2020 Honda CRV: Lease Price Deals

K4L1K6K4L1K6 92109Posts: 3
edited June 2020 in Honda
I'm online shopping for a CRV EX from local dealerships.

MSRP: $28,680
Capitalized Cost: $26,290 <-- this is the lowest initial quote I received (I didn't negotiate yet)
Residual: 63%
Residual Value: $18,053
Money Factor: .00127
APR: 3%
Sales Tax: 7.75% (California)
Months: 36
Depreciation: $8,237
Monthly Depreciation: $228.81
Monthly Interest: $56.32
Monthly Payment, including tax: $307.22

*I'm ending a lease on another Honda that has a payoff amount equal to the Kelley Blue Book estimate of the vehicle. I assume this means I will be returning my car and it won't be considered for a trade-off, correct? Honda Finance told me over the phone that I am eligible for Honda Loyalty (i.e., increase from $500 to $1,000 wear and tear waiver for my lease return, $1,000 off of cap cost of new leased vehicle).

- How much lower could I fairly negotiate the capitalized cost?
- I have seen deals for a 1.9% APR. Would dealerships likely honor this?
- Is my math correct?

Thanks!

EDIT: I originally accidentally added an extra zero in the money factor. The corrected MF is .00127.

Comments

  • MichaellMichaell ColoradoPosts: 180,430
    K4L1K6 said:

    I'm online shopping for a CRV EX from local dealerships.

    MSRP: $28,680
    Capitalized Cost: $26,290

    You can't mix and match purchase and lease numbers

    The MF for the CR-V is .00137 (roughly 3.3%). This is the best rate for top tier credit.

    The 1.9% APR is if you buy the vehicle, not lease it.

    How much is due at signing for your lease quote? In CA, we recommend you only pay the first payment and DMV costs (roughly 1.1% of MSRP) at signing, and roll all other fees and such ($85 doc fee, $595 acquisition fee) into the monthly payment.

    For your existing lease, if you've made all the payments, then all you have to do is turn it in. You wouldn't be trading.

    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

Sign In or Register to comment.