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I found this deal on a Civic Sport Sedan, but I cannot figure out if it is good with all the fees

mick_jagger2011mick_jagger2011 Posts: 9
edited September 5 in Honda
So, as the title says, I got this deal from a dealership in the 85224 area, and I had a good idea going in, but after getting the numbers with all the fees and whatnot, I don't know if this is a good lease or not. Could anyone have a look and tell me if it looks okay with a $0 down?

With $0 down, the monthly lease for a 36/12 term is $351.

Comments

  • MichaellMichaell ColoradoPosts: 121,216

    So, as the title says, I got this deal from a dealership in the 85224 area, and I had a good idea going in, but after getting the numbers with all the fees and whatnot, I don't know if this is a good lease or not. Could anyone have a look and tell me if it looks okay with a $0 down?

    With $0 down, the monthly lease for a 36/12 term is $351.

    $350/mo for a $23K car is not a good deal.

    And, you'll notice that the header of that box says "purchase option". So, not all of those numbers are valid for a lease, and there are missing numbers that you need to know about.

    Ask the dealer for a lease worksheet, and we can evaluate.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • Michaell said:

    So, as the title says, I got this deal from a dealership in the 85224 area, and I had a good idea going in, but after getting the numbers with all the fees and whatnot, I don't know if this is a good lease or not. Could anyone have a look and tell me if it looks okay with a $0 down?

    With $0 down, the monthly lease for a 36/12 term is $351.

    $350/mo for a $23K car is not a good deal.

    And, you'll notice that the header of that box says "purchase option". So, not all of those numbers are valid for a lease, and there are missing numbers that you need to know about.

    Ask the dealer for a lease worksheet, and we can evaluate.
    Hi, thank you! Here is the lease worksheet:

  • kyfdxkyfdx Everywhere, USAPosts: 127,859

    Michaell said:

    So, as the title says, I got this deal from a dealership in the 85224 area, and I had a good idea going in, but after getting the numbers with all the fees and whatnot, I don't know if this is a good lease or not. Could anyone have a look and tell me if it looks okay with a $0 down?

    With $0 down, the monthly lease for a 36/12 term is $351.

    $350/mo for a $23K car is not a good deal.

    And, you'll notice that the header of that box says "purchase option". So, not all of those numbers are valid for a lease, and there are missing numbers that you need to know about.

    Ask the dealer for a lease worksheet, and we can evaluate.
    Hi, thank you! Here is the lease worksheet:

    Something is seriously wrong with the Rent Charge.
    Do you have poor credit?

    .00089 MF and 59% residual

    The rent charge with top tier credit and that money factor is about $32/mo. or around $1150.
    The rent charge on the lease worksheet is $3330!!

    I don't see a disclosure of the money factor on that sheet, but that's where the issue is.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • kyfdx said:

    Michaell said:

    So, as the title says, I got this deal from a dealership in the 85224 area, and I had a good idea going in, but after getting the numbers with all the fees and whatnot, I don't know if this is a good lease or not. Could anyone have a look and tell me if it looks okay with a $0 down?

    With $0 down, the monthly lease for a 36/12 term is $351.

    $350/mo for a $23K car is not a good deal.

    And, you'll notice that the header of that box says "purchase option". So, not all of those numbers are valid for a lease, and there are missing numbers that you need to know about.

    Ask the dealer for a lease worksheet, and we can evaluate.
    Hi, thank you! Here is the lease worksheet:

    Something is seriously wrong with the Rent Charge.
    Do you have poor credit?

    .00089 MF and 59% residual

    The rent charge with top tier credit and that money factor is about $32/mo. or around $1150.
    The rent charge on the lease worksheet is $3330!!

    I don't see a disclosure of the money factor on that sheet, but that's where the issue is.
    According to them the MF is 0.0026. I don’t think they are giving me a decent deal and not really disclosing stuff wel.
  • MichaellMichaell ColoradoPosts: 121,216

    kyfdx said:

    Michaell said:

    So, as the title says, I got this deal from a dealership in the 85224 area, and I had a good idea going in, but after getting the numbers with all the fees and whatnot, I don't know if this is a good lease or not. Could anyone have a look and tell me if it looks okay with a $0 down?

    With $0 down, the monthly lease for a 36/12 term is $351.

    $350/mo for a $23K car is not a good deal.

    And, you'll notice that the header of that box says "purchase option". So, not all of those numbers are valid for a lease, and there are missing numbers that you need to know about.

    Ask the dealer for a lease worksheet, and we can evaluate.
    Hi, thank you! Here is the lease worksheet:

    Something is seriously wrong with the Rent Charge.
    Do you have poor credit?

    .00089 MF and 59% residual

    The rent charge with top tier credit and that money factor is about $32/mo. or around $1150.
    The rent charge on the lease worksheet is $3330!!

    I don't see a disclosure of the money factor on that sheet, but that's where the issue is.
    According to them the MF is 0.0026. I don’t think they are giving me a decent deal and not really disclosing stuff wel.
    Ask them what bank they are using.

    There is a rational explanation for this - you've just got to ask the right questions to get the information from them.

    If they continue to play 'hide the numbers', I'd find another dealer.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • kyfdxkyfdx Everywhere, USAPosts: 127,859

    kyfdx said:

    Michaell said:

    So, as the title says, I got this deal from a dealership in the 85224 area, and I had a good idea going in, but after getting the numbers with all the fees and whatnot, I don't know if this is a good lease or not. Could anyone have a look and tell me if it looks okay with a $0 down?

    With $0 down, the monthly lease for a 36/12 term is $351.

    $350/mo for a $23K car is not a good deal.

    And, you'll notice that the header of that box says "purchase option". So, not all of those numbers are valid for a lease, and there are missing numbers that you need to know about.

    Ask the dealer for a lease worksheet, and we can evaluate.
    Hi, thank you! Here is the lease worksheet:

    Something is seriously wrong with the Rent Charge.
    Do you have poor credit?

    .00089 MF and 59% residual

    The rent charge with top tier credit and that money factor is about $32/mo. or around $1150.
    The rent charge on the lease worksheet is $3330!!

    I don't see a disclosure of the money factor on that sheet, but that's where the issue is.
    According to them the MF is 0.0026. I don’t think they are giving me a decent deal and not really disclosing stuff wel.
    If your credit is good, something is seriously off.

    Try another dealer. A reasonable payment will be $60-$70 less than your quote.

    If your credit is not good, that is a different story.

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • lowmoneyfactorlowmoneyfactor Posts: 46
    edited September 7
    @mick_jagger2011 Dealer worksheet numbers are bad; here is a form from a spreadsheet worked out for you based on what you would sign at closing. It may be of some help. You should next ask for a sample regulation M form which you as lessee would sign cause I believe even with the bad numbers the dealership is hiding and/or wrong on stuff.

    Especially would like feedback from masters @kyfdx and/or @Michaell on the form: even with the lousy dealer offer the spreadsheet indicated customer would have inception of only $147 not $500?!?

    It's off by some pennies here-n-there but believe it to be a solid representation of what the customer would sign....

    6.24% interest (mf .0026).

    image
  • kyfdxkyfdx Everywhere, USAPosts: 127,859

    @mick_jagger2011 Dealer worksheet numbers are bad; here is a form from a spreadsheet worked out for you based on what you would sign at closing. It may be of some help. You should next ask for a sample regulation M form which you as lessee would sign cause I believe even with the bad numbers the dealership is hiding and/or wrong on stuff.

    Especially would like feedback from masters @kyfdx and/or @Michaell on the form: even with the lousy dealer offer the spreadsheet indicated customer would have inception of only $147 not $500?!?

    It's off by some pennies here-n-there but believe it to be a solid representation of what the customer would sign....

    6.24% interest (mf .0026).

    image

    You didn't add the first payment into the amount Due at Signing

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • lowmoneyfactorlowmoneyfactor Posts: 46
    edited September 9
    kyfdx said:

    @mick_jagger2011 Dealer worksheet numbers are bad; here is a form from a spreadsheet worked out for you based on what you would sign at closing. It may be of some help. You should next ask for a sample regulation M form which you as lessee would sign cause I believe even with the bad numbers the dealership is hiding and/or wrong on stuff.

    Especially would like feedback from masters @kyfdx and/or @Michaell on the form: even with the lousy dealer offer the spreadsheet indicated customer would have inception of only $147 not $500?!?

    It's off by some pennies here-n-there but believe it to be a solid representation of what the customer would sign....

    6.24% interest (mf .0026).

    image

    You didn't add the first payment into the amount Due at Signing
    You're RIGHT @kyfdx.

    Thank you for your feedback!

    @mick_jagger2011 Jeez, what a bad deal.
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