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Prices Paid: Buying & Leasing Experiences Honda S2000 Lease Questions
270 messages, Last post on Dec 01, 2008 at 5:20 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: accelerator (May 04, 2007 12:32 pm) If I put in a new 07 with a selling price of $30,500 (conservative) it comes up with $18,468 0.00258 $485 - so for less money you could lease the 07. Payments would go lover the lower you get the price. $454 a month if you could get the price down to $29,500. Dennis |
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Replying to: accelerator (May 10, 2007 5:18 am) Dennis |
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Replying to: Car_man (May 10, 2007 2:18 am) Using my handy-dandy little lease calculator, I come up with the same monthly payment, but what I'm still a little confused about is what to figure in for misc. fees. I know with financing, you have the doc fee, title fee, inventory tax, license fee, and sales tax. On a $25k car, that adds up to $1845 so the amount being financed is $26,845 (assuming no trade). From this, I can figure what monthly payment would be and I'd be accurate +/- $15 depending on when the first payment would be due. When I went to the dealer, he said my calculations were off but he would not necessarily say where or why and yet when others post their numbers on this forum, I'm able to able to come up with very near figures to what dwayne and Car_Man have posted (I work through all their examples). I'm so frustrated I'm having second thoughts about even getting the S (okay, not really, I want the car too much) but you know what I mean. On a lease, do I still pay those fees I mentioned above? Car_Man posted in a different response to me about if $45 is too much that I might not want this car. While $45 wont break the bank, I just want to make sure I'm not getting rear-ended in the deal by the dealer sneaking in bogus fees. I found a lease worksheet on edmunds site and another one on carbuyingtips.com which are very helpful but again, you have to know the fees they are inserting just because and which ones they are inserting so they can bump up the cost. Frustratedly yours, accelerator
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Replying to: accelerator (May 10, 2007 11:52 am) In most states, sales tax is due on any cap cost reduction you make, then tax is added to the monthly payment - but some states figure it differently. "Doc" fees, inventory tax, business tax, and those kinds of things are often added to deals and are (to me) just extra profit. So I usually ask for a price for the car w/destination and and dealer fees added - the no big surprises when signing the papers. Title fees and tag vary and have to be paid or rolled into the lease. The lease acquisition fee has to be paid or rolled into the lease. This is $595 for a Honda captive lease and varies with 3rd party banks. A security deposit may be due, the is the amount of your monthly payment (including tax) rounded up to the nearest $25 or $50 increment. Again, this varies from bank to bank and has to be paid or rolled into the lease. At lease end you get this back when you turn in the car and no damage/problems are found - of if you buy the car of lease end. Honda, and others, may offer no security deposit leases to returning customers or in exchange for a slightly higher money factor (with Honda it is 0.0001). Normally, if you run the numbers you are better off paying the extra and not rolling the security deposit into the lease - but it all depends on the amount and how much MF is costs. Some lease banks offer a reduced MF if you pay more than one month's deposit at lease signing! So you get the price for the car with destination and any dealer fees included, you add in the acq fee, the security deposit (if any), your taxes on the up front money (if any), the security deposit (if any), then the title and tags fees and that should be the cap cost for the lease. The residual and MF are what they are, and you run the numbers and get your payment - not including tax. Any dealer not willing to explain the numbers to you is not one I would want to deal with - I don't think. Before I sign anything it has to come out to the penny with what I figure, if not then I have to see why not or I don't sign. One example is a "old stock" car with a slightly lower MSRP number - that results in a lower residual that you might get using the current MSRP. I had dealer once give me a much higher number than I got using the MF and residual. When I called him on it he said "Oh I included our wheel and tire protection package. I do that in all my leases". Yeah right, all the ones where the buyer does not catch you adding hundreds in fluff money. The $45 comment was mine - the way I figure it a 48 month lease VS a 36 month lease would save $45 a month plus taxes, which is not that much on a $450 or so per month lease. If the $45 extra on the 36 month is a deal breaker - just too much money - then I would not lease the car. Dennis
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Replying to: dwynne (May 10, 2007 12:44 pm) Thank you so much for outlining this. I was able to FINALLY arrive at a number much closer to what I have been quoted! This was an excellent write up (too bad it cant be made a sticky). Thanks again, Dennis! I don't feel so lost or overwhelmed now. Daryl |
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I've heard from dealers that Honda more than likely wont offer the lease specials since they don't want them back due to their slow sales. Is that just a dealer's pitch to incourage me to do the current deal OR is there some truth to this statement? I've got a deal on the table that I would be comfortable with doing but I'd be willing to wait three weeks to see next months incentive if there is a chance for the lease special.
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Replying to: accelerator (May 11, 2007 1:30 pm) If you can get the car for close to invoice less $2,000 including deal fees, that is a hot deal. Either buy at that price, 3rd party lease, or Honda lease - whichever is the best deal. Over in the price paid forum, a dealer in CA is offering a new 07 S for $28,888 or something like that. For those kind of prices, it is hard to go wrong on any deal. They may come back with cheap leases, but (like the current Accord deal) they are not likely to do incentive AND cheap lease on the same deal. When I checked, the cheap lease at invoice is better than the standard lease at $2k under invoice. But you don't KNOW for sure what they will do and spring is here  Dennis |
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This is what they presented to me: 48 months/48k miles msrp $34,845 360.00 $2860 down (I have $830 in negative equity I'm rolling over into the deal) How is this deal? Bottom line, is this a good deal? I'm happy with the monthly payment. I took it home overnight to see how it fits in my lifestyle and it is a pretty extreme ride (but that is for another thread/forum).
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Replying to: accelerator (May 16, 2007 7:25 am) I pay less than that for my lease on the 05 and I put nothing into the lease except first month's payment, IIRC. I would not not pay so much into a cap cost reduction to lower the payment. Pay the negative equity and maybe the first month's payment and that is about all. In the event of a total loss on the car you insurance will pay off Honda and give you nothing (for your $2,860 out of pocket). I still would not do a 48 month lease, but that is just me. Dennis
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Replying to: dwynne (Oct 05, 2006 5:44 pm) Regarding the 48 month lease, my wife is really against this car so if I want it, I have to do 48 because once I have it, I wont be able to get another sports car of this calibur again.  My wife also said due to the increase in insurance that $360 is my cap for a car payment. And about what my wife says, that is another topic of discusssion.  The cap cost reduction is $2500 and $360 is the first payment.
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