Last post on Dec 05, 2013 at 7:00 PM
You are in the Prices Paid - Buying & Leasing Experiences
What is this discussion about?
Honda CR-V, Car Leasing, Wagon, SUV
#1243 of 1303 Re: 2013 Honda CRV Lease Help [nyccarguy]
Jul 08, 2013 (2:46 am)
Good advice, never sign anything at a car dealer until you have been presented the numbers and have examined them. And never put any money, other than the first months payment and legal costs like registration, down on a lease.
Any value in the trade should be used to reduce the capitalized cost. And of course, the capitalized cost on a leased vehicle should be negotiated the same as if the vehicle were purchased. Never lease at MSRP.
Also, check to see if the lease has built in GAP coverage. If not, check with your insurance company for GAP. GAP bought at a dealer will cost at least twice what it should.
However, while it sounds good to separate the new vehicle purchase and the trade into different transactions, that really is not possible. The lease and trade are never two separate transactions if simultaneously done at the dealer.
All dealers look at a car deal in total. That is sale price or capitalized cost, trade vehicle, and financing, interest or money factor. It also makes no sense to hide a trade vehicle. If you negotiate a great price on a new vehicle and then spring the trade on the dealer, the dealer will simply offer less for the trade.
While not as important on a lease, the possibility of the dealer making additional profit in the F&I office is often one more part of the total deal. It is usually smart to have the dealer believe it can earn additional profit in the F&I office. The dealer may lower its price or give more for the trade if it believes it can make thousands in the F&I office. Of course, once you are in the F&I office, just say NO to everything offered. The F&I guy cannot change the deal.
Like the dealer, buyers should also look at the deal in total. Compute a reasonable sales price, compute a fair value the trade, and obtain the financing for which you qualify from banks, credit unions, or use an OEM supported interest or money factor is available.
Use that information with one of the various calculators available on line and compute a desired monthly payment. Then go to the dealer and see how close one will come to your numbers. As long as a buyer keeps its numbers in mind a dealer will not be able to easily fool the buyer.
#1244 of 1303 Re: 2013 Honda CRV Lease Help [ken117]
Jul 08, 2013 (4:11 am)
I agree with you that the deal should be looked at as a whole. But if you go in with a realistic value for your trade (a buy bid from carmax, a competing dealer, or auction value from the REAL WORLD TRADE IN VALUES right here on Town Hall), not a KBB or Edmunds TMV number, knowing the base lease rates (assuming you have excellent credit) & residual values, plus how much the car is selling for (Invoice minus incentives & hold back if you shop toward the end of the month), then you should have no problems.
Be informed. Don't try and hide your trade (I wasn't implying that) because a seasoned professional will see right through you trying to play that game. Like you said, don't let the dealer fool you into thinking he's giving you a fantastic price on your trade, then charge you full MSRP (or above) plus a BS doc fee.
I always say to get a check back for your positive equity on the trade. I did this when I traded in my (financed) 2010 Acura TSX for my (currently leased) 2011 BMW 328xi. I put the check in the bank & used it to make 6 months worth of lease payments.
#1245 of 1303 Can someone help me make sense of this?
Jul 11, 2013 (8:29 am)
I'm looking over my 2010 CR-V lease agreement (when it was new in 2010) in preparation for negotiating a new lease. There are some values I don't understand and it has the potential to cost me money.
In short, the difference between the GROSS Cap Cost (i.e. before cap cost reduction) and the Agreed Value seems too *small* to include BOTH the 595 acquisition fee and 7% NJ tax.
Gross Cap Cost=23,864
If I subtract $595 from the $911, I get only $316 left for taxes, which is too small -- they should be in the $700 range. The total of base payments for this lease is $11,592, so at 7% the taxes should be approx $758 [ = 11592 * (1 - 1/1.07) ]
Unfortunately, I didn't get the gross cap cost itemized. What am I missing? In other words, did I somehow save on the tax or acq fee, and can I do it again? For example, this was my 2nd AHFC lease - is there a reduced acq charge as a loyalty incentive?
#1246 of 1303 Re: Can someone help me make sense of this? [rj_rattigan]
Jul 11, 2013 (11:21 am)
Check what you paid upfront by looking at the Itemization of the amount due at lease signing. There should be some spaces labeled "other". Does it indicate sales tax was paid upfront? If so, how much? Is a dealer doc fee on any of those lines? If not, the $311 difference might account for the dealer doc fee plus other fees. Typically, NJ dealers charge a doc fee of $250 -$280.
I would call the dealer and ask them for a copy of their LEASE WORKSHEET that they provided AHFC. This will include a breakdown of everything. Don't let them tell you that they don't have it anymore or that they never completed one because that's pure garbage. I've been told that AHFC will NOT fund a lease unless they have the lease worksheet and the lease agreement. Dealers should keep those documents for their records at least for the duration of the lease. I have never known AHFC to waive or discount acquisition fees. It seems highly unlikely that they ever would.
Hope this helps.
Jul 21, 2013 (10:52 am)
I am trying to help sister in Columbus, Ohio, With a 36 month 12,000 miles per year lease of a CR-V EX-L.
61% residual= $18,071
Sales price = $28,410
I would love some other comps, that monthly seems way high to me.
Thank you, barry
Aug 25, 2013 (4:32 pm)
I am looking into a lease for a 2013 CRV EX here is the break down the dealer has presented
Sales Price 24,979
Buy Out 15,949
Inceptions at $1498 less $500 rebate - total $998 ( agency fee & rental surcharge total 190 , want that eliminated for a out of pocket total of $771 ( includes first months payment of $348 )
lease payments with tax at $ 348
I've never done a lease , right now it's a great option for us ...thoughts ?
#1249 of 1303 Re: Can someone help me make sense of this? [delta737h]
Aug 26, 2013 (1:27 pm)
Could be lease loyalty, could be honda capital...would be close to 800 at that point.
#1250 of 1303 2013 EXL-Navi lease rates please!
Aug 26, 2013 (4:40 pm)
Hey Car_man, do you have the August 2013 lease rates (money factor, residual) for the 2013 CRV-EX L Navi in both FWD and AWD if different would be great. Also, 12K or how much to add or deduct for 15K miles. We are looking to get one this coming weekend. Any help from other members appreciated! Thanks a bunch!
#1251 of 1303 Re: 2013 CRV EX lease [mackladder]
Aug 26, 2013 (4:52 pm)
I got another quote from a dealer...
Sales price 23,891
money factor .00128
out of poc $750
lease payments with Tax $297 12k miles
buy out 15,949
#1252 of 1303 CR-V EX-L with Nav. in Alabama
Sep 01, 2013 (11:40 am)
Can you provided the money factor and residual for Alabama for a 36-month, 15,000 mile per year lease on a 2013 Honda CR-V with Navigation System?
Do you have the same information for the 2014 year model?