You're very welcome charles_guy. Thanks for stopping back to let everyone know how everything turned out and for offering to help others out. Enjoy your new CR-V!
Car_man Host Prices Paid: Buying & Leasing Experiences Forum
First lease offered was Seattle Honda for an LX - $850 down and payment $320/mo. (3yr, 15,k) We really wanted an EX so I started Emailing dealers on the advice of this forum (great help) and worked up an Excel spread sheet to compare offers.
The following is what I have been able to negotiate. The deal will be signed June 1 when the new flex money comes in. I will hold off mentioning the dealer until I have the keys in my hand.
2013 Honda CRV EX 36mos/15k mi Negotiated $25,504 Cap cost 25,504 -500 (flex) = 25004 Residual (62%) $16,724 Money factor .00145 Lease $290 + tax = $319 No trade Due at signing $795 (OTD) – Includes 1st month payment & license fees. ($500 loyalty credit included here)
Internet sales told me CRV has the highest money factor of all the Honda leases, likely because of demand. Car usually has about $500 in dealer add on junk but since it is coming in next week they will not install them and I can add my own.
and thank you car_man. i enjoy the crv and now my husband wants an older one but they're so expensive used. i posted in the car value forum and that nice member qbrozen replied confirmed silly crazy used price
this rides better with tires pumped up few pounds my husband says. i like the compass thing and the camera when backing up. passing is not so speedy but cruzed at 80+ today interstate and as husband sayed like a rock
he says the honda money factor interest was two high but we gotta good sale price and dealer was cool with the 35xmos signing so i'm happy. he's happy too
I did study the Weymouth deal. It seems like all the dealers have different ways to calculate their numbers. The end result of their lease is the same $290/mo for 15k miles. The tax is higher here in WA and the OTD price is only $141 more. Monthly comes to $11 more with tax AND I don't have to go 3,000 miles to MA to get it.
This thread has been very helpful. Thanks to all who post.
I have a 2010 Honda CRV EX lease with 28k, payoff $16,200 that I would like to trade for a 2013 CRV lease. What should I be getting for trade-in value and how much should I be paying for 2013 model? Of course I want the best deal I can get so I'm looking for advice on how to go in and make a deal. I can payoff the 2010 and keep it or trade. Would it be better to buy it, then trade it? Any advice would be greatly appreciated as my lease is up in about a month. Thank you!
Your 2010 CRV is definitely worth more than its $16,200 payoff. Post your question on the REAL WORLD TRADE IN VALUES thread here on town hall. Take your car to CARMAX to get a "buy bid" from them, then go to your dealer and see how much he will offer you to trade your leased car in (you can do this) instead of just turning into Honda. Let us know and keep us posted! Good luck!
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD
I went to the dealer yesterday to trade the 2010 CRV EX with 28K. They want $1000 down with payment of $295. They are giving me the car for $25300 but I can't remember the rest of the numbers. They wouldn't give me a copy of the deal! I went there at 5:15 they wanted to close at 6 because of holiday. I do know they gave me $500 college grad and $500 lease loyalty. Does this sound reasonable? The money factor, which I can't remember what it was, came out to around 3.2%. I'm supposed to go back tomorrow to make the deal.
Get ALL the number broken down. How much they are giving you for your trade. What the sticker price & selling price is of the new CRV is. Get the exact money factor.
Make the trade of your car and the lease of the new car a separate transaction.
Don't deal with a dealer that won't let you see their numbers. You want to walk out of the dealership with a check for your lease turn in that you are trading in. If your buyout is $16,200 and they give you $20K for your CRV, you should get a check for the difference.
Don't put money down on a lease to lower your payment.
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD
Good advice, never sign anything at a car dealer until you have been presented the numbers and have examined them. And never put any money, other than the first months payment and legal costs like registration, down on a lease.
Any value in the trade should be used to reduce the capitalized cost. And of course, the capitalized cost on a leased vehicle should be negotiated the same as if the vehicle were purchased. Never lease at MSRP.
Also, check to see if the lease has built in GAP coverage. If not, check with your insurance company for GAP. GAP bought at a dealer will cost at least twice what it should.
However, while it sounds good to separate the new vehicle purchase and the trade into different transactions, that really is not possible. The lease and trade are never two separate transactions if simultaneously done at the dealer.
All dealers look at a car deal in total. That is sale price or capitalized cost, trade vehicle, and financing, interest or money factor. It also makes no sense to hide a trade vehicle. If you negotiate a great price on a new vehicle and then spring the trade on the dealer, the dealer will simply offer less for the trade.
While not as important on a lease, the possibility of the dealer making additional profit in the F&I office is often one more part of the total deal. It is usually smart to have the dealer believe it can earn additional profit in the F&I office. The dealer may lower its price or give more for the trade if it believes it can make thousands in the F&I office. Of course, once you are in the F&I office, just say NO to everything offered. The F&I guy cannot change the deal.
Like the dealer, buyers should also look at the deal in total. Compute a reasonable sales price, compute a fair value the trade, and obtain the financing for which you qualify from banks, credit unions, or use an OEM supported interest or money factor is available.
Use that information with one of the various calculators available on line and compute a desired monthly payment. Then go to the dealer and see how close one will come to your numbers. As long as a buyer keeps its numbers in mind a dealer will not be able to easily fool the buyer.
I agree with you that the deal should be looked at as a whole. But if you go in with a realistic value for your trade (a buy bid from carmax, a competing dealer, or auction value from the REAL WORLD TRADE IN VALUES right here on Town Hall), not a KBB or Edmunds TMV number, knowing the base lease rates (assuming you have excellent credit) & residual values, plus how much the car is selling for (Invoice minus incentives & hold back if you shop toward the end of the month), then you should have no problems.
Be informed. Don't try and hide your trade (I wasn't implying that) because a seasoned professional will see right through you trying to play that game. Like you said, don't let the dealer fool you into thinking he's giving you a fantastic price on your trade, then charge you full MSRP (or above) plus a BS doc fee.
I always say to get a check back for your positive equity on the trade. I did this when I traded in my (financed) 2010 Acura TSX for my (currently leased) 2011 BMW 328xi. I put the check in the bank & used it to make 6 months worth of lease payments.
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD
I'm looking over my 2010 CR-V lease agreement (when it was new in 2010) in preparation for negotiating a new lease. There are some values I don't understand and it has the potential to cost me money.
In short, the difference between the GROSS Cap Cost (i.e. before cap cost reduction) and the Agreed Value seems too *small* to include BOTH the 595 acquisition fee and 7% NJ tax.
Agreed Value=22,953 Gross Cap Cost=23,864 Difference=$911
If I subtract $595 from the $911, I get only $316 left for taxes, which is too small -- they should be in the $700 range. The total of base payments for this lease is $11,592, so at 7% the taxes should be approx $758 [ = 11592 * (1 - 1/1.07) ]
Unfortunately, I didn't get the gross cap cost itemized. What am I missing? In other words, did I somehow save on the tax or acq fee, and can I do it again? For example, this was my 2nd AHFC lease - is there a reduced acq charge as a loyalty incentive?
Check what you paid upfront by looking at the Itemization of the amount due at lease signing. There should be some spaces labeled "other". Does it indicate sales tax was paid upfront? If so, how much? Is a dealer doc fee on any of those lines? If not, the $311 difference might account for the dealer doc fee plus other fees. Typically, NJ dealers charge a doc fee of $250 -$280.
I would call the dealer and ask them for a copy of their LEASE WORKSHEET that they provided AHFC. This will include a breakdown of everything. Don't let them tell you that they don't have it anymore or that they never completed one because that's pure garbage. I've been told that AHFC will NOT fund a lease unless they have the lease worksheet and the lease agreement. Dealers should keep those documents for their records at least for the duration of the lease. I have never known AHFC to waive or discount acquisition fees. It seems highly unlikely that they ever would.
I am looking into a lease for a 2013 CRV EX here is the break down the dealer has presented
MSRP 28,019 Sales Price 24,979 Buy Out 15,949 Inceptions at $1498 less $500 rebate - total $998 ( agency fee & rental surcharge total 190 , want that eliminated for a out of pocket total of $771 ( includes first months payment of $348 )
lease payments with tax at $ 348
I've never done a lease , right now it's a great option for us ...thoughts ?
Hey Car_man, do you have the August 2013 lease rates (money factor, residual) for the 2013 CRV-EX L Navi in both FWD and AWD if different would be great. Also, 12K or how much to add or deduct for 15K miles. We are looking to get one this coming weekend. Any help from other members appreciated! Thanks a bunch!
We ended up getting the 36 month lease on a 2013 CRV EX-L Navi in Silver/Black (our first choice color) for: $788 Out of pocket includes 1st payment, CA DMV, $100 doc fee $350/month including 9% LA County Tax. .00128 59% residual for 12K miles (I think you subtract 2% for 15K miles) included 4 splash guards and wheel locks. VERY Happy with Diamond Honda of Peunte Hills ask for Steve Chen in internet sales
I am thinking of buying my CR-V at lease end. Anyone have experience working with Honda Financial? Any problems with them ignoring the residual in the lease? Thank you
honda finance cannot ignore contract(lease) residual with theyre standard papers (new 10/13 lease has different damage an turnin fee but thats nother story (http://www.hondafinancialservices.com/leasing/benefits) previous lease buyout with honda finance in 2009 californnia was smooth except for what we did. not more money but it wasted time
did not purchase drectly from honda finance but went thru dealer since used car interest was better thru them than local banks back then (if you have cash to pay following doesnt mean anything cause you just pay honda directly based on residual and state tax) but then we had to sit thru dealer stuff jus like we bought new car cause process is they "temp/agent" purchase back from honda finance (when they lease they sell car back to honda) guess they hoped to make money on paint protection and stuff. read on
dealers stuff (hubby hates this stuff. no we dont want tire protection cause we just bought these tires and they have tire dealer warranty thank you etc) was all finance office crap. shoulda been 10 minutes most but it took 30 and he walked out. of course got car at residual (lease/contract price+state tax) but it was big time waste for him cause he hates this stuff but % saved a few dollars
remember your buying a used when you buy at residual so get best finance interest bank/credit union% or just pay with savings if you have. if dealer is better% jus prepare for finance office crap like buying or leasing new. jus say no to all. if under 36kmiles you can still buy hondacare cheap on the web
Hi Everyone....getting ready to purchase my third CRV. I have a lease question that I'm always confused about.
Advice has always been not to be drawn in by the "how much would you like to pay per month" tactic and negotiate the monthly lease cost but rather to negotiate the price of the car and then have the lease cost determined by that number.
My confusion comes in when there is a Honda Finance lease special which might specify dollars or no dollars down, interest rate and specific monthly cost. So now what do you do? Does the actual purchase price of the vehicle matter and if so why? Is there a scenario where I can actual beat a Honda Finance lease special by negotiating a lower price on the car?
I'm in Massachusetts with a high (780) credit score. I'm a total newbie to leases and interested in leasing a 2014 CR-V LX AWD. The local Boston dealers haven't been able to match the price from Weymouth Honda, which is exactly what was given by their lease calculator here: http://www.weymouthhonda.com/lease
Before I pull the trigger, I thought it would be good to see what folks here think about the lease terms. Here's what I'm being offered:
2014 CR-V LX AWD $25,025 MSRP $23,522 Net cap cost $800 Down payment 0.00127 Money factor 36 months lease term $249/mo Monthly payment
With MA 6.25% tax, this adds up to: $1479 at signing (down payment, fees, first month's payment) $264/mo
I've been told that the only real variable here is the net cap cost (ie. negotiated price of the car). Please let me know how this deal looks to you experts out there... or, if it doesn't look great, what would a good deal look like? Thank you for your help!
I'm no expert but it looks pretty much like the American Honda Finance Lease Special. I can tell you that I just turned in a 2010 CRV-EX that was on a three year lease and had absolutely no problems with Honda. They are professional and reasonable and the terms are the terms. What's especially nice is their $1500 "forgiveness money" I can't remember what they actually call it. Its on the back of the lease agreement.
Closed end lease for 2014 CR-V 5 Speed Automatic AWD LX (RM4H3EEW) available from September 27, 2013 through November 4, 2013, to well-qualified lessees approved by Honda Financial Services. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $25,025.00 (includes destination, excludes tax, license, title, registration, documentation fees, options, insurance and the like). Actual net capitalized cost $23,187.61. Net capitalized cost includes $595 acquisition fee. Dealer contribution may vary and could affect actual lease payment. Total monthly payments $8,964.00. Option to purchase at lease end $16,016.00. Must take new retail delivery on vehicle from dealer stock by November 4, 2013. Lessee responsible for maintenance, excessive wear/tear and 15¢/mile over 12,000 miles/year for vehicles with MSRP less than $30,000, and 20¢/mile over 12,000 miles/year for vehicles with MSRP of $30,000 or more. See your Honda dealer for complete details.
Thanks Gillb. That's helpful to hear.... sounds like it's no special deal but not a bad deal either. Anyone else have any thoughts on these lease terms from Weymouth Honda?
It seems like the Honda dealers are really sticking to the Honda website deals. I test-drove the same vehicle you're looking at and the sales person literally pulled up the website to show me a quote. I won't be ready to buy for probably another 2 months so I really didn't push. I requested another quote via email from a dealer and again got the deal from the website.
My advice would be to get other dealers involved and try to get them to compete for your business. See if you can get someone to knock off a few hundred bucks off sales price. Truecar.com says invoice for that vehicle is $23,554 so they're supposedly selling it close to invoice assuming there are no rebates/incentives thrown in. I get the impression that it's such as a popular car that the Honda dealers just don't feel a need to discount it much but funny things happen when you add competition to a market.
Hi All....would sure appreciate latest information on a 36 month, 12,000 mile per year lease in the state of Florida. My credit rating is at the top of the rankings.
Does anyone have #'s on a lease they've gotten for a 2014 CRV EX in NY they could share? (650 credit score so not top tier)
Looking for 3yr 36k, really just trying to stay around or ideally under $300 for the payment so I wanted to hear of similar experiences. I'm not particularly nit-picky about getting a stellar deal I just want the car already, and I know I'm not supposed to go into the dealer with that attitude
Here's the deal I just got this past weekend... hopefully this helps someone... I learned a lot by reading this forum.
Dealer in Boston (in the city proper) 45K miles / 36 mo lease $1200 down (including ALL fees and taxes.... which means the actual "down payment" was more like $600 since there are a bunch of fees) $232/mo including ALL taxes .00083 MF, 61% residual
I think it's a solid deal based on what I've seen. I really encourage everyone to get several offers from different dealers and then ask your favorite/closest dealer to match it. Worked for me.
That does sound like a great deal especially for 15,000 miles per year. I think I've been too focused on the FWD EX, I think I'm going to take a closer look at the LX.
Of course all the lease specials change after Dec 2 so its difficult to know what the offers will be like in December.
The residual is set in stone and that is what you WILL pay if you want to buy the car at lease end.
How would you like it if they were to decide that the car is worth MORE than the residual (highly possible) and they decided to RAISE the residual when you want to buy the car?
That's really not a problem because you can sell the car on your own at the end of the lease, payoff the leasing company and pocket that extra money if the car is worth more then projected. I've done this twice. It involves a little bit of managing the logistics of paying off the lease and getting a solid commitment from the buyer until you get the title and can transfer the ownership of the vehicle. But it is doable,
I asked a legitimate question. Your ridiculous response tells me two things...you are an arrogant salesman and you have absolutely no idea what Honda Financial does with lease returns. Three years ago I purchased from Honda Financial a leased vehicle for $1000 BELOW the residual on my lease. My question was simply to find out if anyone had a similar experience recently. With an attitude like yours, no wonder more and more people purchase online and avoid dealing with smug know it all car jockeys.
I retired three years ago so you can cool your heels.
I thought you were asking if residuals were negotiable and they are not.
And, since my title was Fleet and Leasing Manager, I think I do know a bit about how things work. not arrogance on my part, just reality.
Lease returns normally go to auction. It is not uncommon for them to bring more or less than the residuals at auction. Honda has, in the past, set residuals too high. This, of course, sells (leases) cars because of attractive low payments but at lease end, they have to pay the piper and eat the differences. I remember a few years ago, some Jeeps were going for 4-5000 less than the residuals at auction.
Setting residuals is tough. Set them too low and it'll blow up the payments. Set them too high and three years down the road there is a deficit to eat.
I thought you were asking if a person can attempt to get Honda to lower the residuals at lease end. The answer to that is no. That would really open up a can of worms if they were to do that.
If they have recently changed their position on this, it's news to me.
Hi iselldondas....if you don't mind me taking you on a little tangent. I'm suffering over whether I should be cross shopping vehicles that I like or strictly cross shopping lease deals for a purchase next month. I like the Mazda CX-5, I just turned in a 2010 Honda CRV which was a perfect car so I'm comfortable with CRVs, I haven't driven the Acura ILX though they have one big attraction which is a zero down, zero first month, $270 month x35 payment lease special and then there's the 2013/2014 Honda Accord which I find a bit too big but seems to have the widest variety of lease specials at least for November, I don't know what December will be like. I understand that the Money Factor and Residuals are set. Most people on this forum say you should definitely negotiate the the vehicle price (cap cost). What confuses me is whether within a lease special that states the MF, Residual and Cap Cost you can really still negotiate that one element of the deal. In the case of the Acura ILX for instance even though the lease deal overall is attractive on this slow selling model the Cap Cost in the lease special is probably $1000 or more higher then what people are really paying for the vehicle. And related to the above and your post. At the end of the 3 years if you have a vehicle with a Residual that has been artificially boosted by the manufacturer and a vehicle with a lower Cap Cost through your own negotiation who takes the hit? American Honda Finance, Honda or the dealer because they accepted a reduced selling price?
I like the Mazda CX-5 but they have nowhere near the resale values of a CRV.
CRV's are great cars to lease because of this. A high resale value allows residuals to be set high and create lower payments.
Yes, cap costs are negotiable but be aware that a lot of the nationally advertised deals don't leave a lot of profit.
I have no idea what an Acura ILX even is. I do know that Acura has introduced some models recently that have been poor sellers. Great cars that just aren't in much of a demand. Still, if one of these Acuras appeals to you, there may be some great deals available.
The residuals are what they are set at and the cap costs have nothing to do with this. Their goal is to set residuals for what the cars will bring at auction at lease end.
We currently have two CRV's in our garage and we have owned two others. Just great cars that seem to do most things quite well.
Still, there are other choices and other great cars out there.
Comments
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
The following is what I have been able to negotiate. The deal will be signed June 1 when the new flex money comes in. I will hold off mentioning the dealer until I have the keys in my hand.
2013 Honda CRV EX
36mos/15k mi
Negotiated $25,504
Cap cost 25,504 -500 (flex) = 25004
Residual (62%) $16,724
Money factor .00145
Lease $290 + tax = $319
No trade
Due at signing $795 (OTD) – Includes 1st month payment & license fees. ($500 loyalty credit included here)
Internet sales told me CRV has the highest money factor of all the Honda leases, likely because of demand. Car usually has about $500 in dealer add on junk but since it is coming in next week they will not install them and I can add my own.
Comments would be appreciated.
be careful. deal may be worse. residuals maybe down may to june. april=may but
weymoths showing 24064 may for awdex
this rides better with tires pumped up few pounds my husband says. i like the compass thing and the camera when backing up. passing is not so speedy but cruzed at 80+ today interstate and as husband sayed like a rock
he says the honda money factor interest was two high but we gotta good sale price and dealer was cool with the 35xmos signing so i'm happy. he's happy too
thanks car_man
I did study the Weymouth deal. It seems like all the dealers have different ways to calculate their numbers. The end result of their lease is the same $290/mo for 15k miles. The tax is higher here in WA and the OTD price is only $141 more. Monthly comes to $11 more with tax AND I don't have to go 3,000 miles to MA to get it.
This thread has been very helpful. Thanks to all who post.
any changes to this month's numbers re: MFs and residuals...most specifically looking at the CR-V EX-L AWD, 12K 36 mo lease
thanks!
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD
Make the trade of your car and the lease of the new car a separate transaction.
Don't deal with a dealer that won't let you see their numbers. You want to walk out of the dealership with a check for your lease turn in that you are trading in. If your buyout is $16,200 and they give you $20K for your CRV, you should get a check for the difference.
Don't put money down on a lease to lower your payment.
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD
At your earliest convenience, wanted to know what the residual/money factor was for July for CRV EX-L 12K 36 mo. lease
Thanks!
Paul
Any value in the trade should be used to reduce the capitalized cost. And of course, the capitalized cost on a leased vehicle should be negotiated the same as if the vehicle were purchased. Never lease at MSRP.
Also, check to see if the lease has built in GAP coverage. If not, check with your insurance company for GAP. GAP bought at a dealer will cost at least twice what it should.
However, while it sounds good to separate the new vehicle purchase and the trade into different transactions, that really is not possible. The lease and trade are never two separate transactions if simultaneously done at the dealer.
All dealers look at a car deal in total. That is sale price or capitalized cost, trade vehicle, and financing, interest or money factor. It also makes no sense to hide a trade vehicle. If you negotiate a great price on a new vehicle and then spring the trade on the dealer, the dealer will simply offer less for the trade.
While not as important on a lease, the possibility of the dealer making additional profit in the F&I office is often one more part of the total deal. It is usually smart to have the dealer believe it can earn additional profit in the F&I office. The dealer may lower its price or give more for the trade if it believes it can make thousands in the F&I office. Of course, once you are in the F&I office, just say NO to everything offered. The F&I guy cannot change the deal.
Like the dealer, buyers should also look at the deal in total. Compute a reasonable sales price, compute a fair value the trade, and obtain the financing for which you qualify from banks, credit unions, or use an OEM supported interest or money factor is available.
Use that information with one of the various calculators available on line and compute a desired monthly payment. Then go to the dealer and see how close one will come to your numbers. As long as a buyer keeps its numbers in mind a dealer will not be able to easily fool the buyer.
Be informed. Don't try and hide your trade (I wasn't implying that) because a seasoned professional will see right through you trying to play that game. Like you said, don't let the dealer fool you into thinking he's giving you a fantastic price on your trade, then charge you full MSRP (or above) plus a BS doc fee.
I always say to get a check back for your positive equity on the trade. I did this when I traded in my (financed) 2010 Acura TSX for my (currently leased) 2011 BMW 328xi. I put the check in the bank & used it to make 6 months worth of lease payments.
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD
In short, the difference between the GROSS Cap Cost (i.e. before cap cost reduction) and the Agreed Value seems too *small* to include BOTH the 595 acquisition fee and 7% NJ tax.
Agreed Value=22,953
Gross Cap Cost=23,864
Difference=$911
If I subtract $595 from the $911, I get only $316 left for taxes, which is too small -- they should be in the $700 range. The total of base payments for this lease is $11,592, so at 7% the taxes should be approx $758 [ = 11592 * (1 - 1/1.07) ]
Unfortunately, I didn't get the gross cap cost itemized. What am I missing? In other words, did I somehow save on the tax or acq fee, and can I do it again? For example, this was my 2nd AHFC lease - is there a reduced acq charge as a loyalty incentive?
I would call the dealer and ask them for a copy of their LEASE WORKSHEET that they provided AHFC. This will include a breakdown of everything. Don't let them tell you that they don't have it anymore or that they never completed one because that's pure garbage. I've been told that AHFC will NOT fund a lease unless they have the lease worksheet and the lease agreement. Dealers should keep those documents for their records at least for the duration of the lease. I have never known AHFC to waive or discount acquisition fees. It seems highly unlikely that they ever would.
Hope this helps.
John
TheAutoLeaseGeek
.00182 MF
61% residual= $18,071
Sales price = $28,410
Quote $384/month
I would love some other comps, that monthly seems way high to me.
Thank you, barry
MSRP 28,019
Sales Price 24,979
Buy Out 15,949
Inceptions at $1498 less $500 rebate - total $998 ( agency fee & rental surcharge total 190 , want that eliminated for a out of pocket total of $771 ( includes first months payment of $348 )
lease payments with tax at $ 348
I've never done a lease , right now it's a great option for us ...thoughts ?
Sales price 23,891
money factor .00128
out of poc $750
lease payments with Tax $297 12k miles
buy out 15,949
Can you provided the money factor and residual for Alabama for a 36-month, 15,000 mile per year lease on a 2013 Honda CR-V with Navigation System?
Do you have the same information for the 2014 year model?
$788 Out of pocket includes 1st payment, CA DMV, $100 doc fee
$350/month including 9% LA County Tax.
.00128
59% residual for 12K miles (I think you subtract 2% for 15K miles)
included 4 splash guards and wheel locks.
VERY Happy with Diamond Honda of Peunte Hills ask for Steve Chen in internet sales
regards,
kyfdx
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
26975 Sticker, 25035 Purchase price, $500 Honda Cash.
Paid $595 deposition fee.
.00058 MF
61% residual
$248 + taxes per month
Thank you
did not purchase drectly from honda finance but went thru dealer since used car interest was better thru them than local banks back then (if you have cash to pay following doesnt mean anything cause you just pay honda directly based on residual and state tax) but then we had to sit thru dealer stuff jus like we bought new car cause process is they "temp/agent" purchase back from honda finance (when they lease they sell car back to honda) guess they hoped to make money on paint protection and stuff. read on
dealers stuff (hubby hates this stuff. no we dont want tire protection cause we just bought these tires and they have tire dealer warranty thank you etc) was all finance office crap. shoulda been 10 minutes most but it took 30 and he walked out. of course got car at residual (lease/contract price+state tax) but it was big time waste for him cause he hates this stuff but % saved a few dollars
remember your buying a used when you buy at residual so get best finance interest bank/credit union% or just pay with savings if you have. if dealer is better% jus prepare for finance office crap like buying or leasing new. jus say no to all. if under 36kmiles you can still buy hondacare cheap on the web
good luck
12K miles/36 months - 1K down payment - $287 monthly.
MF: .00127 Residual value: 64%
I think I did a good deal, hopefully it will help others looking for similar monthly payment.
Advice has always been not to be drawn in by the "how much would you like to pay per month" tactic and negotiate the monthly lease cost but rather to negotiate the price of the car and then have the lease cost determined by that number.
My confusion comes in when there is a Honda Finance lease special which might specify dollars or no dollars down, interest rate and specific monthly cost. So now what do you do? Does the actual purchase price of the vehicle matter and if so why? Is there a scenario where I can actual beat a Honda Finance lease special by negotiating a lower price on the car?
The best I've found in NJ is:
$700 at signing.
$350/month x 35 months
(both figures include all taxes / fees)
Sound like a good deal?
http://www.weymouthhonda.com/lease
Before I pull the trigger, I thought it would be good to see what folks here think about the lease terms. Here's what I'm being offered:
2014 CR-V LX AWD
$25,025 MSRP
$23,522 Net cap cost
$800 Down payment
0.00127 Money factor
36 months lease term
$249/mo Monthly payment
With MA 6.25% tax, this adds up to:
$1479 at signing (down payment, fees, first month's payment)
$264/mo
I've been told that the only real variable here is the net cap cost (ie. negotiated price of the car). Please let me know how this deal looks to you experts out there... or, if it doesn't look great, what would a good deal look like? Thank you for your help!
Closed end lease for 2014 CR-V 5 Speed Automatic AWD LX (RM4H3EEW) available from September 27, 2013 through November 4, 2013, to well-qualified lessees approved by Honda Financial Services. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $25,025.00 (includes destination, excludes tax, license, title, registration, documentation fees, options, insurance and the like). Actual net capitalized cost $23,187.61. Net capitalized cost includes $595 acquisition fee. Dealer contribution may vary and could affect actual lease payment. Total monthly payments $8,964.00. Option to purchase at lease end $16,016.00. Must take new retail delivery on vehicle from dealer stock by November 4, 2013. Lessee responsible for maintenance, excessive wear/tear and 15¢/mile over 12,000 miles/year for vehicles with MSRP less than $30,000, and 20¢/mile over 12,000 miles/year for vehicles with MSRP of $30,000 or more. See your Honda dealer for complete details.
My advice would be to get other dealers involved and try to get them to compete for your business. See if you can get someone to knock off a few hundred bucks off sales price. Truecar.com says invoice for that vehicle is $23,554 so they're supposedly selling it close to invoice assuming there are no rebates/incentives thrown in. I get the impression that it's such as a popular car that the Honda dealers just don't feel a need to discount it much but funny things happen when you add competition to a market.
Thanks
.00083 MF and 60% residual
regards,
kyfdx
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Does anyone have #'s on a lease they've gotten for a 2014 CRV EX in NY they could share? (650 credit score so not top tier)
Looking for 3yr 36k, really just trying to stay around or ideally under $300 for the payment so I wanted to hear of similar experiences. I'm not particularly nit-picky about getting a stellar deal I just want the car already, and I know I'm not supposed to go into the dealer with that attitude
Thanks!
Dealer in Boston (in the city proper)
45K miles / 36 mo lease
$1200 down (including ALL fees and taxes.... which means the actual "down payment" was more like $600 since there are a bunch of fees)
$232/mo including ALL taxes
.00083 MF, 61% residual
I think it's a solid deal based on what I've seen. I really encourage everyone to get several offers from different dealers and then ask your favorite/closest dealer to match it. Worked for me.
What made you go LX over EX?
Of course all the lease specials change after Dec 2 so its difficult to know what the offers will be like in December.
How would you like it if they were to decide that the car is worth MORE than the residual (highly possible) and they decided to RAISE the residual when you want to buy the car?
Same difference.
My question was simply to find out if anyone had a similar experience recently. With an attitude like yours, no wonder more and more people purchase online and avoid dealing with smug know it all car jockeys.
You would have to pay off the residual, wait for the title and find a buyer.
There would have to be a HUGE gap between the residual and the actual value to make this worth the trouble.
I thought you were asking if residuals were negotiable and they are not.
And, since my title was Fleet and Leasing Manager, I think I do know a bit about how things work. not arrogance on my part, just reality.
Lease returns normally go to auction. It is not uncommon for them to bring more or less than the residuals at auction. Honda has, in the past, set residuals too high. This, of course, sells (leases) cars because of attractive low payments but at lease end, they have to pay the piper and eat the differences. I remember a few years ago, some Jeeps were going for 4-5000 less than the residuals at auction.
Setting residuals is tough. Set them too low and it'll blow up the payments. Set them too high and three years down the road there is a deficit to eat.
I thought you were asking if a person can attempt to get Honda to lower the residuals at lease end. The answer to that is no. That would really open up a can of worms if they were to do that.
If they have recently changed their position on this, it's news to me.
I understand that the Money Factor and Residuals are set. Most people on this forum say you should definitely negotiate the the vehicle price (cap cost). What confuses me is whether within a lease special that states the MF, Residual and Cap Cost you can really still negotiate that one element of the deal. In the case of the Acura ILX for instance even though the lease deal overall is attractive on this slow selling model the Cap Cost in the lease special is probably $1000 or more higher then what people are really paying for the vehicle.
And related to the above and your post. At the end of the 3 years if you have a vehicle with a Residual that has been artificially boosted by the manufacturer and a vehicle with a lower Cap Cost through your own negotiation who takes the hit? American Honda Finance, Honda or the dealer because they accepted a reduced selling price?
I like the Mazda CX-5 but they have nowhere near the resale values of a CRV.
CRV's are great cars to lease because of this. A high resale value allows residuals to be set high and create lower payments.
Yes, cap costs are negotiable but be aware that a lot of the nationally advertised deals don't leave a lot of profit.
I have no idea what an Acura ILX even is. I do know that Acura has introduced some models recently that have been poor sellers. Great cars that just aren't in much of a demand. Still, if one of these Acuras appeals to you, there may be some great deals available.
The residuals are what they are set at and the cap costs have nothing to do with this. Their goal is to set residuals for what the cars will bring at auction at lease end.
We currently have two CRV's in our garage and we have owned two others. Just great cars that seem to do most things quite well.
Still, there are other choices and other great cars out there.
Good luck!