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Prices Paid: Buying & Leasing Experiences Honda Accord Lease Questions
3848 messages, Last post on Mar 20, 2010 at 9:50 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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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 2:23 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 2:23 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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Hi. A friend is leasing an Accord LX and the dealer is charging a "destination fee." He is also collecting tax on the destination fee. Can someone tell me if A. the fee is legit and B. it is taxable?
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Replying to: sloanesq (Jul 30, 2009 1:48 pm)
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Replying to: th83 (Jul 30, 2009 8:23 pm) |
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Thanks for all the help in this forum, I thought I would post the deal I received in order to help others: Tampa Florida Area 2009 Honda Accord EX-L 4CYL 36 Month Lease 15,000 Per Year Monthly Payment with Tax: $375.52 Out of Pocket: $1042.36 MSRP: 27,115 Gross Capitalized Cost: $24,830.42 Adjusted Capitalized Cost: 24,516.70 Thanks again for the help. My purchase price for the car was $23,640 +595 dealer fee +595 lease acquisition fee. |
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Replying to: th83 (Jul 29, 2009 4:39 pm) For me, I work with monthly payments when it comes to leases b/c I already know what the monthly payments should look like if were paying X amount for a car. So, in essence, I'm working with both numbers. Sure...they ALWAYS say, "you can get it with this much down..." but then all you have to do is say "NO...i want it at that price with 0 down". Make them work. It's always worked for me, and I got my current 2009 Accord EX at under invoice. I know they say never to go in with monthly payments, but with a final sale price of the car, but if you know what you're doing, it should be fine. Just do some research, plug in some numbers, and go and deal in whichever way you want. The money factor (if you have good credit and you know what the mf is) and residuals don't change at all, so whether you negotiate based on monthly payments or overall sales price of the car, your numbers should come out the same. It has for me! |
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