My First Lease: A year later.. I have a few questions

[Abbz8377]

Those numbers better have been on an a Pilot or something tell me they did not quote you that on an SI ?

 

[ericc191]

They did. I asked what the residual would be and he said 60%. I asked what the rate is and he said he'd call me back.

 

[ericc191]

Could it just be Dallas area as a reason why?

Also this quote was not done with a credit check. I told him it's 690 and I only have one credit card that's not even close to maxed out.

 

[Abbz8377]

No its the car business I sold Honda's for 3 years everyone in the business is a Scumbag that's the reason I got out they tried to rob you is what they tried to do.

 

[ericc191]

Well I feel like they did with my 350 /mo. payments.

I'm already 14 months in and after running the numbers, it would cost me quite a bit of time and money to either forward the lease to another person or just cancel it all together and THEN try to get a decent lease on a 14.

Live and learn, I suppose.

People reading this thinking about leasing, make sure you ask the questions I didn't and haggle the rate and residual.

 

[Abbz8377]

A high residual=lower payment 60% on an SI is pretty damn good so there is no reason you should be near that price even if you have negative equity is your current car the payment still should not be that high and a 690 score is not a bad score for honda

 

[Abbz8377]

You can't haggle the residual it's set by Honda and there is no changing it.

 

[ericc191]

$14800 residual isn't bad and I paid all the taxes and fees on it up front. So I'm going to buy it out. I'm still wondering about financing early though. I'm having trouble figuring the math and if I'd end up paying more or less to finance now.

 

[Abbz8377]

Just wait until the end you will be better of.

 

[Abbz8377]

If you finance it now you will be financing the total buyout plus any other fees your payment will go through the roof.

 

[ericc191]

Well thank you for all the info. All of you. I do love my car, so I'll refinance once my lease is up into low $200 payments and just enjoy my car.

 

[RaskyR1]

I don't know what did wrong then. I called a dealership near me an hour ago and got a quote of 410 /mo 12000 miles, 0 down @690 credit score.

$213 a month including tax.

http://www.weymouthhonda.com/lease/?&code=FB6E5EJVW&year=2014

 

[ericc191]

So yeah I was robbed, but this has to be a dealership location thing too.

 

[RaskyR1]

So yeah I was robbed, but this has to be a dealership location thing too.

Honda has set monthly interest rates (for tier 1 credit) and residual. As noted above, dealers can't change the residual but they can up the interest and put in other BS fees. The selling price is huge too and that link I posted has the price well below invoice. Volume dealers have the best price...I flew out of state to get my Acura for $1500 under invoice.

I got hosed on my '06 Civic Si so don't feel bad....one of life's lessons.

 

[ericc191]

Look at this.. I've checked 3 locations with Honda's website and the price barely changes. Ridiculous.

 

[Abbz8377]

You can't base any numbers off of the website if you gotta actually go to the dealer and work the numbers that's how the game is played.

 

[Abbz8377]

I worked for a volume store we WHORED cars out to make deals if the dealer hits a certain number of units Honda gives them huge incentives versus a store that does low volume

 

[RaskyR1]

Look at this.. I've checked 3 locations with Honda's website and the price barely changes. Ridiculous.

Those calculators are worthless IMO. Use one like this and plug in your own numbers.

http://leaseguide.com/calc/


You can get the current money factor and residual on Edmund's forums
https://forums.edmunds.com/discussion/16769/honda/x/2014-honda-civic-lease-questions/p6

 

[Abbz8377]

Plus volume stores get the creme of the crop when it comes to what cars Honda allocates

 

[ericc191]

Okay, does anyone know what kinda fees I'd be looking at if I said screw it and ended my lease early?