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Prices Paid: Buying & Leasing Experiences Honda Civic Lease Questions
841 messages, Last post on Dec 08, 2009 at 6:54 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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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 28, 2005 11:09 pm) 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 9:41 am)
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Replying to: Car_man (Oct 31, 2005 9:41 am)
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Replying to: Car_man (Oct 31, 2005 9:41 am)
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hi. talked to another dealership today. they told me when i went in to sign the paperwork (i only signed the buyer's order so far) that i would not be able to sign the leasing contract for the same amount as we originally agreed upon (in october) since the residual went from 59 (in october) to 56% for november. my first dealer told me our original dealer was still good and wouldn't be renegged on. thoughts? i do feel a bit like he doesn't know what he is talking about due to a few mistakes he's made along the way. also i got a selling price of 19,4 something and a money factor of 00245 with a residual of 59% as stated above. any thoughts on that? i have seen numberas as high as 61% and 00235 as well as below my selling price. I just have no faith and trust in car salesmen given what i have been through in the process so far and it sucks !!!
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Replying to: cmmarsch (Nov 01, 2005 11:08 pm) |
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Replying to: beefybri (Nov 06, 2005 1:00 pm)
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