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2013 and earlier-Honda CR-V Lease Questions
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Comments
Honda Finance's current buy rate lease money factor and residual value for a 3 month lease of a 2010 CR-V EX 4WD with 12,000 miles per year are 00200 and 63%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.
Car_man
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Thanks
Dropped by a dealership last week and was told there aren't as many Honda incentives for CRVs as for Accords/Civics. Told best I could hope for on a 3 yr, 12k lease with 0 down would be $340 a month (all inclusive) on the EX or EX-L. State tax is 8.25%. Any thoughts or suggestions? Should qualify for the super-preferred rate. Many thanks in advance, will definitely share final result for the board.
Best,
Jose
roof rack: 404.47
discount: 1495.97
Sell Price: 26193.50
Trade in equity: 889
Balance due after trade in and fees: 28060.25
cash down: 626
36 mnth 12k mile monthly =$338.39 and after tax = $368
Should I haggle or is this acceptable?
location: costa mesa, CA
Hope that helps.
Your 889 trade credit should have been used as a non-taxable cap reduction. I see that only 392.47 was used to reduce the gross cap. This seems like an odd-ball amount... where did that come from? It looks like a calculated number. And, what happened to the 889 net trade-in credit? It doesn't appear to have factored into the lease. If not, your base payment should be 302.83 which is 25.91 less per month... that's a fairly significant peice of change!
And, please, don't let the dealer tell you that they deducted it from the sell price to get the Agreed Upon Value of 25,407.32 because that's not going to fly at all. Trade credits should be itemized and disclosed in the lease agreement.
John
Please cut and paste link to see my lease doc. If this in inappropriate I apologize. I will remove the doc from online as soon as you let me know you have looked at it. Thank you in advance for you input and time.
Good luck!
John
Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Honda CR-V EX-L AWD with 15,000 miles per year are .00137 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.
If you add navigation to this truck, its money factor is the same, but its residual value drops by 1%.
Car_man
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$24,595 Cap Cost
$3676 Cap Reduction
$20,918 Adj Cap Cost
$15,279 Residual Value
$5638 Depreciation
$3609 Rent Charge
$9547 Total Payments
$265 for 36 Months
Itemization amount due at lease signing.
$3676.84 Cap Cost Reduction
$294.15 Sales Tax on Amount Paid in Cash/Downpayment
$265.21 1st Payment
$71.25 Reg Fee
$12.50 NY Waste Tire Fee
$45.00 Doc Fee
$763.80 Sales Tax/Upfront Tax
$5128.75 Total
Trade in was a paid in full car that they gave me $5128.75 so I walked out of the Honda dealer with a new car and no money out of my pocket. Was this a good deal or did I get ripped somehow? I was so happy with a $265 payment I'm not sure I paid as much attention to the deal as I should have. Now that I am ready to buy this car or trade it I want to be very well prepared. Thanks again for any and all help.
What did you trade in? Was it worth more than $5128.75 they gave you for it?
I assume the buy out is at $15,279. See what other CR-Vs with 36,000 miles are selling for. It sounds like a good price to me, but I have not shopped used cars.
The only thing to think about is that the sum of total payments is $30,000.
Are you buying it out with cash or financing? Over what period of time? In a few years you may end up with a $32,000 vehicle that is 5 years old.
Let me get this straight. You have leased a 2007 CR-V, right? And you are trying to buy it out?
Why are you going to dealers?
Your lease agreement should state what your buy out is at the end of the term, unless it does not allow you to purchase it at the end of the lease term.
Is it LX, EX? 2WD, AWD? What state are you in?
Do you own the 2007?
Are you leasing the 2010?
What is wrong with 2007 that you want out of it into the same 2010?
It's really difficult to tell whether or not you got a good deal. From the data you provided in post #733, the 2007 CR-V selling price appears to have been 24,000 and the gross cap 24,595 (24,000 + 595 acq fee). I have no idea what a competitive selling price on a 2007 CR-V would have been three years ago. My best guess is that it appears reasonable. Your money factor was 0.00300 which equates to 7.20%. Don't know what market rates were back then but it seems kind of high. Did you have Tier 1 credit?
I can't comment on the 5,128 that they gave you for your trade because I have no idea what your trade was worth.
I can tell you that all the calculations appear to be done correctly including the NY sales tax calculation at 8.00%.
John
I put only taxes, DMV fees and first month's payment down (about $1400), and the payments are $275 a month.
This is my first Honda and only my second lease. How'd I do?
Should I be putting more $$$$ into the down payment of a lease to lower the monthly rate or is that counter productive???
Post # 741 shows a $275 payment with only $1400 down!
What would the Money factor for that deal work out to?
Toyota is offering me .ooo2 MF which I think is good...
so it probably means they are beating me somewhere else, right???
BTW I am torn between RAV, CR-V, or Prius ???
Car_man
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Could you post the residuals and MF's on a 2010 CR-V EX-L 4WD. 12,000 miles lease for both 24 and 36 months. If it matters, I'm in California.
Thanks,
Pl let me know if I got a good deal. This is for the 2010 CRV EX-L 4WD with Navi. State is NJ (7% tax). This is for 24 month lease/12,000 miles/yr. Have Tier A credit.
Agreed Value of car - $28404
Gross Cap Cost - $29764
Cap Reduction - $2266
Adj Cap Cost - $27498
Residual Value - $19841
Depreciation - $7657
Rent Charge - $1556
Months - 24
Total Monthly Payment - $375 (includes tax)
Paid the following out the door
Cap Cost reduction - $2260 +
First Monthly Payment - $375 +
Registration Fees - $191 +
Doc Fee - $249
In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.
In answer to your specific question, it is in your best interest to put as little money down as possible when leasing. Consumers who make large down payments on leased vehicles risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, it's much safer to go with a zero down lease.
Car_man
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Honda Finance's current buy rate lease money factor and residual value for a 24 month lease of a 2010 CR-V EX-L 4WD without navigation with 12,000 miles per year are .00137 and 66%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.
The numbers for an otherwise identical 36 month lease are .00137 and 59%.
Car_man
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Car_man
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James
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Did you get a good deal? Be sure to come back and share!
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2010 Honda CRV EX L 4WD w\out Navi
36 Months
15,000 miles per year
1st Month, Bank Fee, DMV, and Taxes Upfront
1st Month: $363.86
Bank Fee: $595
Tax: $1162.53
DMV: $97.50
Plate Transfer: $140
Money Factor: .001370
Residual Value: 57% ($16,259.25)
Dealer Cost: $26,910.71
Selling Price: $27,160.71
Total Cap Cost: $27,213.94
Total Dealer Profit: $250
Anyone more experienced have an opinion??
Thanks!
You didn't indicate the adjusted MSRP after the dealer installed wood trim and so I am assuming it's $28,525. Dealer profit is irrelevant. However, I can promise you that the total dealer profit on this vehicle is much more than $250.
All calculations have been done correctly. I can't vouch for the money factor (mf). Is the mf the buy rate (i.e., the mf with 0 dealer profit)? The selling price seems very high. You may want to check TrueCar.com or overstock at zag.com for low competitive selling prices in your area. Check Edmunds invoice pricing as well as incentive offers, if any, on this vehicle. Also, it seems a little strange that the difference between the total (gross) cap cost and selling price is $53.23. What does the $53.23 represent? It just doesn't look right.
John
Thanks!
Edmunds TMV What Others are Paying indicates a selling price of $27,091 also w\out wood trim.
Wood trim in this case was $325
My selling price was $27,160.71
The Total cap cost was $27,213.94
Any other thoughts given this info?
Thank you very much!
After utilizing CARSPACE forums over the past several weeks I have finally signed a lease on a new CR-V. I am very happy with my deal, and this great deal is undoubtedly a direct result from the competitive and informative information found in these forums. So thank you to all that contribute!! I test drove just about everything in this mid-size SUV class including the Sorento, Escape, Liberty, Tiguan, and Forester. But at the end of the day the very high residual value on the CR-V simply made Honda's deal the most car for the least amount of money. I'd say a close second choice was the Tiguan which had the most street appeal and pep in the engine, but the equivalent options on this vehicle could easily boost it's MSRP to $35k compared to CRV's $30k.
Here's my deal in GA:
2010 CR-V EX-L w/ Navigation 4WD - Glacier Blue Metallic
36 month lease / 15,000 miles/year
MSRP - $30,525
Negotiated Cap Cost: $27,535 + $780 Dest. Charge = $28,315
Residual Value: 56%
Money Factor: .00137
Sales Tax: 7%
Out of Pocket (Down Payment)
$487 Doc Fee
$595 Bank Fee
$21 Tag/DMV
$942.12 Tax (all tax paid up front)
$373.90 1st Month Payment
TOTAL UP FRONT OOP: $2419.02
Gross Monthly Payment: $373.90
I hope this information helps future lessees and good luck!
2010 CR-V EX 2WD
36 month lease - 12000 miles/year
Total up front $585
Monthly payments $284
Returning my 2008 Pilot with $1400 of mileage overage - buyout was $18,000 and they would give me wholesale $18,700. Leaving me with a balance of $700 due.
Terms of lease: 36 mnth / 15,000 mi
MSRP $28,525.00
Cap Cost $27,215
Selling price $27,086
Residual value 57% = $16,260
Money factor is .001370
Down: $2000 + 700 for mileage = $2700
Taxes, bank fees & first pymt of $358.00
DMV fees additional
This was the best I could get with a roof rack installed after much back & forth.
Any feedback is appreciated.
It actually works out cheaper in the long run then a Hyundau Tucson GLS which is going for $258/month and $2444 down.
I was looking at a 2010 Accord EX - 12k miles - 3 year nothing down lease through AHFC - I was quoted a price of $299
I then asked about a CR-V EX 4wd - same lease and was quoted $359.
The sticker price is about the same on both these vehicles.
Why are they so different? Is the CR-v worth substantially less after 3 years - or is one price just out of line
When negotiating your deal, make sure that the dealer uses Honda finance's current buy rate lease money factor of .00080 to calculate your vehicle's payment. This factor assumes that you qualify for Honda Finance's "Super Preferred" credit tier. It's quite a bit lower than the factor that you mentioned.
Car_man
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Honda Finance's October buy rate lease money factor and residual value for a 2011 Honda CR-V EX-L with Navigation and 15,000 miles per year are .00200 and 58%, 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 is 2% higher.
I don't believe that Honda Finance offers 10,000 mile per year leases on Honda division vehicles, but if it does, its resids for them would be 3% higher.
Car_man
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