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Comments
Thanks.
Nice improvement in MF over October. Slight drop (1%) in RV. Overall, an improvement.
I need NOV numbers too please for a '10 CRV EX-L FWD. I'm assuming the 36mo lease term is Honda's best rate but wanted to confirm. Thanks
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Didn't like this dealer at all. They only dropped to $27999 off MSRP of $28455. They offered $7500 for my trade, and I still owe $8000 so they showed -$500 equity (Edmunds values my trade at $8300). For a 36 month lease with 36000 miles he gave me a figure of $542 per month with 0 down! I quickly left and will be checking with other dealers on Monday.
We just took delivery on the 2nd, a day where I could close out on the old rate or the new rate. I paid the .00270. I am a little pissed as that could be $50 a month on just the rate alone. Any decent dealer would give a heads up, they are all crooks.
It is safe to assume if that is the case there is nothing I can do about it either.
The best price I can get so far for an EX-L without nav is $26,700. Still thinking there is more to be had. Would like to see around $26,000. Any suggestions?
324 ( with taxes ) per month For 36 months , 725( due at signing. all charges included and first month lease amt )
12000km
RV14300
payment is 372
15k per year mileage, 36 months
2010 crv lx 4wd sticker 23505
negotiated price 22175 including destination fee
595 acq fee
dealer assures me money factor is .0017
I live in suffolk county, ny tax is 8.625 percent
700 down, but for whatever reason they are cutting me a check for my first payment back ( they said it is their "we pay first payment promotion?"
I suspect it may be the "we include in price and give back to you later program"
when I asked about residual percentage they said it is set number that every dealer follows and so is money factor. Does that mean they can not adjust this for profit?
Does that mean my only variable is cost?
One last thing I qualify for super preferred tier
I am rolling in 3 pymts of 334 for accord lease ending early. Dealer is also now saying residual is 59%
The money factor and resdual is set by Honda. Some dealers try to adjust the money factor since that puts more money back in their pockets. I don't know if Honda allows this. I do know that the .00170 money factor is correct for the month of November. I had 1 Honda dealer (out of 3) try to tell me it was .00270 so I know he was trying to jack his profit.
I can calculate your payment exactly if you can tell me 3 things:
1. Does your state charge the tax on the purchase price or on the monthly payment? Here in PA, they charge it on monthly payment. Your state may be different.
2. Are you rolling the cost of your last 3 payments on your old lease into the new one or is Honda letting you out early?
3. Are you sure they aren't charging you the 1st months payment in the deal? It seems odd they make you "pay" it then give it back to you.
I ran the numbers based on sales tax being calculated on monthly payment, figuring you still owed $1002 on your old lease, and assuming he charged you for the first month payment. Doing this I came up with a payment of $359 a month. If he quoted you $379, then he has an extra $720 in there for something he hasn't told you about.
2010 Honda CRV-EX 2WD. MSRP $24,555. Getting lease quote of $240 per month + local tax (1.85% on monthly payment). 36 or 30 months; 12,000 miles per year; $3000 down which includes 1st months payment & all fees. Nothing else out of pocket. Money factor 0.0017. Residual after 36 months - $14,733. 30 months - $15,960.
Should I go 30 or 36 months?
Haven't signed anything but have it in writing.
I know, it sounds attractive to have such a low payment. But it would be best not to invest so much up front money. Hope that helps you some.
Dealer Cost $23,564
Selling Price $22,330
Quote states inception fees of $1127.29 & assignment fee of $595. What are these fees for & is this an acceptable amount? How can they sell for less than dealer cost?
The "assignment fee" you stated above appears to be a dealer fee for doing the paperwork on the lease. I would NOT pay it as it is pure profit for the dealer, nothing more. Keep in mind that the dealer does get a part of that $595 inception fee Honda charges. It's like a "finders fee" for getting the financing to Honda.
If the numbers you listed in your last post are with the $3000 down, then $1722 of it is going to fees ($1127 + $595) and $1278 ($3000 - $1722) is going to cap cost reduction. That's why he is showing selling it to you at below invoice. It you take the selling price of $22330 he quoted and add the $1278 cap cost reduction then he is really selling it to you for $23608. Again, this is assuming your quote is with the $3000 down.
Hope this helps explain it better.
Didn't understand it.
I'm guessing it was this inception fee they add on.
Can someone who understands lease's crunch the numbers for me.
Sales tax in my county are 7%, MSRP was $28,400. In Illinois we have to pay taxes upfront on leases. If you need any other numbers let me know. Thanks up front
I got a deal this weekend - 2010 EX for $350/month. First month's payment out of pocket only. Gave back my previous lease with 6,000 extra miles on it at$0.15 per mile. Also got the remote start as part of the deal. Thoughts?
Thanks
Your total fees based on what you said should have been around $800 - $900 out of pocket. You paid more than double what you should have unfortunately that is why its crucial you do the homework before you sign anything. I would have literally walked on that deal. It definately sounds bogus given they're poor explaination. At least you know for next time.
Do I pay taxes on the residual value or cap cost? In Illinois.
I was thinking more like $500 over, but Im sure there is something
else added on somewhere else.
For the payment of $367, Is this even a good price??
Thanks for the help
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If the only reason to get our of the Jeep and lose $3000 is the gas mileage, it will take a lot of driving to make it up with a $40/month difference. And if you are going to be driving that much, you will end up paying for it with extra miles at $0.15/mile. Every 1000 miles is going to cost you $150 at turn in time.
I think you need to research more before jumping into leasing.
With a proper down payment you can be leasing for a $1 a month. But, as many will suggest, you don't want to put any money down. Then it will come down to your credit worthiness.
based on
3 years/36K miles
$22,400 sale price
$15,100 pay off
$260/month including 6.25% sales tax (Mass.)
+ $295 doc prep
+$110 plate transfer from current vehicle
0 deposit
+ 1st month payment
They will take back my old car and skip last payment ($355). Current vehicle is in excellent shape with mileage 3,000 below the maximum.
I have pre-approved financing from Honda for up to $30K for lease or purchase.
Just make sure that the dealer uses Honda Finance's current buy rate lease money factor of .00170 (top tier) to calculate your payment and you're in business.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
What are the lease numbers for the CRV for a 36month, 12k year, as far as the residual and money factor. I'm in AZ if that matters at all.
Thanks
Been to another dealer with a price closer to (but not at that figure) but they had only 1 CRV in a color I wasn't interested in. I tried to negotiate down a bit because of this concession, but they said no go. Still on the hunt.
Am at $269+tax per month, no $ down except 1st, plates/reg. and doc fee. ($635 total). What's your thought on this? I have pre-approved Honda financing and an 07 CRV LX 4WD with 3K miles under the limit, and I know there's a very strong market for used CRVs in great condition (which mine is). Been told there's some equity in my current car. Any idea how much?
2010 Honda CRV-EX FWD, $3945 down. $225/month for 30 mos, with 12k miles
Residual cost $17031,
MRSP sticker was $25008
they said they selling price that i was getting was about $24700, and looks like i will be paying about $27K if i choose to buy out my lease.. does this make sense or did they pull one over on me? Its a little late now, the lease came in where i wanted it, but just looking for what i am really in for at the end of this all. Can somebody pls advise? leased it from Paramus, NJ
Great rule of thumb when LEASING........go ZERO (or minimal) down.
Great rule of thumb when BUYING..........pay cash or use a LARGE down payment to SAVE interest on the loan.........since you will eventually OWN it.
Just BANK the money.......use it for the payments. What happens if you need that $4,000 for a EMERGENCY?? It's gone now.
Now, looking at the numbers of the lease.........you paid too much.
MSRP was $25,008
Selling price was $24,700 (should have been about $23,200)
2nd rule of thumb.................NEVER, EVER buy out your lease at the end. You will end up paying OVER MSRP in the end. Dumb. Just RE-LEASE another vehicle OR buy the new model on the dealer lot when you turns yours in.
Some research/homework on your part BEFORE this deal was done would have saved you about $1,500.
2010 Honda CR-V EX AWD Back on Black
$314/month (tax into payment)
$1290 Initial Payment:
$314 First payment
$595 Bank Fee
$249 Doc Fee
$130 DMV Plate Transfer Cost
*** For the LX AWD the deal was $300/tax into payment and the Initial payment would be $14 less.
Dealer threw in free wheel locks ($100 value)
Thoughts ?
-Steve
I finally found a dealer who was not trying to pick my pocket and didnt play the usual three-card monte games when I went into the dealership to finalize a deal done over email.
Got a 3 yr lease/36K miles for 2010 CRV LX 4WD. $269/month plus Mass. tax is $286/month.
$635 down = 1st month payment, plus $129 plates/inspection and $220 doc fees.
Dealer also eats my last payment on the 2007 CRV that I'm turning in.
Sales price was $21,220.
That's it. Hate to say it, but some of you are paying way too much.
American Honda Finance says they are an "indirect" lender and that the Honda dealership sets the rate. My credit score is 800 and the general offer is 0.00170 but I've heard of people getting lower just this month through Honda (0.00133) . Is it possible Honda (the dealership) can give me the lower rate? Or is it truly impossible for them to make that deal. I'm looking to lease a 2010 CR-V EX AWD this week. Thanks.
Each/every dealership will be different.
In a LEASE or PURCHASE........the interest rate/MF can VARY. The more the dealer can charge you.......the more $$ in their pocket. (Just like when shopping HOME loans thru various banks)
If the "base rate" is 0.00133 and you are getting 0.00170, the dealer is just marking UP the interest rate (MF) on you to make some extra $$. Try to negotiate it DOWN
Can you show the MSRP of the vehicle??
Can you show your "negotiated price"/CAP COST??
Residual??
Money Factor??
Deal sounds good, actually really good. I just need to see the missing numbers!!
From what I've gathered, it looks like the top tier MF is 0.00170 for a 36mo/12k lease.
Can someone please confirm the residual value for this term? Also, does anyone know what the max advance for this type of lease is? Wondering if there's room to mask some slight negative equity in the lease.
Thanks in advance.