, depending on where the poster lives, as you pointed out, taxes can be treated differently. It may be a matter of tax on the payment, or it could be the total tax on the vehicle spread out over the payments (varies by state).

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

  • asleepyasleepy Posts: 70
    Mine was a coupe EX w/AT but no other options so the number may not be comparable but I leased it for 3 years at 12K per with $0 down. I paid some $700 drive off. The monthly payment is $237 without tax and $257 with tax. I got in on the March "special lease" numbers which I have now forgotten the money factor -- I thought the interest rate came to around 1.8% and 57% residual. The purchase price was $20730.
  • Hi Car_Man,
    Can you provide the MF and Residuals for the Accord sedan and coupes for April? Thanks!
  • greenicegreenice Posts: 41
    Car_Man,

    I second this question. I have seen that Honda advertises a special lease for the Accord V6 AT: $289.00 per month for 36 months with a $999.00 down payment, 12000 miles per year.

    Is the same or something similar available for the manual transmission EX V6? Can you can me the MF and residual for this model. I am located in MO.

    Thanks
    greenice
  • Hi Car_Man,
    Can you provide MF and Residual for the Accord LX SE sedan manual transmission, 36months and 12k miles/year? Thanks!
  • topgun7topgun7 Posts: 412
    Jmc, which dealer did you get your car in N.Cal? I am in N. Cal also and I think you get a super deal for 354 a month with no down also.
  • Hi jmcmbz. I believe that Honda's lease program for the Accord is exactly the same in April as it was in March. If you were to lease a 2006 Honda Accord Sedan EX-L 4-cylinder with navigation 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 54%, respectively for consumers who pay a security deposit and qualify for its "Super Preferred" credit tier. The numbers for an otherwise identical lease of an '06 Accord EX-L V6 with navigation should be .00079 and 54%.

    Car_man
    Host
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  • Hi excellence. I'd be happy to give you an idea of what Honda's April lease program is like for the Accord, but in order for me to do so I need some additional information from you first. This info includes the exact model that you want, how long you want to drive it for, and how many miles per year you need to be able to drive it. For now, I can tell you that Honda Finance's buy rate lease money factors for consumers who pay a security deposit and qualify for its "Super Preferred" credit tier are currently .00079 for '06 Accord Sedan V6 models, .00169 for Accord Sedan 4-cylinder models, and .00076 for Accord Coupe models leased for up to 36 months.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • Hi greenice. The transmission that you choose should not have any impact upon this car's lease program. If you were to lease a 2006 Honda Accord EX V6 Sedan through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00079 and 58%, respectively.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • Hey excellence. If you were to lease a 2006 Honda Accord LE 4-cylinder Sedan through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00169 and 59%, assuming that you pay a security deposit and qualify for its "Super Preferred" credit tier.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • Thanks Car_Man,
    Is the MF of .00076 for 4-cylinder coupes also or just the V6 coupes?
  • You're very welcome, excellence. All Accord Coupes qualify for the .00076 money factor, both 4-cylinder and V6 models.

    Car_man
    Host
    Smart Shopper / Prices Paid Forums
  • trvlfoxtrvlfox Posts: 1
    Hi everyone, I might already know my answer but I have a Honda Accord EX 2004 and have a 48mos lease on it. I purchase in Mar 2004. My needs have changed and would like to get the Honda CRV. My lease is with Honda Finance. Is it tough to upgrade when using the same leaseing company? Or am I better off to just wait until the end of my lease and than buy the car I want?

    Thanks
    Vicky
  • john7093john7093 Posts: 4
    Hi asleepy,

    Which dealer gave you this deal. I am in the Bay Area too and looking at an Accord EX
  • jhinscjhinsc Posts: 399
    You could check it out, but most likely you'll be better off financially to wait until the end of the lease to get the car you want. Could you roll into the another lease for a CRV? Possibly, but unless you come up with some cash, you'll end up paying for the deficit in the new lease and really be stuck. ;)
  • jmcmbzjmcmbz Posts: 44
    You can also pay off the lease exactly as you would a car loan. Depending on what your payoff is (and how good of a price you got when you leased), you may be suprised that your Honda has held it's value well and you can sell it outright as a used car. Pay off the lease with the proceeds then you have a clean slate when negotiating your CRV. This method will take some effort (and depends on your vehicle's condition and payoff) but will likely save you ALOT of money.
  • tdzz1975tdzz1975 Posts: 6
    What's the residual percentage for a v-6 Accord coupe, 36-months, 15,000 miles?

    Thanks!
  • asleepyasleepy Posts: 70
    Hi john7093,

    I got mine from Anderson Honda in Palo Alto. I contacted them via their web site and asked for a quote (I contacted other local Honda dealers and Anderson had the lowest selling price and all had same lease numbers at the time). They provided the selling price of the car and all the lease numbers. I agreed and when they said they had the car, I came in, signed the deal, paid the upfront money with my credit card and drove the car home. All very simple.

    - A.
  • john7093john7093 Posts: 4
    Thanks Asleepy,

    My wife just bought a Pilot EX 2WD at Dublin Honda and they were also very forthcoming about the money factor and residuals. This forum helped alot. I came in with all the numbers and they pretty much confirmed the numbers that Car Man has provided.

    She had a Civic before the Pilot so they waived the security deposit. Here are the numbers for the Pilot EX 2WD she got:

    2006 Hondad Pilot 5dr 2wd EX AT

    MSRP=30095
    Price = 26803
    MF = .00012
    Residual = .55
    Total out of pocket= 1995 ( included $595 aquisition , 1st payment $292 , DMV $246, tax on cash $144)
    12K miles

    Payment 269+tax = 292 ( 8.75% tax )
  • ral2167ral2167 ohioPosts: 767
    what else caused the out of pocket to be 1995? did you also put in a down payment? also, i wonder if the acquisiion fee would be waived if you're currently using honda finance on another vehicle.
  • Hey,

    Today April 15,2006 I was at Kolbe Honda the salesman SID would not budge from 28K for a Coupe EX V6 with NAV so how can they offer you $26,114 ? did you get your quote from them thru Edmunds dealer quote ? in terms of lease they offered me $289/month with $2500 down and they would not budge.A friend of mine leased from them in 2002 an Accord Sedan EX V6 no NAV for $1000 down and $300/month and they wouldnt give me the same deal, the NAV really adds another $55/month

    Anyone in L.A know where I can get a good deal on a lease for 2006 Coupe EX with NAV ? If so, please email me the details in terms of residual,money factor etc...

    Thanks
  • Hi,

    Can you explain to me now the cap cost was $26500 below invoice ? and what is the $595 bank fee ?
    I was offered $2500 down and $289/month + CA tax with NO NAV is that a good deal ? according to my calculations it would work out to $358/m with no money down + tax and for NAV prob another $55/month then I'll be looking at $414/month. Which dealership did you go to ?
  • Do you happen to know if they are having this lease special in April as well ? and where did you find about this special what dealer or website ?

    Thanks
  • jmcmbzjmcmbz Posts: 44
    Hey, My payment is $354. per month including CA Tax for 36 mos, 12K per year w/ $571 out of pocket for DMV, $45 doc fee and 1st payment. This is on an EX V6 w/ NAVi, automatic AND accessory IPOD adaptor. I am paying $2 less per month than on my 2005 EX-L Navi 4cyl that we put $3K down to drive off. The money factor and residuals are so much better now that I could not resist. We are selling the 05 outright and will get about $1000 more than the payoff from Honda so I'm not unhappy at all. I did learn to not put all that cash down to reduce the payment and will never do that again.
    The finance officer said we were a money loser for the dealer (Spirit Honda in El Monte) but we got the car on the last day of last months lease special and I think it was the end of the fiscal quarter so that may have something to do with it. They are also were having a "grand-opening" of the newly rebuilt dealership and may have had very lofty goals to meet for investors. I can't believe they would actually lose money but she said they made it up on some other customers that night (but of course said she "should not be telling me this"). I simply negotiated the hell out of them and they must have wanted to make their quotas. The two women I dealt with in the internet sales department were excellent.
    The $595 "bank-fee" is a non-negotiable fee paid to the finance company (in this case Honda Financial) for writing the lease so my actual CAP Cost was $27095. I think the terms are the same for this month so Good Luck!
  • Hey jmcmbz,

    So your total money down was $970 ? ($571+$45+354) and then $354/m incl CA state tax right ? what was the money factor ? and the residual ?
    When did you lease this car in March or April ? Can you refer me to the dealership and the people you spoke to ?
    and anything else I should look for before I sign ?
    Feel free to email me directly to [email protected]
    with your contact info as well, I'm planning to go to more Honda dealerships today 4/16/06

    encinoguy
  • jmcmbzjmcmbz Posts: 44
    My TOTAL out of pocket was $571 (approx). I waived the security deposit for a slightly higher Money Factor but less out of pocket. I think .00089 instead of .00079 but this worked better for me. I don't have all my numbers or paperwork w/ me as I'm out of town. I'll send you an email with the contact info and some other details.
    JMc
  • I went to a dealer in south florida and was told that the residual value (RV) for an EX V6 accord with navi was lower than the RV of an EX V6 without navi. Is this true? If so can someone tell me what the RV would be for an EX V6 with navi and the money factor? Please? Thanks!!
  • asleepyasleepy Posts: 70
    I saw these figures on another site as of 03/31/06 and it does look like there is a difference in RV for non-navi and navi.

    2006 Honda Accord 4dr Sedan EX-L (V6)
    24 mo/15k mi – Residual Value 66% of MSRP – .00079 Base Money Factor Rate
    36 mo/15k mi – Residual Value 56% of MSRP – .00079 Base Money Factor Rate
    48 mo/15k mi – Residual Value 46% of MSRP – .00255 Base Money Factor Rate
    60 mo/15k mi – Residual Value 36% of MSRP – .00445 Base Money Factor Rate

    24 mo/12k mi – Residual Value 67% of MSRP – .00079 Base Money Factor Rate
    36 mo/12k mi – Residual Value 58% of MSRP – .00079 Base Money Factor Rate
    48 mo/12k mi – Residual Value 48% of MSRP – .00255 Base Money Factor Rate

    2006 Honda Accord 4dr Sedan EX-L w/ Navigation (V6)
    24 mo/15k mi – Residual Value 63% of MSRP – .00079 Base Money Factor Rate
    36 mo/15k mi – Residual Value 54% of MSRP – .00079 Base Money Factor Rate
    48 mo/15k mi – Residual Value 44% of MSRP – .00255 Base Money Factor Rate
    60 mo/15k mi – Residual Value 34% of MSRP – .00445 Base Money Factor Rate

    24 mo/12k mi – Residual Value 64% of MSRP – .00079 Base Money Factor Rate
    36 mo/12k mi – Residual Value 56% of MSRP – .00079 Base Money Factor Rate
    48 mo/12k mi – Residual Value 46% of MSRP – .00255 Base Money Factor Rate
This discussion has been closed.