| kdb141 |
| I was just offered a 2004 MDX with Navi for $490 per month for a 42 month lease with 1500 down and 12,000 miles. Is this a good price? Thanks |
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| Hockey68 |
I put 0 down on an '04 with Nav/RES/15,000 miles and paid 574/month (<edit) so I would say your deal seems good.
My advice would be to check out Edmunds lease calculator and make sure your initial price (negotiate for invoice or less if posible) , residual value (hopefully above 55%) and lease factor are what you consider fair.
One more tip, and someone correct me if I’m wrong. Down payment money on a lease is gone forever if you drive off the lot and wreck your X. Insurance will only cover the lease value to the financial institution. All down payment money you "eat". |
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| kdb141 |
| Thanks....what is RES??? |
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| Hockey68 |
| Rear Entertainment System AKA Rear DVD |
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| silroc |
better deal than what I got
I traded in a 2000 Solara, and am paying more than you for the lease (but I got touring also)
:D |
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| kdb141 |
| i just checked mine would be touring with navi...think i should take it or try and push them lower? i wonder what the best they would do.... |
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| Hockey68 |
| I didn't mention but I also have the touring. I think the negotiated price of 39500 helped alot. |
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| Hockey68 |
kdb141
Do you happen to have the specific terms of the lease available? THe variables I mentioned in my first response.
Your deal does seem good. Go for it! |
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| kdb141 |
Here is all I know for now b/c I didn't sign anything tonight.
2004 MDX with Navi
1500 down ( first month, tax, mv fees)
12,000 miles
.15 over 12,000
what else do you need to know, I can call the dealer at 9:00 and find out. I love the car but I also want to make sure I'm geting the best possible deal. I got a great deal on my TSX and I'd like the same.
How do you like the car? Is the sound system Bose? |
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| Hockey68 |
I would say your negotiated price should be at invoice this time of year for an 04 so you might want to check that.
Residual usually isn't negotiated but if its through Honda you probably got your best deal with that variable.
Lease factor is a little trickier. Like I said I would check the Edmunds.com lease calculator. It explains in simple terms the variables of a lease contract. It will explain the lease "factor" better then I ever could. (In simple terms, its the "interest" of the lease contract).
Having said all that and having recently researched before my purchase, your deal seems pretty good. At least on the surface.
One last thing. If you think 12000/year is not enough for you or you might be cutting it close, bumping to 15000/year should only raise your monthy payment about 10$
BTW. I love the X. Yes the sound is Bose. I think the sound is excellent. Some audiophilles may complain..some folks always do....but it suits my needs fine and I have a wide range of musical tastes. I'm also very happy with the effort Acura has put into the quietness of this vehicle. They have made big improvements over my buddies 01. It's very quiet for a large, open vehicle. Thats a harder task then some folks might think. Lots of surface area to multiply road noise. They did a good job. |
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| allanbiats |
I just copied this from the Acura Special Offers page:
2004 MDX Special AHFC Lease/Purchase Plan Terms
Special lease rates available on all new 2004 MDX models. FEATURED SPECIAL LEASE*: 2004 MDX V6 Automatic Transmission (Model YD1824JNW) for $399.00 per month for 36 months with a $1,499.00 capitalized cost reduction. $2,893.00 total due at lease signing (includes first month’s payment, security deposit, capitalized cost reduction and upfront AHFC acquisition fee). Excludes tax, license, registration, options and the like). SUBJECT TO LIMITED AVAILABILITY. Offer valid through 11/01/2004 . *The specific featured lease listed is not available to New York residents. New York residents should contact their dealer for New York featured lease. Terms and conditions vary for New York Residents. In addition, HFS limits leasing terms to 39 months or less to residents and dealers in the state of Rhode Island.
It isn't a direct comparison because this would be the base model and the terms are different, but it's an idea. |
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| JeffK |
In the event you leased car is totaled, stolen, etc. any amount you put down up front is lost!.
That is why I have posted over and over again, to put down as little as possible.
Lease factor. Actually the correct term is money factor. It is basically the interest rate. To convert money factor into interest rate multiply by 24.
Before you can decide if the monthly payment is correct you need to know:
MSRP
Negotiated sales price
Residual - either percentage of MSRP or actual amount
Money factor
Term of lease
To check if the dealer is giving you the best price do your own calculations. To do this go to:
http://www.leaseguide.com/calc.htm
Good luck!
JeffK |
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| mrlegend |
quote:
Originally posted by JeffK
In the event you leased car is totaled, stolen, etc. any amount you put down up front is lost!.
That is why I have posted over and over again, to put down as little as possible.
Lease factor. Actually the correct term is money factor. It is basically the interest rate. To convert money factor into interest rate multiply by 24.
Before you can decide if the monthly payment is correct you need to know:
MSRP
Negotiated sales price
Residual - either percentage of MSRP or actual amount
Money factor
Term of lease
To check if the dealer is giving you the best price do your own calculations. To do this go to:
http://www.leaseguide.com/calc.htm
Good luck!
JeffK
Jeff or others -
May be a little OT but share if you will please.
I've been looking at the BMW X3 and 325 leases on the web site. Looks really good if I can stay away from most options. What do you think? BTW not replacing my X but my 94 Legend that has 164K and needs work. Othe consideration is TL-S 1993 with <40K miles. Am I way off base or are these really good leases? Thanks for your input.
Mike |
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| JeffK |
Do not understand if there was a question on leasing or do you want our opinion as to the two cars.
Generally speaking, leasing does not work for used cars. This is because the residual is way to low as compared to the selling price - so in effect at the end of the lease, the market value is much higher than the residual and you are almost forced to buy the car.
So it is not really a lease, but a purchase with a balloon at the end.
JeffK |
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| apple904 |
| I am a fan of BMW's and have owned several. However, the X3 got lousy reviews. Biggest complaint was the ride being very harsh on bumps. A friend of mine has an X5 and on bumpy roads that my MDX handles smoothly he has to slow down to avoid getting launched. On a smooth highway I am sure the X3 like the X5 is a great drive. It is also tighter and nimbler than the MDX. It's odd that you would consider an X3 and an MDX. There is a huge size difference. |
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| mrlegend |
Sorry to confuse, I am not replacing my MDX.
BMW USA offers the following lease terms on their web site:
X3 2.5 - $2500+-Dn/$299Mo/24 Months, At lease end purchase for $18K+- or turn in.
325 - $2500+-Dn/$299Mo/36 Months, same options as above.
Both leases include all service except tires.
To my simple mind the residual is very close to List Purchase price minus lease payments. It appears to be close to having all payments apply to the purchase of the vechicle at the end of the lease.
I am requesting opinions as to what, if anything I may be missing in the above example?
The other option that I'm considering is the purchase of a 2003 TL-S. This vechicle would of course be used at inception but has well known transmission problems covered by the Honda extended warranty. |
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| apple904 |
| Sounds very cheap. Basically on the X3 you are paying them 2500 up front plus payments for 24 months and that totals $9,700. Add that to the residual and you could buy the car for $ 27,700?? What's the sticker on the X3? I think something is missing, Are you sure it's only $ 2,500 up front?? |
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| mrlegend |
quote:
Originally posted by apple904
Sounds very cheap. Basically on the X3 you are paying them 2500 up front plus payments for 24 months and that totals $9,700. Add that to the residual and you could buy the car for $ 27,700?? What's the sticker on the X3? I think something is missing, Are you sure it's only $ 2,500 up front??
Here is the link
http://www.bmwusa.com/Vehicles/leaseoffers.htm
Down including 1st payment = $3100
24 Payments @ $299+tax+ License
Total of payments including Down = $10276
Residual or Purchase @ lease end = $22589+ $10276 = $32865
MSRP (X5 2.5i w/Auto) = $32270
Looks very good, must be missing something but what? |
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| JeffK |
Here is what I think you are missing:
"Excludes tax, title, license, and registration fees. Disposition fee of $350."
More importantly these are 2004's.
The 2005's are already out.
Good luck!
JeffK |
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| apple904 |
Vehicles registered outside of N.Y.
$299 First month’s payment
$2,500 Down payment
$300 Security Deposit
$3,099 Cash due at signing
That makes more sense than what you said earlier. They probably aren't selling anything at sticker. You only get 10K miles per year. It looks like a fair deal but not a great one. You had a residual of 18,000 and that's what got my attention. |
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| JeffK |
Recommend you go to the following:
www.leaseguide.com/calc.htm
I did and used the following:
MSRP $32270
Residual $22589 (70%)
Cap Cost Reduction (down payment) $1975
Negotiated price $29640 (BTW this is dealer's invoice)
Money factor .00167 (this equals 4%)
Months 24
Monthly payment = $295.42
So essentially, the dealer is making the holdback $645 (2% of $32270) + $800 acquisition fee + $350 disposition fee.
He is making more if the money factor is less than .00167, 4%.
In addition there may be added incentives beyond the 2% holdback from BMW to the dealer so as to move the 2004 (last years model)
JeffK |
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| apple904 |
| Thanks for the link! |
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| JeffK |
You are more than welcome! Glad I could help.
If you are seriously considering leasing, suggest you go to several leasing threads. I am a regular poster on leasing.
Off the top of my head, I would strongly resist putting any money down. In fact on my MDX lease, i put nothing down - except first months payment and refundable security deposit which at the end of the lease I will get back.
I "rolled" into the lease the acquisition (bank fee) fee and taxes.
I strongly recommend that you do the same.
See my prior posts for the why and how (ABC's of leasing)
JeffK |
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| mrlegend |
apple904
The $18643 residual is for the 325i, similar terms but 36 month lease.
JeffK
One of the reason I posted here is because I know that you are knowledgeable about leases. (I lurk more than I post).
Thanks to both for your insight. Why would I care what year the vechicle is on the beginning of a lease? If I love the car, have no major problems and the resale is correct, might purchase it. If the conditions are not right, just turn it in. The mileage (10k/yr) is not a problem as I have other vechicles and can switch off.
When comparing the lease to the purchase of a 2003 TL-S @ $22K+-, leasing may be a better deal. That is the decision I'm trying to make. I can't pay cash so would have to finance $12-14K. Payments for 24 or 36 months are in the $300 area.
Mike |
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| JeffK |
Mike:
Like your honesty about "lurking".
Normally on a relatively low volume in sales cars, such as BMW, Mercedes, Lexus it is unusual to get a deal at dealer invoice.
My observation about the car being a 2004, was only to try to explain the deal.
You of course are correct - if you are leasing, and the numbers are correct, then leasing a 2004 makes perfect sense.
If the car is what you want and the numbers work go for it!
But, I would still want a lease without a down payment and would want the taxes and bank fee rolled into the lease.
BTW, my experience has been, that the dealer to make a sale will agree to roll the taxes and depreciation into the lease payment and waive the cap cost reduction. Of course the lease payments will be higher.
Money factor and residual remain the same.
You can always check the veracity of the dealers numbers by going to the web site I posted.
JeffK |
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| slocko |
2 weeks ago i knew nothing about leasing.
So I researched and asked questions on the leasing boards.
Found out the base money factor and residuals from helpful salespeople that particpate in the forums.
Ran all the different scenarios, put together a spreadsheet with dropdowns and everything. Figured out how to use the leasing formula in my spreadsheets so I wouldn't have to use a leasing calculator.
Armed with all the facts I went into the Honda dealer to lease my first car. 2005 Odyssey Touring with Navi.
Everything went well until I changed the terms from 36 months/15k to 36 months/12k. I knew this changed the residual from .56 to .58, but I forgot to update my calculation and when the manager gave me the quote, I told him that is was too high and should be around $609. Of course he then went and played with the numbers to match $609. When I got home I double-checked the numbers and realized my mistake with the residual. Ran the numbers and my payment dropped to $591.
So now I have to go back to the dealer and see how we can come to an arrangement.
My advice to anyone leasing is to check their state's regulations to see if they have the right to analyze their deal before signing.
In NJ you have 24 hours as long as you dont' waive the right.
Since I had done my homework I waived thinking the payment was correct. So even if you think you have it right, don't waive it and at home take your time and go over the paperwork.
I think with Acura's higher residual and lower money factor (Odyssey .00250), my lease payment on the 2005 MDX might be around the same, even though it' like 5k more.
By the way, my new 2005 Touring Ody Navi (38,310 negotiated price) rides just like my 2002 mdx and the stereo on the new Ody is better than the one in base 2002 mdx. |
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| slocko |
Question:
I decided to not roll anything into my payment so I could match up the dealer's number with the results from any leasing calculator.
I even left out the tax and since in NJ you only pay tax on depreciation, it's not too difficult to pay for that upfront along with acquistion fee, deposit, and first month payment.
But it seems like the dealer's computers are not setup to handle this and they have add those numbers to the cap cost and then subtract them out.
If I leave the tax in the payment do I have to pay interest on it? That is another reason I don't like to roll tax into it.
Do the states actually mandate that the leasing company collect taxes on a monthly basis and forward them to the state?
Another question, if the car gets totalled, am I still responsible for taxes on those payments that will never get made? |
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| slocko |
What is the best way to find out the residuals on the 2005 Touring MDX nav/res and the base money factors?
I am ready to start shopping for one.
Is their a publication I can buy? Or can I just called AHF and ask for that info? |
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| mdxvt1 |
| What do people think about $645 per month for a 2005 MDX with Navi and RES (and spoiler, running boards, auto start, mats, moonroof visor) for a 42 month lease with 2800 down (includes first month’s payment, security deposit, bank fee, taxes, etc.) and 15,000 miles? |
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| sgtglok |
quote:
Originally posted by mdxvt1
What do people think about $645 per month for a 2005 MDX with Navi and RES (and spoiler, running boards, auto start, mats, moonroof visor) for a 42 month lease with 2800 down (includes first month’s payment, security deposit, bank fee, taxes, etc.) and 15,000 miles?
You mean $645 does NOT include TAX??????? Damn... you may as well hand your undees to that dealer! :moon: |
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