2013 and earlier-Honda CR-V Lease Questions

Krovopiytza

Hi,

Do you mind telling what dealership was it. I am also in Mass.

Thanks.

ore

Does anyone have any information on leasing a 2010 CRV EX-L (either 2WS or AWD)?

1. Is there a significant difference between the 2WD and AWD? From what I heard and saw on the Subaru video, these AWD cars don't really drive unless necessary and even when necessary they turn on for a second and then off - can I drive in the snow with the AWD model or am I better off buying a set of tire chains and going with the 2WD model?

2. Any numbers that I should expect to pay or get into with the 2WD EX-L would be appreciated. I know the MSRP is $26,495.

3. On a lease, we pay tax on the monthly payment - so if I leased a car from another city (not Los Angeles where we have tax at 9.75%) what tax rate would I end up paying? My home tax rate (9.75%) or the rate at where the dealership is?

Lastly - our first choice is a Honda Pilot Touring but we want to stay under the $400 to $450 per month payment and that's why we are starting to look at the CR-V.

If you can recommend other makes/models which lease well right now, that would be great. I know the Ford Edge has a special now...

Thanks and any help is appreciated.

k626

Point no. 1: that's correct. It only supplies the power when needed.
This is good because with full time all wheel drive you get poor fuel efficiency.
It's not like locking a true 4WD but it may help you out in a bad situation...meaning it should do it's job when it's needed.
Just took delivery on a 2010 CR-V EX today.
And at least in NJ, dealerships don't even stock the 2WD model.
I've been told the residual is not good. Around here there is no chance of even finding a 2WD EX-L.....if anything it would be a 2WD LX base model.

rustler26

I am helping my son research information about leasing this car.
We are in Staten Island NY. My son has excellent credit and a great income.
Can anyone give me a rough idea on what a 36 month lease for this car will be if we are able to negotiate a selling price of around 26,500 for so.
I have gotten a few internet quotes- one is actually below invoice- I assume that the price will be "adjusted" if and when we sit down.
Thanks

rustler26

A quick addition to my previous post.
Could someone clear up or confirm for me the following:
2010 CRV AWD EX-L MSRP= 27,745 + 710 destination charge ? (no additional opp's)
Dealer invoice for this car is 25,806 ?
I have also heard a dealer acquisition fee mentioned for $500 dollars?
Thanks any help is greatly appreciated

k626

If his credit score is good you should be able to get the top tier which is a money factor of 0.00170 (this is a good rate) which equals approx. 4% (this is the most common way the F&I guys try to confuse somone.....take whatever number the give, if listed like above number, then multiple it by 2400...that is the APR that you are paying to use their money.
If you purchase instead of lease, the same credit score will get you 2.9% for 60 months.
I just leased a 2010 CR-V EX two days ago after doing a ton of research.
My very quick advice:
negotiate the price of the car down as much as possible....should be able to get invoice or 100-300 below invoice if you really try. Get your own credit score report online. ONLY put down the "drive off" fee's....for me this was only $850. Your monthly payment is reduced by $30 for every $1k you put as a "down payment".
The problem with this is, if you get in a car accident, the car is taken care of (you won't pay) but your "down payment" money of a thousand or two thousand or whatever disappers. Also, the dealership of course wants you to put money down because they (the actual dealership) make more money off that down payment.
Bottom line: I put down $850 and my monthly payment is $325 and the price of the EX was $23,156 (sticker $25,800)
I spent a lot of time negotiating and researching. Good luck.

k626

Also, yes the acquisition fee is usally a standard $595. You can't negotiate this.

rustler26

k626
Thanks for taking time to help me
DCH Academy Honda in NJ emailed me this quote:
"easy quote" 25,356
Dest charge 710
Doc fee 249
total 26,315
Good to go in and continue negotiations? I will need them to give me the RV and the Money Factor in person I guess.
I bought (used certified) from this dealership 3 yrs ago and it was a good experience
Thanks again

rustler26

Hi:
I went to the dealership without my son to check stock and begin speaking to a sales person
Here is the offer I walked away with-nothing signed:
2010 CR-V EX-L No additional equipment
Sale Price 25,356
Dest 710
Total 26,066
Term 36 months
Cash down 1000
Additional at signing 1100 est (dealer aq. doc fee, DMV)
Was told the MF is .0017 and the Residual is 15,934
Monthly payment would be 396.90
Does this seem like and acceptable offer? Also I am being told financing terms may change this coming week????
Any help is greatly appreciated
Thanks

jubeekabee

We leased a 2010 EX-L last night 3yr/36k.
Sale Price: 25550 (edmunds.com invoice 25806)
Dest: 710
Total: 26260
Cash Down: something like 85 bucks after paying first month, dmv, etc.
Total at signing: 1000 (covered that cash down, dmv, first month, etc)
Residual was 16503 and we qualified for Super Preferred so .0017 MF
Our monthly payment is $385.

I think this was a steal, all things considered, the dealer wouldnt have done the deal if they didnt make something out of it...but we got a very good deal in my opinion...

Thoughts?

Also we were told about $910 for tax (assuming this is rolled into each payment for NJ) but I couldnt for the life of me figure out where it was calculated from.

Thanks for the help!

rustler26

Jubeekabee:
Thanks so much for replying- it should be easier to lease than it is!
As far as I can tell- your deal does seem very good. Our two selling quotes were within 200 hundred dollars of each other. Your residual is $500 higher. You put $1000 down LESS than we were quoted and your payment is a little lower. Just to be clear- your payment of $385, includes tax?
Who was your dealer (we are dealing with DCH Academy) and were there many EX_Ls in stock (DCH has only about five or six as of yesterday)
Your post is a big help-thanks again.

jubeekabee

This was at Broadway Honda in Egg Harbor Twp. The $385 does include taxes. Although, I found a calculator spreadsheet that mimics the lease contract and entered in my numbers to the decimal. I did this for the numbers you gave, and based on that the payment should be around $367 approx. And since you put $1000 down straight off principle, it should be close to $30 below my lease payment. But you have of course a lower selling price and lower residual(which raises your monthly payment).

This is an estimate...dealers may vary. And there are probably other factors we dont know...but you probably shouldn't pay more than $400/mo. though.

Good Luck and hope this helps... and here is the spreadsheet link: Lease Spreadsheet Site

Just use money factor of .00170016 (if you are super preferred - 710-899 fico)

rustler26

Thanks once more Jubeekabee
We weren't able to get to the dealer today. Unfortunately, around here EX-L's are in short supply- there are only three left at our dealer of choice. Also as of today Honda has dropped the 2.9 rate on purchase- I haven't found out if the money factor has changed. We hope to visit two dealers tomorrow. Thanks for the spreadsheet link.
Good luck with your new car!!

jubeekabee

Thanks so much rustler! Same to you and your future car! If you can, please let me/us know what kind of MF they have on their new lease program. I tried to call to see if I made a "Good Deal" as Howie would put it but the guy wasnt sure what they were this afternoon.

*Cheers*

rustler26

Our experience negotiating was not good. When we went back,they wouldn't move down on their first offer, we asked for a small throw in (roof rack) said they would split cost. They took the previous 15,000 a year offer off the table and replaced it with 12,000. First showed us a NJ credit report that gave my son the highest tier, then later came in with a NY one (which had a lower score) saying they had to use that if we were from NY (.0021 MF) so now the payment is up to 426 a month. We grudgingly told them to move ahead. Went into the finance office and when the paperwork came out of the computer we saw that the selling price had increased by 1200 dollars from their quote four days earlier. I called for the sales manager who stated that CR-Vs were in short supply and he had to up the selling price (without telling us when we sat down to close the deal two hours earlier) I was ready to walk at that point. The manager then told the finance person to redo the lease agreement at the previous sale price, throw in the racks and put the mileage back to 15,000 a year. We put 1600 down inc first months payment and fees and the lease amount came out to 404 a month. I was really disappointed, as I had bought a used CRV from this dealership four years ago and it was a clear smooth deal. On this new one? I am not sure that it was a great deal, more an ok one. You really have to be on your toes and do your research when leasing- it is a very complicated transaction. Good luck guys

lizzard2010

Received an offer on a 2010 CR-V EX-L for $350/month plus taxes. My total monthly payment would be $377. 36 months/36k miles, no $ down other than standard drive-off fees (approx $900 which includes 1st month's pmt)

Based on the previous posts, this price seems reasonable. Since I don't plan on purchasing the vehicle, does it really matter what the residual value is? Money factor, etc?

I'd like to get the final monthly payment to $350 month including taxes, but I don't know if this is feasible.

lizzard2010

One thing that I forgot to mention - the CR-V EX-L is AWD. $350/month seems fair?

rustler26

This is my take on your offer.
As best as I can tell, if you can close the deal for 377 (tax included) a month and 900 down- WITH NO OTHER fees or whatevers- it is a good deal. I would be surprised if you get it any lower. Try though!!!!
Keep in mind, like others have said above, even though you are leasing you still have to have the dealer commit to a firm selling price (mine was 26,066 including destination charge of $710). THis needs to be in writing before you close the deal. Your lease payment is largely based on the difference between this selling price and the residual (which should be about 16,000 give or take $50.
This is the # your lease should be based on divided by 36 months
A high selling price and a low residual equals a higher monthly payment.
Here it gets complicated: added to that base amount are the interest (Money Factor) on that amount for 36 months and the tax (tax has different rules in different states)
My gut feeling is that they will work the #'s ( CR-V's are in short supply, I don't think they will agree to the 26,066 I mentioned above) regarding the selling price and the Money Factor to keep you at the $377.
I don't think you will get out the door for only $900 either.
expect: 595 lease aquisition fee
377 first payment
249 doc fee
100? DMV
Most important!!!! When they put the lease agreement in front of you- check the selling price. Look at every line that has a fee or expense next to it and make sure you understand each one and that each one agrees with earlier quotes. This is the point where some deals go wrong.
Don't make a down payment to lower payment! see others posts above about that.
Good luck and I hope others weigh in and post comments to help also.

lizzard2010

Thanks for the feedback, Rustler26! I am scheduled to meet with the salesman this afternoon and will post the details of the deal once I finish negotiating. The MSRP he originally quoted was $28,455, and the negotiated sales price was $26,515. The residual is .58 and MF .00164.

rustler26

Hi
Your MSRP is good
Sale price is good if it inc destination. Residual is good and money factor good. Like I said watch the lease agreement when you get to the finance room there should be NO surprises at that point
Good luck

markonline007

Hi CarMan,

Do you have the residual and money factor on a 2010 CRV EX with AWD for a 36 month lease at 15,000 per month?

Thanks,
Mark

gator00si

It's a decent deal. You certainly didnt get ripped off but its not a skinny deal either.

Wheel locks $100? LOL....they retail for less than half that.

bniquette

CarMan:

Could you please pass along the residual and top-tier buy-side MF for the 2010 CR-V LX in both 2WD and AWD at 3yr/36k? This would be for a deal to close +/- Jan 30.

I very much appreciate your help on this and other lease deals. Best regards, Bill

dave7smith

Anyone have the residual for 2010 CR-V EX-L 36m 12k per year in IL ?

What is the Money Factor in IL

thanks for any help

markonline007

Just left the dealership with the following deal and I think I did okay, but hate that sinking feeling when you re-crunch the numbers at home and feel like few dollars were left on the table.

2010 Honda CR-V EX AWD
$25,895 MSRP (includes $710 destination)
$23,195 Selling Price
12K mi per year
Residual 61%
Money Factory .00164

Honda Bank Fee $595
Document Fee $325
Motor Vehicle $299.00
Destination $710
Total Out of Pocket $1929

$316 month (including 7% NJ Sales Tax)

From other posts on here, I'm guessing that most people choose to roll that destination fee into the payment and that may be why the out of pocket is closer to $1200.

Does this appear to be a fair deal? Also, does anyone know if you calculate the residual off the MSRP before or after the $710 destination? I was told by the dealer bank requires it to be calculated with it added into MSRP. My feeling is that I may have let that $710 trip me up somewhere in my negotiations and I may have overpaid.

Thanks,
Mark

rustler26

Hey Mark:
I closed a deal with my son three weeks ago on a EX-L
There is definitely a shell game of sorts available to the dealer on a lease transaction.
That being said, from my research you got a good deal, you didn't steal it but I don't think you overpaid. Dealer invoice is 23,348-so your selling price was good. It is my understanding that the residual is subtracted from the selling price (inc dest) to compute a monthly lease payment. Others who have posted lease prices for EX-Ls have consistently been around 385+ and the difference between that payment and yours equals the cost difference between an EX and an EX-L.
That was a long winded way of saying IMHO you did well- enjoy the car-they are great,
I would drive anywhere in my 03 with 100K
Russ

aja10

Hi Carman,

What's your opinion on the following deal:
36 month, 12k
Sale Price 23,348 + 710 (Destination Fee) = 24,058
MF .00164 Have to double check
Residual = 61% have to double check
NJ sales tax 7.00%
Payment 326.95
Due at inception: 760.95

mv 227.5
doc 199
NJ tire tax 7.50
1st Payment 326.95

Thank you

rustler26

One thing about your deal-
I don't see a fee for acquisition (lease) it will be $595
This is standard as far as I know
I hope Carman checks in on this as well
good luck

greenapples81

Please let me know if the following lease deal is okay, I am planning on going to the dealership today.

EX-L 4WD
down payment: $3490 (after taxes, fees..etc) not including first montly payment
montly payment: $ 320
Also since my lease for my honda civic is not due until June 10, they said they will pay the last five payments for my civic, and I don;t have to pay early termination fee. My montly payment for the civic is 185.

Is this deal okay, I am working with 3 dealerships, and I cant get any lower than this.

blueiedgod

Please let me know if the following lease deal is okay, I am planning on going to the dealership today.

EX-L 4WD
down payment: $3490 (after taxes, fees..etc) not including first montly payment
montly payment: $ 320
Also since my lease for my honda civic is not due until June 10, they said they will pay the last five payments for my civic, and I don;t have to pay early termination fee. My montly payment for the civic is 185.

Is this deal okay, I am working with 3 dealerships, and I cant get any lower than this.

When the dealer says "they will pay the remaining payments" where does the money come from?

$185x5 = $925, I am pretty sure that that $925 is hidden somewhere in the costs. Probably in that $3490.

greenapples81

Yes, I think so. So do you think this deal is okay?

blueiedgod

Yes, I think so. So do you think this deal is okay?

Well, you are paying for the remaining 5 months on the Civic, but do not get to use it. If a friend, or me asked you to borrow the Civic for the next 5 months, while you were still paying the lease payments, what would you say?

I would ride out the lease to the end, since, one way or another you are going to pay for those remaining months. $1000 is not chump change to be throwing around.

The CR-V's will be there when the lease is up, and the deals may still be there. Structure your lease so that your next turn in is in the winter, so that you have more leverage negotiating the next vehicle.

Or better just see what it would take to finance it for 5 years, and then keep it without payments for the next 10-15 years!

ry1028

Just picked up a crv exl awd yesterday in chicagoland area at continental honda. went with leadership purcahse program (vs. a lease) as I live inside Chicago city limits. Chicago charges an 8% "usage fee" on leases (total ripoff) on top of the awful Illinois sales tax laws for leases at well. Balloon loan is way to go here even with little higher APR came out to better payments when i worked out. Is this a good deal?

26200 sales price (incl dest)
Resid 58%= $16503.90
money factor on LPP .0021 (4.97 APR) lease was 3.9 APR/.001625- i was in super preferred tier but rates are good in IL now it seems
2455 total sales tax (9.25%)
154.38 doc fee
194 title/license
395 gap insurance (prob got weaseled here in retrospect)
25 ERT fee (says optional so again got jammed here)

TOTAL OTD- $29423.48
TOTAL OUT OF POCKET- $0, put absolutely nothing down, no first payment, acq fee, etc due on a balloon loan
Monthly payment $469.33

CarMan@Edmunds

Hi Mark. Here's the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 CR-V EX AWD with 15,000 miles per year are .00164 and 59%, respectively.

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CarMan@Edmunds

Here you go, Bill. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 CR-V LX 2WD with 12,000 miles per year are .00164 and 58%, respectively for consumers who qualify for its top credit tier.

The numbers for an otherwise identical lease of a CR-V LX AWD are .00164 and 59%.

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CarMan@Edmunds

Greetings dave7smith. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 CR-V EX-L 4WD with 12,000 miles per year are .00164 and 56%, respectively for consumers who qualify for its top credit tier.

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CarMan@Edmunds

Hi aja10. The selling price that you were quoted is right around dealer invoice and the money factor is in line with Honda Finance's current buy rate for this model. If you like the CR-V, I personally don't see any reason not to pull the trigger on this deal.

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CarMan@Edmunds

Good point, rustler26. Everyone who leases through Honda Finance has to pay a $595 acquisition fee. Aja will either have to pay this fee at lease signing or roll it into the capitalized cost to make it part of their monthly payment.

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nickc3

MSRP 25805
- 1247 DISCOUNT = 24.558

No money down except 1st Month + DMV = ~ $725

36 Months, 36K miles

$375/month

Money Factor = .0164

I feel this is too high...wondering what your thoughts are.

nickc3

aja, I'm also in NJ shopping for an EX - your price seems very good - can you share what dealer this is?

asmith77024

American Honda Finance Corp. Closed-End Lease

2010 CR-V LX
MSRP $22,255 (including destination)

Dealer-added options:
Window tint: $295.00
Pin stripe: $195.00
Protection Package: $695.00
Lifetime Powertrain Warranty, supplements Honda standard warranty (free)

Total Sticker Price: $23,440

Final negotiated purchase or lease price of vehicle: $21,000

Note: Dealer-added options are way overpriced. Negotiated this lease deal based on the total sticker price $22,255 and got the dealer-added options essentially for free.

Lease term: 36 months
Money factor: .00164
Annual mileage allowance: 15K (fifteen K)
Cost per mile over 15K $0.15
Residual: $12,970 (58% of total sticker price $22,255)
Acquisition fee: $595
TTL: $653

If you do a lease deal, be damn sure to get the dealer's underlying "Lease Worksheet" to review and ensure that its math agrees with the math on the actual Lease Agreement.

armstrongjc

Hi all -

Live in CT, working with a dealer on a 2010 CR-V EX-L 4WD with Navi. Sticker price ~$30,450.

Got an Internet quote of $28,984. Dealer came down to $28,300, incl. destination ($710).

Started talking about a lease for ~$430/month with $2,000 + 1st payment down, 36 mos/12K miles/year.

Qualified for preferred credit, that brought it down to $416/month w/ $1950 + 1st month payment down payment. Talked down some more, final offer is:

$1,950 + first month down, $397/month.

Is this a decent deal? I have to get a breakdown of the down payment, but looking at lease calculators it looks like a good chunk is going towards cap cost reduction (which I don't mind) - I'm happy with the monthly payments, just want to make sure I am not getting killed on the deal.

Thanks,

J

rustler26

Here is my take- as always I hope others comment as well.
Yes- MSRP with destination is 30,455
Dealers cost with destination is 28,371 Re Consumers Report website
Your dealers offer of 28,300 is below dealer invoice, which is great as long as there are no other "surprises"
I would say that if your deal is as simple as you said: $1,950 + first months payment with a $397 a month payment is good, if it includes sales tax.
Where your 1,950 is going is important to know
I would hope that it is covering:
1,950=
595 dealer acquisition fee
325 or so document fee
200 or so for DMV
I would imagine the rest is going to reduce the cap cost as you said.
this reduction is probably lowering your payment by 20 dollars a month.
We fought hard to get a vehicle like yours WITHOUT nav at a monthly payment of around 400 dollars, so if the dealer doesn't hit you with any surprises when you sit down with the actual lease agreement, I think you will have done well.
Good luck

blueiedgod

American Honda Finance Corp. Closed-End Lease

2010 CR-V LX
MSRP $22,255 (including destination)

Dealer-added options:
Window tint: $295.00
Pin stripe: $195.00
Protection Package: $695.00
Lifetime Powertrain Warranty, supplements Honda standard warranty (free)

Total Sticker Price: $23,440

Final negotiated purchase or lease price of vehicle: $21,000

Note: Dealer-added options are way overpriced. Negotiated this lease deal based on the total sticker price $22,255 and got the dealer-added options essentially for free.

Lease term: 36 months
Money factor: .00164
Annual mileage allowance: 15K (fifteen K)
Cost per mile over 15K $0.15
Residual: $12,970 (58% of total sticker price $22,255)
Acquisition fee: $595
TTL: $653

If you do a lease deal, be damn sure to get the dealer's underlying "Lease Worksheet" to review and ensure that its math agrees with the math on the actual Lease Agreement.

How exactly does the LIFETIME POWERTRAIN WARRANTY benefit the leasee with a closed end lease?

blueiedgod

Hi all -

Live in CT, working with a dealer on a 2010 CR-V EX-L 4WD with Navi. Sticker price ~$30,450.

Got an Internet quote of $28,984. Dealer came down to $28,300, incl. destination ($710).

Started talking about a lease for ~$430/month with $2,000 + 1st payment down, 36 mos/12K miles/year.

Qualified for preferred credit, that brought it down to $416/month w/ $1950 + 1st month payment down payment. Talked down some more, final offer is:

$1,950 + first month down, $397/month.

Is this a decent deal? I have to get a breakdown of the down payment, but looking at lease calculators it looks like a good chunk is going towards cap cost reduction (which I don't mind) - I'm happy with the monthly payments, just want to make sure I am not getting killed on the deal.

Thanks,

J

If you are comfortable sinking in $16,242 ($397x36 = $14,292 + $1950) over the next 3 years into something you will have no equity in, then do it. Otherwise, look into other options.

If you were to finance it at $400 for 60 months, and pay the same $1950 down, you can just buy the vehicle and own it until the wheels fall off... i.e. 10 years of no payments after the first 5 years of payments.

rustler26

When I checked Edmonds.com loan calculator for this deal the payment- with $1950 down and 60 months of payments= $570 a month. These are a great car to buy, but to get the monthly payment down to $400 dollars you would have to put alot more money down.

asmith77024

The lifetime limited powertrain warranty benefits the lessee (i) if the lessee purchases the vehicle at any time on or prior to the expiration of the lease and (ii) if there is any holdover of the lease. The warranty provides lifetime coverage for the person(s) in whose name the vehicle is leased or purchased provided, however, coverage is only for the original owner/lessee and it is not transferrable at any time to anyone.

asmith77024

American Honda Finance Corp. Closed-End Lease

2010 Accord EX
MSRP $25,340 (including destination)

Dealer-added options:
Window tint: $295.00
Pin stripe: $195.00
Lifetime Powertrain Warranty, supplements Honda standard warranty (free)

Total Sticker Price: $25,830

Final negotiated purchase or lease price of vehicle: $22,200 (inclusive of all dealer-added options and a no-additional-charge lifetime limited powertrain warranty).

Lease term: 36 months
Money factor: .00132
Annual mileage allowance: 15K (fifteen K)
Cost per mile over 15K $0.15
Residual: $14,697 (58% of total sticker price $25,340)
Acquisition fee: $595
TTL: $622

kyfdx

Is there a payment amount?

blueiedgod

$570/month for 60 months is over $34,000 in payments!!! What is the interest rate on that? The car is only worth $25,000 - $27,000.

I thought you qualified for the top tier?

Scale down to the EX instead of loaded EX-L Navi and you can get your payments down to $400/month or less, and not have to put down much.

I bought the EX in 2005 and my payments were $350/month for 60 months. I have added heated mirrors from the SE, and Navigation headunit from Pioneer with bluetooth, XM, CD/MP3, SD card reader, DIVX playback, rear camera, voice commands, and steering wheel controls translator (converts Honda steering wheel controls to work with Pioneer radio) unit for under $500.

I did not care for leather seats, they are pleather anyway, and SE only came with Automatic, and I am too old to learn how to drive it. :P

But the best part, is that I own the vehicle and whatever money paid into it stays with me. If I want to sell it I can, but if I want to keep it, I don't have to pay. It is paid off!