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2013 and earlier-Honda Accord Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'm here leaseme. Sorry for the delay in my response, I was away on vacation for about a week and am just starting to catch up. I haven't seen Honda's new January lease program for the 2006 Accord yet. Its residual values were only scheduled to run through December 31st. I should be able to give you an idea of what the new residuals are like later on this week if you would like. Its lease money factors are scheduled to run through January 3rd. If you were to lease a 2006 Honda Accord EX-L Sedan through Honda Finance right now for 36 months, its buy rate lease money factor should be .00192 assuming that you qualify for its top credit tier and pay a security deposit.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings Sarah. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. A vehicle's lease money factor represents the interest that you are being charged on it. Money factors are expressed in the form of a five digit decimal, such as .00150. Honda Finance's current buy rate lease money factor (the lowest possible money factor) for a 36 month lease of a 2006 Honda Accord Sedan EX is .00192. This is equivalent to an interest rate of around 4.6%. You have to qualify for Honda Finance's top credit tier and pay a security deposit to get this money factor. If you opt to have your car's security deposit waived, its money factor would increase to .00202.

    The capitalized cost that you were quoted for this car is very attractive as long as it is before the down payment that you are being asked for is being taken into account. I suggest that you ask for this deal to be based upon the exact sale selling price, but eliminate the down payment. This would make your lease payment increase slightly, but it is the right thing to do. 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 Accord would be exactly the same, regardless of whether you had put $2,000 down, or had made absolutely no down payment at all.

    Let me know if you have any other questions.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi reechz. The selling price that you were quoted for this car is very attractive. Furthermore, the money factor that you were quoted for it is right in line with the money factor for a lease of a 2006 Accord LX through Honda Finance's top credit tier with a waived security deposit (.00194). I just worked up a lease payment on this car using the prices that you mentioned, and I came up with a zero down, pre-tax monthly payment of around $247. This is a lot less than the payment that you were quoted, even after taking sales tax into account. I would ask the dealer why the payment that you were quoted is so high if I was in your situation.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi murphy123. You never mentioned the selling price or MSRP of this car. 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 car'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 of this deal if you let me know what these numbers are.

    Car_man
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  • nikinnickynikinnicky Member Posts: 17
    Hi Car_man:
    Welcome back, hope you enjoyed your vacation. When you get a chance to respond to my post #138 could you please give me the details for January? I have been holding on the lease pending verification of the mf.
    Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks nikinnicky. It was very nice. Honda just published its new January lease program yesterday. Honda still is not providing any sort of lease support on any leftover 2005 models. It is a fairly attractive lease program on the '06 Accord though. This is why the factor that you were quoted is so much higher for the '05 model that you are considering. Honda Finance's standard lease money factors, which are what you would have to use to lease an '05 Accord are currently .00380 for 24 to 33 months, .00265 for 33 to 39 months, and .00250 for 42 to 48 months. These factors assume that you pay a security deposit and qualify for Honda Finance's top credit tier. Let me know if you have any other questions.

    Car_man
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  • leasemeleaseme Member Posts: 14
    Hi - Just saw new national 36 month Accord deal (ending now in Feb). Would you know the residual and money factors on this deal for January? Looking at 36 month / 15k per year (and 12k if you have data) on Accord EX-L 4 Cyl auto? Really need the help as I did not get my last deal...ran out of time.

    also, what is the diff in residual on a EX-V6 auto?
    and does honda offer a 1 payment lease? conflicting info
    also, one question on calcs - dealer told me I am wrong not to include the delivery charges in MSRP but all the calculators seem to do this - how should I calc it?
    thanks in advance
  • leasemeleaseme Member Posts: 14
    Whats the best way to get the info in MSG #161??? I know you are busy but I could use the details...thanks
  • nikinnickynikinnicky Member Posts: 17
    Thanks car_man, you're the greatest! Thanks to your input I was able to tell the dealer that I knew they were inflating the money factor, and they backed down. When they gave me the info last month the residual was 50%. This month they say it's 41%. Thanks to you and previous posts of yours that I have read, I know the residual cannot be manipulated, but this seems like a drastic drop in one month. What say you my auto oracle? Thanks
  • cuzzy80cuzzy80 Member Posts: 8
    Hi Car Man,
    Thanks for your previous post, I appreciate it. I had read through the leasing section of Edmunds which I found to be a gold! The Fleet Manager was a little awkward when I haggled the price and then asked for a lease quote. He said "well that's a different story". I just went with it, because I figured I'd just come back here to post the conversation. But then, I was hit by a major road block. Apparently, my name was never on the first car, that my mom helped me by. While my credit is "good", my FICA score is a whooping 635. The Fleet Manager said Honda was very strict on first time buyers. I asked about the Graduate Program and he said there would be little difference in interest rates and lease deals. Any helpful hints on how to get a good deal with this horrible score? What tier does this put me in? Third? Ugh!! I'm very disappointed. I've seen other dealers, Mitsubishi, just play w/ interest rates w/o using the score (it seemed shady), but perhaps they were desperate to get the cars off the lot. I don't know if it's worth shopping dealers or if I'm just SOL. I realize I can utilize a co-signer (which is available) but I'm trying to buy a car independently...maybe my pride will turn out to be too costly!

    After my credit score was pulled, I was quoted $349 for 48 mos or I could finance for 5 years at $404 a month. This was like a shot in the stomach. Bah humbug. Any suggestions would be appreciated.

    OTHER QUESTIONS

    Right now, is 20,500 good price sell price before taxes, document feeds, lic? (At this point I'm still debating on lease or finance)

    Is it true that as of the New Year, Honda has stopped offering the option of buying their extended warranty sometime before the 3 year warranty expired? Because they were "loosing too much money" Is it true that you must buy the extended warranty within the first 6,000 miles? Have you heard this?

    If I can strategize a way to independently buy the car, when is the next best time to buy? I feel like I just lost out on the best time to buy. I read some posts about buying in March.
  • leasemeleaseme Member Posts: 14
    Hi - Just viewed the new national 36 month Accord deal (ending now in Feb). Would you know the residuals and money factors on this deal for January / Feb? I am trying to calculate a price on a EX-L auto 4cl and EX-V6 and need some help quickly.

    Looking at 36 month / 15k per year (and 12k if you have data) on Accord EX-L 4 and V6 auto? Really need the help as I did not get my last deal...ran out of time. trying to get lease soon - so please help

    and does honda offer a 1 payment lease? conflicting info
    also, one question on calcs - dealer told me I am wrong not to include the delivery charges in MSRP but all the calculators seem to do this - how should I calc it?
    thanks in advance
  • goscfightongoscfighton Member Posts: 21
    hey Carman,

    Thanks for this service. I've been actively persuing an Audi A4 deal, but after the 4th, the numbers don't look so good. Do you have the current money factor and residuals for an ACCORD EX V6 12K and 15k for 24 and 36 months? Thank you.
  • leasemeleaseme Member Posts: 14
    is this info hard to come by - see above posts re: EX and EXV6 money factors and residuals...any help would be great!

    thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi leaseme. If you were to lease any 2006 Honda Accord EX-L 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%. The residual value for an otherwise identical lease with only 12,000 miles per year would be 2% higher. Destination charges should be included in your vehicle's MSRP when you calculate its lease payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks nikinnicky. This car's residual values definitely did not drop 9 points on one month. Honda Finance's current 36 month, 15,000 mile per year residual value for a 2005 Accord Sedan EX 4-cylinder is 48%. Its 12,000 miles per year residual value is 2% higher than that.

    Car_man
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  • leasemeleaseme Member Posts: 14
    thanks carman -very helpful
    2 last ?'s...
    1. does the residual change for a V-6 EX-L or are they the same as the EX-L 4Cyl auto?
    2. does honda offer a 1 payment lease option
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem cuzzy80. I'm sorry to hear that your credit score is lower than you thought it would be. You still should be able to lease this car through Honda Finance, just using a higher money factor than if your credit was in good shape. I see that you mentioned possibly financing this car. If you decide to go this route, make sure to get pre-approved to finance the car that you want by a local bank or credit union prior to discussing rates with your dealer. Doing so serves two purposes, it gives you an idea of what sort of interest rate to expect and it may motivate your dealer to beat the rate that you have been pre-approved at. Either way, financing your new Accord should help improve your credit score so that you qualify for a more attractive rate the next time around.

    I'd be happy to give you my opinion on the selling price that you were quoted if you let me know what the MSRP of this car is. Also, make sure to stop by the following discussion: "Honda Accord: Prices Paid & Buying Experience". It has tons of information on the prices that other community members have paid for similar vehicles lately.

    I haven't heard that Honda now only allows the purchase of extended warranties for the first 6,000 miles of its vehicles' lives. I suppose that anything is possible, but this sounds strange to me. It should be easy enough to confirm though. Remember that you do not necessarily have to purchase your car's extended warranty from the dealer that you bought it at or the one that you plan on using for service. You are free to buy it from any Honda dealer. Shop around via telephone or the Internet at sites like www.hondacares.com or www.jayhondacare.com/Pricing.htm to name a few for the level of coverage that you want. Once you have an attractive price quote, you can always go back to your dealer and give them an opportunity to match it.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi leaseme. I believe that I answered the identical post that you made on this subject yesterday. Let me know if you can't find my response and I;d be happy to answer these questions for you again.

    In answer to your new question, I don't believe that Honda Finance offers a one pay lease option. I am not positive though, so it wouldn't hurt to ask your dealer to make certain that this is the case.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome goscfighton. Here is the info that you're looking for. If you were to lease a 2006 Honda Accord Sedan EX V6 through Honda Finance right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00140 and 66%, respectively. The numbers for an otherwise identical 36 month lease should be .00140 and 56%. If you were to lease this car with only 12,000 miles per year, its 24 month residual would be 1% higher and its 36 month residual would be 2% higher.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, leaseme. I believe that Accords with leather interiors have the same lease program as their counterparts with cloth interiors.

    Car_man
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  • darknightx13darknightx13 Member Posts: 11
    Hi Car Man
    I've been lurking on the forums for a few weeks now as I've narrowed my new car lease choices down to the Accord Coupe EX-V6 and the Acura TSX. I think I've got some good numbers going for the TSX (does a MF of 0.0027 for 15K 36mos lease and Residual of 61% sound right??) but I'm less sure about the numbers i'm being quoted for the Accord. I think the dealer said 0.00192 and 58%, but i'm worried he might have been repeating numbers I'd used during our conversation back to me. Are those numbers consistent with what they should be right now? What would be the difference on an otherwise identical lease with 12K miles.
    Thank you!
  • leivt103leivt103 Member Posts: 1
    Hey, can anyone suggest the right #'s for a 24 mo. lease on an LX 4dr sedan with 12k miles? The best monthly payment quote I've gotten is $318 (before tax) with about $600 due on signing (1st mo payment + license, fees, etc.). I'd like to know if folks think that is fair and what the residual value should be. Thanks for any help!
  • xtacxtac Member Posts: 1
    Hi,

    I'm getting a Honda Accord LX 4CYl for 36 month lease, 12k miles. I'm getting it through honda at $319/mo. Credit wasnt so good so i couldn't get it at the original $272 that I was quoted for. Can someone tell me if this is a good price? what should I ask for, what should I know, this is my first new car, and I want to make the best decision.

    Also it's the black/black coupe
  • binny_lbinny_l Member Posts: 7
    Hi Car man,
    I'm getting a quote of 20363+550(dest)+ Fees on the EX (MSRP 23950). My FICO is 703. What should the AHFS lease details be on a 36 month closed end with 15000 miles? Dealer in Oxnard California.
    What should the residual, money factor and estimated fees be, with a total down of $2000.00?
    I am a little confused about the residual too. Should it be a % of the MSRP or the 20363? Also, is the sales tax added before computing the Amount to be financed?
    Thanks for the help.
  • lmhudlmhud Member Posts: 1
    My daughter totalled her car and I'm trying to get her back in a new honda for the best mo. payment. I'm new to buying the vehicles for the fam and looking for advice. I can get the new '06 honda accord for appx. $239 mo with $1999 plus applicable fees. I was looking at this vs. just buying/leasing a civic. The dealer said the civic would be appx. $20-30 mo. more than the new lease deal on the accord. My problem is I don't have a lot to put down and was trying to get a decent payment with ) down. I'm trying to stay from the $230-$270 range a month. We have great credit. Any thoughts from anyone. Also, may be a stupid question, but can I negotiate the price on a lease deal? I didn't know if Honda would be negotiating much since they seem to be selling vehicles right now...
  • blaneblane Member Posts: 2,017
    lmhud,

    You should check back a month or two in this forum and read the many valuable comments that would affect your concerns. Try starting at page 5 or 6.
  • binny_lbinny_l Member Posts: 7
    Seems like Carman is on vacation once more. Anyone else Please?
  • binny_lbinny_l Member Posts: 7
    Hi,
    $22600 Out the door. EX+leather
    36 months 15K miles $2000 down. 703 FICO.
    What should the lease rates be?
    Thanks
  • blaneblane Member Posts: 2,017
    If he had read your post, CarMan would have recommended that you not to put that $2,000 down when leasing. Look back at his earlier posts.
  • binny_lbinny_l Member Posts: 7
    I think I will put $1000 down.
    I still need the numbers.
    Help anyone?
  • binny_lbinny_l Member Posts: 7
    Forgot to mention. MSRP 24950.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi darknightx13. Yes, the numbers that you were quoted for the Acura TSX look about right to me. If you were to lease a 2006 Honda Accord Coupe EX-L V6 without navigation 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 .00076 and 55%, respectively. As you can see this is a lot different than the numbers the dealer that you are working with mentioned. If you were to lease this car with only 12,000 miles per year, its residual value would be 2% higher.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings leivt103. If you were to lease a 2006 Honda Accord LX 4-cylinder Sedan through Honda Finance right now for 24 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00152 and 67%, respectively. I'd be happy to give you an idea of what this car's lease payment should be like using this lease program, but in order for me to do so I need you to tell me its full MSRP and selling price.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi binny_l. Let's work up a lease payment on this car for you and see what we come up with. According to my calculations, if you were to lease a 2006 Honda Accord EX 4-cylinder Sedan with an MSRP of $23,950 and a selling price of $20,913 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $257. I used a money factor of .00140 and a residual value of 56% to arrive at this payment. Vehicles' residual values are always based upon a percentage of their full MSRPs, including destination charges and any options that are allowed to be residualized. The rules for calculating sales tax on leased vehicles vary from state to state. You may be able to find out more information on how sales tax is calculated in your area by visiting the following site: California Department of Motor Vehicles.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi lmhud. You absolutely can negotiate the selling prices of leased vehicles. Sure Honda is selling tons of cars right now, but they are doing so in part because most dealers are willing to provide decent discounts to consumers. I suggest that you stop by the following discussion to find out approximately how much you should pay for the Accord that you are interested in for your daughter: "Honda Accord: Prices Paid & Buying Experience". Once you know how much you should pay for the car that you want, stop back and let me know along with its MSRP, how long you want to lease it for, and how many miles per year you need to be able to drive it and I will be happy to estimate what your lease payment should be like on it for you using Honda Finance's actual current lease program.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey binny. Blane is absolutely right. 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 Accord would be exactly the same, regardless of whether you had put $2,000 down, $1,000 down, or had made absolutely no down payment at all.

    Car_man
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  • jsbarjsbar Member Posts: 9
    I think I've read on here that the money factor for an 06 Accord EXV6 w/nav, 12k yr, is .00140 thru January. Should I expect to get this (assuming my credit is A+) or is it common to give a little back? If so, how much over the .00140 should I be willing to go? Thanks.
  • leasemeleaseme Member Posts: 14
    Decided to get another '06 Accord - this time EXV6 -4Door auto - dealer said lease values change this week...any chance you have the 3 year / 15k miles per year info for this car...what are the residual and the money factors...are they .00076 or .0014 - and also how does it change if I go with the 4cylEX-L (what I now have)...are they any other new incentives to the dealers - cash back, etc. on these cars? seems to be a wide range in pricing

    thanks - you saved me thousands on deal #1 - thank you. please help with deal #2!
  • leasemeleaseme Member Posts: 14
    Decided to get another '06 Accord - this time EXV6 -4Door auto - dealer said lease values change this week...any chance you have the 3 year / 15k miles per year info for this car...what are the residual and the money factors...are they .00076 or .0014 - and also how does it change if I go with the 4cylEX-L (what I now have)...are they any other new incentives to the dealers - cash back, etc. on these cars? seems to be a wide range in pricing

    thanks - you saved me thousands on deal #1 - thank you. please help with deal #2!
  • hooincthooinct Member Posts: 1
    Currently have the following lease deal pending:
    2006 Honda Accord EX V6 automatic sedan (non-navi), 24 month lease, 12,000 miles per year, $1000 total out of pocket, $346/month (does not include tax). This is on a silver ext./black int. sedan with a $27,300 MSRP (plus $550 destination charge). Is this a decent deal? Thanks.
  • jaxs1jaxs1 Member Posts: 2,697
    24 months, 24K miles and 24 months 30K miles
    $0 down
    MSRP $29850
    Selling price $27,000

    Thanks.
  • jaxs1jaxs1 Member Posts: 2,697
    24 months, 24K miles and 24 months 30K miles
    $0 down
    MSRP $25650
    Selling price $23100

    Thanks.
  • schlossjischlossji Member Posts: 1
    Can anybody tell me what a good lease rate would be on a 3 year lease on a 4-door Accord EX? I have one payment left on my current 2-door EX @ $285. I was offered $500 down, 12,000 miles year @ $308/month (including my one payment of $285 factored in). Can I do better? Can I get leather or a V6 (LX orEX) for close to the same amount? Please let me know your thoughts.
  • carjunkie24carjunkie24 Member Posts: 3
    Do you think it would be possible to get a 2006 Honda Accord Coupe EX V-6 5-Spd AT w/ Nav/ XM Radio for $500 below invoice? I know MSRP is $29,000 and Invoice is $26,455. Will a dealer laugh at a price of $25,955 and not get back to me or is that a good price to go for? A dealer told me today that the Accord coupes are not selling well in my area.

    I am looking to put down $500 for a 42 month lease with 12,000 miles per year. I asked a dealer about residual and a money factor with tier 1 credit when I was test driving the car. All they wanted to do was run numbers. I would not allow them to check my credit score and walked out. I want to test all of the numbers out online first.

    Car Man, can you please give me the residual on a 2006 Honda Accord Coupe EX V-6 5-Spd AT w/ Nav/ XM Radio for 42 and 36 month leases. Also, could you give me a ballpark monthly payment with $500 down and 12,000 miles per year.

    Thanks a TON!
  • carjunkie24carjunkie24 Member Posts: 3
    These are the numbers that I have put into the lease calculator on leaseguide. Can you please tell me if these numbers are anywhere close to happening? I have not gone through these numbers with a dealer yet.

    I want the "Costs Added To Lease" rolled into the monthly payment. I know that I will pay interest on that amount but that is okay.

    MSRP: 29940
    Base Cap Cost: 25955
    Costs Added To Lease: 1700
    Cap Cost Reductions: 500
    Adjusted Cap Cost: 27155
    Residual Value: 15868
    Money Factor: .00192
    Term (months): 42
    Sales Tax: 8%

    Monthly Payment: $351.34 + $28.11 Tax or $379.45 Per Month

    Thanks Car_man!!!!
  • leasemeleaseme Member Posts: 14
    Decided to get another '06 Accord - this time EXV6 -4Door auto - dealer said lease values change this week...any chance you have the 3 year / 15k miles per year info for this car...what are the residual and the money factors...are they .00076 or .0014 - and also how does it change if I go with the 4cylEX-L (what I now have)...are they any other new incentives to the dealers - cash back, etc. on these cars? seems to be a wide range in pricing
    I keep seeing .00076 but dealer said that is not out yet? help...pllllleeeease


    thanks - you saved me thousands on deal #1 - thank you. please help with deal #2!
  • asleepyasleepy Member Posts: 70
    I see that on automobiles.honda.com, they are advertising special leases for Accords. Does any one know if this promotion is new? It said that the offers are good through 02/28/06. I wanted to get a sense of if Honda would continue the promotion into March. My current lease expires at the end of March.
  • asleepyasleepy Member Posts: 70
    leaseme,

    I have seen, on other boards, the .00076 MF on Accord Coupes being available since Jan. 11. In addition, honda.com is advertising "special leases" for Accords right now and given the low advertised monthly payments ($289 for an EX V6 auto with $2000 drive off for 36 mos./12K per year lease), it looks like the .00076 MF is in effect now.

    - A.
  • jaxs1jaxs1 Member Posts: 2,697
    Does anyone know if the special rates apply to 2 years leases and to the LX-V6 sedans?
  • asleepyasleepy Member Posts: 70
    I'm not saying this is 100% accurate but this is what I saw posted for 2 years on a different board for LX-V6 sedans:

    24 mo/12k mi – Residual Value 62% of MSRP – .00152 Base Money Factor Rate
    24 mo/15k mi – Residual Value 61% of MSRP – .00152 Base Money Factor Rate

    I would take these figures and run them through a leasing calculator to check the final payment and compare it to what the dealer offers you. Remember that dealers can mark up the MF rates. honda.com offers "certificates" that you can print out and take to the dealer to get the "special leases" and I suppose if the dealer plays dumb and says he does not know what you are talking about, you can show that to them to make them stick to the deal.

    - A.
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