2013 and earlier-Honda CR-V Lease Questions

kyfdxkyfdx Moderator Posts: 207,723
edited January 2014 in Honda
Ask your Honda CR-V lease questions here!!

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  • dmjjpydmjjpy Member Posts: 11
    Could I please get the some lease info(residual, lease factor) on the CR-V? Looking to lease either 24 or 36 months with 12k or 15k.

    Thanks in Advance!!
  • blueiedgodblueiedgod Member Posts: 2,798
    I make my own leases as I please. The basic principle of leasing is that you pay for the depriciation, plus pay the leasing company to make profits for the pleasure. Why not take the middle man out and make the profits your self?

    Examples:

    1999 Civic EX, bought in September 1999 for $15,000, financed for 60 months at 4.9% (it was considered low rate then). Drove for two years, sold for about $12,500 (pay off was about $10,000). Total cost of "lease" $2,500 over 24 months = $104/month

    2001 CR-V SE, bought for $23,000 in June of 2001, Financed for 60 months at 4.9%. Car got stolen, and found. Insurnace gave me $10,000 to fix. Fixed my self for $4000. Sold for $18,000 (theft recovery on the title) after a year and a half. Pay off was $18,000. If you don't count that I made $6000 on the insurance it cost me $278/month to "lease" But when you count the insurance money, the "lease" was free and I made $1000.

    2002 Civic Si, bought for $14,500 in January of 2003, financed at 1.9% for 60 months. Sold in March of 2005 for $12,500 (pay off $8500). The cost of "lease" for 28 months is $71/month.

    Right now I am "leasing" 2005 CR-V EX 5 man. :-)

    When you look at the whole picture, rather than just "what my monthly payment is going to be" you save more than traditional or baloon lease.
  • dmjjpydmjjpy Member Posts: 11
    In the above examples, what were you monthly loan payments? Would they have been $100-$200 more then a lease payment?

    And I'm not sure how you are getting your net montly costs??("loan montly payment" were calculated using Edmunds's Basic Loan Calculator)

    1999 Civic EX
    loan monthly payment = 282.38
    total loan payments = 282.38 * 24 = 6777.12
    net payment = (6777.12 - 2500)/24 = 178.21(not 104)

    2001 CR-V SE
    loan monthly payment = 432.98
    net payment = 432.98(not 278)

    2002 Civic Si
    loan montly payment = 253.51
    total loan payments = 253.51 * 28 = 7098.28
    net payment = (7098.28 - 4000)/28 = 110(not 71)
  • gollumandbilbogollumandbilbo Member Posts: 2
    Hello, do you know the current money factor and residual value for a 2006 Honda CR-V for an existing Honda customer with excellent credit? Assume 3 yr/15k lease.
  • blueiedgodblueiedgod Member Posts: 2,798
    In the above examples, what were you monthly loan payments? Would they have been $100-$200 more then a lease payment?

    And I'm not sure how you are getting your net montly costs??("loan montly payment" were calculated using Edmunds's Basic Loan Calculator)

    1999 Civic EX
    loan monthly payment = 282.38
    total loan payments = 282.38 * 24 = 6777.12
    net payment = (6777.12 - 2500)/24 = 178.21(not 104)

    2001 CR-V SE
    loan monthly payment = 432.98
    net payment = 432.98(not 278)

    2002 Civic Si
    loan montly payment = 253.51
    total loan payments = 253.51 * 28 = 7098.28
    net payment = (7098.28 - 4000)/28 = 110(not 71)


    I think you are forgetting that my cash obtained from the sale of the vehicle was greater than the pay off amount. :-)

    Even if I did calculate it wrong, has anyone been able to lease a top of the line Civic for $110/month with no money down?
  • dmjjpydmjjpy Member Posts: 11
    > I think you are forgetting that my cash obtained from the sale of the vehicle was greater than the pay off amount.

    No, I don't think I did forget. For the 2002 Civic example, I subtracted $4000(the difference between the sale price and the pay off amount) from the "total loan payments" in the "net payment" line.

    Anyways, if anybody could post the lease info for a CR-V, it would be greatly appreciated!
  • me3me3 Member Posts: 30
    (14500 - 12500)/28 = 71.43
  • kyfdxkyfdx Moderator Posts: 207,723
    Let's stick to actual questions about Civic leases...

    No matter how good your purchase deals turned out to be..

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  • stevedebistevedebi LAMember Posts: 4,098
    "Let's stick to actual questions about Civic leases... "

    Or maybe CR-V leases... ;)
  • kyfdxkyfdx Moderator Posts: 207,723
    LOL... yeah.. that too... :blush:

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  • blueiedgodblueiedgod Member Posts: 2,798
    "Let's stick to actual questions about Civic leases... "

    Or maybe CR-V leases...


    The point I was trying to make, there are no great leases of the late 90's when it was really cheaper to lease. These days, it is cheaper to buy. Unless there is some really hot lease program. Like BMW had a 325 for $199/month for 24 months with no money down a couple of years back.
  • fireboss2fireboss2 New JerseyMember Posts: 6
    Would appreciate current money factor and residual for the following: 2006 CR-V 2 Wheel Drive LX Auto
    This will be the 36mo / 12k mi program.
    How about Honda's acquisition fee? Thanks guys.
  • kingmobkingmob Member Posts: 2
    Hi - I have a question about my 2004 Honda CR-V lease. At the time I did it in 9/04 I had just come off a divorce and had a poor credit score (mid 500's). Now, my score is in the mid 700's and I am in a much, much better financial position. I like my car, but wondered what my options were... Can I trade it in and pay the penalty to get a lower payment? Or would it be too steep? Am I just stuck with my deal until the lease ends?

    I do have the option of paying it off if I want. But it seems that I would save money by making the payments and just paying the residual at the end. Am I right in this assumption?

    Thanks for any help.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Wow, this is a popular discussion for one that is so new. Here's the info that you're looking for, dmjjpy. Honda is currently providing a special lease money factor of .00150 on all 2006 CR-V models for Super Preferred tier customers who pay a security deposit. This truck's residual values vary by trim level though. For now I will provide you with the resids for the '06 CR-V EX 4WD. Let me know if you want a different model. This truck's 24 month residual values are 68% with 15,000 miles per year and 69% with 12,000 miles per year. The numbers for 36 months are 59% for 15K and 61% for 12K.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi gollumandbilbo. I see that you are a Lord of the Rings fan. I enjoyed them myself. Honda is currently providing a special lease money factor of .00150 on all 2006 CR-V models for Super Preferred tier customers who pay a security deposit. Because you are an existing Honda Finance customer, you may be able to get your CR-V's security deposit requirement waived at for free. This truck's residual values vary by trim level though. For now I will provide you with the resids for the '06 CR-V EX 4WD. Let me know if you want a different model. This truck's 36 month residual value is 59%.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi fireboss2. If you were to lease a 2006 Honda CR-V LX 2WD through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00150 and 59%, respectively. Honda Finance charges an acquisition fee of $595 on every vehicle that it leases.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi kingmob. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

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  • soylentgreensoylentgreen Member Posts: 62
    Hi Carman,

    Can you provide the residuals and MF for a CRV SE, 36 and 48 mos, 12k miles?

    Thanks.
  • kingmobkingmob Member Posts: 2
    Thanks for the info... that's basically what I had expected.
  • fireboss2fireboss2 New JerseyMember Posts: 6
    thanks Car_man
  • roosaroosa Member Posts: 9
    Thanks again CarMan....leased a new 06 CRV-LX 2wd thru Honda Finance...again (see message 282 of Accord discussions) you were correct to the penny. Hopefully this CRV will last longer than the Accord..Best wishes and just a reminder to readers....whatever you lease...be sure it has side airbags and an air curtain...J. Roosa
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    I sure can, soylentgreen. Here you go. If you were to lease a 2006 Honda CR-V SE through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00144 and 59%, respectively. Honda's special lease for this truck is only available for terms as long as 36 months, so you don't want to lease it for longer than that. If you do, its money factor will nearly double.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    You're very welcome, kingmob.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    No problem, fireboss2. I'm glad that I was able to help you out.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    You're welcome, roosa. I'm glad that the payment that I came up with matched the one that you were quoted. It sounds like you were in an accident. I'm glad to hear that you are
    OK. Enjoy your new CR-V.

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  • ics88ics88 Member Posts: 9
    Hi,

    What is the current money factor & residual value of the 06 SE with 15K/year and 36 months lease?

    The dealer quoted me $24,000 before tax, title , license.

    BTW, I'm in Texas.

    What would my monthly lease payment be? Assuming with no money down other than the security deposit and acquisition fee.

    Do I have to pay the tax upfront or that would depend on my credit?

    Thanks.
  • blueiedgodblueiedgod Member Posts: 2,798
    Don't have answers to other questions, but the tax will depend on your state. Tax has nothing to do with your credit. Money factor does. If your credit score is 700 or more and you have decent income to expense ratio you will qualify for whatever the special rate is.

    In some states you pay tax upfront on the whole vehicle. In other states you pay tax on the payments.
  • brandloyalbrandloyal Member Posts: 27
    To tag onto the quesion above, I too would like the residual rate for an SE model but the term would be 24 months and 12k miles/year.
    Thanks
  • brandloyalbrandloyal Member Posts: 27
    blueiedgod,
    I realize that this post is over a month old but I'm hoping you can answer this question. I too have sold my leased cars at end of term and turned a profit. Normally, I have the buyer send the payoff to the lease company to get the title and then the lease company sends me the overpayment (profit). This process also helps me avoid the sales tax if I were to buy the car myself ahead of the sale to a buyer.
    Now with my Honda lease about to run out, I want to perform the same process since I have some equity in the car. The problem is, that AHFC wants me to use a dealer to act as the middleman. A potential buyer would have to pay a dealer who in turn would buy the car and then turn the title over to the new owner.
    This seems cumbersome to me. What did you do for your lease end buyouts?
  • brandloyalbrandloyal Member Posts: 27
    Anyone know what the difference is between buying the car at the end of a traditional lease and This

    I'm just wondering if any of the depreciation/finance are any more or less during the term and if the residual rates are the same as traditional leases....
  • blueiedgodblueiedgod Member Posts: 2,798
    blueiedgod,
    I realize that this post is over a month old but I'm hoping you can answer this question. I too have sold my leased cars at end of term and turned a profit. Normally, I have the buyer send the payoff to the lease company to get the title and then the lease company sends me the overpayment (profit). This process also helps me avoid the sales tax if I were to buy the car myself ahead of the sale to a buyer.
    Now with my Honda lease about to run out, I want to perform the same process since I have some equity in the car. The problem is, that AHFC wants me to use a dealer to act as the middleman. A potential buyer would have to pay a dealer who in turn would buy the car and then turn the title over to the new owner.
    This seems cumbersome to me. What did you do for your lease end buyouts?


    I never leased per se. I am my own lessor and lessee. Sorry, I don't know what the procedure is with AHFC.
  • rws0131rws0131 Member Posts: 27
    Does anyone happen to know the 24 and 36 month Residuals and Money Factors for a 12,000 mile a year lease? Any help would be greatly appreciated in the next day...Thanks!
  • wantg35cwantg35c Member Posts: 3
    Car_man, looking at a lx cr-v awd, 36m 12k, what are the base mf and res for april? Thanks in advance. msrp is 22545, selling price 19799.
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Greetings ics88. If you were to lease a 2006 Honda CR-V SE 4WD through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00144 and 57%, respectively. I'd be happy to estimate what your payment should be on the CR-V that you are considering leasing, but in order for me to do so I need you to provide me with its full MSRP.

    Sales tax is calculated differently, depending upon what state one is in. I am not personally familiar with how sales tax is calculated on leased vehicles in Texas right now, but you may be able to find out by visiting one of the following sites: Texas Department of Transportation or Texas Taxes.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi brandloyal. If you were to lease a 2006 Honda CR-V SE through Honda Finance right now for 24 months with 12,000 miles per year, its buy rate lease money factor and residual value would be .00144 and 65%, respectively assuming that you qualify for its "Super Preferred" (have a credit score of 710 or higher) credit tier and pay a security deposit.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hey brandloyal. Honda Finance's "Leadership Purchase Plan" is what is known in the industry as a balloon note program. Balloon notes are very similar to leases in that they provide consumers with low monthly payments and the option to purchase their vehicles at the end of a specific period of time for a predetermined amount of money. The main difference between leases and balloon notes is that with leases the bank's name is on your vehicle's title and with balloon notes yours is. Leases are much more popular than balloon notes. Balloon notes are really only used in states like Texas, in which for some strange reason consumers have to pay less tax on balloon notes than they do on leases.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hello rws0131. Honda's residual values for the CR-V vary depending upon which exact model you are interested in, so I need you to be more specific about the truck that you want in order to tell you what its residuals should be like. I can tell you though that Honda Finance's current buy rate lease money factor for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit is .00144 for all 2006 CR-V models.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Here you go, wantg35c. If you were to lease an '06 CR-V LX 4WD through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00144 and 61%, respectively.

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  • smith1smith1 Member Posts: 283
    The reason balloon note financing plans such as the LPP are better from a sales tax standpoint in certain states (Texas and Illinois are two such states) is that these states collect sales tax on the full value of a leased vehicle at the onset of the lease (even though only a part of the vehicle's value is used during the lease) and then, if you buy the vehicle at the end of the lease, they collect sales tax AGAIN, on the used vehicle purchase price. Their flimsy justification for this double taxation is that there is a change of ownership and title (from lessor to lessee) when a leased vehicle is purchased by the lessee at the end of the lease. This change of ownership/title doesn't occur under the LPP therefore sales tax is not assessed a second time.

    Therefore, if you live in one of the states where leases are taxed this way, AND there is a significant chance you will want to purchase the vehicle at the end of the initial term, the LPP is better than a traditional lease -- assuming that the monthly payments and buyout price are similar. The LPP has no sales tax advantage over a traditional lease if you don't buy the vehicle at the end.
  • dubblernrdubblernr Member Posts: 1
    CRV LX AWD (basic AWD)

    282.00 a month (Includes EVERYTHING)
    36 months
    12k miler per year
    0 money down

    Thanks...
  • bonairebonaire Member Posts: 2
    We have been told by a local dealer that Honda does not normally offer lease incentives during the months of August and September as the new models are out and Honda does not want to detract from them in terms of sales. Our current lease expires in September and we have been advised to do a lease in late August including a cost for buyout of our present lease. Has anyone had any experience with this situation or is this an attempt to push us into an earlier lease?
  • bonairebonaire Member Posts: 2
    The previous post#42 should have said late July not late August for lease date.
  • blueiedgodblueiedgod Member Posts: 2,798
    We have been told by a local dealer that Honda does not normally offer lease incentives during the months of August and September as the new models are out and Honda does not want to detract from them in terms of sales.

    Yeah, but they DO offer great incentives on the outgoing model!
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi dubblernr. You never mentioned the selling price or MSRP of the CR-V that you are interested in leasing. These are important numbers 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 this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion on this deal if you let me know what these numbers are.

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  • dtnydtny Member Posts: 1
    Has the lease numbers (ie Money Factor, residual) change for the 2006 CRV EX 4WD? Can you post the numbers here again. Looking to return my current lease (2003 Camry) for a new CRV lease real soon. Any information would be helpful!

    BTW looking to do 36 mons, 12K per year, no money down, excellent credit - also looking at the RAV4 - any comment on this?

    Much appreciated!
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi bonaire. This sounds like a way for the dealer that you are speaking with to get you into a new vehicle a month earlier than you normally would. Honda almost always has special lease support or dealer cash on at least some models. If it is providing support on the CR-V now, it almost certainly will be doing so later on this year. Consumers rarely come out ahead by getting out of leases before their scheduled end dates.

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  • CarMan@Edmunds[email protected] Member Posts: 38,514
    I'd be happy to help you out, dtny. If you were to lease a 2006 Honda CR-V EX 4WD through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00144 and 59%, respectively.

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  • brianbbrianb Member Posts: 13
    I have a quote from Open Road Honda for $17,800 not including tax and tags. Could you tell me what the lease would be for 36 months. I do not know what the money factor or residual is.

    Thanks
    Brian
  • CarMan@Edmunds[email protected] Member Posts: 38,514
    Hi Brian. I can give you an idea of what this truck's current lease program is like, however I need you to provide me with its full MSRP in order for me to estimate what its monthly payment should be. If you were to lease a 2006 Honda CR-V LX 2WD through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00144 and 57%, respectively.

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  • brianbbrianb Member Posts: 13
    Thanks for the help.

    The MSRP is 20,300 but I had an offer for $17,800.
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