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They also want $1,200 out of pocket (first months payment, tags, fees and some additional monies - we told them no additional money out of pocket - apparently the didn;t hear that) They wouldn't provide details on how the $1,200 was calculated either.
Here are the details. MSRP 24,685, selling price $23,658, residual 70% or 17,279.50, money factor .00275 or 6.6%, 32 months (12,000 miles) NO TRADE IN. The $339 monthly lease payment I calculated also includes 9% tax.
I am sticking to my guns and walked out of the dealer today (did receive a phone call this afternoon). It seems like they are just trying to hide additional profit - I gave them my calculation - even calculated it in front of them. Until they get me complete details on their numbers I am not signing anything.
Thoughts?
The reason am I at this board is cuz we got royally screwed on our last lease by Toyota. My wife and mom in law signed a 5 yr lease with an exagerrated Res. Value. Now, the car needs some work and we are 1 yr from the 5 yr term. From what I am told, the blue book is about 12k and we owe 15kish. So we want to trade in for the 2007 CRV, EX, 12k miles, 2 wheel drive. This guy at this Honda dealership, who is supposed to automatically give us the best deal based on our company's program, gave me the following:
36 mos - $498/mo, 59% Res Value, .250 money factor
42 - $460, 54%, .230
48 - $428, 49%, .205
This is based on supposedly an invoice of 23,400ish. One thing to point out, this was for the 4wd and when i asked about the 2wd, he said 500 over invoice plus 500 for destination.
Now, sorry for the long post, but what do you all think? What should I do in my situation? What numbers should I shoot for? HELP!!!!!!!!!
Car_man
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Honda is not currently providing any lease support on the CR-V. As a result, all things being equal...namely the selling price, it would actually be less expensive to lease a 2008 model than it would be to lease a 2007 model because the '08's residual values are higher. The problem with this is that A) all things are not equal and dealers will probably be much more willing to provide good prices on leftover 2007 models than on 2008 models and
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 AWD with 15,000 miles per year are .00290 and 59%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.
There's nothing wrong with trading in a vehicle when leasing a new one, but it would be in you Mom's best interest to have the dealer cut her a check for any equity that she has in her trade rather than using the proceeds from it as a down payment for her lease. I always advise consumers against making large down payments on leases. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Having said this, I believe that you said that she is currently leasing her CR-V. If so, she does not own it, Honda Finance does. At the end of her lease she will probably just walk away from it rather than trading it in or trying to sell it.
Car_man
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I am not personally all that familiar with what the market for the CR-V is like in your area right now, but you may want to shoot for a selling price of $1,000 or so over invoice. Try stopping by the following discussion to see how much other community members have paid for similar trucks lately: "Honda CR-V: Prices Paid & Buying Experience".
Car_man
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Car_man
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Did you get a good deal? Be sure to come back and share!
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2007 CR-V EX-L 2WD
Purchase price 24,253 (I have no idea what the MSRP or Invoice price actually is b/c there was nothing on the car and the salesman told me to ignore those posted prices anyway).
6000 trade in for my 2003 fully loaded (high mileage) Jetta GLS
Zero down w/a monthly pymt. of $386 including taxes.
I'm going back to the dealership tomorrow. What should I be asking to make sure this is a good deal and what should I look out for?
Thanks for any help you can give!!
To begin with, you should be able to get that "new" (if it is new) CRV for "invoice or a few hundred over invoice. The 2008 CRV will be at the dealers in November, so techinally, you will be leasing a year old vehicle very shortly.
There are several 'how to lease' forums on the Edmunds FORUMS SITE, and I strongly suggest that you read them and get someone to "GO WITH YOU" that knows what they are doing when it comes to leasing. If you do not know what you are doing (when it comes to leasing) you can really get taken for a BIG RIDE (and lose a lot of money), and it sound to me that the salesman already knows you are gullible.
PLEASE..wait for the proper advice from the host of this forum and also find out WHAT YOUR TRADE_IN is worth. There is also a forum on this site where salespeople that go to the auctions will be able to tell you approx. what a FAIR TRADE_IN amount your car is worth.
There will always be another CRV somewhere waiting to be purchased. By the way, the new 2008 CRV EX's will have the 8 way power drivers seat and dual A/C.
But again...if you don't know anything about leasing... Google in " How to lease a car" or whatever and KNOW what you are doing as to the money factor, initial price, fees, and who it is being leased thru, a "turn-in fee??, etc., etc.
Car_man
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Car_man
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You will have to pay a destination charge on any new vehicle that you purchase.
The lease program that you posted does not look like Honda Finance's current program. Given the fact that Honda is not currently providing lease support on the '07 CR-V, I am not surprised that the dealer you are working with is running your deal through a different bank. The numbers look pretty good to me.
Car_man
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The salesperson that you are working with started things off on the wrong foot by telling you to ignore your vehicle's price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Before negotiating with dealers, you need to decide exactly how much you want to pay for the CR-V that you're interested in. Look up the MSRP and dealer invoice price of the exact model that you want by visiting the New Vehicle Pricing section of this site. Then decide how much you want to pay for your truck. I personally would shoot for around $500 or so over dealer invoice, but you should be able to get an idea of how much you should pay by visiting the following discussion: "Honda CR-V: Prices Paid & Buying Experience".
Once you have a selling price that you are comfortable with, have the dealer that gives you this price calculate your monthly payment using your vehicle's buy rate lease money factor. If they run your lease through Honda Finance, the buy rate for a lease of an '07 CR-V to a consumer who qualifies for its top credit tier and pays a security deposit at lease signing should be .00290.
I see that you are considering trading in your current vehicle when you lease your new one. There's nothing wrong with doing so, but it would be in your best interest to have the dealer that you are working with cut you a check for your trade rather than using the proceeds from it as a down payment for your lease. I always advise consumers against making large down payments when leasing because if your leased vehicle is in an accident or stolen and never recovered, part or all of your down payment will disappear.
Let me know if you have any other questions.
Car_man
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Car_man
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For example
CRV MSRP of 26595
Discount to invoice 1785
Invoice 24810
add in 500
total 25310
add in neq. equity 3000
total lease is 28310
So based on proper understanding they are not taking advantage of you. You just have to have proper understanding!
Richard Clark, D-Patrick Honda Evansville, IN
Why would you lease for 5 years? General rule of thumb is that lease should not exceed the length of the bumper to bumper warranty. You can not hide this negative equity. You will pay for it one way or another.
My suggestion is to fix whatever needs to be fixed, and ride out your lease.
Then, DON'T lease for 5 years. Financing for 5 years may be OK, because whater repairs you need to to do at 4 years are on the car you will eventually own. With a 5 year lease, you are repairing a car that is not yours to begin with.
Good luck.
42 month term
12k miles/year
$1,500 cap cost reduction
$1,066 in upfront fees
$315/month including tax
I also got them to throw in the auto-dimming rear-view mirror.
How does this deal measure up (great, good, ok, poor, or awful)?
I think the residual percentage is 55% but not sure about the money factor.
Any insights would be helpful.
Thanks!
We're in NJ and would like to lease a CRV as well - would you mind passing along the dealership info? Thanks!
The $1,500 is the down payment.
This is a response to your response to fernhill on Sept. 4th.
Supposedly it was Hann Bank - this bank supposedly only deals with people who have excellent credit. We never did a deal since they would not disclose how they were getting their numbers. Turns out they had the best offer out there - but Sloane was such a negative experience I won't deal with them.
I've decided against the RX350 I was considering ( lease support not good enough ), and am back on my first choice, the CR-V. Could I get some lease info, please? Here's what I'm considering:
EX 2WD
EX-L 2WD
If I could get residuals / MF for short leases - 24 and 36 months, 12k miles / year, I'd really appreciate it.
You're the best car man!
LB
Residual values have absolutely no impact upon the down payment that you will have to make on your lease. In fact, it is in your best interest not to make any down payment when leasing. Consumers can and should lease any vehicle that they want without making any capitalized cost reduction. Those who make large down payments on leases risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.
Car_man
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Car_man
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I am going to lease that or a Rav4. Any help would be appreciated. Thanks.
Where can I find current residual values and money factors for following leases?
CRV-4WD LX 36 month 8,000 miles
CRV-4WD LX 36 month 12,000 miles
CRV-4WD EX 36 month 8,000 miles
CRV-4WD EX 36 month 12,000 miles
CRV-4WD EX-L 36 month 8,000 miles
CRV-4WD EX-L 36 month 12,000 miles
Thank you in advance for your advice.
Regards,
Leonid.
Where can I find current residual values and money factors for 2008 CRV-4WD EX-L.
Thanks,
Leonid
Just started contacting MA/NH dealerships via email to get lease quotes, writing, "I'm planning to lease a 2007 Honda CR-V (any trim w/15K mi per year) within 1 week with no money down at $200/month." Anything I should change?
So far they're claiming they can't give me a price w/o knowing my credit. One said, for example: "We deal with 11 different financial lenders and we would seek out the best rate we could find for you." Meanwhile, another writes, "Lease programs are set by Honda. To get a low monthly lease payment there has to be other factors such as trade equity or down payment." What is the best way to handle such gimmicky answers?
I'm actually planning on having a co-signer. How will that impact me when we finally go in there (if at all?)
The lowest internet customer quote on a 2008 Honda CRV LX 4WD was for $20,371...any suggestions on my next step to ensure the best lease?
Thanks!
I don't know the specifics of subsidized leases from Honda, but you are looking at Honda Civic DX (if they still make it) at $200/month with no money down and maybe 10,000 miles per year on a 4-5 year lease.
$200/month * 36 months = $7200. Let's say the selling price is indeed $20,371. $20,371 - $7200 = $13,171 (residual) or 64.7%. You would have to get 0% money factor.
Oh, and don't forget that Uncle Sam wants his cut as well (taxes). Some states require that you pay taxes on the full price of the vehicle, and some only tax you on the lease payments.
But, don't mind my ramblings... I am not a pro. :P
-2008 CR-V EX AWD - $23900 (about halfway between MSRP and Invoice)
-$0 down (except first month's payment)
-39 month lease. We wanted a 36, but the 39 actually shaved off over $20 on the monthly payment, and 3 months past warranty is, to me, no issue.
-15K miles per year
-Residual is 62% (residual for 36 month was the same)
-$420/month
We actually got a 0.0023 Money Factor, which seems to be lower than most I have researched.
Anyone with information on whether or not they think this is a good deal considering the trade-in and not placing any money down (which I would never do on a lease), and also if the 39 mo. vs the 36 mo. is a good choice to save over $20 per month, it would be greatly appreciated as we plan on signing the papers and picking up on Monday.
Thanks!
I am interested in buying a Honda CRV in the near future (less than 30 days). I have a trade-in of a 2002 VW Passat that I think is better of being traded in to the dealer versus sold privately. I should get about $3K for it. Does that automatically put me in the "buy" camp - as I don't like to put money down on a lease. Are there other options? If I had to go this route, about what could I expect my monthly payments to be for a 3 year (would consider a few more if it makes it easier / cheaper). Any advice? I appreciate it! Being female - any advice in car buying is appreciated! It's a jungle out there! ShaMcc
If I were you, I'd be hesitant. The thing is that I'm in Mass and I'm getting internet quotes of $20K-21K for an 08 CR-V. Now, I'm getting quotes on an LX so that may have a big part to do w/ it, but for a lease I'm also getting quotes of $300 a month. Not $420.
You may want to separate the two transactions - getting rid of your lease and buying the new vehicle.
Just my thoughts.
Good luck.
So I just got back from Boch after signing up for a 08 Civic LX (@ 230/mo, 15K mi/yr, 36 months).
Oh ya, did I mention this was after lusting after an CR-V for the last week or so?
Anyway, I spent the last week contacting more than 18 dealers around Greater Boston and a few in New Hampshire via email. Based on this research, this may provide some insight into what dealers are doing or willing to do in terms of pricing for the CR-V.
Email requests for quotes from dealers lead to internet only deals for an 08 CR-V LX (4wd). Internet prices were $20371 to mid $21K or so.
The per month payments were mostly around $300/mo, $315/mo, $330/mo, some all the way up to $350 or more!
Finally, I picked up the phone and the best deal I could've gotten was through Boch for $277/mo plus $671 due at signing. Nothing down. I wish I could've afforded it...The price was based on below invoice (a couple hundred buck apparently) - I think it was $20,567 w/ a money factor of .0028.
Hope that helps you guys still in the market.
Also, I have a question regarding the security deposit and disposition fee. I've included a link below which I've found very useful in helping me figure out the payment.
http://www.edmunds.com/advice/leasing/articles/48365/article.html
What I'd like to make sure is whether I need to include the security deposit and disposition fee as part of the net capitalized cost. I'm referring to #4 (in the link above) which is the "Invoice price of car minus incentives (net capitalized cost)".
Thanks!
I will be deciding between a CR-V and the Pilot and would greatly appreciate the November 2008 money factor and residual for this car (2008 CR-V EX-L AWD - no nav) to aid in figuring out how they lease out. Looking for 36 months and 12k miles per year.
Thanks!
Car_man
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Car_man
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Car_man
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"I am interested in leasing a 2008 Honda CRV LX 4WD. The vehicle that I want has an MSRP of $22,535. I am willing to pay $21,505 for it. I have excellent credit, so I should be able to qualify for Honda Finance's "Super Preferred" credit tier and this vehicle's .00270 buy rate lease money factor."
The price that I used in the sample is $500 over dealer invoice. It is true that Honda Finance has a number of credit tiers, each with its own set of money factors. If your credit is not in great shape, then give the dealer an idea of what your credit score is.
Car_man
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It does not appear that the dealer that you are working with is running your lease through Honda Finance. That's OK because Honda is not providing any lease support on the CR-V right now. Honda Finance's current buy rate lease money factor and residual value for a 39 month lease of an '08 CR-V EX AWD with 15,000 miles per year are .00270 and 60% for consumers who qualify for its top credit tier. As you can see, the dealer seems to have found an independent bank that has a better lease program on this truck than Honda does right now.
The two most important aspects of this deal, your vehicle's selling price and its lease program, look good to me. Having negative equity in a trade is not an ideal situation, you can buy a lot of gas with $1,700, but if you feel that you have to trade in your Pilot right now this looks like a pretty good deal to me.
Car_man
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