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2013 and earlier-Honda Accord Lease Questions

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Comments

  • pegasus17pegasus17 Member Posts: 536
    REF: 4979
    I'd give them another chance. tell them you need to understand how they came up with 337 when you came up with a lower number. The lease calculator is fairly easy to use - check it out:
    http://www.leaseguide.com/calc.htm
  • willfinewillfine Member Posts: 6
    Thanks Pegasus17. I can understand why a third party leasing company would do that, but not Honda's own. There's enough profit in NAV that they could easily support the price of that option by bumping up the residual value. BMW Finance does that all the time to boost sales. It seems very shortsighted to me.
  • acfkelacfkel Member Posts: 18
    Thanks again, pegasus. We will see. I thought a lease payment was calculated on a depreciation fee + Finance fee. Based on the information I was given wouldn't that be: $286?

    Depreciation : 24236-15717 \ 36 = $236 (approx)
    Finance: 24236 + 15717 x .00125 = $50 (approx)
  • pegasus17pegasus17 Member Posts: 536
    Lease acquisition fee is 595
  • acfkelacfkel Member Posts: 18
    That would still only bring it up to $302 if I didn't pay it up front, correct? If I paid that up front, then it should be $286, don't you think?
  • pegasus17pegasus17 Member Posts: 536
    don't pay it upfront - roll it in. and then there is tax too

    http://www.leaseguide.com/calc.htm

    this calc works well
  • acfkelacfkel Member Posts: 18
    Thanks...I think my calculation may be closer to your's if I add in the taxes and acquisition fee. I planned on paying that up front. I will consider rolling it all in.

    Thanks for your help.
  • acfkelacfkel Member Posts: 18
    This is what they provided with $1,500 down. I have stated I do not want to put money down continuously, but may for taxes and fees.

    New 2013 Honda Accord Sedan 4dr EX AT AT [CR2F7DJW]
    Lender Program: AHFC (NATIONAL) / SP / Super Pref Customer:Guest
    Term: 36 Customer Phone:N/A
    Rate Adjustment: BASIC standard program Credit Score:750
    Residual Adjustment: Basic Standard Program Update Version:15364
    Manufacturer's Suggested Retail: 26195.00
    Options to Residualize: 0.00
    Gas Guzzler Tax Amount: 0.00
    Residualized MSRP: 26195.00
    Initial Mileage: 0
    Total Expected Miles: 45000
    Ending Mileage: 45000
    Total Allowable Miles: N/A
    Total Additional Miles: N/A
    Up-front Mileage Rate: 0.10
    Up-front Mileage Penalty: N/A
    Residual Percentage (Book): 60.000%
    Residual Percentage (Adjusted): 60.000%
    Gross Residual Amount: 15717.00
    Mileage Penalty/Misc Adj: 0.00
    Residual Amount (Net): 15717.00
    Residual Percentage (Net): 60.000%
    Money Factor: 0.00125
    Monthly Depreciation: 256.36
    Monthly Lease Charge: 50.83

    Original Taxable Base: 24236.00
    Adjustment: -13923.12
    Taxable Base: 10312.88
    Percent: 7.775%
    Tax Subtotal: 801.83
    Flat Tax: 0.00
    Tax Amount: 801.83
    Selling Price: 24236.00
    Service Contract: 0.00
    Gap Insurance: 0.00
    Tax Amount: 801.83
    DMV Fees: 0.00
    Credit Insurance: 0.00
    Acquisition Fee: 595.00
    VSI Fee: 0.00
    FS Fees: 0.00
    Other Cost: 0.00
    Cap Cost (Initial): 25632.83
    Cap Reduction: -686.81
    Adjusted Cap Cost: 24946.02
    Base Monthly Payment: 307.19
    Monthly Use Tax (0.000%): 0.00
    Personal Property Tax (0.000%): 0.00
    Total Monthly Payment: 307.19
    Cap Reduction: 686.81
    Cap Reduction Tax: 0.00
    First Monthly Payment: 307.19
    Security Deposit: 0.00
    Title,Tags and Misc: 506.00
    FS Fees: 0.00
    Total Due at Inception: 1500.00
    Approx. Purchase Option Price: 15717.00
  • huskerfan5huskerfan5 Member Posts: 165
    There are accounting rules concerning residual values. If Honda's experience indicated that a car with NAV had the same residual percentage as one without, they would be required to use the same percentage. Ask your accountant.
  • pegasus17pegasus17 Member Posts: 536
    I have a few questions:
    why is the sales price still so high?
    why is the taxable base so low? is there a trade?
    title tags and misc is too high at 506; what state are you in?
    looks like your 1500 down is covering ccr 687, 1st 307, misc 506
  • acfkelacfkel Member Posts: 18
    I didn't negotiate a lower selling price and wanted to see what they came with first. I stated up front that I would not be putting any money down and I wanted to know Net Cap Cost, Residual, Money Factor and monthly payment. The math doesn't jive. I am located in Minnesota. I don't have a trade. I am in a current lease (my fourth one). This would be my 5th Honda lease. I am going to continue shopping. I know I can do better than this.
  • pegasus17pegasus17 Member Posts: 536
    Any positive equity in your current lease? Doesn't hurt to check.
    try to work out the math - it would help you next time
  • jcarlosjcarlos Member Posts: 8
    Hi.

    Recently leased the 2013 sport Accord sedan for $282/month (tax included; 36 months, 12k/yr miles) with only $680 down which included, first payment, DMV and other minor fees. This was in Tarrytown, NY. I had contacted several other dealers and as always, they tell you something over the phone or email and beg you to come in only to come up with something different once you visit them. This dealer in Terrytown was right on their promise and made it basically the same way the told me over the phone.

    During this whole process, I only wished any dealer in New York had the same clear cut online calculator as Weymouth Honda. Thanks to this great forum, I used the calculator all the time to see how close of a good deal I was getting. Well, this one I got is only a couple of dollars over what's Weymouth Honda is offering on the Sport sedan right now.

    Thank you all for you help and hope this info may help others looking.

    JC
  • acfkelacfkel Member Posts: 18
    Thanks JC. This does help. Always nice to know what others are paying. I was quoted too high recently and this helps validate it. I hope you are enjoying the new wheels.
  • khuzbuzkhuzbuz Member Posts: 55
    Here are some figures the dealership in MD quoted for a Accord Sport - 15k miles/year lease. This is before any negotiations. Any thoughts?

    PRICE 23578.00
    DOC FEE 200.00
    ACQ FEE 595.00
    GOVT FEES 292.00
    TAXES 1426.68
    RATE .00125
    RESIDUAL .59
    RESIDUAL 14738.20
    M.S.R.P. 24980.00
    TERM 36
    ALLOW MI/YR 15000
    CASH 1000.00
    MO. PMT () 347.47
  • pegasus17pegasus17 Member Posts: 536
    edited February 2013
    Very high. Look at post 4992 for a good deal.
    what are gov't fees?
    why are the taxes so high on a lease?
    http://www.weymouthhonda.com/newcars/Accord%20Sedan/Sport/#LeaseCalculator
  • acfkelacfkel Member Posts: 18
    That is higher than my quote on an EX Accord lease MSRP $26,195. I should be able to get a payment under $300 for what I want. I think your's is way too high. There is a previous post of somebody who leased a Accord Sport for $282/month.
  • kyfdxkyfdx Moderator Posts: 235,188
    Maryland charges sales tax on the full price of the vehicle...

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  • pegasus17pegasus17 Member Posts: 536
    Can you post a list of the states that do that? I assume it's less than half of the Union
  • kyfdxkyfdx Moderator Posts: 235,188
    I don't have a list... most of it's in my head... ;)

    Illinois
    Texas
    Maryland
    Massachusetts (I think)

    I'm sure there are some others...

    Some are surprisingly low... so, even if they charge on the full price, it's not a lot..

    Virginia and NC are both around 3%.... SC is a flat $300!

    Oregon has no sales tax..

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  • me5po5ito1me5po5ito1 Member Posts: 1
    edited February 2013
    This is what I was quoted on a 2013 EX-L 4cyl Lease (through Honda Finance):

    NY

    8% sales tax and fees rolled in

    $300 total out of pocket

    $349/month, 36 months, 12K annual miles

    $17,271 residual value

    Dealer used $500 Honda FlexCash towards "down payment assistance"

    Good deal?
  • dickharrisdickharris Member Posts: 3
    Hi,

    Does anyone have good info on money factor and residual for a 2013 Accord Sport CVT in North Carolina on 36 month lease with 12k vs 15k?

    Thanks
  • abduhlaabduhla Member Posts: 4
    edited February 2013
    Im thinking of being a little bold.

    I want to get two Accord LX Base models.

    200$/month per car.
    $1500 total out of pocket, not a dime more for anything else, per car.
    12k miles a year, .15 cents a mile over.

    Reasonable? Or should I push for 180$ a month?
  • huskerfan5huskerfan5 Member Posts: 165
    If you visit the weymouth honda site and check their lease calculator, they are leasing the EX-L for $300 plus tax, with $239 doc fees, $125 Mass registration and first month payment of $300. The Honda Finance fee is in the $300. You may not do that well in NY but you can shoot for it.
  • cinbeecinbee Member Posts: 11
    edited February 2013
    In Northern NJ,
    What can I expect to pay for a 36 month lease 12,000 per year on a 2013 Accord LX.
    I am getting numbers all over the place, and higher than I expect.
    This will be my personal 5th lease, but about 10 in the family.

    Would consider a 2013 Civic LX as well, both automatic.
  • pegasus17pegasus17 Member Posts: 536
    visit the weymouth honda site and check their lease calculator
  • pegasus17pegasus17 Member Posts: 536
    REF: 5002
    Good luck with that offer. The weymouth price (for comparison) is 235 pre-tax. That includes their 239 doc fee and 125 reg fees. I suggest you do NOT put down more than 500 o-t-d per car.

    http://www.weymouthhonda.com/newcars/Accord%20Sedan/LX/#LeaseCalculator
  • cinbeecinbee Member Posts: 11
    I did check the Weymouth Honda website. But can I expect to get the same deal in New Jersey, say DCH Paramus?
  • abduhlaabduhla Member Posts: 4
    So. Im scheduled to sign, paying 900 for everything with 180/month for the LX. At Hudson Honda in NJ.

    Scheduled is the key word there.
  • gmanusmcgmanusmc Member Posts: 699
    Please post the details of this deal - sounds like a really good deal - I assume that is 180 plus tax, right?
    2016 ES350 Lux/Atomic Silver
    2017 Accord Sport CVT Mod Steel Metallic
  • cinbeecinbee Member Posts: 11
    Yes, please give us details. You are in the same area as me and no one has come close to that. How did you get the deal?
  • pegasus17pegasus17 Member Posts: 536
    edited February 2013
    2013 Honda Accord LX - Lease for only $143/mo*

    *Internet Lease payments are based on $0 down, 36 months and 10k miles per year. Price is subject to Tier One credit and include $500 college graduate and $500 Military rebate. Does not include: Sales Tax, dealer doc fee, dealer prep, MV Fees, Bank Fee, or any installed accessories. Must take in stock unit. *

    Devil's in the details. Bank fee might be $595
  • cinbeecinbee Member Posts: 11
    Are Weymoth Honda Lease calculator numbers reasonably applicable in other states?
    They state that the residual numbers are supplied by Honda varying from model to model, but the money factor can vary right?
    Going tonight to my dealer and want to be prepared! :confuse:
  • trusso69trusso69 Member Posts: 68
    edited February 2013
    money factor on weymouth site is based on excellent credit
    residual % is set by honda
    sales price set by weymouth; they include 239 doc fee and 125 reg fees
    you have to customize it for your state and situation

    info only:
    http://www.vosshonda.com/specials/index.htm

    LX deal at 219/month (excludes tax and doc fee)
  • gee22gee22 Member Posts: 82
    Some of the best lease rates I've seen have been with third party lessors with higher bank fees and disposition fees than Honda Finance, plus they get you with the excess wear and tear. Even if this lease is with Honda, I'm sure they would get you with the dealer prep fees and probably every car available under this lease has some ridiculously priced dealer installed accessories.
  • bigjoefatzbigjoefatz Member Posts: 6
    I have a 2010 Accord and had my inspection today. I have some whopper of dents, and the inspector told me that I will be charged $600, twice (one on rear bumper, one on front bumper) and $200 for some scratches around the car. He claims not to have ink in his printer so he couldn't give me an inspection report but did say he would email me it (but he hasn't yet).

    I am looking to return my Accord Lease and finance a CRV EX-L, through AHFC (AHFC also holds my lease). So, my questions are as follows:

    1. What should I do with respect to the damage I have now? Repair it? Try to Negotiate with Honda? Assuming I go through with my CRV purchase and finance it through AHFC, will AHFC forgive my damage?

    2. If AHFC refuses to waive my damage, what should I do? Get another inspection and fight the claims (it seems that if the inspector says $600 damages twice, and my own independent inspector says $500, then I could get it waived under the AHFC damage waiver policy).

    Any advice would be appreciated. Thank you in advance.
  • acfkelacfkel Member Posts: 18
    My 2010 lease is up as well and I have damage that I need to repair, however, some dealerships will and can take of these repairs and inspection...work it out in your negotiations. I had previous dealerships do this for me and was offered it again today in addition to them covering my remaining lease payments.

    However, I have to say I test drove both the CRV and Accord today and I am not sure I am sold on either of them. Thinking of Ford Fusion or Escape but have yet to test drive those.

    Can I ask why you decided to go from an Accord to a CRV? The CRV didn't seem to have as tight of steering as the Accord does, but personally I don't like all the technology in the new Accord and really do not care for the keyless ignition. I am going to test drive them again and see what I think because I have had Hondas for the past 15 years and it's hard to think of switching.
  • acfkelacfkel Member Posts: 18
    Tax is due up front in Minnesota as well, not per payment.

    http://www.revenue.state.mn.us/businesses/sut/factsheets/FS171.pdf
  • re79re79 Member Posts: 3
    I got this offer in Phoenix, AZ area, for Accord LX CVT, 12K mile, 36 months. Please let me know what you think:
    MSRP: 23,270
    Selling price: 21,474, including destination fee
    RV: 14,427.40
    MF: 0.00125
    Acquisition fee: 595.00
    Documentation fee: 390
    + tax, title and registration

    Thanks
  • bigjoefatzbigjoefatz Member Posts: 6
    Thanks. I just need a larger car, and with the damage and all to the accord I figure I can get it forgiven if I take out another honda (this will be my third honda purchase or finance and I actually want to do a fourth one trading in my fit for a civic). I an weary about buying American and don't want to lease.

    I tried to talk with the dealerships about just accepting my car but since my lease is up in 4 days they aren't willing to do anything concerning my damage. Also I think my residual is too high on my accord and i have no equity in terms of miles (right on pace)
  • kyfdxkyfdx Moderator Posts: 235,188
    Doesn't AHFC have a $1500 damage waiver, with up to $500 per item? They used to..

    Wouldn't your total only be $200, then? ($100 over on two items?)

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  • pegasus17pegasus17 Member Posts: 536
    REF: 5018
    Sales price is too high. Should be closer to 21k; it's 20.6 here in OH
    Doc fee is completely negotiable in AZ; don't pay more than $100 if you can help it (tough sell, i know)
    Other numbers are correct. Use this OH deal as proof that your AZ deal is too high. However, please realize that prices vary by region and supply/demand. LX models are plentiful - most want a power seat...

    http://pictures.dealer.com/v/vosshondaoh/0289/f0011d780a0d02b70197871d6b3ab119.j- pg
  • bigjoefatzbigjoefatz Member Posts: 6
    From what I've been told if damage is 499 they forgive it. If its 501 you pay it all, you don't get the difference. Can anyone confirm?
  • re79re79 Member Posts: 3
    Thanks. I will try to negotiate more and I will tell you the result.
  • huskerfan5huskerfan5 Member Posts: 165
    I looked into an Escape but decided I didn't have time to take it to the dealer for it's monthly recall. Consumer Reports just reviewed the Fusion. Suggest you read.
  • benji123benji123 Member Posts: 104
    Yes, for Honda Finance that is exactly how it works. You can call and ask if they will forgive it for you, though they might refuse.
  • kyfdxkyfdx Moderator Posts: 235,188
    Well.. that sucks.

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  • bigjoefatzbigjoefatz Member Posts: 6
    What are the odds of them forgiving? Especially if I am willing to finance/buy a new CRV EXL (and possible up to four additional cars (no joke, really 4 additional cars)
  • bigjoefatzbigjoefatz Member Posts: 6
    As an update: got the inspection report. I have the following damages

    Bumper dent and paint front and back: 750$ each
    Quarter panel damage: 370
    Tires (2): $100 each

    Under afhc policy I would Pay just the bumpers bc the other stuff gets waived

    Any help on how I should try to get this waived? Get my own estimates worth it?
  • bigjoefatzbigjoefatz Member Posts: 6
    edited February 2013
    Update 2:

    Told AHFC I would be willing to take out another car - they said they would drop 700

    Told AHFC I would be willing to take out 2 cars - they said they would waive the entire damage.

    CHING CHING.

    Thanks all for your help.
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