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Prices Paid: Buying & Leasing Experiences Honda Accord Lease Questions
3631 messages, Last post on Dec 07, 2009 at 8:58 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: Car_man (Oct 09, 2005 5:18 am)
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Replying to: wayde (Oct 10, 2005 5:48 am) Don't trade your car. Sell it privately. You'll probably come out at least $1,000 ahead. |
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Would I come out better financing this car for 3 years at 5.75 percent, as opposed to leasing it from Honda Finance for 3 years 12K per year and then buying the car from Honda Finance. Lets assume I am able to get Edmunds TMV deal. thanks, rdiamond |
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I was wondering if it was better or to lease a 2005 or 2006 at this time. Can I get a better deal on leasing a 2005 than a 2006 at this time. I am looking at keeping my monthly payments around 225.00 and realize I cannot buy new. I would like to lease a Honda Accord for 15,000 miles per year for 2 - 3 years. I will consider longer lease if I have to. Also are there any residency requirements with Honda Leases? I live in Southern NJ near Cherry Hill, NJ. I am totally new and novice to leasing and am now doing research. Any information would be helpful! Thanks. |
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Replying to: Car_man (Oct 09, 2005 5:18 am) Can you help me calculate the tax on lease payments. My calculations jive with yours - but once I start talking final monthly payment with some dealers - I have no way of knowing if the "extra" in my payment is just tax or tax plus some fees. The HFA lease agreement does not break out tax seperately and I dont know how to back into the calculation. Thanks - I live in Ohio (6.25%). |
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You're very welcome, wayde. Good luck. Car_man Host Smart Shopper / Prices Paid Forums |
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Hi rdiamond. Honda Finance's current buy rate lease money factor for the 2006 Accord EX is .00192. This is equivalent to an interest rate of around 4.6%, which is better than the rate that you were quoted to finance this car, but not much. Once the additional costs of leasing are taken into account, such as Honda Finance's $595 acquisition fee, are taken into account the interest rates are almost a wash. If you enjoy the convenience that leasing provides then there's nothing wrong with leasing this car, but you really won't come out much ahead by leasing and then purchasing at lease-end over just financing from the beginning. Car_man Host Smart Shopper / Prices Paid Forums |
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Hello jagm96. Since you are new to the world of leasing, 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. Honda's lease program is more attractive on the 2006 Accord than it is on the 2005 model right now. Not only are the 2006 model's residual values higher, but its money factors are lower. Honda is providing dealer cash on the 2005 model that will help you to negotiate a lower selling price, but I don't know if this cash is enough to make up for the difference in these cars' lease programs. I suspect that it is not. I'm not sure what you mean by asking if there are any residence requirements with leases. If you are asking if you are allowed to move with a leased vehicle, the answer is yes, most banks allow lessees to move anywhere within the continental U.S. with their leased vehicles. I would be happy to give you an idea of what it will cost to lease the Accord that you are interested in if you let me know the exact model that you want, as well as its full MSRP (with the destination charge added in), and approximate selling price. Car_man Host Smart Shopper / Prices Paid Forums
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You're very welcome dpav. I am not positive that I know how sales tax is calculated on leased vehicles in your state. I believe that I have heard Ohio taxes the entire selling price of leased vehicles. If this is indeed the case, leasing is expensive in your area. You would have to calculate sales tax on your car's entire selling price and then pay it at lease signing or add it to your car's capitalized cost before calculating your monthly payment. Car_man Host Smart Shopper / Prices Paid Forums |
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Car_man, Would you be able to provide me with the info on the lease for this car. I'm looking at 36 month lease 12K miles. Assuming I will pay TT&L upfront, what my monthly payments should be? I understand that in addition I have to pay $595 bank also which I would like to incorporate into payments. I live in NJ so taxes are 6%. I was thinking to pay around $1000 out of pocket ( to cover TT&L) and to have payments around 250 a month. Is this realistic? too high? or too low? Thank you very much in advance! Dmitry
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