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Acura MDX, Car Leasing, SUV
#2066 of 2818 Re: Question regarding lease options [car4523]
Jan 21, 2011 (3:01 pm)
Hi car4523. I am not the CAR_MAN host, but I hope I can be of some equal help. I was in the same situation as you except that I had a 2009 Honda Civic LX lease with Honda finance (If I am not mistaken Acura uses Honda finance also) . We were able to break our Honda lease contract to get a base 2011 MDX without being penalized in my down payment or agreed upon sale price at the end of last November. Because Acura is under the Honda umbrella, dealerships should not hestitate to work with you.
But beware, there are dealerships that will capitalize on your situation by understating your equity (or overstating your negative equity, which ever applies) by attributing it to excessive wear and tear, mileage, etc... Therefore, be sure to know the Kelly Blue book value of your car before walking into a dealership. I speak from experience. I had visited two other dealerships, both who valued my Civic $2,000 to $2,500 below the Kelly Blue book value after their 'inspections' (mind you, I had my lease for 1 1/2 yrs and had only 9K miles) The Civic was in very good to excellent condition as confirmed confirmed by dealership I ended up signing with.
I hope this is helpful. Good luck to you!
#2067 of 2818 Re: Question regarding lease options [car4523]
Jan 21, 2011 (3:05 pm)
You should talk to your acura dealer.Dealerships allow early buy out if you want to stick to their company.Depending upon the demand for your TSX in the used car market, your dealership might give you a good deal [if ur lucky].
#2068 of 2818 2011 MDX Tech Chicago lease details - and QUESTION.
Jan 21, 2011 (3:23 pm)
So I got them down to $43,300 cap cost for a 2011 Tech, and the following scenario:
1. "Pull forward" of my 2008 MDX with 18K miles (on a 36K mile lease due next month) - net value of "trade in" is $2100.
2. Planning a lease 36 mos/10K miles, no money down.
3. We have gotten to a sweet spot of $640-$644/month, inclusive of taxes but exclusive of reg/title/doc fees. [B]Now, they state that in the city of Chicago, there is a "Cap Cost Reduction Tax". Is this true??[/B] In other words, paying approx. $200 tax for the $2000 value of my trade-in. No one else has heard of this...they claim it is specific to Honda and the city of Chicago. I know it is a reality in NJ/NY according to some BMW forums.
Thanks for your help. Otherwise, very happy with the dealership experience.
#2069 of 2818 Re: 2011 MDX Tech Chicago lease details - and QUESTION. [pparekhnc]
by kyfdx@Edmunds HOST
Jan 22, 2011 (6:40 am)
Most states tax CAP cost reductions, just the same as they would tax the lease payment..
I'm not that familiar with Illinois, but I have read anecdotal reports that the City of Chicago has some pretty onerous taxes on auto leases... so, nothing that dealer states surprises me...
Jan 23, 2011 (11:02 am)
Hi Jay. It's excellent that you know this vehicle's MSRP and selling price, but you really need to find out what selling price the dealer is charging you before you finalize your deal. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell how large a dealer discount you are being given an in turn if there is any room left to negotiate. Let us know what this MDX's selling price is and I'm sure that either myself or another knowledgeable community member will gladly let you know what they think.
Prices Paid: Buying & Leasing Experiences Forum
#2071 of 2818 2011 MDX Tech, 12k mile, 3 yr lease question.
Jan 24, 2011 (10:58 am)
For Car man. Another question. I read back a few pages, and you said the money factor is .00145, with a 57% residual for a 12k mile, 3 year lease on the MDX tech. The 57% residual... What is that 57% off of? The MSRP, or the actual selling price of the vehicle?
#2072 of 2818 Car Man How is this deal in NJ? 2011 MDX Tech
Jan 25, 2011 (9:33 am)
I've been getting the runaround from Acura for days now, but this morning I received my best price so far and my wife's birthday is this Friday, so time is of the essence!
2011 MDX Tech, with about $1800 worth in dealer options:
Silver roof rails
Sport Running Boards
Body side Moulding
$2500 Drive-off and $610/month
Assuming the following:
36 months and 12K per year
Residual of 57.1% and a MF of 0.00145,
MSRP $47115 and Cap Cost $43461,
I'm at $560/month plus about $50/mo in non-residualized options = $610/mo
Would you write this deal? Thanks!
#2073 of 2818 Re: 2011 MDX Tech, 12k mile, 3 yr lease question. [9900rpm]
Jan 25, 2011 (10:46 am)
57% of MSRP. Or 43% off of MSRP.
#2074 of 2818 2011 MDX Tech, Entertainment, 12k mile, 36 months.
Jan 26, 2011 (5:36 pm)
Hi Car man, Can you tell me the money factor and residual for a 2011 MDX Tech entertainment with 12k a yr and for 36 months in NYC.
Thank you in advance.
#2075 of 2818 Re: 2011 MDX Tech, 12k mile, 3 yr lease question. [9900rpm]
Jan 27, 2011 (11:50 am)
Good question 9900rpm. Vehicle's residual values are always based upon a percentage of their full MSRPs, including the destination charge and the MSRPs of any options that are allowed to be residualized.
Prices Paid: Buying & Leasing Experiences Forum