2013 and earlier-Honda Accord Lease Questions

CarMan@Edmunds · February 2006

Hi juwlls. If you were to lease a 2006 Honda Accord EX V6 Sedan through Honda Finance right now for 27 months, its buy rate lease money factor should be .00076.

Car_man
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CarMan@Edmunds · February 2006

Hi mackeymax. I personally would never lease a vehicle from a dealer that would not show me the price that I was paying for it. The selling price of the vehicle that you want to lease is one of the model important numbers. You need to get the dealer that you are working with to fully disclose all of the information about this lease or find a different dealer.

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binny_l · February 2006

Hi Elan,
The Car on the Honda website is the EX, not the EX-L, The MSRP difference is about 1800$ I think between the EX and Ex-L.
and yes.. EX-L is Leather standard, with heated seats, power seat, 6Cd changer and some minor stuff.

stallion49 · February 2006

Just leased an EX-V6 sedan with automatic and splash guards. Lease is 36 months 15k miles per year. Out of pocket = first payment plus $165. Monthly payment is $330 including sales tax (6%). Hope this helps.

jhinsc · February 2006

Stallion, did you have a trade-in or lease return that may have an impact on your good deal?

blane · February 2006

Don't let the $69 splash guards cloud your thinking. Enjoy your new ride.

stallion49 · February 2006

Jhinsc,

The dealer paid off my old lease, but that was after the fact. The lease had been negotiated up front.

jsbar · February 2006

Stallion49, would you mind posting the full details of your deal (i.e. msrp, selling price, money factor, residual, etc.). Thanks.

mackeymax · February 2006

Car man, Good advice, but I went to another dealer and he said that they could'nt do better than the specials that were on the honda site. Has anyone recently leased an LX with a better experience than I have been getting???

mackeymax

stallion49 · February 2006

jsbar,

MSRP = 27,850
Residual = 15,596
Lease factor = .00086
Selling price = 24,650

newbielessee · February 2006

Can I get a quick recap of what I should/shouldn't pay upfront? Also, what would be a great deal on the EX-V6, 36 month, 12k/yr, 8.375% tax, with top credit score? I think so far I have MSRP 27,850 and received internet quote for 25,118 incl destination. And about what would total upfront come to? Thanks in advance!

spork_the_f · February 2006

Been reading this board for a while now doing research and I think I got a good deal but i wanna make sure. Looking at an 06 accord EX 4dr 4cyl.

List 23,100
Sell 21,349
Money Factor .00135
Residual 13,167

36 months, 12K miles, $0 down, $280 per month plus tax. Only thing required at signing is first payment and $10 title fee.

dave59 · February 2006

I'm looking at leasing an Accord EX6 for 36 months, 15K. This car will be 9K out of warranty when I return it. It doesn't look like a smart idea and defeats some of the purpose of leasing. Any thoughts or ideas? Thanks

stallion49 · February 2006

dave59,

For 2006, Honda extended its powertrain warranty to 5 years/ 60,000 miles. Honda is now in line with Toyota and Nissan. So your powertrain would be covered over the life of the lease - engine, transmission, etc - the really expensive stuff. You could still be on the hook for a broken power window or something of that nature, but the financial risks are lower.

dave59 · February 2006

Thanks stallion49. My current lease is a 36K lease. I'm sure with 45K I will need to replace tires.

kyfdx · February 2006

My last '01 Accord.. I hit 52K on my 3-year lease.. It didn't cost me a penny extra for out of warranty work.. and, the tires passed inspection...

Just one data point..

dave59 · February 2006

Kyfdx,

Good to hear. How do you get a 3 year 52K? How did those tires pass inspection? In your experience how picky is Honda with lease return? I currently have a BMW and they seem to be more forgiving than Honda. What are you driving now? Thanks

kyfdx · February 2006

We actually had a 3yr/54K lease.. At the time, Honda Finance reduced the residual for $0.10/mi. for every mile over 45K.... $900 in this case..(I think it still works that way). We would have used all the miles, except the car was in the body shop for over a month.

Honda Finance will send a 3rd party inspection service to check out the car a few weeks before your lease is up.. I've always found the inspectors to be very forgiving.. They will tell you right then, if there are any problems.

How did the tires pass? He put the gauge in the tread, and said, "They're fine". Good enough for me..

What am I driving now? I drive a CR-V.. My wife (who drove the leased Accords) has a BMW.

regards,
kyfdx

dave59 · February 2006

Here is the deal I was offered. Honda Accord EX6
36 months 15K
$347 per month, includes all fees, security deposit and 7.52% tax. First payment at signing.

How does this look?

mamamia2 · February 2006

We leased our Honda from a private leasing company. The contract has a "Turn-In Fee" of about $400, which we're suppose to pay at the end of the lease -- if we do not elect to purchase the car.

I've been leasing Toyota Camrys from 1993 till 2001, and never had such a fee mentioned. The current leasing company claims it is now customary with any leasing of any car today.

Anybody else ever encountered such a thing on his/her lease contract?

bikercbr600rr · February 2006

Car man!

Could you please help me out with this lease.

I have been quoted following for 2006 Honda EX-V6 - 6MT w/navigation:

MSRP: 29,350
Cap cost w/acq. fee: 27,000

I need to pay first payment, title, tax and licencse total of $580.

I got them down to $360 with tax 5.6 for Milwaukee.

Is this a good deal. Money factor was around 0.00085.

This was for 18,000 miles/year.

jhinsc · February 2006

I was offered this lease tonight. Any comments?

MSRP $27,850
Cap cost $25,733, includes $119 recording fee, $300 sales tax, $25 license transfer fee.
I pay first mo payment
36 months, 15K miles per year
Payment = $308.14, includes GAP.
I stated I wanted the national lease program, but with 15K miles vs 12K miles. It appears I'm getting the extra miles for 7.67 cents per mile based on the difference of advertised $289 payment vs $308.14. Good deal?

Also, they offered me their Leadership Purchase Plan for the same payment of $308. Same 15K miles per year for 36 mo. Rate at 2.29%. At end of 36 mo, I can turn back in, or decide to keep it and continue making payments. They structure so I will most likely have some equity at less than $16,000 ballon (so they say), similar to residual for lease. There is a $1,500 allowance for wear and tear, and excess miles. Any catch to this?

Thanks!

kyfdx · February 2006

I've had six leases.. It's been on every one of them..

Though, I heard recently that Honda Finance no longer has a disposition (turn-in) fee.

regards,
kyfdx
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hsp · February 2006

CarMan,

What is current MF and residual value for Accord LX SE with 5spd manual for 12k per year?

Thanks,

mamamia2 · February 2006

Thanks, kyfdx.

What's interesting is, NOBODY here, or elsewhere that I read, has posted such a fee when detailing a lease proposal or a done contract.... After all, this is a financial factor that needs to be calculated into the value of the deal, no?

Or maybe car dealers (and leasing companies) don't like to put things on the table? Are they treating this $400 cost as a HIDDEN cost?

stallion49 · February 2006

jhinsc,

If you are only out of pocket the first payment, I believe this is an excellent deal. The national lease includes an out of pocket of $2,100 which includes $999 cap cost reduction. This cap reduction alone adds $28 to the monthly rate of $289.

stallion49 · February 2006

We've leased two Mercuries, four Nissans, three Hondas and an Olds in the past 12 years and we've never encountered a lease turn in fee. While shopping this time around, I did notice that Volkswagen has a turn in fee on the Passat lease. If the lease includes this fee, I would mentally incorporate the cost into the monthly fee when comparing to leases that do not have the fee.

roosa · February 2006

I realize this posting maybe should go somewhere else..but the Lease group is what I read all the time...leased a 05 Accord LX...Aug. 27...after CarMan gave me $figures to the penny...What this posting is about: CAR was TOTALLED this morning ...a T-bone on the drivers door...by a Ford 250 diesel crew cab pickup...at 30mph...and Folks...those side airbags and side curtain...WORKED!!Do not ever buy a car without them...this is exactly why I got the new Accord'05 and of course they are now standard...going home to soak in epsom salt bath...and next week or two I will be back to get new lease figures from CarMan...on an '06. Have a Great Weekend...J. Roosa ...Midland, Texas

jhinsc · February 2006

I went ahead with this deal early this evening. The dealer was East Coast Honda in Myrtle Beach, SC. GREAT DEALER! No high pressure, no back and forth, just straight talk. The deal was the same as the one originally quoted to me the day before. No changes or bait/switch. I recommend this dealer to anyone in the Grand Strand area.

It was between the VW Passat at their dealership next door, and the Accord. I really liked the Passat 2.0T, great driving car, but the closest comparable only had the package 1, no leather, no power seat, and the nagging little problems VW's are known for. I don't expect the drivetrain to give me any problems, but I don't have time in my life to go back to VW service dept. to fix little problems. With the Accord, I know I won't have this problem. I am very, very happy with my deal! :shades:

dmbmay98 · February 2006

What are the current residual and money factor values for the 06 ex v6 coupe accord. Thanks for the information. I was quoted .00186 is this correct?

drdr102 · February 2006

I wished I discovered this forum earlier. Planning to lease the above model and make with the lease offer "$239.00 per month for 36 months with a $915.00 capitalized cost reduction. $1,999.00 total due at lease signing (includes first month's payment, security deposit, acquisition fee and capitalized cost reduction; total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like)". I did not negotiate from the sticker price (MSRP $22,825.00 (includes destination).
Should I have negotiated to get a better deal from the sticker price even if I am getting the above lease rate?

Appreciate any input from the members here.

Thanks!

drdr102 :sick:

blane · February 2006

drdr102,

NEVER, EVER discuss a lease with either a dealer or a leasing company based upon MSRP.

Shop various dealers for the best purchase price that you can negotiate. It should be slightly above or below dealer invoice cost. Do the research on this website to be sure of your numbers. Bring your spreadsheet to the dealer so that you can show them exactly why you are making an offer based upon doing your homework.

Once you have a firm number, you can bring up your just realized thoughts that "perhaps I might consider a lease too".

Make sure that the lease deal is based upon the previously negotiated bottom line purchase price.

If you've read this thread carefully, you will also realize that Car_man, one of our resident hosts advises that you should never put a large amount down on a lease.

drdr102 · February 2006

Hi Blane:

Thanks for your advice. I made a big rookie mistake when I contacted the dealership prematurely. I thought the current special lease deal from Honda was a firm and final one, especially the monthly payments of $239. Now I am facing a difficult task of negotiating down from the MSRP.

Thanks again for the timely advice. I am learning a lot from this forum especially invaluable advices given by Car_man.

drdr102 :sick:

stallion49 · February 2006

drdr102,

Unless you've inked the deal, you can always walk away or solicit additional quotes and resume negotiations with the original dealer.

jpmiller99 · February 2006

I am thinking about leasing an accord EX-L 4cyl 5sp auto and have the following questions:

On a 24 or 27 month 12K/year lease what would be the MF and residual % of this car.

Also, if the MSRP is 25.5k and the selling price is 23.5K, what would be the 0 down payment exclusive of tax/tags.

Thanks,
Jim Miller

amurray2803 · February 2006

I received the following quote
06 Accord 4dr EX-V6 w/o navi
36 Months
$758 Due at Signing (1st months, doc fee, license etc...)
$340 a month (tax included)
12K/year

I am ready to do this deal tomorrow. Does anyone know what the residual on this car is at the end of the term?

dave59 · February 2006

I was offered last week on the same car...

15K a year, 36 months, $336 a month includes taxes of 7.52%, 1st month payment and 189 doc fee. I will check on the residual for you.

dave59 · February 2006

I believe the residual is 56%.

jshcars · February 2006

Hi -- I've been reading all the posts, and trying to understand all of the numbers involved... was wondering if anyone can tell me what would be a good and reasonable "bottom line" to present to a dealer on an EX-L Sedan 4cyl w/o nav? If it matters, I'm in PA now but will be moving to MD.

Thanks in advance.

gperr · February 2006

Car_man,

Can you please provide the 36 month 12k and 15k buy rate MF and Residual for '06 Accord Sedan (automatic) in LX and LX Special Edition. Also, any incentives available for either lease or buy?

When is this program scheduled through?

Thanks

gperr

benji123 · February 2006

I'd love the LMF and residual % for the 2006 Accord Coupe EX-L V6 AT (no navi) for 24 months, 12,000 miles per, and 36 months, 12,000 miles per. Also, are the numbers the same for the manual transmission version?

mmwb2u · February 2006

A lease factor of .00086 seems really low. How did you do that? Do tell...

stallion49 · February 2006

mmwb2u,

I believe that .00086 is the standard lease factor for the EX-V6 at this point. (Carman can confirm or refute this). Personally, I do not negotiate the lease factor or the residual (these are usually set by the manufacturer). Instead, I focus on the monthly payment (with very little upfront cash). If you use the Edmunds lease calculator and plug in invoice price, you can get a good feel for where the monthly payment should be. In my particular transaction, the dealer sold the car for about $500 under invoice.

jaxs1 · February 2006

The lease factors are not set in stone. The dealers can mark them up higher to increase their profits just like they can mark up interest rates on a loan.

silver636 · February 2006

WHat credit score is needed to qualify for Honda's highest tier credit? and how much is added to the MF for their other tiers? Any input would be gretly appreciated.

huskr · February 2006

I have just recieved a sale price of 25,995 on ex-v6. Then he added fog lights and rear deck spoiler to equal 26,812.50. Lease factor is .00086 with residual of 58%. With no money down a payment of 369.58. That seems high to me considering we leased a honda pilot a few months ago with lots of extras no money down AWD no nav or dvd for 369 a month. I feel the payment for the accord should be no higher than 345 including tax of 7%. Please give me your opinion. Thanks!!!

stallion49 · February 2006

huskr,

The sale price seems a little high to me. You should be able to buy the car at invoice -a savings of approx $800. This reduction would bring your payment down pretty close to your target payment.

huskr · February 2006

Even with the added fog lights and the rear deck spoiler?

stevewinnj · February 2006

I just leased a 2006 Honda Accord Sedan EX V6 tonight. The total was $329 per month including tax and a payment tonight of $649 which included first month's payment, doc and registration fees. 12k miles a year, 36 months.

I also turned in my 2003 Accord EX 4 cyl sedan Automatic, cloth seats, with 24,500 miles on it. The lease wasn't due to be up until Sepetember but they happy to let me walk with nothing due. I'm sure they can make a bit selling it used so take this into account when comparing mine with other quotes.

I just wanted to thank everyone on this board for some guidance. It certainly saved me some $$ !

jhinsc · February 2006

Congrats on your new Accord EX V6! I'm sure you'll love it more than your previous one. There are some incredible deals on this great car right now. I got my EX V6 sedan on their Leadership Purchase Program, similar to a lease where the end value is guaranteed, but if I have equity over approx. $ 15,500 at the end of 36 months, I can use it toward my next Honda or any other car I want. The buy rate is 2.29% and payments are $308/mo. with 15K miles/yr. If I keep the car, I can continue the payments at the low rate until paid off - highly unlikely but nice to have that option. :shades:

2013 and earlier-Honda Accord Lease Questions

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