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Prices Paid: Buying & Leasing Experiences Honda Accord Lease Questions
3629 messages, Last post on Dec 04, 2009 at 9:38 PM
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Replying to: jalanson (Apr 12, 2007 7:29 pm) I'm new to the site but saw how helpful everyone seemed to be and thought someone might be able to tell me if i am getting a good deal. I am looking at Honda Accord 2007 EX V^ with Navi. I am getting a quote of 26,629 (includes the destination charge but does not includee taxes). BTW, I am in Newark, NJ. Thanks in advance for your reply!
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Replying to: sdalia (Apr 15, 2007 9:00 am) Did you put any $$ down to get the $239 payment? It looks like from your posts was that all you did was 239+265dealerfee for the 504 initial payment and then 239 including the taxes per month. Is this correct?
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Replying to: sdalia (Apr 14, 2007 2:08 pm)  yahoo.com ) so i can get some more information off of you. I am located in Ohio and also looking for an SE V6 lease. Thanks |
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Replying to: mikejones1 (Apr 16, 2007 1:02 pm) Hope that helps. |
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I have a buddy at a honda dealership in Ohio and I just don't see how you got this deal. Why would a dealer go 2000 below invoice? The is the response from honda dealer friend about sdalia's deal: Ok, here we go. We called the zone to make sure nothing is on that we didn’t hear about. Nope…But I did make a mistake on the residual, which is 69%. That gets you to 282, and then Jim said well, let’s get crazy if we can, and go under invoice by about 400. So, you can get 260., but that’s a loser as well. Just not as much of a one. So if they are still doing that, it’s a helluva deal, Buddy. Let me know. (This one came right from our manager, and it still isn’t quite there. If it was within 10 bucks, I’d still love your business, but I couldn’t fault you over 21 dollars. That’s pretty significant.
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| I thought it necessary to add that I am not implying that you are being less than honest, I just am wondering what the motivating factor would be for a dealership to go 2k under with seemingly no extra manufacturer support. | |
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Replying to: cotterm (Apr 16, 2007 4:15 pm) So... let's go with what we do know. Apparently quite a few people have stated buying Accords for 1000 - 2000 below invoice. Maybe some regions have dealer cash that others do not? I don't know. Can anyone authenticate this? Most know that the "dated" current model is running down as a profitable model and of course dealers want to sell as many 2007 models as possible in order to receive as many 2008 models as they can. New model Honda's are almost always hot sellers which means higher profits. Honda does have a pretty nice lease calculator on their site. They've had it for a number of years. (Of course you have to assume that it is using the correct MF and res % also!) Their calculator also automatically adds the acq. fee of 595 to whatever selling price you put in. Plug in an SE V6 at a selling price of 21755 (invoice according to Edmunds) and for 24 mo 15k miles you get 287.53 (+ tax). First payment and security deposit of 300 totaling 587.53 due at lease signing (remember the calculator adds the 595 acq fee to selling price). So cap cost (selling price) here is 21755 + 595 = 22350. Of course in this example we are assuming the dealer has no "dealer fee"! Ha! Pause. Not!  Now plug in 20405. 1350 under invoice. Calculator adds the 595 and you have a selling price or cap cost of 21000. payment for 24 mo 15k mile lease is 229.73 (+ tax). An earlier post stated that the MF was .0009 and residual was 70% for 24 mo 15k. Well i manually calculated this 21000 example (using 69% as you stated). With a MF of .0009 i get a 24mo payment of only 195.04 (+ plus tax)???? So.... I respectfully repeat my earlier request that if anyone has the knowledge of current money factors and residual percentages for various terms and models, please post. Without that info this forum will continue to be full of guesstimations and approximations. Cheers
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Replying to: gpsac (Apr 16, 2007 6:09 pm) Not sure if you can post a web link here so here is the disclosure text from the ad and link to ad below. All advertised stock numbers include $399.50 processing fee, but do not include taxes, tags, title or cost of optional equipment selected by the purchaser. Lease payments all plus tax. CIVIC: 42 month lease 239.00, 12k per year, resideual 56%, money factor 2.70, 0 due at signing. ACCORD: 36 month lease, 12k per year. SE: 4 cylinder 258.00, residual 56%, money factor .0096, 0 due at signing. SE: V-6 258.00, residual 59%. EX: V-6 323.00, residual 57%, money factor .0090, 0 due at signing. Lease payments “SUPER PREFERRED” rate with approved credit. Sale prices good through April 10, 2007. http://dpa.xtn.net/attachments/display_ads/WestSideHonda4_4-10.pdf |
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I'll check my lease paperwork and see if i can give you the exact numbers they are using. I don't think there is a money factor on it. But at least it'll give you the price they are using and the residual they are using. If I remember correctly it was appox 21k price, 17.5 residual. I really have no idea why they did this deal ,especially after seeing the lowest on this fourm at 270 before I went in. I was shocked that the salesperson actually got me the price at 240 a month. I was planning on buying a car in another two months. Maybe they had a quota for the day or something. I'll try to investigate some more for the sake of everyone else.
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Replying to: sdalia (Apr 16, 2007 6:57 pm)
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