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2013 and earlier-Honda Accord Lease Questions

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Comments

  • jcarlosjcarlos Member Posts: 8
    Guys, thank you all so much for your good advice. I think I'll take it and simply wait. Just today I've been having back and forth emails with one dealer. Below is his latest offer.

    LX: $311.71
    Sport: $339.50

    This is on a 36-month lease with $595 bank fee and NYC 8.875% tax rolled into the monthly payment. If I pay these fees up front, the quotes were:

    LX: $259.67
    Sport: $284.80

    I asked the dealer for some details as to how he arrived to this monthly amounts. This is what he provided.

    Cap Cost: $21,369 for LX
    $22,929 for Sport
    Bank fee: $595.00
    Money factor: 0.00165 Res %63 for LX and %62 Sport

    Are his numbers correct based on this numbers? How do you compute the residual value based on these numbers?

    I already passed my lease wear and tear inspection on the Civic which came up to $0 liability. Given that I live in NYC, I end up parking on the streets and cars get treated pretty bad by unscrupulous drivers when parking. I had already extended the lease for 3 months waiting to see the new Accord. I do like the new Accord and love how the Sport looks. I will definitely get the LX or Sport. I think I better hand in the Civic and patiently wait for the lease deals to get better. I wouldn't like to incur any additional charges on the Civic. In the meantime, I can save on the monthly payments, insurance and those pesky parking tickets :-)

    Two more questions:

    1. Who enforces the loyalty discount and how much is it? Do I call Honda Financial or simply tell the dealer?

    2. Do I have an advantage dealing with the same dealer where I leased my Civic, or does it still pay to shop around with different dealers? Shouldn't my current dealer make it easier for me and not treat me like a new customer given I already leased with them? I thought even Honda would do that. I simply hate all the haggling and lies you have to go through with dealers.
  • springmanspringman Member Posts: 5
    The sport does have an adjusted suspension which is just a bit more taunt but I did not find much difference between the too except the sport turning radius is a bit more. The 18" tires are tread wear rated at 500 which is pretty good. I don't put on many miles so it will not be a big deal and I get Michelin tires very cheap locally. But I will not need them.
  • ajr1775ajr1775 Member Posts: 33
    Try a reverse auction through Carwoo and see what happens. You can always decline and wait. My suggestion, wait until end of December; near end of month and end of quarter during a typically slow month for dealers. Use Carwoo right after Christmas and be ready to move fast on offers.
  • mg198mg198 Member Posts: 2
    edited October 2012
    Hi,
    I just got a quote for honda accord 2012 ex, $ 2000 down and $350 a month. What is currently considered a good deal for a 2012 accord?
  • verinoxverinox Member Posts: 76
    For a 2012 that's very high. Check out Weymouth Honda or Legend Leasing (google them) for reference prices that you should try to work towards.
  • blue3715blue3715 Member Posts: 13
    edited October 2012
    In NJ:

    I was quoted $1000 down, and $299/month for 36 months (includes all fees/taxes).
    As I was walking out they lowered the offer to $1k down and $287/month.

    Note they are also forgiving my last 2 payments in my current 2009 Accord LX.

    If I make it $0 down, it's $317/month.

    Paying $0 down and all taxes/fees upfront (about $1900) it drops to $260/month.

    Residual was also 63%.

    Note I looked at the 2012 Accord LX-P and (on a 21k price) because the residual is just 54%. that 9% is $1900 in value so the pmt came to 272/month ($1000 down), thus it was a no-brainer.

    As there are no incentives, you should also be able to get something close to $287/mo with 1k down or a total cost of about 11,332.

    $23270 msrp * 63% resid = $14660.
    Change is $8600. 7% NJ tax ($600), bank ($795), dmv/plates ($400), and another $100 (i forgot what it was for).. total = $1900.

    8600+1900 = 10,500.

    You also have to pay interest (money factor, etc) on the 3 years which comes to about $700 or so.

    I dont think you can get much better.

    Edmunds says $1k down comes to a $296/mo pmt (63$ resid): http://www.edmunds.com/calculators/car-lease.html?sv
  • cashibatacashibata Member Posts: 8
    JC,
    The money factor rates and residual percentages you have are correct. These are set by Honda Financial and not by the dealer. The way you calculate the residual value at the end of your lease or buyout figure like we say it is by taking the MSRP of the car and multiplyng it by the residual percentage, which you have is 62% or 63% depending on which trim level. The high trim levels and models with navigation have lower residual values meaning that they lose their value a little more than the base model LX. The loyalty discount is typically sent to you in marketing materials that Honda may send you by mail or e-mail to you. When it comes time to leasing again with Honda, the dealership should try to give you a better deal obviously because you are a loyal customer. Also they reward loyalty by giving you tier bumps in credit. You may not necessarily have an advantage leasing with the same dealer. Of course, it would be dumb for that dealer not to give you the best deal. You can replace metal but you can't replace customers. That's my philosophy because I am in the business. I would still advise you to shop around. Dealers sometimes try to take advantage that you already have leased with them and then try to make more profit thinking that you won't check their numbers. I work in Planet Honda in Union New Jersey which happens to be one of the top 10 dealers in the US so I have seen some pretty aggressive numbers.
  • pegasus17pegasus17 Member Posts: 536
    ref: 4835
    Honda's acq fee for leases is 595, not 795!
    Can't comment on the other fees but they seem high too...
    shop around
  • blue3715blue3715 Member Posts: 13
    maybe it was $600, i'll check, but from my history, the bank fee in NJ has always been $795, AFAIK.

    DMV fees are about $380, that's also what I recall from past years

    both #'s are what I've heard on the phone from a few dealers.

    These fees are itemized on the lease contract, so it would be foolish for the dealer to lie about bank and DMV mandated fees.. they would be risking a monster $ fine for overcharging fees.
  • adam1978adam1978 Member Posts: 16
    Hi Car man,

    I'm interested in buying an EX L 4 cylinder with nav and need to know what I might expect to pay in the SF Bay Area. I live in Napa county and our tax rate is 7.75%. If you can project the difference in payment between buying and leasing that would be great too. Thanks a bunch for your help!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi adam1978. 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 2012 Honda Accord Sedan EX-L 4-cylinder with Navigation that has an MSRP of $30,645 and a selling price of $26,346 ($500 over invoice minus $2,250 in cash incentives) through Honda Finance right now for 36-months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $343.

    Car_man
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  • adam1978adam1978 Member Posts: 16
    Car man,

    Thanks for the reply. I should have specified 2013 is the model year I'm interested in. Any idea what I'd be looking at?

    Adam
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Ah ha, the new 2013 model. That's a different story. Honda is not providing any lease support on the '13s yet so I suspect that the payment will be higher.

    According to my calculations, if you were to lease a 2013 Honda Accord Sedan EX-L 4-cylinder with Navigation that has an MSRP of $30,785 and a selling price of $29,223 ($1,000 over invoice) through Honda Finance right now for 36-months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $397.

    Unfortunately, not nearly as attractive as the '12 model. If you aren't in a hurry,give it a few months. The payments will definitely get better.

    Car_man
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  • bobbyrutgersbobbyrutgers Member Posts: 11
    I must say the new prices on the 2013 make it very hard to justify given that the 2012 are so much more attractive right now to lease (price-wise) :)

    How does this look? just got this price from my local dealer...

    2013 Accord EX, 4dr. CVT.

    $325 per month ( includes taxes, all applicable fees, dmv registration fees)
    0 down ( 1500.00 inception fees) /12k / 36
    The residual is $16502.85. It is Honda lease. No desposition fee at the end of lease, gap insurance included and $1500.00 damage protaction.
  • bobbyrutgersbobbyrutgers Member Posts: 11
    Here's the latest deal I was offered in NJ....

    2013 Accord EX
    msrp $26,195

    0 down, $310 per month (includes all fees, taxes, etc).

    what do you think?
  • cashibatacashibata Member Posts: 8
    JC,

    What are the terms? 36 months? mileage 12k? Need more specifics. Also $0 down for dealers mean toward capitalized cost reduction. Your inception fees usually you have to put upfront. Things like motor vehicle registration, bank fees, documentation fees, first month payment. I work for Honda so I know how they do things here in NJ.
  • KrovopiytzaKrovopiytza Member Posts: 16
    Hi Car_man,

    I would really appreciate the October residual value and money factor for a 2013 accord EX-L no navigation for 36 months and 12k miles. MSRP 28,785.

    Thanks a lot.
  • bobbyrutgersbobbyrutgers Member Posts: 11
    Thanks cashibata.... here's the more detailed info once I asked them for the additional fees...

    lease quote on a 2013 Honda Accord EX we have two options:
    36/12,000 a year
    First month payment, Motorvehicle and Doc fee due at signing- $323.00 a month
    OR
    39/12,000a year
    First Month, Motor vehicle, and doc fee due at signing - $297.00 a month

    Motor vehicle is $308 and doc fee is $299.

    -------------
    what are you offering on the 2012 EX-L ?? We are trying to decide between the older 2012 EXL or the new 2013 EX.
  • insidecarbuyinsidecarbuy Member Posts: 95
    edited October 2012
    I just helped my friend get this deal on a 2013 Honda Accord Sedan EX (MSRP $26,195) in Westchester County, NY.

    Its a lease for 36 months through American Honda Finance with 12,000 miles per year and just 1st month, bank fee and DMV out of pocket. Gotta watch those NJ & CT dealers with the high Doc Fees! The details to the deal are below. Hope this helps you!

    Customer Name: Inside Car Buying LLC WD Deal ID: 635
    Sale Vehicle: New 2013 HONDA ACCORD SEDAN CR2F7DJW 4dr EX AT w/AC , Automatic , Odom: 0


    Payment Details
    Term 36
    Base Payment 269.14
    Total Payment 269.14
    Purchase Option 16,502.85
    MSRP 26,195.00
    Est. Miles Per Year 12,000
    Excess Mileage Charge 0.15



    Amount Due at Signing

    1st Month Payment 269.14
    Security Deposits 275.00
    Acquisition Fee 595.00
    Fees & Insurance 347.50
    Total Inception Fees 1,486.64

    Total Cash Required on Delivery 1,486.64


    Tax Information
    Customer State: New York Customer County: WESTCHESTER
    Type Amount Rate Paid
    Cashdown Tax 49.41 7.3750 Capped
    Upfront Tax 711.44 7.3750 Capped

    Fee Information
    Description Amount Paid
    Reg 250.00 Upfront
    Insp 10.00 Upfront
    Title 12.50 Upfront
    DocFee 75.00 Upfront
  • cashibatacashibata Member Posts: 8
    Krovopiytza,

    The residual value on a 2013 Accord EX-L sedan is 61% for 36 months and 12k/yr. The money factor rate right now for Tier 1 Super Preferred credit is .00165 which includes security deposit waiver. These residual values are valid until the end of the month.
  • KrovopiytzaKrovopiytza Member Posts: 16
    Thank you
  • ajr1775ajr1775 Member Posts: 33
    On the LX 2013 I've been checking around and the lease rates provided by Honda are ludicrous. Stay away from leasing this vehicle until lease support kicks in. Blue3715 got a lease quote of $0 down $317.00 per month on an LX of MSRP $23,370? Call me crazy but in no parallel dimension or alternate universe is that a good deal. The ratio between lease rate and MSRP is just way off. There are other costs to consider such as what you roll in like destination etc. but taking that into account its still way off.

    Off their site.....assuming I lease an EX-L 2013 for 36 months and 12K miles per year at a capitalized cost that matches FMV they are asking for $450.00 per month. No way. Hello Nissan Altima.
  • belindajonbelindajon Member Posts: 4
    I know what I want, I just don't know how to get there.... I have been quoted a price of $23,942 for the above mentioned vehicle, I think this is a great price! I want to keep my payments around $300 with as little down as possible. I have excellent credit and live in So Cal, 92646 zip, when I go into the dealer, what should I be looking at/for? I have never leased before and I find it quite confusing! Thanks in advance! :blush:
  • ajr1775ajr1775 Member Posts: 33
    It's a great price if you're paying cash or financing. However, the lease rate you are getting is too high. It's not you, its Honda financial services. Look around at other vehicles like the Nissan Altima, Hyundai Sonata, or Ford Fusion. Their lease rates for a similar priced vehicle are much better.

    If you're dead set on a 2013 Accord LX then hold off till the next quarter when their lease rates should improve and they have real lease support. Right now the supply and demand is such that they don't have to.
  • belindajonbelindajon Member Posts: 4
    Just to clarify... this is a 2012 EX-L V6, not the LX.
  • ajr1775ajr1775 Member Posts: 33
    That makes it even worse....a 2012 should have a better lease rate. Especially if they're wanting to move inventory to clear way for 2013 models. Based on the sale price of the vehicle which is referred to as the capitalized cost it's very high still. Forget that dealer and move on to another. See the other posts and compare their sale price(capitalized cost) to the lease rates that accompany them. You can do a ratio and figure out what the lease rates should be. Although they are getting bad lease rates too, just not as bad.

    I just ran a check and a 2013 LX with a cost of $23,270.00 was getting a lease rate of $400.00. Ouch! It should be way under $300.00. As a comparison, right now you can get a 2013 Nissan Altima 3.5 SL for $282 per month with an MSRP of $30,500.00. Granted, it's a special offer they have going on but their regular offers are pretty good as is.
  • tellomastertellomaster Member Posts: 5
    I just leased a 2012 EXL v6 w/ $2400 down for $235 a month. 36 Month 12k miles. Selling price was 23K.
  • ajr1775ajr1775 Member Posts: 33
    tellomaster,
    Now that's more like it! Sounds right if you take the $2,400.00 off the sale price and your capitalized net ends up at $20,600.00 and you lease based off of that.
  • cashibatacashibata Member Posts: 8
    Always look at the adjusted gross cap cost. You should be able to get it for under $300 and the money factor rate for 2012 Accords is much lower than the 2013 model. It is .00046. The residual value is 51% for 12k.yr. This is for Tier 1 Super Preferred which means you need a 660 credit score or greater since Tier 2 Preferred is the same money factor rate.

    Also, all Honda leases come with a $1500 in wear and tear allowance and also no disposition fee at lease end. Also GAP insurance is included. There are dealers out there that will try to sell you this so don't fall for that.
  • cashibatacashibata Member Posts: 8
    The much better deal will be on the 2012 Accord. The money factor rate is much lower .00046 vs. .00165. Also the rebate or dealer cash, lease cash is $2250 on remaining 2012 Accord EX and EX-L and also V6 models which get an additional $500.

    Also be careful of who is the bank. You have two lease proposals. I would stick to Honda Financial leases and not other banks. The other banks may have higher acquisition fees and also they may nickel and dime you for damage to the car at lease end. Honda is much more flexible and they have $1500 in wear and tear allowance for minor dents and scratches. Honda also has no disposition fee. I would personally wait for the 2013 lease program to get better. The 2013 Accord is a superior car to the 2012 model with lots and lots of changes and improvements.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go Krovopiytza. Honda Finance's October buy rate lease money factor and residual value for a 36-month lease of a 2013 Accord Sedan EX-L 4-cylinder without navigation with 12,000 miles per year are .00155 and 61%, for consumers who qualify for its top credit tier.

    Car_man
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  • jackywangjackywang Member Posts: 3
    Hi Car_man,

    Thanks for the info!

    I'd like to know residual and mf for 2012 EX, EXL and SE. It will be great if you may list the number for both 24 months and 36 months, with 12K/y and 15K/y.

    Many thanks!

    Jacky
  • jcarlosjcarlos Member Posts: 8
    Hi.

    Honda posted new lease deals on its web sites for both the LX and EX.

    LX
    2013 Accord Sedan CVT LX Featured Special Lease
    $249 per month for 36 months
    $2,299.00 total due at signing.

    OR,

    2013 Accord Sedan CVT LX Featured Special Lease - Zero Due at Lease Signing
    Offer valid from 11/1/2012 through 1/2/2013
    $0 first months payment, $310.00 per month for 35 months
    $0 down payment, $0 security deposit. For well-qualified lessees.
    --------------------------------------------------------------------------------- -------------------------

    EX
    2013 Accord Sedan CVT EX Featured Special Lease
    $269 per month for 36 months
    $2,299.00 total due at signing.

    OR

    2013 Accord Sedan CVT EX Featured Special Lease - Zero Due at Lease Signing
    Offer valid from 11/1/2012 through 1/2/2013
    $0 first months payment, $330.00 per month for 35 months
    $0 down payment, $0 security deposit. For well-qualified lessees.
    --------------------------------------------------------------------------------- --------------------------

    Are these the so called subvented lease offers? These seem slightly better than the ones before. I've been waiting for better lease offers and not sure if I should jump for these or still wait hoping that Honda will offer even better offers than these. I'm hoping for offers below $300 with $0 down for the LX and Sport.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Jacky. I'm still working on finding out the residual values, but they really don't matter as much anyhow because dealers don't have the authority to manipulate them. Honda Finance's new November buy rate lease money factor for 24 to 36 month leases of the 2012 Accord are .00021 for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey jcarlos. The redesigned Accord is still new and manufacturers try to ride the halo that's associated with redesigned vehicles for as long as possible before they provide significant support on them. How long it takes for the deals on the 2013 Accord to approach those that have been available on the 2012 model, I personally have little doubt that they'll eventually come close, depends upon what auto sales are like in general and how well received the new Accord is by the market.

    Honda's new November lease program is scheduled to run through the end of the year, so unless Honda makes an unscheduled enhancement to its programs what you see now is what you get for Accord leases over the next couple of months.

    Whether you should wait to get one depends upon how desperately you need a new vehicle. If you don't mind waiting I suspect that the deals will eventually get better. Of course, it's difficult to say with 100% accuracy what automakers will do with their future incentives programs.

    Car_man
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  • meadow1meadow1 Member Posts: 1
    received an offer of 268.00 per month on 2013 accord lx auto 12/36 with 0 down, sticker is 23070. Is this a good deal?
  • cejj1989cejj1989 Member Posts: 2
    Is the $269/month for 36 month $2299 down on the EX CVT really a good deal? If so, will it be easy for me to be able to get the $269 a month with no money down? For example, I act like I am about to walk out unless they take off the down payment?
  • cejj1989cejj1989 Member Posts: 2
    Yes, I would say that it is. If I calculated it correct you are saving $1615.
  • sean_cornilsean_cornil Member Posts: 5
    Hey Car Man!

    What is the residual and mf for a 2013 Accord LX and LX Sport for the month of November? If it makes any difference, I am in southern California.

    Thanks in advance Car Man!
  • jackywangjackywang Member Posts: 3
    No problem. Thank you very much Car_man!
  • honda_ighonda_ig Member Posts: 13
    Finalized a deal for 2013 accord ex-l without navi.
    36 months/ 15K miles a year (paid extra to go from 12K to 15K)
    $345/ month including tax
    $0 down

    Total price (including residual) was more than $1000 below invoice.
    Good deal?
  • bobbyrutgersbobbyrutgers Member Posts: 11
    considering the current numbers, thats a pretty good price IMO. well done.

    Just curious.... how much was the monthly price if it was still 12k miles/year ??
    Thank you!!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go sean_cornil. Honda Finance's November buy rate lease money factor and residual value for a 36-month lease of a 2013 Accord Sedan LX with 15,000 miles per year are .00155 and 61% for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of a '13 Accord Sedan LX Sport are .00155 and 60%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome jackywang.

    Car_man
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  • honda_ighonda_ig Member Posts: 13
    Dealer told me that's about $15 less per month
  • gee22gee22 Member Posts: 82
    On the surface looks like a great deal. Couple of questions since I'm looking to lease an EX-L too. Was there any trade involved and is the lease with Honda Financial? Also, would appreciate if you could share the dealership name and the fees they are charging. Thanks!
  • jackywangjackywang Member Posts: 3
    2012 Accord ExL:
    36Months:
    12K~ Residual Value: 0.50%, Rate: 0.00011
    15K~ Residual Value: 0.48%, Rate: 0.00021

    24Months:
    12K~ Residual Value: 0.56%, Rate: 0.00011
    15K~ Residual Value: 0.48%, Rate: 0.00021

    :)
  • halljahallja Member Posts: 1
    I'm looking to lease a 2013 Accord Coupe, EX-L V6 with Navi. Can anyone give me an idea of what leasing rates, MF, etc they paid or what I should be looking at per month.

    I need car for 10,000 miles/ year
    Would like a 36 month lease
    I have a 760+ credit score
    Live in Denver area
    Can bring $2,500 to close
  • honda_ighonda_ig Member Posts: 13
    No trades. Yes, the car is leased though Honda financial.
    Dealer was VIP honda in north plainfield nj.
    I remember the dealer fee was around $380 and registration was around $200.
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