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Prices Paid: Buying & Leasing Experiences Honda Accord Lease Questions
3624 messages, Last post on Nov 24, 2009 at 7:59 AM
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Replying to: malloyd22 (Dec 29, 2008 8:59 pm) oops, if its to good to be true it probably is, i just realized i said EX in my original, its actually an LX..nice car anyway.. 
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I am getting this deal, and the numbers do not add up: I have one month left on a lease for an 06 Accord ($368) and I was able to roll it into the price of the 09, plus some of the startup costs for new lease Selling price is $25,683 MSRP is $29,225 Residual is .61 Money Factor is .00184 With $250 down and 9% PA sales tax added to payment, price from the dealer is $356 If I enter these numbers into any online lease calculator I get a monthly price of $317! What the  is going on  Is there something I am missing? |
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Is the residual value for the V6 really 5% lower than the 4-cylinder for a 36 month, 12k mile per year lease? From the posts above, it seems that the V6 has a 57% residual value, while the 4-cylinder's is 62%. That's a big difference for a 36 month lease. Why has the V6's residual value tanked so much in the last few years? When I leased my 2007 Accord EX-L V6 sedan two years ago, it had a 62% residual. Things aren't looking good for my next lease. It seems I'll have to lose 2 cylinders in order to keep my payments anywhere close to what they are now. Then again, maybe that's not such a bad thing considering that I only use all of my V6's power when I'm doing something stupid...
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Replying to: th83 (Dec 30, 2008 12:59 pm)
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in case anyone has an inspection coming for for a lease return and is as stressed out as I was.... had my inspection for my 06 Accord yesterday. I made sure to get the car professionally washed inside and outside yesterday morning beforehand (but not detailed) so the car was extremely spotless and vacuumed.. I believe the Inspection company was called SGS - (Honda Financing uses them). A 20 minute inspection... checked tire wear and also paint consistency (he had some type of device that checks to see if the paint is equally consistent). Checked off some scratches and gouges on front and rear bumpers plus a pink on my back side panel. Altogether, he determined about $500 worth of damage, which is under the $1500 threshold that Honda gives. While I feel he was thorough, he was definitely not checking every inch of the car and being a b  llb^ster. Hope this helps.
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Replying to: BrianC15 (Dec 30, 2008 12:53 pm) David
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Replying to: BrianC15 (Dec 30, 2008 1:05 pm) Can someone tell me why we have to deal with salesmen who do not have the correct information and cannot explain how payments are calculated??? |
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Replying to: loonysup (Dec 30, 2008 6:17 pm) Has anyone else had any luck in trading in a lease a little early? I know trade-in values are down, so it may not be feasible. I was hoping they would give me a trade in value equal to the lease pay-off. I can always wait until May when the lease is up and eat the extra mileage. I don't normally have that much mileage, my son started high school in 2006 right after I leased the car, I underestimated how much extra driving I would have to do until he got his own car.
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Replying to: marys236 (Dec 30, 2008 7:29 pm) You are really going to have to weigh how much over you think will be in mileage with what it will cost you to bailout early, One way or the other you will have to pay those remaining payments whether they roll it into a new lease or you just pay them. My Accord only has 24K miles on it so I'm about 13k miles under. I was hoping I would have a little equity in it to trade early since it is in perfect condition, but the dealers won't even appraise it because they don't want any more used cars on their lot since nothing is selling. I do enjoy the car so I don't mind waiting a little longer for something new. David |
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Replying to: marys236 (Dec 30, 2008 7:29 pm) In my 06 Accord lease, I was a point in the middle of the lease, or close to the middle of the lease, I was able to walk away owing nothing. If I had kept it, I too would be turning it in this January 09. I would have been over my miles too, that would just eat into any equity I had. It will not be alot, but should be some, but still depends on those conditions being just right, even for Honda. Doing a trade appraisal now, would be smart. Then you can see exactly where you are at, Perhaps getting the trade appraisal at more than just 1 dealer. Pay off versus your Trade-in Value is exactly what they look at. As long as your car meets those conditions, you should be okay. Your so close, I really don't see you having much problem. Honda is one of the few cars you would be able to do this with few problems. Getting a new EX-L 4cyl you want, should be obtainable to where you need to be, with good deals to be had. You have a bit of time to work with, but I would get the appraisal, if it looks good then, then get out, do a new lease. Get a good sale price, get all your miles you need up front, that way you are not putting yourself in the same position years again later. You should be able to do $0 down lease, and get where you need. For under $400, you can get a loaded Accord or Acura TSX. Most dealers will want you out, they see you being a great candidate for a new lease. You can get out anytime you want, but its the timing that affects the money you owe and trade value. Heck you can trade only a few months in, but you are going to owe money, because you haven't touched the pay off amount enough, the value is lower. I never keep my leases for the full terms, have had little problems. Its all about the timing, keep your car in top shape, miles, market. Good Luck! |
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