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2013 and earlier-Honda Accord Lease Questions
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Also in the area looking for lease
Rt 22 Honda online advertising:
2013 Honda Accord LX Sedan Lease for $159/mo*
36 Month Lease 12k miles per year
* Lease prices are based on 36 month contracts through Honda, with 12k Miles per year and $999 Due at signing plus all fees without Loyalty needed. Does not include: Sales Tax, Bank Fee, Doc Fee, DMV Fee, destination, first payment or any installed accessories. Lease prices available with Tier 1 credit only.
BUY FOR: $20,195*
Down Pmnt: 999
Bank Fee: 595
Destination Fee: 790
Doc Fee: need to find out what it is
Thoughts? Anything else should watch out for/negotiate?
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$209/month with $0 down Continuously Variable Transmission. Excludes Tax, $595 Lease Acquisition Fee, $239 Documentation fee and $125 Registration fee. 36 months - 12k miles/year. Expires 03/01/2013.
(209*36)+595+239=8358 / 36 = 232
Thanks for your help...now I know what range to work with
I went to on dealer here in Orlando and they gave me so much crap about being over miles and told me whether I leased a new car today or waited 6 months, I was going to pay for those miles, which I felt they were just saying so I would be comfortable with payming more to lease a car while on the lot that day.
Any advice?
Hope this helps,
Bill G
2017 Accord Sport CVT Mod Steel Metallic
Car_man
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Car_man
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Honda Finance's February buy rate lease money factor and residual value for a 36-month lease of a 2013 Accord Coupe EX-L 4-cyl. without Navigation with 15,000 miles per year are .00125 and 56% for consumers who qualify for its top credit tier.
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
If you were to lease this car with only 12,000 miles per year, its residual value would be 2% higher.
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Up Front Payment $1300.00
36 months 12K
Out the Door OTD $285.00 per month
Yes it includes everything including tax. Everything!
Still shopping, however, I would like some feedback. Northern NJ
msrp 26195; mf 0.00125; residual 62%
Estimate 1 (dmv fee excluded):
sell 23000; assumed a 7% tax rate on lease amount only
$272 per month with zero down
http://www.leaseguide.com/calc.htm
estimate 2 (also no dmv):
weymouth web site (7% manually input for tax rate)
280 per month with zero down
I think you have some haggling room...
BTW, the notorious doc fee is completely negotiable in the Garden state.
The best way to compare leases is to put everything into the lease and then calculate 36 equal monthly payments.
In your case, that would mean putting $1,015 into the lease ($1300 - 285 first month payment). In a typical lease, every $1000 put into the lease equates to about $30 a month so this lease would be $285 + 1.015 x $30 = $318 including tax.
Weymouth is $280 but doesn't include their $125 doc fee, DMV fees or tax. So now you would be putting in $125 doc fees plus 325 DMV fees = $450. .45 x $30 = $13.50 more more month. $280 + $13.50 = $293.50. Add 7% tax, and the Weymouth equiv for NJ would be $314.
Your are really close to Weymouth. Worst case, take this deal even if they won't go lower.
Incidentally, according to the Weymouth site, the residual is 60%.
Are you intentionally misleading this guy?
The 280 on the weymouth site includes 7% tax I manually entered.
Their sell price is 23273
The residual for 12k miles is 62%
His original deal is too high; there is easily a few hundred bucks he can go lower.
get a clue
Any word on whether Honda is/will be providing lease support on the 2013 Honda Accord Sedan - LX, CVT Automatic, 36 mo./12K, either this month (March, 2013) or next month?
Thanks.
dweston
I think I could have potentially got it lower, but how do you think I did?
trusso69, your comment that I would intentionally mislead russharris was uncalled for.
you are correct; sorry for my abrasiveness
Are you familiar with the weymouth honda web site? Best in the nation for their online disclosure of pricing for both buys and leases.
from the site:
MSRP including destination $26,195.00
Sale Price $23,276.52
Residual $15,717.00 (60% of MSRP)
Financing 0.00125 money factor
monthly payment 276
note: tax excluded, doc fee excluded, dmv fees excluded. You would have to add these fees plus your one remaining payment to determine how you did.
312-276=36 * 36 months = 1296
I think I did do fairly well. I thought I could have got it down to $305, but I am happy with this. I was paying way too much for my last lease.
what made you choose the Ex? I am still debating LX, Sport, EX for myself.
More importantly, how do you like your new car?
Did the incentives and rebates change for the month of March? If not when do you think it will be updated?
What is the current Money Factor and Residual Value on a Honda Accord EX-L 4dr no nav 12k from honda financial?
In your professional opinion when is the best months (historically) for Honda to release their best lease incentives or rebates?
Thanks,
Edgar
2013 Accord EX
$1300 Down
36 mo
12 K miles
$285 month OTD
Northern NJ
I think I have wiggle room and I could work it down to $265.00
No selling price was mentioned. No residuals etc
I will let people know of my progress and final purchase.
This program is scheduled to run through the end of April, but as usual Honda reserves the right to make unscheduled changes.
Car_man
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How is this a special program?
Last month it was 62% and 0.00125
Now it's 61% and 0.00107
The resulting payment is the same. I am confused...
Honda Finance's March buy rate lease money factor and residual value for a 36-month lease of a 2013 Accord Sedan EX-L 4-cylinder with 12,000 miles per year are .00107 and 59% for consumers who qualify for its top credit tier.
It's difficult to say when Honda will introduce cash incentives on the Accord. Traditionally it has maintained a decent level of cash support on it, however the Accord was recently redesigned and as a result Honda scaled back on the cash. I suspect that it will return some time later this year, but exactly when is difficult to say.
Car_man
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Thanks for all the great info shared here! It is fantastic!
My question is: I am currently leasing a 2010 Accord LX and the lease expires soon. Like really soon. Was looking at purchasing it, but lease payments on a 2013 are getting close to payments for an outright purchase. The dealer says they will eat the over mileage (it's a lot) etc. to get me in a new one.
The question for an expert out there is if I lease a 2013 and give this one back to the dealer, how much does the dealer pay AHFC for it? Do they pay the straight residual, the wholesale cost who exactly is eating the over mileage? Looking at NADA, auto listings etc. It appears the trade in value is about 10k. Retail value is 14kish, and residual is 14k. I am playing with the Weymouth calculator. In this scenario would I put 10k in trade in value and 14k in amount owed? That would add the negative equity to the cap cost of a new one. Or does it work completely different on the dealer end?
Anyway, sorry for the long post, but this would really help me out, to be able to visualize where I have wiggle room for a deal.
Thanks in advance for your assistance!!
Bill G
2017 Accord Sport CVT Mod Steel Metallic
I guess that is the last question I had. I have been inputting numbers in the Weymouth tool. What a great resource!
Now back to the miles - if you are significantly over, you might be in a situation where the negative equity is less than the mileage penalty - if that's the case, it's to your advantage to trade rather than do a lease turn in. I think your best strategy would be extend the lease to buy some time, then do some smart shopping to get your best price on a new lease and you might have to work with a few dealers to negotiate your best trade in allowance on the 2010. Nice thing about Hondas - good resale (even with some miles).
2017 Accord Sport CVT Mod Steel Metallic
1. Current mf for "1st and fees" lease is 0.00107
2. Current mf for "sign & drive" lease is 0.00097
Got the info from the weymouth honda site and want to know why the mf is lower for scenario 2. Does this make sense to you?
Price 19,895
Destination 790
Processing 189
Acquisition 595
Tag/Title 130.50
Tax 644.07
.00125 M/F
293 Monthly Payment
The residual value of the vehicle is 14,427.40.
What do you guys think? I live in VA. Thanks!
Using your numbers (which aren't that great), i get 263 per month for 36 months. That included adding your tax and tags to the acq fee as part of the cap cost.
I think the march lease data are 61% and 0.00107 for the LX (12k/year)
use this easy calculator:
http://www.leaseguide.com/calc.htm
FWIW, a really good deal on an LX lease is closer to 250/month inclusive...
http://pictures.dealer.com/v/vosshondaoh/0643/3ba28b630a0d02b700128cad4b0f8402.j- pg
Do you think I can get a better price on the car? I guess destination, processing, acquisition, tag/titles are something I can't really negotiate right? Thanks for your help!
The weymouth honda online lease calculator is also helpful for benchmarking ANY deal. Their prices are very good but not the best you can do and they are at 20.7 for the LX. I think 20.5 is doable at the moment. How are taxes calculated in VA on leases? The other fees you quoted are reasonable IMO...
I will check out the Weymouth honda.
Thanks again.
Car_man
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MSRP: 24,980
Sales Price: 22,165 (included destination)
Processing, Title, Acquisition, Tax (VA 3.17%), etc: $1500
Money Factor: 0.00107
Residual: 60%
They said "36 months 12,000 miles are 308.15 with 0 down or 263.59 with 1,500"
What do you guys think? I would like to go tonight to pick it up.
I used ONLY your numbers in the lease calculator and came up with 278.52 using the CORRECT money factor for zero o-t-d leases, 0.00097
Using 0.00107 it is 282.39; still much lower than what they gave you.
Check their math...
Thanks for your help.