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2013 and earlier-Honda Accord Lease Questions
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I'm considering leasing a 2006 Accord EX V6-L and had some questions regarding leasing:
1) Is my only option to go with the Honda Financial deal?
2) If I want a term less than 36 mos (like 24 mos), can I still get the good finance terms Honda is offering
3) How low can I negotiate the cap. cost? Can I get below invoice price and then use the Honda Financial MF and residuals? I've had experience with the Infiniti dealer where they would give me invoice, but not below since their $2500 incentive was not for leases.
4) What costs can I tell the dealer I won't pay for reasonable if I want the Honda lease terms/financials?
5) Also, since the current incentive ends on labor day - am I to do better on August 31st or better on labor day negotiating?
Thanks!
We are about to close on a lease deal this week. I hope this sounds reasonable??
MSRP- 27850
Selling Price-25163(includes destination chg$595)
Money factor- 0.00129
Residual-15900
36mths/12000miles
Downpmt-$2199($1025cap reduction,acq fee,secdep&1stmth pmt)
Monthly pmt incl tax -$293
Documentation fee/title etc.,- $400.00
thankyou
I have solicited your help before and you are an invaluable leasing information resource. I have some questions about the following: I am helping my 80 year old grandmother lease a Honda Accord. She claims to drive fewer and 1000 miles per year (a claim I think is realistic). What is the lowest per year mileage allowance offered by Honda Motor Credit on an accord lease? Can you give me the residual values for those mileage figures for 24, 38 and 48 month leases. Also, what are the prevailing money factors on Accord LXs? Let me know if you need more information.
Thanks,
Burgermac
2007 Honda Accord SEV6
36 months @ 12,000 miles per year
with $1,000 down
$299 + tax ( w/tax $319.93)
selling price- $21,900
residual- $14,455
money factor- .00220
I'm living in NJ and got the following deal:
36 mths/12000 miles
Downpmt-$3,000(including all fees and taxes)
Monthly pmt incl tax -$274.75
is this a good deal or can I get better???
Thanks!!!
:confuse:
Car_man
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Don't be too pessimistic about negotiating a good selling price on a 2007 model. Accords rarely command high prices, even at the beginning of the model year. Heck, Honda is already providing $500 dealer cash on 2007 V6 Accord Sedans and all Accord Coupes. I suspect that good discounts will be widely available on the 2007 Accord very soon. Stop by the following discussion to see how much other community members have paid for their '07 Accords recently: "Honda Accord: Prices Paid & Buying Experience".
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In answer to your specific questions, no you do not necessarily have to lease your new car through Honda Finance. A number of independent banks lease Hondas to consumers. However, Honda Finance usually has the best deals.
Honda Finance's special lease program is good for leases 36 months in length. If you decide to lease a Honda for a shorter term, say 24 months, you would still be able to take advantage of its special lease money factors.
Normally Honda's dealer cash incentives are not compatible with leases through Honda Finance. However, now that Honda is not providing any special money factors on the 2006 Accord, you can use the dealer cash and then lease one using its standard lease program. Honda is also providing $500 dealer cash on 2007 Accord V6 Sedans and all 2007 Accord Coupes. This dealer cash is an exception to Honda's normal policy and it IS compatible with Honda Finance's special .00210 lease money factor. Stop by the following discussion for feedback on what sort of price you should be able to negotiate: "Honda Accord: Prices Paid & Buying Experience".
Car_man
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Car_man
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Car_man
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For now I can tell you that $3,000 is way to large a down payment to make on a leased vehicle. Consumers can and should lease any vehicle that they want without making any sort of capitalized cost reduction. All you are required to pay at lease signing are your car's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, Honda Finance's $595 acquisition fee, and any required state taxes or fees. You can even have your car's security deposit waived in exchange for an increase of .00010 in the money factor that is used to calculate its monthly payment and roll its acquisition fee into its cap cost if you want to.
Car_man
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I am looking to lease an 06 2dr 4cyl Accord and will be adding leather. I want to put between $1000 and $1500 down. Taking into account the $1000 or so i will owe for the miles on the trade what is a good monthly payment to be shooting for?
Thanks, Jason
The full MSRP including destination is $23945.
Thanks for the help!
How do you figure $1k for the extra miles? Even if your overage charge is 15 cents, that's $1500. Your overage could be 12 or 18 cents, as well. Better check that contract. I doubt its 10 cents (but i suppose its POSSIBLE).
So... let's say best case scenario is that you are about $3200 in the hole (overage plus remaining payments). And you want to put $1500 down. So now you are rolling $1700 negative into the new lease.
I have no idea what the numbers are like for a 20k mile per year lease (if Honda even offers that). My shot in the dark guess on this is that you'd be looking at over $400/mo.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
In the first deal you are looking at, it comes to about $307 per month if you add it all up. The 2nd is $295. So they are fairly close.
If you go to Honda's website, you'll see an advertised deal of $1699 down and $239/mo for 36 mos. on an '07 SE sedan. Also 12k miles per year. To compare this to the other deals, this is like paying $286/mo. It is, however, a longer term. The nice thing about this is that all the terms are laid out right there on the website and your mother could print it out and go to the dealership and get that deal without much of a problem (as long as she sticks to her guns and doesn't fall for any add-ons or that kind of garbage).
She would still have to pay for tax, title, and doc fees, which can be added to the payment. I'm not sure what tax is in Florida, but figure, all in all, she should pay $1699 out of pocket up front and about $270/mo all inclusive. If she stays within the 12k miles per year, then she would be covered by the bumper-to-bumper warranty for the full 3 years she is leasing it.
And, honestly, when the manufacturer advertises lease deals, a savvy consumer can often do even better. So $1699 down and $270 should be her cap. I would advise her to offer less to start. Maybe $1500 down and and $250/mo all inclusive.
There are some common things she should be on the lookout for. First, the $270 I have written above INCLUDES tax and includes the doc fees, registration, titling, etc all rolled into amount leased (i usually figure about $500 for that stuff). 2nd, the $1699 is ALL she has to pay out of pocket. That number INCLUDES first month's payment, acquisition fee, and cap cost reduction. According to this lease special, there is no security deposit required.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
In a nutshell I am looking at 1000 to 1500 being the the only thing i carry over into my new lease. So basically my downpayemt will cover the rollover.
I plan to keep the same 12000mi/yr lease (my driving situation has changed .. obviously
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
You are looking at an EX-L, correct? That has an invoice of around $23k. Add in the acquisition fee, security deposit, documentation fees, registration, etc. and you are probably in the $24,500 range as far as cap cost goes.
'11 GMC Sierra 1500; '08 Charger R/T Daytona; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '08 Maser QP; '11 Mini Cooper S
*Which bank is offering this lease because the dealer said that it wasn't AHFC (and they would not honor it)?
Is it HON? Because I know they are sketchy.
If it is, what are the hidden costs?
Are there any hidden costs?
***Here is their deal, 2007 Honda Accord Sedan EX-L for $309 a month/ 12K miles/ 36 months $0 down, taxes, DMV fees,etc...
***If feel that I can get a better deal.
Am I correct? What kind of deal can I realistically score? I want them to tell me not to come back to their dealership ever again. Then I know I got a great
deal!!!!!
***I am coming out of my Acura lease this month. Will they waive my security deposit considering I leased through AHFC?
The more pressing issue I have is that I am over my mileage approximately 6,500 miles at 15 cents a mile. Should I pay the cost up front or should we bury the mileage into my payment?
*** Another dealer offered was $325 for 36 months, paying off my mileage and I pay the taxes etc... out of pocket. That was without real haggling..
***One last question. Nissan offered me the Altima Special Edition with my excess mileage, spoiler and leather at $275 a month/36 months/12K miles. It was a 2007, but I found that the style of the Altima is different on your website.
Could Nissan change the style mid year or was it really a 2006?
Thanks a lot!
Here is the rest of the info for the 2007 Accord EXL V6:
MSRP: 27,400
Agreed upon value of the vehicle: 25,011.24
Gross Capitalized Cost: 26,821
Residual: 17,076
MF: 0.00227
Total down including all fees and taxes: $3,000
Total monthly payment (including the tax) 294.28
Thanks a lot!!!
Depending on how stale sells are,your payment history, you may or may not get an offer letter from them...........Again,depends on Honda. Just my two cents.
Even if you dont want to get another honda, all the dealership is doing is having me take my buyout (ie i am buying the leased car) then selling the car back to them... just all in one step. If you have a good buyout price you could turn around and sell the car anywhere.
I'm new to leasing, so I have no idea what I'm getting myself into.
I was recently offered a few lease deals from a local dealer and I want to know if they sound fair enough or if I should keep trying.
I was offered $290.91/month for 36 months on an '07 EX V6 sedan non-Navi with a substantial $2500 down payment. Taxes, tag, and title are included and the dealer says there are no hidden fees.
I was also offered $247.47/month for 36 months on an '07 Special Edition V6 with the same $2500 down payment, including all taxes and fees.
Then I noticed that Edmunds has the EX V6 lease special pegged at $289/month with $1,899 due at signing but doesn't include tax, tag, and the like. Is the deal I was offered similar to that one, or am I paying more?
Could I do better than $290/month with $2500 down on an EX V6? Is there any bargaining room on that $2500 down payment?
Unfortunately, I don't know the specifics like the Money Factor, Residual, etc.
Sorry for asking so many questions. I'm getting a little desperate since I sold my current car a lot sooner than expected (I just listed it in auto trader a few days ago, and I sold it today).
Thanks!
07 Accord Special Edition (SE) (4cyl, MANUAL tranz)
24 months
2K drive off - INCLUDES all fees, taxes, security deposit, first payment, and acquisition fee
MSRP: 21,420
SALES $: 19,056
73% residual
MF of .00227
Monthly payment with CALI 8.25% tax = $209.00
Dealer says it's a loss deal (by $800 or so) Not so sure I believe them
Should I jump on it or grind 'em harder for a better deal??
INQUIRING MINDS WANT TO KNOW!
24 Mo. Lease w/12K miles:
73% and .00227
36 Mo. Lease w/12K miles:
60% and .0023
Are these right? Seems like the 24 months is a much better proposition than the 36.
This would be for an EX-V6. I called Honda finance and asked but they would not give me in the information.
Thanks for any help.
For an 07 EXL 4cyl 36/12000 with 1400 down (1000 cash + 400 from my lease turn in) 289/mo.
Car_man
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Car_man
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The fact that you are coming out of another lease through Honda Finance should entitle you to have your next vehicle's security deposit waived at no charge, even if you are currently leasing an Acura.
I would be happy to share my opinion of the deal that you were quoted with you, but in order for me to do so it would be a big help if you would provide me with this car's full MSRP and selling price. It is in your best interest as a consumer to know what this car's selling price is anyhow. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them.
Car_man
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I believe that the car that you described has a spread of around $2,700 between its full MSRP and dealer invoice price. When we add the $500 dealer cash that Honda is currently providing on it to that we have $3,200 to play with. So the price that you were quoted for this car is around $800 over invoice. That's not bad, but if you are in an area that has a decent level of competition, I would not be surprised if you were able to beat it by a couple hundred dollars.
Car_man
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The best way to evaluate the leases that you were quoted is to find out the vehicles' MSRPs and selling prices. The selling prices of leased vehicles are negotiable, just as if you were financing or paying cash for them. If you let me know the MSRPs and selling prices of the vehicles that you are interested in I would be happy to give you my opinion on these deals.
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