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I was looking for a new lease for my wife for a Civic LX. Her current lease which she started before we were married is about up so we went to her original salesman. (buy out option is $9150 with a trade in value of $10500) The salesman there give me a monthly payment of $310/month (no money down). When I asked what he is selling me the car for, he stated, "That doesn't figure into lease payments" I also asked for the current money factor, for which he replied, "What is that?" Are my questions valid?
I then insisted I needed to know the price of the car in case I wanted to buy it. This sent him into a 10 minute speech on why I should not buy a car. Finally he quoted me a car price of $18,355 (MSRP) then asked us to leave to think about it. I was calm during the whole procedings. Is it me, or is this a weird way to sell a car?
This was a little frustrating to me to begin car shopping. I'm going to try Conicelli Honda in Conshocken, PA. Hopefully, they will communicate with me better.
1 question: The currently leased car is slightly over the mileage. If we use the buy out option, are we responsible for the $0.15/mile fee as well? The lease terms are not clear in their writing on this.
Thanks everyone! Hope your car shopping goes well.
Looking at the Sedan with Man'l tranny and without NAV. Looking at 24 and 36 month terms with 12k mi/year. Can you tell me the residual and money factors (I figure I'm in the "Super Preferred" bracket....).
Thanks!
-Jicbulk
Selling Price: $21,685
What are the residual and money factors for a 36 month lease? The kicker is that I need extra mileage (current lease is 20k miles/yr and that's what I'd need). How does that affect the residual and money factors? I'd assume it would just lower the residual value b/c of the additional mileage put on the car. Any info. would be much appreciated. Thanks!
This is probably a dumb question, but I am going to ask anyway.
I have a 04 Civic lease ending in 9/1/07
I am currently over the miles and estimate that by the lease end I will be over by apprx. 25-30K miles.
I am thinking about buying out the car because it is good vehicle, I do not want to lease another car (I moved jobs a month after I got the lease which is why I am over) and I do not want to take out a new car loan. I would rather just pay the 8900 buyout.
So...Here is the question...
Is the lease buyout the AHFC a balloon payment or do they finance that amount? If not, I know the AAA offers a lease buyout loan...does anyone know how that works?
Thanks SO MUCH for your help!
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
the $3000 includes tax, title, blah blah blah.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
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I am 22,000 miles over x .15 = $3300.
So even if I got a camry or corolla for $190/mth I'd still have that $3300 out of pocket.
Honda in Greenwich, CT is giving me $239/mth $2100 due at signing for 36 months 15k miles. Is this good? I keep comparing it to $153/mth but that was in 2003.
My Fico score is 706. Does this put me in tier 2? Any way they can squeeze me into tier 1? Interested in an Accord or Civic. They have a special lease with money factor of .0009 for the top tier. What MF can I expect?
Thanks,
Greg
Next, I asked about leasing, and asked him for the MSRP, money factor, and if there were any other fees.
He replied:
"At this time you can lease for 36mos with 12,000 miles per year and a total of $350 due at signing for $221 per month. That payment includes all taxes, therefore that would be your total payment each month. The amount due at signing includes your first month payment, documentation fee and plate transfer fee. If you need a new plate then I will need to calculate a new plate fee based on your birthdate."
In short: $350 at drive-off (incl. first pmt, doc fee, plate xfer). Then, $221/month (includes tax). Total out of my pocket after all is said and done: $8,085.
I know usually y'all ask for MSRP, residual, blah blah but just looking at this deal, it sounds pretty good to me (my objectives were LOW/NO DOWN PMT, MINIMAL FEES such as acquisition fee etc.). Am I naive in looking at "how much I paid at the end of the lease" as my guide (all terms of lease being equal...)?
Is this deal good? I'm hoping there won't be any other surprises sprung on me at signing.
Appreciate your comments.
i'm getting a car for my mother and for my friends father. identical car.
07 civic lx 4dr/2dr whatever. as long as its automatic.
my mother currently has a 2003 civic lx which she probably got hit up a little hard on. was a 48 month lease where she paid taxes out of pocket plus other junk fees and she pays like 218 or something a month.
i figured she could get less on a 16,000 car. so i am looking to get her into the civic for 24 months with NOTHING except first months and bank fee and minor dmv fees out of pocket for like 200-220 a month.
i'm pretty sure that since the residuals are much better for a popular car like that on a 24 month lease program the payments would be better. but if the programs suck for that term then she wouldnt mind going into a 36 month.
everyone keeps telling me for the past few months that they cant get the car under $250 or so under those conditions. which i find hard to believe. also she lives in new york city (queens) so the tax is 8.625%
what is everyones feeling on this?
In this example I am giving, using a .003 money factor, it comes to over $310/mo.
Take it out to 3 years with a 57% residual and you are still at almost $290.
If you'd like to run your own numbers, you can visit Edmunds Lease Calculator
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
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If you lease through Honda Finance, at lease signing you will have to pay your first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, a $595 acquisition fee, and any required state taxes or fees.
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he also told me that the residual is 64% on the civic over 36 months in auto trans.
that is very high residual, i just have a hard time believing that the car can not be leased for low 200's like 200-220 considering it has such a high residual and even leased out at like 17,000, several hundred over invoice. so this leads me to believe that the civic is just a flat out awful car to lease. my mom has likea 780 fico, homeowner, def top tier, thats why i dont understand and the only logical conclusion i can draw is that for her price range of monthly payment/term/out of pocket which is low 200s/24-36/all fees into lease i might as well look into a toyota corrolla, nissan sentra, or even the 4cyl accord.
2007 Civic SI Sedan non/Nav
27/36/39/42 mos.
Super Prefered Credit Tier
In Jersey if that matters
Im debating weather I should buy or lease. Thanks in advance
I'd like to have an idea of what I'd like to do before walking into the dealer showroom. And to know whether I come out behind or ahead, I need to know the actual estimated residual assuming less than 10,000 miles per year after 24 months. See below.
In comparing lease vs. buy, here are my calculations, assuming paying $500 over invoice:
LEASE:
Total Money = Cap cost + 72% Residual = $17,445 + $13,216 = $30,661
Interest = Total Money x Money Factor = $30,661 x 0.00380 = $116.51
Depreciation/Month = (Cap Cost - 72% Residual)/24 = $176.21
Total Monthly Payments = $292.72
Total payments after 24 months: $7025.28
Compare that versus net costs in financing, assuming $10,000 miles per year, and 7% interest for 5 year loan:
Monthly payments: $345.43
Total payments after 24 months: $8290.32
Remaining loan principal after 24 months: $11,187
Residual Value after 2 years = ?
Because we anticipate that this is going to be a low-mileage vehicle, my best guess is that the car maintains 75% value over 2 years. In that case, MSRP x 75% = $13,766, and I'd pocket $2579 after paying off the loan, making my net costs $5711.
Are these cost estimates correct?
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
So if instead I want a car for two years that meets only two criteria, i.e. safety and driveability, what is your recommendation?
Mazda 3 tested poorly (albeit without curtain airbags) in side collision testing. Ford Focus worse as well.
The car is for a new driver, so we want to be extra cautious.
So, don't discount models that score poorly, but offer those as options... With the latest in airbags, they will likely be as safe as any other model.
Mazda does have some of the best short term leases, right now... 27 month term seems to be the sweet spot.
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Those 24 month leases for your zip look pretty good (I'd still try to negotiate lower).. I'd guess that your local dealer also has the 27-month program..
regards,
kyfdx
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i went to mazda usa and put in your zip and it came back with a 24-month deal.
2007 MAZDA3 i Sport 4-Door AT $189/Month, 24-Month Lease, $2,189 due at Lease Signing. Includes 1st Month's Payment. Excludes taxes, title and fees. (**)
(*) The Amount due at Lease Signing is higher in the following states: Connecticut ($2,577); Massachusetts ($2,635); Rhode Island ($2,674); Virginia ($2,422); and West Virginia ($2,432).
(**) Dealer participation required.
Not all lessees will qualify for lowest payment through Mazda American Credit. Some payments higher, some lower based on residency and other factors. Lessee responsible for excess wear and mileage over 24,000 at $0.15/mile. Total payments of $4,536. Purchase option at lease end for $11,319. Take new retail delivery from dealer stock by 5/31/07. See participating dealer for qualifications.
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Could you post the current MF buy rates and RVs for a Civic Si 24m/30k and 36m/45k lease? (assuming super preferred credit)
Thanks
I just got back from a visit to a Honda dealer in NE Jersey. I had negotiated the sticker price on a LX Civic Sedan with automatic transmission the price of 16800 including destination fee. They told me over the phone the monthly payment on a lease would be 219 a month.
I get there, they run my credit and it comes back as 658. They start telling me I'll be lucky if I even qualify, and after 2 hours wait, tell me that only by really putting pressure on the bank that now they can get me into the standard (level 2) credit bracket and the best they can do on the monthly is 299 a month.
I don't commit, eventually I just left and told them I had to think it over.
I want to know - do you think their monthly offer of 299 was a reasonable price? What do you think would be a fair price given these factors?
Lease on a:
Automatic 2007 Honda Civic LX Sedan
36 months
0 down
$16800 including destination fee
$299 a month
Also, is the Civic a bad car to lease? They did make it sound like I could just as well lease the Accord for pretty much the same price. (A little higher, of course.)
Thank you very much for your help!
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To get the best possible deal on this car, negotiate as low a selling price as you can on it. Once you have a price that you are comfortable with, find out what money factor the dealer wants to charge you. If would be happy to give you my opinion on the money factor if you let me know what it is.
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I believe it is in outstanding condition and it has low mileage. Based on that information, Edmunds kicked out these figures:
Trade in: $16,041
Private Party: $17,754
Dealer Retail: $19,208
Certified Used Vehicle Rate: $20,363
The buyout quoted to me is $15,876.71.
What I'd really like to know is this: How do I determine a reasonable amount to pay so I don’t get taken for a ride, but they still get a profit? Any advice would be appreciated!
Thank you!
I followed Edmunds.com advice and first negotiated the best price before I went to the dealer (16,800 including destination charge.) The money factor they gave me was .003690.
Thanks for your help!
anyways, can anyone give me some info on a possible one year lease? i've never leased a car before, and when i was selling nissans, we didn't really do one year leases. If someone can give me an idea of what a basic Civic sedan LX with no additional options on it with 12k miles for one year and no money down would be, that would be great. i am trying to give them some options so they can figure out what their best plan of attack is.
Thanks in advance!!
-thene