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Smart Shopper Smart Shopper-Archives Lease Questions - Ask Here 
23872 messages, Last post on Sep 20, 2005 at 8:08 AM
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Looking into leasing a honda crv in Hawaii. This past month my friend got a 04 crv lx 2wd. purchase price $21590 36 mo / 12k $0 down $325 monthly residual val = $9790 at this time money factor is unknown. I am looking into leasing a '05 crv, not sure of model yet. Do you know if there are any leasing incentives this month for crv models? Thanks in advance. |
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Replying to: Car_man (Oct 20, 2004 4:00 am) However, related to the residual, while I have also learned that the spread between the ex & exl was 2 points higher, a dealer quoted me lower residuals then you referenced and a more favorable MF. I was quoted a MF of .00146 and EXL residual of 61% and EX residual of 63%. Is the residual % subject to negotiation? If I can hold the MF constant and get the 2% higher residual, I believe I lower the monthly payment about $15 (depreciation charge $17 a month offset by $2 higher interest over the 36 months) Also, how much room do you think I have on the $31,135 selling price? |
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Hello jpm. There is a vital piece of information missing from your post, this car's selling price. The selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. This is an important number to know because without it it is difficult to tell what sort of deal you are getting and it is impossible to calculate a sample lease payment without. Afterall, you wouldn't pay cash for this car without knowing what you were being charged for it. I would be more than happy to work up a sample lease payment and let you know what I think of the one that you were quoted for this Passat for you if you let me know its price. Car_man Host Smart Shopper Message Board
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Thanks for the helpful info, anonymousposts  . Car_man Host Smart Shopper Message Board |
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Enya18, American Honda Finance Corp.'s current 3 year, 15,000 miles per residual value for a 2004 Acura TSX without navigation is 57%. Car_man Host Smart Shopper Message Board |
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You're very welcome, kenv3. I suspect that the incentives on the 2005 Dodge Durango will be higher by the end of this calendar year, but I personally doubt that they will reach the level of support that is currently being provided on the 2004 model. It is difficult to predict what automakers will do with their future incentives with 100% accuracy, but I don't think that we will see that much support on the '05 Durangos until at least mid-2005. Car_man Host Smart Shopper Message Board |
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Bpd196, the "$1,306.24 due at inception" that you were quoted for this lease probably includes your first month's lease payment, a security deposit of that payment rounded up to the nearest $25 increment (unless it is being waived), NMAC's lease acquisition fee of $550 (unless is is being included in your vehicle's capitalized cost), and any sort of down payment that you make (ideally one should not make any sort of cap cost reduction when leasing). How tax is calculated on your deal varies depending upon what state one is in. If you let me know where you are I may be able to give you some information on how tax is calculated on leased vehicles in your area. The lease money factor and residual value that you were quoted are right on the money. Using these numbers, an MSRP of $30,710 and a selling price of $28,385, I estimate that this vehicle should have a 42 month, zero down, pre-tax monthly payment of right around $315. Car_man Host Smart Shopper Message Board
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Aloha mvp2be. Hawaii is not known for having the most competitive prices on vehicles because of the lack of competition there. I guess that is a small price to pay for living in such a beautiful paradise. Honda is not currently providing any sort of lease support on the 2004 CR-V. As a result, if you were to lease one through its captive finance company, American Honda Finance Corp., you would have to use its standard lease money factors. Its current 36 month base standard money factor is .00250 in the continental U.S. I believe that this is its base factor in Hawaii as well. I would be more than happy to calculate a sample lease payment on this truck for you, but in order for me to do so I need you to provide me with its full MSRP. Car_man Host Smart Shopper Message Board |
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I am glad that you found my post so helpful, eagwheels. .00146 is AHFC's base lease money factor for this vehicle with a waived security deposit. There is no opportunity to negotiate a lower factor than this because dealers are not allowed to lower bank's base money factors. Unlike money factors which can be marked up by dealers, banks' published residual values are set in stone and individual dealers do not have any authority to change them. You should focus your negotiations on getting the lowest selling price possible for this truck now that you know that you are getting an attractive money factor. I am not personally all that familiar with what Pilots are selling for right now, but you should be able to get a good idea of how much you should pay for this truck by looking up its Edmunds.com True Market Value in the New Vehicle Pricing section of this site any by stopping by the following discussion "Honda Pilot: Prices Paid & Buying Experience". Car_man Host Smart Shopper Message Board |
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Replying to: Car_man (Oct 20, 2004 9:18 am) We have a changed of story now. Old story: 94,510 MSRP Cap cost 89,510 Residual value: 55% Months: 42 Milage: 15,000 (he told me the calculation was for 12,000 instead of 15,000) New Story: 94,510 Cap cost 89,510 Residual Value: 53% Months: 42 Milage: 15,000 In fact to lease for 15,000 miles instead of 12,000 the residual value is 53% instead of 55% What do you think? Life is fun is in it! Viggie |
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