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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
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Replying to: sleepysoo (Jul 17, 2009 8:41 am) thanks
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Replying to: jlee8071 (Jul 21, 2009 8:04 pm) assuming all the numbers are still the same (MF, residual, etc), that sounds like a decent deal. sounds like they're splitting the difference on the $1500 marketing incentive.
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Replying to: sleepysoo (Jul 21, 2009 10:42 pm) I'm not sure if residual is the same. The sales person put LX at 57%. I guess your EX has higher residual? The money factor is 0.00171. Is 57% correct? |
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A few newbie items: First, let me start by thanking the contributors to this post. I have learned so much in the past few weeks of reading about leases (and realized how badly I have been taken advantage of in past leases!). I have three questions: 1. When you call a dealership and ask for the money factor and residual on a particular vehicle, how does one know they are providing accurate information? They could give you a residual percent a point or two lower to hide some of the profit they are trying to get knowing that you will be calculating your own payment. 2. Having said that, could someone provide the latest money factor and residual % on a 2009 Honda Accord Sedan EX-L (no nav, V4) 36 month lease, 15K miles per year? 3. Why does the lease calculator on Edmunds.com ask for the mileage per year on the lease vehicle? If you are entering the residual you received from the dealer based on your mileage per year, what else is the form doing to the calculation with that information? I've been calculating on my own spreadsheet as I look at cars but if I'm not mistaken this is a flaw with the automated form. Thanks again, Mark
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Replying to: markonline007 (Jul 22, 2009 5:52 am) They CANNOT change the residual. That is set by the finance company (AHFC in this case). Some will markup the MF, but I have never heard of a Honda dealer doing so, so I don' t know if AHFC allows them to do it. |
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Money Factor (for all Accord models): 0.00171 (or 4.1%) for top tier Residual Values (sedans only): 12k miles/year - LX, LX-P, EX I4 = 57%; EX V6 = 56%; EX-L I4 = 55%; 15k miles/year - LX, LX-P, EX I4 = 55%; EX V6 = 54%; EX-L I4 = 53% I don't know the residuals for the coupes, but their residuals are usually 1-2% lower than the sedans. Nav-equipped models have an even lower residual, but I'm not sure if it's 1 or 2 % lower. As for the EX-L V6, the only residuals I've seen posted for this month have been for nav-equipped models at 51% with a 15k mile/year allowance. I can only assume that the residual value for an EX-L V6 non-Navi with 12k/year is 54%.
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Replying to: th83 (Jul 23, 2009 1:23 pm) jlee8071 - here's how the numbers look with the above mentioned residuals and money factor... at Invoice: $268.48 (without tax...add your county tax to this) w/ $1500 marketing incentive: $224.21/month (w/o tax) so, try to work something in between. you should be getting a good deal! good luck! |
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Replying to: th83 (Jul 23, 2009 1:23 pm) 2010 Camry XLE 4DR SDN w/Nav 36 mo/15K Tier 1+ [need min. 730 credit score] fixed $ residual: $18,052 [55+%] fixed money factor: .00048 fixed Toyota Fin. Orig Fee: $650 $500 new lease rebate ... but this exact vehicle requires Premium gas, though insurance rate much lower for Camry than Accord in my GEICO experience [20%+], with a AAA non-blemished insurance record. |
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Signed the lease for my car, thank you for the help outlined here. I know I did better than before with this knowledge but there were still some parts of the transaction that were unclear so I have this sinking feeling I could have done better. Northern New Jersey 2009 Honda Accord EX-L 36 Month Lease 15,000 Per Year Monthly Payment with Tax: $340 Out of Pocket: $600 MSRP: 26,925.00 Gross Capitalized Cost: $24,389.50 Money Factor: .00171 Residual: 53% Captilized Cost Reduction: $244.20 (the portion of the $600 they used for cap cost reduction, with the other $340 going to first month and then two misc fees for the remaining $15.80 (tire fee, on-line processing fee)). Adjusted Capitalized Cost: 24,145.30 When I calculate the above terms, I get a monthly payment of $364. My $340 looks good then, as it should based on the $1500 dealer cash being offered, so I know that they still aren't loosing money. But I'm wondering how much closer should the Gross Capitalized Cost been to the invoice price? How does one know how close they can get the dealership to the invoice price? Should I have been more aggressive? Getting the payment below $340 met serious resistance at three separate dealerships, which let me walk, so I felt like I must have been near the bottom?!!? Also, one thing I missed from reading the posts here was the bank fee. I followed the advice to put only the first months payment and doc fees out of pocket. They also wanted another $595 in bank fees. I told them to roll that in since I was unsure how to handle based the advice here. Any Monday morning quarterbacking is welcome and I hope the details of my deal help others. Mark
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I've been thinking about this a lot lately (and the last post kinda adds to my anxiety over the situation), but are dealers less willing to deal on the price of the car when it comes to leasing? For example, I see many people in the prices paid forum stating that they only paid $22,500 or $22,700 or [insert low price here] + TTL for a 2009 Accord EX-L I4 automatic sedan. However, here in the leasing forum, you very rarely see anyone lease that same car with such a low selling price (and that's why the previous post makes me nervous). I was planning on going into my local dealer on Friday (the 31st) and offering $22,500 for an EX-L I4 when it came down to negotiation time, but now I'm afraid that they might say something to the effect of, "Well, if you were buying the car, we could accept that. However, since you're leasing, the best we can do is $24,000." That would make a huge difference in my monthly payment. With a base cap cost of $22,500, 12k miles/year allowance, factoring in all fees and my state's tax of 3%, I've calculated that I'd pay about $330/month (give or take a few dollars) on a sign and drive lease, and around $300/month with $1000 out of pocket. A selling price of $24,000 would raise those payments by $43-44. It also seems apparent (in my experience) that dealers don't want to talk about the price of the car when it comes to leasing. It's all about the payment amount, and they like to dance around the selling price by saying "Well, you could get the payment you want if you just put down $X". It's like they figure the lessee won't mind how much money they put down as long as the monthly payment is what they want. That doesn't sit right with me, so I think I'm going to wait until we get the price negotiated before saying "with that price, I should be able to lease it for around $XXX with only $XXX down, right?". I wonder if I'll be able to get away with that? So, would it be foolish of me to go in on Friday insisting that I get a selling price of $22,500 for an EX-L I4 on a lease? Or should I expect to be turned down and told that's not possible on a lease? I'm hoping that if I go in on the last day of the month, a miracle might happen. I guess we'll see...
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