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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
$1200 incentive
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$1200 incentive
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LX FWD/AWD
EX FWD/AWD
EX-L FWD/AWD
Many thanks!
56%
59%
59% residual
$1200 incentive
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MSRP $31,945.00
Sale $29,645.00
Incentive $1,200.00 (lease cash)
MF 0.00016
RV 59% $18,847.55
Gross Cap Cost $29,555.66
Dealer Doc Fee $188.66
MD Tags $327.00
MD Taxes $1,718.02
36 Month/12,000 Miles Per Year MD Lease
DAS $353.15 (1st month payment)
Monthly $353.15
The other dealer say they can go slightly under $350. Please let me know what do you think.
Brand new to this forum so I apologize if I’m doing this wrong.
This is going to be kind of long, but here goes nothing!
My fiancé walked into a dealership and with her being financially illiterate combined with questionable sales tactics that I won’t get into led to her thinking she was getting the best deal ever.
This is the info on the lease she signed -
Car - 2018 Honda CR-V LX
Location - Washington (98225)
36 months / 12k mile lease
Value of car - $23,000
Gross Cap Cost - $24,000
Residual cost - $14,500
Depreciation - $9,500
Total Rent charge - $10,025
Money Factor - .0073
Amount towards principle - $260/month
Rent charge/interest - $280/month
tax - $50/month
My question is, why is her money factor so high to the point where she is paying more in rent fees then towards the actual depreciation of the vehicle?
I went into the dealership after the fact and they said that although her credit score is in the 700’s, her auto fico score is non-existent, and there is nothing they can do about her money factor rate.
”The dealer sets the rate” is what they said.
If this is true, then why is that when I called/emailed every single Honda dealership within 100 miles they all said they they have never even heard of a money factor rate of .0073? I understand my fiancé not getting the best rate, but it’s not like she is the only first time car buyer ever.
Why do I keep seeing MF rates on this thread that span from .00016 all the way to .002?
How are you guys quoting MF’s for other people on this thread if it’s all dependent on their credit score? (Just curious)
If Honda sets the rates (her lease is through Honda Financial), then what rate do they set it at for someone with a non-existent auto fico score?
Thank you guys so much! Let me know if you have any questions you need from me in order to answer these more accurately!
$29645
+188
+327
+1718
+595 (acq.fee)
= $32473
-$1200 incentive
= 31273 (ta da!)
That looks like a good deal, considering the high lease sales tax in MD, and only first payment DAS.
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The next rate down is .00067
Did she take delivery?
That is equivalent to a 17% interest rate, and I doubt Honda Finance would even write a lease like that.
If this is accurate, she has seriously been taken advantage of.
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Hi !
Thank you so much for responding to my post and especially in such a Timely manner.
To answer your question, no, she did not take a delivery.
If you would like to see the lease agreement, I can post pictures of it.
I am trying to understand the base MF numbers you posted and I apologize if my questions may be all over the place, as I am still trying to getting an understanding of these things.
So the base MF tiers 1-8 is .00016, what determines whether you get tier 1 or tier 8? Is that just dependent on your credit? So depending on your tier, the finance team can increase your rate to a certain extent?
When you say the next rate down is .00067, is that the absolute worst rate you can qualify for? For instance, if you have absolutely no Auto Fico score, Honda will set your rate at .00067 and then the finance team will mark it up from here?
Thank you so much for you help!
In case you are curious, I have already secured a loan from my credit union and am about to buy this car outright, I am just trying to better understand what kind of interest hike the finance team put on my fiancé. I understand they have a job to do and a family to feed,but it seems that if that MF was a little bit lower I likely never would have noticed it as being odd.
1-8 (score of 660 or higher), MF is .00016
Tier 9 and lower (score of 659 or lower), MF is .00067
So far as we know, Honda dealers either can't, or rarely, mark up the MF.
They might have been using a 3rd party lender or credit union for their leases.
Redact any personal information, and post the deal quote here.
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Thank you very much for the reply.
Unfortunately, the lease has already been signed.
I am just trying to make sense of all this.
The only good news is that I am in the process of buying the lease out myself in cash.
Honda financial told me it at this time it will cost me $25,639.30 to buy the lease outright. So including the 2 payments my fiancé already made, that full price we are paying for the car (after sales tax) is about $26,819.
Here is a copy of the meat and potatoes of the lease agreement-
https://imgur.com/a/nHNGS76
I apologize for the image being upside down, not sure how to fix it.
Anyways, my next question is, assuming I purchase this car for an all in fee of $26,819, how much would it have been if I I just purchased this car in cash outright from the beginning without going through all this leasing stuff?
The car is valued at $23,000 (according to the lease), would I be hypothetically pay that plus the sales tax (6.5%)? Or would I be paying the gross capitalized cost of $23,942 plus tax?
Thank you guys so much for helping me get a better sense of all this!
Unfortunately, the lease has already been signed.
It not too big of a deal because I'm just gonna pay for this car outright, but now my question is how much money we overpaid by signing up for this lease in the first place. Any chance you would be able to help me out by looking at the lease we already signed to figure out much this car would have been to just buy in cash outright?
You can look at my response to Michaell for a more detailed description. I also have posted a picture of the lease agreement.
Thank you so much for taking the time to help me answer some questions I have to makes sense of all this. It is much appreciated!
Plus any extra DMV charges to transfer the vehicle over to your name.
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In most states signing a contract without exchanging the item in the contract means nothing!! Because nothing has been exchanged, the dealership has not fulfilled their part of the contract. DO NOT TAKE DELIVERY UNTIL YOU HAVE CHECKED WITH THE PEOPLE I MENTIONED ABOVE.
In most states signing a contract without exchanging the item in the contract means nothing!! Because nothing has been exchanged, the dealership has not fulfilled their part of the contract. DO NOT TAKE DELIVERY UNTIL YOU HAVE CHECKED WITH THE PEOPLE I MENTIONED ABOVE.
Too late... already made two payments
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Could I get the MF, RV, and incentives for the below trims in 32820? Also, any specials for Presidents’ Day or just the February ones?
LX FWD. 36/15
EX FWD. 36/15
EX-L FWD. 36/15
54%/57%/57% residual
$1200 incentive
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$1200 incentive
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
1. Do you know if a Honda financed lease includes Gap Insurance?
2. Can a dealer inflate the MF & refuse to give Honda's special advertised rate?
3. Do Honda leases have a disposition fee?
As always, thank you for the help.
2) On subvented rates (like this one), we don't think a Honda dealer is allowed to mark up the rate.
3) Yes.. I don't know the amount, but it's likely $350. (paid at the end of the lease)
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.00016 and 59%
$1200 incentive
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
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.00016 and 54%
$1200 lease cash
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Lease cash is a factory to dealer incentive; use the knowledge of it to negotiate your best price.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
But, Edmunds can help you with that:
https://www.edmunds.com/tmv.html
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Could I please have the incentives and MF/Residual for the following 2018 CR-V models? My zip code is 60601 (Chicago).
36 mos./10k miles
EX-L AWD
Touring AWD
Thanks!
.00016 MF
59%/56% residual for EXL/Touring
$1200 incentive
10K/yr is not offered
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
My local dealership is offering the following quote on a 2018 CR-V Touring model at 36/12k. I think their numbers are pretty far off, since I'm coming up with a much lower monthly payment using the same numbers. Am I wrong?
MSRP: $34,150
Discount: $3,119.50
Adjusted Price: $31,030.50
Fees: ~$1000
Tax: $1137
Total Capitalized Cost including all fees and tax: $33,178.31
$408/month including tax with a $1000 cash down payment.
He claims he's applying the .000163 MF and 56% residual, but I'm coming up with a monthly payment of $405/month including tax with zero cash down payment when I run the numbers in the Edmunds calculator.
Who's right?
Thanks!
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Also, do you have any thoughts re the quality of the deal?
But, if the dealer is willing to honor it, I'd take it.
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Could you please tell me if this is a nice deal or not?
2018 CRV EX-L model Black color with no money down
MSRP 31,945
Final Price - 29,122
Government fee - 29.25
Proc-Doc Fee - 599
Total due at signing 496.33
RV - 18,209
MF .0025MF
12k miles and 36mo.
Monthly payment will be 496.33, I'm in area 89148 thank you!
2018 CR-V lease support has disappeared. If you didn't lease by last month, you missed your chance.
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