2013 and earlier-Honda Accord Lease Questions

emma4 · October 2005

Thanks for the feedback... Once you put it into perspective in regard to the insurance, it makes sense to keep it insured. I hadn't thought about it that way. Sure wish there was another way out of this... but it looks like my focus needs to be on selling the Civic and continuing my Accord EX lease.

Thanks again.

anonymousposts · October 2005

I am not sure where you are located but check and see if there is a Carmax near you. They will give you an offer to buy your car which is usually a fair deal. www.carmax.com.

emma4 · October 2005

I just checked and the closest Carmax is in Maryland... I live in Rhode Island. Thanks for suggesting this though. emma4

accordlease · October 2005

Hi Car_Man,

The car I wish to purchase lists for 22,500. What do you think I could get them down to? Also, I would like to add a spoiler to that. Please let me know what you think my payments would, or should be at (ballpark figure). Thank you for all your help on this board.

mdaccord · November 2005

I am a currently leasing a 2003 accord and the lease expires this month. I am looking to lease a 20064 dr Accord LX Automatic in Maryland to replace my current lease. With an MSRP in the neighborhood of 21,000 and up front payment of only the first month's lease fee and title, registration fess, etc. (total of about $500 out of pocket at pick up) what should I expect as a reasonable monthly paynment including tax?? Also since I am a repeat leasee does honda ever waive aquisition fees, security deposits, etc.??

nvnick · November 2005

Based on October lease rates (MF 0.00192 & either 59% or 57% residual), a 36mo/36k mile lease is $254, or $265 for 45k miles. I'm assuming $250 over invoice for the purchase price. Honda has waived the security deposit in the past for returnees, but I doubt they waive the acqusition fee. Worst case scenario, the November lease rates stay the same.

boardchair · November 2005

I am wanting to lease a new Accord EX-V6....about 27300 + destination charges. I want a 3/36 with no money down. What should I expect to my monthly payments to be. I am currently leasing a 2003 EX 4 banger, but leased that when I lived in NYC,

Any help is appreciated.

mdaccord · November 2005

does the dealer have the ability to alter the money factor or residual or are these values set by american honda finance. along those lines, the dealer is telling me that the money factor is .00184 and the residual is 55%. are these accurate/reasonable?

mdaccord · November 2005

I believe I have a handle on calculating lease payments but there is one thing I still do not understand--how to calculate the sales tax into the monthly payment. When using the Edmund's Lease Calculator, the sales tax does not show up in "total amount to be financed" line at the bottom of the calculation page and the "total to be financed" is only the selling price plus the aquisition fees. tax is figured in but I can't tell how--it does not appear to involve the entire amount of sales tax. when my dealer calculates the payment his "total to be financed" includes all the sales tax based on the selling price (5% in Maryland)and obviously results in a higher monthly payment. can anyone clarify how to figure in sales tax? Am I responsible for paying the entire amount of sales tax despite the fact that I am only leasing the car for 3 years?

kyfdx · November 2005

The sales tax on leases varies from state to state.. I've heard that MD does tax the entire price of the car, but you should check with your local DMV...

If your dealer isn't calculating it correctly (which is doubtful), then Honda Finance will kick the paperwork back to him..

regards,
kyfdx
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mdaccord · November 2005

thank you for you response, nvnick. I actually have some more numbers that confuse me though. my dealer has offered a selling price of 19799 (500 over invoice) and tells me the MF is .00184 and the residual is 55% (11756 on an MSRP of 21375). rolling the aquisition fee of 595 into the lease and paying the other fees up front, he gives me a monthly rate of like 295 fo 12k/42 months. I can't figure out why this is so much higher than the 254 you calculated. does it have to do with sales tax (5% in Maryland)? I am thinking this is rolled the sales tax into my monthly payment as well but am not sure.

jjcohen · November 2005

I am nearing the end of a lease on a 2003 Accord. I'm thinking of purchasing the vehicle outright. I've gotten the buyout amount from AHFC. It seems to be a reasonable price, compared to a comparable used model. Do you think there is any room for negotiation?

Also, I'm considering purchasing an extended warranty for the car. Warranty Direct offers a 100,000 mile/5 year plan for about $1,100.00. Do you think it's a wise purchase?

anonymousposts · November 2005

Typically American Honda Finance does not negotiate at the end of the lease. It's residual + tax depending on the state you live in.

The extended service agreement depends on personal preferences]. How many miles are on the car now? And is it 5 years from the original date of sale or the date you purchase the agreement?

nvnick · November 2005

Accord LX w sales price of $19,799...42mo/12k MF .00184 & 55% res, I calculate $265 month before tax. Found these November lease rates on Roadfly.com:

2006 Honda Accord 4dr Sedan EX

24 mo/15k mi - 66% residual  Money Factor .00192 Base Rate
36 mo/15k mi - 57% residual  Money Factor .00192 Base Rate
48 mo/15k mi - 47% residual  Money Factor .00235 Base Rate
60 mo/15k mi - 35% residual  Money Factor .00430 Base Rate

24 mo/12k mi - 67% residual  Money Factor .00192 Base Rate
36 mo/12k mi - 59% residual  Money Factor .00192 Base Rate
48 mo/12k mi - 49% residual  Money Factor .00235 Base Rate

2006 Honda Accord 4dr Sedan EX-L

24 mo/15k mi - 67% residual  Money Factor .00192 Base Rate
36 mo/15k mi - 57% residual  Money Factor .00192 Base Rate
48 mo/15k mi - 47% residual  Money Factor .00245 Base Rate
60 mo/15k mi - 36% residual  Money Factor .00440 Base Rate

24 mo/12k mi - 68% residual  Money Factor .00192 Base Rate
36 mo/12k mi - 59% residual  Money Factor .00192 Base Rate
48 mo/12k mi - 49% residual  Money Factor .00245 Base Rate

2006 Honda Accord 4dr Sedan EX-L (V6)

24 mo/15k mi - 67% residual  Money Factor .00192 Base Rate
36 mo/15k mi - 57% residual  Money Factor .00192 Base Rate
48 mo/15k mi - 47% residual  Money Factor .00245 Base Rate
60 mo/15k mi - 36% residual  Money Factor .00440 Base Rate

24 mo/12k mi - 68% residual  Money Factor .00192 Base Rate
36 mo/12k mi - 59% residual  Money Factor .00192 Base Rate
48 mo/12k mi - 49% residual  Money Factor .00245 Base Rate

jjcohen · November 2005

Yes. I suspected that. The leas-end process seems to be conducted very much at an arm's length... Thank you.

The car has about 33,500 miles on it. And the service agreement is 5 years from the time the warranty is purchased, or 100,000 miles, whichever comes first.

Do you think, in general, that if something is going to break on a car, it will probably do so within the first 3 years or so? That's pretty close to the premise I would go on for most appliances.

CarMan@Edmunds · November 2005

You're very welcome emma4. There are a couple of web sites out there that are designed to hook up consumers who want to get out of their leases and consumers who are looking to assume an existing lease. I never mentioned this option to you because I do not believe that Honda Finance allows lease assumptions. A number of banks do not allow this sort of transaction.

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CarMan@Edmunds · November 2005

Hi accordlease. Consumers are often able to purchase Honda Accords for fairly close to dealer invoice, perhaps a few hundred dollars over. For more specific feedback on how much you should pay for this car, you may want to stop by the following discussion: "Honda Accord: Prices Paid & Buying Experience". It contains over 10,000 posts on this subject :surprise: . Once you know approximately what the selling price for this car is, let me know, along with how long you want to lease it for and how many miles per year you need to be able to drive it and I will be happy to estimate what its lease payment should be for you.

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CarMan@Edmunds · November 2005

Hello mdaccord. In order to figure out what your lease payment should be like on this car, you need to know its selling price. I suspect that you will be able to get a 2006 Accord right now for a couple hundred dollars over dealer invoice if there is a decent level of competition in your area. You can look up the exact dealer invoice price of the car that you are interested in by looking in the following section of this site: Edmunds.com - New Vehicle Pricing. Once you have this figure, let me know along with how long you want to lease for and how many miles per year you need to be able to drive and I will be happy to estimate what your lease payment should be for you. I don't believe that Honda Finance will waive its lease acquisition fee for returning customers, but you should be able to get your vehicle's security deposit waived for free, i.e. without an increase in its money factor.

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accordlease · November 2005

Car_Man,

I believe the best price is 20,600 with the rear wing added. I plan to lease the car for 42 mths/ 12000 miles, 9.75% tax. Please keep in mind I am 3,000 upside down in curent vehicle. How much do you think my payments should be? Thanks so much!

b22squared · November 2005

Hello Car Man,

I noticed all the useful info you've been providing and thought you might be able to help. I'm interested in determining what the money factors and residual values might be on a 2006 Accord EX 2door coupe (5spd MT, NOT the V6) for three different periods of time - 36, 39, and 48 months (15k/miles per year on all). Any help would be greatly appreciated. Not sure if you need additional details or parameters to calculate. If so, please let me know. Thanks!

CarMan@Edmunds · November 2005

Greetings boardchair. In order to figure out what your lease payment will be like on this car, I need to know what its approximate selling price is. You should be able to get an idea of how much you will have to pay for it by checking out the following discussion: "Honda Accord: Prices Paid & Buying Experience". Once you have this number, let me know and I will calculate a lease payment for you.

Car_man
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CarMan@Edmunds · November 2005

Hi mdaccord. Vehicles residual values are set in stone by banks and dealers do not have the authority to alter them. However, dealers are often allowed to "mark-up" banks' lowest possible (also known as buy rate) lease money factors to add additional back-end profit on deals. This practice is much more common amongst luxury vehicle dealers, like BMW or Mercedes-Benz, but it can happen anywhere. The money factor that you were quoted to lease the 2006 Honda Accord that you are interested in is right on the money and is not being marked-up.

Car_man
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CarMan@Edmunds · November 2005

Thanks for the additional information, accordlease. I just looked back and noticed that you never mentioned the exact model that you want, so I am going to have to make an assumption because Honda's lease program varies by trim level. According to my calculations, if you were to lease a 2006 Honda Accord LX 4-cylinder Sedan with an MSRP of $22,500 and a selling price of $20,600 through Honda Finance right now for 42 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $257. However, you mentioned that you are $3,000 upside down on your current vehicle. Honda Finance might now allow you to roll this entire amount into your new lease. If you could roll $1,000 in, it would increase your payment to around $283, $2,000 would increase it to $308, and $3,000 would increase it to $334.

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CarMan@Edmunds · November 2005

Hello b22squared. Here is the information that you are looking for. If you were to lease a 2006 Honda Accord EX 4-cylinder Coupe through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00192 and 57%, respectively. The numbers for an otherwise identical 39 month lease should be .00192 and 53%. Honda is not supporting 48 month leases of this model right now, so its 48 month factor would jump to .00245 and its residual value would be 46%. Good luck in your negotiations and let me know if you have any other questions.

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yurey · November 2005

Got my lease on a 2006 accord EX-L sedan with fog lights. 36mo, 18K/yr - $389. Nothing down, nothing up front. The numbers for resid and mf should be 57% and 0.00192 or 0.00205

jmax1 · November 2005

Hi car host, I am at the end of my lease 2003 Accord Ex with 14,000, my residual is 14,000 they are willing to give me 17,700 for trade to lease Civic EX Coupe at 21,463 for 36 months payment 291.00 11,962 and MF .00265. Would I be better off leasing 06 Accord EX Coupe? I don't know what the price is, Or should I use my equity to buy either? Please help, Thank you

rabbit2 · November 2005

TO car man, others...
I'm interested in the current factory lease incentive
for the 2006 Accord LX SE. Is it possible to get a local dealer to improve upon this? If so, what should I ask for?
I want to lease in the LA area. The deal is as follows:

2006 Accord Special Edition LX Special Featured Lease Terms
$239 per month for 42 months. $1,999 total due at signing.
Special lease rates available on all new 2006 Accord models. Offer =
valid through 1/03/2006 for new and unregistered 2006 Accord Special =
Edition LX Automatic Sedan Vehicles (Model CM5636EW). Only on approved =
credit by Honda Financial Services through participating dealers. Honda =
Financial Services' standard credit criteria apply. MSRP $22,825.00 =
(includes destination). Actual net capitalized cost $20,070.40. Dealer =
participation may affect actual payment. Total monthly payments =
$10,038.00. Option to purchase at lease end $12,553.75. Lessee =
responsible for maintenance, excessive wear/tear and 15 cents per mile =
over 12,000 miles per year with MSRP less than $30,000. For vehicles =
with MSRP of $30,000 or more, mileage cost is 20 cents per mile over =
12,000 miles per year. See Dealer for details. Subject to limited =
availability. Lease rates subject to change without prior notice. Not =
all buyers may qualify. =20

stevecar · November 2005

I'm looking to lease a 2006 accord sedan auto V6 w/nav. Has anyone in the NY/NJ area done so recently and what is a good price to pay?

dglozman · November 2005

36 month 12k miles. Paid $1,000 upfront and my payments are $273 a month. Its includes taxes, title and registration and 1 month payment

jmax1 · November 2005

Is it ever a good deal to buy out a lease? I have been leasing 3 years 03 Accord EX with 14,000 miles. A lease company said you would be giving your car away to turn it in an either lease or buy new. My 03 is in excellant condition. Any thoughts? jjmax1

sdiver68 · November 2005

Yes, of course it can be a good deal to buy out a lease. If it is worth more than the residual, then it is always a good idea to buy it out, then resell it even if you didn't want to keep it. If you have 14,000 mile on it, and you paid for say 36,000 miles worth of depreciation, then most likely you ARE coming out ahead buying it out. Put it this way, if you went looking for an 03 Accord with 14K miles, would you expect to pay more than your buy out? Most likely, yes!

FWIW, some people work out a deal with the dealer to get it certified. If you are worried about warranty work (and I would not with a 3yr old Honda) then perhaps you can go this route. This is tricky, you have to make sure you do not overpay for what, in effect, becomes an extended warranty. Also, I do not know the exact terms of Honda CPO...this is more common with BMW's for instance.

somtam · November 2005

Hi Car_man
I am also interested in the factory lease incentive for 2006 EX Sedan 4 Cyl. I live in LA Area and looking at 12,000 miles/year.

-I went to one dealer in my neighborhood by asking for improving those 42 months deal to 36. And they accepted it with lower monthly payment around $259.99. However, the up front cost is $2,500 rather than $2,138 from manufacturer incentive.

-I received the internet quote from other dealer nearby at $21,513 including destination fee. How can I calculate the monthly payment from this price with 36 leasing months.

Comparing those two and manufacturer incentive, which one do you think is close to the real deal?

Thank in advance

jmax1 · November 2005

I do plan to sell the car myself after I purchase the Accord, my problem is a lease company wants to finance the deal for me at 900 profit to them. Should I go to my own credit union and finance myself?

anonymousposts · November 2005

Without a doubt you should go to your credit union. Unless the rate charged by the leasing company is low enough to offset to $900 charged up front.

oldjoe · November 2005

Local newspaper ads here in Eastern Iowa have the Honda Ridgeline with A/T for lease at $219 and $2,900 down. Honda Pilot w A/T for lease at $239, about the same amount down. Residual value of the Hondas just can't be beat.

oldjoe · November 2005

Your numbers are wrong. You should be able to getan Accord LX for about 2229 or less. Ridgelines are leasing for $219 and Pilots for $239...so check your local dealer for the real numbers they are offering at any given time. The well-sold leasing programs, available on the internet for less than $100 will teach you all that you want to know about all the new terms you may see. Make your best deal first and then decide whether to buy or lease.

meuseman · November 2005

Car_Man's number are correct. The numbers that you are quoting, as I see from the post just above, are with $2,900 down. Car_Man's number are with no money down. Actually, the number that he quoted in the post you replied to are for rolling negative equity into the lease, meaning the car that the poster was trading in was worth less than what he owed. Therefore, when Car_Man said that rolling $1000 into the lease bumps the payment up to $X, that is because the buyer is having the lease pay the extra $1,000 he owed on the trade-in.

As far as the leases that you mention, I'm sure a quick search will reveal numerous reasons as to why money down on a lease is not a good idea.

oldjoe · November 2005

Sorry, I did not realize that it was a "poor risk" deal he was trying to get into.

erlkoenig · November 2005

Hi Car Man,
I need advice on negotiating lease on 2006 Accord EX V6 6sp w/NAV, fog lights and auto mirror. The best offer so far from a local dealer is $28,281 plus tax, registration and fees. I want to get a 42 month/15k annual miles and I'd like to keep my lease payments to about $400 a month. I've been pre-approved for a lease by American Honda, and I'm prepared to put about $2500 down. Are my expectations reasonable? Should I be trying for a lower price for the auto? I realize that right now I'll have to order this car. I can drop the lights and mirror now and add them later, to keep the payments within my requirements. Thanks for your advice and help.:confuse:

wayde · November 2005

HI CarMan -
Don't have the selling price, but was quoted the following on an 2006 EX-V6 non-navi. Can you tell me if this looks good?

3years/ 36,000 miles
Monthly payment -- $388.10
Down payment --- $388.10

Thanks!

MSRP is 27850
Selling price - not sure, just got this quote.

dglozman · November 2005

Does this quote includes taxes and fees? I know that Honda Finance charge $595 and doc fee somewhere $100.
When you get a quote, make sure it is "OTD" price that includes everything you pay (regardless if it is goes to dealership or the government)

wayde · November 2005

CarMan -
The money factor is .00202 -- is that correct based on your AHFC leasing info?
Yes, the 388.10 includes taxes.
thanks

sdiver68 · November 2005

I'm picking up my EX V6 non-navi this week for $395/month...36 months/45,000 miles with the same money factor and zero down and no security deposit in a 7% tax area. I think I worked out the selling price ~ $25,500...or about $400 above invoice (please double check my math...it's been a week since I calc'ed it)

rkramb · November 2005

I see on Honda's website that they are currently offering a lease for the LX Special Edition ($239/month for 42 months w/ $1999 due at signing). What would a similar lease be for an LX with no SE. Would the ~$700 difference in price make much of a difference, or would the special deal on the SE almost make up for the price difference?

gidoc · November 2005

CarMan,

Hoping for money factor and residual value for 36 mo, 12 k per year on Accord EX V6.

Also, any insight into whether current lease incentives will cont into December?

Thanks in advance.

bridonohue · November 2005

I am considering leasing the LX SE. I have been quoted a buy price of 18,550 + the usual charges and 5% MD sales tax. There is plenty of competition here in the DC area. What should I be expecting to pay monthly if i want to put nothing down for 36 months? 42 months? Would I get a lower rate if I asked for 10K a year instaed of 12K. Historically are these good rates that Honda is offering right now?

Sorry for all the questions, and thanks in advance for any help offered. I am looking to get a car by Monday.

Thanks again.

CarMan@Edmunds · November 2005

Hi jmax1. You would be better off having the dealer that you are working with cut you a check for any equity that you have in your trade than using the proceeds from it as a down payment on a lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your leased Honda would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all.

Honda's lease program is much more attractive on the 2006 Accord right now than it is on the 2006 Civic. As a result, the Accord is the better value, but the Civic might actually have a lower lease payment because it is a less expensive vehicle, price-wise.

Car_man
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CarMan@Edmunds · November 2005

Greetings rabbit2. Most manufacturer advertised lease payments leave a little meat on the bone, so to speak. If you are n an area where there is a decent level of competition for your business, I would not be surprised if you were able to negotiate a lower selling price than the one that this lease is based upon. Naturally, a lower selling price will result in a lower lease payment. For more specific feedback on how much you should expect to pay for this car right now, stop by the following discussion: "Honda Accord: Prices Paid & Buying Experience".

Car_man
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CarMan@Edmunds · November 2005

Hi somtam. You can figure out what the lease payment should be on a vehicle, given its selling price, but you need a little more information to do so. In addition to the selling price, you need the full MSRP, lease money factor and residual value. I can give you the latter two numbers. If you were to lease a 2006 Honda Accord EX 4-cylinder sedan through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00192 and 59%, respectively. Now all you need is this car's MSRP. Once you have it, plug all of this information into the formula that is outlined in the following article: Calculate Your Own Lease Payment.

Assuming all of the cars that you are interested in are the same, theoretically the one that has the lowest selling price will be the best deal and have the lowest lease payment.

Car_man
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CarMan@Edmunds · November 2005

Hi erlkoenig. I can tell you exactly what your lease payment on this car should be like and I would be more than happy to do so, but I need you to tell me its full MSRP (including the destination charge) first. For now, I can tell you that you should keep your $2,500 in the bank rather than using it as a down payment on your lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Accord would be exactly the same, regardless of whether you had put $2,500 down, or had made absolutely no down payment at all.

For feedback on how good the price that you were quoted for this car is, stop by the following discussion: "Honda Accord: Prices Paid & Buying Experience".

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2013 and earlier-Honda Accord Lease Questions

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