2013 and earlier-Honda CR-V Lease Questions

jopp

I have the above #154 message deal on the table.

Should I sign?

stevecar

Is the cap cost reduction $24.50 or 2450.00? Seems like at strange number to be $24.50.If these are real numbers, then if you bought the car out at the end of the lease, your total cost would be around 32k, which would include your up front cost, monthly payments including interest and buyout. Considering cost of money and 20k miles a year, it probably isn't a bad deal. Just remember, a compromise is where neither party walks away happy.
I purchased the same car for more than they are basing your lease.

Part of the aparently high price is the 20k miles a year. Most leases are for 12k. If you need the miles, you are paying for them, at a lower rate, up front.
What is the interest rate that the money factor is based on?

jopp

It is 24.50 as we just wanted to make it a round $1500 up front.

The money factor is currently .0028 but I get it at .0027 because I am a returning honda lesee.

Thanks for the help. I feel better..

Anyone else have an opinion?

awoodrow

Hi, just posted in the TSX forum looking for a lease, and now my mom is looking for a CR-V lease and wondering about the May money factor and residual for Michigan. Is it still .0028? She is a returning honda lesee, so I saw that one person said it is .0027? Is that for april or may?

frenchbuff

Thanks for the response, Car_man. I ended up finding a dealer who had a 2007 CR-V EX-L 2WD on the floor. I got a 36 month, 15K/year lease at $369 and I paid about $2100 at closing. Selling price was $24,175.

claremuk

Hi there, i am new to leasing. I have been been to several dealerships and I am getting confused (im british and new to leasing cars-have always bought second hand cars outright). I am not good at calculating everything. However, i have been offered a base price 2007 HONDA CRV at the price of $20, 500. I would put down $5900 and then pay $200 a month for 24 months, making the amount i spend over 2 years $10, 800 (for 12000 miles a year).

Does this sound like a good deal? they were trying to get me to get a 36 month lease at $5900 downpayment and then $175 a month for 36 months.

I dont understand how i will not be penalised if i break the lease before 3 years is up ( i may go back to UK) and at the end of the lease do i get any money back? sorry if i sound very naive! i am just new to this and i am trying to get my head around it! HELP!

kyfdx

We could give you a lot of advice about leasing... but, you don't really need it. Given your circumstances, you shouldn't lease.

Just pick out a car, and buy it. If you then need to leave the country, sell it.

regards,
kyfdx

claremuk

why is this exactly? it is more than likely that i will be here for 2 more years and therefore i have been looking at 2 year lease...i want to make sure that this is definitely not the right choice as i have never financed a brand new car and felt leasing was the mos t affordable option .

kyfdx

1) "more than likely that i will be here for 2 more years" Exactly two years? More than 2 years, but less than 3 years? What happens if you are staying 2 years, 4 months? What do you do for a car, once your lease is up?

2) Your 2-year lease quote averages $450/mo. The CR-V has just about the best re-sale of any car going. At a selling price of $20,500, you could buy the car for $425/mo., and probably have positive equity at the end of two years (or 2.5 years, or 3 years).

3) If you do lease, don't make a down-payment. If your vehicle is stolen or totaled, you don't get any of that back, not even a pro-rated portion. That would make for a very expensive lease.

Since you aren't sure you will be staying for 3 years, you definitely don't want to lease a car for that long. But, two-year lease deals are fairly expensive. You've picked a great car for re-sale. Just buy it, and then sell it when you are done with it.

I think the dealership is using your lack of experience with leases to give you a pretty poor deal, but given your situation, I wouldn't recommend leasing, either way.

regards,
kyfdx

blueiedgod

Hi there, i am new to leasing. I have been been to several dealerships and I am getting confused (im british and new to leasing cars-have always bought second hand cars outright). I am not good at calculating everything. However, i have been offered a base price 2007 HONDA CRV at the price of $20, 500. I would put down $5900 and then pay $200 a month for 24 months, making the amount i spend over 2 years $10, 800 (for 12000 miles a year).

Does this sound like a good deal? they were trying to get me to get a 36 month lease at $5900 downpayment and then $175 a month for 36 months.

I dont understand how i will not be penalised if i break the lease before 3 years is up ( i may go back to UK) and at the end of the lease do i get any money back? sorry if i sound very naive! i am just new to this and i am trying to get my head around it! HELP!

I am generally anti-lease, and your case is a perfect example where you shoul dnot lease.

If your selling price is $20,500, and you are putting $5900 down, your amount to be financed is $14,600. Even if you have no/bad credit, your monthly payments will be around $300-$350 depending on the exact FICO score.

Then, when it is time to sell, let's say in 30 months, you will have paid (30x$300) $9000 in payments, and $5900 in downpayment for total out of pocket $$14,900. A 2.5 year old CR-V with 30,000 miles (30 months x 1,000 miles/month) can fetch $16,000-$18,000... So, you get some money back.

With the lease, you get nothing back, and if you have to leave early, you will still have to pay the remainder of your lease, without getting to use the car. If you go over the miles, you get charged exhuberant amounts.

I suspect that the CR-V you have in mind is a 2WD/FWD LX, which will have tougher resale in any area where it snows.

Also, NEVER EVER put any money down on a lease. Let's say your brand new 3 day old CR-V is totalled. The lease company gets the money from your insurance company for the car, you get NOTHING for the $5900 you have just put down 3 days ago.

CarMan@Edmunds

Hi dv8tor. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda CR-V EX-L 4WD without navigation with 15,000 miles per year are .00275 and 60%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

Now let's take a look at the selling price that you were quoted for this truck. According to the latest information that I have seen, the dealer invoice price for an '07 CR-V EX-L 4WD without nav is $24,768. The price that you were quoted is pretty close to that, which is a very good deal.

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CarMan@Edmunds

Congratulations on your new truck, jopp. The money factor that you were given is right in line with what Honda Finance's buy rate was for this truck last month. This is a good thing. Now let's take a look at your truck's selling price. According to the latest information that I have seen, the dealer invoice price for a 2007 Honda CR-V EX-L 4WD with navigation is $26,622. The price that you were quoted, $26,805, is very close to this which is a great deal. It looks like you did very well. Enjoy your new ride!

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CarMan@Edmunds

Hi awoodrow. Honda Finance's current buy rate lease money factor for a 36 month lease of a 2007 Honda CR-V is .00275 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

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CarMan@Edmunds

No problem, frenchbuff. Congrats on your new truck. Enjoy .

Car_man
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frankgart

I'm looking to lease a 2007 CRV AWD EX in central Ohio. MSRP with delivery is about 24,600. I expect I'll have to pay about $24,000, since cars are scarce.

I'm looking to lease for 48 months, with no cap cost reduction, at 12,000 miles a year.

What should I expect to pay per month, and what is the residual? I have top notch credit rating.

I'm guessing around $300 to $320.

Any help???

subhash

I'm trying to find out if $21000 is a good deal for a 7 Month old, 8600 miles, 2007 CRV EX AWD (no leather, no nav).
It is a leased vehicle. The person is moving to NY from SFO, so he wants to get rid of his car.

I want to buy it if its a good deal. I could'nt use KBB.com to estimate the price this model. KBB.com does'nt yet have CRV in its list of 2007 honda models to estimate private party value.

jcory

It seems to me that only you can make the determination based on whether YOU feel it's a good deal. :P

Seems like most on these boards have been getting these vehicles for 23500 - 24000 (before TTL, but after destination).

So... are the 7 months/8600 miles worth 2500-3000 worth of savings to you?

Or, alternately.... you could have a brand new LX 4X4... so, for the price of 7 months and 8600 miles, you get a nicer interior, alloy wheels, 6 disc changer, privacy glass, and sunroof. You make the call...

However, if it were me (I can't post this without at least hinting at what I think ), 21000 seems a little steep. Edmunds, in their TCO calculator, estimates about $4500 depreciation for the first year of the vehicle. Since depreciation isn't linear, most of that $4500 happens right when you drive it off the lot - my thought is that you should aim closer to $19500

Just my $.02

subhash

cool analysis... that really helps..

Yes, I'm trying to ask for somewhere between 19 and 20k, given the fact that I was originally thinking of buying a LX AWD, which I can get for around 22300.

Thanks for you time.

manga13

I am considering leasing a CRV, 4WD EX-L (the one with the navigation system), can you tell me what the Residual number is and the MF is? thanks.

pfr5076

I am considering a lease on a 2007 CR-V EX-L w/out the navigation, and have been quoted a lease price of $427 with 20K miles/year, with 2K down at signing. Now, my dilemma is that 2 other non-Honda dealers are offering me less for my trade than what I owe (around 12k owed, dealers offering 8000-9500 for a trade). I have not had the Honda dealer assess my vehicle, but assume they will be about the same on a trade value.

Am I better putting more down on the new CR-V or paying off the difference on the current loan on my Town & Country? Knowing that a down payment on the new could mean lost money in an accident doesn't seem prudent right now....it doesn't seem much better to put money into a car I will no longer own. Please help! Thanks a bunch!!!

blueiedgod

Am I better putting more down on the new CR-V or paying off the difference on the current loan on my Town & Country? Knowing that a down payment on the new could mean lost money in an accident doesn't seem prudent right now....it doesn't seem much better to put money into a car I will no longer own. Please help! Thanks a bunch!!!

I don't think it matters whether you put the difference into the exisitng loan, or as down payment on the lease. It will go to pay off your current loan. $2,000 is still too short to pay off Town and Country. The rest will be rolled into your new lease, which will bump your monthly payments.

CarMan@Edmunds

Hi frankgart. Let's work up a lease payment on this truck and see what we come up with. According to my calculations, if you were to lease a 2007 Honda CR-V EX AWD that has an MSRP of $24,600 and a selling price of $24,000 through Honda Finance right now for 48 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $323 assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

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CarMan@Edmunds

Here you go, manga13. This truck's lease program varies by term and mileage allowance. You never mentioned what either of these variables are, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 CR-V EX-L 4WD with 15,000 miles per year are .00275 and 60%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

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CarMan@Edmunds

Hi pfr5076. Ideally, you would wait until you are less upside down on your current vehicle to get a new one. If that is not an option, then you would probably be best off just paying whatever negative equity that you have in it out of your own pocket and starting your new lease with a clean slate. This money doesn't have to be a down payment on your new lease. Just trade in your van and give the dealer the difference between what you owe and what you are being given for an allowance on it.

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shoefly1

Looking at a 2007 CR-V EX

Trading in a 2005 Civic that is leased (hoping this helps us get a lower MF). We've had offers of 11,500 and 11,900 from dealers for this car. We owe 10,500 on it. So, essentially 1,000 to 1,400 down with tax savings.

Looking for lease rates based on a 730 credit score.

kisyntym

If I go to lease a new honda, what kind of charges am I looking at when I sign the contract. Do I pay tax on the price of the car or just the time i am leasing example-300*36 months=10800 just pay the tax on that!.
Thank you carman

kyfdx

It depends on your state.. Where do you live?

kisyntym

I live in new york city.

kyfdx

Tax is paid upfront.. I'm pretty sure it is the total payments times the tax rate.

Of course, you can roll that amount into your lease. The bank will pay it upfront and add it to your cap cost.

regards,
kyfdx

franklin2140

Anyone out there know how much dealers will come down from sticker price (msrp) on these cars that are sopposedly in such high demand, my salesmen is telling me they won't come down at all on the 28,000 sticker, because the car will sell no matter what and thet emails went out to honda telling dealers not to discount the crv at all right now because of high demand. I would love to WOD with the 4,000 discount I got from the dealer a year ago in jan06 on a element ex awd with MSRP of 22,000, the gave me a price of 18,000 and i walked ot the door with it. Shouldn't they at least give me this car for 26,000??? HELP ANYONE This deal is supposed to go threw tomarrow if I persue counts on you? :-) hey that rymes

irisheyes2

I am looking to lease a Honda CRV EX-L AWD in Westchester County, NY. It's going to be a 36 month 15k/year lease. I would like to get an idea of what kind of deal I can expect. I can put up to 3k down up front (not sure if that's the right thing to do). Any help or advice as to what a fair price/monthly payment would be greatly appreciated. Happy 4th of July to everyone.

irisheyes2

I actually got the car today. 295 per month/36 months with 3k down. 12k mileage. I know I could have put less down but we have a baby on the way and didn't want high monthly payments. We got the EX-L with all the interior options.

aepheme

irisheyes2 --

Can you share the details of this lease? What was the residual value / money factor / fees? What was the MSRP / selling price of the vehicle?

I'd appreciate it... I'm in the market for leasing an SUV, and I liked the CR-V.

irisheyes2

We are picking it up tonight so I don't have all the paper work in front of me (i'll post more details). But after the 3k down we had about $1,400 in fees with new plates, tire charge and all the rest. I think I could have gotten them down to 275 or 285 a month but it was my first time negotiating a lease. Honda in New Rochelle was pretty good though. Nice sales people, not too pushy etc. I'll post all the numbers tonight when I have the papers in front of me.

irisheyes2

the 1,400 includes the first month payment as well.

aepheme

Thanks for the info... Yeah, I'd love to hear more if you have the time tonight. If the Money Factor is as good as what they're currently offering on the Accord, it might be a pretty solid deal.

rxke

HI

I am interested in a CRV lease for 15k per year over 36 months. What is the money factor and residual value in NY for the top model. Based on what I have read here the car runs over $378 per month which is very high compared to other cars (Volvo V50, Audi A4 Avant).

Thanks for your help.
RXKE

sjspoo

Hi Car_man and kyfdx

I am a first time leaser who has done quite a bit of research on leasing. My best quote so far is $360/month on a 36 month, 15k 2007 CRV LX 2WD lease. Money factor is .00223 and residual is 55%. Base price is $20,452. I live in Southern California and tax is 7.75%. I am interested in negotiating as much as possible but I also want to be reasonable about what I can expect and would like to work with this specific dealer. My main question is in regards to the depreciation rate - can I get closer to 60% on this model? How does this look overall? Thanks for any help you can give!

sjspoo

Also, this quote is based on $0 down

CarMan@Edmunds

shoefly1 don't bother me. I keeed, I keeed :P . I would be happy to help you out. Honda is not currently providing any lease support on the 2007 CR-V. As a result, if you were to lease one through Honda Finance, you would have to use its standard lease program. Honda Finance's current buy rate lease money factor for 36 month leases by consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing is .00290.

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CarMan@Edmunds

Hi franklin2140. You should be able to get a good idea of how much you will have to pay for a CR-V right now by visiting the following discussion: "Honda CR-V: Prices Paid & Buying Experience".

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CarMan@Edmunds

Hey rxke. The CRV's lease program varies by trim level. For now I will assume that you are interested in an '07 CR-V LX 4WD. Let me know if you want a different version. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 CR-V LX 4WD with 15,000 miles per year are .00290 and 61%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

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CarMan@Edmunds

Welcome sjspoo. The money factor that you were quoted is interesting because it is lower than Honda Finance's buy rate for this model. It appears as though the dealer that you are working with may be running your lease through an independent bank rather than through Honda Finance. This would not be all that surprising, given Honda Finance's lack of lease support. Honda Finance's residual value for this truck is closer to 60%, it's actually 59% for a 36 month 15k lease, but its money factor is higher at .00290. Dealers really cannot change banks' published residual values.

The 2007 Honda CR-V LX 2WD has a dealer invoice price of $19,760. The price that you were quoted, $20,452, is just under $700 over invoice. This isn't bad given what I have heard about the demand for the CR-V right now. Make sure to stop by the following discussion to compare the price that you were quoted to what other community members have paid for similar vehicles lately: "Honda CR-V: Prices Paid & Buying Experience".

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andyking18

Hi car_man, and everybody else. Because of all your help I recently got a great deal leasing an Accord. Thank you!

Now, I am looking to lease an '07 CRV XL 2WD in Miami, FL. I would like to the terms to be: 36 months, 12K miles per year and 0 down. (I would put down the first months payment, and DMV fees for tags and title).

1- What will my monthly payments look like? 2- Can you please show me how you worked out that number.

THANK YOU!

mccrimmon

Hi all, any help on this would be much appreciated. A family friend I have been helping find a vehicle has decided on a Honda CR-V EX AWD model and just called me up today saying she would like to purchase on Saturday, which gives me not much time to do research. We looked around for a couple weeks before deciding on this car.

I'd like to know if you could help me with finding out the current money factors for this model for 12k and 15k miles per year at both 24 and 36 month terms for each. And I'm realy trying to find this out ASAP as I'm going to start emailing and calling dealers tomorrow morning. Also if you could provide info about what the price of the car should be around for the lease, I'm not sure about negotiating the price of the car in a lease and how that works..

Please help guys, I'm on a time crunch here, and know that any help is greatly appreciated!

Thank you again.

peters3

My Mom has a lease that will expire at the end of the year on a CRV and she asked my help in replacing it with a new CRV. We visited a dealer (in Minnesota) and testdrove the new CRV and she loved it. Looking for a 36 month lease of a CRV EX-L. I don't know much about leasing, but I have read what I could find on the edmunds site.

Is she likely to get a better deal on an 08 vs. an 07? On the Price Paid board, most people don't expect discounting of the 07s because of demand. The salesman told us the 08s will be a couple hundred dollars more expensive, but not much more than that. Does it make sense to wait for the 08 models to come out in late September because the residual value should be (theoretically) higher?

What money factor, depreciation rate, etc. should I look for. We are looking for a 36 month lease.

Her existing car (CRV LX AWD 04) has a residual value of $11,000. Will she be able to trade the car into the dealer and get the benefit of the higher value or would she have to sell it on her own? Any help would be greatly appreciated!

blueiedgod

My Mom has a lease that will expire at the end of the year on a CRV

Her existing car (CRV LX AWD 04) has a residual value of $11,000. Will she be able to trade the car into the dealer and get the benefit of the higher value or would she have to sell it on her own?

I am not sure if you understand how leases work. If her lease expires at the end of this year, why would she trade-in her car, or sell it, when car is going back to the lessor at the end of the year. Unless you are thinking of getting out of the lease now. Then she would owe all the payments on the lease that are due until the lease is oficially over. Let's say lease is scheduled to end in December of this year, and it is August now, she would owe payments for August, September, October, November, and December. If her lease payment is $300/month, she is looking at a $1500 payment to settle her lease. The $1500 does not go toward her new lease, just goes to settle the old lease.

Her best option is to wait until the current lease is over and start shopping about a month before her current lease is scheduled to be terminated.

leasearav4

I am in Illinois.

I'd like to know if you could help me with finding out the current money factors and residual values for a 2007 CRV - EX-AWD for 12k and 15k miles per year at 36 and 48 month terms for each. What should the price of the car be around (including TTL, destination, etc).

Thank you so much.

tk03

Hi,

I really enjoy reading the Honda Forums and just wanted to include my purchase: I will be leasing (for my wife) a 2008 CR-V EX 4WD with Navigation, rear camera, full tint, chrome running boards and rubber mats for $425/month. No $$ down, except 1st payment and TTL. My good friend is the GM and he made me a heck of a deal. 12K for 36 months. The CR-V is loaded with every option - and I will be adding a DVD system for $700 (dealer cost). Expecting delivery sometime in October...

I live in Oklahoma.
TK03

newsuvbuyer

Hey Carman,
You saved me lots of $$ when I leased my Honda minivan back in December. Please help me again - can let me know the current lease details for the CRV (residual and money factor). Hope to save some money again!

Thanks.