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Acura RL Lease Questions

299 messages,  Last post on May 06, 2013 at 3:41 PM

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What is this discussion about? Acura RL, Car Leasing, Sedan

Messages Page 22 of 31

#206 of 299 End of Lease Questions by vista

Nov 28, 2007 (11:09 am)

Hi, Car Man and others!
 
You kindly helped me 2 1/2 years ago when I leased a 2005 RL. It has been my first car lease. I am starting to think about my options for the end of the lease and have some questions, especially since Acura sent me a postcard asking me about my plans wrt continuing the lease, buying the car, or turning it in. First, is there an online resource that I should be reviewing which provides general info on end-of-lease options? Second, the residual of $28.3k (3 years 15k/yr.) seems to be in line with retail for this model (low 30's now), so buying would be a wash, right? Third, what happens if I continue the lease? Is it month-to-month, or do I have to sign up for a specific period of time, or is it all negotiable? Also, would it typically be for the same monthly payment I am doing now, or is it negotiable or set some other way? One consideration is that I have interrupted my career to write a book, and so I doubt my credit report (with no annual income!) will be warm and fuzzy - it might be difficult to qualify for any financing - shall I assume they perform another credit check? A second consideration is that there is several hundred dollars of body work needed beyond what I can imagine they will allow upon returning the vehicle. Should I take care of it now, wait until the return inspection and then do something, or otherwise take it into consideration when deciding upon my purchase, lease extension, or return of the vehicle.
 
Thanks for your patience in answering all these questions, and for your past help!!

#207 of 299 Re: End of Lease Questions [vista] by smithsonga

Nov 28, 2007 (8:48 pm)

Replying to: vista (Nov 28, 2007 11:09 am)
If Acura isnt selling these cars...and they are offering $4k dealer cash, has anyone worked a deal for a low mileage (10k to 12k) lease in the low 500s? It appears to be possible with an invoice price - $4k cash, at the lease rates Car_Man notes above.

#208 of 299 Re: End of Lease Questions [vista] by Car_man HOST

Dec 13, 2007 (3:26 am)

Replying to: vista (Nov 28, 2007 11:09 am)
Welcome back, vista. Edmunds.com has an article on the purchasing of vehicles at lease-end. Here's a link to it for your convenience: Buying Your Leased Car.
 
In order to determine whether you should purchase your RL at the end of your lease, you need to compare its purchase price to its value on the open market at this time. Even though it states your car or truck's purchase option price on your lease contract, you should place a call to the bank that you are leasing it through just to make sure that you have the correct figure. When you do so, it never hurts to try to haggle with them. Some banks will negotiate the lease-end purchase prices of vehicles. If your initial contact at your bank is not willing to lower your vehicle's purchase price, you may have better luck if you work your way up the ladder to a manager. There is a good chance that they will not lower your vehicle's price, more often than not they will not, but you don't have anything to lose by asking.
 
As I said earlier, once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values".
 
If you have enjoyed driving your RL, have not been in an accidents in it, and its purchase option price is in line with its current market value, you may want to consider buying your car.
 
I am not sure what Honda Finance's policy is on the extension of leases. Some banks will let lessees go month to month, others will provide an extension for s set period of time, i.e three months, six months, etc... You need to place a call to them to see what they will let you do. Regardless of what their policy is about the duration of your lease, the monthly payment for your extension will likely be the same that it is now. As long as you have been making your car payments on time, Honda Finance probably will not check your credit again for an extension. If you do not have the cash to lay out to purchase your car and your credit has been damaged to the point that you may not be able to lease a new one, or you at least won't qualify for banks' top credit tiers, then an extension might be the right way to go.
 
Car_man
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Prices Paid: Buying & Leasing Experiences Forum

#209 of 299 Re: End of Lease Questions [smithsonga] by Car_man HOST

Dec 13, 2007 (3:29 am)

Replying to: smithsonga (Nov 28, 2007 8:48 pm)
Hi smithsonga. You will probably be interested in the fact that Acura recently significantly enhanced its lease program for the 2008 RL. The $2,000 dealer cash that is available on this car is not compatible with its special lease program, but its money factor was enhanced to .00042. This caused its advertised payment to drop to $499 per month for 36 months with $1,905 down.
 
Car_man
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Prices Paid: Buying & Leasing Experiences Forum

#210 of 299 Leasing a 2008 RL w/ tech package by bobbylowe

Jan 01, 2008 (8:42 pm)

First time poster. I love this site!! I'm in the process of selling my X-5 privately and looking to lease the '08 RL w/ tech package. I've never leased before, but have gotten up to speed quickly by spending time on this site. I sent out queries to dealers here in Houston. The best lease term I have received so far for 36-months, 0 down, 10k miles/year is $600 (money factor was .00042). But the dealership said they would get new lease terms tomorrow (1/2).
 
My question is other than haggling the dealerships down on monthly lease payments, do I need to be concerned with anything else (ie: residual)? I'm assuming not, since the lease price is simply the output of total sales cost, money factor and residual. But I want to make sure I'm not mising anything.

#211 of 299 Mechanics of 08 RL lease by penn2

Jan 09, 2008 (10:20 am)

Hello Car Man and/or kyfdx
 
IWith what appears to be increasingly attractive 08 RL lease options, I am interested in seeing what I can expect for Tech package trim with $0 down, 12K mi, 36 mos. Am located in southeast PA
I will negotiate to what I suspect(and hope) will get me at or close to invoice but from there, 3 questions:
1) what is current money factor and how do I use/leverage to determine monthly payment?
2) is MF negotiable? In past negotiations, when I've told dealer what I know to be their mfg & model MF, it is met with resistance or even denial as "their" MF is higher.
3) Is it better to wait until Feb or Mar to lease 08 RL?(will have to pull trigger either way by end of Mar)
 
Thank you for any help you can provide

#212 of 299 Still Seeking current 08 RL Lease Info by penn2

Jan 25, 2008 (7:23 am)

Hello!
 
Still seeking current lease information(residual 52%? MF/buy rate?) on 08 RL Tech Package for
 
36 mos
12K mi/yr
Preferred credit rating
 
Also - will recent Fed action (rate cut) positively impact leases and if so, can you estimate when?
 
Thank you

#213 of 299 Re: Leasing a 2008 RL w/ tech package [bobbylowe] by Car_man HOST

Feb 07, 2008 (3:47 am)

Replying to: bobbylowe (Jan 01, 2008 8:42 pm)
Welcome bobbylowe! I'm glad that you enjoy Edmunds so much. Since you have never leased before, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
 
The money factor that you were quoted looks good. It is right in line with Honda Finance's buy rate for a 36 month lease of an '08 RL. As far as negotiating this lease goes, the best way to get a good deal is to make sure that the dealer calculates your payment using the buy rate lease money factor (which you have already done) and to negotiate as low a selling price as possible on the car that you want. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. If I was in the market for a new RL right now, I personally would shoot for a selling price of around $500 over dealer invoice. On an '08 RL with Tech, that would be right around $46,000.
 
Car_man
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Prices Paid: Buying & Leasing Experiences Forum

#214 of 299 Re: Mechanics of 08 RL lease [penn2] by Car_man HOST

Feb 07, 2008 (3:53 am)

Replying to: penn2 (Jan 09, 2008 10:20 am)
Hello penn2. Things are very slow in the auto industry right now, even more so with Acura. I don't think that you will have much trouble finding a dealer who is willing to sell, or in this case lease, you an RL for close to dealer invoice. Honda Finance's current buy rate lease money factor for a 36 month lease of an '08 RL is .00042 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. Money factors are negotiable in that you need to make sure that the dealer you are working with does not mark-up the buy rate to add additional, hidden profit to your deal, but dealers cannot reduce banks' published buy rates.
 
It is difficult to say what the lease program for the RL will be like in March, but given the fact that Acura has made significant enhancements to its lease on this car over the past several months I personally do not anticipate then enhancing it any further.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

#215 of 299 Re: Still Seeking current 08 RL Lease Info [penn2] by Car_man HOST

Feb 07, 2008 (4:01 am)

Replying to: penn2 (Jan 25, 2008 7:23 am)
Hey penn2. In response to your question about whether the Fed's recent dramatic rate cuts will have an impact upon manufacturers' lease programs, my answer is that I have not seen much of an impact yet. I have seen a few manufacturers' captive finance companies reduce their standard interest rates and lease money factors in the past couple of weeks, but their special financing rates and special lease programs really have not changed. It is difficult to say when, or even if automakers will make an equivalent reduction in their special programs.
 
Car_man
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Prices Paid: Buying & Leasing Experiences Forum

Messages Page 22 of 31

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