Last post on Dec 09, 2013 at 5:19 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Honda Civic, Car Leasing, Coupe, Sedan
#1415 of 1599 Re: Current Lease Program Numbers [dtannenbaum]
Mar 23, 2013 (6:05 pm)
I am also in NJ and received a quote that had the same residual value. I am in a different situation as my credit is bad. My lease is up (2010 Civic LX) and I want to lease the 2013 Civic LX. Honda Financial gave me a pre-approval but a money factor of .00355 (which 2 different dealers confirmed). I actually had my credit run twice to make sure I was getting the correct info. Seems that Honda Financial will release the same money factor to all dealers. From what my current dealer said, they cannot adjust the money factor.
Initially they quoted me a .002 because they thought I would be approved for a higher money factor. I was not. Based on the .002 money factor, here is what they quoted but the numbers did not match up when I ran them through a lease calculator (I didn't do this at the dealership). They did give me a copy of the lease statement:
$1,298.08 dealer discount
$18,457.92 Total Price (which seems reasonable based on what Edmunds TMV & TrueCar provides)
$299 Vehicle Admin Fee (??)
$595 Bank Fee (BS fee that they shouldn't charge, I was not charged this on my original lease from 2010).
$1126 Total Drive Off (although when you add all 3, you get $1,134.60. Also there is no mention of first month's payment which should be included.) But they are giving me a $500 dealer credit so my out-of-pocket is $626.
$19,404.29 Adjusted Cap Cost (here is where I think they are scamming me; why is this higher than the $18,456 sale price?)
$12,445 Residual Value.
$257 monthly (they said tax is included but it says no tax on the paper they gave me.)
With the new .00355 money factor, the payment goes to about $303 (they actually took 1 1/2 days to get back to me because Honda Financial was backlogged). Is this true? I find it hard to believe in today's world that it took 1 1/2 days to get an answer from Honda Financial (they put this through Fri around 11:00am; I got a call around 3:00pm Sat). I ran the figures through my lease calculator with the new .00355 MF and got $296 monthly payment (again scamming me with fake numbers).
However, my current 2010 Civic LX has less than 28,000 miles. the book value is more than residual value so I will negotiate the equity to use as a down payment. I spoke to this dealer in Dec and they said the car was worth less than residual which is BS. I checked 3 sites and all confirmed higher trade-in value.
I know I can get maybe $600 equity (difference between trade-in value and residual value). That would bring my payment to about $278.
Hopefully they will give in as the dealer will make at least $2000 profit on the car that I am returning in addition to selling me a new lease car.
What are your thoughts? Any suggestions, tips?? Thanks.
#1416 of 1599 Honda 2013 CIVIC LX Lease
Mar 23, 2013 (6:50 pm)
Hi Car_Man, Can I please get the money factor and residual for Civic LX 2013 36 month lease 12k mile. Or can you please let me know the lease price I should go, for the following in Houston - MSRP 22,500 and Price offered 17,500 . thanks
#1417 of 1599 Re: 2013 Civic LX lease offer 3-5 thru 4-30 [mike_s5]
Mar 24, 2013 (1:54 pm)
You're welcome mike_s5.
Prices Paid: Buying & Leasing Experiences Forum
#1418 of 1599 Re: Honda 2013 CIVIC LX Lease [arjee]
Mar 24, 2013 (2:13 pm)
Certainly arjee. Honda Finance's March buy rate lease money factor and residual value for a 36-month lease of a 2013 Civic Sedan LX with 12,000 miles per year are .00111 and 63% for consumers who qualify for its top credit tier.
If I was in the market for a new Civic right now, I personally would shoot for a selling price of a couple hundred dollars over invoice.
Prices Paid: Buying & Leasing Experiences Forum
#1419 of 1599 About to Sign hope this is a good deal.
Mar 25, 2013 (2:45 pm)
So after spending the better part of the day working with a local Honda Dealer, I think we got a deal. We initially wanted a White EX with Beige, Thought we had a deal worked out at a couple of hundred over Invoice at $236.00 a month after MN 6.5% Tax. They didn't have any in stock but had a White EX-L with black interior. Deal we got is $21.200 purchase price ($400 below Invoice and retail of $23,055.00, 36 Month/12k lease, .0011 Money Factor (2.66%) and 63% Residual. Total payment including tax per month of $249.50. $1000 total down which includes Fee's and first month. $14,063 buy out at the end. So Basically we got the leather package for an extra $14 a month or the upgrade in model for $800 since we had worked out $20,400 on just the EX. The heated seats and mirrors should actually be a nice bonus with our weather.
Anyone comment if this is a deal or not? Really is appreciated.
#1420 of 1599 Damage to lease
Mar 27, 2013 (7:36 am)
Got a shallow dent and a few deep scratches in my 2012 Civic from someone clipping my car in parking lot. 2 estimates were both $1,150. What would you do? Repair the right way. Do it cheap for $400, sit on it and hope Honda doesn't notice it if I turn it in, or do nothing and buy at end of lease.
Don't think I want to turn in to insurance.
#1421 of 1599 Re: Damage to lease [jipster]
Apr 03, 2013 (7:21 pm)
If your vehicle is leased through Honda Finance, you've got 1500 damage allowance (check your paperwork)
Considering the identical 1150 estimates, looks like you're in the clear regarding just these.
Apr 04, 2013 (9:34 am)
My advice for leasing:
1. Only deal with manufacturer subsidized leases. Negotiating a lease on your own will often end up being very expensive.
Current Honda leases specials.... http://automobiles.honda.com/current-offers.aspx
2. Ask if Gap Insurance is included in the payments... if not, ask it be included.
3. You can transfer lease contracts, very useful if you encounter financial hardship during your lease. Some services that help you with this http://www.leasetrader.com and http://www.swapalease.com
4. You can also trade-in or sell leased cars. But you'll be responsible for the full price of the car. So if there are any negative equity, you will be responsible.
5. If you foresee going over 12,000 mile/year limit, then you can purchase miles beforehand at a discount.
#1424 of 1599 Re: About to Sign hope this is a good deal. [xbeatzx]
Apr 07, 2013 (8:02 am)
Hello xbeatz. Im am located in mpls and in the market for civic ex. Could you let me know dealer and or contact you worked with?