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Prices Paid: Buying & Leasing Experiences Acura TSX Lease Questions
1553 messages, Last post on Dec 01, 2009 at 3:15 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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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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Replying to: mcginsu (Nov 05, 2008 8:24 am) They were down about 20% except for the new TL which was up 20%+ |
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This deal runs from 11/4/2008 thru 1/5/2009 - 10K miles per year for 36 months with no security deposit, $595 acquisition fee. Use the following formula to calculate a lease payment: (Cap Cost – Residual Value) / Term = Depreciation (Cap Cost + Residual Value) X Money Factor = Interest Depreciation + Interest = Base Monthly Payment The cap cost is 29720-2675 (down payment) - 906.80 (discount) = 26,138.20. Residual value is 65% X 29720 = 19318 So the depreciation is (26138.20-19318)/36 = 189.45 and interest is (26138.20+19318) X 0.00263 = 119.55 Monthly payment is 189.45 + 119.55 = $309.00 plus TTL Compared to last month's lease deal - the residual decreased from 66% to 65% and the allocated discount increased from $661 to $906. Don't remember if they required a security deposit last month, also note that the offer doesn't include the money factor however I reversed engineered the offer to determine the money factor they would use. |
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Thanks for the info. I've read that in some of the messages that you shouldn't pay much up front in a lease ... How do you get around that with the salesman? As you can probably tell, I am new at leasing and really dispise dealing with auto sales people. I always get this feeling that everything is very secretative with them and thus the distrust. My lease is up in mid-January, I keep thinking that they might be offering some good deals. Any little tidbits and tips are appreciated. Thank you, Jackie O |
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Replying to: mcginsu (Nov 05, 2008 8:24 am) Acura's sales were off around 25% for the month of October. As bad as this is, it actually is better than the industry as a whole. Clearly Acura is going to need to continue to provide incentives on its vehicles to help them sell. However, eventually all automakers will cut production in response to the slowdown in consumer demand. They will not continue to crank out vehicles and increase incentives forever. I would not be surprised if the lease program on the TSX improved in the coming months, but I don't expect a huge fire sale. Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: Car_man (Nov 05, 2008 6:46 pm) I noticed that the advertised lease deal on Acura.com is valid for November and December so it looks like Acura isn't planning on changing their lease numbers for two months. Note also that they do not require a security deposit to obtain the 0.00263 MF - at least that's what their web site details imply. Thanks |
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