Last post on Dec 09, 2013 at 5:19 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Honda Civic, Car Leasing, Coupe, Sedan
#909 of 1599 trade in a lease or wait it out?
Mar 08, 2010 (7:39 am)
I'm nearing the end of my 2007 Civic EX lease (sedan, auto). It's up July 2nd this year. I'm also nearing my mileage limit of 45,000 miles. I'm at about 44,500. I'll definitely be over by June/July. I'm going to purchase a 2010 Civic. Here's my question: is it better to try and "trade in" my lease now or buy my new car now and turn the lease in the regular way?
My tires are nearing the tread limit determined by Honda. I have a few little nicks in my paint (maybe 3 on different panels) and I have a small dent on my back corner panel (less than 2 inches at its widest, shaped like a sideways tear drop). Other than those things and my mileage it's in good shape.
I'm not really clear on how it works to turn in a lease as a trade in when purchasing. My payoff amt is almost 13000. Not sure about residual amt but could get it if that helps.
Thank you SO much for your help and insight!
#910 of 1599 requesting feedback on CIVIC DX-VP lease deal
Mar 09, 2010 (1:53 pm)
Got a quote for Civic DX-VP. What do you think car_man? Is this good? As you commented before, I think Honda charges $595 and some change for the lease.
Monthly payment: $158.34 (includes 6.5% tax)
First months : $158.34+$219.5 = $377.84
Residual value: 60% (10746.85)
MF : 0.00077 (1.85%)
Sale price : $14771.34
LX deal was higher due to higher pricing with 61% residual but the MF was 0.00135.
#912 of 1599 $0 down, $0 drive off, $0 first month payment
Mar 15, 2010 (12:18 am)
This is the current deal that I'm seeing everywhere for a Honda Civic LX 2010. The offer I got for a lease payment was $208 w/tax. The dealer stated that it's $0 drive off and I only have to worry about DMV fees. What other fees do I have to worry about? I want to get an idea of how much I will really be paying once I sign the contract with all acquisition/tax/doc/registration fees. Any help would be much appreciated.
#913 of 1599 Re: Can I negotiate Honda Lease deals? [bobash]
Mar 16, 2010 (2:00 am)
That's not a dumb question at all, Bob. Dumb would have been assuming that one could not do any better than the advertised deals. Generally speaking, manufacturers' advertised payments usually leave a little meat on the bone so to speak. Savvy consumers who are in areas that have a decent level of competition are usually able to negotiate lower selling prices than the ones that were used to arrive at official advertised payments.
If I was in the market for a 2010 Civic right now, I personally would shoot for a selling price of a couple hundred dollars over dealer invoice minus the $1,000 dealer cash that is currently available on this model.
Prices Paid: Buying & Leasing Experiences Forum
#914 of 1599 Re: requesting feedback on CIVIC DX-VP lease deal [seanh2o]
Mar 16, 2010 (2:07 am)
Hi seanh2o. The money factors that you mentioned are right in line with Honda Finance's buy rates for these models. Let's take a look at this car's selling price.
The dealer invoice price for a 2010 Civic DX-VP with an automatic transmission is $16,565. If you subtract the $1,000 available dealer cash from that it drops to $15,565. The selling price that you were quoted is even lower than that. Anything under invoice minus the available incentives is a very good deal.
If you like the car, I personally don't see any reason not to go for it.
Prices Paid: Buying & Leasing Experiences Forum
#915 of 1599 Civic Coup lx and ex and exl money factor and residuals for march
Mar 16, 2010 (2:28 pm)
Can you please post the residuals and MF for the civic coup LX, EX and EX-L with 12k miles and 36 months.
#916 of 1599 First time leasing, a couple of questions...
Mar 17, 2010 (3:16 pm)
Last night I went and test drove the 2010 Civic Couple LX Automatic. The offer I got was $210/month + tax and $439 in "registration fees," out the door. When I pressed for the dealer to break down specific details of what this would include, I was kind of waved off, "DMV registration fees, insurance fees, etc." Also, I was kind of in a rush, so she didn't go into detail about whether it was 12k/15k miles, whether there is gap insurance, and what kind of warranty or maintenance is included.
The deal I'm going for is the current special, as described here:
2010 Civic Coupe LX Automatic - Zero Due at Lease Signing
$0 down payment, $0 security deposit, $0 first month's payment, $0 due at lease signing.
Excludes taxes, titles and fees. Lease Example with $0 due at lease signing for $210.00 a month for 36 months. For well-qualified buyers.
I will be co-signing the lease with my mom who is in the highest credit tier, so I'm not worried about getting qualified for the best deals. I guess I'm just wondering what my next steps should be from here?
I'm not too worried about getting the absolute best deal ever, but if possible, I'd like to pay $200/mo (with tax already included) and a lower out-the-door fee, which is currently at $469. Are these realistic goals or am I shooting too high?
Also, I've read that I'm supposed to ask about: Full Coverage Insurance requirements (I'll be remaining under my mom's insurance plan, which is another reason why she is cosigning), whether a bumper-to-bumper warranty is included, whether gap insurance is included, if basic maintenance is included. Are there any other things that I'm missing?
I just don't want to walk into a trap or get burned too badly, but all this reading about cap reduction, money factor, residuals, etc. is starting to get a bit over my head, which is why I'm here to ask for help! =)
Any tips or information is greatly appreciated.
I'm located in Los Angeles and the dealer I visited was Miller Honda in Culver City.
#917 of 1599 Re: First time leasing, a couple of questions... [qzmp]
Mar 20, 2010 (8:08 am)
I'll try to answer your questions.
I havent run the numbers, but $200/mo sounds in the ballpark. I'm paying $249.99 incl tax for a Civic LX-S auto for 24 months for comparison. I just took delivery on Tuesday. Your out of pocket costs are normally first month payment and registration fees, which sounds about right in your case. When looking at a lease, the most important numbers are cap cost (sale price of the car), money factor (interest rate), and residual value (what the car is worth at the end of the lease). You need to always, always, always know these numbers and run them yourself before you go into the dealership to sign papers. You may already know these terms, but you should really understand the basics of how a lease works if you are considering committing to one. Use this calculator to plug in your numbers, or to check any numbers a dealer gives you. http://www.leaseguide.com/calc.htm If you use it correctly, you should be very close to their numbers. This tool was extremely valuable in comparing various offers. When I got my final deal, I ran my numbers and printed it out for reference before I went to the dealer.
Now, to your other questions. Most leases require 100/300/100 minimum coverage...i'm not sure about Honda, but I never asked because my insurance exceeds those requirements. Honda has a 3yr/36k mile bumper-bumper warranty, and does not include maintenance. Honestly, there should be very little maintenance required during the lease term, so this isn't a concern. Gap insurance will be offered during finance...this is a toss up. For me, I felt I got a good enough deal on the car that gap insurance wasn't needed. I'm also leasing for 24 months, so that was a factor. Honda's resale value is pretty high, so IMO gap insurance isn't needed on most leases. You need to do a cost/benefit analysis and make that decision for yourself. It's normally around $10/mo extra.
#918 of 1599 Re: First time leasing, a couple of questions... [loud0g40oz]
Mar 22, 2010 (10:42 am)
Thanks for the information!
Thank you very much for taking the time to answer my questions. I have some follow-up information and I will be continuing to post my experiences to help any other community members. I've attempted to use that calculator as well as couple of others, but a few fields keep stopping me as I don't know the correct values to input (money factor was one of them I think).
The negotiating continues...
So I went back in the other night asking for $200/month tax included and a lower out-the-door cost. The offer I got back was $220/month tax included + $398 in registration/etc. due at signing.
However, a problem arose when one of the superiors was telling me that a "contract in transit" was not allowed for volume discount lease programs. This is contrary to the information provided to me at the start of lease negotiations. That is, I was told that the dealership could send a contract out to my mom to cosign and then send back to the dealership for me to sign.
Their alternate suggestion was for me to sign and drive that night and then add my mom to the contract later. I had just read a forum post on here earlier about the problems of signing on my own and seeking a cosign later:
I turned down this offer and asked them to give me a call when they had a better offer. The next day I got an offer for $210/month (tax included); however, they keep pushing for me to sign on my own. It sounds like I'm getting an alright deal, it's just that they keep insisting that I sign on my own rather than cosign with my mom.
My question would be, is it true that "a contract in transit" rule applies to volume discount leases? ie, is it 100% necessary for my mom to fly down and be present at lease signing for this lease to go through? I'd rather not waste anymore time with Honda if it's not even possible to cosign through the mail.
The dealer had specifically stated that cosigning through the mail would be possible, which is what even got me into their dealership in the first place. Ever since then, they've been trying to convince me NOT to cosign. Any clarification on this would be extremely helpful!
One number that the dealer did throw out there was that $200/mo (tax included) was not doable as that would result in a "$16,962.48" cost for the car, which they tell me is $1000 below the invoice and is not possible.