The offer I got for a 36 month lease for a 2007 Civic SI is $255 per month with $1000 down. Is this a good deal? Initially I was trying for $240.
After the test drive and sitting down they quoted me initially $304 per month which I told them was way off where it should be, then the manager comes over offering me $269, so we met in the middle of $240 & $269 ($255, my suggestion).
Again, did I do well? Other posts I see here look higher. Here are the numbers. I don't understand them all, but I think the INCEPTION FEE is the same as ACQUISITION FEE (on my Nissan lease ending soon), but I am not sure what the ASSIGNMENT FEE is.
ACTUAL INFORMATION FROM PRINTOUT Customer cash/rebate: $1000 Total cash rebate: $1000 Inception Fees: $622 Excess cash/rebate/equity: $378 Original MSRP: $21855 Adjusted MSRP: $21855 Maximum advance: $29656 Residual value (62%): 13568 Annual miles: 12000 Mileage adjustment: +2% = $437 Adjusted residual value: $14006 Discount/buy rate: 0.00155 Adjusted/sell rate: 0.00155 Dealer cost: $20075 Selling price: $20367 Adjusted selling price: $20367 Down payment: $353 (I put $1000 down - adjusted after fees & 1st month) Down payment tax: $24.73 Assignment fee: $595 Up front tax: $611 Total capitalization cost: $21220 Total profit: $292 PAYMENT RECAP: 36 months @ $255
I only went to one other dealer who said I will pay MSRP for this vehicle because it is HOT and everyone wants it where the 2nd dealer had like 10.
Previously I came up with a rule to pay for a 36 month lease which was my guideline. Take 45% of the MSRP and this will be the total cost of the lease (tax and everything). It wound up coming to 45 1/2%
I am trying to understand the leasing thing. They gave me all the numbers I asked for, and I think I got a decent deal (maybe not the best), and I don't believe this is a total rip off.
I think you're close to hitting their limit but you're not at rock bottom just yet... This past saturday i shook hands on an Si lease deal. Here's what i got:
2007 Civic Si Sedan - Silver (Summer tires, no Navi) 15,000 miles/year (***not 12,000)
$256 per month for 36 months $0 down payment $783 NY State Tax $595 Bank Fee ~$300 for DMV, plates, registration, "admin fee", etc
The only shady thing was the admin fee that was around $350 which i got them to cut in half at least... also note that 1st months payment was due.
In true dollars - $1,900 OTD w/ 35 payments of $256 left.
Unfortunately (I think) is I already put $500 down (which is supposed to be non-refundable). However, if I did find a better deal, it could be to my advantage. I already visited 3 dealers (including this one). The others factored in my current leases. Big mistake to have them quote you to make your current leases go away because it just messes up the numbers (to their advantage).
Tomorrow I am going to a 4th dealer to see what they would offer. This may sound silly...If I find the deal to be better, I will excuse myself (leaving my wife at the table) to call the other dealer and give them a chance to rebuttle (not sure if I can call their bluff). What do you think? This will be the 4th time I test drove the Civic SI.
I may not be great at dealing, but I am learning. I did better than my current Nissan leases. My wife still has until November on her Altima, and she is going to lease a Accord, so I get another shot at it (to do better). She thinks I negotiated well though. They know she wants an Accord, and are aware of her intentions of getting it, so maybe I have a chance to make the Civic deal better.
What you got sounds good. I am not sure how you haggled, but maybe I didn't do it well enough. I did it well enough to get it down to $255 from $304 with some effort.
I hope you have some suggestions. I am glad you got a good deal. Also, my election of 12K miles adjusted the risdual higher, noted on the printout (only by a few hundred dollars).
I replied fast without completely reading what you wrote (I need to stop doing that). You said $1900 OTD with 35 payments of $256 left (therefore your total lease cost $10,860, correct?). I missed that you paid $1900 up front. That changes a lot.
My deal is $1000 OTD, not a down payment. $1000 includes the 1st month payment, fees, and also $353.27 which is the "down payment" (when I pick up the car on Friday, I will add another $500 to what I put as a deposit), then I have 35 more payments at $255. The total lease cost for me is $9925.
Your lease cost $935 more than mine, but you have 15K and the Summer tires. I have my printout, and there is a line called "Mileage Adjustment +2%" ($437.70) which I think is the "credit" they gave me for only wanting 12K miles vs 15K (I think). The 3 Honda dealers I went to seemed to reference 15K miles, but I asked for 12K (which may be where the $437.70 comes from).
Therefore, I think both of us got similar deals (and decent). NY tax is more than NJ. You always get ripped off with cars, but we try and keep it to a minimum.
I think you have a pretty fair deal there. To be honest, I only ended up visiting 2 different dealers, got a quote of $269 from the 2nd, then went back to the first and gave them the chance to beat that - I asked for $249 and they came back with $256 - so i shook hands at that point. The point is, at $0 down i could sense i really had pushed the limit on how low the monthly payment was going to be on the Si - it seems that under $250 is a steal or an impossibility at this point in time.
From the 2 visits i made plus other phone calls placed to some other dealers, i gather that on a "$0 down" lease in NY, you can't escape paying the tax up front (which was $783 for me) and the bank fee of $595 (the other place offered to divide the bank fee among the payments which would've made it $287 instead of $269 - irrelevant in my opinion). So, right there the $783tax + $595bankfee = $1378. Add 1st months payment of $256 = $1634. The other almost $300 was mostly DMV, plates, registration, but also an "Admin Fee" that was cut in half luckily. So the only bone that i could possibly pick is this Admin Fee trick that they throw on last minute. Also, once we sat down to sign on the numbers with the finance guy, they tried to raise the monthly payment by $8 unless you have "Loyalty" - which means you did business thru Honda Finance before. We hadn't, to be honest, but seeing that my father has a 2000 Acura TL (financed elsewhere though) we called them on BS and refused to pay the extra $8.
So...in short, as pertains to your deal here Rob, what is the $1000 covering? It seems impossible that they are figuring BOTH tax and first payment and all other Fees in there, unless NJ's rates went down when i wasn't looking...lol. It seems like your tax and bank fee would already equal over $1,000. (**Unless tax is figured in that $255/month and/or they waived bank fee.**) That still leaves DMV stuff and the 1st months payment of $255 unaccounted for in my head here. After i paid that $1900 which covers EVERYTHING, i have $256 * 35 months left = $8,960, or roughly $3000 per year as i like to look at it, making my TOTAL payments tuck in a few hundred below $11,000 for 45K miles over the 3 years.
Side note: Upping your lease from 12K to 15K miles will up your monthly payment by roughly $25. If you were just to go over on the 3K at $.15/mile it would cost $450 per year, or $37.50 per month, therefore you save $10-15 per month by accepting the extra mileage now. Of course, this ~$25 is pretty much BS once you start negotiating...
Hope this helps Rob, and anyone else looking at lease deals on the Si out there. I walked in the door getting quoted $252/month for a 12K mile lease on an LX..... walked out for $4 more with an Si and an extra 3K miles per year. Do your due diligence.
They started me with $304 with $1000 down, and I was firm right from the start that it was WAY TOO HIGH. My $1000 is covering ALL fees & first month except for the last $353 which is considered the "down payment" which gives me a total lease cost of $9925. The extra mileage "should" cost $437 (the credit they gave me for asking for 12K vs the included 15K, maybe lucky for me). The credit of $437 was actually added to the residual. If I go over about $2900 miles, there is my $437.
I called the sales person today, telling him I would like to negotiate the 15K miles (less than the $437 credit). On Friday, I will see what they give me. I am returning my 2004 Maxima then going 1/4 mile down the street to Honda where it will be waiting. $437 is about $12 per month. If I can get this at lease in half (or even eliminated) then I may have a winner.
Does my numbers seem impossible? If so, then I did well. This is the deal they made. Maybe this is why my wife said I did well. A friend of my wife who got an Eclipse pays $250 per month with $1500 down (similar priced car).
I was thinking about the bank free of $595. What if you pay all interest up front? Can you eliminate the bank fee this way? This is an interesting concept. I guess you are technically not financing if you pay all interest up front.
To make what you pay for a lease simple, I figure that the total cost of the lease should be about 45% of the MSRP. Does this sound like a quick & dirty way to figure it? Rather than nickle & dimeing all the fees individually, be firm up front what you want to pay, period, then they work all those numbers backwards into the contract. I saw this happen with my two Nissans. One should always ask for lower so when they come up, you are right where you should be. This is what I did.
$252 for an LX is crazy. They get many people I am sure. At lease we can stay ahead of the curve.
i want to know if everyone agrees that the price i just got on a lease is way off so here goes-i got a price of $16,944 for the lx auto sedan and asked for a 3 year 12,000 mile per year lease with no money down. well, i just got an email saying it is $266 per month-i think from other numbers here that is way out of line, am i right? by the way, i live in illinois-that includes ttl fees also. i also should say that here in illinois honda currently has a special on the lx auto sedan-$179 a month but with $ down. heck for that price i would expect i could lease an accord lx auto 4 cylinder with no money down and be more comfortable in it.
The leasing expert is here (or I want to think I am, that is). It is a learning process for all of us. I closed a deal that I am taking delivery on Friday for a Civic SI lease for $255 per month with $1000 OTD with 12K miles.
Today I went to my 4th Honda dealer (since I need to get a basis for the Accord for my wife when her Nissan lease is up in November). This 4th dealer was horrible and rude. They were trying to push cars even though my wife made it clear what she wanted. I also think they may have suspected that we were doing "homework". I wound up test driving the Civic SI (my 4th time) plus testing driving two Accords, one V6 and one 4 cylinder (since I will be driving both, I was leaning towards the V6, she prefers 4).
Anyway, they give me initial numbers with $1000 down for a 36 month lease, $336 (Civic SI), $366 (Accord V6) PLUS TAX AND FEES. NO WAY! I think they were on to me, and they would not give me any price reduction (I did low ball what I should pay - saw through me). They were rude from the beginning, and I didn't get a good feeling from the start, just as well.
For your Civic LX, a rough estimate of what you should pay for a 36 month lease, should be about $207 per month with $1000 down, OTD (total lease cost $8260). This is my 45% rule I use (45% of the MSRP). I hope you can get a deal. Keep shopping around.
thanks, this guy is getting kind of nasty now-says i don't work for honda he does so who should know more about the program. i just emailed and asked him for a complete breakdown of his numbers, i bet i won't get them from him. he was the quickest getting a decent purchase price but now the games are on. in my figuring i am thinking it would be somewhere in the $220-$230 range with no money down just 1st payment. i haven't even gotten a reply from the other dealers i emailed with my question about a lease price-i sure would hate to have to give this arrogant guy any business.
Had same case, wanted $220-230 a month,0 money down,15000 miles etc on civic lx at. 6 honda dealers could offer $270 - 325 a month( + tax). Best offer was AHFC lx Accord 199/2000 down. Honda fit was worse still. Something is not right !!!!!!!
ok, i just saw a newspaper ad for the civic lx for $199 per month just 1st payment due plus ttl and doc fees. it is from honda on grand in elmhurst il.. they had a full page ad of all of their lease prices-it didn't show how many miles per year though. i had a friend who purchased a element from them and they were fine until they got her in finance. -they also showed a lease price on a accord se 4 cyl auto trans for only $40 more a month.
In North Jersey, Honda has a money factor of .00155 on Civic LX Coupe auto. Seems like I can get selling price of 17000 including destination, comes to a payment of 211 with nothing down. I was surprised to learn about fees of 595 - bank fee - and 185 doc fee. Are these standard? Negotiable? They also talked about a 1500 wear and tear allowance. Is this standard? Your comments are appreciated!
I did my dealing in Central NJ. The bank & doc fees seem to be the ripoff standard. I didn't negotiate them. My strategy was to negotiate the monthly payments based on what I knew around what I should pay (not the dealer telling me that he is lowering my payments from what I pay now). $1500 wear and tear allowance I think applies if you lease a Honda in the future. My Nissan has a $500 damage waiver (provided if you lease another Nissan).
I always dread going to the dealer because of the BS they give. I don't want to hear about lowering my payement (this that this). I am sure this works with some people (unfortunately some can get taken over many times). I found that dealers can vary by the way they treat you so find the one you like and do your best. Use the lease calculators to determine lease payments to give you a basis of where you should be.
Don't let a dealer tell you that a particular car is high because of its demand (like I was told about the Civic SI from 2 of the 4 dealers I visited). I found a dealer who had like 8 or 10 of them on the lot, and didn't tell me that they are in high demand. This is the dealer I got the deal on.
The sales person is driven by the manager (the guy who comes over after you make the deal or almost immediately when you give them a hard time - GIVE THEM A HARD TIME) who directs what you are to pay. The sales people are trained by this manager. If the manager is nasty then all his sales people have to be deceptive.
Don't fall for anything with what one particular dealer says. Shop around to as many dealers as you can with your firm prices at hand. Know your prices first and also know all the jargon and how they work (residual, money factor, depreciation, net cap, etc.).
I am looking to lease a 2007 Civic Hybrid w/ navigation. Honda has a lease special in Southern California and here is details.
2007 Civic Hybrid with Navigation Galaxy Grey MSRP $24945.00 Purchase Price $22520.00 Term/mileage 36mo/12,000 miles per year downpayment 0 drive-off/fees $600.00 Special money factor .001590 Residual 55% ($13,700)
Am I getting a good deal and is this lease special better than a regular lease on a HCH? If there is any socal honda dealers, can you help me out or find me better terms? Thanks for all your comments.
I took delivery of the base 2007 Civic SI sedan on Friday (Galaxy Gray). My residual was 0.00155, close. Your fees are low (mine were like $1217 total). One thing that concerns me is the residual you were quoted (55%). From what I understand, the residual should be 60% (more for Honda). In fact, my car came standard with 15K miles (62% residual). When I asked about taking 12K miles, the residual jumped to 64% (all based on MSRP of $21855).
Reading my posts above, for me, $1000 down, then 35 more payments $267.68 per month (note I previously quoted $255 per month, but I increased the mileage back to 15K, thus $12.68 per month more).
Using one of the online calculators (assuming 6% sales tax and $1 downpayment-would take $0, assuming you are financing every fee), it comes up with $335.88 per month.
I hope this helps. Please see my next question below because I have a concern myself, please read.
For my 2007 Civic SI (Just got yesterday), I do my own oil changes, rotate tires, etc., in my driveway. With Nissan, they told me to keep my own records of oil changes and receipts (note that I buy oil by the cases when on sale/rebates offered, for several cars I maintain).
Anyway, when I was a the dealer closing the deal on my new Honda, they try and scare you with telling you, "If you don't have maintenance done then if something breaks they will not fix it under warranty." (Implying that I MUST bring it to the dealer and have all the costly BS done) My reply was, "So you are saying that if I don't bring it in, do all my own oil changes, etc., then if the windshield wiper motor fails, you will not fix it under warranty?" I got them on this, but they did say to the effect, that if the engine blows, they can void my warranty repair, but my reply was, "You would need to link the failure to the work I did, if incorrectly" The guy also stated that I didn't have a machine to check diagnostics. He implied that they check diagnostics every time there is an oil change (which I think they may do which would make sense). I said to him, "If an oxygen sensor goes, then I will know it, then bring it in under warranty". His point I think was that they will catch items that are "starting to go" before they go.
With my Nissan returned lease yesterday, I had no problems. The inspection done the day before was easy, and the guy didn't even start the car. However I hope I don't get surprises with Honda, especially we plan on going with our 2nd lease in November (when the Altima is due).
I change oil, fuel filter, rotate tires, never flushed the radiator. With the lease, I only do the oil & tires (not even fuel filter, but I know I should). One concern is what is quoted in the Honda lease contract which I am not sure could be an issue, as follows (under vehicle maintenance & operating costs).
"I will maintain the vehicle in good working order and condition and have all necessary repairs made, using genuine manufacturer's replacement parts. I will pay all expenses for vehicle use and operation, including maintenance, repair, fluids, tires, and other expenses. At my expense, I will have the vehicle serviced in accordance with the manufacturer's minimum recommendations and as requested by the manufacturer in connection with any recall campaign, have the service validated, and be able to provide proof that such service has been performed. Lessor may inspect the vehicle at any reasonable time."
I am most concerned with the BOLD area because all I do is keep records of the oil changes & tire rotations, while not doing any of the other maintenance, other than periodically inspecting brakes (for which I am not going to pay someone else to do).
Another item they mention is to immediately notify them of any accident or loss. Nissan says similar (Nissan has even stated that they can terminate a lease if you have an accident). My wife had two people rear end her (270 days apart), one an uninsured motorist, using his hand break to stop the car (note he worked at Pep Boys also, unbelievable), and the 2nd one was a hit and run driver. In November, I will see what will be said since I never reported the accident to Nissan, yet they asked me nothing about accidents when returning the Maxima yesterday, go figure.
Anyway, if anyone has their input on this, please let me know. I will not bring my car to the dealer and pay hundreds to have stupid things checked, especially for a 36 month lease, for a Honda, which it and Toyota, are supposed to be the best.
That is just the dealer trying to scare you into using their service department. As you noted, that is all standard language on any lease.
In my experience, AHFC has been very forgiving at lease end. We've also had a car sustain significant accident damage while under a Honda lease and had no problems.
Keep your receipts for the parts and keep a log of your maintenance and you should have no problems.
This is what I suspected, but I wanted to throw this out so see what others had experience with. After writing, I read through my warranty book, and it clearly states that you can choose to perform your own service.
It also stated that if a part fails and suggested maintenance was not done, they could void the warranty repair on that item EXCEPT if the part failed due to a defect or poor workmanship, then Honda will fix it for free (even if scheduled maintenance was not done - and says this).
I answered my own question on this, but it is good to check out with others. My wife told me not to worry (as she leased for years with her parents over the years, 2 Accords, 3 Camarys, Corollas, and others I think, no problems she said).
After my implying that I may as well buy the car if I am going to spend ridiculous amounts the dealer charges, they backed down, then they didn't even try and push anything else on me. They mentioned it (only because they were required). The had clear coat to keep the front of the car clean of bugs, etc., for like hundreds of dollars. Also, they had this (like $595) maintenance plan to include oil changes.
My Nissan leases were each from different dealers, and each had a different scare pitch. The one wanted to sell this paint sealer. I declined, then they said, "If you get a rust spot in the paint, then you will be required to pain the whole car." What the hell? My reply was, "Ok, if I have an accident and have to fix & paint the fender, for example, then I have to paint the whole car?" They they tried to scare me with not taking the extended warranty, that would include to cover the air conditioning system. They said, if your air conditioner goes it will cost $5000 to fix. This was the one Nissan dealer, the other didn't give me these lines.
Would like to get lease numbers (money factor, residual, bank fees, etc.) for a 36 and 24 month lease with 12k and 15K miles a year for an SI sedan with and without navigation. Thanks.
Here's lease the offer: 2007 Civic LX 4dr auto. MSRP 18355. 3yrs 15k miles per year. $0 down $221 per month. I just pay 1st month and drive away(no fees etc.)I live in NH so sales tax is not an issue. It seems competitive--what do you think?
I was curious where you got this deal. I got the same payment for 3yr/12K at Peters in Nashua. I am also turning in a leased civic that is under mileage by 20000. They are giving me 700.00 back for that car. That makes your deal sound much better. Have you been to the dealer or was this just quoted over the phone?
Actually, I got the very similar offers at a couple of dealers in Mass. and NH. Of course,I needed to "encourage" them... but in the end they all ended at about the same place. I did accept a 3 year lease as specified above--So yopu think it is a goo ddeal?
Hi thene. Buying or leasing anything in Hawaii and shipping it back to Vermont definitely is not a good idea. I have heard that the dealers in Hawaii charge much higher prices for vehicles than dealers in the Continental U.S. do because of the lack of competition. Plus, your sister would have to pay an arm and a leg to ship her car from Hawaii to Vermont.
A one year lease on vehicles are usually very, very expensive. I'm not even sure if Honda offers twelve month leases on vehicles. Your sister and her roommate might be better off purchasing a used Civic and trying to sell it after a year. A used vehicle would be a good idea because they wouldn't have to absorb the huge depreciation hit that new vehicles experience during the first year of ownership.
Hi lablover2. Let's work up a sample lease payment on this car and see what we come up with. According to my calculations, if you were to lease a 2007 Honda Civic LX Sedan with an automatic transmission that has an MSRP of $18,355 and a selling price of $16,944 through Honda Finance right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment would be around $238. If you are in one of the states that Honda has a special lease on the Civic in (Connecticut , Delaware, Illinois, Indiana, Kentucky, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Rhode Island, Vermont, or Pennsylvania), this car's monthly payment would drop to around $204.
Hi minics1. In states that Honda is not providing any lease support on the Civic, its buy rate lease money factor for a 36 month lease is .00275 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. In states where it has a special program on this model, (Connecticut, Delaware, Illinois, Indiana, Kentucky, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Rhode Island, Vermont, or Pennsylvania) its money factor for an otherwise identical lease is .00155.
There's no support on the Honda Fit anywhere, so in order to lease it you would have to use the .00275 factor.
Hi Rob. You did a great job at getting the details that you need to evaluate this offer. The money factor that you were quoted for the Civic that you are interested in is right in line with Honda Finance's buy rate for consumers who live in one of the states that its special program is currently available in and who qualify for its top credit tier. This is a good sign because it means that the dealer you are working with is being very straightforward with you about this aspect of your deal. The selling price that you were quoted looks outstanding as well. If you like the car, go for it.
Hi lablover2. The selling price that you were quoted for this car is right in line with its dealer invoice price. That is a very good price for this car. I see that you live in Illinois. You're in luck, that is one of the states that Honda's special regional lease program for the Civic is available in. Its buy rate special money factor for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing is .00155 in your area. Using this money factor, a selling price of $16,944, and an MSRP of $18,355, I estimate that your zero down, pre-tax monthly payment should be around $204. Even with sales tax, $266 per month sounds too high to me.
Thank you for reply, is there any thing to stop you from buying Civic lx in a state with special rate and bringing to Florida. Using AHFC to finance $60 dollars a month saving is a lot !!(3 year lease).Something is not right.Will it change in future.
Here you go, nupeskee1. Honda's lease program for the Civic varies by region. It has a special lease program that provides a money factor of .00155 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing in Connecticut, Delaware, Illinois, Indiana, Kentucky, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Rhode Island, Vermont, and parts of Pennsylvania. Consumers who lease one in all other areas have to use its standard lease money factor of .00275, again for "Super Preferred" tier customers. Honda Finance's current 36 month residual value for a 15,000 mile per year lease of a 2007 Civic Sedan Si is 62%. The residual value for an otherwise identical 24 month lease is 70%. If you were to lease with only 12,000 miles per year, the 24 month residual value would be 1% higher and the 36 month resid would be 2% higher. The addition of navigation reduces these cars' residual values by 2%.
Hello wstarner. You never mentioned the selling price of the car that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what its selling price is.
That's a good question, minics1. I believe that the program is based upon the state where consumers live, not the state where they purchase their vehicle, but I am not sure. You could always call or e-mail a dealer in one of the states that has the special program to see if you would be able to take advantage of it. It is difficult to say what Honda will do with its future lease program for the Civic. I don't expect it to make any revisions to the program before the current one expires on July 5th.
Yes, I got a deal of 205/ month with just the first payment down. But I had a lease to turn in with very low miles. They gave me some credit. I figure around $500.00. So I think with that it is the same deal. They will make more than 500.00 but that was the best I could do.
You stated the Civic Sedan LX - AT had an MSRP of $18,355 and a sell price of $16,944. What is thw $1411 delta? Is that the Honda incentive that I should be getting or is that what you think I should be getting? Also, I assume the higher the residual value on a car, the better deal on the lease, is this true?
I just went to the dealership today and after 3 hours of haggling over the lease price. I received an offer of 259 + tax with no money down and 1075 total for bank fees, plates and first month payment for the fully loaded EX. What do you guys think about this deal? This is definitely a much better deal than sivicman mentioned in the previous post.
You are correct on the lease terms. I just got a deal today on a '07 EX Coupe automatic. $18800 selling price. 3 year lease. 15K miles a year. residual 62% = $12,465 .00155 money factor $598.38 for title, temp. tag, documentary fee.
What is a good price to lease a 2007 Civic EX Sedan (auto. w/o nav.)in South Florida? The best offer I've gotten so far is $1000 down and $265 a month tax included. Three years ago I got a 2004 Civic EX Coupe for NO money down and $229 a month plus tax. I've leased Honda's for the last six years and have an excellent credit score. I don't want to put any money down if possible. Any help? Thanks
Hi. I am in the market for a 2007 Civic LX lease. What do you think is the good deal? The dealers are offering the national lease deal and nothing more($2300 down with $179pm+taxes). I can wait for a month or so to get the lowest price possible. I also heard that in August, the prices are very competitive coz they want to clear the stock for the 2008 cars and are willing to drop a few bucks to get the cars out. Here's what I have: $0 down 12/15K (both are ok) I will pay the bank fees,documentation,title and tax. Credit history not that great. Also,can you show me how to calculate the related fees and where do I get my money factor?Thanks a lot!
sivicman - how did you negotiate the .00155 money factor? i just started looking for a 2007 Civic EX Coupe Automatic and every dealer is telling me the absurd money factor of .00285. Is the base rate .00155?
...In states where it has a special program on this model, (Connecticut, Delaware, Illinois, Indiana, Kentucky, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Rhode Island, Vermont, or Pennsylvania)
I live in PA, about 1 hour east of Pittsburgh. I'm in the market for a Civic LX auto sedan, the exact car that the lease special is for. Before I going to my local dealership yesterday, I called first to confirm the offer. They said it didn't exist, so I thought they were lying or didn't know. I then called the next 2 closest dealerships who said that the offer didn't exist but that sometimes Honda treats western PA differently for some unknown reason. I then went to Honda's website, entered my zip code and the website the offer didn't exist. I then entered a Philadelphia area zip code & the offer was there!! I read the fine print and apparently this lease special is offered all over creation EXCEPT IN WESTERN PENNSYLVANIA.
I'd really like to call Honda & ask who the idiot was that came up with this. Every state around us has this deal. Per the dealers I spoke to yesterday, even if I drove to eastern PA to get one, the lease deal wouldn't apply because of my home zip code...this sounds truthful.
Car_Man, is there any way to find out if this lease will be extended to those of us who like Hondas in Western PA after the current programs expire on July 5th? I want to pull the trigger, but Honda has to play ball.
I have an offer that I might take tomorrow on a Civic EX w/o Nav. I'm in NJ...
36 month lease, .00155 money factor $13900 Adj Cap cost $989 + first month due at signing (covers Acq fee, bank fee, reg) 15K miles $209 + tax /mo
Good deal?
My current '03 Civic EX lease is up mid-July. Would I be better off extending my lease one month through mid-August and get a better deal? The '08s come out in September right?
1) How do you figure out the tax on a lease? The lease I'm offered now is with a base invoice of $17755 + $595 dest. fee. The tax he told me the tax is $621.46. Then told me my adjusted cap cost is $18,389.01. Where did the tax go and how did he figure it out? I'm not paying taxes at signing. See my post above.
2) I'm turning in my leased '03 Civic EX. During my preliminary lease end inspection the guy told me I had to replace the windsheild (it's scratched) and fix a small dent on the rear passenger door. The predicted cost according to that was around $280. BUT when I received my report from Honda I had $0 in excess wear charges showing. I called and the woman on the phone thought I must not have to worry then and I can turn it in as is. Has this ever happened to any of you? Did you end up having to pay? Do you think I will? Should I try and make the dealership buy my lease out to absorb that cost for me?
Thank you sooo much in advance for your help and advice! I'm supposed to go to the dealer tomorrow!
Comments
The offer I got for a 36 month lease for a 2007 Civic SI is $255 per month with $1000 down. Is this a good deal? Initially I was trying for $240.
After the test drive and sitting down they quoted me initially $304 per month which I told them was way off where it should be, then the manager comes over offering me $269, so we met in the middle of $240 & $269 ($255, my suggestion).
Again, did I do well? Other posts I see here look higher. Here are the numbers. I don't understand them all, but I think the INCEPTION FEE is the same as ACQUISITION FEE (on my Nissan lease ending soon), but I am not sure what the ASSIGNMENT FEE is.
ACTUAL INFORMATION FROM PRINTOUT
Customer cash/rebate: $1000
Total cash rebate: $1000
Inception Fees: $622
Excess cash/rebate/equity: $378
Original MSRP: $21855
Adjusted MSRP: $21855
Maximum advance: $29656
Residual value (62%): 13568
Annual miles: 12000
Mileage adjustment: +2% = $437
Adjusted residual value: $14006
Discount/buy rate: 0.00155
Adjusted/sell rate: 0.00155
Dealer cost: $20075
Selling price: $20367
Adjusted selling price: $20367
Down payment: $353 (I put $1000 down - adjusted after fees & 1st month)
Down payment tax: $24.73
Assignment fee: $595
Up front tax: $611
Total capitalization cost: $21220
Total profit: $292
PAYMENT RECAP: 36 months @ $255
I only went to one other dealer who said I will pay MSRP for this vehicle because it is HOT and everyone wants it where the 2nd dealer had like 10.
Previously I came up with a rule to pay for a 36 month lease which was my guideline. Take 45% of the MSRP and this will be the total cost of the lease (tax and everything). It wound up coming to 45 1/2%
I am trying to understand the leasing thing. They gave me all the numbers I asked for, and I think I got a decent deal (maybe not the best), and I don't believe this is a total rip off.
Thanks.
Rob
2007 Civic Si Sedan - Silver (Summer tires, no Navi)
15,000 miles/year (***not 12,000)
$256 per month for 36 months
$0 down payment
$783 NY State Tax
$595 Bank Fee
~$300 for DMV, plates, registration, "admin fee", etc
The only shady thing was the admin fee that was around $350 which i got them to cut in half at least... also note that 1st months payment was due.
In true dollars - $1,900 OTD w/ 35 payments of $256 left.
Feel free to msg me for more details. :shades:
-Chris
Unfortunately (I think) is I already put $500 down (which is supposed to be non-refundable). However, if I did find a better deal, it could be to my advantage. I already visited 3 dealers (including this one). The others factored in my current leases. Big mistake to have them quote you to make your current leases go away because it just messes up the numbers (to their advantage).
Tomorrow I am going to a 4th dealer to see what they would offer. This may sound silly...If I find the deal to be better, I will excuse myself (leaving my wife at the table) to call the other dealer and give them a chance to rebuttle (not sure if I can call their bluff). What do you think? This will be the 4th time I test drove the Civic SI.
I may not be great at dealing, but I am learning. I did better than my current Nissan leases. My wife still has until November on her Altima, and she is going to lease a Accord, so I get another shot at it (to do better). She thinks I negotiated well though. They know she wants an Accord, and are aware of her intentions of getting it, so maybe I have a chance to make the Civic deal better.
What you got sounds good. I am not sure how you haggled, but maybe I didn't do it well enough. I did it well enough to get it down to $255 from $304 with some effort.
I hope you have some suggestions. I am glad you got a good deal. Also, my election of 12K miles adjusted the risdual higher, noted on the printout (only by a few hundred dollars).
Rob
I replied fast without completely reading what you wrote (I need to stop doing that). You said $1900 OTD with 35 payments of $256 left (therefore your total lease cost $10,860, correct?). I missed that you paid $1900 up front. That changes a lot.
My deal is $1000 OTD, not a down payment. $1000 includes the 1st month payment, fees, and also $353.27 which is the "down payment" (when I pick up the car on Friday, I will add another $500 to what I put as a deposit), then I have 35 more payments at $255. The total lease cost for me is $9925.
Your lease cost $935 more than mine, but you have 15K and the Summer tires. I have my printout, and there is a line called "Mileage Adjustment +2%" ($437.70) which I think is the "credit" they gave me for only wanting 12K miles vs 15K (I think). The 3 Honda dealers I went to seemed to reference 15K miles, but I asked for 12K (which may be where the $437.70 comes from).
Therefore, I think both of us got similar deals (and decent). NY tax is more than NJ. You always get ripped off with cars, but we try and keep it to a minimum.
Rob
I think you have a pretty fair deal there. To be honest, I only ended up visiting 2 different dealers, got a quote of $269 from the 2nd, then went back to the first and gave them the chance to beat that - I asked for $249 and they came back with $256 - so i shook hands at that point. The point is, at $0 down i could sense i really had pushed the limit on how low the monthly payment was going to be on the Si - it seems that under $250 is a steal or an impossibility at this point in time.
From the 2 visits i made plus other phone calls placed to some other dealers, i gather that on a "$0 down" lease in NY, you can't escape paying the tax up front (which was $783 for me) and the bank fee of $595 (the other place offered to divide the bank fee among the payments which would've made it $287 instead of $269 - irrelevant in my opinion). So, right there the $783tax + $595bankfee = $1378. Add 1st months payment of $256 = $1634. The other almost $300 was mostly DMV, plates, registration, but also an "Admin Fee" that was cut in half luckily. So the only bone that i could possibly pick is this Admin Fee trick that they throw on last minute. Also, once we sat down to sign on the numbers with the finance guy, they tried to raise the monthly payment by $8 unless you have "Loyalty" - which means you did business thru Honda Finance before. We hadn't, to be honest, but seeing that my father has a 2000 Acura TL (financed elsewhere though) we called them on BS and refused to pay the extra $8.
So...in short, as pertains to your deal here Rob, what is the $1000 covering? It seems impossible that they are figuring BOTH tax and first payment and all other Fees in there, unless NJ's rates went down when i wasn't looking...lol. It seems like your tax and bank fee would already equal over $1,000. (**Unless tax is figured in that $255/month and/or they waived bank fee.**) That still leaves DMV stuff and the 1st months payment of $255 unaccounted for in my head here. After i paid that $1900 which covers EVERYTHING, i have $256 * 35 months left = $8,960, or roughly $3000 per year as i like to look at it, making my TOTAL payments tuck in a few hundred below $11,000 for 45K miles over the 3 years.
Side note: Upping your lease from 12K to 15K miles will up your monthly payment by roughly $25. If you were just to go over on the 3K at $.15/mile it would cost $450 per year, or $37.50 per month, therefore you save $10-15 per month by accepting the extra mileage now. Of course, this ~$25 is pretty much BS once you start negotiating...
Hope this helps Rob, and anyone else looking at lease deals on the Si out there. I walked in the door getting quoted $252/month for a 12K mile lease on an LX..... walked out for $4 more with an Si and an extra 3K miles per year. Do your due diligence.
-Chris
They started me with $304 with $1000 down, and I was firm right from the start that it was WAY TOO HIGH. My $1000 is covering ALL fees & first month except for the last $353 which is considered the "down payment" which gives me a total lease cost of $9925. The extra mileage "should" cost $437 (the credit they gave me for asking for 12K vs the included 15K, maybe lucky for me). The credit of $437 was actually added to the residual. If I go over about $2900 miles, there is my $437.
I called the sales person today, telling him I would like to negotiate the 15K miles (less than the $437 credit). On Friday, I will see what they give me. I am returning my 2004 Maxima then going 1/4 mile down the street to Honda where it will be waiting. $437 is about $12 per month. If I can get this at lease in half (or even eliminated) then I may have a winner.
Does my numbers seem impossible? If so, then I did well. This is the deal they made. Maybe this is why my wife said I did well. A friend of my wife who got an Eclipse pays $250 per month with $1500 down (similar priced car).
I was thinking about the bank free of $595. What if you pay all interest up front? Can you eliminate the bank fee this way? This is an interesting concept. I guess you are technically not financing if you pay all interest up front.
To make what you pay for a lease simple, I figure that the total cost of the lease should be about 45% of the MSRP. Does this sound like a quick & dirty way to figure it? Rather than nickle & dimeing all the fees individually, be firm up front what you want to pay, period, then they work all those numbers backwards into the contract. I saw this happen with my two Nissans. One should always ask for lower so when they come up, you are right where you should be. This is what I did.
$252 for an LX is crazy. They get many people I am sure. At lease we can stay ahead of the curve.
Rob
The leasing expert is here (or I want to think I am, that is). It is a learning process for all of us. I closed a deal that I am taking delivery on Friday for a Civic SI lease for $255 per month with $1000 OTD with 12K miles.
Today I went to my 4th Honda dealer (since I need to get a basis for the Accord for my wife when her Nissan lease is up in November). This 4th dealer was horrible and rude. They were trying to push cars even though my wife made it clear what she wanted. I also think they may have suspected that we were doing "homework". I wound up test driving the Civic SI (my 4th time) plus testing driving two Accords, one V6 and one 4 cylinder (since I will be driving both, I was leaning towards the V6, she prefers 4).
Anyway, they give me initial numbers with $1000 down for a 36 month lease, $336 (Civic SI), $366 (Accord V6) PLUS TAX AND FEES. NO WAY! I think they were on to me, and they would not give me any price reduction (I did low ball what I should pay - saw through me). They were rude from the beginning, and I didn't get a good feeling from the start, just as well.
For your Civic LX, a rough estimate of what you should pay for a 36 month lease, should be about $207 per month with $1000 down, OTD (total lease cost $8260). This is my 45% rule I use (45% of the MSRP). I hope you can get a deal. Keep shopping around.
Rob
I'm negotiating a lease price for the 2007 civic si coupe, what dealership did you work your deal with?
I did my dealing in Central NJ. The bank & doc fees seem to be the ripoff standard. I didn't negotiate them. My strategy was to negotiate the monthly payments based on what I knew around what I should pay (not the dealer telling me that he is lowering my payments from what I pay now). $1500 wear and tear allowance I think applies if you lease a Honda in the future. My Nissan has a $500 damage waiver (provided if you lease another Nissan).
I always dread going to the dealer because of the BS they give. I don't want to hear about lowering my payement (this that this). I am sure this works with some people (unfortunately some can get taken over many times). I found that dealers can vary by the way they treat you so find the one you like and do your best. Use the lease calculators to determine lease payments to give you a basis of where you should be.
Don't let a dealer tell you that a particular car is high because of its demand (like I was told about the Civic SI from 2 of the 4 dealers I visited). I found a dealer who had like 8 or 10 of them on the lot, and didn't tell me that they are in high demand. This is the dealer I got the deal on.
The sales person is driven by the manager (the guy who comes over after you make the deal or almost immediately when you give them a hard time - GIVE THEM A HARD TIME) who directs what you are to pay. The sales people are trained by this manager. If the manager is nasty then all his sales people have to be deceptive.
Don't fall for anything with what one particular dealer says. Shop around to as many dealers as you can with your firm prices at hand. Know your prices first and also know all the jargon and how they work (residual, money factor, depreciation, net cap, etc.).
Rob
2007 Civic Hybrid with Navigation
Galaxy Grey
MSRP $24945.00
Purchase Price $22520.00
Term/mileage 36mo/12,000 miles per year
downpayment 0
drive-off/fees $600.00
Special money factor .001590
Residual 55% ($13,700)
Am I getting a good deal and is this lease special better than a regular lease on a HCH? If there is any socal honda dealers, can you help me out or find me better terms? Thanks for all your comments.
I took delivery of the base 2007 Civic SI sedan on Friday (Galaxy Gray). My residual was 0.00155, close. Your fees are low (mine were like $1217 total). One thing that concerns me is the residual you were quoted (55%). From what I understand, the residual should be 60% (more for Honda). In fact, my car came standard with 15K miles (62% residual). When I asked about taking 12K miles, the residual jumped to 64% (all based on MSRP of $21855).
Reading my posts above, for me, $1000 down, then 35 more payments $267.68 per month (note I previously quoted $255 per month, but I increased the mileage back to 15K, thus $12.68 per month more).
Using one of the online calculators (assuming 6% sales tax and $1 downpayment-would take $0, assuming you are financing every fee), it comes up with $335.88 per month.
I hope this helps. Please see my next question below because I have a concern myself, please read.
Rob
For my 2007 Civic SI (Just got yesterday), I do my own oil changes, rotate tires, etc., in my driveway. With Nissan, they told me to keep my own records of oil changes and receipts (note that I buy oil by the cases when on sale/rebates offered, for several cars I maintain).
Anyway, when I was a the dealer closing the deal on my new Honda, they try and scare you with telling you, "If you don't have maintenance done then if something breaks they will not fix it under warranty." (Implying that I MUST bring it to the dealer and have all the costly BS done) My reply was, "So you are saying that if I don't bring it in, do all my own oil changes, etc., then if the windshield wiper motor fails, you will not fix it under warranty?" I got them on this, but they did say to the effect, that if the engine blows, they can void my warranty repair, but my reply was, "You would need to link the failure to the work I did, if incorrectly" The guy also stated that I didn't have a machine to check diagnostics. He implied that they check diagnostics every time there is an oil change (which I think they may do which would make sense). I said to him, "If an oxygen sensor goes, then I will know it, then bring it in under warranty". His point I think was that they will catch items that are "starting to go" before they go.
With my Nissan returned lease yesterday, I had no problems. The inspection done the day before was easy, and the guy didn't even start the car. However I hope I don't get surprises with Honda, especially we plan on going with our 2nd lease in November (when the Altima is due).
I change oil, fuel filter, rotate tires, never flushed the radiator. With the lease, I only do the oil & tires (not even fuel filter, but I know I should). One concern is what is quoted in the Honda lease contract which I am not sure could be an issue, as follows (under vehicle maintenance & operating costs).
"I will maintain the vehicle in good working order and condition and have all necessary repairs made, using genuine manufacturer's replacement parts. I will pay all expenses for vehicle use and operation, including maintenance, repair, fluids, tires, and other expenses. At my expense, I will have the vehicle serviced in accordance with the manufacturer's minimum recommendations and as requested by the manufacturer in connection with any recall campaign, have the service validated, and be able to provide proof that such service has been performed. Lessor may inspect the vehicle at any reasonable time."
I am most concerned with the BOLD area because all I do is keep records of the oil changes & tire rotations, while not doing any of the other maintenance, other than periodically inspecting brakes (for which I am not going to pay someone else to do).
Another item they mention is to immediately notify them of any accident or loss. Nissan says similar (Nissan has even stated that they can terminate a lease if you have an accident). My wife had two people rear end her (270 days apart), one an uninsured motorist, using his hand break to stop the car (note he worked at Pep Boys also, unbelievable), and the 2nd one was a hit and run driver. In November, I will see what will be said since I never reported the accident to Nissan, yet they asked me nothing about accidents when returning the Maxima yesterday, go figure.
Anyway, if anyone has their input on this, please let me know. I will not bring my car to the dealer and pay hundreds to have stupid things checked, especially for a 36 month lease, for a Honda, which it and Toyota, are supposed to be the best.
Rob
In my experience, AHFC has been very forgiving at lease end. We've also had a car sustain significant accident damage while under a Honda lease and had no problems.
Keep your receipts for the parts and keep a log of your maintenance and you should have no problems.
regards,
kyfdx
Edmunds Price Checker
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This is what I suspected, but I wanted to throw this out so see what others had experience with. After writing, I read through my warranty book, and it clearly states that you can choose to perform your own service.
It also stated that if a part fails and suggested maintenance was not done, they could void the warranty repair on that item EXCEPT if the part failed due to a defect or poor workmanship, then Honda will fix it for free (even if scheduled maintenance was not done - and says this).
I answered my own question on this, but it is good to check out with others. My wife told me not to worry (as she leased for years with her parents over the years, 2 Accords, 3 Camarys, Corollas, and others I think, no problems she said).
After my implying that I may as well buy the car if I am going to spend ridiculous amounts the dealer charges, they backed down, then they didn't even try and push anything else on me. They mentioned it (only because they were required). The had clear coat to keep the front of the car clean of bugs, etc., for like hundreds of dollars. Also, they had this (like $595) maintenance plan to include oil changes.
My Nissan leases were each from different dealers, and each had a different scare pitch. The one wanted to sell this paint sealer. I declined, then they said, "If you get a rust spot in the paint, then you will be required to pain the whole car." What the hell? My reply was, "Ok, if I have an accident and have to fix & paint the fender, for example, then I have to paint the whole car?" They they tried to scare me with not taking the extended warranty, that would include to cover the air conditioning system. They said, if your air conditioner goes it will cost $5000 to fix. This was the one Nissan dealer, the other didn't give me these lines.
It is amazing.
Rob
Would like to get lease numbers (money factor, residual, bank fees, etc.) for a 36 and 24 month lease with 12k and 15K miles a year for an SI sedan with and without navigation. Thanks.
2007 Civic LX 4dr auto. MSRP 18355. 3yrs 15k miles per year. $0 down $221 per month. I just pay 1st month and drive away(no fees etc.)I live in NH so sales tax is not an issue.
It seems competitive--what do you think?
Car_man
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A one year lease on vehicles are usually very, very expensive. I'm not even sure if Honda offers twelve month leases on vehicles. Your sister and her roommate might be better off purchasing a used Civic and trying to sell it after a year. A used vehicle would be a good idea because they wouldn't have to absorb the huge depreciation hit that new vehicles experience during the first year of ownership.
Car_man
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There's no support on the Honda Fit anywhere, so in order to lease it you would have to use the .00275 factor.
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You stated the Civic Sedan LX - AT had an MSRP of $18,355 and a sell price of $16,944. What is thw $1411 delta? Is that the Honda incentive that I should be getting or is that what you think I should be getting?
Also, I assume the higher the residual value on a car, the better deal on the lease, is this true?
Thanks,
cesca1
I am interested in leasing a civic ex and they gave me a quote of $266 per month with no money down. I was wondering if this was a good price or not?
Thank you
Sofia
2007 EX Coupe w/o nav.
Automatic
$239 month w/$3K down for 36 months.
$12245 residual at the end of term.
I am terrible at figuring these leases, I think this is awful high. What do you think!
Are the terms the same for the 2007 Civic EX Coupe?
If not, can someone please post?
15,000 miles/year:
24 month - residual 70% of MSRP - .00155 base rate
36 month - residual 62% of MSRP - .00155 base rate
12,000 miles/year:
24 month - residual 71% of MSRP - .00155 base rate
36 month - residual 64% of MSRP - .00155 base rate
$18800 selling price.
3 year lease.
15K miles a year.
residual 62% = $12,465
.00155 money factor
$598.38 for title, temp. tag, documentary fee.
$265 month w/no money down.
Thanks
$0 down
12/15K (both are ok)
I will pay the bank fees,documentation,title and tax.
Credit history not that great.
Also,can you show me how to calculate the related fees and where do I get my money factor?Thanks a lot!
And here:
http://www.edmunds.com/advice/leasing/articles/index.html
I live in PA, about 1 hour east of Pittsburgh. I'm in the market for a Civic LX auto sedan, the exact car that the lease special is for. Before I going to my local dealership yesterday, I called first to confirm the offer. They said it didn't exist, so I thought they were lying or didn't know. I then called the next 2 closest dealerships who said that the offer didn't exist but that sometimes Honda treats western PA differently for some unknown reason. I then went to Honda's website, entered my zip code and the website the offer didn't exist. I then entered a Philadelphia area zip code & the offer was there!! I read the fine print and apparently this lease special is offered all over creation EXCEPT IN WESTERN PENNSYLVANIA.
I'd really like to call Honda & ask who the idiot was that came up with this. Every state around us has this deal. Per the dealers I spoke to yesterday, even if I drove to eastern PA to get one, the lease deal wouldn't apply because of my home zip code...this sounds truthful.
Car_Man, is there any way to find out if this lease will be extended to those of us who like Hondas in Western PA after the current programs expire on July 5th? I want to pull the trigger, but Honda has to play ball.
36 month lease, .00155 money factor
$13900 Adj Cap cost
$989 + first month due at signing (covers Acq fee, bank fee, reg)
15K miles
$209 + tax /mo
Good deal?
My current '03 Civic EX lease is up mid-July. Would I be better off extending my lease one month through mid-August and get a better deal? The '08s come out in September right?
What do you all think?
2) I'm turning in my leased '03 Civic EX. During my preliminary lease end inspection the guy told me I had to replace the windsheild (it's scratched) and fix a small dent on the rear passenger door. The predicted cost according to that was around $280. BUT when I received my report from Honda I had $0 in excess wear charges showing. I called and the woman on the phone thought I must not have to worry then and I can turn it in as is. Has this ever happened to any of you? Did you end up having to pay? Do you think I will? Should I try and make the dealership buy my lease out to absorb that cost for me?
Thank you sooo much in advance for your help and advice! I'm supposed to go to the dealer tomorrow!