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2013 and earlier-Acura MDX Lease Questions

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  • sestesodsestesod Member Posts: 4
    Hi Car_man,
    I am interested in leasing an Acura MDX. Got Touring quote of:
    price of the vehicle- 40.5K
    36 Month/36,000 Mile Lease
    $522.03 per month including tax with $545.03 due at signing (includes first month's payment, license plate transfer, and title)
    OR
    $460.18 per month including tax with $2,603.18 due at signing (includes $2,000.00 down, tax on down payment, first month's payment, license plate transfer, and title). I have little to no intention of buying it out after the lease is up. Are these lease figures competitive in MI?
    Thanks - Sam
  • dr3dr3 Member Posts: 1
    assuming all other factors/components being equal, is it normally more economical to get a 1 yr ,2 yr or 3 yr lease? I need to lease mdx now but understand redesigned mdx coming out later this year. When newer style hits market I will already be into some type of mdx lease but I will want to get newer , restyled mdx. So should I consider only 1 yr lease, getting restyled mdx after 1 yr lease expires or should I now go for longer term lease and try to negotiate up front some type of "trade in" for when newer style arrives? Do I have any other alternatives in this situation? I would never want to lease any model more than 3 years. your site is very informative. thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Sorry to hear about your car (or truck in this case) troubles, karey1211. You're in good shape though if your Grand Cherokee is worth twice as much as you owe on it. You can still trade in a vehicle when leasing if you want to. It is in your best interest to have the dealer that you are working with cut you a check for your truck rather than use the proceeds as a down payment on your new lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Grand Cherokee would be exactly the same, regardless of whether you had put $6,000 down, or had made absolutely no down payment at all.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Sam. You're off to a good start since you already know the selling price of the truck that you want. Make sure to stop by the "Acura MDX: Prices Paid & Buying Experience" discussion to compare the price that you were quoted to the prices that other community members have paid for similar vehicles lately. I'd be happy to give you my opinion on the lease payment that you were quoted, but in order for me to do so I need to know this truck's full MSRP. It is a necessary part of the monthly payment calculation equation. Let me know and I'll tell you what I think.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello dr3. As a general rule, new vehicles experience their highest rate of depreciation over the first year of ownership. Depreciation is one of the two main components of lease payments, the other being interest charges. Again generally speaking, the larger the number of payments that one has to spread the a vehicle's large initial depreciation hit out over, i.e. the longer the lease, the lower their lease payment will be. Of course, there are exceptions to this, such as the special 24 month leases that BMW is running on a number of models right now. With the 2006 Acura MDX, you definitely will be better off going with a 36 month lease than a 24 month lease. You may want to consider holding onto your current vehicle, by either holding off on selling it or if it is a lease by trying to extend your deal, rather than entering into a very expensive short term lease or even worse trying to get out of a longer lease early to get into a redesigned MDX.

    Car_man
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  • phillyrunphillyrun Member Posts: 2
    Car_man

    I have been getting quotes on the 06 MDX from internet managers in my area. For the touring package (no Nav or dvd) the best quote so far is $36,117 not including tax and tags. Destination charge is included. This is in PA. I think this is a competitive rate. I have not told them I am leasing. When I was in the showroom of one dealer to test drive they said lease an 06 standard package for 36 months was $399 currently. That was with a higher vehicle price (About 37 ish). What lease payment should I expect with this price of 36,117? Also I want to trade in a vehicle. I was told to hold that thought until I get the lease payment and then tell them. I'd like to ask them for a check for the trade in independent of the lease so they don't blur the value in the lease calculations? Lastly is there any gain by purchasing in Delaware where there is no tax or will I have to pay the tax when I do the docs for PA? Thanks so much. Any advise is appreciated.

    -KM
  • sysman0sysman0 Member Posts: 6
    CarMan, need your assistance. Looking in Miami, Fl at a basic 06 MDX. Terms= 36 mths, 12k/yr, MSRP 37,740, car price 34,041, they want 1,800 down for 1st mnth ptymt & fees and 467+tx monthly lease payment. This seems alittle high to me. Thanks for your help. :)
  • doc5778doc5778 Member Posts: 1
    Car_man,

    Need your help. I'm looking at leasing an 06 MDX with tour/nav/res. MSRP is $44,815 including destination and I've been quoted $582/month, pre-tax, with zero down (other than first month, fees and taxes)on a 36 month/15,000 miles per year lease. I was told the residual is $24,200 or 54% (assuming Honda finance with top credit). Is this residual accurate? Also, your thoughts on the $582/month? Thanks for your help. DOC
  • njdealguynjdealguy Member Posts: 13
    Hello,

    I am trying to lease an 06 MDX Touring with DVD and NAV.

    I am being given a money factor of .00140 and a 57% residual? Is this right for NJ and PA area? Or should I be lookinig for a higher residual rate.

    Thank You in advance.
  • maddbankmaddbank Member Posts: 5
    Hello CarMan. I did not do any lease research beforehand and I believe I got screwed. I bought in Houston, TX.

    2006 MDX Touring no nav/no dvd
    36 month - 30,000 miles
    24,700 residual(61%)
    money factor:0.00125
    trade in of 4,000
    monthly payment including taxes and all: $487
    (they did throw in the side molding for "free")
    What do you think?
  • maddbankmaddbank Member Posts: 5
    I should also add that I paid zero money out of pocket. I just signed and drove away.

    Hello CarMan. I did not do any lease research beforehand and I believe I got screwed. I bought in Houston, TX.

    2006 MDX Touring no nav/no dvd
    36 month - 30,000 miles
    24,700 residual(61%)
    money factor:0.00125
    trade in of 4,000
    monthly payment including taxes and all: $487
    (they did throw in the side molding for "free")
    What do you think?
  • iglightiglight Member Posts: 15
    Hello phillyrun,

    Keep in mind that the money factor they are using on the 06 standard package is .0014, and it is good on ALL MDX models, they just don't advertise it.

    I don't know the sales tax in PA, but in NJ we have 6%. different sales tax affects each pyment. In NJ your payments would be roughly $445/mo with no cap cost reduction for 10K mi. a year. Decrease it by 6%, apply PA sales tax, and you have a number to shoot for.

    Now, at .0014 money factor you should expect a $3 (trhree)increment/decrement of a montly payment for every $100 increment/decrement of the up-front-negotiated price.

    if your lease is for more than 10K a year, the residual changes and the payments do, too - apply $15/$500 formula

    Good luck
  • iglightiglight Member Posts: 15
    Hello maddbank,

    Sorry to butt in. I don't think you got screwed, per se. If you drove off without paying a penny, meaning they rolled all the fees and the 1st month payment into the rest of your payments, it means that they gave you a lease out of full MSRP of the vehicle. Were you to negotiate the price up-front, you could have had your monthly payment reduced.
  • maddbankmaddbank Member Posts: 5
    Thanks for the response iglight.

    From the math that I have done since leasing the vehicle, the monthly payment would have been about right had I added the DVD system.

    Oh well, I guess you live and learn.
  • njdealguynjdealguy Member Posts: 13
    Just got one and I love it...

    MSRP:44,815

    Price Paid: 40,000

    Lease Deal...

    Money Factor the standard: .00140
    Residual: 57%

    $2000.00 out of pocket (Cap Cost)

    Monthly payment: $520.00

    Good deal or bad deal? Any thoughts?
  • macrpalmermacrpalmer Member Posts: 2
    I'd like to lease an MDX Touring w/Nav and keep the payment in the $450 per month category. I've gotten the local Acura dealer to consider a cost plus $500 scenario. I need the 15K miles per year option and would be willing to lease the vehicle for 48 months. Am I dreaming to think this is doable? Is leasing through Honda better than a local bank/leasing company?

    Thanks for your help.
  • macrpalmermacrpalmer Member Posts: 2
    How much cash would I need to put down to get a payment down to the $450 mo. neighborhood?
  • iglightiglight Member Posts: 15
    Under no circumstances should you pay more than 38.5K for fully loaded MDX. You can probably negotiate it down to about 38,300 before destination. Currently, the cheapest lease is 36 mo, they are running the special until 2/28.

    For the said price, and assuming 57% residual (not sure for 15K) you can get a $450/mo payment by putting down $2000.

    Hope it helps
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi phillyrun. I'd be happy to give you an idea of what sort of lease payment to expect on the MDX with a selling price of $36,117 that you are considering. However, in order for me to do so I need you to provide me with its full MSRP (with the destination charge added in). treating your trade as a separate transaction is a smart idea. Not only will it keep your lease transaction simple, but it's never a good idea to make large down payments on leases anyhow.

    Unfortunately, you will not be able to avoid paying Pennsylvania sales tax by getting your new vehicle in Delaware. When you go to register your MDX in PA you will get hit with a bill for the sales tax.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'd be happy to help you out, sysman0. According to my calculations, if you were to lease a base 2006 Acura MDX with an MSRP of $37,740 and a selling price of $34,041 through Honda Finance right now for 36 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around $386. As you can see, this is A LOT lower than the payment that you were quoted. You need to either renegotiate with this dealer or shop around to find one that is more reasonable.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings doc5778. Honda Finance's current 36 month, 15,000 mile per year buy rate lease money factor and residual value for a lease of a 2006 Acura MDX Touring with the navigation and entertainment systems are .00140 and 54%, respectively. I'd be happy to work up a lease payment on the truck that you are interested in for you, but in order for me to do so I need you to provide me with its selling price. Always remember that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. You should be able to get an idea of how much you will have to pay for this truck by visiting the following discussion: "Acura MDX: Prices Paid & Buying Experience".

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi njdealguy. The money factor that you were quoted for this truck is right on the money. Vehicles' residual values vary depending upon their mileage allowance and length of lease. The 57% residual value that you were quoted is correct for a 36 month lease of this truck with 10,000 miles per year. Vehicles' residual values are set by the bank that you are leasing through and individual dealers do not have any authority to alter them.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi maddbank. You never mentioned the selling price or MSRP of the truck that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion on your deal if you let me know what these numbers are. Without doing any calculations, I have to say that your lease payment does look a little high though.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on your new truck, njdealguy. I'd be happy to give you my opinion on this deal if you provide me with a little more information, including how long this lease is, how many miles per year you are allowed to drive, and your truck's selling price. All of this information should be listed on your contract.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello macrpalmer. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your leased MDX would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all.

    I'd be happy to estimate what your lease payment should be on the truck that you are considering if you provide me with its MSRP and selling price. If you can get it for $500 over invoice, you can sub the invoice price for an actual selling price. This information is available in the following section of this site: Edmunds.com New Vehicle Pricing.

    Car_man
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  • maddbankmaddbank Member Posts: 5
    Car Man,

    The MSRP incl destination charge was 40,565. I did not negotiate price as I was not aware you could do that on a lease, so, the selling price was the same. I did not pay anything at closing outside of the trade in.

    Please look at my post you originally responded to to get my other stats and please let me know how bad I got screwed so I can start to get over it.
    Thanks.
  • njdealguynjdealguy Member Posts: 13
    MSRP:44,815

    Price Paid: 40,000

    Lease Deal...

    Money Factor the standard: .00140

    Residual: 57%

    $2000.00 out of pocket (Cap Cost)

    Monthly payment: $520.00

    36 months
    12k per year
    purchase price was 40,000

    Good deal or bad deal? Any thoughts?
  • chrismang1chrismang1 Member Posts: 9
    Hi CarMan:

    Please advise MF and RES for 3 year lease, 15K mi per year for an MDX Touring with Nav in PA. Thanks!
  • njmdxnjmdx Member Posts: 17
    Car Man -

    can you give me the monthly lease price on a 2006 MDX Touring with Nav? 12000 miles and 36 months. I'm being quoted a cap cost of 38,195 plus destination fee. Are the Feb figures still .00140 and 58% residual?
  • iglightiglight Member Posts: 15
    hi njmdx,

    I picked up my MDX Touring in Ramsey NJ last week, and, according to them, the residual and the money factor are good till 2/28. My cap cost w/out destination fee ended up being 35,200 and the NAV adds another 2,400 - you can probably do better than 38,195.
  • njmdxnjmdx Member Posts: 17
    I think i have a pretty good price for an Acura MDX lease, but the dealership wants to charge me a bank fee, a doc fee, plus the obvious DMV fees. All told, the fees come to about $1500 (this is with nothing down - destination fee is rolled into cap cost and monthly payments).

    Does this sound fishy to anybody? Which fees should I expect to pay at signing?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks for the additional informaiton, maddbank. I'm sorry to say that if you paid full MSRP for the MDX that you leased that you are definitely paying much more than you should for it. What's done is done and there's no way to unwind your deal so try not to get too upset about it. Doing so will ruin the pleasure that you get from driving your cool new truck. You'll just have to chalk it up as an expensive lesson learned and do more research next time you are in the market.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi njdealguy. The selling price that you were quoted for this truck looks very attractive to me. The money factor that you mentioned is right in line with Acura's base money factor for this truck as well. I just plugged the numbers that you mentioned in your post into my trusty lease calculator and came up with a zero down, pre-tax monthly payment of around $506. This is a little lower than the payment that you were quoted, but this could be explained if your payment includes tax or if you decided to have your security deposit waived.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi chrismang1. If you were to lease a 2006 Acura MDX Touring with navigation but without the entertainment system through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00140 and 56%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi njmdx. The lease money factor and residual value that you mentioned are right on the money. I would be happy to use them to calculate a lease payment on this truck for you, however in order for me to do so I need you to provide me with its full MSRP. This is one of necessary inputs for calculating a vehicle's lease payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello njmdx. Honda Finance charges an acquisition fee of $595 on every vehicle that it leases. Dealers do not have any authority to waive this charge. The DMV fees are not negotiable either. The "doc fee" is though. Some dealers charge a standard doc fee on every vehicle that they sell or lease. This fee really isn't anything more than a way for them to pad your vehicle's price. If you feel as though the total price that you are paying for your MDX, including this fee, is less than or equivalent to what you could get it for elsewhere, don't worry about the charge. If it make your truck's total price a little high, you may want to try to get the dealer that you are working with to lower your vehicle's price by the amount of the fee or shop around.

    As far as what you should pay at lease signing goes, consumers who lease are usually required to pay their vehicle's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 or $50 increment, their bank's acquisition fee, and any required state taxes or fees at signing. Honda Finance will waive its security deposit requirement in exchange for an increase of .00010 in your vehicle's money factor if you would like.

    Car_man
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  • karynlkarynl Member Posts: 1
    Leasing is new to me, but it's the way I need to go. I would appreciate your help.
    I am trading in my 03 Grand AM (30k), which I owe $14,221 (!). the dealer is giving me $9,000 toward the car. I will pay the difference owed as money down. I am in PA, so tax is 6%.

    MDX w/ touring pkg.
    MSRP: $40,565
    Sell price: $37,300
    residual: 60%
    money factor: .0016
    Money down: $6,000 ($5221 for pontiac and the rest towards MDX)
    12K for 36 months
    Monthly ptmt: $529. 10

    Now, the salesman called last night & said they adjusted my pontiac some and they can now do $521/month (tax incl) with $5,000 down. I am not sure if they altered the residual and $ factor for this price.

    Look forward to your opinion.
    KL
  • njmdxnjmdx Member Posts: 17
    Got what i think is a really good price on a 2006 MDX Touring w/Navi. MSRP $43,315 including destination.

    I've been quoted a cap cost of $38,200 - including destination.

    Lease payment of $495/month for 36 months/12k miles.

    Just taxes, fees, and first month due at signing for a total of $1604.

    What do you think Car Man?
  • psdutchpsdutch Member Posts: 2
    I have spent the past couple of days researching how to negotiate a lease. I feel comfortable now going in to negotiate one(this will be my first). I currently have a 2002 Jeep Gr. Cherokee that I owe about $12,400 on.

    Ideally, I am looking to get a lease with no money down(as I have read here and other places that putting $$ down for a down payment is not necessary) and I have about $1000 to work with for cost and the signing of the lease.

    Listings say that my Jeep's trade in value is$10,035 and the Resale value is about $13,100. I would rate the car in good condition.

    Three questions:
    1) Can I reasonably expect a dealer to give me what I owe for my car(or more if I can get it from them)?
    2) Is is realistic for me to go in there with only $1000 to use for any cost when/if I go to sign my lease(none of that $1000 will go towards any downpayment)?
    3) Current deals are$399/month 36 months/12,000 miles a year. I need 15,000 a year. I am thinking of negotiating an addition 3,000 a year at .05 cents a mile into the lease. Does this sound possible and is it a good idea?
  • kyfdxkyfdx Moderator Posts: 235,188
    1) Assuming that your car is worth $10,035 on trade.. what you owe on it isn't relevant... The dealer may roll that extra money into your lease (which means you'll pay for it over the next 36 months), or you'll have to come up with the difference upfront.. Possibly, your Jeep is extra nice, and they'll give you more than $10K for it.

    2) You can probably get out the door for only $1000 in cash... but, if you have to roll over negative equity from your Jeep, then that will raise your payment..

    3) The residual percentage to go from 12K/yr to 15K/yr is 2% lower.. This will add $600-$700 to the total cost of your lease ($17-$20 per month).. and isn't really negotiable... But, that comes out to about $0.08-$0.09 per mile, so you aren't far off..

    regards,
    kyfdx
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  • dsnj06dsnj06 Member Posts: 3
    That is a nice deal. Do you mind sharing dealer name?
  • njmdxnjmdx Member Posts: 17
    Try Acura of Ramsey or DCH Montclair. Both were right around this price.
  • iglightiglight Member Posts: 15
    Hello dsnj06,

    I concur with hjmdx. My Ramsey Acura price was also 5K below MSRP. Montclair was actually couple of hundred more.
  • njmdxnjmdx Member Posts: 17
    Here were the final numbers for my deal:
    - 2006 MDX Touring with Navi
    - Ipod Link + installation
    - Wood Trim + installation
    - All Weather Mats
    - Wheel Locks
    - Rear Cargo Tray

    all for $512/month + $1500 due at signing (includes 1st month, bank fee, DMV etc)
  • iglightiglight Member Posts: 15
    hello njmdx,

    sounds like a great deal. based on the price you've mentioned before the monthly payment is right on the money; looks like they've charged you for accessories upfront. I've leased a Touring for 36/10,000; my only add-on were chrome steps. I left $850 at Ramsey and my payment is $450/mo
  • love2driveinctlove2driveinct Member Posts: 80
    Although the lease deals on the 06 MDX's look pretty good right now, I am wondering a few things...

    a) will they get even better the closer we get to the 07 turnout because they will want to get rid of the 06's?

    b) or will they pretty much stay the same?

    c) what will the 07 lease deals look like in comparison?

    The AHFC rep mentioned that there are often some great incentives when a vehicle first comes out, but I just don't know if what they will offer on the new 07 can even compare to what we can get now.

    I am currently on a 2-yr Ody lease set to expire in April, but AHFC will let me extend on a month-to-month basis if I want (which I could use to take me to the fall or whenever the 07 comes out).

    Car man or anyone else -- any thoughts?
  • fsudreyerfsudreyer Member Posts: 28
    Just leased a "06 touring w/ res for 500.00 month 36 months and 1k total out of pocket from acura of south florida. Great sales manager and salesman. I don't think I was there more than 1 hour total. (did some talking over the phone, though). hope this helps anyone in the south florida area.
  • carseekerladycarseekerlady Member Posts: 1
    Hello Car experts. Please can you offer some help/advice?
    I would like to lease an Acura MDX.. I was thinking of the base model (bt should I go for the touring?) because of the price difference.
    I have one sale price quote from a dealer in the Bay Area of $32,700. Is this a good price? I want to lease the vehicle for about 2 or 3 years, need 15k miles per year and would like my payments to be no more than $400. I don't want to have to put too much cash down either - maybe $1000 to drive it off.. or a little more if needs be.
    Please can you advise?

    Thanks
  • jeffe1jeffe1 Member Posts: 1
    I am very new to leasing. How do I know that I am not getting taken when I lease an MDX Touring model? I need 36 months/15K miles & would like the NAVI system.
    What other information should I be armed with when I see a dealer? I'll have $2500-3,000 to put down on the vehicle.
    I want to keep the payment under $500 a month. Is this possible? Thank you.
  • love2driveinctlove2driveinct Member Posts: 80
    Check out www.leaseguide.com. They do a great job of explaining how leases work, how the payments are calculated, and how to know if you are getting a good deal. If you take some time to read over everything on this site, you will be able to calculate your own lease payment and know what to look for before going into the dealer.

    I'm sure that the host could sum it up better than I could, but basically the most important factors in how much the lease costs you are:

    1) The "Selling" Price -- yes, this is negotiable!
    2) The residual value -- as mentioned by another poster, this is set by the bank. But it helps to shop for vehicles that typically have higher residual values because that means the vehicle will be worth more when you turn it in -- thus, you will pay less since you are basically paying the depreciation on the vehicle.
    3) The money factor -- this is also set by the bank, but again, you want to shop for vehicles which currently have a low money factor.

    Obviously if you have already decided on a vehicle, then you don't really need to worry about #2 and #3. The main thing you'll be doing is negotiating that final selling price as low as possible, just like you were buying it.

    You can take the numbers they give you for residual value percentage and money factor and plug them into the calculations explained on leaseguide.com, then you will know if your payment is accurate. If you don't have time to do that, I think some of the hosts here can do it for you.

    Good luck to you! HTH
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