well i am looking for honda crv lx. so far i got a lease for 36 months as of a month ago around 317 including taxes. i gather as gas goes up these cars will go down. anybody get any good leaes on this vechicle on long island
I have been the following lease terms for a Honda CR-V, 4x4, EX-L with Navigation:
MSRP: $ 29,035 Sale price: $ 27,990 (if financing, another dealer is willing to sell for 27, 130) Sales tax: 5.5% Money factor: 0.003 Residual Value: 61% of MSRP, i.e. $ 17711 Miles: 12000/year Duration: 3 yrs Monthly payment: $459, zero cash down and security deposit
Can anyone tell me it this is right? A lease for CRV-EXL 4WD. 36 months, 0 down $382.96 a month before tax. Long Island tax is 8.625%. We are told the total monthly price including tax comes to $422.15 a month. How does the tax get figured out? $382.96 at 8.625% equals $415.99. which is $6.16 less. The dealer says the tax is based on more that just this monthly price. He said it's also based on the bank fee, and other cap reduction total tax figures. Does this sound correct?
I figured it was a Monday and everybody is slow Monday's, so I went to Rick Case Honda here in the Fort Lauderdale area, after talking with the salesman for a while, he went to the manager and they let me out at these numbers.
2008 CRV EX 2WD MSRP= 23,585.00 36 MONTH/12,000 MILES A YEAR TOTAL OUT OF POCKET = 1224.00 PAYMENT = 325.00 + TAX (6%)
Personally I think this manager has to sharpen his pencil a little more....any comments or opinions would be greatly appreciated.
You really can't tell if thats a good deal or not unless you know the sale price and the money factor. Rule #1 in leasing, negotiate using monthly payments, you lose. There is a reason most dealers won't give you the MF so easily. So ask for it.
So my second outing on a price hunt was to Coral Springs auto mall, Today being the last day of the month. I must note I have Purchased 4 other cars from these people over the last 10 years. I had stopped in 2 weeks ago and took a test drive, and left without any numbers. Today they were really hungry for a deal...they have cars up the wazoo. As soon as I walked in the salesman I dealt with in the past shot right for me, he said he needed 1.5 units to make his bonus for April. I was almost gonna sign the papers and take delivery today....but alas I told him I would see him in on the 30th of May. These are the numbers the sales mgr was ready to rock and roll with today.
2008 CRV ex 2 wd 36 month/12k Sign and Drive. Nothing out of pocket! 344.00 per month 6% tax included!
According to my calculations this is very close a tissue (invoice) deal, maybe even a tad into the hold back. Now my hopes are next month I'll be able to get an EXL for 365.00...one can only try.
Need to know if I just got taken for a ride. Settled on a lease for CRV LX 4WD through Honda of Nanuet in NY.
Purchase price $22,535 (higher than MSRP - added options?), $0 down with monthly payments of $269, 36 months, 12k miles. Wasn't really $0 down:
Bank fee: $595 1st month: $269 DMV (in NJ, where I live, its 3 yrs prepay): $370 Taxes (NJ rate of 7%): $786 Contingent Tax ("exclsuive to NJ"): $92 TOTAL: $2,112
The manager told me that in NJ, they calculate the sales tax PLUS some interest factor (true?) - hence the higher figure. Whatever.
When we were ready to get this done, they informed us that the financing was done through a non-HONDA Bank: essentially negating the $1,500 deductible to be applied to excessive wear and tear. The financing arm I was going to sign up with did not give you the $1,500 deductible AND charged $450 when the CRV was returned at the end of lease.
I was ready to walk. The manager came back and said he'll try to get Honda Bank. A few seconds of waiting----its a deal...except its now going to cost $279 a month, all other terms remain the same. He had the gall to tell me its really a wash b/c I now didn't have to cough up the $450 when the leased CRV was returned.
Honda Finance quoted a 61% residual and .00235 monthly factor.
I'm getting approximately $297 (a rate higher than the $279 my parents are paying).
Your residual and money factor is in line with the April rates so unless your selling price was close to MSRP, you should be ok. I'm not saying its a terrific deal, I think .00235 is very high interest in todays market. Also, don't over look the disposition fee, a lot of banks charge that, so technically, you are saving yourself $450 by not having to go through a 3rd party bank. Lastly, unless your parents leased a CRV around the same time as you, I don't think you can compare since rates change monthly.
I'm with ya Stubby, I was just quoted a EX CR-V (AWD) 12k/yr 36 months for invoice with 62% residual and 0.00235 money factor. I believe it would be just under $350/month including 7% tax. I almost took it, but the price (at invoice) should be reachable for the next few weeks and I'm hoping the money factor is lower for May. I'm trying to land an EX-L for $365 or less, but the way tax is figured on leases in Illinois is killing me. As soon as I hear the May rate, I'll pull the trigger on an EX or EX-L, black on black.
Car-man, can you provide the residuals and May's money factor for the CR-V (AWD) EX and EX-L?
Here you go, scottyd3. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda CR-V EX AWD with 12,000 miles per year are .00235 and 63%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The money factor would be exactly the same for an EX-L AWD, but the residual value would be 62%.
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Got a fairly good deal on a CR-V for the inlaws. For anybody in the Boston area, check out the Honda Barn in North Reading. I couldn't get a decent quote from any of the other dealers, and after reading about honda barn on this forum, I headed there and got a CR-V LX for $75 under invoice ($200 - $125 doc fee). Got the .000235 with 63% residuals confirming carman's info. Monthly payments $279 with $1414 OTD (1114 and 300 security). Could have probably done a little better trying to get doc fees waived, but not worth the hassle, and already $400 better than my best offer on the table.
Also, definitely download this worksheet. It was extremely valuable. Honda barn was the only dealership where I could get the quoted numbers (cap cost, fees, mf, residual) to reconcile to the spreadsheet calculations.
Congratulations on getting a good deal on your new CR-V, lairdwd. Thanks for taking the time to share the details of your lease with everyone. Make sure to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others. Enjoy your new ride :shades: .
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I am trying to finalize a lease on a CRV EX AWD - 3yr, 15000 miles. The bumper to bumper warranty is 3 yr/36000 miles. Does it make sense for me to roll in an extended warranty ( 5 yr/60000 miles, because my Honda dealer, Charlie's Honda in Augusta, Maine said there is nothing in between the 3/36 and 5/60) ? I am concerned about a major repair that might crop up in the 3rd year of my lease when my mileage is over 36,000 miles. Also, does my current quote seem reasonable?
3yrs/15000 miles per year Roof rack accessory (app. $400) 5 yr/60,000 Ext. Warranty (app. $800) Sales tax (5%) and doc fees included No money down--only payment is 1st months payment Security deposit waived Lease payment- $385 per month.
$800 for 7.5 months of warranty doesn't seem like a smart financial decision..
Like you, I generally like to be in warranty for the entire lease term, but I've leased three Accords for a total mileage between 45K and 54K on each of them... and never had a repair bill..
Keep the $800 in your pocket, and take your chances... It's a Honda!
I am trying to finalize a lease on a CRV EX AWD - 3yr, 15000 miles. The bumper to bumper warranty is 3 yr/36000 miles. Does it make sense for me to roll in an extended warranty ( 5 yr/60000 miles, because my Honda dealer, Charlie's Honda in Augusta, Maine said there is nothing in between the 3/36 and 5/60) ? I am concerned about a major repair that might crop up in the 3rd year of my lease when my mileage is over 36,000 miles. Also, does my current quote seem reasonable?
3yrs/15000 miles per year Roof rack accessory (app. $400) 5 yr/60,000 Ext. Warranty (app. $800) Sales tax (5%) and doc fees included No money down--only payment is 1st months payment Security deposit waived Lease payment- $385 per month.
Thanks.
Hondas come with 3/36 bumper to bumper, and 5 years/60,000 mile power train warranty. So, if something "major" were to fail, it will be covered by the power train warranty. Anything else will probably cost less than $800 to repair.
Ok so I did the deal, this past week during a thunderstorm, I have been checking local dealers inventories of EX's down here in south florida and it seems to me the EX is the most popular CRV down here, as color choices are slightly limited...Just basic supply and demand. BTW they have a glut of EX-L's....I wonder if the dealers yell loud enough Honda will give them extra "Dealer Money" to get rid of them.
So here's the deal I drove off with,
2008 CRV-EX Dark Blue Gray Interior 12,000 miles per year 3 Year NO MONEY DOWN at all! Pure "sign &drive" 364.47 a month 6% sales tax included.
They took the gas guzzling "Pacifica" and when they went to move it the battery was dead, I guess it was time.
Congrats stubbygang on your new CRV! Great color/trim combination. it's the same I'm looking for and since I'm also in S.Florida can you share some details like the MF, residual, fees and the dealer you got your CRV. Was it Rick Case?
Coral Springs Honda The residual was 62% I think the money factor was .00235
Rick Case was higher, the salesman at Rick Case told me on a follow up call they don't take short deals...Plus you gotta remember this is the seventh car in 10 years I have purchased/leased from CS Honda.....so.
Thanks for the details on your lease, stubbygang. And, I will remember your experience with CS Honda. Tell me, what does the short deal Rick Case salesman refers to? Is it a single vehicle or a new customer?
No offense, but I don't get why people lease a $20,000 CR-V for $360-$370 per month. First of all, you could buy it on a 72 month loan with zero down for $330 per month. Slightly more if you finance your sales tax. After three years you would owe around $10,600. $367 X 36 lease payments = $13,212. 330 X 36 traditional loan payments = $11,880, plus you would own it.
He said it was $364 not $367 but I totally agree with what you are saying.
I looked at a Honda CR-V MSRP $26k and the salesman quoted me $468 per month on a 36 month lease with zero down. I could've got a bank loan for $430 per month. The lease rates on most of the Hondas are ridiculously high. That is the point of leasing, to lower your monthly payment.
Congratulations on getting your new CR-V, stubbygang. Thanks for taking the time to share the details of your deal with everyone. Few things are as helpful for people who are in the market for similar vehicles than real-world examples like this. Make sure to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience as well. Enjoy your new ride :shades: .
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No offense, but I don't get why people lease a $20,000 CR-V for $360-$370 per month. First of all, you could buy it on a 72 month loan with zero down for $330 per month. Slightly more if you finance your sales tax. After three years you would owe around $10,600. $367 X 36 lease payments = $13,212. 330 X 36 traditional loan payments = $11,880, plus you would own it.
I agree, leasing never made sense to me, except if you just dead set on having a new car every 3 years. Even then, you can "self lease" and do it on your terms.
If you time your purchase with financing incentives from Honda, you can get 2.9 for 60 months, no problem, with good credit of course. $20,000 at 2.9% for $60 months is about $350/month.
After 3 years of paying $360/month you will have paid $12,600 and owe about $8,000 on the loan. If you were to sell a 3 year old CR-V with 36,000 miles, you could get anywhere from $12,000 to $17,000, depending on whether you trade in or sell privately. Use portion of that money to pay off the loan, and you have a solid $4,000 to $9,000 in your pocket. This is the money you wold have given to the leasing company, why not keep it your self?
A 3 year lease would cost anywhere from $350 to $450 per month. Add acquisition fee, security fee and other lease associated fees and your total for the 3 years is between $12,600 and $16,200 or more. You have no equity in the vehicle and have nothing to show for the last 3 years of payments.
Would anyone be so lazy to not to bend down and pick up $4,000 to $9,000 laying on the floor? They are doing it with leases on Hondas every day.
This only works with vehicle that have high resale value. Most domestics depreciate so fast and so badly that leasing is probably more efficient.
For example, if MSRP on a 2008 CR-V is $22,000 and residual is 62% then it will be worth $13,640 at lease end. Even with a modestly negotiated net cap cost of $21,000 your base monthly payment before rent charge would be $204. Unfortunately, the rent charge is an additional $81 A MONTH!!! If your tax rate was 8% your payment ends up being $308.71 per month for 36 months. That is actually lower than the $364 the poster above said he got on his but in my opinion is still WAY TOO HIGH. I think about $250 with tax is resonable. Over $350 per month DOESN'T MAKE SENSE.
One of my friends just leased an 08 Mercury Mariner 4X4, sign and drive, for 36 months for $266 per month with 7% sales tax included. MSRP was a little over $25K. The key here was the lease rate was 2% versus Honda's 5.64% and unlike Honda dealers, the Mercury dealers acutally like to negotiate a lower sales price and actually have lease cash rebates to work with. $266 PER MONTH MAKES SENSE.
If Honda actually wants a lease program they would set the lease rates lower and have additional lease cash incentives and dealers willing to negotiate. Honda obviously does not want a lease program. I wouldn't lease a car from any manufacturer which has a 5-7% lease rate in June, with no additional incentives and no dealers willing to negotiate a good sale price on a vehicle that has been sitting on the lot since August. A slightly lower residual on a competitor's model doesn't even play into account when you get a lease rate of 1-2%, plus lease cash rebate incentives, and a good dealer willing to knock off a chunk of the over inflated 8 month old sticker price.
In my opinion, if you can't save at least $75-$100 per month leasing versus actually buying, DON'T DO IT.
Can someone please explain to me why the lease vs. buy calculator indicates that it is $100 cheaper for me to buy than lease even though my payments per month would be $100 per month more expensive to buy (roughly $400 vs $500)?
My math goes something like this - leasing for three years saves me $3,600. After 3 years, I owe nothing and have nothing. If I buy, after 3 years, I still have payments for the car to own it of about $12,000, and the residual value is about $15,400 ... so maybe I break even if i sell it after three years for a value above the residual. Don't understand the argument for buying via financing and then selling. I guess if the rates are hugely varied a case could be made, but this is not the case in the example i used. thx
CRV EX 4WD - $332/month including tax MSRP: $24,785, Selling Price: $23,316.71
MI sales tax of 6%, initial payment, doc fees, bank fee included. Can anyone point me to the current money factor, residual, invoice price. I think this is fairly good deal and probably $500 over invoice. Does anyone have any luck on getting close or below to invoice?
To figure the numbers you need the EXACT NUMBER of the following: MSRP RESIDUAL MONEY FACTOR NET CAP COST which is the SALE PRICE plus ALL fees involved. TERM (MONTHS)
The formula is: BASE PAYMENT= CAP COST minus RESIDUAL divided by term RENT CHARGE= CAP COST plus RESIDUAL multiplied by Money Factor
Add the two together and depending on your state, you add the sales tax to the total monthly payment OR you may have already added them in to the Cap Cost. Some states are weird like that.
I'm assuming your "All in cost" of $28,000 is the NET cap cost. If that's the case, you would be looking at a monthly payment of $462.84 plus tax.
A loan for $28,000 at 4.84% for 60 months would be $526.34 per month not including sales tax.
If you want an opinion it would be, FIND A DIFFERENT CAR. A $28,000 car should not be $462 a month on a lease. You could get a $28,000 Ford Edge for at least a hundred dollars less per month.
Well, I leased my 08 CRV AWD EX, $317.75/month with 510.00 due at signing (including 1st month payment + tax/title fees). Of note, the Dealer went to an outside Bank for the lease. I believe the purchase price was 23,100, 62% residual value, .00235 MF. I think I got a heck of a deal, around $250 under invoice. I just wanted to say thanks to everyone on the board, Dennis, Car man!
I'm guessing that payment was pre-sales tax but irregardless I wouldn't be proud to be paying $320 a month for a $23,000 car. And as far as being "under invoice" almost any dealer will lease a car for way under invoice. They are making profit on the acquisiton fee plus any rebates. The selling price is only part of it. My point is, why would you lease a car with such a high money factor. 5.64% is crazy high in mid June. Plus, at $317.75 a month you are paying $11,439 in total payments for a car that sold for $23,100. So basically because of the high money factor, you are nearly paying for A FULL HALF OF IT even though the supposed residual is 62%. Doesn't make any sense to me.
You probably got a pretty good deal compared to other CR-V leasees, but it isn't a good deal compared to other makes and models. A $23,000 car should not be leasing for $320 per month. The guy above was talking about getting a lease of a $25K 4WD Mariner for $266 a month. THAT is a good deal.
I have been offered the following on a EX-L 2wd without navigation. Does it sound like a good deal? I live in Macon, GA.
$360 a month for 36 months with the first month's payment down for 12,000 miles a year on the 2008 Honda Cr-V Ex-L 2wd with cargo tray and the all season floor mats
How set are you on getting a CR-V? Did you see the previous post about the guy who leased a $25,000 4WD Mercury Mariner for $266 with nothing down. $360 a month seems really high for a $23,000 car. I wouldn't do it.
What is the MSRP on the vehicle you are looking at? What is the selling price?
Hi zack82. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda CR-V EX 4WD with 12,000 miles per year are .00250 and 61%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The numbers for an otherwise identical lease of a CR-V EX-L 4WD are .00250 and 60%.
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Here you go thezedd. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda CR-V EX 2WD with 15,000 miles per year are .00250 and 60%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The numbers for an otherwise identical lease of an '08 CR-V EX-L 2WD without navigation are .00250 and 59%.
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Hi Barbara. Honda is not currently providing any lease support on the CR-V. A number of other manufacturers are providing quite a bit of support on similar SUVs. You will likely be able to get a lower lease payment on a different truck. If you're set on getting a CR-V, the best way to get a good deal on one is to shop around for the lowest possible selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. It is difficult to tell if one is getting the best possible deal without knowing what their vehicle's selling price is.
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No the payment is with tax included. Again, who would want a Mercury anyway for $266 a month. What is left at the end of a lease with that car, zero equity. I have leased several Honda's/Acura and used them for equity to get into my next lease. With my experience, a lower priced vehicle doesn't always equal out to a lower lease payment. Again, I typically buy Honda/Acura's and maybe other car companies are different because they know the cars do not hold their value...
Your're right a lower priced vehicle doesn't always equal out to a lower lease payment. You now know that more than most people since you leased a $23,000 car for $317 per month. The thing you should have considered was the LEASE RATE. The Honda CR-V is around 5.64% vs. the Mariner's 2%. Do the math, that's actually a bigger part of your monthly payment than a possible 5% to 10% difference in residual. Especially on these lower priced cars. Again, I don't care about Mercury or Honda or whatever. You were wanting to know if you got a good deal on your CR-V and I responded. I guess in comparison to other CR-V leasees you got a good deal. But when comparing to a similar vehicle, $25K sticker, that is $50 less per month with ZERO down, I guess you really didn't do too hot.
Personally, I leased a Ford Edge, MSRP $33,885 for $350 per month. I looked at the CR-V's but the dealer quoted me $468 per month on one similarly equipped, leather, moon roof, heated seats, nav. The Edge had 0.75% lease rate. That means I pay around $10 or so of my payment to "rent charge" vs your CR-V's $90+. To me it was more vehicle for my dollar to go with the Edge.
Also, to let you know, you are not the only one trading in your leased vehicle for equity. I traded in my leased F-150 6 months early and they gave me $1,200 "TRADE IN" on it. Also traded my SAAB 4 months early a few years back for "equity.' It's not uncommon if they want to sell you a vehicle that day. You are never actually getting trade in value. The dealer simply moves the money from one place to another.
Ok the bigger question is why you are getting a better interest rate on another car. Honda is known to be the best with resale and quality, Ford, not so much. So why would you get a better interest rate on those vehicles? Is it because they aren't selling or there isn't as much of a demand. American car companies are known for trading in vehicles all the time to get rid of a new one. They love to shift the money around. Look at year end how many last year models are sitting on the lots.
I turned in my 2004 TSX after leasing it for 3.5 years. I extended the lease 36 month lease. I could have purchased for $17K at the termination of the lease, but I could have easily sold it for $25,000, as the car was worth that. The dealer gave me $2600 for the car, they put it up for sale for $24k and it was gone in a week. With a Honda or Acura you have a far better chance to pull this off vs with an American car. So if you want quality, resale, you may pay more on a lease....but you get what you pay for is what it all boils down to.
I had previously had a 2005 Pilot. That is a comparable price to the Edge, I leased that for $328/month.
Knowing what other people have paid for the CRV, I know I got a good deal within the confines of the figures. The board definitely, provided direction for the deal and I thank everyone for that.
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Car_man
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I have been the following lease terms for a Honda CR-V, 4x4, EX-L with Navigation:
MSRP: $ 29,035
Sale price: $ 27,990 (if financing, another dealer is willing to sell for 27, 130)
Sales tax: 5.5%
Money factor: 0.003
Residual Value: 61% of MSRP, i.e. $ 17711
Miles: 12000/year
Duration: 3 yrs
Monthly payment: $459, zero cash down and security deposit
Is this good?
36 months, 0 down $382.96 a month before tax.
Long Island tax is 8.625%.
We are told the total monthly price including tax comes to $422.15 a month.
How does the tax get figured out?
$382.96 at 8.625% equals $415.99. which is $6.16 less.
The dealer says the tax is based on more that just this monthly price.
He said it's also based on the bank fee, and other cap reduction total tax figures. Does this sound correct?
2008 CRV EX 2WD
MSRP= 23,585.00
36 MONTH/12,000 MILES A YEAR
TOTAL OUT OF POCKET = 1224.00
PAYMENT = 325.00 + TAX (6%)
Personally I think this manager has to sharpen his pencil a little more....any comments or opinions would be greatly appreciated.
Stubby
Today they were really hungry for a deal...they have cars up the wazoo. As soon as I walked in the salesman I dealt with in the past shot right for me, he said he needed 1.5 units to make his bonus for April. I was almost gonna sign the papers and take delivery today....but alas I told him I would see him in on the 30th of May. These are the numbers the sales mgr was ready to rock and roll with today.
2008 CRV ex 2 wd
36 month/12k
Sign and Drive. Nothing out of pocket!
344.00 per month 6% tax included!
According to my calculations this is very close a tissue (invoice) deal, maybe even a tad into the hold back. Now my hopes are next month I'll be able to get an EXL for 365.00...one can only try.
Stubby
Purchase price $22,535 (higher than MSRP - added options?),
$0 down with monthly payments of $269, 36 months, 12k miles. Wasn't really $0 down:
Bank fee: $595
1st month: $269
DMV (in NJ, where I live, its 3 yrs prepay): $370
Taxes (NJ rate of 7%): $786
Contingent Tax ("exclsuive to NJ"): $92
TOTAL: $2,112
The manager told me that in NJ, they calculate the sales tax PLUS some interest factor (true?) - hence the higher figure. Whatever.
When we were ready to get this done, they informed us that the financing was done through a non-HONDA Bank: essentially negating the $1,500 deductible to be applied to excessive wear and tear. The financing arm I was going to sign up with did not give you the $1,500 deductible AND charged $450 when the CRV was returned at the end of lease.
I was ready to walk. The manager came back and said he'll try to get Honda Bank. A few seconds of waiting----its a deal...except its now going to cost $279 a month, all other terms remain the same. He had the gall to tell me its really a wash b/c I now didn't have to cough up the $450 when the leased CRV was returned.
Honda Finance quoted a 61% residual and .00235 monthly factor.
I'm getting approximately $297 (a rate higher than the $279 my parents are paying).
Thanks for help people.
Also, don't over look the disposition fee, a lot of banks charge that, so technically, you are saving yourself $450 by not having to go through a 3rd party bank.
Lastly, unless your parents leased a CRV around the same time as you, I don't think you can compare since rates change monthly.
Car-man, can you provide the residuals and May's money factor for the CR-V (AWD) EX and EX-L?
Car_man
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Also, definitely download this worksheet. It was extremely valuable. Honda barn was the only dealership where I could get the quoted numbers (cap cost, fees, mf, residual) to reconcile to the spreadsheet calculations.
Car_man
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3yrs/15000 miles per year
Roof rack accessory (app. $400)
5 yr/60,000 Ext. Warranty (app. $800)
Sales tax (5%) and doc fees included
No money down--only payment is 1st months payment
Security deposit waived
Lease payment- $385 per month.
Thanks.
Like you, I generally like to be in warranty for the entire lease term, but I've leased three Accords for a total mileage between 45K and 54K on each of them... and never had a repair bill..
Keep the $800 in your pocket, and take your chances... It's a Honda!
regards,
kyfdx
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3yrs/15000 miles per year
Roof rack accessory (app. $400)
5 yr/60,000 Ext. Warranty (app. $800)
Sales tax (5%) and doc fees included
No money down--only payment is 1st months payment
Security deposit waived
Lease payment- $385 per month.
Thanks.
Hondas come with 3/36 bumper to bumper, and 5 years/60,000 mile power train warranty. So, if something "major" were to fail, it will be covered by the power train warranty. Anything else will probably cost less than $800 to repair.
So here's the deal I drove off with,
2008 CRV-EX
Dark Blue Gray Interior
12,000 miles per year
3 Year
NO MONEY DOWN at all!
Pure "sign &drive"
364.47 a month 6% sales tax included.
They took the gas guzzling "Pacifica" and when they went to move it the battery was dead, I guess it was time.
I think I got a good deal.
Thanks for your help
The residual was 62%
I think the money factor was .00235
Rick Case was higher, the salesman at Rick Case told me on a follow up call they don't take short deals...Plus you gotta remember this is the seventh car in 10 years I have purchased/leased from CS Honda.....so.
Good Luck!
Tell me, what does the short deal Rick Case salesman refers to? Is it a single vehicle or a new customer?
Drive safe,
Drive safe,
I looked at a Honda CR-V MSRP $26k and the salesman quoted me $468 per month on a 36 month lease with zero down. I could've got a bank loan for $430 per month. The lease rates on most of the Hondas are ridiculously high. That is the point of leasing, to lower your monthly payment.
Car_man
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I agree, leasing never made sense to me, except if you just dead set on having a new car every 3 years. Even then, you can "self lease" and do it on your terms.
If you time your purchase with financing incentives from Honda, you can get 2.9 for 60 months, no problem, with good credit of course. $20,000 at 2.9% for $60 months is about $350/month.
After 3 years of paying $360/month you will have paid $12,600 and owe about $8,000 on the loan. If you were to sell a 3 year old CR-V with 36,000 miles, you could get anywhere from $12,000 to $17,000, depending on whether you trade in or sell privately. Use portion of that money to pay off the loan, and you have a solid $4,000 to $9,000 in your pocket. This is the money you wold have given to the leasing company, why not keep it your self?
A 3 year lease would cost anywhere from $350 to $450 per month. Add acquisition fee, security fee and other lease associated fees and your total for the 3 years is between $12,600 and $16,200 or more. You have no equity in the vehicle and have nothing to show for the last 3 years of payments.
Would anyone be so lazy to not to bend down and pick up $4,000 to $9,000 laying on the floor? They are doing it with leases on Hondas every day.
This only works with vehicle that have high resale value. Most domestics depreciate so fast and so badly that leasing is probably more efficient.
For example, if MSRP on a 2008 CR-V is $22,000 and residual is 62% then it will be worth $13,640 at lease end. Even with a modestly negotiated net cap cost of $21,000 your base monthly payment before rent charge would be $204. Unfortunately, the rent charge is an additional $81 A MONTH!!! If your tax rate was 8% your payment ends up being $308.71 per month for 36 months. That is actually lower than the $364 the poster above said he got on his but in my opinion is still WAY TOO HIGH. I think about $250 with tax is resonable. Over $350 per month DOESN'T MAKE SENSE.
One of my friends just leased an 08 Mercury Mariner 4X4, sign and drive, for 36 months for $266 per month with 7% sales tax included. MSRP was a little over $25K. The key here was the lease rate was 2% versus Honda's 5.64% and unlike Honda dealers, the Mercury dealers acutally like to negotiate a lower sales price and actually have lease cash rebates to work with. $266 PER MONTH MAKES SENSE.
If Honda actually wants a lease program they would set the lease rates lower and have additional lease cash incentives and dealers willing to negotiate. Honda obviously does not want a lease program. I wouldn't lease a car from any manufacturer which has a 5-7% lease rate in June, with no additional incentives and no dealers willing to negotiate a good sale price on a vehicle that has been sitting on the lot since August. A slightly lower residual on a competitor's model doesn't even play into account when you get a lease rate of 1-2%, plus lease cash rebate incentives, and a good dealer willing to knock off a chunk of the over inflated 8 month old sticker price.
In my opinion, if you can't save at least $75-$100 per month leasing versus actually buying, DON'T DO IT.
Zed
My math goes something like this - leasing for three years saves me $3,600. After 3 years, I owe nothing and have nothing. If I buy, after 3 years, I still have payments for the car to own it of about $12,000, and the residual value is about $15,400 ... so maybe I break even if i sell it after three years for a value above the residual. Don't understand the argument for buying via financing and then selling. I guess if the rates are hugely varied a case could be made, but this is not the case in the example i used. thx
CRV EX 4WD - $332/month including tax
MSRP: $24,785, Selling Price: $23,316.71
MI sales tax of 6%, initial payment, doc fees, bank fee included. Can anyone point me to the current money factor, residual, invoice price. I think this is fairly good deal and probably $500 over invoice. Does anyone have any luck on getting close or below to invoice?
MSRP
RESIDUAL
MONEY FACTOR
NET CAP COST which is the SALE PRICE plus ALL fees involved.
TERM (MONTHS)
The formula is:
BASE PAYMENT= CAP COST minus RESIDUAL divided by term
RENT CHARGE= CAP COST plus RESIDUAL multiplied by Money Factor
Add the two together and depending on your state, you add the sales tax to the total monthly payment OR you may have already added them in to the Cap Cost. Some states are weird like that.
MSRP 27,835
Residual 15,400
Money Factor .0026
All in cost 28,000
36 month lease; 60 month financing for purchase (at 4.84% best financing rate)
Any more info would be appreciated.
A loan for $28,000 at 4.84% for 60 months would be $526.34 per month not including sales tax.
If you want an opinion it would be, FIND A DIFFERENT CAR. A $28,000 car should not be $462 a month on a lease. You could get a $28,000 Ford Edge for at least a hundred dollars less per month.
You probably got a pretty good deal compared to other CR-V leasees, but it isn't a good deal compared to other makes and models. A $23,000 car should not be leasing for $320 per month. The guy above was talking about getting a lease of a $25K 4WD Mariner for $266 a month. THAT is a good deal.
$360 a month for 36 months with the first month's payment down for 12,000 miles a year on the 2008 Honda Cr-V Ex-L 2wd with cargo tray and the all season floor mats
Barbara
What is the MSRP on the vehicle you are looking at? What is the selling price?
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
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Prices Paid: Buying & Leasing Experiences Forum
36 months/15,000 miles
$1500 at signing which includes 1st month and all fees
$365 per month (plus tax which in NJ brings it to about $390)
This was dealer's first offer so I think there is some room).
Good deal?
Personally, I leased a Ford Edge, MSRP $33,885 for $350 per month. I looked at the CR-V's but the dealer quoted me $468 per month on one similarly equipped, leather, moon roof, heated seats, nav. The Edge had 0.75% lease rate. That means I pay around $10 or so of my payment to "rent charge" vs your CR-V's $90+. To me it was more vehicle for my dollar to go with the Edge.
Also, to let you know, you are not the only one trading in your leased vehicle for equity. I traded in my leased F-150 6 months early and they gave me $1,200 "TRADE IN" on it. Also traded my SAAB 4 months early a few years back for "equity.' It's not uncommon if they want to sell you a vehicle that day. You are never actually getting trade in value. The dealer simply moves the money from one place to another.
I turned in my 2004 TSX after leasing it for 3.5 years. I extended the lease 36 month lease. I could have purchased for $17K at the termination of the lease, but I could have easily sold it for $25,000, as the car was worth that. The dealer gave me $2600 for the car, they put it up for sale for $24k and it was gone in a week. With a Honda or Acura you have a far better chance to pull this off vs with an American car. So if you want quality, resale, you may pay more on a lease....but you get what you pay for is what it all boils down to.
I had previously had a 2005 Pilot. That is a comparable price to the Edge, I leased that for $328/month.
Knowing what other people have paid for the CRV, I know I got a good deal within the confines of the figures. The board definitely, provided direction for the deal and I thank everyone for that.