2013 and earlier-Honda Accord Lease Questions

swicks

Hi Car_Man, thanks so much for the info. I think I got confused because the depreciation figures during June were a little bit higher. In my current deal I have taken advantage of the dealer cash on my lease.

thanks again!

wawzj619

Thanks Car_man. MSRP of the coupe is 25430 and final sales price is 21550. Residual value is 14240 (56%). The dealer didn't tell me if those number including tax or not. Also I don't know the money factor for the coupe. Is it same as sedan?

Based on these numbers, 2000 down, 250 per month, is this a good deal?

vella1

Hey guys,

I am new here and sorry for my ignorance. Just wondering if anyone has used a auto broker to do a lease. I had a guy offer me $189/mo for accord lx 36mo lease no money down. And, if all "fees"(cap cost, 1st months payment, reg-titile etc.) were wrapped up into the monthly payments I could get the car for $250/mo shipped to my house with nothing out of pocket on delivery. Seems too good to be true? The company is neweraleasing.com. Does anyone know anything about them. What is a good deal on this model. The dealers are pitching 279/mo with 0 down. Would appreciate any info.

swicks

Just an update on the deal I am taking tonight. Pacific Honda in San Diego. My salesman Rich Kise was very fair, came right out with no bs and a great deal after I showed I was an educated buyer.

Accord EXL V6 no navigation
MSRP-29,885
Negotiated selling price - $26,000, no additional cap reduction with a downpayment
Acqusition fee - $595

On a 36 month/12,000 mile per year lease with a total of $844.29 due at lease signing, base payemnet is $342 plus tax for a total payment of $372

The residual is $16,121.70 (54%) and the money factor is .00121.

mookie14

Can i get some help on message 4066 thanks.

miamimike1

i've had 2 leases but now is the first time i've gone in with a not-great (fair? poor?) credit score (like 620) due to short-sale of my house.

how does this change things? far less attractive interest rate, correct? but i should still be able to deal with the starting price, etc. Residual value should NOT change correct? now Money Factor (my interest rate) is where they'll hit me correct?

one idiots first deal on a CIVIC (!!!!) was 260 mon/36 mon/12k year and 1000 down. I said "bad credit is one thing, but a lousy price is another". He came back later with $225 - for a CIVIC. I'd rather do accord anyway (i leased one from 05 to 08).

any thoughts, advice?

thanks

Mike

tex18

True, watch out that they don't jack up the money factor. If you are a former Honda customer and paid them on time you should get at least standard or preferred.

tex18

I am being told by the dealer that the residual for the EX sedan and LXP sedan are .56, is that true? It used to be .60 .

And what are the Money Factors for standard and preferred rates?

pikeymikey

Every month the residual goes down on a vehicle (until the new model year comes out and then the cycle starts all over again) because as the vehicle gets older, in 3 years, as every month goes on the vehicle is worth a little bit less and less.

jameslee4

Hi,
I was looking at the lx-s auto coupe. What is the residual on 15k for a 3 year lease.
I know the money factor is .00121
My credit scor is 720 will that work
I found one for $20600 price. Now is the first payment made from honda out of the 1200 dealer cash. Or is honda of america paying it as a rebate. The price of $20600 includes the $1200 dealer cash. So do I pay the first payment.
Also what is the residual of the EX coupe and money factor.
thanks

nina77

A newbie here
I see residuals posted and money factors, but what is a best deal monthly lease payment in Atlanta area for a 4cyl Accord EXL (and EX) with no Nav.? Tax is 7%. Am getting quoted selling price of 28K for EXL which sounds high.

mojahed27

I just leased my Honda Accord EX 2010.
Out of pocket $1,200- including first month, bank fee, DMV fees.
Monthly payment $240.
36 months, 12,000 miles.
Brooklyn, NY. Plaza Auto Mall.

hondaman2010

FYI.... I was told by the Honda dealership that I leased from that if I trade in (or buy) the car at the end of the 36 month lease towards a new Honda vehicle I would NOT be charged for the miles on my current lease. I was told this by the salesperson and dealership manager.

kyfdx

That's true.. IF you trade it in...

But, your trade-in value isn't a set amount.. And, if you have high mileage, the amount the dealer pays for the trade may not be enough to pay off the lease (almost certainly).

This would leave you a negative equity balance to add to the lease or finance of the next car..

There is no free lunch. If you go over the mileage allowance on your lease, you can expect to pay for it, one way or the other.

regards,
kyfdx

delta737h

That's also true if you buy as well.

John

nina77

Hello Mojahed,
Did your payment of 240 include taxes?
Any options included? Just trying to get an idea of what to expect.
Anyone else have a good deal on an EX 2010 Lease? Pls state your out of pocket and what incentives / promos you got.

CarMan@Edmunds

You're welcome, Gary. Toyota's July buy rate lease money factor and residual value for a 36 month lease of a 2011 Camry with 12,000 miles per year were .00002 and 62%, respectively for consumers who qualify for its top aka "Tier 1+" credit tier in your region.

Toyota is scheduled to introduce its new August programs later on today.

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CarMan@Edmunds

Hey Gary. Was I talking about leases with different mileage allowances? That would account for the difference in residuals. So would the date that my posts were made on. Manufacturers' lease program vary over time. Honda's June lease program was different than its July lease program was.

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CarMan@Edmunds

No problem wawzj619. The dealer invoice price of a 2010 Honda Accord Coupe EX 4-cylinder with an automatic transmission is $23,126. If we subtract the $1,200 dealer cash that is currently available on this model from that it drops to $21,926. The selling price that you were quoted is even lower than that...which is a very good deal.

Just make sure that the dealer uses Honda Finance's current buy rate lease money factor of .00121 (for "Super Preferred" tier customers) to calculate your car's lease payment and you're in business.

Car_man
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CarMan@Edmunds

Hi vella1. Auto brokers don't have any magic method that enables them to get vehicles for less than you or I would. If anything, usually find that adding a broker to the equation doesn't do anything other than add another party that has to make money off of your transaction.

Savvy consumers who are in the market for a high volume vehicle like a Honda Accord should be able to easily match or beat the deals that an auto broker would be able to arrive at on their own.

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CarMan@Edmunds

Hi jameslee4. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Accord Coupe LX-S with 15,000 miles per year are .00121 and 54%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

The numbers for an otherwise identical lease of a '10 Accord Coupe EX 4-cylinder are exactly the same.

When negotiating your deal on this car, make sure to take the $1,2000 dealer cash that Honda is currently providing on it into account.

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CarMan@Edmunds

Welcome nina77. In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

Is the selling price that you were quoted for an Accord Sedan EX-L 4-cylinder? If so, then it's way too high. If I was in the market for an Accord right now, I personally would shoot for a selling price of a couple hundred dollars over dealer invoice minus the $1,200 dealer cash that Honda is currently providing on this model.

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Kirstie_H

A reporter is looking to speak to consumers who recently got a new vehicle because of the great lease deal. Please send your daytime phone number and the car you purchased to ctalati@edmunds.com by Friday, August 6, 2010.
Thanks,
Chintan
Corporate Communications
Edmunds.com

mojahed27

Yes, $240 including tax.
No options.

ilguybrett

What should a good lease price be for a 2010 Accord EX-L in IL near St. Louis, MO? Here are the details: MSRP is $27580, but actual price is $25800. It is for 36 months at 12,000 miles per year. We are giving back our 2007 accord (leased) that only has about 13,000 miles on it and is in perfect condition. There will be no money out of pocket and no first month's payment due. The dealer started with a lease price of $363 per month (no out of pocket and taxes included). I was hoping to get this lower. How low can I go do you think? Is $320 per month out of the question? Is $330 or $335 better or even possible? HELP! They have the payoff for the 07 at $13888. Residual around 54%, correct (adj residual at $15445). Govt fees and taxes at about $1000 rolled in to the lease amt. I need some advice on this one.....

fm07071

Hey CarMan
I just leased 2 Accord LX-P in Northern NJ
Zero out of pocker
254/mo
12 k per year
Sound good for this time of year?

bvdj84

I would imagine that we could have some really good deals when the refreshed model accord arrives!

kingpcgeek

Carman and most others will not analyse a lease deal without knowing the selling price of the car.

You can't evaluate a zero down lease dealer when we don't know what was rolled into the lease. How much was the doc fee? Registration? Sales tax? You need to know all of those to do proper lease evaluation.

stevestr1

Not sure if you signed the contract but you should always first negotiate the final price of the car (less any rebates). If its a lease then the price is called the "Cap Cost". If your dealer is working your lease through Honda Finance there is a $595 bank fee which is usually added to the Cap Cost. In my case the cap cost I negotiated for my 2010 EX-L 4cyl was $23,618 (include the $1200 mfg incentive) + $595 = $24,213 Net Cap Cost. The money factor was 0.00121 (Tier 1 rate) equivalent to 2.9% interest rate. My deal was structured with 45K miles over 3 yr lease with $0.15 mile over, however since I drive well over that I added to the deal an extra 18K miles which cost me $0.10 mile by putting it into the lease deal (use it or lose it). Dealers always forget that Honda charges only $0.10 mile for additional miles added to the lease. There is some really helpful info on the Honda Financial Services website that the dealer is not going to tell you (loyalty programs, etc.). My drive offs were first month payment + the DMV and other small misc fees (around $807). Out the door payment is $389 month with 21K miles year for 3 years and residual of 47%. If you are a returning customer to Honda Finance they give you loyalty cash credit of $400. You have to ask for this on your own BEFORE you turn in your old Honda lease vehicle. Honda Finance will note your account and the credit occurs when you fax in your new contract.

From what you are saying it sounds like the numbers are high for only 12K miles year. I use Leaseguide.com to calculate my lease payment. Without knowing what your Cap Cost and money factor is its hard to tell if you are getting a good deal. If the dealers thinks you are clueless about what Cap Cost and Money Factor mean they are going to rake you over the coals by focusing only on a monthly payment. This is why you never want to tell them if you are leasing or buying until the price (Cap Cost) of the car is established. 'with only 13K miles on your 07 Honda I think you would be better off selling on your own and pocketing the profit because the residual has got to be much lower than the car is actually worth. 'was your 07 contract for 36K miles year?

Tip: If the price of the car is more than a broker can negotiate you are paying too much. I use Carsdirect.com site and then go back to the dealer and tell them this is what I can get the car for. Its no lie. Maybe not at their particular dealership but definitely someone else's.

fm07071

Here is the breakdown from the lease agreement
21,321 cap cost
13,600 residual
500 in misc fees and taxes that was waived for no money out of pocket.
254 /35 monthly payments

I know the best is to negotiate the price and then tell them youre leasing. These guys in NJ aren't nice about that. They want to know before you start which way its going. hence the wonderful review i gave the dealership.
wish i knew about the 400 from Honda before I turned in my last lease. oh well, lesson learned.
so is this enough to know if I did alright?

delta737h

fm07071,

I would tell them, straight up, that you're going to lease. If you understand leasing as well as how to structure a lease, including all relevant calculations, there is no reason not to let them know.

I suggest that you ask the dealer for their LEASE WORKSHEET. This is a computer generated document that contains all relevant information. This will eliminate confusion and misunderstanding. Do not let them give you numbers over the phone as that's a piss poor way to do business. INSIST that they provide you with their lease worksheet as it will answer a lot of questions. There is absolutely no reason for them not to give it to you. If you like, email it to me at

diffeq@zoominternet.net

and I'll be happy to analyze it for you.

Then, we'll construct a one-page lease proposal. I'll be happy to provide samples.

John

garden_girl

Newbie here. Please be patient.

I have a couple questions about leasing.
1.) Honda.com details numerous lease options, many with zero down. When I look at the numbers these seem to be pretty good deals but no one mentions them on this site. Are these stripped down vehicles? Is there only 1 on the lot with that deal?
2.) I've taken the advertised leases on honda.com and backed into the money factor, residual % and dealer $ applied (if any). Can I reasonabley then apply those factors to another car on the lot (same model but different options)? In other words, can I expect that same deal on another vehicle? Is the 'great deal' only on those specific model #'s listed on honda.com?

Any assistance provided is greatly appreciated.

fm07071

Thanks for the offer John.
I ended up getting the car because it was better price than the 1st dealer offered me (dealer where i had leased past 2 cars - so much for customer loyalty being worth anything.)
I will assume they didnt kill me on the deal. its just a major pain in the ashhhh to deal with these guys. They want to get as much as they can out of you and dont really care about much else. there was a guy at the next table from me making deal for the same car and they were telling him 300/month zero down was the best he would get.
its pathetic,,,,

delta737h

Good luck with your new car, fm07071!

~J

kingpcgeek

Can I reasonably then apply those factors to another car on the lot

Honda is the worst manufacturer for having multiple lease rates

For the sedan they can have different rates for:
LX
LX Premium
EX
EX V-6
EX-L Non-Nav
EX-L Nav
EX-L V-6 Non-Nav
EX-L V-6 Nav

joec9

Here are my numbers to share. I'm in jersey.

Accord EX-L
36 month lease / 12K miles per yr,

$2200 due at signing approx: $1,500 down, $250 doc fee, $250 1st month payment, $200 registration fees)

$235 month + tax monthly payment

FYI,
This was after about 10 min negotiation. I spent about an hr learning as much as I can on the internet before going to the dealer. May have gotten little lower if i spend more hours negotiating and going to multiple dealers and etc.

For those looking for an EXL lease, I think this is a good benchmark to go with.

To keep the negotiation simple, my main points were what i have to pay in TOTAL at signing. And the monthly payment. There are a lot of numbers that go into those two numbers on a lease but at the end, those 2 are the most important.

good luck,

bvdj84

$250 doc fee? Really? Never had to pay it. Well unless they slid it into the deal.

kingpcgeek

I have never heard of a dealer that doesn't charge a doc fee. They range from the state maximum in CA of $55 to the highest I have seen in FL at $900. Here in AZ they average $350-$400 on a new car. Heck I just paid $300 for a used car for my daughter,

bvdj84

Yes, unless they slid it into the deal. But, here in Indiana I am not sure what the average fee is. But, $250....wow! That is almost a car payment. I am not sure legally what they can charge to paper push. Oh well, like anything else, there is a fee. Soon, they'll charge to use the restroom, lol.

I got quote $379 with $1k down. Though I asked for $0 down, they still asked me to put down a $1k. I am not putting it down. So about $400 a month on a EX-L V6.
Sale price of about $25,***. I think it is a bit too high, but this is with 15k miles a year.

joec9

I did go through with the purchase. Here are some more details

Selling Price $23,000 + $600 bank fee
Residual $15,400

I hate to pay the $250 doc fee. Although the dealer considers it a separate cost, of course it's an add on to the negotiated cost

ezzatak

My 2008 Accord EX lease will be expired on 11/30/2010.
Now I'm looking to lease the new 2011 Accord Ex-L.
Appreciate getting me the current residual value and Money factor ( I have Excellent credit).
Is this numbers going to be be different within the next 2 months.

CarMan@Edmunds

Greetings ezzatak. Here's the information that you're looking for.

Through November 1st, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2011 Accord EX-L 4-cylinder Sedan with 15,000 miles per year are .00200 and 56%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

Honda is not providing any support on the '11 Accord yet, so this is its standard lease program. At some point Honda will introduce lease support on this model. Exactly when that will happen is difficult to say.

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ezzatak

Thanks a lot.
I still have time and will look for other competitive deals from other brands, may be Toyota or Subaru!!
Thanks again for your prompt response.

bvdj84

You may want to look at others deals. The new 2011 Accord EX-L is nearly $29k. That is too high!! Especially, when other models are having features that are standard with a lower price. Now, its not a Honda. I am certain a Honda fan. But, $29k on a EX-L with no Nav, No V6. That is simply too high. Might as well consider the Acura TSX as a better contender for that price.

I too will be looking at the Accord, TSX and the all new Jetta. Or a deal to be had on left over 2010 models.

peteyboy30

Hey there car_man & kyfdx, I have a neighbor who is trying to decide between a Hyundai Sonata and a Honda Accord LX auto. Me being the compare-a-holic that I am, I want to do everything I can to help him get a great deal.

I was hoping you could provide me with the residual and money factor for the 2010 Honda Accord Sedan Auto, 12k miles, 36 months (in NY by the way). Also, if you don't mind, what current deals are there going on? Thank you very much!

CarMan@Edmunds

You're very welcome, ezzatak. Good luck in your quest for a new ride!

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CarMan@Edmunds

I'd be happy to help you and your neighbor out, peteyboy30.

Honda Financial Services' current buy rate lease money factor and residual value for a 36 month lease of a 2010 Honda Accord Sedan EX 4-cylinder with 12,000 miles per year are .00058 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

When negotiating their lease on this car, make sure that your neighbor takes the $1,200 dealer cash that is currently available on it into account.

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swampdragon

I just stopped by a honda dealership in NJ this afternoon.

What would these residuals convert to on a monthly payment with nothing down?

I want to put down the least possible and don't plan on buying out the car at the end of the lease and am looking for a good target price on a
2010 Accord - EX - 3 year - 36 miles - through AHFC
thanks

infalliblesal

Hello Car man,

can you provide me with the following information on a 2011 Honda Accord Coupe EX-L V6 with no Navi on a 36 month, 12000 miles/yr lease, in NYC

MSRP
Invoice
Holdback
Residual %
Residual $
Money Factor
Estimated Monthly payment with 0 down

CarMan@Edmunds

Hi swampdragon. I'd be happy to work up a sample lease payment on this car for you. However in order for me to do so I need you to provide me with its full MSRP and selling price, or at least its MSRP and dealer invoice price.

If you can't get this information from the dealer, you can get it from the New Vehicle Pricing section of Edmunds.com.

Let me know and I'll crunch some numbers for you.

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