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Honda Accord Lease Questions
5264 messages, Last post on May 24, 2013 at 5:35 PM
You are in the Prices Paid - Buying & Leasing Experiences Forum.What is this discussion about? Honda Accord, Car Leasing, Coupe, Sedan
#5255 of 5264 Re: 2013 Accord Coupe V6 with Navigation [pandt] by Car_man HOST
May 22, 2013 (3:40 pm)
Replying to: pandt (May 09, 2013 9:05 am)
Hi pandt. Honda Finance's May buy rate lease money factor and residual value for a 36-month lease of a 2013 Accord Coupe EX-L V6 with Navigation and 15,000 miles per year are .00089 and 53% for consumers who qualify for its top credit tier. Car_man
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Prices Paid: Buying & Leasing Experiences Forum
#5256 of 5264 Re: Lease terms for Accord Sport sedan [bada_bing] by Car_man HOST
May 22, 2013 (3:41 pm)
Replying to: bada_bing (May 11, 2013 4:43 pm)
Hi bada_bing. Honda Finance's May buy rate lease money factor and residual value for a 2013 Accord Sedan Sport with 12,000 miles per year are .00089 and 59% for consumers who qualify for its top credit tier. Car_man
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Prices Paid: Buying & Leasing Experiences Forum
#5257 of 5264 Re: Good Lease deal? bad? [charles_guy] by huskerfan5
May 22, 2013 (3:42 pm)
Replying to: charles_guy (May 22, 2013 11:01 am)
Charles, in your case, you understand that the selling price of the car is the largest factor in determining the lease amount so if you did a lease deal based on the lowest monthly payment, I think you would have an idea what the cap cost was but many people do not understand leasing. Here's an example of what I mean. Let's say an Accord is advertised at three different dealers at the invoice price of $25K which is $3K under MSRP but Pete wants to lease an Accord. He visits the three dealers, not understanding the components and formula that results in the monthly lease payment. Two give him a monthly payment of $350 and the third gives him a payment of $300. The $300 is within his budget so he happily signs the deal. However, if he knew the formula and asked for the money factor and residual and plugged it into a calculator, the cap cost (let's assume there are no fees in this example) would come out to be $28K, the MSRP. Pete may be happy but the dealer is even happier. I would have put it into my calculator and told the dealer, hey, you're advertising to sell the car at invoice but it looks like you are using MSRP as the cost of the car in the lease. He would mutter to himself that I got him and I would walk out with a lease amount about $90 less than Pete's.
When I shop around for a lease, I get the money factor, residual, and my estimates for doc, registration, taxes and lease inception fees. I add the selling price based on a price that I would consider a good deal and then I calculate the lease payment. Once I have that number, I can shop that amount around knowing that every $10 difference is equivalent to a $333 difference in the cost of the car.
#5258 of 5264 Re: Accord V6 Coupe No Navi [sanman1] by Car_man HOST
May 22, 2013 (3:44 pm)
Replying to: sanman1 (May 14, 2013 9:43 pm)
Hey sanman1. The residual value for a lease of this car with 15,000 miles per year would be 2% lower than the residual value for a lease with 12,000 miles per year. I always advise consumers to roll fees into vehicles' payments.
I personally don't worry all that much about holdback. I shoot for a selling price that's close to dealer invoice minus incentives on most high volume vehicles.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
#5259 of 5264 Re: 2013 Accord I4 Coupe EX-L [leroybrown72] by Car_man HOST
May 22, 2013 (3:47 pm)
Replying to: leroybrown72 (May 17, 2013 7:38 pm)
Here's the information that you're looking for leroybrown72. Honda Finance's May buy rate lease money factor and residual value for a 36-month lease of a 2013 Accord Coupe 4-cylinder EX with 12,000 miles per year are .00089 and 60% for consumers who qualify for its top credit tier. The numbers for an otherwise identical lease of an EX-L 4-cylinder are .00089 and 58%.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
- jaxs1 (May 22, 2013 9:24 pm)
Replies to this message:
#5260 of 5264 Re: Accord Coupe EXL 4 Cyl lease [sittie] by huskerfan5
May 22, 2013 (3:54 pm)
Replying to: sittie (May 22, 2013 7:31 am)
Looks to me that the cap cost would need to be $23,500 vs your $23,215 to come up with $231. In any case, it's not even close to the $282. I think your residual may be wrong. At the Weymouthhonda.com site, their lease calculator indicates that the residual is 56% for a EX-L coupe. Also, while it's wise to put as much down as possible on a purchase, it's the opposite with a lease. If your car is stolen or totalled, everything you paid at inception is gone so you want to minimize those costs. I put everything into the lease and get 36 equal payments. The only exception is if you must keep a low monthly debt payment to income ratio because you intend to apply for a mortgage.
#5261 of 5264 Re: 2013 Accord I4 Coupe EX-L [Car_man] by jaxs1
May 22, 2013 (9:24 pm)
Replying to: Car_man (May 22, 2013 3:47 pm)
So, it should be cheaper to lease an EX-L coupe vs sedan since you get 2% higher residual, but have the same money factor? This assumes you can get the coupe for the same discounted price as a sedan and you don't lose the savings to higher insurance premiums on the coupe.
#5262 of 5264 Where's the catch on this $159 Accord lease? by jw074
May 24, 2013 (8:42 am)
Any thoughts on this?http://www.planethondanj.com/happy-honda-days-new-jersey.htm?gclid=COzTwaCGr7cCF- - YqY4AodsAwA8A
It's 10k miles year...but even if you added 5,000 miles x 20 cents/each = $1,000 / 39 months = ~$25/month --> $184/month
Unless they're not mentioning a "cap cost reduction" payment
What's the catch?
- kyfdx (May 24, 2013 9:36 am)
- huskerfan5 (May 24, 2013 5:35 pm)
Replies to this message:
#5263 of 5264 Re: Where's the catch on this $159 Accord lease? [jw074] by kyfdx HOST
May 24, 2013 (9:36 am)
Replying to: jw074 (May 24, 2013 8:42 am)
5K mi/year, equals 16,250 miles on a 39 month lease..... That would change your calculation by a lot.. However, that's not how it's done.... to go from 10K mi/yr to 15K mi/yr, just lower the residual by 3%... that's going to add about $700 total to the lease... so, under $20/mo. more...
Is it legit? No idea... but, add in tax, four years registration and probably a $399 dealer fee on top of all that.. they are already showing a bank fee that looks to be marked up, as well...
If it's legit, and all those costs are added in, you are still only around $210/mo. + tax... with only first payment due at signing... that looks pretty cheap to me for a 39mo, 15K/yr lease...
#5264 of 5264 Re: Where's the catch on this $159 Accord lease? [jw074] by huskerfan5
May 24, 2013 (5:35 pm)
Replying to: jw074 (May 24, 2013 8:42 am)
The catch is that the lease isn't with Honda Finance. Honda Finance charges $595 while this third party leasing company charges $795. Honda corporate wants to keep you happy so you get future Hondas, most third party leasing companies just want to make as much money off their lease as possible. What does that mean to you - much higher disposition fee and outrageous wear and tear charges. How do I know?, cause I did one of these for my 98 Audi when I didn't know much about leasing. I would be especially nervous with a 39 month lease since that will give them an opportunity to charge for some mechanical issues that they will have claimed to have found.
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