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Prices Paid: Buying & Leasing Experiences Honda Civic Lease Questions
591 messages, Last post on Aug 29, 2008 at 2:53 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Car_Man, My 03 Accord EX lease will be up in Jan. 06, so I have to make a decide what to do. My dealer says I have equity at this point, but states he doesn't know why and probably won't if I lease agian? I have been looking at the 06 Civic Coupe EX to lease or buy. My 03 is in excellant condition not one ding, 13,000 miles, red with tinted windows. I have been fearful on what to do, I don't have anyone around here who knows.I have excellant credit. Please help. Civic Lease: Price-21,463 Trade-17,675 payoff-14,400 36 mo, 00265, 291.00 monthly, 11,962 residual |
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$500 total out of pocket, 4 year lease on the 2006 Civic LX Sedan. I have 2005 Civic Coupe and I paid $15,700 2 months ago. I owe $15,300 and the dealer would pay it off. Is this a good deal? Thanks in advance for your thoughts/advice. |
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Replying to: crg4 (Oct 12, 2005 1:07 pm) Here's the best I could do: $0.00 down $650 at inception (TTL, first month payment, etc. etc) $260.00/month 42 month, 12k/yr. Did I get a good deal? I live in Ohio and don't know the money factor or RV, and the MSRP is $16,885 (not positive about acquisition or dealer or whatever fee), but I'd appreciate it if someone could tell me what they thought, just for peace of mind (or not). This is my first lease and I didn't realize how stressful the experience could be! Thanks, xxcivicxx
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Hi jmax1. You are in good shape if your Honda Civic is indeed worth more than it would cost you to purchase it at this point. This gives you a number of options. You can purchase your Civic at the end of your lease and trade it in on a new vehicle or sell it on your own and probably make a profit on the transaction. You also can just walk away from your lease like most consumers normally would at the end of their term. As far as your new Honda Civic lease goes, you really need to know the exact selling price of the car that you want to lease. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what this car's selling price is. Car_man Host Smart Shopper / Prices Paid Forums |
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Greetings wiphillyfan. I'm impressed if you can get out of a 2005 Civic that you purchased two months ago and only lose $400 on the transaction. Why are you trading it in so soon? Did you just decide that you can't live without the redesigned 2006 Civic? You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion on this deal if you let me know what these numbers are. Car_man Host Smart Shopper / Prices Paid Forums
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Hello xxcivicxx. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. You never mentioned the selling price of the car that you are interested in leasing. This is an important number for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing the price of the car that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion on this deal if you let me know what this car's selling price is. Car_man Host Smart Shopper / Prices Paid Forums |
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I signed the buyer's order (not a lease contract) on a Honda Civic sedan EX (no nav) yesterday. have not yet put any money down. I am worried after reading this discussion that I am not doing the right thing. This is my first ever purchase/loan. The car mom and dad gave me for graduation is about to kick the bucket. Anyways, this is the deal I cut (which incidentally was like pulling teeth to get from 3 different dealerships which is why I thought I was doing okay) Basically, my trade in worth 1750 plus 1900 cash with taxes and fees included. The lease is 12K miles/yr, 42 months and I will pay $204/month plus taxes. SO .... A) am i getting screwed on this deal? also I have no idea what money factors and such things are ... B) what should I expect to pay? C) can I still get out of the deal if need be? PS. Also factoring into the situation is the lack of Civics at dealerships around here. Plus I was hoping for a certain color and interior which are even more rare. HELP THIS CLUELESS LEASER !! |
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Replying to: xxcivicxx (Oct 29, 2005 12:09 am) i was only able to do my trade in worth 1750, 1900 cash, taxes/fees included 42 month, 12K miles/yr for $204/month. I wish i had yours !! i only signed my buyer's order so far and not the leasing contract. trying to figure out if I can reconfigure the deal before signing the leasing contract. any advice for me ? |
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Happy Halloween cmmarsch. The good news is that as long as you have not physically taken delivery of your Civic you should be able to get out of this deal if you want to. The two most important numbers to focus on when leasing are your vehicle's selling price and the lease money factor that is being used to calculate your vehicle's monthly payment. The selling prices of leased vehicles can be negotiated, just as if you were paying cash or financing. You wouldn't pay cash for a car without knowing the price would you  ? Not knowing the selling price of a leased vehicle is sort of the same thing. Negotiate as low a selling price as possible on the Civic that you want and then have the dealer that you are working with calculate your lease payment using Honda Finance's buy rate lease money factor. Money factors are used to calculate the interest portion of lease payments. Dealers are often allowed to mark-up banks' base lease money factors to add additional hidden profit to deals. Right now, Honda's buy rate lease money factor for a 42 month lease of a Honda Civic is .00235 if you pay a security deposit and qualify for its top credit tier. So the bottom line here is you need to find out exactly what selling price you are being charged for this car and what money factor is being used to calculate its lease payment. If you are uncomfortable with either of these figures, you should still be able to get out of this deal. Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: Car_man (Oct 31, 2005 10:41 am)
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