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Prices Paid: Buying & Leasing Experiences Honda Civic Lease Questions
832 messages, Last post on Dec 03, 2009 at 10:20 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Hi robrwa123. Honda has not published a lease program for the 2006 Civic Hybrid yet. I suspect that when it does it will not provide any sort of lease money factor support on it. If this is the case and you were to lease one through Honda Finance, you would have to use its standard lease money factors. For the length leases that you are interested in, 36 and 39 months, its current buy rate standard lease money factor is .00255. Other than the fact that Honda will probably not provide any sort of lease support on the Civic Hybrid, the only disadvantage to leasing one that I can think of is that many banks' residual values for hybrid models are not as attractive as their residuals for equivalent non-hybrid models. This is because hybrids so not have a long history to prove their future reliability like vehicles with conventional gas or diesel motors do. Fortunately, Honda Finance's residual values for the 2005 Civic Hybrid are very reasonable. Car_man Host Smart Shopper / Prices Paid Forums
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Greetings collegegrad. Let me begin by saying that it definitely is not in your best interest to make a $3,000 down payment on a leased vehicle. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Civic would be exactly the same, regardless of whether you had put $3,000 down, or had made absolutely no down payment at all. Consumers can and should lease any vehicle that they are interested in without making any sort of capitalized cost reduction. Since you are a recent college grad, I am sure that money is fairly tight anyhow and that you have much better uses for that three grand. 11% is a very high interest rate, especially for a lease, even for a recent college graduate without much credit history. If that is the lowest rate that Honda Finance is willing to lease this car to you for, you may want to consider financing it instead. You may be able to get a more reasonable interest rate by financing through a local bank or credit union. See if you can get pre-approved to finance the Civic that you want prior to going back to this dealer. Your $3,000 down payment will definitely improve your chances of being approved to finance this car by a bank. Doing so will give you an idea of what sort of interest rate you will be approved at and will motivate the dealer that you are working with to try and beat it. Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: Car_man (Oct 05, 2005 3:01 am) |
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You're welcome robrwa123. Most manufacturers' captive finance companies do not publish lease programs for new models the day that their pricing is announced. I am not sure when the 2006 Honda HCH is expected to begin to arrive at dealers, but I don't expect to see a lease program for it until it does. Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: Car_man (Sep 26, 2005 2:58 am) Can I correctly assume that the money factor/residual value would also be .00255/59% for a: '06 Civic LX or EX sedan 36 months 12k miles if leased some time during the next 4-6 weeks? Also, is this lease info readily available from another source or just from your crystal ball? I hate to bug people for answers that I could otherwise find myself w/ a couple of key strokes or a phone call. Thanks in advance!
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I just got a quote from a local dealer on a 06' Civic LX Couple Auto, Taffeta White Cap Cost: 16,926.50 - I feel this is pretty good - won't argue here. Lease Term: 36 Months  12k Miles/Year Residual: 61% Money Factor: .00345 or 8.28% Monthly Payment: $325-$330 Down Payment: None Concerns: - Money Factor - Shouldn't this be significantly lower? I have pretty good (not great) credit, and was approved for an EX (more expensive). - Monthly Payment - Based off figures he quoted, shouldn't my payment be around $277/month? If so, what could he be adding in there? Please someone help me understand his reasoning. I already sent him a reply via email, but still no response. - Steve -
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Replying to: crg4 (Oct 12, 2005 12:07 pm) - Steve - |
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Replying to: Car_man (Aug 31, 2005 3:05 am) Was wondering if you could let me know the stats on a EX Coupe AND Sedan, both with Nav, 15k, and 24 and/or 36 months? I've been getting some WILD stuff all over the place... A finance manager at Honda gave me a fig of .00265 money factor and 56% depreciation for a coupe with nav, 36 months... ALG always will have a much better depreciation rate I'm assuming? I'm just doing all of the homework/research I can... THANKS a BUNCH! 
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Replying to: Car_man (Aug 31, 2005 3:05 am) i posted this in another forum, absentmindedly not realizing there was a thread specifically for civic leasing... my post about a price quote i received |
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Car_Man, Are residuals available for the 2006 Civic Hybrid yet? I am interested in calculating a lease payment on one, assuming the 0.00255 money factor and a 36/12 lease. Thanks! |
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