Last post on Dec 06, 2013 at 5:39 PM
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Honda Accord, Car Leasing, Coupe, Sedan
#5160 of 5563 I am having post lease signing remorse - was this a good deal?
Apr 18, 2013 (4:42 pm)
I can't wrap my head around the numbers and this is driving me a little crazy, okay a lot crazy. Please bear with me.
I saw the lease special for $2500 down and $250 a month not including Tax, Title, Dealer options etc here in Houston Texas (8.25 % tax rate)
I had a 2001 Dodge Durango for Trade In
Here's a breakdown of my lease deal.
2013 Honda Accord LX CVT Auto
Propack and Tint added ($735) after MSRP of $23270 for total of $24005
Advertised: $249 per month for 36 months (not including Tax, Title and Dealer Options, etc...), $2,499 cash due at signing
My Deal (with a $1500 Trade In and $3000 cash down payment)
Gross Cap Cost $26630
Cap Cost Reduction 4250
Adjusted Cap Cost $22379
Rent Charge $ 1408
Total of Base Payments $9593
Lease Payments 36
Money Factor .00107 (The finance manager told me this after I called him back)
Base Monthly Payment including Tax $266
I can't help but think I got screwed somehow in this deal. But maybe I'm just overreacting. I called the dealer and they gave me an itemized listing of the fees which totaled $2753 (which included the 735 for the dealer options and a sales tax of $1464 and various other fees) on top of the MSRP and not including the acquisition fee of $595. He said in order to get the special price of $250, I would have had to put down $5242 but the lease terms limit it to %20 of the total cost of the vehicle.
Please put my mind at ease and help me make sense of this and tell me I didn't get hosed..It seemed fine until I got home and started mulling over the numbers.
It looks like I basically got MSRP with an addon package of $735...I'm happy with that based on my payment, I just don't want to think I tossed my old vehicle at them and they marked up the Cap Cost or something funny...I've been on countless numbers of online calculators and nothing is making sense to me.
Thank you to anyone who can help put my mind at ease!!!
#5161 of 5563 Re: I am having post lease signing remorse - was this a good deal? [vspeed]
Apr 19, 2013 (3:21 am)
The fact that you admit that you paid MSRP plus $700+ for add-ons, but you were happy with the payment, indicates that you got hosed. Why are you paying MSRP? It seems you were more concerned with the monthly payment than with the numbers that would have got you to a lower monthly payment. Plus you put down such a large down payment which is not good with a lease. If others disagree with me, feel free to chime in.
#5162 of 5563 Re: I am having post lease signing remorse - was this a good deal? [ral2167]
Apr 19, 2013 (5:06 am)
So in the future what should I do...How do you not pay MSRP?
I don't get it?...from what I read online, most people said that Honda dealers don't budge on prices for their leases..
Should I have gotten him to give me a quote below MSRP in an email before I went there? Or not gone at all and done all the quoting by email?
The showroom setting really screws me up...I get nervous, flustered and hate the experience...
I went into it knowing I would have to pay for taxes etc...so when the payment came to $16 over 250 it seemed okay, but then I got online and found how people were putting down less than I was and still getting less or lower payments.
Did this dealership basically steal my Trade In vehicle - can I bring a lawsuit against them or is it just my fault for not trying to get them below MSRP.
#5163 of 5563 Re: I am having post lease signing remorse - was this a good deal? [vspeed]
Apr 19, 2013 (6:11 am)
Vspeed - looks like your biggest mistake is doing the research after the fact - many shoppers do this. If you show a willingness to pay sticker price, the dealer is happy to take your business. If you review the past few months posts in this forum, you will see that there are some pretty good discounts right now on the 2013 Accord. On the positive side, you leased a very good car that will last a long time and will hold its value very well. Now that you have found this forum, always come here first to get an idea of the market before making a vehicle purchase.
#5164 of 5563 Re: I am having post lease signing remorse - was this a good deal? [vspeed]
Apr 19, 2013 (12:56 pm)
One piece of information that you did not tell us. They gave you $1,500 on your Durango for trade, how much did you owe on it?
#5165 of 5563 Re: I am having post lease signing remorse - was this a good deal? [gmanusmc]
Apr 19, 2013 (2:39 pm)
I have learned my lesson...albeit the hard way...I do LOVE the car...thank you again and look forward to learning more from you guru's here!!!
#5166 of 5563 Re: I am having post lease signing remorse - was this a good deal? [tweety6583]
Apr 19, 2013 (2:41 pm)
It was paid off for about the last 6 years...It was a 2001...and started having major mechanical issues...just clicked past 124,000 miles...it had more sentimental value than financial
#5167 of 5563 Re: I am having post lease signing remorse - was this a good deal? [vspeed]
Apr 20, 2013 (10:07 pm)
vspeed wrote: "Thanks but I just found this site and I'm getting used to the forum"
Yeah, I know what you mean: compared to typical forums I've come across on the web, this one is rather an odd one in trying to follow threads.
Personally, I'm truly sorry we weren't able to help you help you out beforehand! You're so congenial and you're GREAT with replying to each response with an acknowledgement and thank you. You're making it a really, REALLY friendly forum
It's nice to see this where, and especially relative to HOST Car_man's assistance, there is nary the follow-up for any help provided.
I personally hope we'll see your contributions for others in the future!
#5168 of 5563 Re: I am having post lease signing remorse - was this a good deal? [vspeed]
Apr 21, 2013 (1:48 pm)
Its all water under the bridge now.
Next time......you will be well prepared!
You can always, ALWAYS negotiate the "selling price" of the car. Regardless or purchase or lease. Start at the INVOICE and work up.......never down off MSRP.
A great deal is $300 over invoice (then minus any dealer cash or rebates)
Watch "add ons" dealers love those......all pure profit. They saw you coming, and took you for a little ride. Just choose a different dealer next time if you do another Honda.
#5169 of 5563 Re: Money Factor & Residual on Accord EX-L V6 w/Nav [pilot_bugs]
Apr 22, 2013 (3:08 pm)
Hi Kean. The residual value for a 36-month lease of a 2013 Accord Sedan EX-L 4-cylinder with 12,000 miles per year is 57%.
You can pay the acquisition fee at signing or roll it into your vehicle's capitalized cost to bake it into the payment. It's up to you, though the less that you pay at signing the better.
Honda is not specifically providing any cash incentives on leases of the 2013 Accord right now, but it does have some $500 FlexCash certificates floating around out there that can be used on leases. Try to get the dealer to use one on your deal.
Prices Paid: Buying & Leasing Experiences Forum