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2013 and earlier-Honda Accord Lease Questions

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  • goscfightongoscfighton Member Posts: 21
    How about the numbers (mf and residual) on the EX L and EX V6

    24 and 36 month----12000 and 15000 miles.
    Thanks.
  • carjunkie24carjunkie24 Member Posts: 3
    2006 Honda Accord 2dr Coupe EX

    24 mo/15k mi – Residual Value 64% of MSRP – .00076 Base Money Factor Rate
    36 mo/15k mi – Residual Value 55% of MSRP – .00076 Base Money Factor Rate
    48 mo/15k mi – Residual Value 45% of MSRP – .00250 Base Money Factor Rate
    60 mo/15k mi – Residual Value 34% of MSRP – .00440 Base Money Factor Rate

    24 mo/12k mi – Residual Value 65% of MSRP – .00076 Base Money Factor Rate
    36 mo/12k mi – Residual Value 57% of MSRP – .00076 Base Money Factor Rate
    48 mo/12k mi – Residual Value 47% of MSRP – .00250 Base Money Factor Rate

    2006 Honda Accord 2dr Coupe EX-L

    24 mo/15k mi – Residual Value 64% of MSRP – .00076 Base Money Factor Rate
    36 mo/15k mi – Residual Value 55% of MSRP – .00076 Base Money Factor Rate
    48 mo/15k mi – Residual Value 45% of MSRP – .00250 Base Money Factor Rate
    60 mo/15k mi – Residual Value 34% of MSRP – .00440 Base Money Factor Rate

    24 mo/12k mi – Residual Value 65% of MSRP – .00076 Base Money Factor Rate
    36 mo/12k mi – Residual Value 57% of MSRP – .00076 Base Money Factor Rate
    48 mo/12k mi – Residual Value 47% of MSRP – .00250 Base Money Factor Rate

    2006 Honda Accord 2dr Coupe EX-L (V6)

    24 mo/15k mi – Residual Value 64% of MSRP – .00076 Base Money Factor Rate
    36 mo/15k mi – Residual Value 55% of MSRP – .00076 Base Money Factor Rate
    48 mo/15k mi – Residual Value 45% of MSRP – .00250 Base Money Factor Rate
    60 mo/15k mi – Residual Value 34% of MSRP – .00440 Base Money Factor Rate

    24 mo/12k mi – Residual Value 65% of MSRP – .00076 Base Money Factor Rate
    36 mo/12k mi – Residual Value 57% of MSRP – .00076 Base Money Factor Rate
    48 mo/12k mi – Residual Value 47% of MSRP – .00250 Base Money Factor Rate

    2006 Honda Accord 2dr Coupe EX-L w/ Navigation

    24 mo/15k mi – Residual Value 61% of MSRP – .00076 Base Money Factor Rate
    36 mo/15k mi – Residual Value 52% of MSRP – .00076 Base Money Factor Rate
    48 mo/15k mi – Residual Value 42% of MSRP – .00250 Base Money Factor Rate
    60 mo/15k mi – Residual Value 33% of MSRP – .00440 Base Money Factor Rate

    24 mo/12k mi – Residual Value 62% of MSRP – .00076 Base Money Factor Rate
    36 mo/12k mi – Residual Value 54% of MSRP – .00076 Base Money Factor Rate
    48 mo/12k mi – Residual Value 44% of MSRP – .00250 Base Money Factor Rate

    2006 Honda Accord 2dr Coupe EX-L w/ Navigation (V6)

    24 mo/15k mi – Residual Value 61% of MSRP – .00076 Base Money Factor Rate
    36 mo/15k mi – Residual Value 52% of MSRP – .00076 Base Money Factor Rate
    48 mo/15k mi – Residual Value 42% of MSRP – .00250 Base Money Factor Rate
    60 mo/15k mi – Residual Value 33% of MSRP – .00440 Base Money Factor Rate

    24 mo/12k mi – Residual Value 62% of MSRP – .00076 Base Money Factor Rate
    36 mo/12k mi – Residual Value 54% of MSRP – .00076 Base Money Factor Rate
    48 mo/12k mi – Residual Value 44% of MSRP – .00250 Base Money Factor Rate

    2006 Honda Accord 2dr Coupe EX-L w/ Navigation PZEV

    24 mo/15k mi – Residual Value 61% of MSRP – .00076 Base Money Factor Rate
    36 mo/15k mi – Residual Value 52% of MSRP – .00076 Base Money Factor Rate
    48 mo/15k mi – Residual Value 42% of MSRP – .00250 Base Money Factor Rate
    60 mo/15k mi – Residual Value 33% of MSRP – .00440 Base Money Factor Rate

    24 mo/12k mi – Residual Value 62% of MSRP – .00076 Base Money Factor Rate
    36 mo/12k mi – Residual Value 54% of MSRP – .00076 Base Money Factor Rate
    48 mo/12k mi – Residual Value 44% of MSRP – .00250 Base Money Factor Rate
  • mannyyunkmannyyunk Member Posts: 4
    I am hoping somebody can help me. I am looking to lease for the first time and I don't want to get scammed. I have my sights set on a 2006 Accord Sedan LX V-6 w/ automatic trans. Graphite pearl exterior, leather interior. I have $1000 or $2000 to put down. I'd rather put down the lesser payment but I do not want my monthly payments to exceed $300-$325. What tips/advice can you give me to make this happen? Or am i completely off-base?
    Any help you guys can give is greatly appreciated!!!
  • blaneblane Member Posts: 2,017
    mannyyunk,

    Car_man, the resident expert host here, will advise you not to put any money down. I'd suggest that you read some of his earlier posts.
  • clevelandredclevelandred Member Posts: 10
    Carman (or whoever else feels like answering)

    I am a newbie, and am trying to make sure I have a couple of the basic concepts down. First, am I correct that Honda, and not the individual dealer, sets the Money Factor and the Residual Value percentage?

    Digression: Some posts indicated that the individual dealers increase the MF as a source of profit. Presumably one can deal with this by finding something to back up the .00076 MF. If you make assumptions about the RV and initial purchase price, you can reverse engineer the MF (though that would require something definitive on the RV).

    If the MF and RV are set by Honda then the primary factor that distinguishes one dealer's price from another is the initial capital costs (and whatever pin-stripes, knibble tips and cabumba wax jobs they try to throw in). Is that also correct?

    Also, what is the best source of "authority" for taking the position with a dealer on what the Honda authorized MR and RV%'s are?

    Paul
  • mannyyunkmannyyunk Member Posts: 4
    Thanks for the heads up blane. I did read the same, but wont not putting anything down translate into higher monthly payments? In other words is it still feasible to pay in the neighborhood of $320/month with $0 down? I am just fearful that not putting anything down prices me out of the car I want.
  • jaxs1jaxs1 Member Posts: 2,697
    If you have that money to put down, why can't you put it aside to subsidize the monthly payments?
  • anonymouspostsanonymousposts Member Posts: 3,802
    you should not put large amounts of money down on a lease. The residual is set at a certain percentage of the MSRP and will not lower your residual, just the payments. If you total the car the next day then that money is lost. Just keep the money. Put it in a savings account that will earn you money. Or like the previous poster stated, just use it to subsidize your monthly payments.
  • christina271christina271 Member Posts: 65
    I think you will definately be able to lease an LX v6 for 320 with $0 down

    On saturday we took delivery of an ex-v6 with navigation with $0 down..our monthly payments are $363 including tax for 36 months 12k miles

    we figured out what we should be paying by going to hondacars.com and looking at the advertised specials that Honda is running right now

    so..we actually knew the number we would be paying all along while the salesman was going back and forth with the manager

    by the way we also got out of an 04 TSX lease 16 months early with a wash..

    hopefully this helps
  • christina271christina271 Member Posts: 65
    if you go to hondacars.com and click on specials it will tell you about the lease programs for the accord you are looking for

    as long as you go to the dealer with that information they can't trick you with anything.

    the website says that the ex sedan can be leased for 269 for 36 months with 999 down. this is based on the car being sold for 23,800(which is msrp)most likely they are going to discount the car(we got an ex v6 with nav on sat and they took over 3000 off of the selling price)...so you should be able to come under 308 with no problem
  • clevelandredclevelandred Member Posts: 10
    I see two cars on that site, which contain all the figures except the Money Factor and the Residual Value. Has anyone reverse engineered this to see what MF and RV they are using? Is it the .00076 and 55%?
  • christina271christina271 Member Posts: 65
    our MF was .00015
  • clevelandredclevelandred Member Posts: 10
    Do you know what the RV% was, and if the .0015 MF was Honda Financial or your particular dealer?
  • christina271christina271 Member Posts: 65
    the residual was 55% and the mo ney factor was .0015
    this was through honda finance
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jsbar. You absolutely should be able to lease an Accord using its buy rate lease money factor right now. The market is very competitive. A dealer would be silly to lose your business by insisting upon marking up your car's money factor. Keep in mind that you need to have a good enough credit score to qualify for Honda Finance's "Super Preferred" credit tier and to pay a security deposit to get the money factor that you mentioned.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi leaseme. Vehicles' lease programs definitely do not change every week. Honda introduced its current lease program on the 2006 Accord on January 4th and it is scheduled to run through February 28th without any change. If you were to lease a 2006 Honda Accord EX V6 Sedan 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. Interestingly, the numbers are exactly the same for a lease of an Accord EX-L 4-cylinder Sedan as long as you don't add the navigation option. Honda is not currently providing any sort of cash incentives on the '06 Accord.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello hooinct. You never mentioned the selling price of the car that you are interested in leasing. This is an important number 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 the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion on this deal if you let me know what its selling price is.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jaxs1. According to my calculations, if you were to lease a 2005 Honda Accord EX V6 sedan with navigation with an MSRP of $29,850 and a selling price of $27,000 through Honda Finance right now for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $406. The payment for an otherwise identical lease with only 12,000 miles per year would drop to around $394.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Ahhh, I see that you also want to know what the payment would be like for an Accord LX without navigation. Using an MSRP of $25,650 and a selling price of $23,100, I estimate that this car's 24 month, 15,000 mile per year zero down pre-tax monthly payment should be around $370. With only 12,000 miles per year, the payment would drop to around $360.

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

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi carjunkie24. Given the fact that Honda is not currently providing any cash incentives on the 2006 Accord, I suspect that you will have a hard time getting one for $500 under invoice. $500 over invoice, or right around invoice is a much more realistic target price.

    you definitely should not lease this car for more than 36 months. That is the longest term that Honda Finance's special lease money factors are available for. If you lease for longer than this, your car's money factor will double and you will end up paying a lot more interest than you should be paying.

    If you were to lease a 2006 Honda Accord Coupe EX V6 with navigation through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00076 and 54%, respectively. Using these numbers, an MSRP of $29,000 and a selling price of $500 over invoice ($26,955), I estimate that this car's zero down, pre-tax monthly payment should be around $347.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi everyone. I just wanted to post a quick note to let you all know that Honda made some unscheduled revisions to its lease program for the 2006 Accord yesterday. The main revision was an enhancement of the money factors on V6 Sedans. I just thought I'd mention this because the old program was scheduled to run through February 28th.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi carjunkie24. Honda Finance's current buy rate lease money factor for the car that you are interested in is .00140. In order to get this low factor though you have to lease for a maximum of 36 months, so forget about the 42 month lease that you were considering. As far as this car's price goes, if you are in an area that has a decent level of competition you should not have too much trouble getting one for a little over dealer invoice. You can find its invoice price by visiting the following section of this site: Edmunds.com - New Vehicle Pricing.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey leaseme. If you were to lease a 2006 Honda Accord EX V6 Sedan 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. The .00076 factor that you've seen mentioned is only currently available on Accord Coupes.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi asleepy. Honda usually offers lease support on the Accord. While its current lease program on this car is only scheduled to run through February 28th, I don't think that you have to worry about it going away. I suspect that Honda will introduce a new special lease program for the month of March that at least tries to maintain the same lease payments that it is advertising right now.

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  • jaxs1jaxs1 Member Posts: 2,697
    The new Camry is coming out next month and I wonder if Honda wants to entice people sitting on the fence to buy or lease an Accord now instead of waiting and cross-shopping it with the 2007 Camry?
    On the other hand, I can't imagine Honda putting the Accord on a less attractive lease program when the new Camry comes out either.
  • shoe40ozshoe40oz Member Posts: 1
    I have a 2003 accord, coupe ex-L, 5 speed. I love the car and I think i want to buy it out. I am on a 4 yr lease, and it's coming up next year. I know that's far away, but just trying to understand some details. It has been a victim of hit and run twice (just some damage to bumper, needs repainted). Also, i had a honda sun roof visor put on it, do i need to have it removed even if i want to buy it or have the bumper repainted? Any help is greatly appreciated. Thanks.
  • kyfdxkyfdx Moderator Posts: 235,188
    If you are buying the car, you don't have to do anything to it.. Just notify the bank that you want to exercise your purchase option..

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  • juwllsjuwlls Member Posts: 5
    Do you know what the revision to the money factor was? Is it more favorable?

    I got a quote yesterday on a 27 month lease for a Accord 2006 EX V6 that resulted in a payment of $346 which already included NYC salex tax. I thought it sounded like a great deal.

    The sales manager mentioned he had received new rates for the V6 EX model as of Thursday, but did not provide details.
  • seekup2seekup2 Member Posts: 4
    I'm thinking of making this offer to our local dealers for an EX V6 Honda Accord.

    MSRP 27,850
    Invoice 25,118
    Residual 16,153
    Lease factor .00076
    Due at signing $350 deposit, 545 acquisition fee, 294 first payment.
    $294/month, 36 months.

    I think this equates to an offer to buy the car at $25,618 ($500 over invoice).

    Should I offer more or less? Any opinions appreciated!
  • kyfdxkyfdx Moderator Posts: 235,188
    I would offer invoice.. that would be about $280/mo.. and.. settle for anything under $300/mo..

    Leave a little room for a bump-up.. and you might save a few bucks...

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  • jaxs1jaxs1 Member Posts: 2,697
    You wrote 2005. Are these the current payments for a 2006 leased at the terms I listed?
  • seekup2seekup2 Member Posts: 4
    You probably assumed 12000/year, but I forgot to mention that.

    Thanks for the advice!
  • kyfdxkyfdx Moderator Posts: 235,188
    I just assumed that your residual percentage and money factor were correct.. I don't know if those are the actual numbers.... but, if they are... your calculations are right on the money...

    regards,
    kyfdx

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  • seekup2seekup2 Member Posts: 4
    The residual and money factor are the numbers that are offered by Honda Finance on the EX V6 Accord lease on the Honda site.

    The Honda site only mentions special lease deals on the EX V6 and LX 4 cylinder. Can you usually get the money factor (.00076) on other Accords....I would rather get the 4 cylinder EX, but didn't think I could get such a good rate.

    Thanks again. Pam
  • binny_lbinny_l Member Posts: 7
    Hi,
    Finally got the 2006 EX-L MSRP : 25950, negotiated price 22010, 15K miles 36months.
    Monthly = $289.14 plus $20.96 tax =$310.10. I paid $1000 down includes first month $310.
    Vehicle drive off price = $ 22,517.93.
    Any comments about this deal, other than the fact that I should probably not have paid the $1000 down.

    The dealer told me that I could get MF .0014 if he added security, but with $0 security he would have to use 0.0015. I chose 0.0015. Does that sound OK? Comments Please.
    56% residual = around $14,500 buyoff at end of lease.
    Thanks
    B
  • elanspelansp Member Posts: 39
    Hmm..My 2 cents in case you didn't alreday notice on the Hodna website - that car w/o NAV can be had for your $289 with 2k down (all in excp taxes) and that's only for 12k. I just walked into DCH Honda in NJ today and asked about putting nothing down. He said that for the car above (w/o NAV) every $1k was about $30 more per month.

    If my math is correct (I'm a bit under the weather and its late here in NJ), I'd say you got a good deal. NAV as an addon is almost 2k.

    Enjoy the car....I drove the EX-L v6 with cloth and unfortuantely drove the G35x AWD with the wife before hitting the Honda - just a dumb move! :P
  • mannyyunkmannyyunk Member Posts: 4
    Did i get a good deal here?

    2006 Accord EX-V6
    price $24,818
    36 mos
    15,000 miles
    $504.71 down (1st month plus tags)
    $338.76 per month
    residual ($15,596) 56% of MSRP $27,850
    money factor .00086

    Let me know if there are hidden snags or something I may be missing. Thanks!!
  • jsbarjsbar Member Posts: 9
    My lease spreadsheet shows that your payment with that info should be around $276/month. Someone please correct me if my sheet is off.
  • blaneblane Member Posts: 2,017
    elansp,

    Yup, you ARE under the weather. You couldn't have driven "the EX-L v6 with cloth". By definition, EX-L only comes with leather. L = Leather.
  • kyfdxkyfdx Moderator Posts: 235,188
    Not only do we need the selling price.. but, we need the adjusted cap cost, as well.. I get $291/mo. with your numbers... but, there is an acquisition fee to account for somewhere, and possibly sales tax?

    Adding the $595 acquisition fee in raises the payment to $308/mo.. If you are in PA, the tax on leases runs 9%-10%, I'm pretty sure.... that would put you right up to $338/mo..

    So, with only $504 due at signing, if the $338/mo includes tax and acquisition fee... I'd say that is a great deal!

    regards,
    kyfdx
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  • jsbarjsbar Member Posts: 9
    I took the $504 down and took it off the selling price. If that is not applied, I get the same number of $291. I also get $308/mo if you add the $595 to the selling price (without the $504 down).

    Regarding the tax, in Arkansas it is 6% and is figured off of the selling price of the vehicle. This only applies only in the cases where the car is titled in the name of the buyer unlike a "true" lease. It is my understanding that Honda's "lease" is really just balloon financing with the car titled in the buyer's name. This must not be the case in PA else your payment would jump to over $370. Please correct me if I'm wrong kyfdx. And sorry for being so wordy....
  • kyfdxkyfdx Moderator Posts: 235,188
    Well... the $504 includes his 1st payment and tags... So, that doesn't reduce the cap cost at all..

    Honda Finance has "normal" leases... I'm pretty sure they just tax the payment in PA... The reason the rate is so high... is there is an extra 3% charged on leases in that state..

    Considering all that, and if my assumptions are correct, then it is a pretty good deal..

    $30 tax on just a $308 payment is no fun though...

    Hey.. at least we know your spreadsheet is working correctly!!

    regards,
    kyfdx

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  • jsbarjsbar Member Posts: 9
    Many thanks for the confirmation on my spreadsheet. I hoped that I had it about right and now I know thanks to kyfdx. Also, $30 tax on a $308 payment would be just fine with me....try tacking on 6% of the selling price...that's about an extra $50/mo on the aforementioned deal.
  • anonymouspostsanonymousposts Member Posts: 3,802
    now has wheels and a sunroof so that's probably where he got EX V6 with cloth.
  • blaneblane Member Posts: 2,017
    True, but he could never have driven an EX-L V6 with cloth.
  • silver636silver636 Member Posts: 4
    Have to reply. the v6 EX has LEATHER STANDARD. its the LX which comes with cloth and has optional leather. the 4 cylinder EX comes with optins of Lether or no Leather, but the V6 EX's are leather standard.(PERIOD).
  • kyfdxkyfdx Moderator Posts: 235,188
    I don't think you can even get leather as an option in the LX-V6... It would have to be after-market... I think the only way to get leather in an Accord, is to buy the model that comes with standard leather.. EX-L 4-cyl., or EX-V6. (Don't ask me about the hybrid..lol)

    regards,
    kyfdx

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  • mackeymaxmackeymax Member Posts: 2
    I'm in the tampa area and I've been doing some research on a lease. The best deal I come up with is 235/mo 36mo with 2k down. the residual is 60%, $ factor is .00158, and the residual value is 12.5k...As soon as I asked the dealer for adj cap cost, he told me that he is already taking a hit on the vehicle, but would'nt show me the final cost...I think he can do a lot better....any suggestions are extremely welcome.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I wouldn't be surprised if that's why Honda has been enhancing its incentives on the Accord lately. It has made a number of improvements to Accord incentives over the last couple of weeks, including introducing an improved lease program and dealer cash on select models.

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