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Does anyone know if Acura will finance the $19,692 for us if we choose to keep it, or do we have to use an outside loan company/bank to finance it as a used vehicle? How exactly does it work if you don't want to pull $20 K from your investments? Really not familiar on the way lease terminations work.
Also, our Acura Financial statement says that they cannot give a payoff for another calendar date because "The Payoff Calendar cannot be used for this account. You may have an Illinois payoff sales tax credit available to you. If you are in the last six months of your Lease please contact the Lease Maturity Center at 1-800-708-6555, otherwise please call your branch at 1-800-542-6632 to obtain your payoff quote."
Does anyone in Illinois know if a payoff sales tax credit applies to leases? My guess is no. Yes, we will call AFS, but no humans are there until Monday, so I figured I try here just in case someone knew.)
Thanks in advance.
Erika
Honda does not help you if for example you wanted to have a friend (third Party) buy the car as HFC will only title the sale to you. I'd love to hear how you make out as I have a lease closing out in July with AHFC in Illinois.
You will need to pay sales tax in IL. The sales tax will be included in your lease payoff. You will not be "double taxed". Sales tax on a leased vehicle is paid based on the cost of the lease, not the MSRP of the vehicle. If your lease payment (for ease of math) is $100 per month for 36 months, than you pay sales tax on the $100 x 36 = $3,600 cost of the lease. Then, when you purchase the vehicle at lease maturity, you pay sales tax on the purchase price (residual value) of the car. So yes, you pay taxes twice, but you no you are not double taxed.
In regard to AFS not be "willing" to allow a leasee to sell the leased vehicle to a third party, it's not a question of being willing. They are not able to by law. The finance company does have and cannot obtain a dealer license, which is required by law, to sell vehicles that they do not privately own and operate. In most cases, finance companies would love for leasees to sell their vehicles, it would cut out a lot of the costs associated with lease turn in, reconditioning and resale. The finance company is only permitted to sell the vehicle to party on the existing contract.
Hope that helps with a few things. If you have questions, feel free to discuss with your finance company. They're all fighting for market share and customer service and is sought after like you couldn't imagine, in this industry. Dealerships haggle, but the finance companies deal in volume and will lay out any option available (few due to laws) to you.
I forgot to address the question regarding lease payoff and IL tax credit. Your payoff cannot be quoted online for a future date in IL, because of how the taxes were accessed when you leased the vehicle. You paid the sales tax for the entire lease "upfront". If you payoff the lease early, you are credited the difference of the tax paid on the portion of the lease that you didn't pay, because you bought the car. Yes, you will still pay tax on the higher payoff ( your payoff will be higher than the residual because not all of the lease payments are made if you buy it before the lease matures) but that's IL. And just in case you're wondering, the residual value of the vehicle is the predicted value of you vehicle at the lease maturity. The finance companies have to guestimate this value and stick with it...they're pretty good at it. This is why vehicles with high resale values have attractive lease payments. The payments are determined by the depreciation amount over the time you want to lease the vehicle.
We did manage to call AFS last week to find out about the tax credit for our situation. Acura would finance the vehicle as a used car like you said, but we would not be eligible for the tax credit through them. If we finance through anyone else (Chase, credit union, etc) we get a tax credit for the residual value at the end of our lease (around $19K). Apparently, we pay the dealership for the residual value plus the 7.25% vehicle sales tax and then we will get the tax back after the whole process is over with - a check from AFS. Not a bad deal for us financially, I think.
Thanks so much. At least we have the Acura figured out for the May lease termination date. Next weekend is Odyssey trade-in time.
Thank you!
For my area, using Edmunds TMV and TrueCar I'm seeing an average selling price of about 34.4k -- does that normally represent the "out the door" cost, or would there normally be doc fees, handling fees on top of that?
Also interested in Feb numbers, but I suspect those aren't available yet.
Thanks in advance!
The last time I checked, Acura was running a volume-based stairstep program on the TSX. This program provides escalating amounts of dealer cash on this vehicle, depending upon how many the dealer sells, anywhere from nothing all the way up to $800 per car.
There's also some $250 dealer cash certificates on this car floating around out there.
Car_man
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I believe that the TMV price is before any fees are added.
The above lease program is scheduled to run through the end of February, but Acura does reserve the right to make unscheduled changes to it.
Car_man
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I see you posted the January numbers for 15K/year SportWagon Tech model lease ( .00061 and 57%), how would this numbers differ for SportWagon Base model with 10K/year 36 months lease? Thank you very much!!
$2000 out of pocket - $350 disposition fee for my '09 VW that Acura agreed to cover, so $1650 overall out of pocket, with fees and 1st payment included.
36 months, 10K/year - $260 month + tax 9% ($23) = $283/month
MSRP: $32045
Selling price was: $30160, the dealer said there was also a $1000 incentive from Acura, so I assume $29160 is the final price (?). I did not ask what money factor or residual they were using though. Hope this helps someone.
How does Acura deal with early lease termination and leasing a new vehicle. I have a leased Honda Insight Nav with leather. I have 1 year to go on my lease. If I wanted to lease a new Acura TSX now would they require me to pay the remaining payments on my lease? I have very low miles on it (13500).
hey, I'm not an expert on this, but from my experience this kind of deals are done on an individual basis. I think a lot will depend on how anxious the dealer will be to sell you a car. They can offer you to buy out your Insight and roll the equity (if it has any) into your new lease, just be carefull so they don't rip you off and add negative equity to your payments. Otherwise, I don't see how would you terminate your lease early without making the remaining payments, if the car is not paid off. Then again, I'm not an expert, may be there are other ways too. I would suggest talking to the dealers directly, ask them what they can do for you, if you don't like their answer, call someone else. Also, there was a leasing company that agreed to buy out my car, but the best they could do in my case was $2000 lower than the actual buy-out quote was, so I did not go with it. It can be different in your situation though. Hope this helps.
The lease agreement would be for the 2012 Acura Tsx Technology package:
36 months @ 10k per year with $2500 down total. It includes all lease fees, taxes & Tags. (includes 1st month payment) you would have 35 months remaining. Your total monthly payment comes to $365 per month., the residual is $19,939.
Chances are your Tsx will be worth more than that amount after your 36 month lease expires. That way, you have the option to buy out your lease or sell it before your lease expires.
As to the actual price, I've got around $400 per month for 12K miles per year with everything included. This is with NJ tax and MV. Seems to be about $24 per month or $864 better that Braners47 is offered. $375 per month means another $900 off the price and could be tough to get.
Car_man
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Car_man
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The numbers for an otherwise identical lease of a '12 TSX Tech are .00064 and 54%.
Car_man
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Do you have the current lease rates for a 2012 TSX SE 6speed man, 12,000 miles.
Also, does anyone know if Acura dealers tend to offer some sort of loyalty program? I leased my '08 TSX and then purchased it from the dealer at lease end. I'd like to trade it in at the same dealer with hopes of getting a better deal on a new one.
Thanks,
Rasky
Honda Finance's March buy rate lease money factor and residual value for a 36-month lease of a 2012 TSX SE with 12,000 miles per year are .00064 and 59%, respectively for consumers who qualify for its "Super Preferred" credit tier.
Acura is providing $500 dealer cash on the 2012 TSX right now, but I don't believe that it has any owner loyalty offers on it at this time.
Car_man
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I'd like to offer the dealer what I believe is a fair price for the car (2012 TSX SE). Would the below figures seem correct?
Using TrueCar Target price of $30,020 and paying TTL up front. (Does $1200-1500 seem about right for all the TTL and fees in Minnesota?)
MSRP: $31695
Base Cap Cost: $30020
Costs Added to lease: $0 (paying up front)
Cap Cost Reductions: $0
Adjust Cap Cost: $30020
Residual value: $18700
Term: 36 months
Sales Tax %: 6.875% (I think)
Monthly Payment = $345.63 + $23.76 tax. (total monthly payment of $369.39)
Thanks,
Rasky
Residual: $18,417
Money Factor: 0.00064
Monthly Payment: $311 + Tax (36 months)
I did pay for my first month, but nothing else out of pocket. Nothing down, no acquisition fees or title/registration fees.
Other details: I was currently leasing a 2010 base TSX with 16 months left on the 36 month lease. Payoff was $23,173.38. I only had 9,800 miles on the car. Edmunds says the dealer retail is $23,380 or $25,205 as certified used. I assume they are using some cash there to lower the cost of the car. Plus maybe some Acura loyalty cash in the back end.
How did I do?
documentation, acquisition, dmv, tire tax and first month = $1,500 up front / $306(month including NJ tax) and no additional money down.
Car_man
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Once you have a selling price price that you are comfortable with, have the dealer use Acura's buy rate lease money factor of .00064 to calculate your payment and you're in business.
Car_man
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Can you post the April money factor, residual, and dealer cash for the TSX SE and Base? 10k per year/36 month term. Thanks!
Can you also include the
April money factor, residual, and dealer cash for the TSX Wagon Base and Tech package? 12k per year/36 month term. Thanks!
Sorry if it is already posted
What are the April money factor and residual values for the Base 2012 TSX Sedan with a 15K/yr lease w/ 36mo. term? What would you consider a solid deal for a monthly payment with $1000 down?
If you could also provide the Tech money factor and residual that would be awesome.
Thanks for your help!
So I have an offer for a base TSX @ 27,057. The terms are:
36 months
12k miles
.00064 money factor
59%
18110 residual value
Monthly payment $318 (290 base, remainder tax)
And approximately 350 in registration fees.
Is this a good deal?
Thanks!
The numbers for an otherwise identical lease of a '12 TSX SE are .00064 and 60%.
Car_man
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Acura's April buy rate lease money factor and residual value for a 36-month lease of a 2012 TSX Wagon Base with 12,000 miles per year are .00064 and 60%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.
The numbers for an otherwise identical lease of a '12 TSX Wagon Tech are .00064 and 57%.
When negotiating your deal on these cars, make sure to take advantage of the $500 dealer cash that is currently available on them.
Car_man
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The money factor for the Tech model is the same, but its residual values are 3% lower.
When negotiating your deal on this car, make sure to take advantage of the $500 dealer cash that is currently available on it. If I was in the market for this car, I personally would shoot for a selling price of a couple hundred dollars over dealer invoice minus this cash. You can find this car's invoice price over in the New Vehicle Pricing section of Edmunds.com.
Car_man
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Car_man
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Car_man
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BTW, what is TSX Premium? Are you in US? If not any comparison just does not make sense.
Please let me know if anyone has a formula (or web page) that can explain a way to calculate a good price to purchase the car at the end of a lease?
Thank you!
After some more searching around I found a dealer in KS willing to sell me the 2012 TSX SE with 6spd for $29420, which I rolled into a lease. I flew from MN to KS yesterday to take delivery. The sales person picked me up from the airport and I drove it the 455 mile trip back to MN...I still have a quarter tank of gas left too!
Rasky
TSA Base. I got a quote to buy $27,900 (including Destination fee) Also lease 36 months 15K/year. $352.00. Is this good deal? Any advise?
selling price $27,900 plus tax.
35 months $595 at signing for DMV and fees.
15k miles/ year
Money factor: .000460 (super preferred credit)
Residual or the amount to buy the lease out: $17,306.80
Is this good deal?
Thank you.
Hope you are well. Could you post the MF, residual, and any lease incentives for the TSX Base and SE; 36 months/10k per year. I would appreciate it. Thanks.