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Prices Paid: Buying & Leasing Experiences Honda CR-V Lease Questions
600 messages, Last post on Dec 05, 2009 at 5:22 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Hi Car_Man, Help!  I am a 2007 CRV LX leasee. I KNOW I am paying too much. I chock it up to being car stupid, and a not so great credit situation. With that said, I'm 2 years into a 36mo lease from Honda Financial, and I just received a letter from the Queens, NY Honda dealership I purchased the car from. The letter is summed up as follows: 'Your vehicle qualifies for a unique offer from ****** Honda. Bring in your vehicle, we will pay off the balance and offer you a 2009 vehicle of your choice.' After calling the dealership, I learned that this location has purchased a space acrossed the street to be deemed the 'Used Car Lot' for their location. The Mgr explained that they are in need of cars to fill that lot, and that because my car has low miles (16k) and is in great condition, it is the perfect deal for them. So here's what they offered me: 09 CRV - EX $24500 2600 /down $506/month, 12k miles/yr YES YOU READ RIGHT - $506 a month. Now is it just me, or are they trying to build the price of the previous lease buyback into my new car? I told them to go suck it.. but I would like to know if you could break down how this payment is what it is. My current CRV is 07, 16K miles. 23k financed amount, and I put 2000 down. SOMEHOW my payments ended up being $520.70. Yeah, I know...I got HOSED. But I needed a car, and I could afford the payments. I did what I had to do at the time. But shouldn't 2 years of paying on time and having improved my credit rating allow for my payments to be closer to around $430 - $470? I know my credit situation wasn't great when I initially leased, so I understand a high payment before. I was also told by the finance mgr that once I had established on time payments with Honda Finance, I would get a 'better deal' the second go around. WHERE IS MY 'BETTER DEAL'?  Personally, I believe I am better off waiting until the lease is up in Feb 2010, then starting fresh with new terms, or just going with a different brand completely. Oh, and P.S. They told me the $506 amount BEFORE he had looked at pay stubs, pulled a credit report, etc. How do they do this? And WHAT if ANYTHING can I say to them to get my payments to a REASONABLE rate?? |
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Replying to: kimicee (Nov 14, 2008 5:00 pm) Complete your current lease, then turn your car in. Hopefully, by that time, your credit will be better (it will definitely be good with Honda Finance, if you've made all your payments on time), and you can choose to lease or buy the car you want, at a reasonable price. Trading your car in now, before the lease is up, will likely cost you several thousand dollars extra. regards, kyfdx Host-Prices Paid Forums
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Replying to: kyfdx (Nov 15, 2008 8:29 am)
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Replying to: mikeatschaller (Nov 15, 2008 11:03 am) They offered him a lease on a new CR-V for over $500/mo... I can buy a new CR-V for $500/mo. So... either they are screwing him again, like they did the first time... or, they are having to roll in negative equity from his current lease. I don't think I have to be a Honda dealer to do that math. regards, kyfdx |
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Replying to: fishh2o (Nov 08, 2008 2:49 pm) To boot, the only reason that I went into the Honda dealer was because I was sent a letter from the dealership (as I am a current Honda owner- leasing a Civic). The letter stated that I should come in to look at their new cars, as they would buy back my car and I would get an amazing deal on a new car. $595 for a CR-V- I had it out with the manager. So the bottom line came down to the manager telling me that the leasing programs on the CR-V are really bad and that I should just stick with my Civic. Terrible customer service. Can you let me know what dealership offered you $410 per month for the 09' CR-V EX-L with Navi., as I would like to visit the dealership. |
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This Queens dealership that people are talking about, does it happen to be Paragon? I would stay away from Paragon and White Plains Honda. They are owned by the same people, and are known for less than honest practices. |
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Replying to: kimicee (Nov 14, 2008 5:00 pm) It is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. This is especially true today when used vehicle values are falling faster than I have ever seen. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive. You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You will likely find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle. Besides, $500 per month is way too much money to pay for an SUV like the CR-V. There are a number of other comparable vehicles out there that you could lease for less. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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I hope this is the right place to post this. My wife and I just got married, and we are looking to lease (buy?) a new CUV. I currently drive a 2001 Hyundai XG, and she drives a 2004 Kia Rio. My car is paid; hers still holds negative equity (somewhere in the neighborhood of 3K to 5K, I will have to find out for sure from her). I have done some research, and it appears that my car is valued at around $2000 - $2500. Getting to the point . . . We would like to trade-in both cars, get a bigger vehicle (to tote my HUGE keyboard around), consolidate our insurance payments, deal with just one monthly payment, and stay under warranty. Obviously, we are considering a Honda CR-V, and we are also considering a Hyundai Santa Fe. Here are the offers: 2009 4WD Honda CR-V LX Quote: $20395 Term: TBD Money Factor: No clue Warranty: 3-Year Limited 4-Year Residual: $11200 2008 AWD Hyundai Santa Fe GLS Rebate: $2500 Online Discount: $1639 Quote: $19406 Term: TBD Money Factor: No clue Warranty: 5-Year B2B 4-Year Residual: $6000 The residuals (56% vs. 30%) have been a huge hang-up. Notably, the salesperson at Hyundai referred me to the leasing office, who gave me the 30% figure. When I told her what he had said, she seemed quite shocked, and mentioned that she had a 2004 on her lot currently selling for $14000. Not sure what to make of this. Also, given the 5-year Hyundai warranty, I'm wondering if we could/should take advantage of a lower monthly payment through Hyundai, and accept a 60-month lease term. Would this be an reasonable decision? What about HondaCare? Would it be wise to accept a 60-month lease term under a HondaCare warranty? Other Factors: I happen to prefer the look of the CR-V. Not that important. The Santa Fe appears to be a larger vehicle. Hyundai is offering something like 2% or 3% APR through 60 months; but we would have to finance. Notably, they seemed to be encouraging this . . . any good reasons why? I have communicated exclusively through e-mail with both dealerships, and haven't test driven either vehicle, yet. Any other factors we should consider before visiting, or advice? Other similar vehicles or dealerships? Any help at all would be greatly appreciated. Thanks! Jermaine
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Replying to: TheQuestian (Dec 05, 2008 5:47 am) Some dealerships might offer a leasing option, but it doesn't make any sense to lease a car that depreciates so quickly. According to Consumer Reports the Santa Fe has an "above average" predicted reliability which is quite good. My guess would be that consumers have a lower demand for used Hyundai's because they do not perceive the reliability to be as good as Consumer Reports suggests. In this case perception is reality. Regardless of the reason, the demand for used Hyundai's is relatively low. As a result, your choices are to buy or lease the CR-V or buy the Hyundai. Leasing a vehicle with a low residual (even if it is much higher than the 30% mentioned in your email, it has to be much lower than Honda) doesn't make any sense. That is why the dealership is discouraging you from leasing one. Good luck with your decision. I'm trying to decide between the '09 Forester (you might want to check it out) and the CR-V. Anyone have any advice regarding these two vehicles?
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Replying to: newcarguy5 (Dec 05, 2008 7:12 am) |
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