The resale value of the CRV make it almost a "no brainer" in the class. Yes there are vehicles in the segment that drive better, have more features, are faster, flashier, but none have anywhere near the resale value of the CRV.
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD
Mazda doesn't have its own finance arm, Chase handles that for them. So Mazda Residuals tend to be in the 53%-55% range while the Honda CRV either because of market sentiment or American Honda Finance tend to have residuals in the 59%-61% range. And its easy to see the difference that makes in the monthly lease cost. So, from your posts it seems your suggestion is, yeah go ahead and try to negotiate a lower selling price but there is not a lot there for the dealer to play with.
The Acura ILX is the result of.... what has been....7-10 years of an identity crises over at Acura corporate. I don't know how those people lost there way for so long. What's so hard to figure about near luxury with a touch of performance at a good price point? The ILX is a reworked Civic, much more attractive in my opinion, which they try to charge a $4,000-$7,000 premium for. It's some Brand Managers fantasy which no one else seems to share, however it does create an opportunity. I haven't driven the car but if my priority turns out to be lowest total lease cost over 3 years and I can live with and enjoy the vehicle its the best deal around right now.
We got 36 month lease on a 2014 CRV LX 2WD for: $1000 out of pocket includes 1st payment, title, registration, doc fee $260/month including 9% LA county tax .0008 MF 62% residual for 12K miles
We drove the car home then I found on the lease agreement they added $495 for alarm/security system. The dealer never told about this as additional. We thought (we did ask) it is included in the agreed sale price.
My question is, can we ask dealer to cancel / deactivate this? I chose this dealer because they could beat other quote we got. With extra $495, I feel like they are fooling us. Gave you $500 off but added $495.
The lease deal itself looks pretty good even with their bit of deception. What I'm curious about is how they slipped it in without you noticing it? Was a case of them being able to hide the item and cost so effectively that you didn't see it or did they give you a verbal assurance which kind of lulled you into being too complacent and thus not scrutinizing every number on the lease and its source?
I would return to that store and simply let them know that you have no interest in a security system and that you didn't appreciate them not telling you about it or at least giving you the option.
It is probably of very little value I would think.
It was on the lease agreement. I did ask the finance what was that for. She said it was included in the price. So I thought it was just a price breakdown. Only after I got home, I had time to recalculate and found out it was additional. I found out because I compared it with the other quote I had from the other dealer. It was $21640 sale price and with $1000 down, my monthly would be $226. With tax, that would be around $250. So I thought, how could with $21150, I am having the same monthly payment with $21640. Then I recalculated everything on the lease agreement and found out that the $495 was added. Well, if only I was more careful before left the dealer.
I know the deal was pretty good. And we got free 3 years oil change too (up tp 2 times/year). But I just feel they cheated.
We did call the sales person today and he was apologetic. He said he didn't know that the finance added the alarm in the lease agreement. Hmm..... seriously?? What happened was, with the sales, we agreed on the price of $21150 (after $500 honda flex cash) and he asked how much down I would put. I said $1000 and he went to finance and came back with $250net / month. He explained that the money factor was 0.0008 (so 1.9% interest rate which is good). After that, we didn't ask much because we thought the monthly is fixed based on the agreed sale price, residual and money factor. But then we were sent to the finance and it was then when we were careless and did not really check each price listed. I saw the $495 and $595 after $21150. She said the $495 was included and the $595 was the acquisition fee (which we couldn't do nothing about). She also said that we already had dealed price and she was just adding the ding shield fee (we did agree on this additional fee for ding shield). But she mentioned nothing about the alarm was optional.
Well, the sales said he would talk to the finance tomorrow, but like you said, it is probably of very little value, since we did sign the agreement.
If it were me, and I've done this before on a non-auto related problem that was resolved in my favor....I would find out who the owner of the dealership is and send him a fax or drop off a letter and let him know that while you have posted your experience on Edmunds.com you've refrained from mentioning the dealers name in the hope that this can be resolved easily and quickly. And then I would suggest that if the dealership would like to make this issue a lose/lose for everybody then your more then willing to accommodate them on that. And end with...that you hope they make a sensible business decision for all involved. If the owner is anything but an idiot I think they'll take care of the problem.
Seems to straddle fraud. In any case, this simply demonstrates why the friendly face in the F&I office is not the buyer's friend. This is one reason the Government is investigating the automobile finance industry practices.
It will be difficult to recover since you have a signed agreement with everything clearly presented. The best thing you can probably do is to post the name of the dealer on Edmunds as well as making a couple of ratings on line.
The alarm system was likely installed on the vehicle when you bought it. Dealers often install such products on all their vehicles before they put them up for sale. The actual cost of the alarm system is not significant and they believe enough people will buy the overpriced product to offset the cost of installation and the actual product on those vehicles sold to customers who do not buy the overpriced alarm system. This dealer most likely simply activated the system once you paid the $495.
You should be able to cancel the alarm system coverage, either with the dealer or with the alarm system company. Of course, you will not likely see the $495 as they would most likely just reduce the amount owed on the loan, reducing your total payments. Best to talk to the sales person first, then speak with the sales manager and finally the general manager. Not likely the owner will speak with you, even if you could actually locate the owner.
Do not believe the salesperson if he or she tells you they did not know about this. All parts of the dealership work in concert to complete a sale. The F&I person almost always discusses each sale with the sales person to ascertain the best approach for them to sell as much product to the customer when the customer enters the F&I box. F&I managers are the dealership's best sales person. They are trained constantly in how to manipulate a sale to maximize the back end, F&I, profit for the dealership. As always, the best word to use in the F&I office is NO.
Yeah... I will try to talk to the salesperson again to see what options do we have. Or I am planning to go back there and talk directly to the sales manager. I hate to post negative reviews without giving them chances to solve the issue. We'll see.
I tried calculating lease cost myself using bankrate.com on a Honda LX in the state of Florida. So I can't exactly say how accurate my numbers are until I test them against the dealers numbers but I think they are in the ballpark. What I got was:
MSRP:23879 Final Negotiated Price:23700 Down Payment:1250 Sales Tax: 7.19% Months 36 MF: .00083 Car Value At end of Lease: 14088
Total monthly payment 248.99
If anyone has any comment on any of the numbers I'd be interested in hearing
Hi isellhondas....I'm not in the US right now and I sent a dealer a question and they never got back to me and I was wondering if by chance you had any advice. The difference in price between the CRV LX and EX is several thousand dollars. And the one thing I absolutely hate about the LX is those black side view mirrors that don't match the color of the vehicle. Of all the other EX additional items, I really don't care about any of them. I do like the sunroof but 80% of the time my wife is asking me to close it. So what I'm wondering about is, can I lease an LX and put on EX side view mirrors? Spend a few hundred dollars and save a few thousand. Within the question is the question is that considered a vehicle modification by Honda and is it allowed?
I saw a few ILXs before I left the US and I don't think they are bad looking on the outside. As always at least lately, its whats under the hood that's the letdown. Acura has gotten so many things wrong over the last 10 years. I used to work for a Japanese telecommunication company which wasn't very Americanized and was easily influenced by they their supposedly knowledgable American staff. But that Honda/Acura top management has been so misled for so long by what I'm guessing is a bunch American MBAs that know nothing about the auto industry is a mystery to me.
In the past I've typically negotiated an OTD price via email/phone prior to going to the selected dealer to pick up/purchase a vehicle.
While the 0 down $290/35 months for an LX CRV deals are attractive, the final net capitalized cost of the vehicle is $25,131. TrueCar target is $23,264 approximately $1,900 less.
Trying to decide if it's worth negotiation for an OTD price, then switching to lease prior to financing, or if the national program doesn't have wiggle room.
I'm very much in the same mode as you. But when I was looking at CRV-LX numbers FW or AWD I don't even see a MSRP that's as high as your net cap cost. Can you elaborate?
Hi All....would sure appreciate latest information on a 24 month, 12,000 mile per year lease(apr ,residual,) for cr-v lx base model in the state of California. My credit rating is at the top of the rankings.
Comments
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2022 Wrangler Sahara 4Xe, 2023 Toyota Tacoma SR 4WD
So, from your posts it seems your suggestion is, yeah go ahead and try to negotiate a lower selling price but there is not a lot there for the dealer to play with.
The Acura ILX is the result of.... what has been....7-10 years of an identity crises over at Acura corporate. I don't know how those people lost there way for so long. What's so hard to figure about near luxury with a touch of performance at a good price point? The ILX is a reworked Civic, much more attractive in my opinion, which they try to charge a $4,000-$7,000 premium for. It's some Brand Managers fantasy which no one else seems to share, however it does create an opportunity. I haven't driven the car but if my priority turns out to be lowest total lease cost over 3 years and I can live with and enjoy the vehicle its the best deal around right now.
We got 36 month lease on a 2014 CRV LX 2WD for:
$1000 out of pocket includes 1st payment, title, registration, doc fee
$260/month including 9% LA county tax
.0008 MF
62% residual for 12K miles
We drove the car home then I found on the lease agreement they added $495 for alarm/security system. The dealer never told about this as additional. We thought (we did ask) it is included in the agreed sale price.
My question is, can we ask dealer to cancel / deactivate this? I chose this dealer because they could beat other quote we got. With extra $495, I feel like they are fooling us. Gave you $500 off but added $495.
It is probably of very little value I would think.
I found out because I compared it with the other quote I had from the other dealer. It was $21640 sale price and with $1000 down, my monthly would be $226. With tax, that would be around $250. So I thought, how could with $21150, I am having the same monthly payment with $21640. Then I recalculated everything on the lease agreement and found out that the $495 was added.
Well, if only I was more careful before left the dealer.
I know the deal was pretty good. And we got free 3 years oil change too (up tp 2 times/year).
But I just feel they cheated.
What happened was, with the sales, we agreed on the price of $21150 (after $500 honda flex cash) and he asked how much down I would put. I said $1000 and he went to finance and came back with $250net / month. He explained that the money factor was 0.0008 (so 1.9% interest rate which is good). After that, we didn't ask much because we thought the monthly is fixed based on the agreed sale price, residual and money factor. But then we were sent to the finance and it was then when we were careless and did not really check each price listed. I saw the $495 and $595 after $21150. She said the $495 was included and the $595 was the acquisition fee (which we couldn't do nothing about). She also said that we already had dealed price and she was just adding the ding shield fee (we did agree on this additional fee for ding shield). But she mentioned nothing about the alarm was optional.
Well, the sales said he would talk to the finance tomorrow, but like you said, it is probably of very little value, since we did sign the agreement.
If the owner is anything but an idiot I think they'll take care of the problem.
It will be difficult to recover since you have a signed agreement with everything clearly presented. The best thing you can probably do is to post the name of the dealer on Edmunds as well as making a couple of ratings on line.
The alarm system was likely installed on the vehicle when you bought it. Dealers often install such products on all their vehicles before they put them up for sale. The actual cost of the alarm system is not significant and they believe enough people will buy the overpriced product to offset the cost of installation and the actual product on those vehicles sold to customers who do not buy the overpriced alarm system. This dealer most likely simply activated the system once you paid the $495.
You should be able to cancel the alarm system coverage, either with the dealer or with the alarm system company. Of course, you will not likely see the $495 as they would most likely just reduce the amount owed on the loan, reducing your total payments. Best to talk to the sales person first, then speak with the sales manager and finally the general manager. Not likely the owner will speak with you, even if you could actually locate the owner.
Do not believe the salesperson if he or she tells you they did not know about this. All parts of the dealership work in concert to complete a sale. The F&I person almost always discusses each sale with the sales person to ascertain the best approach for them to sell as much product to the customer when the customer enters the F&I box. F&I managers are the dealership's best sales person. They are trained constantly in how to manipulate a sale to maximize the back end, F&I, profit for the dealership. As always, the best word to use in the F&I office is NO.
Thanks for all the responses.
Thanks for the input.
And, I found out what an ILX is! Never heard of one nor have I seen one.
In his words..." A nice car, a Glorified Civic".
So, now I know!
Personally I think I would save the 5000.00 difference.
MSRP:23879
Final Negotiated Price:23700
Down Payment:1250
Sales Tax: 7.19%
Months 36
MF: .00083
Car Value At end of Lease: 14088
Total monthly payment 248.99
If anyone has any comment on any of the numbers I'd be interested in hearing
So what I'm wondering about is, can I lease an LX and put on EX side view mirrors? Spend a few hundred dollars and save a few thousand. Within the question is the question is that considered a vehicle modification by Honda and is it allowed?
I saw a few ILXs before I left the US and I don't think they are bad looking on the outside. As always at least lately, its whats under the hood that's the letdown. Acura has gotten so many things wrong over the last 10 years. I used to work for a Japanese telecommunication company which wasn't very Americanized and was easily influenced by they their supposedly knowledgable American staff. But that Honda/Acura top management has been so misled for so long by what I'm guessing is a bunch American MBAs that know nothing about the auto industry is a mystery to me.
While the 0 down $290/35 months for an LX CRV deals are attractive, the final net capitalized cost of the vehicle is $25,131. TrueCar target is $23,264 approximately $1,900 less.
Trying to decide if it's worth negotiation for an OTD price, then switching to lease prior to financing, or if the national program doesn't have wiggle room.
Hi All....would sure appreciate latest information on a 24 month, 12,000 mile per year lease(apr ,residual,) for cr-v lx base model in the state of California. My credit rating is at the top of the rankings.
Please go to the 2014 CR-V Lease Questions to continue.
http://forums.edmunds.com/discussion/16770/honda/x/2014-honda-cr-v-lease-questions