In this a good lease deal??

gj22

Hi Everyone,

As you know the car market and leasing prices are through the roof due to the chip shortage.
I recently found a Honda Hr-v Sport for lease.... after talking with the salesperson we landed on this deal...

$355 a month, 36 months, 12k miles, and $2,500 down (Includes fees, taxes, first month payment and a little bit down)

the car will be arriving this week and all I have done is put a $500 deposit to reserve the vehicle...however I haven't signed anything and I just wanted to double-check if this is a good deal.

The vehicle will be taxed under this zip code... 07407. I am also attaching the link to the dealership's website of the vehicle.

https://mahwahhonda.com/new/Honda/2022-Honda-HR-V-d2b299be0a0e09a91b4e6e9a597f6872.htm

Thanks in advance,
GM

Michaell

gj22 said:

Hi Everyone,

As you know the car market and leasing prices are through the roof due to the chip shortage.
I recently found a Honda Hr-v Sport for lease.... after talking with the salesperson we landed on this deal...

$355 a month, 36 months, 12k miles, and $2,500 down (Includes fees, taxes, first month payment and a little bit down)

the car will be arriving this week and all I have done is put a $500 deposit to reserve the vehicle...however I haven't signed anything and I just wanted to double-check if this is a good deal.

The vehicle will be taxed under this zip code... 07407. I am also attaching the link to the dealership's website of the vehicle.

https://mahwahhonda.com/new/Honda/2022-Honda-HR-V-d2b299be0a0e09a91b4e6e9a597f6872.htm

Thanks in advance,
GM

What is the MSRP and selling price?

.00120 MF and 62% for 36/12 on the HR-V Sport.

Do you have the exact breakdown of the $2500 up front?

gj22

Michaell said:

gj22 said:

Hi Everyone,

As you know the car market and leasing prices are through the roof due to the chip shortage.
I recently found a Honda Hr-v Sport for lease.... after talking with the salesperson we landed on this deal...

$355 a month, 36 months, 12k miles, and $2,500 down (Includes fees, taxes, first month payment and a little bit down)

the car will be arriving this week and all I have done is put a $500 deposit to reserve the vehicle...however I haven't signed anything and I just wanted to double-check if this is a good deal.

The vehicle will be taxed under this zip code... 07407. I am also attaching the link to the dealership's website of the vehicle.

https://mahwahhonda.com/new/Honda/2022-Honda-HR-V-d2b299be0a0e09a91b4e6e9a597f6872.htm

Thanks in advance,
GM

What is the MSRP and selling price?

.00120 MF and 62% for 36/12 on the HR-V Sport.

Do you have the exact breakdown of the $2500 up front?

Hi Michaell!

I lost the paperwork for the outline of the deal. I was planning on asking them to send it over tomorrow…when I get that additional information I’ll be sure to share it!

Nmensagirl2

Is this a good deal?? I signed a lease deal for a 2024 Honda Passport Trailsport AWD and want to make sure I’m not getting screwed. Also I am turning in my lease 2020 Honda Accord Ex has 20, 0000 miles on it and in perfect condition. Appraised at $21,000. Appraisal equity they said was $5564.48 .

The deal was $1400 fees INCLUDES the first month payment and taxes. Then $305 per month 36/10. Zip code 33428 tax in Florida is 7%.

MSRP on the window said $46,089.00
On the paperwork lease agreement says: $7,464.48
Breakdown is 500 rebate
Cash down is $1400

I feel like I could have gotten a better deal…but I’m not sure. If not, am I able to cancel the deal if I already signed everything ? I haven’t picked up the car yet and I still have my Honda accord in my possession.

kyfdx

Nmensagirl2 said:

Is this a good deal?? I signed a lease deal for a 2024 Honda Passport Trailsport AWD and want to make sure I’m not getting screwed. Also I am turning in my lease 2020 Honda Accord Ex has 20, 0000 miles on it and in perfect condition. Appraised at $21,000. Appraisal equity they said was $5564.48 .

The deal was $1400 fees INCLUDES the first month payment and taxes. Then $305 per month 36/10. Zip code 33428 tax in Florida is 7%.

MSRP on the window said $46,089.00

On the paperwork lease agreement says: $7,464.48

Breakdown is 500 rebate

Cash down is $1400

I feel like I could have gotten a better deal…but I’m not sure. If not, am I able to cancel the deal if I already signed everything ? I haven’t picked up the car yet and I still have my Honda accord in my possession.

I don't know what $7,464.48 is supposed to be.

You surely won't get that much equity out of your lease, except at another Honda dealer.

We need the actual MSRP (bottom line of the window sticker), the selling price and the adjusted CAP cost to hazard a guess.

The total outlay compared to MSRP makes it seem like a reasonable deal.

Nmensagirl2

Also on the lease agreement it says agreed upon value of the vehicle says gross cap cost at $41,000 and cap cost reduction $6915.00
Adjust cap cost $36,000
Residual $29651.00
And later I realized they indicate transfer my plate instead of a new plate…

kyfdx

Nmensagirl2 said:

Also on the lease agreement it says agreed upon value of the vehicle says gross cap cost at $41,000 and cap cost reduction $6915.00

Adjust cap cost $36,000

Residual $29651.00

And later I realized they indicate transfer my plate instead of a new plate…

I don't see any issues with the deal. Can you do better? Maybe. The only way to know is to shop more Honda dealers.

Nmensagirl2

Now I see the base lease payment on the agreement is 285.87 sales tax being $20.00.

kyfdx

Nmensagirl2 said:

Now I see the base lease payment on the agreement is 285.87 sales tax being $20.00.

Yeah.. sales tax is 7% on the payment. Plus, all of your CAP reduction is taxed upfront, at the same rate.

Nmensagirl2

What would have been my absolute bottom lease payment if I didn’t have the equity and still put only $1400.00

kyfdx

Nmensagirl2 said:

What would have been my absolute bottom lease payment if I didn’t have the equity and still put only $1400.00

I don't know about the bottom line.. but, if you take away the $5564 of equity, the payment goes up by $176/mo.

Nmensagirl2

Can I still get out of this agreement if I find a better deal?

Nmensagirl2

Are there fees that I can ask them to waive in order to get my payment down to $285/mo incl tax/intrest ?

kyfdx

Nmensagirl2 said:

Can I still get out of this agreement if I find a better deal?

Probably, but if you've left them a deposit, that might be problematic.

Sounds like you have a bad case of buyer's remorse, and I'm not sure why?

kyfdx

Nmensagirl2 said:

Are there fees that I can ask them to waive in order to get my payment down to $285/mo incl tax/intrest ?

If you want it for $20/mo less, then ask them to drop the price by $700. You shouldn't care how they do it, or what fees are charged.

Nmensagirl2

Do you feel I got a good deal for this car?

kyfdx

Nmensagirl2 said:

Do you feel I got a good deal for this car?

Everything I have to say is in my previous replies... scroll back and read again.

Nmensagirl2

I guess I should’ve just asked if this was a good deal or not. I don’t know how to determine if it’s a good deal or not.