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2013 and earlier-Honda CR-V Lease Questions
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Comments
-What is the residual and money factor?
- would we be better off purchasing?
Our ad-ons:
Splash guards $149
hitch $618
mats $153
CR-V LX AWD
MSRP $24,875
$234 including tax/Month
39mo lease 12k/year
Honda to pay first month payment
$795 total out of pocket.
Thank you!!! :shades:
I ended up closing on a 2013 CR-V EX AWD as follows.
I had a 2011 Pilot EX which the lease will be expiring in 2 months, so I had 2 payments of $391 left.
Considering I had some equity, I used it as trade in and got the CRV for $248/mo 15k miles/year 36 months and only 1st payment down.
I believe was adecent deal. What you guys think?
The only difference on a lease with 12,000 miles per year would be a 2% increase in the vehicle's residual value.
The selling price that you were quoted for this vehicle is excellent...even with the fees.
Car_man
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The current lease program isn't terrible, but a finance rate of 1.9% on a vehicle that is not receiving any manufacturer support is though to beat. If you can afford the higher monthly payment, financing the CR-V might be the way to go.
As long as the 1.9% rate that you were quoted will still be around in next week, you may want to consider waiting to see what Honda's new March lease program for the CR-V is like. That puts you in a no-lose situation, if the lease program isn't any better...or is worse, you just go with the finance rate. If the new lease program is great, go with that.
Car_man
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Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I'm about to lease a 2013 CRV EX AWD (no accessories):
- Negotiated sale price $24,200 + $830 delivery charge = $25,030 total
- 36 month, 12,000 miles / year lease
- 1st months lease payment + $1,970 for taxes, dmv fees, doc fee, bank fee due at closing
- No money down
- 0.00145 money factor & 64% residual from Honda finance, no exit fees, $1500 wear & tear allowance
- $287.20 lease payment / month
What do you think? Is it a good deal? Anything else I can try to negotiate? Do you think it is better to include the $1,970 for taxes, dmv fees, doc fee, bank fee due into the lease and pay about $60 more per month?
Thank you!
Does Honda have a lease on this CRV EXL for a low mileage lease, such as 7500 miles a year?
If not, what is the lowest miles lease?
What are the cost factors?
Thanks
The dealer invoice price of a 2013 CR-V EX AWD is $25,379. The selling price that you were quoted is lower than that, so it looks great.
If you like the vehicle, I personally don't see any reason not to go for it. I can go either way on the stuff that's due at lease signing. You definitely shouldn't pay a cap cost reduction and it certainly is best to roll as much as you can into your vehicle's payment so you don't lose out on it if your vehicle is totaled, but a ton of people pay things like the acquisition fee and other fees at signing and it's not the end of the world. Definitely never pay a cap cost reduction.
Car_man
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Whatever mileage allowance you choose to go with, Honda Finance's current buy rate lease money factor for the 2013 CR-V would be .00145 for consumers who qualify for its top aka "Super Preferred" credit tier.
Car_man
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I will get back to you when I shop seriously in May.
Thanks again for the alert on the Accord in that car's respective forum. I just checked inventories my way and there are no CR-V FWD's.
I wish to know if there is any flex-cash on the AWD LX this month?
Have a great afternoon,
builder
Do you think this is a reasonable deal?
2013 CR-V LX AWD
36 months / 15k miles
Monthly: $285
Fees at signing: $503
Cap cost: $23,069
Residual: $15,422
Money factor: .00145
Wear & tear allowance: 1500
Exit fees: unknown at the moment
Thanks!
Just remember that Honda's warranty (other than that powertrain stuff blah blah blah) only goes for 36k/3 years. You'll be left somewhat unwarranted.after a cumulative 36k...
Prob'ly not much risk but just something to keep in mind.
I like the idea of a template and you're thanked for using a legible format, but you'll probably want to delete the "exit fee" category as Honda Lease Trust leases don't have any termination fee, a big +!
Also, that $1500 damage credit (I just learned after reading the fine print) is separated into 3 "events" x 500. So, let's say you have one fender-bender for $1500: you'll be liable for $1000 and have another two "events" of 500 each remaining.
Hey, better than nothing huh?
Yes, you read it right. Thank you for pointing that out! I missed it completely. We typically drive 12k/yr but wanted the extra miles as we anticipate this going up. Hopefully, the risk is small.
We ran into this sorta "oversight" some years back with our 15k lease: all of a sudden it hit me a few months into the term. Wound up buying the 8yr/120k/$0 "cheap" over the web for a different Honda model after we got a little scared (also thought it would help in trade/resale at lease's end since it's transferable). Wound up buying the Pilot at residual and it turned out that darned warranty paid for itself after 80k (weird stuff with the rocker arms in the fwd Pilot).
Anyways, I now find it interesting how some manufacturer's stock lease offers are at 39 months when their general warranty - like Honda's - ends at 36k/36mos. I wonder why??????
Looking myself right now for a good lease payment on the CR-V - want 2WD but there are hardly any to be found n the NE and the AWD money factor is higher than an Accord or Civic so we'll see in the next two weeks. Really just looking for a here-to-there car so $$$ will be the deciding factor but you can't beat Honda Finance's 3x500 damage allowance and no termination fee!
Hey... have great day and enjoy the CR-V!
Thanks for all of the helpful info. I think I am a believer in extended warranties now after having to get rid of my last two cars well before they reached 150k miles.
I am fairly new to leasing and find it somewhat confusing vs. purchasing. I am really not comfortable that the numbers I have are decent. It seems OK but feels like it could be lower. I'd rather not hand the dealer easy money.
This would be our first Honda, so far the shopping experience has been pretty good.
Good luck with your search
Thanks for all of the helpful info. I think I am a believer in extended warranties now after having to get rid of my last two cars well before they reached 150k miles.
I think you'll have a tough time finding more miles than Honda's 120k
I am fairly new to leasing and find it somewhat confusing vs. purchasing. I am really not comfortable that the numbers I have are decent. It seems OK but feels like it could be lower.
The monthly payment ALWAYS feels like it could be lower!
(Since no one else has responded) Continuing this pleasant colloquy, let me see if I can assist.
I felt the same discomfort, bos2aus, when beginning the first seven years ago, but by it's conclusion was comfortable (if you go back to March/April 2006 posts in the Pilot leasing forum you'll have the process down. Look especially for analysis posts by Host Car_man, and delta737h..... the latter has a website autoleasegeek.com: invaluable, must-read info, especially his process recommendation for submitting formal "lease proposals" to dealers - the only way to go)
Many use the Weymouth lease calculator for ideas of decent lease numbers. Your capitalized number is 23069 (weymouth's 23280.70) and residual 15,422 (weymouth's 15020). Assuming your cap includes the 595 acq (based on your 500 up front/inception) should bring you to 267.94 + tax/fees for 15k/36. Weymouth currently shows a "first&fees" of 285+tax. Assuming you're in a state where tax is based on the monthly payment and includes 6%, you should be around 285/mo plus that 500 inception and secured a solid deal. You don't mention if there is a trade (even returning a current lease which may have some equity value) so this is important too. Depending on the competitiveness of your market, I believe you might achieve a lower payment. using autoleasegeeks approach "from the comfort of your home", but remember you'll still think like you could've gotten lower... Also, there's the time-cost/benefit ratio to consider.
Frankly, the big thing killing these CRV leases is this .00145MF (contrast this with the lower ones for Accord and Civic, not to mention Honda Finance's .00022 that was around in 4/2006 on some Pilot models added to big discounts from MSRP)
The key is to do one's homework (read, read, read), feel comfortable with the contract and then - if you choose to post your numbers back here to assist others - not read the pricing forums again for another three years
The deal I signed for today:
CR-V LX AWD Twilight Blue (24875 MSRP)
36 months
15k miles
$500 fees
$22639 gross cap cost
$270/mo (inc tax)
62% residual
I doubt its the absolute lowest but I am now comfortable with it.
I just saw Weymouth is running an LX special till the 12th at 229/12k that, when acq and Mass. tax are factored in would be $261.19/mo + Inceptions of 261.19+239+125 (plus I guess some tax on the doc fee) and you got 3k miles more/year for less than nine dollars extra and way less than their standing 15k offer.
Now it's time to have a nice dinner and relax.
Many thanks for posting your info, for the nice colloquy, and we'll see you round here in another 35 months or so .
Oh, just one question: since the MF is high, did they make any downwards adjustment towards Accord/Civic territory?
Car_man
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Car_man
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Thank you SO much for your prompt reply AND this specific confirmation!
Now it's all up to me
The MF is higher for the CR-V so I may wind up going with the Accord's lesser "rent charge" (when I compare the MF from April two years ago for the CR-V, .00145 is a bitter pill but it is what it is.)
Conversing with poster bos2aus in this forum was good confirmation of what can now be achieved in, at least, one of the US regions.
Wishing you a GREAT night Car_man and thanks again.
Also, since the Civic&Accord have lower MF, I was just wondering if your doc showed "MF movement" towards theirs (.00111)
Looks like selling price adjustment may be the only way to go now.
Hey, thanks again and trust you'll enjoy your car
219 month total monthly price with everything included
3000 value trade in for our Honda Civic
they are giving 750 flex cash towards the deal so no out of pocket
12000 miles
36 months
I should be going back in on Wednesday to look at contracts, sign and drive away. Do these numbers sound good? Also what should I look for in the contract thats important and what can I negotiate at that point?
Thanks for any advice!
Since you did "a lot of research online", if only a half-hour or so of that was spent reading the forum(s) here then you KNOW we need much more info - ideally presented in a structured format (there are examples in the preceding pages or in the Prices Paid forum) to provide what you request. You also could've received a trade-in value from qbrozen over in the respective forum and shopped your Civic around to many dealers. You're going to sign Wednesday and you don't know the money factor, capitalized amount, etc.?????
Nonetheless, here's my feeling; the few numbers provided look VERY good for the dealer. 3000 trade plus 750 and you're at 219? RUN!
Thanks
Can you help me with the buy rate lease money factor and residual value for a 36-month lease of a 2013 CR-V EX aWD with 12,000 miles per year for consumers who qualify for its top credit tier?
Check out some of the extensive posting by delta737h in many of the forums here for great advice on how to approach a lease. Or go to autoleasegeek.com for a more codified step by step approach.
Taking his advice, forget getting the numbers piecemeal. Simply get your salesperson to email you their lease worksheet with all the numbers laid out. If they don't you'll want to find another dealer.
I think delta737h/autoleasegeek/John's fee for a lease proposal is about $20(?)... If you can't run the numbers yourself his service would probably save you a bunch.
Take your time, and good luck and let us know how you do.
2013vHonda CRV EX
36 months / 15k miles
Monthly: $198
Negotiated Price: $24789
Cap cost: $25798
Residual: $26975
Money factor: .00145
Trade in 3500 (I ended up getting it up from 2500)
750 Flex cash applied
Fees Acq 595 and documentation fee 250
The deal you told me to run from ended up being MSRP price and well as some fees I wouldnt have paid and a lower trade in value. Thoughts on my deal?
Car_man
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Car_man
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Car_man
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visited several dealers all said they ran out of april flexcash so no deals for me. hoping residual and money factor would change but seems same this month while accord and civic changed. flexcash replaced with loyalty of 500 found out from bernardi honda so looks like a 250 loss.
big bummer. may check out a toyota as their sales went down last month.
What do you have for the res/MF for May for a CR-V EX-L AWD 12,000 miles...is it still .00145 and 64%? Flex cash or added bonus stuff for the holiday weekend at the end of the month?
Thank you so much!
The FlexCash still exists, they can earn more even if they used up their initial allocation.
Car_man
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The FlexCash is still around, dealers that used up their initial allocation had the opportunity to earn a little ore by selling certain vehicles. Honda has not announced any additional incentives for Memorial Day yet, but it's possible that they will. We probably won't know for certain until much closer to the end of the money.
Car_man
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after last month's very sad for us "we ran out of flex money" thing we found when calling or emailing or visiting dealers we decided for a round of dealers on phone early this month
with 500 loyalty we just found a dealer's 500 flex this month from one for a crv so 250 better than last month's 750 flex for us for 1k total
looking for more flex and will update
trying for 750 flex and 500 loyalty = 1250
thanks again car_man
with much appreciation for advice posted over last sevral months and hope this helps others
we got lease on lx 36 months (35mo@284 sign n drive with 9% month tax included) best we could do in early may and didnt want to lose out like last month with flex and satisfied.
since you know what leasing forms n numbers look like they were all over the place on hondas standard leasing template with flex and loyalty n tax n stuff but we received 1k but 90 tax on that but dealer/honda payed for fees/tax/ttl/1st so no OOP.
signed with only 35x284=9940 like weymouths 211xx sell price for us so bottom line was drove out with 35 paymentsx284 for 36 mo total lease term. first of 35 payments due next month in june
hate the passenger seat not having an armrest. lame honda with this lx
car_man we'll hang round here to help some others if we can and we hope to see you again in nother 3 years
THANK YOU CAR_MAN
your the best
Do Honda leases include gap insurance or do I have to get that elsewhere?
unless car_man is in big with honda he doesnt know. looking over past years hear and the web rates for leases in forums come out bout 1 week after new month to us out here
we checked out at april end and no dealer flex cash so no deal. our deal early may deal and one dealer flush with cash so we got better n waymouth mass. deal 3states away. 221xx for c-rv awd lx with lease. dealer payed all fees and we did sign-drive for 35months.
good luck holiday weekend superchief20