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Acura TSX Lease Questions

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    dshkrabdshkrab Member Posts: 10
    mstylady,

    This was Acura of Valley Stream in Valley Stream Long Island, New York.

    They are very nice, and their priced as extremely competitive when compared to the other dealerships in my area.
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    mstyladymstylady Member Posts: 19
    dshkrab,

    I'm just starting my search and your deal sounds pretty good to me. I'm in Northern NJ, just outside NYC and it might be worth the trip out to Long Island. I see three different addresses though on Merrick Rd; are they all one and the same?
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    dshkrabdshkrab Member Posts: 10
    The one that you are looking for is 56 W. Merrick Rd. My dealers name was Vincent Crawford (last name?) or just Vince.

    Note though, that you should probably call ahead since most dealerships in the area are running low on 2008 model TSX's w/o Navigation and some even w/ Navi since they are prepping for the 2009 models next month or so. Because of that, the later you push the lower the invintory, and the deamand goes up so the price will be tougher to negotiate. I found out the hard way, in February the deal on this car was better than now...I could have had it for $330 a month with Tax or $312 or so w/o, but that was out the window as of March 4.

    Good luck in your search.....the car drives like a dream!
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi res332. The money factor that you mentioned in your post is lower than Honda Finance's current buy rate for the 2008 TSX. Its current money factor for this model is .00071. Let's work up a sample lease on this car to give you an idea of what sort of payment to shoot for. According to my calculations, if you were to lease a 2008 Acura TSX with an automatic transmission and navigation that has an MSRP of $31,005 and a selling price of $29,056 ($500 over dealer invoice) through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $375.

    I ran this lease without a down payment because it is not a good idea to make one when leasing. Consumers who do risk losing part or all of any money that they put down if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be higher, you would be better off going with a zero down lease. If you're still set on making a $2,000 capitalized cost reduction, it would reduce the monthly payment on the aforementioned lease to around $318.

    As you can see, the deal that you were quoted looks pretty good to me.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi minicheru. I just worked up a lease payment on a 2008 Acura TSX with an automatic transmission and without navigation for you to compare to the payment that you were quoted. At $500 over dealer invoice, the zero down, pre-tax monthly payment for this car would be around $327. As you can see, the payment that you were quoted for the TSX that you are interested in compares very well with the number that I came up with. If you like the car, I personally don't see any reason not to go for it.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings chipc1. Acura's current lease program for the 2008 TSX is scheduled to run through April 30th. While it is possible that the company will enhance its program prior to the scheduled end date, it is probably unlikely. It is difficult to say what this car's May lease program will be like. Its residual values will likely drop at that time, at least partially offsetting any potential enhancement in the money factor. Acura will definitely be interested in blowing out any remaining 2008 TSXs before the new 2009 model hits dealer lots. Whether they have to enhance its incentives to do will will likely ultimately depend upon how strong sales are over the next month and change.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, fairfax77. Congratulations on getting your new TSX. Thanks for stopping back and taking the time to share the details of your lease with everyone. Make sure to hop on over to the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others as well. Enjoy your new ride :shades: .

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jaxs1. The special lease program that is currently available on the 2008 TSX is being completely paid for by Acura. It should have no impact upon your ability to negotiate an attractive selling price on the car that you want. By financing you will save the acquisition fee by financing instead of leasing, but your monthly payment will be higher.

    Car_man
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello mojomets13. I just worked up a sample lease payment on the car that you are interested in for you. According to my calculations, if you were to lease a 2008 Acura TSX with an automatic transmission but without navigation at $500 over dealer invoice through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $343. At invoice the payment drops to around $329. So, it looks like you're getting this car for a couple hundred dollars over, which is an excellent deal. If you like the car, I personally don't see any reason not to go for it.

    Car_man
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    cos4cos4 Member Posts: 1
    Carman, With regard to your last post to mojomets13, what should my monthly payment be for a 12k mi 0 dn lease on an 08 tsx non navi. Is your 0 dn a sign and drive figure or is there money paid up front for fees, etc? Also, it would be helpful for me to understand how you come up with the monthly figure. I was quoted $344.82/mo (including tax) with $1410 total due at signing at a northern nj dealership this past weekend. Thanks!
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    dshkrabdshkrab Member Posts: 10
    Hey cos4, although I am not carman see this,

    I just leased a 08 TSX, you can read my post earlier. I have a 12,000 lease for 36 months, my taxes are included in my monthly payent and the only thing that I paid out of pocket was my first month payment and Aquisition/Bank fee ($1057)....thats it, nothing down, no upfront taxes.

    My monthly lease is $345 per month....I think its a pretty solid deal since other dealerships were giving me a much higher price. Only thing is and I don't know if it makes any difference, my TSX is a 5 spd Auto not a 6 spd Manual.

    Dealer is Valley Stream Acura.
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    mstyladymstylady Member Posts: 19
    After test driving both the '08 Accord EXL V6 and the '08 TSX Automatic and 6 Speed, I must have the TSX. Just love the clean, sharp lines of the TSX and the uncluttered interior.

    Following is what I was offered, don't find it to be too competitive though and appreciate any and all feedback.

    $26,630 + dest + tax + fees for all options

    BASE TSX, non-Nav, 6speed Manual
    Base TSX, $2K down, 15K miles: $367 mo.
    Base TSX, $2.5K down, 15K miles: $356 mo.
    Base TSX, $ 0 down, 15K miles: $383 mo.

    tax included in above, but not fees--to keep at monthly payments above, they want $3K down.

    Feedback please?
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    mstyladymstylady Member Posts: 19
    "2008 TSX 6speed Manual
    36month
    15k per year
    $2000 down
    $315.00 per month or $2500 down $299.00 per month

    2008 TSX 6speed Manual Navigation
    36months
    15k per year
    $2000 down
    $347.00 per month or $2500 down $332.00 per month

    These prices include all inception fees including 1st month payment, bank fee, dmv title fees, documentary fee and excludes state tax."

    what do i need to ask/be aware of? This is the best offer by far; well, maybe not since it does not includes state tax.
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    kjnormankjnorman Member Posts: 243
    I am trying to work out what I should be aiming for on a new TSX automatic without navigation.

    The current Acura deal is structured as follows (as far as I can tell):

    Base $28,190.00
    Destination Charge $715.00
    Total MRSP $28,905.00

    Residual (36 months / 30,000miles) $16,764.90

    Capitalized Cost $28,905.00

    Capitalized Cost Reduction $1,105.00
    Dealer Contribution (to reduce capitalized cost) $1,374.98
    Net Capitalized Cost $26,425.02

    Depreciation $9,660.12

    Security Deposit $0.00
    Upfront Acquisition Fee $595.00

    Money Factor 0.00071 (1.70%)
    Lease Payment $268.34
    Lease Interest $30.66
    Total Monthly Lease $299.00

    Due at signing $1,999.00 ($299 + $595 + $1,105)

    Remaining Payments $10,465.05

    Total Payable $12,464.05

    I need a plan with perhaps 13,000 per year so would I do better to recalc a residual based on 15000 per year or just to prepay 9000 miles at $0.075 (?) per mile ($675).

    I have a couple of dealers that state they will sell the car at invoice, however so far they have refused to email me the lease worksheet I have been requesting so that I can do a lease versus buy comparison.

    My question is this, if they are willing to sell the car to me at invoice ($26,630.23) if I buy it, then if I decide to lease it, should I not be able to also get the dealer contribution that is within the current Acura special leasing deal?

    I want zero down but I do not mind rolling fees into the first payment (exc tax that should be spread). So, given that our sales tax is 7.5%, dealer is quoting $150 doc fee, and we have %65 title plus $15 license transfer fee then is the following reasonable for a restructured lease deal target?

    Base $28,190.00
    Destination Charge $715.00
    Total MRSP $28,905.00

    Residual (36 months / 30,000miles) $16,764.00

    Sales Price $26,630.23
    Tax 7.5% $1,997.27
    Capitalized Cost $28,627.50
    Capitalized Cost Reduction $0
    Dealer Contribution? $1,374.98
    Pre-paid Miles -$675.00
    Net Capitalized Cost $27,927.52

    Depreciation $11,163.52

    Money Factor 0.00071 (1.70%)
    Lease Payment $310.10
    Lease Interest $32.23
    Total Monthly Lease $342.33
    Security Deposit $0.00
    Upfront Acquisition Fee $595.00
    Title $65.00
    License Transfer $15.00
    Doc Fee $150.00
    Due at signing $1,167.33
    Remaining Payments $11,981.40
    Total Payable $13,148.72

    Is this a reasonable target to go for or is my calculation totally off here?

    Carman's help greatly appreciated.
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    dshkrabdshkrab Member Posts: 10
    Hey mstylady,

    Be careful with putting money down on a car that you are leasing.
    There is no benefit to reducing the cap cost this way (except a lower monthly fee) since you are not keeping the car. Many dealers play games this way, they give you great numbers but don't tell you the whole story.

    When you put money down for a lease, you never recover it at the end of the term and since you will be giving the car back then you have wasted this amount. Also, and this is a sad but true fact...If you have an accident where the car is totaled, or the car is stolen and unrecovered, your insurance company will pay Acura the remaining outstanding balance...HOWEVER, you will not recover ANYTHING that you have put down before the lease was signed including A.) Money down B.) Taxes paid upfront or C.) Aquisition/Documentation Fee's.

    Now dealers can include Tax and Bank fee into your monthly rate, but it gets steep, however you are then seeing the true numbers. If something is to happen to your car and you did not pay all that money upfront, then your liability ends with the amount that you have paid up to that time (ie. car gets totaled after 3 months of ownership...total Taxes paid upto that point ~$150, the $150 is all you loose {since you paid nothing further down}, your insurance will cover all taxes and costs remaining.) Now if you had paid the tax upfront (~1000 +/- and lets say $1,000 for Cap Cost reduction, you would loose $2,000 in case of a loss of the vehicle.

    I made a consciouse choice to pay ONLY 1st months payment (Mandatory to drive out for Acura) and the Bank fee (Only a couple of hundred dollars). No money down, and Taxes included in my monthly payment. I have already discussed the price I pay per month in detail so feel free to look at my earlier posts.

    The trick is to lower the cost of the car to within $500 or less from the Invoice price. Or even better, AT invoice price if your dealer really needs to move his stock. Also, please make sure you are leasing ONLY through Honda and not through a third party like "HAN" since they carry a disposition fee at lease end, and are very tough on returning vehicles.

    Best of luck.
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    gforce11gforce11 Member Posts: 225
    Wow....$2500 down? ouch. Granted, the trim you seek is pretty rare, but still. I would inquire what the fees are, money factor and residual. I would not lease it unless you've actually made the calculations yourself and the numbers add up. Would you get a mortgage loan without know what kind of interest you are paying? Neither would I...
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    mstyladymstylady Member Posts: 19
    Thanks for all the info. Basically, it has come down to this. I am putting $2K down by choice as I need the lower payments, unfortunately. Taxes are paid monthly. However, the total lease price does include all inception fees including 1st month payment, bank fee, dmv title fees, documentary fee and tax @ $337/mo. I got the vehicle @ invoice and lease buy out at end of term is roughly $15K.
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    jaxs1jaxs1 Member Posts: 2,697
    People get mortgages without looking at anything other than monthly payments all the time and people also do the same buying an leasing cars everyday.
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    gforce11gforce11 Member Posts: 225
    Yeah you do have a point there. I guess in this "fast food" type society, I shouldn't have such high expectations.
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    tinomantinoman Member Posts: 1
    This is the offer I have gotten: I am getting this car in MD.

    08 TSX w/nav---12k year

    Down Payment: $3,000 (Trade-in)

    Month: $320

    Total Payments: $14,200 (term of lease)

    (Includes all taxes and fees)

    Any input would be helpful as I am in college and this is my first lease....
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    gforce11gforce11 Member Posts: 225
    I wouldn't put so much down, even if its a trade in. 1k at drive-off (for 1st month, bank fee, tires, etc...) and pocket the rest. You can put the 2k in a savings account and use it to subsidize your monthly payments.
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    dshkrabdshkrab Member Posts: 10
    Hey mstylady,

    I am glad if I helped, and that you decided on a course of action. The car does not dissapoint, I am going on 1 month here and loving it.

    As far as putting $2k down, thats your choice, I personally would say, put that into a high yield savings account (ie. ING Direct, CapitalOne, HSBC, etc...~3 to 4% APY), that way it combats inflation, and us it to cover several months of payment without the money loosing any value, but maybe that is the investment banker in me screaming out (that is what I did)....otherwise, enjoy the car and best of luck!!
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    coney1coney1 Member Posts: 2
    2008 Auto w nav
    $335/month
    $1435 down (total cost)
    10k mileage
    lease factor .00071
    cap cost $28633
    add to capcst $953
    cap reduction $1100
    adj cap cost $28868

    any deal killers here?
    lease institution listed as AHL. What is that?
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    jaxs1jaxs1 Member Posts: 2,697
    It doesn't even say how many payments.
    Are you 100% sure that you would never need to drive more than 10K miles per year even if you had to move or change jobs in a coupe years?

    You are better off taking out the $1100 cap reduction and putting it in the bank to subsidize the higher payments so it doesn't get wasted if the vehicle gets stolen/totaled shortly after you start the lease.
    If the payment is $30 higher without that $1100, then withdraw $30 a month from this account to go towards the lease payment.
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    coney1coney1 Member Posts: 2
    Thanks for the response. I did indeed leave out the 36 month lease period.
    I am getting off a 4 year lease in whic I drove 7000 miles per year.
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    gjones59gjones59 Member Posts: 1
    question on lease. heading in to dealer to work out lease agreement. can i realistically get 295 per month, 1000 down, 3.6 apr plus tax, title fees? i want to be under $300 per month at 2000 or less down. i can go 12k miles and the buyup to 15k to keep the monthly payment down. any thoughts would be appreciated.
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    vanortenvanorten Member Posts: 2
    First and foremost, when leasing, it comes down to your own knowledge and diligence to work the "leasing" game to your advantage.

    This is my second lease from AHFC and worked the internet managers from three dealerships to the grindstone. Work via the internet managers, so you don't get pinned in glass box with a used car salesman telling you that you're getting a great deal. Bottom line: They all want your business! It's all about timing and when sales are down and quotas to be met, they up the ante across the board. I was pre-qualified as a Tier-2, but since I was within 5pts of Tier-1, they bumped me up to the Tier-1 program. If your on the border, ask for the "bump" and your monthly and money-factor rates drop.

    All-in-all, I signed the deal for a 2008 TSX Auto-Navi with $700 down, 36mos, 12k/yr, $365/mo including tax with a Net Cap cost of $28.3k ($700 below invoice).

    Total time from walking in to get the keys: 90 mins. :shades:
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    gforce11gforce11 Member Posts: 225
    Thats an excellent deal. I think everyone wanting a TSX should be able to get it if they follow your advice. Can't beat that. It is definitely true that you have to shop it around and work with multiple dealers to get the best deal, if you don't, you might as well send the extra cash my way. :)
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    meecrob247meecrob247 Member Posts: 1
    1st I'd like to thank all on this site for the info. Such I help I could not thank you all enough. I have worked in the finance industry a while back so I know about loans, but when I went to lease a car is just amazes me the difference and the craziness of leasing where so much is hidden from the consumer. Thats a whole other discussion for another time, here is my question:

    I just leased a car in NY. Is it normal (or legal) for the taxes (the payment taxes, not the cap cost reduction tax) for the car to be included in the actual Gross Capitalized Cost area? Reason I ask is that what the dealer told me why there is a difference between the value of the vehicle and the gross. Also under the tax areas its all "N/A". Then there is a section "Estimated Fees and Taxes During Lease Term" which has an amount which I want to make sure I will not be billed for in the end. Can I call AHFC for them to explain this? I want to make sure I was not lyed to.

    Yaya, I know shouldn't have signed and all that, but I was in a situation where I was dumb. I am running the numbers now in excel and trying to figure all this out. Thanks guys
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    hondamattnjhondamattnj Member Posts: 53
    New York charges sales tax upfront on the depreciation as well as any cap cost reduction. You did fine.
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    mysteryguestmysteryguest Member Posts: 1
    Just completed a deal on 2008 Base TSX lease.

    Paid a total of $599.00 Down which includes first payment tags and some other tax.

    Monthly payments came out to $388.00 per month. I think it was high, but my credit score is a 674 and was told they had to pull strings to get me tier1.

    They were offering 10,000 miles in free gas @ $3.00 a gallon in the paper. When I asked they said, "sorry, we can not give that deal to you since you paid sticker on the car." Really though that was BS. Car salesman said in his own words, "they always find a way to get you." I could have said gas card or no deal, but at that point I just wanted to get out of there.
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    club_euro2club_euro2 Member Posts: 1
    Has anyone here bought out the lease. I currently have a 2008 TSX non-nav auto that i leased back in August of 2007
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    kousukekousuke Member Posts: 4
    Hi, I'm new to this forum, and I just started looking into getting a 2008 TSX and would most likely be trying to get it this month. I know stock is probably getting low especially after last months deals, and was wondering what I could expect to lease a 2008 without nav for.

    I was planning on calling a good friend's friend's dealership later this week and checking their inventory, but I thought I'd see if anyone knew the MF and residual on the car for this month before hand.

    Anyone think I have a chance at getting it at 350/month 0 down after taxes?
    I'm slightly nervous cause the cars not even on the acura website anymore...

    Thanks!
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    dad23dad23 Member Posts: 870
    Not sure about other areas, but I just checked four stores here in Denver and between them they're sitting on 4 2007s and 74 2008s. Are they gone in most other areas?
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    jfooljfool Member Posts: 15
    Northeast has plentiful stock on the 2008'.
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    vanortenvanorten Member Posts: 2
    Actually, the sooner would be wiser as '08 stock is dwinding. Even though the Acura site no longer reflects the TSX special, they won't refuse any reasonable offer. Acura is pushing the new model, so why promote a special on an '08?
    Keep in mind, the residual value is non-negotiable price set by AHFC. It's typically 56% of the MSRP. As you mentioned, your goal is to get in with nothing down. Honestly, unless the dealer is willing to give it away, you won't find a $0 down anywhere unless it's Ford or GM product. However, with $500-700 bux down, you can get your monthly around $335/mo with tax. And if you want the new model, that's $2600 down and a few greenbacks shy of $400/mo with Navi. Recenctly, I recieved another quote from a competing dealership from when I was shopping around, and they still can't beat, so I firmly believe I got a good deal.

    Bottom line:
    They want your business so be firm with your counter-offer and stick to it.
    They'll make it work!

    Good luck!
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    dshkrabdshkrab Member Posts: 10
    Hey kousuke,

    Your right the stock is getting low in the North East. I Leased my 08 non nav in early March and even then in most of NY and parts of NJ there weren't all that many cars available, especially if you are looking for a particular color.

    Only 4 dealerships had Carbon Grey Pearl (my color) in Non-Nav and automatic in the NY area with virtually no stock comming in.

    I am leasing for $345 per month, $0 down, only upfront payment was the Bank Fee and the first months payment. My taxes are included in the payment. My firend has the same car, same situation but for $335 per month only he got it in February. With this trend, expect to pay ~$345 to $370 per month (not more).

    Good luck.
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    kousukekousuke Member Posts: 4
    Thank you everyone for your responses!!

    I'll start talking to dealers next week. I am actually in the SoCal region.

    I will update on how this goes! I am now pretty confident that I'll be able to get this for 350/month.

    I was considering between this car and the new accord coupe (I4), but the TSX seems like so much more for a similar price...

    Thank you again!
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    cndnbkncndnbkn Member Posts: 76
    Can anyone give me the current stats for May promotions?

    thanks in advance
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    CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I can help you out, cndnbkn. Acura's residual values for this car vary by term, trim level and mileage allowance. Let me know what these variables are and I can tell you what your car's exact resid should be. For now I can tell you that Honda Finance's current buy rate lease money factor for a 36 month lease of an '08 TSX is .00235 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. Acura is currently providing a $1,000 dealer cash incentive on the base '08 TSX and $1,500 on models that are equipped with navigation. Make sure to take this cash into account during your negotiations.

    Car_man
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    kousukekousuke Member Posts: 4
    Car_Man,

    so was the MF on a 2008 TSX w/o Navi really 0.00071 in April, and it went up to 0.00235 for May? So the MF tripled from just last month?

    If so, I have a feeling I'm not going to be able to get a TSX for anything close to 350/month... closer to maybe 400/month....and maybe even more than that...

    Why would they do this? I'm confused, that would make the cost of leasing a 2008 almost identical to the cost of a 2009.... what would be the point of doing this? The dealer I just started talking to said they have another shipment of 2008s coming in this week, wouldn't it be in their interest to get rid of them, not only last month, but this month as well?

    I would need the dealer to get me the car at something around 23k+TTL in order to get something around 350, using 56% resid and 0.00235 MF, no?... sounds like I have a long couple of weeks ahead of me...
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    cndnbkncndnbkn Member Posts: 76
    Car_Man,
    Thanks for the response. It sounds like all the low MF's are gone now on this vehicle and unless the residuals have gotten better, which I doubt they have the good deals may be gone, though the lease cash does help. Can you tell me what the 15K, 36months residuals are for Nav and non Nav?

    Thanks,

    cndnbkn
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    gatorsfgatorsf Member Posts: 22
    I've been offered a sales price of $26,500 to buy a 2008 TSX automatic with NAV. Any thoughts on the price?

    I may choose to go the leasing route.

    Does anyone know what the residual rate would be for 36 and 42 months?
    Any current info on money factor rates? I should be able to get the best rate.

    Does Acura have a loyalty program? I would be trading in an MDX.

    Thanks
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    gforce11gforce11 Member Posts: 225
    wow NICE. Do it! Either lease or buy, i don't think it matters. That is the lowest I've seen for the TSX with navi. My wife's TSX w/o Navi was only $50 less so it's certainly a deal.
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    rleichtrleicht Member Posts: 3
    Has anyone gotten any numbers on an 09 new model? I see there are already featured leases on the new model, but does anyone know if this will continue past the end of May?
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    dorfer81dorfer81 Member Posts: 2
    I am returning my 2004 RSX in July and have recently been sent a letter saying I qualify for Honda/Acrua's loyalty lease program (up to around $31k) - Does anyone have any experience/knowledge regarding how much I can expect to pay up front if I get a new lease with Acura? Is only the security deposit "waived" (in other words, my original security deposit is not returned to me). This is my first time returning a leased vehicle. Also, since the letter came from AHFC, can I expect other Honda/Acura dealers to honor the loyalty program?

    Basically, what does the loyalty program entail?

    Thanks.
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    gforce11gforce11 Member Posts: 225
    AHFC typically doesn't charge security deposits, disposition fees and always includes GAP coverage. I don't see how the "loyalty" program is any different than the standard program they offers lesses.

    As for upfront costs, it's really up to you. If you choose to roll it into your new lease, they will do that and make your drive-off cost $0 (it makes your payments more tho). If you choose to pay the 1st month, tags, bank fee and so on, you could easily pay around $1000-$1300.
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    hondamattnjhondamattnj Member Posts: 53
    The loyalty program waives the security deposit on standard lease programs. Generally Honda waives the security deposit on subvented lease specials so there really is no loyalty program on such leases.
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    kousukekousuke Member Posts: 4
    so i know i was actually suppose to keep track of the MF and resid and cap cost when talking to the dealer but i kind of got caught up.... this is what i ended up with... not the 12k or 36 month that i wanted but ill live...

    48months
    10k/month
    360/month (everything included)
    ZERO DRIVE OFF (not even first months payment)

    hooray!!! cant wait to pick it up in a few days!!!

    good/bad?
    they showed me the screen and it said "profit= -1348" at the bottom haha... were they just trying to make me feel like i got a good deal?
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    biker4biker4 Member Posts: 746
    Hard to say but folks don't usually lease for that long - the whole point of leasing is to change the car every 3 years. If you're gonna keep it that long might as well buy it.
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