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2013 and earlier-Honda Accord Lease Questions

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Comments

  • qbrozenqbrozen Posts: 26,437
    yes, navi-equipped cars are always lower than non-navi because the typical nav system is only worth $500-$700 as soon as you drive it off the lot (in other words, it depreciates 75% immediately, as opposed to the rest of the car taking 3 years to depreciate 40-something percent).

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • seniorjoseseniorjose Posts: 277
    I have found that Internet negotiation or telephone fleet salesmen quotes are usually lower than dealing with an individual floor salesman...plus no haggling and no finance "hype." Make the deal with the Internet salesperson, insist on a simple transaction and go in and get your auto...usually about 30 minutes. Salesmen do offer different prices to different customers...human nature. Good luck, I am sure you will get what you are looking for at your price. One of the problems you are facing is that you are looking at one of the best quality, most popular autos.

    By the way, lease prices are affected by your individual credit rating. Usually a credit rating of 750+ gets you the best finance rate in the dealership, plus it depends upon whether you are financing through the dealer's "favorite bank" or through the manufacturer, who may have special lower lease rates for a limited time.
  • jsdtxjsdtx Posts: 11
    I am coming out of the 2004 Odyssey bargain lease and would like to see what the factors are on a 24 month, 15K mile lease on the (1) Accord Value Package AT - MSRP $19.025, (2) Accord LX SE AT - MSRP $21,525, and (3) Accord EX-L AT - MSRP $24,950. I am in Honda's highest credit tier. Thanks John
  • xd404xd404 Posts: 4
    my gf got a call this morning from the dealership that there was a problem because she had been denied due to her bad credit at another honda dealership(where we had gone before the dealership we actually made a deal with). the dealer or credit manager said that she may have to leave additional money down.

    we negotiated a price before the credit issue last month. we new her credit would be an issue so we agreed to additional money down and a few dollars more a month after they bought up the fact that her credit was not good. this was after the fact that honda denied her credit. so, is this a weasel attempt to get more money? besides asking for any requests in writing, is there anything else i should be looking for? any help would be appreciated. its been about 3 weeks that we thought we had a 'deal'.
  • qbrozenqbrozen Posts: 26,437
    I don't think I'm following. The title of your post seems to indicate she already has the car and has been driving it for a month now. Is that not correct? If it is correct, what is their excuse for taking this long to get back to you? Heck, I would tell them they can go right ahead and take the car back, then. They certainly aren't going to want to do that because then they are selling a used car and losing lots of money. Stick to your guns. There is no need for you to renegotiate.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • xd404xd404 Posts: 4
    yes, she has had the car for 3 weeks. after doing some research, it appears this practice is called 'bushing'. not really illegal, but its something you could file a complaint w/the state atty generals office. no excuse was given for the delay. worse case scenario, theyll have to take the car back, but that would be an obvious inconvenience. i contacted the atty gen's office, and the best they can do is send a form so we can file a complaint. in the article i read, a simple phone call from them to the dealership can resolve this matter. im going to tell them to put it in writing and take it from there. thanks for the reply. unbelievable, just when we thought everything was over and done with.
  • Hello Vicky. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

    Car_man
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  • Greetings tdzz1975. If you were to lease a 2006 Honda Accord LX V6 Coupe through Honda Finance right now for 36 months with 15,0000 miles per year, its buy rate lease money factor and residual value should be .00076 and 55%, respectively.

    Car_man
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  • Hey encinoguy. I believe that Honda's April lease program for the 2006 Accord is exactly the same as its March lease program for it was.

    Car_man
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  • What you were told is true, nfspeed99. Many banks', including Honda Finance, residual values for vehicles that are equipped with navigation are lower than for vehicles without this option. For a 36 month lease, I believe that Honda Finance's residuals for Accords with navigation are 2% lower than its residuals for vehicles without nav. If you were to lease a 2006 Honda Accord EX V6 Sedan 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 .00079 and 56%, respectively. The numbers for an otherwise identical lease of this car with navigation should be .00079 and 54%.

    Car_man
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  • Hi John. If you were to lease a 2006 Honda Accord Value Package Sedan 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 .00169 and 51%, respectively. The numbers for an otherwise identical lease of an '06 Accord LX SE Sedan should be .00169 and 57%. Lastly, the numbers for an otherwise identical lease of an '06 Accord EX-L should be .00169 and 56%. All of these factors assume that you qualify for Honda Finance's "Super Preferred" credit tier.

    Car_man
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  • Hey Car_man,

    I winded up leasing a 06 Honda Accord EX V6 Coupe with NAV last Sunday. The residual value is (53% + 2%)=55% and the money factor is .00086. I only put $571 down out the door and I pay $357/month which incl CA state tax. The agreed upon value at lease signing was $26,404, acquisition fee $595 which brought up the price to $26999.27 still under invoice.

    It's a 36K lease with 12K/yr. I ran the numbers in leasing guide kit and it mentioned I got an excellent deal.It did mention however that the residual is 54% (I assumed that was with no NAV)

    The finance manager even mentioned I got a great deal digging into their holdbacks and getting the vehicle $1000 below invoice.

    Do you mind explaining to me that 2% diff why it was 53%+2%
    was that because I got NAV ? they increased the residual by 2%to make my payments lower ? if that's the case, would that mean the car would really be 52% residual in the market place after 3 years (54% - 2% for NAV) ???

    Thanks
  • Hi encinoguy. Congratulations on your new car! Don't worry about the difference in residual values. Dealers cannot alter banks' published residuals. Accord models that are equipped with navigation have residual values that are 2% lower than models that do not have this option.

    Car_man
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  • knolanknolan Posts: 4
    I got this 2005 Chevy Z71 EXT Cab w/8k miles loaded with everything, except Onstar. The gas is crazy so I want a nice Accord. I have good credit and no problem getting financed, but I love low payments. So this dealership in Dothan AL is gonna give me 22k for my truck that I just happen to owe 22k on. I'm interested in the 06 Accord EX-L and its sticker is $27850 and after all the b/sing and crap I'm sitting on a payment to lease the car at 365.00 36/36 and i think the residual was like 58% and not sure the MF. This is without any downpayment or any fees that I am aware of. Just 36 payments of $365...what do you think? I have never did the lease thing and am not to eager to do a lease. Please help!
  • qbrozenqbrozen Posts: 26,437
    Sounds a bit high. What is the cap cost (the price you are paying for the car).

    According to carsdirect, I could get that car for $25,167. Honda's current lease deal includes a MF of .00076 and, as you stated, the residual is 58%. If I plug all of that into the Edmunds lease calculator, my payment, which includes NJ state sales tax of 6%, should be $325.25.

    That number also includes a security deposit of $350 and acquisition fee of $500.

    You need to get ALL of the numbers and review them carefully. You can plug them, as I did, into the edmunds lease calculator found here:
    http://www.edmunds.com/apps/calc/CalculatorController?pmtcalAction=lease_calc

    Good luck!

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • knolanknolan Posts: 4
    Hey thanks for the much needed info.. The car was a 06 Accord EX-VL instead of just the EX-L. That might have through you off a bit. I called the dealer and he told me the car msrp is 27850, MF is .00086, because of no money down and no fee, but would be .00076 with money down and the residual at 58% and ending up being a little over $16k after 36 months. Well after all this researching and budgeting I find out that I might possibly end up being stationed in Germany here in about 4 months. (So there goes my leasing possibilities!) Thanks again.
  • qbrozenqbrozen Posts: 26,437
    EX-L V6. Yeah, i did know that, actually, based on the MSRP. Thing is, MSRP is very different from selling price. Accords are going for less than invoice, that's why the selling price would be $25k.

    Now, even with the new money factor, I come up with a payment of about $328. So it seems to me they are probably charging you alot more for the car than is the fair going rate. As a matter of fact, it seems, based on my calculations, they are charging you around $1k under MSRP, which is way too much for this vehicle right now.

    But, in any case, as you said, it could all be moot anyway. Good luck!

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • ny_joeny_joe Posts: 1
    Just got a great deal from my Honda dealer. However, car need to be delivered by MOnday (EOM).

    May not be able to do everything by then.

    Are the May rates that off from April and March?
  • l5nickl5nick Posts: 1
    Okay... so I've never done the whole lease thing but I'm getting ready to... like in the next 24 hours. I'll tell you what I'm looking for, and maybe you can tell me if I'm nuts...

    What I'd really like is the LX V6... but I'm not sure if I can afford it. I have a 2002 Chevy Impala LS with 132000 miles on it. Edmunds says in average condition it would get about $4,700 toward trade in... which KBB says only around $3000... so I'm not sure which of those 2 to follow. :confuse:

    My goal is to get payments somewhere in the vacinity of $225 per month... I know that's low, but I can afford to put some money down to get it to that point.

    1st, what should I *actually* expect to get on my Impala... those 2 figures are *very* different. 2nd, can I do a 4 year lease with 15,000 per year on the LX V6, where sticker should be about $25,800 or so, and expect to get payments less than $250 a month without selling body-parts?

    I need serious help!!

    Nick
  • cvpacguycvpacguy Posts: 14
    Anyone have the most recent residual value and money factor info for an '06 Accord EX-L 4-cyl with auto and no navigation? The MSRP is $24,950 and I'm looking at doing a 24 month/12k year lease. Excellent credit as well.

    Thanks!
  • eric777eric777 Posts: 3
    I am interested in leasing an 06 LX SE AT sedan before the current programs end on Monday. The MSRP is $22075 and I have been offered a price of $21000. They seem unwilling to budge, however, I think there's a least $500 more to give. Can anyone confirm the current money factor, residual, and acquisition fee for this vehicle. The lease is 36 months/12k per year. Any information would be appreciated.
  • albert521albert521 Posts: 5
    Can someone list the current (May) residual values and money factor for this car? I am looking for a 36 month / 12k miles per year lease. I should qualify for Honda's highest credit tier.
  • excellenceexcellence Posts: 7
    Hi Carman, thank you for providing all the information that you do - it is appreciated! I still haven't leased an Accord, but I think this might be the month. Could you provide the MF and residual for an Accord coupe I4 EX 5M 12000miles/36mths? Can the lease be combined with the $1000 cash to dealer for the coupe? Thanks!
  • 25stjames25stjames Posts: 6
    Carman, thank you for providing this information. Can you tell me what the MF and residual for an Accord SE automatic sedan at 12000 miles/36 months are? Thank you.
  • hartthartt Posts: 79
    Hi Car_man.
    The accord is among one of my interests to replace my expiring lease.
    Can you please provide the MF and residual for a 3 year 45K mile lease on an EX V6?
    Thanks for the help.

    Tim
  • qbrozenqbrozen Posts: 26,437
    its been the same the last couple of months, so i can answer this (and since its the same deal i'm looking to do in the next couple of weeks)

    MF = .00079
    residual = 56% no nav, 54% with nav

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • hartthartt Posts: 79
    Thanks qbrozen.
    Have you received any price quotes? I am wondering if invoice or less is acheiveable.
    Thanks again.
  • ral2167ral2167 ohioPosts: 767
    anyone know what monthly payment might be on a $24,800 MSRP coupe 4 cylinder manual ex-L that can be had for $20,999?

    15K 36 month is what i'm looking for with $0 down.
  • qbrozenqbrozen Posts: 26,437
    less than invoice is absolutely possible.

    I have not gotten quotes yet, but I'm going for invoice minus the $750 dealer cash Honda is providing on the Accord this month.

    As a matter of fact, just by going to carsdirect, I am quoted invoice minus $600.

    I'm just not sure when I can get to the dealer. Maybe Friday ... maybe next week. All depends on my schedule.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • qbrozenqbrozen Posts: 26,437
    Well... hmmm... I THINK you're looking at a 55% residual on a coupe at 15k/year, but I'm not positive.

    Also, for the coupe, you would be at an MF of .00086 if you have top tier credit. (it would be .00076 if you at least paid the security deposit up front)

    I don't know what your tax is, so that could change it a bit, but based on my tax rate (6%), I come up with about a $284/mo payment.

    If you pay the security deposit up front, you'd be closer to $270.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • twinsdad2twinsdad2 Posts: 1
    can you post factor and residual values for LX 4cy AT,
    and LX V6 AT. 36 mo, 15k miles
  • dcs333dcs333 Posts: 3
    Has anyone had a good experience leasing a Honda in the KC area? Where I want to be is $0 down, payment under $300/mo. A dealer said he would give it to me at what he said was invoice + dest. but he said the lease payment would be close to $350 which seems high to me. Here are the numbers he reluctantly ("Are you here to understand how this works or are you here to buy a car - I'm confused.") gave me...(I qualify for top-tier credit.) I'd appreciate any input. Thanks!

    36/12,000 lease
    Residual 57%
    MF .0028
    MSRP $23,900
    Selling Price $21,680
    Residual end of lease $13,623

    100.51 Int.
    224.00 Py. (payment?)
  • dad23dad23 ColoradoPosts: 448
    With the numbers you provided, I came up with $340.84 before tax, and I also included the $595 acquisition fee in there. $240.33 for depreciationa and $100.51 for interest like you had.
  • dcs333dcs333 Posts: 3
    Thanks - It looks like the only way I can get the payment below $300/mo is to get a lower MF and reduce the selling price? The dealers say they cannot give me .00076 this month, that this was a special MF from Honda which expired last month and only Honda can determine MF. However, someone here mentioned the .00076 MF for May is in effect. Also, would dealer cash incentive apply to this model? I thought it was $1,000 but someeone here mentioned $750. Is it feasible that a dealer would subtract the cash incentive amount off the selling price? Thanks!
  • danxpdanxp Posts: 47
    this is honda's current offer for the ex v6 at with leather... 12k mi/yr $2139 due at signing...

    is it possible to do better than this at the dealer?

    could they do the same deal for $15k mi/yr?

    thanks for any insight...
  • danxpdanxp Posts: 47
    is the mileage over negotiable on a honda lease?

    it's currently at .15/mi... can you negotiate it down to .10/mi or .12?
  • qbrozenqbrozen Posts: 26,437
    is it possible to do better than this at the dealer?

    Absolutely. The advertised Honda deal assumes a selling price above invoice. At the dealer, you should be paying invoice, if not even lower.

    '10 Equinox LS; '08 Charger R/T Daytona; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 49-car history and counting!

  • marys236marys236 Posts: 78
    From looking at past posts on this board, the .00076 mf only applied to the 6cyl, and .00169 mf applied to the 4 cyl. That was in April, though, I don't know if the .00169 is still in effect for 4 cyl. in May. The lower rate for 6 cyl makes sense right now, with gas prices what they are.
  • Hi.

    Hope someone can help here. I am in new york city

    1. in turning in my 2003 leased honda accord dx with 22,000 miles can is it reasonable to expect the dealer to give me any value on the lease trade in towards my new lease??
    (such as knocking off $20 a month on new lease).

    in other words, is that a negotiable item at all??

    2. where can i find out about honda's national special programs, and how dealers apply them. for example i am being told that there is a special deal now on honda accord v-6 and the SE, but not on civic ex. is that true? or can the individual dealer choose to apply national honda deals as they wish.

    3. i wanted a 2006 civic ex, about $2,000 less on the dealer invoice than the honda accord se. yet, the dealer says the monthly payment will be the same because of other factors, including the mysterious "special programs" of national honda.

    is this possible or am i being played.

    4. what is the standard for bank fee charge in ny. i have heard between 550 and 800.

    5. Since when do I have to pay for honda's advertising? I had an invoice price from this site, and they said it was "wrong" because I now have to add $250 for Honda advertising onto the price. True?

    6. I have an offer for $285/ 36 months for a Honda accord 4 cylinder SE.
    ...first month, plus DMV down (about $595.
    is this a decent deal?
  • anzialanzial Posts: 21
    Hey guys, I got above quote in SoCal, with $575 down. It's 24723 total cap cost, .00089 MF, 58% residual (36mo/12k). Is that good for an EX V6? Or can I do better? Like bring down total cap cost closer to the invoice? Any feedback is appreciated :)
  • Hello albert521. If you were to lease a 2006 Honda Accord EX V6 Sedan 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 .00079 and 56%, respectively.

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  • You're welcome, excellence. If you were to lease a 2006 Honda Accord EX 4-cylinder Coupe in May for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00169 and 58%, respectively. Unfortunately, I do not believe that the dealer cash that Honda has on the '06 Accord is compatible with Honda Finance's special lease program.

    Car_man
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  • cgr45cgr45 Posts: 33
    Hey car_man can you give me the lease break down on a 2006 Accord Coupe V6 6 speed. I'm looking to lease for 36 months, 12k miles a year. Thanks.

    btw - I'm in NJ
  • No problem 25stjames. If you were to lease a 2006 Honda Accord Sedan SE through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value would be 00169 and 59%, respectively.

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  • Here you go, Tim. If you were to lease a 2006 Honda Accord Sedan EX V6 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 .00079 and 56%, respectively.

    Car_man
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  • Greetings twinsdad2. If you were to lease a 2006 Honda Accord Sedan LX 4-cylinder 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 .00169 and 57%, respectively. The numbers for an otherwise identical lease of an Accord Sedan LX V6 are .00079 and 57%.

    Car_man
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  • Hello dcs333. The money factor that you were quoted is terrible. It appears as though the dealer you are working with is attempting to mark your car's buy rate money factor up to add additional back-end profit to your deal. Honda Finance's current buy rate lease money factor for the '06 Accord Coupe EX consumers who qualify for its top credit tier and pay a security deposit is only .00079. You need to either find a different dealer or insist that this one use the buy rate to calculate your car's lease payment. Using the base lease program, I calculate that the zero down, pre-tax lease payment for an '06 Accord Coupe EX 4-cyl. with an MSRP of $23,900 and a selling price of $21,680 should be around only $252!

    Car_man
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  • Dcs333, whoever told you that they cannot use the .00076 money factor to calculate your car's lease payment this month was flat out lying to you. That is exactly what Honda's current special money factor for the car you are interested in is right now. I personally would feel uncomfortable doing business with this dealer and would be inclined to shop around. If you opt to use this special money factor, you cannot use the dealer cash though. It doesn't matter because it isn't compatible with the special lease program, but just to clear up the confusion for you, Honda is currently providing $750 dealer cash on '06 Accord Sedans and $1,000 on '06 Accord Coupes.

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  • Hi danxp. If this is a lease payment that Honda has been officially advertising, then I would say yes it is probably possible that you would be able to beat it by shopping around. Manufacturers' advertised lease payments usually leave a little meat on the bone so to speak. It makes sense if one thinks about it. Dealers would be pretty annoyed if the manufacturer they were associated with was advertising the thinnest possible deal on a vehicle. Shop around for the lowest selling price that you can find for the car that you want and then have the dealer that gives it to you calculate your lease payment using Honda Finance's buy rate lease money factor.

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  • Hi danxp. Banks' excess mileage charges usually aren't negotiable. They do however provide lessees with a discount off of the normal lease-end excess mileage charge for additional miles purchased at lease signing.

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