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2013 and earlier-Honda Civic Lease Questions
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Thanks for the information. I appreciate it. I'll pass it on to my brother. I don't know if he can do anything at this point. One thing he told me that seemed rather strange, was that if the car had 60,000 miles at the end of the lease, they would not assess him with the penalty of 15 cents per mile. He has a 3 year, 12k per year lease. Have you ever heard of this or know anything about this?
I appreciate any information. Thanks, Larry Z
Honda Finance's July buy rate lease money factor and residual value for a 36 month lease of a 2010 Honda Civic Coupe LX with 15,000 miles per year are .00127 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.
Honda is currently providing $1,000 dealer cash on this car that is compatible with its special lease program.
Car_man
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If your brother has a lease that only allows 36,000 total miles, I don't see how he can avoid having to pay an excess mileage penalty if he returns it with 60,000 miles.
Car_man
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From the Edmunds incentives page:
$1000 Cash to Dealer start: 07/07/2010 end: 09/07/2010
$1,000 Dealer Cash available towards the retail purchase or lease of a new 2010 Civic (excluding GX). Cash can be combined with Special AHFC Lease/Purchase Plan or Zero Due at Signing Leases, but cannot be combined with Special AHFC APR Financing. Please see your dealer for details.
From the Honda current offers web page on the LX auto sedan lease special:
MSRP $19,155.00 (includes destination) ...Option to purchase at lease end $11,684.55
Purchase option (residual) / MSRP = 0.61 or 61%
Also in the special details they give you the net cap cost = $16,480.74, the term is 36 months, and the payment = $169. Plug those numbers into a lease calc and solve for MF and you get 0.00127 . The formula is
MF = (Payment-((Net_Cap_Cost-Residual)/Lease_Term))/(Net_Cap_Cost+Residual)
Edmunds Prius lease forum is here: at this link
Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Civic Sedan LX with 12,000 miles per year are .00127 and 61%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.
Car_man
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FEATURED SPECIAL LEASE: Closed-end lease for 2010 Civic Sedan 5 Speed Automatic LX (Model FA1F5AEW) for $230.00 per month for 36 months with a no capitalized cost reduction available to customers who qualify for the HFS Super Preferred or Preferred credit tier. $0 due at lease signing offer requires dealer contribution, which could affect final negotiated transaction.
Dealer contribution may vary and could affect actual lease payment.
Does it mean that the dealer is effectively reducing the price by X number of dollars, and that they, not Honda, is eating the cost?
Please don't get hung up on things like dealer contribtion because it's absolutely meaningless and irrelavant. As a knowledgeable consumer, you should use national promo lease Ads to collect useful information such as residual factor, money factor, end of lease purchase price, MSRP, acquisition fee, excess mileage charge, and the implied selling price which may or may not be the lowest price that you can get.
Next, establish the selling price by researching edmunds invoice pricing as well as all incentives available. Check overstock at zag.com for the lowest competitive prices in your area. Then, determine an approriate initial selling price. Don't be afraid to start low. Remember, you can always come up but never down. Next, determine what items you want to pay upfront and those items that you want to capitalize in the lease. I don't advise making a down payment because if the car is totalled or stolen, and never recovered, you may lose all or part of your down payment.
The key to leasing is to establish the selling price first. And, from that point forward, everything else falls right into place. Remember that every leased car is a sold car. Someone is buying it and that someone is usually the fund provider (e.g., AHFC).
There are three (3) basic equations useful in leasing...
Gross Cap = Sell Price + Amounts Capitalitalized (1)
Adj Cap = Gross Cap - Cap Reductions (2)
P = F x (C + R) + (C- R)/N
P = Monthly Payment
F = Money Factor
C = Net (adjusted) capitalized Cost
R = Residual Value
N = Term
Simply apply these basic principles and you're on your way!
Questions? Let me know.
John
It would appear that one of the 3 basic equations can be applied to arrive at a monthly lease payment. Can I do so to reach the monthly payment I want to spend? How would I take that to a dealer?
You may want to enter a search on "lease proposal" and look for my posts (delta737h) regarding same. I've done a ton of these all over various Edmund's forums; some with extensive explanations. Basically, you need to construct a one-page lease proposal on your letter head. It must be professional looking and contain no errors of any kind. This will require researching the selling price, money factor, residual factor, etc.
If you like, email me at
diffeq@zoominternet.net
and I'll be happy to send you samples.
John
This is the first time I am leasing the car and I have got the following numbers from one of the local Honda Dealers in Philly Area. This is for 2010 Honda Civic LX Sedan with Auto. Transmission. Can someone comment on it and let me know if I can do better than this by emailing other dealers in my area? Here are the numbers:
MSRP: $19,155
Down Payment: $0
Term: 36 months
Rate: 0.00127
Residual Value: $11,684.55
ACQ Fees: $595.
Monthly Payment Quote: $205.06 including tax,title and registration (NJ) for 36 months with no payment, no security deposit for first month. so basically we will be paying for $205 payments for 35 months plus some dealer perks like free airport parking, free oil change and no disposition fees at the end of lease with upto $1500 wear and tear allowance and gap insurance from Honda FS.
Thanks for reading this and your suggestions in advance.
On the surface and not knowing your taxes, I would say that it is a decent deal. We got the same car a couple of months ago for a little less per month, but paid first payment, tags, and title at signing - so your deal is better (depends on taxes and fees).
HFS has no disposition fees at the end of ANY of their leases and all include wear and tear forgiveness in them, so the dealer is blowing smoke with those "perks" which would come from any HFS lease from any dealer.
Price: $16450
Term: 36 months
MF: 0.00127
MSRP: $19155
ACQ Fees: $595
Govt Fees: $306
Taxes: $488.23
Doc Fee: $103
Adj Residual: $11684.55
so after including taxes, title and registration (NJ), total comes out to be $205.06 for 36 months with Honda is making first lease payment.
Invoice of the car you are leasing: $17,706
Dealer Cash: $1000
Your Price: $16,450
$17,706 - $1,000 - $16,450 = $256
You are getting the car for $256 under invoice. You can consider this a good deal.
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I have another question for the same car, one car dealer is quoting me the price of $14990 for the same model and color (but they are some 100 miles from my home). Now my question is; What will be the lease payments on this car? I have asked him to send me the detailed pricing information (dealer doc fees, acq fees etc).
In June, my son's LX sedan w/auto was $15,999 + $398 dealer fee = $16,397.
In any case, adding in his fee keeps the car under invoice which is always a nice price
2005 G35 Sedan2007 G35 Sedan
2008 G37 Sedan
2010 G37 Coupe
2012 G37 Sedan
2014 Q50 RWD
2017 Q60 3.0t RWD
2018 QX60 RWD
MSRP- 17405
Invoice- 16039
Tax Rate is 8.75%
Trade in Value $2000
36 months
10,000 miles
Thanks
Civic LX Auto
MSRP=19155
Agreed value=16000
Aq Fee=595
Gross Cap=16595
Net Cap=15654.98
trade-in=1500
MF=.00127
monthly payment=156.97
term=36
residual=11684.55
paid nothing at signing
Not sure if there is additional information I can share. I feel like I got a great deal but this is my first car lease. Don't feel like I understand fully the risks involved. Not sure I know exactly what the worst case scenario could be at the end of the lease. I don't plan on turning it in, I want to either keep the car or trade-in and lease another Honda. A little worried about maintaining the residual value after 3 years. Maybe some of you here can put my mind at ease about leasing and tell me how its the greatest thing ever!
But I always feel like I just got screwed whenever I leave a dealership, no matter the outcome. I feel like they are always being sneaky and not completely honest about everything.
Love the car though.
Thanks,
Jeannine Fallon
Corporate Communications
Edmunds.com
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According to my calculations, if you were to lease a base 2010 Civic Sedan LX that has an MSRP of $17,405 and a selling price of $15,039 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $151...assuming that you qualify for its top credit tier.
That's right around the target payment that you were hoping for.
Car_man
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Car_man
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Does anyone know the residual percentage for a 3yr 36K and 45K lease on a 2010 Honda Civic DX in the NYC area? Thank you!!!
Down $ 2000 ( includes down payment + DMV Reg + Deal Doc Fee )
Monthly Payment $ 140 ( Includes Tax )
36 months / 12 K miles a year
Residual - $ 11,500
Should I go for it....Thanks
Honda Finance's September buy rate lease money factor and residual value for a 36 month lease of a 2010 Civic Sedan DX with 15,000 miles per year are .00090 and 51%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.
The residual value for a lease with only 12,000 miles per year would be 2% higher.
Car_man
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I heard rule of thumb do not put any down payment whatsoever. Because let's say you crash your car. You can't ever recover that payment. Even though you monthly payment might be higher, its best to give least amount of money up front. Ideally just first month and DMV fees. everything else should be factored into the monthly payment.
Am I correct car_man?
Because you pay for the use of a vehicle during a lease, you should put as little money down as possible, up front. Although putting money down can lower your lease payments (by reducing your capitalized cost) in most cases it cannot be regained in the event of early termination due to a loss.
For example, a customer once leased a Toyota 4Runner and put $3,000 down as a cap reduction. Five months later the vehicle was totaled in an accident. The client's insurance paid its portion of the lease payoff and Gap Insurance paid the balance. Our client walked away with only paying his insurance deductible but he did not get reimbursed for his initial down payment of $3,000. It was lost.
The moral of this true story is to put as little money down as possible,ideally no money down. Here are some other things to consider:
- Money down is taxable
- Take the money you would have put down and invest it
- Put your down payment in a savings account and use a portion each month to help make your lease payment
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2008 G37 Sedan
2010 G37 Coupe
2012 G37 Sedan
2014 Q50 RWD
2017 Q60 3.0t RWD
2018 QX60 RWD
The downside to rolling everything into the lease is that you are upside down (owe more than the current market value) for longer.
Thanks for educating me on this topic of leasing...it is not the right choice for people like me with very limited knowledge on leasing...:-)
Say you got the car for $16k not including taxes.
$16k at 2.99% would be $287.43 for 60 months
$17k at 0.9% would be $289.86 for 60 months
$18k at 0.9% = $306.91 for 60
$17k at 2.99% = $305.39 for 60
So pretty much a push if your CU or bank is doing 2.99%.
Determining whether to lease or buy should not come down to knowledge, it's not that tough. It should come down to are you the type of person that likes to get a new car every three years and is fine with always having a car payment, or are you the person that holds on to a car for longer?
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2008 G37 Sedan
2010 G37 Coupe
2012 G37 Sedan
2014 Q50 RWD
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2018 QX60 RWD
Car_man, please help!
2005 G35 Sedan2007 G35 Sedan
2008 G37 Sedan
2010 G37 Coupe
2012 G37 Sedan
2014 Q50 RWD
2017 Q60 3.0t RWD
2018 QX60 RWD
I'm shooting for a $1,000 under invoice in my negotiations, is that a good aim?
Honda Finance's October buy rate lease money factor and residual value for a 36 month lease of a 2011 Civic Sedan EX with 15,000 miles per year are .00200 and 60%, respectively for consumers who qualify for its top credit tier.
$1,000 under dealer invoice would be an amazing selling price for a vehicle that does not have any cash incentives available on it yet. I would think that invoice to $500 over would be a more realistic target price for an '11 Civic, but I suppose you never know...give your target price a shot and see what happens.
Car_man
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Car_man
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Too much information is missing (e.g., MSRP, NY Sales Tax Rate, etc). The best thing to do is for you to ask the dealer for their Lease Worksheet. This is a computer gewnerated document that will tell you everything you want to know and then some. If you like, you can email it to me at
diffeq@zoominternet.net
and I'll be happy to analyze it for you
John
Selling Price $18,000
Money Factor .00127
Residual 57%
Down payment $1500
After tax payment: $185 a month
Always ask for floor mats as part of the deal. But if you have a beige interior, don't bother my Accord's are trashed and even for free I didn't like them (better you get the ones from Walmart or Pep boys for $15). They're great for black and grey interiors though.
Was the last 2010 they had.
The EX coupe has a 360 watt stereo from the Si and is worlds better than the puny 160 watt in all non Si sedans. It also has a different suspension set up, making it more fun to drive.
The Civic is a heck of a car for less than $200 per month. Enjoy your new ride!
Car_man
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Thanks,
John