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2013 and earlier-Honda Accord Lease Questions

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  • jw074jw074 Member Posts: 16
    Abdulha, Cinbee: any updates?

    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?
  • huskerfan5huskerfan5 Member Posts: 165
    Well, if the doc fee was $300 and there were no surprises, then you would need $2,684 to lay out, excluding taxes and registration. Putting the $2,684 into the lease would make the payment about $239. If you put Weymouth Honda's doc fee into their lease (the bank fee and destination is already in it), their payment would be $242 before tax and registration. Weymouth's price seems to be lower than the $20,195 plus destinatiion so not sure how Route 22 is coming up with their payment.
  • kyfdxkyfdx Moderator Posts: 236,810
    Glad that worked out... :)

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  • jw074jw074 Member Posts: 16
    Weymouth seems to be 232 before tax/reg

    $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
  • tyguy80tyguy80 Member Posts: 1
    I'm on my 3rd lease with AHFC and each time I have traded into new leases about 6 months before my current is up, but under miles. This time I am 6 months out from my lease expiration and I am already 1,000 miles over. If I lease a new vehicle with Honda (or possibly an Acura) are these miles able to be forgiven? Do they work the mileage overage payment into the new monthly payment on my new lease?

    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?
  • gmanusmcgmanusmc Member Posts: 699
    If you are trading your car in, the only part the mileage plays is how it affects the trade in value - trading in a leased vehicle is no different than trading a purchased vehicle - you will just have less, if any, equity to apply to your new car.

    Hope this helps,

    Bill G
    2016 ES350 Lux/Atomic Silver
    2017 Accord Sport CVT Mod Steel Metallic
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome hondarider2.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the information that you're looking for cpz1. Honda Finance's February buy rate lease money factor and residual value for a 36-month lease of a 2013 Accord Coupe EX-L V6 with 15,000 miles per year are .00125 and 55% 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
    Here's the numbers for the 4-cylinder, cpz1.

    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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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Nav often knocks a few points off of vehicles' residual values. The leftover value of an in-dash navigation system which initially cost hundreds of dollars or more that is several years old just is not that great in an era of cheap portable units, which are even giving way to phones with nav.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Sales tax on leases in Illinois and Texas is particularly bad. Though dealers in TX are often provided with tax credits that can offset it.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go dickharris. Honda Finance's current buy rate lease money factor and residual value for a 36-month lease of a 2013 Accord Sedan Sport with 15,000 miles per year are .00125 and 59% for consumers who qualify for its top credit tier.

    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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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi cinbee. While Honda's lease program can vary from state to state once in a rare while, its current lease program for the 2013 Accord is national.

    Car_man
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  • russharrisrussharris Member Posts: 16
    Well I am working on a lease for a 2013 Accord EX in NJ. So far I have received the following:

    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
  • trusso69trusso69 Member Posts: 68
    edited March 2013
    Do you know the sell price? tax rate? dmv fees?
    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.
  • huskerfan5huskerfan5 Member Posts: 165
    DMV fees are probably around $325 for an Accord in NJ so it looks like your $1300 initial payment includes your DMV fees, $595 Honda Finance fee, first month payment of $285 and doc fees of $95.
    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%.
  • trusso69trusso69 Member Posts: 68
    REF: 5045
    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 ;)
  • davew09davew09 Member Posts: 2
    Hi Car man,
    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
  • acfkelacfkel Member Posts: 18
    I just turned in my 2010 Accord EX. I had one month payment left and damage to the rear bumper that when I had repairs estimated, was upwards of $600+. I traded in my vehicle and am in the new 2013 Accord EX. 15k miles, $0 down (sign and drive). They paid off my last payment and including everything it is $312/month.

    I think I could have potentially got it lower, but how do you think I did?
  • huskerfan5huskerfan5 Member Posts: 165
    russharris, I apologize, trusso69 is correct about the $280. I looked up the EX coupe, not the sedan so my amount is about $19 too low. Since your figures included everything and trusso69 figures required you to make some additional adjustments, my goal was to provide you an apples to apples comparision.

    trusso69, your comment that I would intentionally mislead russharris was uncalled for.
  • trusso69trusso69 Member Posts: 68
    ref: 5049
    you are correct; sorry for my abrasiveness
  • trusso69trusso69 Member Posts: 68
    "I think I could have potentially got it lower"...not that much

    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
  • acfkelacfkel Member Posts: 18
    Thank you. Yes, I used the Weymouth calculator to compare my numbers to their's.

    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.
  • trusso69trusso69 Member Posts: 68
    edited March 2013
    ref 5052
    what made you choose the Ex? I am still debating LX, Sport, EX for myself.
    More importantly, how do you like your new car?
  • acfkelacfkel Member Posts: 18
    I wanted the sunroof. This wasn't available on the LX or the Sport, or so I was told. I was hesitant to go with this new Accord and was turned off by the new technology (keyless entry/ignition), etc. and even explored the Ford Fusion SE. Was tempted to go with the Ford, but went with the Accord and so happy I did. I have only had it for a few days but I love it and enjoying the very things I was turned off by originally.
  • huskerfan5huskerfan5 Member Posts: 165
    Not a problem. Thanks :)
  • gigalo00gigalo00 Member Posts: 12
    CAR MAN,

    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
  • russharrisrussharris Member Posts: 16
    Hey it is me russharris! Thanks for the comments. Once again, my offer included all fees, taxes, first month payment, the tire tax fee.

    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.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi dweston. Yes, Honda is running a special lease program on the 2013 Accord in March. Honda Finance's current buy rate lease money factor and residual value for a 36-month lease of a 2013 Accord Sedan LX 4-cylinder with 12,000 miles per year are .00107 and 61%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    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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  • trusso69trusso69 Member Posts: 68
    REF: 5058
    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...
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Edgar. Honda is not currently providing any cash incentives on the 2013 Accord. It does have 0.9% to 1.9% financing and a special lease on it though.

    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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  • kp600kp600 Member Posts: 5
    Hi folks,

    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!!
  • gmanusmcgmanusmc Member Posts: 699
    Most likely the dealer is not going to "eat" the over mileage - they will determine the trade in value of your 2010 and roll any negative equity into your new lease or require an appropriate cap reduction (down payment).

    Bill G
    2016 ES350 Lux/Atomic Silver
    2017 Accord Sport CVT Mod Steel Metallic
  • kp600kp600 Member Posts: 5
    Thanks Bill! Figured that would be the case. So in this instance the residual is about $500 more than the retail value I am finding searching different sites etc. Should I be targeting the $500 difference on the deal (difference between residual and retail)? Or should I be targeting the difference between wholesale value and residual when negotiating. The difference between wholesale and residual is about $3k. If I present an offer of the difference between retail and residual will I get laughed out of the dealership :)

    I guess that is the last question I had. I have been inputting numbers in the Weymouth tool. What a great resource!
  • trusso69trusso69 Member Posts: 68
    The wholesale value is not relevant to your situation unless your miles overage is huge. That would be your fault for over-driving the lease. The dealer MIGHT be willing to "eat" some of the miles overage but i doubt they would give you a skinny deal on the new car. Think about it - why would they? You are responsible for the miles - not them. The new Accords are selling well so they are not hard up for sales. If all you have to "cover" is the $500 difference, consider yourself lucky.
  • gmanusmcgmanusmc Member Posts: 699
    edited March 2013
    I think you mentioned your lease is almost up - you might want to extend your lease with Honda while you are shopping for your new lease - the extension will be on a month to month basis so you're not locked in long term - this will give you flexibility while trying to work a good deal.

    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).
    2016 ES350 Lux/Atomic Silver
    2017 Accord Sport CVT Mod Steel Metallic
  • trusso69trusso69 Member Posts: 68
    edited March 2013
    Please confirm or deny the following for a standard 12k/36 month Accord lease:
    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?
  • kp600kp600 Member Posts: 5
    edited March 2013
    Thanks. I am not debating whether or not it was my fault I am over mileage. I realize that it is my fault and I am not going to get the "best deal" available. I am just asking for advice from experts as to my situation. I don't seem to recall in my post where I said it wasn't my fault....
  • kp600kp600 Member Posts: 5
    Thanks again! I am in a situation where the negative equity is less than the over mileage fee. So I will keep doing some negotiation. Lease ends towards the end of the month. Good advice and I thank you for it!
  • dhyun3dhyun3 Member Posts: 13
    edited March 2013
    MSRP 22,480
    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!
  • trusso69trusso69 Member Posts: 68
    ref 5069
    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
  • dhyun3dhyun3 Member Posts: 13
    Thanks for your reply. You mentioned that my numbers are not that great. Would you please elaborate a little more. I checked on truecar.com and it seems like people pay around $20.8k. I saw the invoice price for LX is around $19k and want to push them to give me at $19k or slightly above.

    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!
  • trusso69trusso69 Member Posts: 68
    edited March 2013
    You first need to understand how they came up with 293 when the online lease calc came up with 263. What did they sneak in that you aren't aware of?
    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...
  • dhyun3dhyun3 Member Posts: 13
    Thanks I will ask them. When you said, 20.7, did you mean 19.7 or 20.7 included all other costs in addition to the price of the car?

    I will check out the Weymouth honda.
    Thanks again.
  • trusso69trusso69 Member Posts: 68
    edited March 2013
    The price of the car should always include destination since that doesn't vary by state (exc. AK, HI). Doc fees vary by state so that must be added. Your initial car quote was 20.9 which isn't bad but i think you can do better.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi trusso69. I can indeed confirm that these money factors are correct. For some reason Honda Finance reduces its money factors on all of the vehicles that it has special leases on by .00010 for zero due at signing leases.

    Car_man
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  • trusso69trusso69 Member Posts: 68
    Are all Accords on 'special' this month?
  • dhyun3dhyun3 Member Posts: 13
    This is for Accord Sport 4 door. I have difficulties in Accord LX. what do you guys think?

    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.
  • trusso69trusso69 Member Posts: 68
    edited March 2013
    ref 5077
    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...
  • dhyun3dhyun3 Member Posts: 13
    Yes, I couldn't get there numbers either. I told them and they tend to discuss when I actually get there. Also, the money factor is 0.00097? Where do I find the number from some reputable sources, so I can tell them to change. Also, what do you guys think about $22,165 on the price (included destinations)?
    Thanks for your help.
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