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2013 and earlier-Honda Accord Lease Questions
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What you were told is correct. Honda is currently running a special lease program on the 2006 Accord, but not on the 2006 Civic. The Civic was relatively recently redesigned. The fact that it is new and has been well received by the public and that it gets fairly good gas mileage has kept Honda from needing to provide any sort of lease support on it yet. Individual dealers cannot choose which vehicles special lease programs are available on. Given its lack of lease support, I would not be surprised if the lease payment for a less expensive Civic was around the same as an Accord's payment right now.
I believe that Honda Finance's current base lease acquisition fee is $595 in all states. The acquisition fee is a legitimate charge, but in my opinion the advertising charge is more of a dealer expense. Dealers often try to pass all sorts of advertising charges and doc fees into consumers. Don't let these fees cloud the big picture...the total price that you are paying for the car that you want. It doesn't really matter how the price breaks down as long as the out the door price for the car that you want, including every fee, is the lowest that you believe you can get in your area. If you feel that $200 over invoice (what this dealer is trying to charge you) is a reasonable price, then go for it. However, if you feel as though you can get this car for less money from another dealer, shop around.
I'd be happy to give you my opinion on this deal, however you never mentioned the exact MSRP and selling price of the car that you are interested in. I need these numbers to calculate what your car's lease payment should be. Let me know and I'll tell you what I think.
Car_man
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'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
I have no idea why you would want to be closer to invoice on this deal. Considering invoice is $25,118 and you are being quoted $24,723, getting closer to invoice would mean you'd be paying MORE.
I think its a great deal as it stands.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
would mf stay the same, but the residual change? change to what? thanks.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
the msrp (from edmonds) on the 2006 LX SE is $22,075 (including destination charge). The invoice (according to Edmonds) is $19,928.
the dealer quoted us a selling price of one percent over invoice
at the moment, the lease offer to me is $285/month "zero" down (including tax, mv.)
bank fee ($595)
this is for a 36/month 12,000 miles a year deal.
is this enough for you to calculate?
if not let me know asap and i'll get other data
thanks again
I've never leased before (have bought 2 Accords from same dealership Route 22 Honda in Hillside, New Jersey, and my salesperson is anxious to close another deal).
What do I need to specifically know to get the best possible deal?
I know that I can negotiate a deal to buy at Invoice ( LX V6 @$23141/MSRP $25,650 per Edmonds, EX V6 @ $25,118, MSRP $27,850 per Edmonds). Now I understand that Honda is giving dealers $750 cash-back. Is that a factor in a lease?
My lease would be 36months/45,000 miles or 36 months/54,000 miles.
I intend to put the least possible money down - only what is necessary for me to drive off with the car. My credit history is excellent.
I hope I've explained my position enough for a response from you.
Thanks!
36 Month, 12K miles, $2000 down, monthly payment $281 for a 4cyl. Accord EX sedan. I plan to ask them to throw in the floor mats.
(Good) Deal or No Deal??
Thanks for any replies. Al
i got a quote for a 4 cylinder EX-L coupe with an msrp of $24,800. the quote was $21900 or thereabouts. anyway, using a 56% residual and .00169 mf, and also edmunds worksheet on how to figure out a lease payment, i get a monthly payment of $282 a month. add tax and it's $300/month. that's for 15K miles per year.
if i did the worksheet right, which i think i did, my payment is $19 more than yours, but i get more miles, and with no $2000 down payment. i understand that you're getting a sedan, and not a coupe... but it's still a 4 cylinder. i assume the msrp is higher for your car.
my confusion comes because when i do these worksheets, i wonder whether this is real-world figuring-- i have yet to actually propose this $300 figure to any dealer-- they might not accept it and say it's way too low.
plus a V6 has a money factor of .00089, so if i go that route, my payment is only $8 higher ($308) for a 6 speed coupe compared to a 4 cylinder 5 speed ex-L coupe.
from what i read in the forums, the advice has been to have as low a down payment as possible. why are you putting $2000 down, which seems awful high?
looking forward to other comments on your deal. maybe it's a good deal. to me, it doesn't seem all that great.
Al
i received printout today from dealer saying current super preferred money factor on an accord coupe V6 manual is .00280. i was under the impression it was .00079. dealer indicates those were last month's numbers.
i also was under impression that residual on a 3 year/15K lease was 56%...it's 55% according to printout.
so now i'm all confused-- i read these posts thinking that money factors and residuals are one thing, then i get an email from a dealer with an "offical looking" worksheet indicating numbers that aren't buyer-friendly as i've assumed.
can anyone verify the actual residual/money factor on an accord V6 6 speed manual tranny at 15k/year for 3 years?
anyway, sorry i spoke too soon-- your deal sounds good at this point.
I believe holdback is 3%.
And, yes, I always include destination when i'm referring to invoice, personally. Just makes things easier, IMHO.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Nope. The $750 is not awarded to the dealer when the buyer gets the special subsidized lease deal.
What do I need to specifically know to get the best possible deal?
Well, that's very open-ended, but coming here is a good first step. What you need to do is figure out what you want to pay for the car. Invoice is a decent start, but, realistically, you could get below that. Not much, but some.
So, let's say you target $500 under invoice for the heck of it. You then plug that into Edmunds lease calculator, along with the appropriate residual and MF, and come up with a payment. You then push for the dealer to meet your request.
only what is necessary for me to drive off with the car.
You don't need to put down a single dime unless you want to.
Hope this helps.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
I may be wrong, but I do believe the coupe has a lower residual than the sedan, so 55% could be correct.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
36 Month, 12K miles, $2000 down, monthly payment $281 for a 4cyl. Accord EX sedan. I plan to ask them to throw in the floor mats.
What is the purchase price?
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Al
thank you for your input. just need a few more questions answered.
what is the money factor and residual value for:
Accord LX V6 Automatic with 36 months/45,000 miles?
Accord EX V6 Automatic with 36 months/45,000 miles?
I assume from reading into previous posts that those 2 items, along with the cost of the vehicle, are what i need to come up with a lease cost using the Edmunds calculator?
Thanks.
The tax issue was an important detail that I did not have the proper information on, so that's what kind of screwed me in the end. I'm new to leasing, but I learned a lot this time around and won't make the same mistakes again.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
The EX and LX are the same. Money factor is .00079 IF you have to put down a security deposit. If you don't (and I suggest you don't if you can avoid it), the MF is .00089. Residual is 56% with 45k miles.
I'll state this now for anyone who has a question about it. The reason I say to take the higher MF rather than pay security deposit, in this case, is because the .0001 difference amounts to roughly $4 per month. Over the course of a 36-month lease, that's $144, which is less than half the security deposit. Now, depending on your credit, an individual might HAVE to pay a security deposit, I'm not sure. In my case, it was my choice, and they were kind enough to point out that my credit score meant I could pay $0 security deposit and take the higher MF.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
$144 is a lot to pay, just to borrow $350 for three years...
Just my $0.02...
kyfdx
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Plus, how many people actually get their deposit back at the end? How many trade out of their lease before its full maturity? How many "roll" the security deposit onto their next lease?
PLUS, if you're talking about putting $0 down, you are financing that $350 over 3 years. Its only if you pay it up front that you are saving the full $144 over the 3 years. So, in my view, paying $350 up front to save $144 over the next 3 years isn't a great move, either.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
If you trade out of your lease, you get the security deposit credited against your payoff... There is no way to "lose" the money..
Really.. .making the security deposit is a good deal..
regards,
kyfdx
Edmunds Price Checker
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Did you get a good deal? Be sure to come back and share!
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Why can't they just "keep it"? Who is stopping them? If the consumer doesn't say anything, they don't have to volunteer to give it back. heck, tell that story to the millions of people who have overpaid PMI over the years because the bank never volunteered to remove the extra charge. If the consumer didn't think to call to get it removed several years down the line, it didn't happen.
My wife and I both had leases a long time ago. I traded mine, which brings me to the question below. As in my sister's case, we received a bill on my wife's car. Never any mention of a security deposit. I never thought about it at the time, and neither did she.
I didn't know it was credited to your payoff. Are you sure about that? I'm not sure about it. I seem to remember when trading my lease all those years ago, the payoff was exactly my residual plus remaining payments. No mention of the security deposit.
Heck, to each his own. Personally, I kept my $350 and put it in my son's college fund. Its going to do much more good there as the interest continues to compound over time.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
The bill for damages or over-mileage at the end of the lease will be the same, regardless of any deposit. If you have a deposit, that can be applied towards the damages, but if you don't, you'll have to pay up, anyway..
Making the deposit will result in a lower cash outlay over the term of the lease... The math doesn't lie..
But, I get your point about people that don't keep track of such things... They usually get the short end, no matter what...
regards,
kyfdx
Edmunds Price Checker
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Did you get a good deal? Be sure to come back and share!
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We weren't together when she first got the car, so I couldn't prove any kind of security deposit, and she is HORRIBLE about keeping proper paperwork. so whatever she gave in the beginning (and I'm sure she did because she leased it when she was about 20 years old with little credit history) was lost to the wind.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
Same here Thanks for sharing btw, I guess I'll live too
anyway, i will obviously offer much less than original invoice, since it's a 2005, for the capitalized cost
dealer says it's treated just like a new car-- same as 2006-- as far as incentives go...
my question is-- what would the residual be on a 2005 model for a 3 year lease? would it be the same as a 2006 3 year lease, or a 2006 4 year lease?
i am assuming money factors would be same as for a 2006. is this right?
I am new to leasing. What you guys think of this offer?
Is this good deal?
So I went back and perused the paperwork this morning. I was surprised to find out that I did much better than I originally thought. The sold the car, in fact, for $24,088! I was looking at the price WITH the acquisition fee of $595, which brought the total to $24,683.
I'm not sure why they sold it that low, but, like I said before, I didn't do too hot on my trade. HOWEVER, they also gave me $1k more for my trade than I originally thought, too, so, although I still didn't get as much as I hoped for it, it was better than I thought we settled for. So, all in all, I'm happy with the deal.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
On the table in NYC is a 2006 Honda ACCord SE.
Offer good until MOnday is $290/month, $600 down for 36 months/12,000 miles
The msrp (from edmonds) on the 2006 LX SE is $22,075 (including destination charge). The invoice (according to Edmonds) is $19,928.
The dealer quoted us a selling price of one percent over invoice, including a $250 "advertising fee"
Can you advise ASAP?
Is this a good deal?
I would like it to be more like $270 a month with $600 down, but need to make the decision very quickly and if that is unrealistic, it would help.
thanks
Rickforward
So... I'm not clear on the price. 1% over would be roughly $200 over, but you said "including" the ad fee. So it sounds like they are offering the car at about $50 UNDER invoice, and then adding the ad fee to get to $200 over? Is this correct?
In order to drop $20 per month, you need to get them to come down roughly another $600-$700. I don't think its unrealistic, personally, but I don't know how the market is in NYC, either.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
is it because it seems that edmunds calculator calculates tax on the negotiated price of the car, and not on the bottom line monthly lease payment?
suppose i lease an accord and negotiate a $20,000 selling price. edmunds calculator seems to figure tax on the $20,000. that's not right in most states, right? tax on leases is NOT based on the selling price of the car.
For instance, I put in a $20k car, and it tells me that would be $1200 tax. However, it is only adding $24 per month to my $400 sample lease payment, which is 6% of the payment. If it were indeed dividing up the full $1200 over 36 payments, that would add $33 per month to the payment.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
still can't quite figure out i get two different payments when i use edmunds calculator and leaseguide.com's calculator while inputting the same numbers. will have to do some more looking.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S