Sign In Join

You are here: [F] Forums / Prices Paid: Buying & Leasing Experiences / Honda Accord Lease Questions

Honda Accord Lease Questions

2745 messages,  Last post on Sep 05, 2008 at 4:03 AM

You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx

What is this discussion about? Honda Accord, Car Leasing, Coupe, Sedan


Messages Page 255 of 276
1
...
252
253
254
255
256
257
258
...
276
Prev
Next
Last
Go To Msg #
Search This Discussion

#2532 of 2745
Re: EX V6 for $119/month in SCAL [gforce11] by diye
Jul 14, 2008 (2:41 pm)
Reply

Replying to: gforce11 (Jul 14, 2008 2:02 pm)

Down payment is bad, but it doesn't mean you can not find good deals with a large downpayment.
 
The above deal probably has 2,600 as downpayment ( the remaining 1200 covers bank fees, tag fees, 1st month, etc. ).
 
If I remove the 2,600 downpayment to make it a ZERO downpayment lease, and keep everything else the same, the monthly payment will be $229/month. It's a super low payment for a 26.6k car.
#2533 of 2745
Re: EX V6 for $119/month in SCAL [diye] by kingpcgeek
Jul 14, 2008 (2:50 pm)
Reply

Replying to: diye (Jul 14, 2008 2:41 pm)

Down payment is bad, but it doesn't mean you can not find good deals with a large downpayment.
 
Except that any leasing expert will tell you not to put any money down on a lease (exluding TTL & fees). Insurance companies will only payoff the leasing company, not you if the car is totaled.
#2534 of 2745
Re: EX V6 for $119/month in SCAL [kingpcgeek] by diye
Jul 14, 2008 (3:49 pm)
Reply

Replying to: kingpcgeek (Jul 14, 2008 2:50 pm)

Hey, if you don't like the deal, just ignore it.
 
By comparison, Honda's official lease deal is $219/month, with 2600 due at signing, for a LX. Mine is an EX V6 ( a 5k more expansive car), $119/month with 3800 due. There is just no comparison. My deal probably beats Honda's by at least $100/month. And probably beats the best deals I saw here by $50/month.
 
I didnt buy this car. Just FYI whoever has the dicerning eyes to jump to good opportunities. Oftentimes one has to make his own judgements and couldnt just follow expert advices by exactly the words. Otherwise the opportunity will slip away before you know it.
#2535 of 2745
Re: EX V6 for $119/month in SCAL [diye] by gforce11
Jul 15, 2008 (1:22 pm)
Reply

Replying to: diye (Jul 14, 2008 3:49 pm)

Never said the deal was bad. I just think that 3800 is a lot to put down on a lease to attain such low monthly payments.
 
You are correct that leasing a Accord V6 for mid $200s with just $1200 is not a bad deal, at first glanc anyway. However, to know for sure if the deal is sound, you have to know the more than that. MF, Residual, Sale Price, MSRP, what fees are imposed, any disposition fees?, is GAP coverage included?, any damage waivers? is this an open-ended lease or closed-ended? Is the lease financed through AHFC? 3rd party bank? etc...
 
Throwing around down payments and monthly payments is what dealers do to confuse the general public. To reel them into their showrooms. I've been shafted before, I lived, I learned and I got informed. So you gotta know the details. I mean I could easily put 6k down and have a sub $100 monthly payment on Accord V6 too, but is smart to do so? Specially in the event of theft and total-loss accident? Consumers need to know these things if they don't want to get screwed down the road.
 
Also, you posted the deal on a public forum, I have no reason to ignore it. As a matter of fact, I have every reason to question it and expose any flaws it may have so people are aware of it. If you don't like people critiquing your posts, then maybe you shouldn't post stuff like this.
#2536 of 2745
Re: EX V6 for $119/month in SCAL [gforce11] by diye
Jul 15, 2008 (5:54 pm)
Reply

Replying to: gforce11 (Jul 15, 2008 1:22 pm)

OK, you pointed out this for the benefit of other readers, me too!
 
BTW, I said in my ogriginal post it's no gimmick, straightforward Honda lease. And I calculated the purchase price must be 2000+ under invoice, given Honda's standard Residual and Money Factor. I even mensioned there is no security deposit in the 3800.
 
We don't need to pursuade each other. I just felt the deal was so obviously superior, it's just a waste of time arguing it - again, IMHO.
 
Let's say you can choose to put an extra down payment of $2400, but lower your monthly bill by $200/month, for 24 months, would you do it? Absolutely, that's a saving of $2400 in 2 years, even though you run the slim slim risk of totallying your car.
 
OK, maybe you can't save 200/month, how about 180? Any saving above $100/month is your profit.
 
I figured a reasonable good shopper can get an EX V6 for 24 month, $300/month, with 1400 out the door.
 
Mine is 3800 out th door for $120/month. So the extra $2400 saved me $180/month for the next 24 months.
#2537 of 2745
Re: EX V6 for $119/month in SCAL [diye] by kingpcgeek
Jul 15, 2008 (6:05 pm)
Reply

Replying to: diye (Jul 15, 2008 5:54 pm)

Why not take that extra $2400 and put it in savings account like ING Direct which is paying 3% right now? Take out the money if you need to every month to cover the extra amount on the payment and you don't expose yourself to the loss from theft or damage.
#2538 of 2745
Re: EX V6 for $119/month in SCAL [kingpcgeek] by bvdj84
Jul 16, 2008 (6:57 am)
Reply

Replying to: kingpcgeek (Jul 15, 2008 6:05 pm)

Yes, Totally keep the down payment, and just go with the already good payment for the car. I would rather have more money in the bank than dumped into a car, that really you only will appreciate it when the monthly payments arrive. On a lease, I tell you what, it goes by pretty fast, and then your like, wow, I just put all that money in it, and now I have to get rid of it. For me, the whole point of leasing is so I can just on in to the dealer, pick a car, work a sale price, and get a payment I can live with. With minimum due at signing. Were talking first payment due, that is it. When you throw in a down payment, it blurrs the deal, and who knows how much the dealer is taking of your well earned money. Just look at the Mercedes lease offer, $399 for a 27mth, with nearly $5,000 due at signing! Hello!! Ya, that is not worth it. Unless you have the kind of cash, but even then your just throwing your money away. Well, its up to the lessee, to determine whether to put money down on it, if it will make you feel more comfortable later, okay thats fine, but perhaps you need to question whether you can actually afford that model.
#2539 of 2745
Re: EX V6 for $119/month in SCAL [diye] by gforce11
Jul 16, 2008 (9:21 am)
Reply

Replying to: diye (Jul 15, 2008 5:54 pm)

When it comes to accidents, your insurance will pay you the "market value" of your car and you are left to deal with your lending bank for the remaining balance. If you buy a $30,000 car and put down $10,000, the moment you drive off the lot, you lose at least a good 20% of it's value. Get into an accident 1-2 weeks later (which actually happened to a friend of mine and almost happened to me) and total the car. The insurance will pay "market value" which could be around 80% of the car or say $25,000. You still owe the bank $20,000 + taxes + financing, so you lost at least half of your down payment. I'm talking about a purchase here, but in leases, it works in a similar way. What you owe the bank would be the "buyout" amount and and the insurance will still only pay you market value. Since residuals are generally inflated, the buyout on leases tends to be higher. This becomes a problem when your insurance only pays your "market value" because you will lose more of your down payment. That is why people either buy GAP coverage or banks include that in their leases. When you have GAP, you just pay the least amount upfront (generally 1st payment and fees) and you don't have to worry about owing the bank anything in the event of a total-loss accident or theft. You just move on to the next car.
 
kingpcgeek and bvdj84 have valid points and very sound suggestions. That is how leasing should be.
#2540 of 2745
Accord EXLV6 leasing factors and residual question by w5t
Jul 16, 2008 (12:27 pm)
Reply
Carman,
I am trying to work out a 36 month lease deal on an Accord EXL-V6 with Nav. My mileage will be approx 12000 a year. I was wondering if you knew the current lease factors and residuals for that model. I live in a small town in North Carolina and the dealer in the town I live in is not very helpful. The purchase price he gave me is list for that model which is $30,260.
Thank you for any help you can give.
WT
#2541 of 2745
Re: Accord EXLV6 leasing factors and residual question [w5t] by vsp59
Jul 16, 2008 (9:37 pm)
Reply

Replying to: w5t (Jul 16, 2008 12:27 pm)

I am getting exactly the same vehicle - Accord EX-L V6 with NAV. Central Florida dealership gave me following - MSRP $30,895. Negotiated price $27,610.
July Lease numbers for EX-L V6 with NAV:
24/12 - 65% Residual, Money Factor 0.00186 (4.46%) (Top Tier Credit)
36/12 - 56%, 0.00186
36/15 - 54%, 0.00186

Messages Page 255 of 276
1
...
252
253
254
255
256
257
258
...
276
Prev
Next
Last
Go To Msg #
Search This Discussion
To POST a message, please Sign In.

You are here: [F] Forums / Prices Paid: Buying & Leasing Experiences / Honda Accord Lease Questions

New? Join Now!

Forum Tools

Please sign in.
Email Address:

Password:

Forgot Password?

Search Forums

Enter Keyword(s)

Advanced Search

Browse by Vehicle



View All Vehicles
Advertisement
Learn More

2009 Honda Accord

2009 Honda Accord LX Sedan

More Pictures

DoMore

Ask the Community
See What People Are Asking

Browse by Board

Browse by Topic


View All Topics

Today's Chats

Advertisement