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Acura RDX, Car Leasing, Car Buying, SUV
Nov 04, 2007 (3:43 pm)
Just saw 'deal' listed by JTEP24 (#217 above) and thought it seemed quite good. Has anyone else gotten similar Leases? I'm looking for almost identical spec - Base RDX with minimal extras and limited to zero downpayment. I've previously (currently) leased with HFC (Honda Civic). The best offer I've received is $494 + Tax & 1st month which is at least $85 more than JTEP24 ($409). The dealer will obviously go with Acura's $ 2999 down and $399 per month, but I don't really want to give him that much. Any suggestions or dealers that might be "hungry"?
#227 of 944 Re: Lease numbers [spd1980]
Nov 05, 2007 (2:10 am)
Hi spd1980. I see that you are considering trading in your current vehicle when you lease your new one. There's nothing wrong with doing so, but it would be in your best interest to have the dealer that you are working with cut you a check for your trade rather than using the proceeds from it as a down payment on your lease. I always advise consumers against making large down payments on leased vehicles. Those who make them risk losing them if their vehicle is totaled in an accident or stolen and never recovered. You would be better off going with a zero down lease, even though it means that your monthly payment will be a a little higher.
The best way to tell how good a deal you are getting on your MDX is to take a look at its selling price. If you find out what this number is for me, I would be happy to give you my opinion of this deal.
Prices Paid: Buying & Leasing Experiences Forum
#228 of 944 Re: Lease numbers [Car_man]
Nov 05, 2007 (4:26 am)
Thanks for your reply. I have actually heard what you are saying about telling the dealer to give me a check for the trade-in rather than use it as a down payment. In our case this would mean that our payments would be way more than we could afford. I think ultimately using the trade-in will allow us to afford the car that we absolutely love. So in this respect are you saying that its better to pay more per month with less down as long as you can afford it? I'm just trying to make sense of everything since my father was telling me the same thing but I didn't quite grasp it since he didn't phrase it the same way as you.
As for numbers, I have received a print out from another dealer with the figures. The details of the quote are below.
'08 RDX Tech with roof rack and ski rack:
Sell Price: 35,284
Inception Fees (with Upfront Tax): 2,162
Residual: 55% - 20,575
Money Factor: .001550
Down Payment: 3,586
Down Payment Tax: 251
Vehicle Markup: 754
Adj. Cap Cost: 31,698
Total Payment: 389.99 per month
Please let me know what you think. Thanks again!
#229 of 944 Deal or No Deal ??
Nov 05, 2007 (4:43 pm)
I am working with a dealer in central NJ (Open Road) and looking to lease.
2008 RDX Base (no nothing)
Sell Price: Unknown
Trade In: $6,000 (2003 TL-S needing bumper replacement and 82k miles)
Money Factor: .002750
Buy Back: $21,024
Down payment: $10k ($6 trade-in + $4 cash)
Term: 27 months
Monthly Payment: $269 (inclusive).
Is this a good deal or not ?
Should I do a cash purchase instead ?(which I could do tapping into home equity loan and savings)
Thanks for any advice.
#230 of 944 Re: Deal or No Deal ?? [sugrad]
Nov 05, 2007 (6:44 pm)
Just wanted to post details on a lease that I just signed at DCH Acura in NJ.
2008 RDX Tech with Roof Rack and Ski Rack
Black on Black
Sell Price: 35,662
Lease Term: 36 months
Residual: 55% or 20,575
Money Factor: .00155 (Super Preferred)
MV Fee: 282
Acq Fee: 595
Doc Fee: 199
Upfront Taxes 7%: 879
First Payment: 390
Total Monthly Payment Including Taxes: 390
#231 of 944 What does the money factor mean ?
Nov 05, 2007 (7:52 pm)
Pardon the ignorance but I never leased before.
Is a lower money factor like the .00155 gotten by spd1980 better or worse than the .002750 I was offered ?
I was trying to get an apr from the dealer but they said leasing arrangements don't use apr.
So I need some help to figure out Deal or No Deal.
#232 of 944 Re: Deal or No Deal ?? [spd1980]
Nov 05, 2007 (10:09 pm)
I leased an 08 RDX with Tech two weeks ago from Springfield Acura in NJ for $506 a month, tax included, with $1500 total out of pocket. Although I am very good with numbers, the bottom line with me is always how much am I paying a month. Residuals and money factors are all well and good, but isn't the most important thing your monthly payment and coming up with as little as possible at signing? By the way, is this a good deal or did I get taken? By the way, although I like the car, the mileage is worse than I thought it would be and I wasn't expecting much.. I am getting about 10 MPG doing mostly city driving, worse than my WRX. Also, the acceleration is mediocre at best to me and I am used to turbos.
#233 of 944 Re: What does the money factor mean ? [sugrad]
Nov 06, 2007 (3:34 am)
I am new to leasing also but from my research you want the lowest money factor possible. This is usually based on what the leasing company is offering at the time you are shopping and should be the same at all dealers. Car_man can probably confirm the .00155 number bu since it is the beginning of the month it should be the same for you if you credit is good and you qualify.
As an example, using my exact lease deals in a leasing calculator my monthly payment would go from 390 to 450 a month or an increase of 60 dollars a month.
#235 of 944 Re: Acura RDX: Lease Questions [jtep24]
Nov 12, 2007 (8:08 am)
Hi. Where did you get that price? Thats a great deal. I've been looking and haven't found anything that good.