Edmunds dealer partner, Bayway Leasing, is now offering transparent lease deals via these forums. Click here to see the latest vehicles!
Options
2013 and earlier-Honda CR-V Lease Questions
This discussion has been closed.
Popular New Cars
Popular Used Sedans
Popular Used SUVs
Popular Used Pickup Trucks
Popular Used Hatchbacks
Popular Used Minivans
Popular Used Coupes
Popular Used Wagons
Comments
But, it is a closed end lease. The lesee will have to return the vehicle. The leseee may purchase it after, but I would not be surprized if that would cancel the warranty.
we are talking about the deal armstrongic was posting #655
(I also bought my CRV instead of leasing and it works for me, so I know where you are coming from.)
I fine-tuned the loan calc for his purchase deal:
28,300 selling price
1698 sales tax
200 tags
1950 down payment
loan rate .04%
27,965 amount financed
515 payment- yes lower than 570, but still not close to 400 bucks.
What was your down payment or trade in- in 2005 to get a 60 month loan for 350 a month?
I did not pay anything down, but the sales taxes. Honda was running a 1.9% APR promotion at the time (last 2 weeks of March 2005). The negotiated selling price was around $20,000. Honda also had a marketing incentive of $1500 to the dealer. I calculated that they made $500 on me, but I was happy with the price and interest rate. I have been shopping for 3 months prior to sealing the deal.
I just suggested that ARMSTRONGIC looked for a less loaded vehicle ($24,000 purchase price will get him/her to $400/month, or close) and bought it, rather than renting a fully loaded one. Renting almost never makes sense.
If the rent rate was $250/month then it would probably made sense, but at $400/month to rent a vehicle is almost the same one could get from Enterprise or Hertz.
I think good deals on leases are gone, and if I am not mistaken GM does not lease at all these days.
this will be my 3rd CRV.....paid the same for my 07 EX that i am turning in....
it seems that i overpaid on my last deal, but this one appears OK...this is same dealer for my 04 ,07, and now the '10.........advice is appreciated ASAP....THANKS!
the donald 60
What's the trim and residual on your current 07 CR-V? Are you getting a good trade-in value to account for the deal or take a closer look for other gotcha's.
How many miles do you have on the 07? The money they made on your old lease is done, so there's not much more they can squeeze you on that. I don' think they're just being nice to you because they got a good profit from you before. In fact, knowing the history, they are probably looking for similar results this time around as well. I suspect that the residual on your lease is somewhat low and it's worth more than that. Pre-owned Certified 07's are listing for nearly $20,000!?! Chances are it's worth some money to pay the residual and sell privately, but maybe not worth the trouble for you.
Deal includes installed fog lights and side steps, and "sale" price works out to be $22,375 (sticker was $23,505 incl. $710 destination chg).
Residual is 59%, money factor is .00122 (2.9%?). 15K miles/year. Works out to $12,525 ppd. out the door (would otherwise be $348/mo on payments).
If the residual is $13,200 ($22,375 *.59) and I'm paying $12,525 out the door then the total with financing works out to $25,725?
So what am I missing? What questions am I not asking? (What don't I know that I don't know?)
:confuse:
John
Bank pays $22375
You give them $12525..
So, they are still out almost $10K for the three years you are leasing.. Basically the difference is the "interest" you are paying on that money..
regards,
kyfdx
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
What you are saying is that, on top of normal costs (registration, sales tax, etc.) associated with the sale of this vehicle, I've still got to finance the remaining approx. $13,200 for the residual (actually the $10K difference as you point out). Correct? That makes sense.
Can you comment about what other costs I should expect at lease signing? The finance guy at the dealership told me the $12525 amount would be an out-the-door number; that's what I would need to write the check for.
Do I need to insure this differently? Any "lease gap" coverage via Honda seems like it would nullified on account of the prepay; it wouldn't seem to be possible to get upside down on this deal. Do I ask my insurance agent about some sort of replacement cost coverage?
Thanks again, this is a great resource.
John
2) If the salesperson says that amount is "out-the-door", then that should be it. I think Honda leases have a disposition fee at lease end, if you don't purchase the vehicle. Of course, that isn't paid until the end of the lease.
3) Honda Finance will probably have a maximum deductible for collision.. (say $500).. but, other than that, insurance is the same..
4) You can't be upside down.. a) early in the lease, because of the pre-pay. b) late in the lease, because all Honda leases have GAP coverage
5) All car insurance is basically, "replacement cost coverage". If you were making a large CAP cost reduction, you might be at some risk, but pre-pay leases are pro-rated, in case of vehicle destruction or theft... So, if the car is totaled, you'll get back a pro-rated portion of your pre-pay lease, and Honda Finance's GAP coverage will cover any shortfall between the balance and the actual value.
I think that answers most of your question...
regards,
kyfdx
Edmunds Price Checker
Edmunds Lease Calculator
Did you get a good deal? Be sure to come back and share!
Edmunds Moderator
this will be my 3rd CRV.....paid the same for my 07 EX that i am turning in....
it seems that i overpaid on my last deal, but this one appears OK...this is same dealer for my 04 ,07, and now the '10.........advice is appreciated ASAP....THANKS!
the donald 60
Ouch!!!
2004 CR-V, 36 month at $400/month
2007 CR-V, 36 months at $400/month
2010 CR-V, 36 month at $400/month
Over the course of 9 years, you will have paid $43,200 in lease payments and no car or equity at the end.
Let's say you bought the 2004 CR-V for $22,000 or less (I paid $20,500 for a 2005 EX in 2005) you would have been ahead.
Had you financed it for 60 months, it would have been paid off last year, and you could be pocketing the payments... You would have at least $10,000 in equity in the vehicle (2004 CR-V EX with 60,000 miles) still.
Just a thought...
Looking at a 36 month lease with 15k miles per year.
Dealer said the current RV is 60%
They don't want to tell me what the MF is.
I saw a MF of .00122 in an earlier post.
Is that still correct ?
Is the RV correct ?
Edmunds doesn't show any incentives.
Are there any ?
Thanks for the help !
Dealer says 60% is for 12k/year
They are telling me the MF is .00285
A different dealer is telling me it's .00250
Even that is more than double the .00122 I saw quoted last month.
Did AHFC more than double their rate in one month ?
Honda is not providing any cash incentives on this model right now either.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Since I'm turning in an Ody, any info on leasing another Honda would also be helpful. My lease is up in early Aug, and I'm currently 6K over my 45K lease, so it's sitting in the garage while I use my son's car. When I turned over my 2005 Ody, it was 3 mos early and about 4K over in mileage with no additional charge for the overmileage out of pocket. Thanks for any info and advice - I'm in the Cincinnati-Dayton area.
5 years of payments at an attractive rate will be within $100 of the 36 month lease payment. But, you will not have payments from year 5 through 10. You can continue sending that same amount to a high yield savings account. You can also use that money to pay for whatever repairs the vehicle may need, but by year 10, you will have enough money to pay for 80% of the new vehicle....
Rinse, repeat....
Just a thought.
Best, mybuy
How should accessories be worked into the lease terms? I had asked for a quote with a towing package and roof rack. This price included $650 in accessories, but he didn't specifically note which ones the $650 included - he was in a rush to meet a customer picking Thanks for any help. I'm in the Cincinnati-Dayton area.
The money factor and residual factor used in Honda's national lease promo for the "Zero Due at Signing" deal on the CR-V 2WD LX for $300/month are 0.00156 and 60%, respectively. As far as I know, there are no other incentives of any kind.
John
I knew AHFC had to drop the money factor for this deal.
I was thinking it was going to be even lower than .00156
At that rate, it looks like the car price is only $298 over Invoice.
MSRP is $1,191 over Invoice according to Edmunds pricing.
Hard to imagine Honda would take $900 away from their dealers.
Seems like Honda must be giving some dealer incentive, maybe $500 ?
I agree with you. It appears as though the profit margin is somewhat slim unless, of course, there is an "unpublished" manufacturer to dealer incentive. Profit margins on Hondas are generally robust and so this is surprising to see. As of now, there are no other "published" incentives" as far as I know.
By the way, gerico, in case you're interested; I computed the money factor and residual factor directly from the promo ad at the AHFC website. Although not explicitly mentioned, there is enough information provided that enabled me to calculate them as follows...
Res Factor = Res. Value / MSRP = 13,353.00 / 22,255 = 0.60
Money Factor = [Pmt - (Net Cap - Res Val) / Term] / (Net Cap + Res Val.)
[300 - (22,158.55 - 13,353.00) / 36] / (22,158.55 + 13,353.00) = 0.00156
I'm not sure why AHFC ads still uses the term "Net Capitalized Cost" as this is an old Regulation M term. The latest Reg M uses the term "Adjusted Capitalized Cost" instead. I mention this only because every lease contract and model Reg M form that I've seen uses the term "adjusted" in lieu of the term "net" and some folks become confused as the two terms are often used interchangeably.
John
I never could figure out how to get the money factor out of those ads.
That really helps !
I had the dealer profit wrong.
The $300/month number I was using included sales tax.
Without the tax, it puts the dealer profit at $595
Even that seems low to me.
There has to be some incentive money in there somewhere !
I'm trying to do a deal on a 2WD LX like the national ad.
But I want 15k/year and all dealer fees in the lease.
For the same $300/month.
One dealer told me $335
Another said $325
Going from 12k/year to 15k/year drops the residual value 2%
That 2% works out to around $12/month
Doc fee and tag/title fee should be under $400 here.
That $400 adds just under $12/month
Our tax here is 3%
So with no extra dealer discounting, it should be $333/month
I need Invoice pricing and dealer fees at $300 to get what I'm looking for.
I feel certain there has to be a dealer out there willing to do that.
For whatever it's worth, I generally FAX or email the dealer a one-page lease proposal. It has saved me money, time, and aggravation. Here's an example...
2010 Honda CR-V 2WD LX
Lease Proposal
Retail Pricing Information
Base MSRP 2010Honda CR-V 2WD LX AutomaticModel RE3H3AEW 21,545.00
Tango Red Pearl 0.00
Destination Charge . . .. 710.00
MSRP .. . ... 22,255.00
Selling Price
Agreed Upon Value . 21,066.23
Amounts Financed (Capitalized)
AHFC AcquisitionFee 595.00
Medina Sales Tax @ 6.50% x 36 x 285.41 .. 667.86
Capitalized Costs
Gross Capitalized Cost . 22,329.09
Capitalized Cost Reduction . 0.00
Adjusted Capitalized Cost 22,329.09
Residual Data
Residual Factor . . 0.60
Residual Value (Residual Factor x MSRP) . 13,353.00
Cost of Money/Term
Money Factor . . . 0.00156
Term (months) . 36
Lease Payment Itemization
Monthly Lease Payment . . . 305.00
Taxable Monthly Lease Payment .. .. 285.41
Estimated Charges Payable at Lease Origination
License, Title, Registration Fees (estimated) .. .. 125.00
Doc Fee...................................................................... 250.00
Amount Due at Lease Signing .. .. 375.00
Fund Provider: AHFC
GAP Coverage: Included
Annual Mileage Allowance: 12k
Disposition Fee: None
Excess Mileage Charge: $0.15 per mile
Reg. M Disclosure: NA
I did my homewok by getting the invoice price, msrp, incentives, etc. This is an Ohio lease where tax is computed on the total taxable payments due at lease inception. I'm always fair but firm which has always worked for me. I think the residual factor for a 15K lease is 58%. The money factor should remain the same at 0.00156.
John
Thanks !
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Looking for April lease Residual and MF numbers.
Looking for a $0 down lease with 12,000 miles for 36 months.
Thanks! I love these forums.
E.g. 0 due at signing, 0 first month, 36 months 12k, 279+tax, excludes tag+lic.
Seems like the price on this deal is 20568.70, 198 below invoice, a bit low for guys like Rick Case, still trying to figure out where is the catch.
Any clues?
There must be at least a 1k incentive on this model.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
I ran some numbers, but couldn't make sense with the information given. Something just isn't right. An LX lease goes for well under $300/mo. I've recently seen $279/mo with zero down and $249/mo with nominal down. The $300/mo should get you into EX price range.
Were you correct with the $13,200 ($22,375 *.59) residual? I think it's usually off the MSRP and that would come to $13,868, further DECREASING the monthly payment.
If you prepay everything, you should further cut your interest cost. I only get $8500 capital reduction and a little over $1000 interest for the residual. There's nearly $3000 difference from what you're listing. If you can figure out what's wrong, post it here.
One thing that might account for some of that difference may be tax. What is your state and tax rate?
Delta, I appreciate all the help you have given others here and I particularly like your methodology of faxing detailed listings to dealers.
I'm trying to Lease either a CR-V or a Pilot ('11) depending. I am hoping to get your help on what you think I should be sending in to a NYC (5 boroughs) dealership for these two vehicles.
All I have so far is a pretty good internet price emailed to me on a Pilot LX 4WD for $26,863 and a verbal offer at the dealer on a CR-V LX 4WD for $22,505.
When it came to the financial numbers I only have a CR-V breakdown and its crude from memory.
2010 Honda CR-V LX 4WD
Cap Cost (or Net Capitalized Cost): $22,505 (way too high IMO)
Tax: $ 973.03 (tax on tax is legal here)
idk: $29.50
acq: $595.00
residual %: $61% ( ? )
residual: $14,338.50 (the buy back price after depreciation?)
money factor: ( ? )
Monthly Payments: $288.00
total due at signing a 0 down lease $2,148.55. First month, tax, acq and some other $29 fee (I don't know)....Does NOT add up to $2,148.55 but rather $1885.00.
I swear I heard him say 60 or 61% residual which seemed high, but I can't figure out what the money factor or the residual is based on the residual amount he gave me. ($14,338.50).
Can you help me with the equations and perhaps help me to draw up a better deal so I can create my own Fax sheet?
What do you think I should be sending to dealers in my area for a 2010 CR-V LX 4WD and a 2011 Pilot LX 4WD.
Thank you so much in advance gentlemen.
Since you provided info on the CR-V and this is a CR-V forum, let's work on the CR-V first if you don't mind. If you can find out the money factor and residual factor for the CR-V LX 4WD for 36 months/12K, I'll be glad to run the numbers for you. The best way to secure this information is to ask your dealer to FAX/email you a copy of their Lease Worksheet as it contains all relevant information including, MF, residual, MSRP, fees, your NY sales tax rate, etc. There is absolutely no reason in the world for them not to give it to you.
For now, don't be concerned about the selling price. All I want right now is the MF, residual, sales tax rate, miscellaneous fees, etc. We'll nail down the details (e.g., sell price) and confirm their data (MF, etc) later. I just need a good starting point as a first cut.
The same info would be helpful for the Pilot as well. You can email them to me at diffeq@zoominternet.net
John
Thanks for your quick reply.
I will call the dealer as soon as they open and email you the info you've requested as soon as I get it.
I can't figure out what I should be paying per mth on a lease.
I can't find the residual and the MF should be super-preferred. Is this still at .00156
I am in MA so 6.25% tax
Can anyone help? :confuse:
The residual value of the vehicle is $17,359.
Tell me please what is wrong with this picture. Thanks in advance
first time posting
just leased a CRV EX (AWD) 12K/year from Tarrytown Honda in Westchester.
traded in a 2003 sentra with 125K miles on it- they paid off what we owed (740.00) and gave us 2000 towards dealer fees etc. So in other words, we walked out of there with a pretty nice car and only paid for DMV fees. Money Factor was low: .00135 I believe. The value of the car after 3 years will be 15K
payments: 319/month + 19 tax (ct sales tax) for a grand total of 338/month.
I feel like I got a good deal, can anyone confirm this for me so I can stop worrying about it?
I'd be happy to use Honda's current lease program to work up a sample payment on the vehicle that you are interested in for you. According to my calculations, if you were to lease a 2010 Honda CR-V EX-L AWD with navigation that has an MSRP of $30,455 and a selling price of 28,871 ($500 over invoice) through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $408 assuming that you qualify for its top aka "Super Preferred" credit tier.
15,000 miles per year is the highest mileage allowance that Honda Finance publishes residual values for. If you need to drive more than that, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Selling Price: 26615.22
Residual: 17073.00
MF: .00218
Cap Cost: 27435.22
Sales tax 9%
$0 down
36 months
12000 miles
$419.51 per month
This includes front splash guards, tailgate spoiler, and hood air deflector installed
Please give me a thumbs up or down...need to decide... :confuse:
Thanks
Can you also confirm that this MF is applicable to all CRVs and that it would be applicable to Florida.
If I have a trade in in excess of the 20% MSRP limitation what are my best options?
Thanks
Jocinta
The selling price that you were quoted for the CR-V that you're interested in looks great. It's equivalent to around $100 over invoice.
Just make sure that the dealer switches to the new money factor and you're in business.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
This is a national lease program that is available in all states on all CR-V trim levels.
If you have equity in your trade, you will be better off having the dealer give you a check for it rather than using the proceeds from your deal as a down payment for your lease.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum