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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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Hello. Would appreciate any assistance as I am always learning. I have 3 more months to go on a 2005 PT Cruiser convertible. Real good condition but sas a dent in the left corner of the rear bumper. I want to lease a 2008 Civic LX. I know on the web Honda has a $199 per month for 36 months. I know there is all the stuff they want down, etc. "$199.00 per month for 36 months with a $1,205.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $1,999.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee and capitalized cost reduction; with no security deposit. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify. Subject to limited availability. 5/1/2008 through 7/7/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2008 Civic Coupe LX Automatic Transmission vehicles (Model FG1268EW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $18,230.00(includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $16,473.58. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $7,164.00. Option to purchase at lease end $10,938.00. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year. See dealer for complete details." Never have known how to read this. Was curious what a fair payment may be. I know it will be over $199 due to TTL, and stuff, but was curious what a fair price would be. Any and all help would be greatly appreciated. Thanks
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Replying to: bobshort1 (Jul 02, 2008 9:03 pm) The payment for a 4dr LX auto used to be about $1200 drive off, $200+tax a month the last one i did was $1200 drive off, $220+tax a month But i checked yesterday, payment quote i got was $1200 drive off, $235+tax The Honda's program is $1200 down, $595 bank fee, $199+tax 1st payment, license and dealer fee, expect about $2000 and payment is $199+tax All the above examples were assuming 12k/yr 36mo and used 7.75% tax rate i am in S. California, if you could let me know where you are, i might be able to give you a better estimation.
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Replying to: hpoohh (Jul 03, 2008 1:48 am) The Honda web site said the lease would be $199 per month for 36 months, but asked for $1,999 down, TTL not included. I know I will get hit with the dent in the left corner bumper (pretty deep divet in the plastic). We owe 3 more payments of $398 on the PT Cruiser convertible. Don't know how much more you pay per $1,000, so I would guess since it is $1,999, that would be however much more per $1,000 x 2 ($1,999 is basically $2,000), then the damage to my wife's car, plus I am sure they will factor the 3 payments left and then the wear and tear on the car. In very good shape other than the dent. Under mileage. We had up to 48,000 miles and she only put 41,000 miles on. I wish I understood financing more. I could probably save myself a lot of money hahahaha |
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Hi Car-man. I placed a companion post to this one on the forum link for Accord leases (just in case you read this one first). Please let me know Honda Finance's current (July 2008) buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Civic Sedan EX 4-cylinder automatic without navigation for both 12,000 and 15,000 miles per year. Thanks again for all your help.
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Replying to: junkneeded (Jul 09, 2008 6:06 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: Car_man (Jul 23, 2008 3:05 am) Chrysler has already announced that they will exit the lease business on August 1st. Cerberus Capital not only owns Chrysler and Chrysler Financial but controlling interest in GMAC as well. So I suspect GM will follow shortly. Ford took a $2.1 billion charge for the quarter due to falling lease residual values. Honda just released their first quarter financial report and noted that they expect falling lease residual values in the USA to cut their operating profit by $231 million. Just look at the residual calculations on 2006 Ridgeline's as an example of how wildly they miscalculated. I believe the manufacturer sponsored consumer lease will soon be history. Only time will tell." Taken from ROC site. Interesting reading. 
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Replying to: sparkland (Jul 25, 2008 5:30 pm)  . Seriously, real world value has never had any meaning for a captive lease. Just like the prime rate has no bearing on the lease MF from a captive bank. They come up residuals and rates to move product and not based on anything real world. They have been doing this for years. Yes, the $4 gas and the bottom dropping out of the truck and SUV market has hurt them a lot. But they always lose out at lease end when you turn the car in every captive deal I have ever done. Trade / auction value is never more then buy out even on a primo value car like an Accord. I think they may try to get more real world in the residuals and may have to quit with the stupid low rates, but again they have been doing that stuff for years. Our 08 Pilot is leased at 0.31% effective interest and the residual was based on full MSRP (not counting the package discount) and we got dealer incentive money to make it even sweeter. The "interest" on our 3 year lease is less than $200. So even if the Pilot holds value (and it will not) they are losing out loaning us the money for nothing. It will be interesting to see what happens. 3rd party leasing has been taking it on the chin due to the bloated residuals and cut rate MFs on captive leases. Maybe the pendulum will swing the other way now? I would say it will probably be harder to get a super lease deal in the future though, which is sad. I have heard of folks being able to negotiate their lease buy out prices once again. This used to be a bonus you could get with leasing - buy the car at lease end for under residual to save even more. Then the banks started carrying residual insurance and that went away. I guess the insurance has a limit? If you have a guzzler coming off lease the bank does not want you to turn that baby in - no way. Dennis |
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Can someone please post the current lease rates for this car. Thanks.
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Replying to: bcwest (Jul 30, 2008 11:33 pm) 2yr/15k 2008 Civic DX auto sedan 3yr/15k 2008 Civic DX auto sedan |
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Helping my sister shop for a new Civic Coupe or Accord Coupe . What are the rates/residuals for an 08 Civic coupe EX-L  12K per year? Also, if we bump up to 15K per year, how much difference will that make?
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