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Prices Paid: Buying & Leasing Experiences Acura TSX Lease Questions
1542 messages, Last post on Nov 10, 2009 at 4:46 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: onlymehdi (Oct 21, 2008 6:57 am) can you give out more info on your lease? is that 36-month 15K/month lease? what's the breakdown cost of your inception fee? what's money factor? thanks a lot!
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Replying to: onlymehdi (Oct 21, 2008 6:57 am) So a car with a MSRP of $29,720, Cap cost of $27,398 (invoice price with nothing down), 36 months with 15K per year has a residual of $18,724 (63%) and a money factor of 0.0027 would have a monthly lease payment of $365.48 + TTL. I doubt a 39 month lease would be much different - the monthly payment might even be a little bit lower. When analyzing leases you need to provide more information than just the monthly payment. They may have bumped up the money factor, your cap cost may have been too high etc. Don't know what market you are in but in So Cal, buying this car for close to invoice is definitely doable. PS - good luck on finding the money factor in your contract. Seems like car leasing is exempt from listing the APR. Just multiply the money factor by 2400 to determine the interest rate - 2400 * 0.0027 = 6.48%. I think this is too high and am willing to wait until the rates comes down.
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Replying to: drtravel (Oct 21, 2008 11:12 am) |
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Replying to: njnj (Oct 21, 2008 10:55 am) |
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Hi Car Man, since you seem to have all this info, I'd really appreciate your help on this. I was wondering which factory terms change month to month. Is it just the money factor, or do residuals (for each miles/year tier) change each month too? From what I can gather on this forum, it seems like we should maybe be expecting 66% for 10k, 65% for 12k and 62% for 15k? Also, you said above the money factor for October is 0.0027 or 0.0028 w/o a security deposit...is that the best rate that any dealer can use in the month of October, and they can mark it up from there? The strange thing is that the TSX lease special on the Acura website ($329/mo w/o tech 10k mi/yr) seems to be using a 0.0030 money factor, which sounds pretty high... |
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Replying to: spoon7 (Oct 25, 2008 9:21 am) Honda finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Acura TSX without the Tech Package with 15,000 miles per year are .00290 and 63%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. If you were to have your security deposit waived, the money factor would be .00010 higher. Dealers are usually allowed to mark banks' buy rates up a little to add additional hidden profit to dealers if they choose to. Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: Car_man (Oct 26, 2008 4:27 pm) Assumed Vehicle Cost: $27,500 Residual: $17,325 (63%) Down Payment: $2,675 Term: 36 mo Money Factor: 0.00290 Miles: 10k Based on these numbers I'm calculating an expected payment of ~$400 / mo versus the $309 / mo they are offering. I'm only trying to understand this so that I can try to predict if there's a chance an even better deal will come in the future since this offer ends Nov 3, 2008. It seems doubtful it'll get better than this, but maybe I'm missing something. Can anyone help shed some light? I should mention this is without the Tech Package.
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Replying to: new_leasee (Nov 01, 2008 4:33 pm) I'm not going through the numbers for you (you can see an example in the TL lease forum for that) - however I would be suprised if Acura doesn't provide some more lease support in the next few months. Their current interest rate is almost 7% which is a bit high given the state of auto sales. Keep an eye on the October sales figures announced tomorrow. If they are as bad as September sales - all auto manufacturers will have to come up with better incentives. It's a buyer's market and will continue to be so for awhile - IMHO. You hold the upper hand and not the dealer - so I'm betting the deals will be better soon. |
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Replying to: new_leasee (Nov 01, 2008 4:33 pm) (Cap Cost – Residual Value) / Term = Depreciation (Cap Cost + Residual Value) X Money Factor = Interest Depreciation + Interest = Base Monthly Payment In your case the cap cost is 29720-2675 (down payment) - 661.08 (discount) = 26,383.92. Residual value is 66% X 29720 = 19615.20 So the depreciation is (26383.92-19615.20)/36 = 188.01 and interest is (26383.92+19615.20) X 0.0027 = 124.20 Monthly payment is 188.01 + 124.20 = $312.21 plus TTL (not sure where the 309 comes from - maybe a slight reduction in the MF or some voodoo math) Is this a good deal? You are only getting a $661 discount which means you are paying $1660 over invoice. I think this is way too much - in So Cal I can buy a TSX for close to invoice. The MF is 0.0027 with a paid security deposit. You have to pay a capital cost reduction of 2675 - it's pretty much agreed that you shouldn't put anything down on a lease. The interest rate is 0.0027 X 2400 = 6.48% |
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Hi Car Man, When you have the information available, would you be able to advise the MF and residual numbers for November? Also, while the auto industry in general is really hurting, how would you rate Acura as to a possible steep decline in sales in October or are they holding their own? I really appreciate your help with this information. Thank you, Jackie O
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