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Prices Paid: Buying & Leasing Experiences Acura MDX Lease Questions
1600 messages, Last post on Nov 07, 2009 at 2:32 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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have a lease ending for a 2005 Base MDX with about in March. It has currently 39K on it (I am under the mileage allotment). I'd like to buy the car, but the residiual value is $20,258, which according to Edmunds TMV, is above the market value for the car. The TMV value ranges from about 17K for a private sale to 19K for a retail sale. I read on Edmunds about the possibility of making an offer to Honda Finance to purchase the car. I just called and the woman I spoke to said that legally they cannot alter the terms of the lease because it is a closed end lease, although that's not what the Edmunds article was saying. So, I am wondering is it at all possible to make an offer to the finance company to purchase the car at below the residual value (I am just looking for a fair market value for the car). And if so, how is that done? The dealerships won't be able to sell it for 20K. Thanks.
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Replying to: joecoppo (Dec 03, 2008 7:31 am) MSRP: $41,550 Sale Price: $34,569 Residual: $21,775 Inceptions Fees: $720 (1st pymt + TTL) Monthly Pymt: $488 including 5.5% tax They will deal all day long you can't stay on them! |
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Replying to: rfmdx (Jan 05, 2009 7:31 am) I think you will get a call from Honda Financial soon enough to offer you a lower price. With the way the SUV market is, it will save them a lot of headache just to offer it to you for less so they don't have to deal with it!
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I believe the previous lease program expired today - anyone hear what the new program is?
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What is a reasonable 24 month deal for an '09 with Tech and Entertainment packages, 24k miles? Any guidance would be appreciated. Located in Baltimore, MD.
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Replying to: my3rdrx (Jan 05, 2009 11:30 am) I don't know, she kept saying that legally they could not alter the contract because it is a closed end lease. I also called the dealer that I leased and he basically said the same thing. I have the inspection setup for Feb, so we'll see if I get any calls. I have been reading that some lease companies have residual value insurance, so if the value is less than its worth, they are insured for the difference so they have no motivation to negotiate. Maybe Honda Financing is setup this way. I would love to hear if anyone has been able to negotiate the buyout on a lease with Honda Finance recently and how they did it!
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Replying to: rfmdx (Jan 05, 2009 5:53 pm) |
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Car_man, Does the 39 month and the 42 month Lease for the Acura MDX base have a different residual value and money factor then the 36 month lease? Thank you.
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i was quoted a .0025 money factor for a 39 month lease on an MDX with technology package. This is significantly higher than what was discussed on this board in december and was apparently available through January 5th. Can anyone confirm that this is the correct money factor and that the dealer is not trying to squeeze some profit from me here. By the way for this car i was quoted $38,290 + 760 destination (MSRP 45,600) plus processing and tax and tags. This includes the $2k price incentive and a .9% 3 yr loan is available for purchase.
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