2013 and earlier-Honda Accord Lease Questions

qbrozen · June 2006

so it sounds like you are looking at about $1800 in excess miles, correct?

What is your current payment? (not including the extra you've been paying)

speaking of the extra payment money, I'm not sure that will be used as you think it will. On a lease, you just make the payments and that's it, so if you send them extra money, that is just coming off your last payments, its not actually reducing the residual value. In other words, if your payment is $350/mo and you pay an extra $700 over the course of the lease, that just means you don't owe the last 2 payments. This is how I understand it, anyway.

In any case, you have a couple of options at this point.

Find out what your buyout right now is and then find out what your trade-in value is. If you aren't too far upside down (less than $1800 - since that is what you'd have to pay for going over the miles), then you could trade it in to the dealer of your choice, let them buy it out from Honda Finance, and you just have to pay off the negative equity.

The other choice is to pay the remaining payments, and for the 5k miles you are already over, and arrange to terminate your lease early with Honda. I'm not sure how far in advance you can do this, but I believe my sister did this on her Civic with about 6 months left for a fee of $150 plus her remaining payments.

roachbugg · June 2006

hey there,

thanks for the response. I am actually looking at about $800 so far in excess miles. Now, if I complete my lease- driving the way that I have been, I could potentially owe about $1800 though. My current payment is about $400 (because I had negative equity put on this loan from a car that died on me). I have been paying $500 per month, for the past three months- and would continue to until I turn the car in (even if that means I have to keep it until the lease is done). I figured that if I paid the extra $100, and had to finish up the lease, I would not get hit with the large excess mileage fee at the end of the lease, in addition to having to buy another car. You mentioned that if you may more over the course of the lease, you just won't owe some of the other payments (do you think that AHFC would turn down the extra money once the lease payments have been made?) Someone else mentioned to me that if I buy another Honda or Acura- AHFC may be willing to waive my remaining payments, as long as I pay for the extra miles. I don't know what to do. I am honestly not having any problems with my car, (am just ready to own another car) and it looks like I may have to hold on to my car until December- hopefully getting one of those Christmas specials. Thanks so much for your help

qbrozen · June 2006

they may just start lowering your residual with that extra money. I mean, they certainly don't know you mean for the money to pay for excess miles.

The safest thing to do, if you want to continue on this path, is to put that extra $100 per month in a drawer somewhere until lease end, then you can use it to pay towards your excess miles. I wouldn't count on the leasing company to do it for you.

$400/mo plus excess miles puts you at $3600 now to get out of the lease. So we can write off that option. As I mentioned, the other option is to find out what the current buyout is and what the car is worth as a trade-in. You never know, you may only be a couple thousand upside-down now and could trade out of the car now rather than waiting till lease end and paying the couple thousand at that point. If its going to cost you the same either way, there is no reason why you can't get your new car now if that's what you really want to do.

good luck.

chern022 · June 2006

is it possible to finance to buy the car before the lease is over like 2 years before

qbrozen · June 2006

yes.

but its usually not advisable unless you are buying it out and reselling it immediately. Reason being that a lease already includes all of the interest over the entire life of the lease. So financing it early means you are financing interest (essentially paying double interest).

dcs333 · June 2006

Thanks Car_man. I really appreciate your help. I visited four different dealers in the area and they all said the same thing, that the .00079 was a special lease rate that ended the month before. They said Honda sets these and there is nothing they can do about it, they cannot change it. So is the MF still .00079 in June through American Honda Finance? If so, how can I prove to the dealers that this is so when they tell me it is not? It's really odd - They all seem to want to hang on to cars rather than sell them. I'm considering traveling outside the KC area where I live to try and find a better dealer. Any advice on how I should proceed will be greatly appreciated!

djssjd · June 2006

Car_man - Do you have June's numbers for the MF and residuals on an Accord EX-V6 with and without NAV? Looking for a 36 month lease at 15,000 per year. Thanks.

rickforward · June 2006

Car Man:
My New York dealer is pushing the 2006 SE on me.
(12k, 36 months) $289/600 down.

They say there is a program ($750)that they can apply to msrp to lower it. But since I want to use the dealer invoice, why isnt it applied to that?

Anyway, is this a good deal for June's money factor numbers?

also, does it matter if American Honda finance lists my credit as "preferred" or super-preferred" and in general what should be the dollar difference between those two credit categories.

thanks

korey_k · June 2006

I have just started looking at the Accord and requested a few internet quotes ands wanted to see how this is as a starting point.

2006 EX-V6 w/o Nav w/ metal trim kit and rear spoiler.

Here is a portion of a response

price for the 2006 Honda Accord EX-V6 Sedan with an automatic transmission, deck lid spoiler and metal look trim is $25,118. This includes the $550 freight and destination, preparation and cleaning . You simply add tax, CT dealer fees and your motor vehicles to the price.

Any comments, please. Just trying to get a good starting point before I continue to look.

marlenek · June 2006

CAN ANYONE HELP ME WITH SOME NUMBERS.I WANT TO LEASE A 2006 HONDA ACCORD EX WITH LEATHER WITH 15,000 MILES AND 36 MONTHS. WHAT WOULD BE THE RIGHT AMOUNT. I LIVE AROUND THE DELRAY BEACH FLORIDA AREA.
THANKS FOR ANY HELP!!!!! :confuse:

qbrozen · June 2006

There are too many variables, mainly your credit and down payment. Read back through the last few pages to get an idea of what you should be paying. You can also use Edmunds lease calculator.

marlenek · June 2006

THis would be 0 down and my credit is in the 700's.
Thanks
Marlene

alik1 · June 2006

Leased mine yesterday in central NJ:

3yr/15K per year
MSRP: $27,850
Cap Cost: $25,118
Money Factor: 0.00089
Residual: 56%
Monthly payments: $318.78
Inception Fees: Bank Fee ($595), doc fee ($129), Registration for 3 yr ($178.50), NJ Tire Fee ($7.50)
Total paid (including 1st month): $1228.78

You need to have a credit score of >710 to qualify for low MF (you can get 0.00079 if you put down a security deposit of $350).

$750 off is not available with low MF.

As jstewie23 said on May 16th: "Got the car at invoice with a really low interest rate, so I am happy".

Thanks everyone who posted very useful info on this site -- it helped me a lot! Hopefully this info will be useful too.

Good luck!

korey_k · June 2006

Alik1 - does the $318.78 include property tax or will you get a bill for that twice a year?

alik1 · June 2006

Tax is included

hamin · June 2006

Car_man

I am interested in leasing an accord LX special Edition Automatic 4 Dr. It seems like that AHFC has given an even better lease offer on accord in June compared to previous month. Honda is currently giving LX special edition Auto at 239/month , which was on LX automatic a month ago.

I contacted the dealer with whom I had negotiated for LX automatic last month. I told them that currently AHFC is giving the same deal on Special edition, but they wont agree.

What are your thoughts on that..

I negotiated with them for 12000 miles, 36 months on LX autmoatic V-4 as follows;

selling price 19200
MSRP 21375
Money factor 0.00169
Residual 59%

total 650 due at signing, and $263/month (including Taxes).

Do you think it is a good deal??

Now I want them to negotiate the same lease for special Edition, do you think it will be possible ????/

please reply early.

djssjd · June 2006

Does anyone have this month's money factors and residual for the EX V6 with and without nav? Any difference between auto or manual? I've been getting different numbers from different dealers and based on what I've read, they are all quoting crazy high MFs.

Looking for a 36 month/15K lease.

Thanks.

cbolduc0729 · June 2006

I am just browsing for a lease and saw in the paper today, $124/mo for 24 months for the 06 HOnda Accord LX. Says MSRP is $21,375, Residual is $14,535 and $3,495 is due at signing.

Deal or no deal? THanks!

extacy1375 · June 2006

This is my first BRAND new car lease. I just want to know if it was a good deal(to help with my paranoia...lol)?

2006 Accord 4dr EX-L V6
$0 down
$330 a month
$800 at signing
NYC area

CarMan@Edmunds · June 2006

Greetings fourthaccord. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

In short, the best way to assure that you are getting a good deal when leasing is to negotiate the lowest possible selling price on the car or truck that you want and then have the dealer use its buy rate lease money factor to calculate your monthly payment.

I don't believe that the $750 dealer cash that Honda is currently providing on '06 Accord Sedans is compatible with Honda Finance's special lease program.

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CarMan@Edmunds · June 2006

Hi ral2167. Unfortunately the money factor that you were quoted to lease an '06 Accord Coupe is correct. Honda pulled the plug on its special lease money factors on '06 Accord Coupe models for the month of June. As a result, if you were to lease one through Honda Finance right now you would have to use its standard lease program. Its current buy rate standard lease money factor is .00270 with the payment of a security deposit and .00280 with a security deposit waiver. The only plus side to the elimination of the special money factor is the fact that the $1,000 dealer cash that is available on '06 Coupes is now compatible with its lease program. If you decide to lease this car, make sure to take the dealer cash into account when negotiating its capitalized cost.

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CarMan@Edmunds · June 2006

Hi qbrozen. I personally would much rather pay a security deposit that I get back at lease-end than just throw money out the window with a higher monthly payment. Reputable banks, like manufacturers' captive finance companies, always give consumers their deposits back without hassle. They are in the interest of generating good will for their parent companies, not being penny wise and pound foolish by trying to screw people out of their deposits. As far as Honda Finance is specifically concerned, I personally have leased vehicles through them and have gotten my full security deposit back without any hassle at all on all occasions.

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CarMan@Edmunds · June 2006

Hi Rickforward . 1% over dealer invoice is a good price for an '06 Accord Sedan. Using the prices that you mentioned in your post, an MSRP of $22,075 and a selling price of $20,127 (1% over $19,928), I estimate that this car's 36 month, 12,000 mile per year, zero down, pre-tax monthly payment should be around $254. As you can see, even if it includes sales tax the payment that you were quoted is quite a bit higher than this. That means that the dealer you are working with is marking your car's money factor up or it is charging you more than 1% over the invoice price that you mentioned for it.

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CarMan@Edmunds · June 2006

Hi ral2167. Honda eliminated its lease support on Accord Coupes for the month of June. As a result, if you were to lease one through Honda Finance right now, you would have to use its standard lease program. Its standard buy rate lease money factor is currently .00270 if you pay a security deposit and .00280 with the deposit waived. When negotiating your lease on this car, make sure to take the $1,000 dealer cash that Honda is currently providing on it into account.

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CarMan@Edmunds · June 2006

Hey dcs333. I am sorry to say that Honda eliminated its lease support on Accord Coupes for the month of June. As a result, if you were to lease one through Honda Finance right now, you would have to use its standard lease program. Its standard buy rate lease money factor is currently .00270 if you pay a security deposit and .00280 with the deposit waived. When negotiating your lease on this car, make sure to take the $1,000 dealer cash that Honda is currently providing on it into account.

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CarMan@Edmunds · June 2006

Here you go, djssjd. If you were to lease a 2006 Honda Accord EX V6 Sedan 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 .00079 and 56%, respectively.

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CarMan@Edmunds · June 2006

Hello rickforward. Honda is currently providing $750 dealer cash on 2006 Accord Sedan models, however I do not believe that this cash is compatible with its special lease program. As far as the specific lease that you were offered goes, you never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

The fact that you only qualify for Honda Finance's "Preferred" credit will make your car's money factor and ultimately its lease payment a little higher than if you had qualified for its "Super Preferred" tier.

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CarMan@Edmunds · June 2006

Hello marlenek. You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to work up a sample lease payment on the car that you are interested in for you if you let me know what these numbers are.

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CarMan@Edmunds · June 2006

Congratulations on your new car, alik1. Thanks for taking the time to share the details of your deal with everyone. I am sore that many community members will find this information helpful. Enjoy your new ride!

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CarMan@Edmunds · June 2006

Hi hamin. Both the selling price and the lease money factor that you were quoted for this car look good to me. If you like it, I personally don't see any reason not to pull the trigger on this deal. I don't see any reason why you wouldn't be able to get this dealer to give you the same money factor and a selling price that is an equivalent amount over or under invoice on a Special Edition model.

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CarMan@Edmunds · June 2006

Here's the information that you're looking for, djssjd. If you were to lease a 2006 Honda Accord EX V6 Sedan without navigation 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 .00079 and 56%, respectively. The money factor for one that is equipped with navigation would be the same, but its residual value would drop to 54%. There is no difference between the lease programs for Accords equipped with automatic or manual transmissions.

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CarMan@Edmunds · June 2006

Hi cbolduc0729. Well, this car's monthly payment sure is low, but it would be much easier for me to tell if this is a good deal if you would post this car's selling price. This will show me how much of a discount this dealer is providing on it and it will enable me to use Honda's actual lease program to estimate what its current payment should be.

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CarMan@Edmunds · June 2006

Greetings extacy1375. You're not being paranoid at all. It's smart to research the vehicle that you want to lease before jumping into anything. Since this is your first lease, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

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djssjd · June 2006

Thanks a lot Car_man. For some reason I've got a bunch of dealers who all agree with me that the non-Navi has an MF of .00079 but not one has yet to give me that MF on the Navi. I'll let you know how I do.

extacy1375 · June 2006

Hey Carman,

Thank you for the reply.
I am not using a Honda dealer. I am using a company called Wheels to Lease(they have a website).
My family and friends have used them before and they always beat the dealer by $30-50 a month on a lease with same payment factors ex: $0 down, tax in the payment etc.

I called them up and said they have a deal on the 06 Accord EX-L V6.(I didnt ask the sale price)
$0 down
$330 a month
$800 at signing

Without giving the sale price of the car, and with those monthly payments, am I at least in the ballpark of getting a deal on this?

Thank you for interest in my matter.

boomer888 · June 2006

Carman,

Would you be able to give me the money factor and residual% for an '06 EX-L V6 coupe 6-spd w/nav? Looking for a 36-month lease @ 12k mi/year. Thanks!

duvbear · June 2006

Does anyone have a suggestion for a good Honda dealer in the Arlington VA area? We will be leasing a new Accord in early July.

henryje00 · June 2006

CarMan,

Can you help me with calculating a lease on a EX V6 Honda Accord without Nav.

-MSRP with destination: 27850
-The out the door price of the car: 24,750
-36 month/12,000 miles

Is there any other information oyu need??

Thanks!

matthattan1587 · June 2006

Hello all:

I currently lease a 2004 Honda Accord EX 4cylinder sedan. I am looking to end my lease early to upgrade to a new SUV. MY lease ends in late March and am I looking to end the lease soon. The car only has about 15500 miles on it and is in good condition. The car has many add ons including leather, 6cd changer and XM. What is my best option for early termination? Will my Honda dealer like to buy the remaining monthly payments off me for them to sell this car used? Will another dealer where I am looking for my new SUV help me with ending this lease? ANy input would be great!
-MM

scooterv6 · June 2006

I am thinking of leasing an '06 Accord EX-L V6 in Eastern PA. I have the dealer at $340/mo. with $800 due at signing (incl. first payment). I think I am doing pretty well, but not sure. Any help? Thanks in advance.

chipc1 · June 2006

I walked into a dealership today in response to an ad they had in the papers for a 2006 Honda Accord LX 4 door Automatic for $16,980. I think this is a great deal for a purchase, however, I don't want to purchase it. I would like to lease it at that price.

The sales woman tells me I can't lease it because it is a used car. She says it has 25 miles on it. She tries to get me to buy it, but I can't lease it.

Is she telling me the truth? Or is she trying to deter me from leasing this vehicle because I actually found one of their elusive ad cars on the lot.

qbrozen · June 2006

I'd be surprised if its used. I mean, 25 miles?? Who drove the car for 25 miles and then traded it in??

Anyway, I think the real reason is because dealers are able to sell the cars for less than they can lease them at due to the manufacturer-to-dealer incentive currently on the Accord. This money does not apply to leases.

jschwa · June 2006

I am interested in the same thing. Did you ever get a response?

I see some deals people got on this forum for $0 down and $340/month for a 36 month lease ($800 at signing), which sounds pretty good.

jschwa · June 2006

Alik-

Is the cap cost the amount you negotiated for as the sale price (or did you have any trade in, etc.)?

Also, what dealer did you buy from?

Thanks!

legar · June 2006

Got a 2006 Honda Accord EX V6 6- speed manual

MSRP:27850

$1000 Out of Pocket first month payment included
$315 a month for 35 months
12K miles per year

friarfunk · July 2006

Hey Car_Man. Been reading this thread for a while--love the information and stories. I'm moving closer to getting an Accord Coupe for myself (likely the EX-L, with or without nav unsure so far), and I've got a few questions. One, now that it's July, do we expect a different MF on the coupes, or perhaps a return to the .00089 that was so nice back in May? And two, what do you know about this $289/month lease deal I saw listed under the Edmunds Incentives for the coupe EX-L? Edmunds is the only place I've seen it.

I've just started working with Brown Honda in Arlington, VA, and they quoted me the following on my first visit:

MSRP: 25600 (includes freight)
Cost: $22973 (includes freight)
MF: .0028
Residual: 57%
Lease: $350/month

$1500 out of pocket = first month's payment, tax, tags, supposedly all fees. This is Virginia, so I've got to pay the 3.17% tax on the car upfront, to the best of my knowledge. I honestly don't want to pay more than $269/month for this, considering that the V6 sedan is on that $279 special (which I could probably work down even lower), but I definitely want the coupe. What do you think my chances are? On cost, we're $98 over invoice, it appears. I also saw that Honda's still doing $1000 cash to dealer on EX-Ls--with the lousy MF, does that apply to the Coupe leases now? I'll go to some local banks to try to find better residuals if I have to.

Thanks for any tips--this is my first lease, and I'd rather not mess it up!

CarMan@Edmunds · July 2006

No problem, djssjd. Good luck and let us know how everything turns out.

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CarMan@Edmunds · July 2006

You're welcome, extacy1375. I personally am not a big fan of brokers. They rarely add anything to deals other than another party that has to profit from your transaction. You should be able to negotiate a very attractive lease on this car all on your own. Let's take a look at how much it might cost you to lease this car through a Honda dealer. A base 2006 Honda Accord EX-L V6 Sedan has an MSRP of $25,500 and a dealer invoice price of $23,016. Let's say that you were able to get this car for $500 over invoice. According to my calculations, if you were to lease it through Honda Finance right now for 36 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around $293, assuming that you pay a security deposit and qualify for Honda Finance's "Super Preferred" credit tier. As you can see, this is less than you would have to pay through the broker that you're dealing with.

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CarMan@Edmunds · July 2006

Hi boomer888. Honda is no longer providing lease support on Accord Coupes. You can still lease one through Honda Finance, but you will have to use its standard lease program. According to the latest information that I have seen, if you were to lease a 2006 Honda Accord EX-L Coupe EX-L with navigation 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 .00270 and 55%, respectively. When negotiating your lease on this car, make sure to take the $1,000 dealer cash that Honda is providing on it right now into account.

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CarMan@Edmunds · July 2006

That's all the info that I need, henryje00. According to my calculations, if you were to lease a 2006 Honda Accord EX V6 Sedan without navigation with an MSRP of $27,850 and a selling price of $24,750 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around .00079 and 58%, respectively.

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2013 and earlier-Honda Accord Lease Questions

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