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Prices Paid: Buying & Leasing Experiences Honda Civic Lease Questions
615 messages, Last post on Oct 06, 2008 at 9:24 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Hey everyone. I am about to bite on this deal, just need last minute Advice. Heres the Deal: Civic LX Sedan Auto 12k/mi yr MSRP: $18,395 Selling Price: $16,747 Money Factor: .00207 Residual: 63% Out of Pocket: Total Drive Off: $800 ($309.85 goes towards cap cost reduction) Monthly Payment: $210.48 plus tax Should I go for it? Does this sound fair? Anything I can work on? Thanks! Let me know as soon as you can. Car_Man comments also appreciated 
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Replying to: cmgirgis (Apr 26, 2008 7:00 pm) If you do lease, don't put any money into the lease - at most the first payment. If your car is totalled or stolen your insurance pays off the lease bank and you get nothing. So if you pay down $3k you can kiss it buh-bye. Keep the money in the bank and use it if you need to help make a payment, but don't pay it into the deal. I don't like GAP coverage, but that is for you to decide. Check and see if that is not already covered in the lease contract (many captive lease banks include it free). Also check with your insurance company to see if that is provide through them on a lease. $500 for it is pretty much a rip off in any case. A low mile Civic in good shape should be worth the lease buy out just about any time during the lease. My insurance, for example, pays NADA clean retail money for a totalled car - and if you check that number you will see that is a fair price. Besides, if the GAP costs you $500 you can keep that in the bank just in case you DO have to pay off the car and your insurance will not pay enough to make the bank happy. I would check your credit union and get a low finance rate (some or doing 4.5% to 4.9% now) and just finance the car - if I lived where taxes are applied to the whole car on a lease. Invoice can be found here on Edmunds, KBB, carsdirect.com, and other online places. It is the same for every dealer, but some areas they do have local / regional "ad fees" added on to them. These are usually like $200 or something. Dennis |
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hi...last summer i was 19 and was looking to lease and 07 civic EX. I live in RI and went to one of the local dealerships (saccucci). I was very upfront with them and wanted to put 3k down and to have it in my own name bc i had credit. the guy gave me a quote of $225/month with 3k down (36 months 12k/yr for mileage) which included everything (tax, title etc. and in my own name) i thought that was a good deal but wanted to go look at another dealer. So i went to Herb Chambers in Seekonk (very nice dealership). The salesman was very upfront with me and my dad. At first he came back with a quote of $245 (everything the same as with saccucci) and then i told him the quote saccucci gave me. he said he had never lost a deal to them. He didnt ask me anything about the price from saccucci or anything. So he left and came back with a quote of $209/month with 3k down with everything included and to have it in my name. To me this was a really good deal. But it didnt work out bc my mom was against me leasing...so now we are into 2008 and both of my parents agreed that i can lease. I called the saleman back (april 08) and talked to him and the $209/month was still good. But this time i know my credit score which is a 720 (good?)...but the real question is, what should i expect to get for an 08 EX with navigation from Herbs. I got quoted $275/month from Sacucci and $255/month from Metro... (they were all 3k down everything included and in my name) But I'm definatley going to lease from Herbs bc they seem to be the best on the pricing. I was thinking maybe $245ish ( since it went from $245 to $209 with the EX) thanks if anyone can help
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Replying to: schroeds16428 (Apr 29, 2008 7:20 pm) Learn what to look for. Find the residual value, money factor and calculate your lease so you know what you are getting yourself into. If you don't know how to calculate your own lease, then I would probably recommend against leasing, because chances are, you don't know enough about leasing to be doing so. With that said, here's a few comments regarding your situation. Your credit should net you tier 1 rates, so find out what kind of money factor they are quoting you. Second, navi will run you more than non navi, both in terms of cost and in terms of lower residual value. Its pretty common for cars with navi to have lower residual than cars without. You're better of getting a portable navi like gamin for 200-300 bucks and save some cash. Another thing, your monthly payment is way too high, I can get a Accord EX for less, and that using the National Incentives which generally is worse than what you can negotiate. Please, familiarize yourself with leasing so you know what kind of crap dealers are trying to pull on you. You can use Edmund's Leasing Tips HERE or you can head over to my leasing blog HERE where I explain, in my own words, how to calculate a lease. Edmunds version is more comprehensive, mine is more like a quick reference guide. Either way you choose, make sure you ask the right questions and bring a calculator. Good Luck! |
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Replying to: schroeds16428 (Apr 29, 2008 7:20 pm) Pick what you want and get price quotes from several dealers - just as if you are going to buy the car. Make sure the quotes include the car, destination, and any dealer doc or prep fees. Once you have a nice price (around invoice?) then worry about the lease. It takes BETTER credit to lease than it does to buy a car, so you may not be able to get the top tier lease money factor based on your age and lack (I assume) of car credit history. Most lease banks use what is called an "auto enhanced" credit score that gives more weight to car credit than to other things. So if you have a 750 and no car credit, your auto enhance score could be in the 600's if you have no prior auto credit history. Conversely, if your score was in the 600's and you have a bunch of paid in full and never late car leases and loans, then your score could end up top-tier. So once you have your price and start on the lease terms, you may find you have to have a co-signer in order to get the best rate. I would also never put that much money into a lease. If your car is lost or totalled the insurance will pay off the lease bank and you will lose all your money. You should also check insurance rates before you do anything else as well. EVERYONE should check rates before they shop, no matter their age. You don't want to sign the paperwork on a car you can afford only to find you can't afford the card and the insurance. Dennis |
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Hi Car Man. I'm looking into leasing a 2008 Honda Civic Si sedan with navigation. 3 year, 12k mile/year. I was quoted $1286 out of pocket, including1st month's payment, monthly payments at $320. I was told the money factor is .00207, with 63% residual. Is this right? They told me the MSRP is $23695 including destination, and selling price is $22402. Another dealership wanted a bit more. $1200 out of pocket, which includes the 1st month's payment, with monthly payments at $328 or so, and they told me the money factor is .00190, residual at 60%, but they are selling me the same car (MSRP $23695) for $23k even. I'm a little lost as far as pricing. Can you tell me the May 2008 money factor for the 4 door 2008 Civic Si w/navigation, and also the residual. Also, ay idea what would be considered a "good" deal on this car? I'm looking to lay out as little money as possible, and pay roughly $300/month. Thanks in advance. Looking to lease this Saturday (5/3).
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Replying to: 9900rpm (May 02, 2008 12:21 am) |
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Replying to: schroeds16428 (May 02, 2008 8:03 am) Thanks in advance.
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Replying to: 9900rpm (May 02, 2008 10:46 am)  21923 your under paying by $762. Thats a pretty good deal. So your getting almost $1800 off from the msrp. I'd take it. also if you didnt know, go to http://www.handa-accessories.com/ for all of the accessories (pretty good discounts and its a honda dealer) goodluck hopefully ill have my EX navi by june
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i was wondering. When the dealer says 'cash due signing' (for leasing) can u write them a check or does it have to be cash? and can u take the car home the same day when u lease?
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