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Honda CR-V, Car Leasing, Wagon, SUV
#687 of 1303 Lease info for 4WD EX-L NAV model in SW Ohio
Mar 25, 2010 (5:32 am)
Hi, I'm in the process of turning over my 2007 Ody lease and am looking at both the 4WD Pilots and CR-Vs. I'm starting to shop/research the details so any info would be helpful. I would like a 15K/year mileage lease for a 4WD, EX-L with NAV as a minimum with possibly adding a towing package + hitch and black running boards.
Since I'm turning in an Ody, any info on leasing another Honda would also be helpful. My lease is up in early Aug, and I'm currently 6K over my 45K lease, so it's sitting in the garage while I use my son's car. When I turned over my 2005 Ody, it was 3 mos early and about 4K over in mileage with no additional charge for the overmileage out of pocket. Thanks for any info and advice - I'm in the Cincinnati-Dayton area.
#688 of 1303 Re: Lease info for 4WD EX-L NAV model in SW Ohio [mybuy]
Mar 25, 2010 (8:54 am)
If you are a repeat mileage offender, wouldn't it make sense to just buy a vehicle and stick with it for let's say 10 years?
5 years of payments at an attractive rate will be within $100 of the 36 month lease payment. But, you will not have payments from year 5 through 10. You can continue sending that same amount to a high yield savings account. You can also use that money to pay for whatever repairs the vehicle may need, but by year 10, you will have enough money to pay for 80% of the new vehicle....
Just a thought.
#689 of 1303 Re: Lease info for 4WD EX-L NAV model in SW Ohio [blueiedgod]
Mar 25, 2010 (10:46 am)
Blue, Thanks for the thought about purchasing it, but I'm the type that likes to get a new car every few years so a lease makes more sense for me at this time.
#690 of 1303 Looking for specifics on new $300/month deal
Mar 28, 2010 (12:50 pm)
Looking for the money factor and incentives on the current "Zero Due at Signing" deal that Honda is offering on a 2WD LX for $300/month.
#691 of 1303 Lease on 2010 EX-L how's this look?
Mar 28, 2010 (4:08 pm)
Hi. Started my shopping for a CR-V. I was looking for an EX-L 4WD with NAV for 3 yrs and 15K/yr. So far my first quote was $29,605SP with adding tax, title, registration that brought it up to $31,831. With 0 down, the monthly lease would be $505.18. Does this look like a good deal?
How should accessories be worked into the lease terms? I had asked for a quote with a towing package and roof rack. This price included $650 in accessories, but he didn't specifically note which ones the $650 included - he was in a rush to meet a customer picking Thanks for any help. I'm in the Cincinnati-Dayton area.
#692 of 1303 Re: Looking for specifics on new $300/month deal [gerico]
Mar 29, 2010 (1:53 am)
The money factor and residual factor used in Honda's national lease promo for the "Zero Due at Signing" deal on the CR-V 2WD LX for $300/month are 0.00156 and 60%, respectively. As far as I know, there are no other incentives of any kind.
#693 of 1303 Re: Looking for specifics on new $300/month deal [delta737h]
Mar 29, 2010 (7:01 am)
Thanks for the numbers John.
I knew AHFC had to drop the money factor for this deal.
I was thinking it was going to be even lower than .00156
At that rate, it looks like the car price is only $298 over Invoice.
MSRP is $1,191 over Invoice according to Edmunds pricing.
Hard to imagine Honda would take $900 away from their dealers.
Seems like Honda must be giving some dealer incentive, maybe $500 ?
#694 of 1303 Re: Looking for specifics on new $300/month deal [gerico]
Mar 29, 2010 (10:20 am)
I agree with you. It appears as though the profit margin is somewhat slim unless, of course, there is an "unpublished" manufacturer to dealer incentive. Profit margins on Hondas are generally robust and so this is surprising to see. As of now, there are no other "published" incentives" as far as I know.
By the way, gerico, in case you're interested; I computed the money factor and residual factor directly from the promo ad at the AHFC website. Although not explicitly mentioned, there is enough information provided that enabled me to calculate them as follows...
Res Factor = Res. Value / MSRP = 13,353.00 / 22,255 = 0.60
Money Factor = [Pmt - (Net Cap - Res Val) / Term] / (Net Cap + Res Val.)
[300 - (22,158.55 - 13,353.00) / 36] / (22,158.55 + 13,353.00) = 0.00156
I'm not sure why AHFC ads still uses the term "Net Capitalized Cost" as this is an old Regulation M term. The latest Reg M uses the term "Adjusted Capitalized Cost" instead. I mention this only because every lease contract and model Reg M form that I've seen uses the term "adjusted" in lieu of the term "net" and some folks become confused as the two terms are often used interchangeably.
#695 of 1303 Re: Looking for specifics on new $300/month deal [delta737h]
Mar 29, 2010 (10:59 am)
Thanks again John !
I never could figure out how to get the money factor out of those ads.
That really helps !
I had the dealer profit wrong.
The $300/month number I was using included sales tax.
Without the tax, it puts the dealer profit at $595
Even that seems low to me.
There has to be some incentive money in there somewhere !
I'm trying to do a deal on a 2WD LX like the national ad.
But I want 15k/year and all dealer fees in the lease.
For the same $300/month.
One dealer told me $335
Another said $325
Going from 12k/year to 15k/year drops the residual value 2%
That 2% works out to around $12/month
Doc fee and tag/title fee should be under $400 here.
That $400 adds just under $12/month
Our tax here is 3%
So with no extra dealer discounting, it should be $333/month
I need Invoice pricing and dealer fees at $300 to get what I'm looking for.
I feel certain there has to be a dealer out there willing to do that.
#696 of 1303 Re: Looking for specifics on new $300/month deal [gerico]
Mar 29, 2010 (12:32 pm)
For whatever it's worth, I generally FAX or email the dealer a one-page lease proposal. It has saved me money, time, and aggravation. Here's an example...
2010 Honda CR-V 2WD LX
Retail Pricing Information
Base MSRP 2010Honda CR-V 2WD LX AutomaticModel RE3H3AEW
Tango Red Pearl
Agreed Upon Value
Amounts Financed (Capitalized)
Medina Sales Tax 6.50% x 36 x 285.41
Gross Capitalized Cost
Capitalized Cost Reduction
Adjusted Capitalized Cost
Residual Value (Residual Factor x MSRP)
Cost of Money/Term
Lease Payment Itemization
Monthly Lease Payment
Taxable Monthly Lease Payment
Estimated Charges Payable at Lease Origination
License, Title, Registration Fees (estimated)
Doc Fee...................................................................... 250.00
Amount Due at Lease Signing
Fund Provider: AHFC
GAP Coverage: Included
Annual Mileage Allowance: 12k
Disposition Fee: None
Excess Mileage Charge: $0.15 per mile
Reg. M Disclosure: NA
I did my homewok by getting the invoice price, msrp, incentives, etc. This is an Ohio lease where tax is computed on the total taxable payments due at lease inception. I'm always fair but firm which has always worked for me. I think the residual factor for a 15K lease is 58%. The money factor should remain the same at 0.00156.