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2013 and earlier-Honda Accord Lease Questions
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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.
At retail prices they are not so cheap. But good wear ratings
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?
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
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.
Honda's acq fee for leases is 595, not 795!
Can't comment on the other fees but they seem high too...
shop around
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.
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!
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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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
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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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.
2013 Accord EX
msrp $26,195
0 down, $310 per month (includes all fees, taxes, etc).
what do you think?
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.
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.
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.
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what are you offering on the 2012 EX-L ?? We are trying to decide between the older 2012 EXL or the new 2013 EX.
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
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.
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.
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.
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.
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.
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.
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.
Car_man
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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
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.
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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.
Car_man
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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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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!
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?
Just curious.... how much was the monthly price if it was still 12k miles/year ??
Thank you!!
The numbers for an otherwise identical lease of a '13 Accord Sedan LX Sport are .00155 and 60%.
Car_man
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Car_man
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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
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
Dealer was VIP honda in north plainfield nj.
I remember the dealer fee was around $380 and registration was around $200.