| DieselDan |
Well I am a proud owner of a 2006 MDX silver/ebony with touring and Nav. I will take delivery this Wed after the long weekend.
I had to go to 2 dealerships to get the price I wanted but in the end I am happy with the deal. I leased the vehicle for 35,800 plus lic/tax.
First dealer would not budge from 36,750 so I went outside and called the only other dealer in the area that had the exact same truck. Talked to the sales manager on the phone and told him my price he said he would do it, so drove a hour and half south to do the deal.
All in all I am very happy and could NOT have done it without reading all the post's by Jeff and SDTS
Thanx again!!!! |
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| JeffK |
Welcome Aboard!
What are the final numbers - cap cost, residual, mileage, money factor and monthly payment?
JeffK |
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| DieselDan |
quote:
Originally posted by JeffK
Welcome Aboard!
What are the final numbers - cap cost, residual, mileage, money factor and monthly payment?
JeffK
I do not have that yet, I will get all that info when I pick up the truck.
Mileage is 15,000 and the payment is 699.09 with nothing out of pocket.
thanx again! |
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| MDX88 |
| $699 sounds like a very high payment for $35,800. I can plug the #s into my spreadsheet if you give me the residual value. I suspect dealer #2 is padding the money factor for some extra profit. |
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| DieselDan |
quote:
Originally posted by MDX88
$699 sounds like a very high payment for $35,800. I can plug the #s into my spreadsheet if you give me the residual value. I suspect dealer #2 is padding the money factor for some extra profit.
U know I have been wondering the same thing, i was approved for the "preffered" status. I rolled everything in including tax/lic/bankfee/security so the total was not 35,800 that was just the price of the truck.
i am DEFF going to be looking at the numbers asap. |
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| DieselDan |
Well I just called a rival dealership to check the numbers and he quoted me this price.
truck-36,300
MF-00292
Residual-49%
rolling in all fees except first payment
the payment will be 659.00
Now i negotiated a price of 36,000 for my deal a monthly payment of 699.09, something is just not right.
I am starting to get mad......... |
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| JeffK |
Dear DieselDan:
To calculate your lease payments you need:
MSRP
Cap cost (this should be tissue less $2500 and less any part of the holdback the dealer is willing to kick in to make the deal)
Residual - this is a percentage
Length of lease
Money factor
Then add to the cap cost, the bank fee and taxes.
Remember NO MONEY DOWN!
With this information go to:
http://www.leaseguide.com/calc.htm
plug in your numbers and VOILA! your monthly payment.
Good luck!
JeffK
BTW, based on my $521 with New York State tax at 8.625% for 36 months, 12,000 miles per year, your quoted figure of $699 seems too high - so I would double check the dealer's calculations.
Mine is for a premium, and I realize yours is with touring + nav, but I still think the $699 is to high.
JeffK. |
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| DieselDan |
quote:
Originally posted by JeffK
Dear DieselDan:
To calculate your lease payments you need:
MSRP
Cap cost (this should be tissue less $2500 and less any part of the holdback the dealer is willing to kick in to make the deal)
Residual - this is a percentage
Length of lease
Money factor
Then add to the cap cost, the bank fee and taxes.
Remember NO MONEY DOWN!
With this information go to:
http://www.leaseguide.com/calc.htm
plug in your numbers and VOILA! your monthly payment.
Good luck!
JeffK
BTW, based on my $521 with New York State tax at 8.625% for 36 months, 12,000 miles per year, your quoted figure of $699 seems too high - so I would double check the dealer's calculations.
Mine is for a premium, and I realize yours is with touring + nav, but I still think the $699 is to high.
JeffK.
Thank you very much JeffK I am going to call my sales rep tomorrow. |
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| SDTS |
Ok.....California figures...
If you go with the PREFERRED RATE like they said you were getting, it is 3.25, not 2.90.
Figuring NOTHING down, your cap cost goes to approximately 36900, which based on 8.25% sales tax and California figures, your payment is 36@695.83.
What is your credit score? that woudl be your only question here is if you actually qualify for Super Preferred instead of just Preferred. If you are within 10-15 points of 710 and perfect credit, they should be able to get you Super PReferred. If there is ANY derog and below 710, it will be tough..they have gotten a lot tougher on giving away Super PReferred rates even though they are not even very good rates to begin with, but thatis a whole nother story.
If they can get you to Super Preferred, you payment drops to 673.59...again..California stuff.
So it actually doesnot appear as though they are treating you too bad...just depends on that rate!!!! |
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| JL_SS |
quote:
Originally posted by SDTS
Ok.....California figures...
If you go with the PREFERRED RATE like they said you were getting, it is 3.25, not 2.90.
Figuring NOTHING down, your cap cost goes to approximately 36900, which based on 8.25% sales tax and California figures, your payment is 36@695.83.
What is your credit score? that woudl be your only question here is if you actually qualify for Super Preferred instead of just Preferred. If you are within 10-15 points of 710 and perfect credit, they should be able to get you Super PReferred. If there is ANY derog and below 710, it will be tough..they have gotten a lot tougher on giving away Super PReferred rates even though they are not even very good rates to begin with, but thatis a whole nother story.
If they can get you to Super Preferred, you payment drops to 673.59...again..California stuff.
So it actually doesnot appear as though they are treating you too bad...just depends on that rate!!!!
MA sales tax is 5%. |
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| SDTS |
then they are definitely making some reserve. I imagine the upfront fees are not the same either...perhaps not as much..perhaps more? Do they do a high Doc Fee in MA? Only 45 here.
Tough when we only know "pieces" of the puzzle instead of the whole thing.
Well..no matter what Diesel......you kn wo what to go look at!!!! |
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| DieselDan |
quote:
Originally posted by SDTS
then they are definitely making some reserve. I imagine the upfront fees are not the same either...perhaps not as much..perhaps more? Do they do a high Doc Fee in MA? Only 45 here.
Tough when we only know "pieces" of the puzzle instead of the whole thing.
Well..no matter what Diesel......you kn wo what to go look at!!!!
agreed I did not have all the numbers, but i called the dealership today and i am awaiting the numbers.
i will post everything asap |
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| DieselDan |
well I just got off the phone with my dealership, and I CANCELLED THE DEAL
I called my salesman and he stated my cap cost was 36,699 which is wrong it is 36,000
My money factor was 00368 which is EXTREMLY high i was quoted a money factor for preffered at 00290.
he could not answer ANY of my questions so i told him to take a hike.
off to a new dealership~!~!~!~!~! |
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| SDTS |
You cap cost probably has the acquisition fee of 595 in it for Honda....most of the dealers put that in the cap cost, but it is actually Honda's money for taking the lease. Also, DON"T FORGET, you did NOTHING DOWN....that means the required drive off you are NOT PAYING is rolled back into your cap cost, hence why you are seeing a higher cap cost than you think you should!!!!
The rate is WAY too high, but preferred is 3.25, NOT 2.90...2.90 is SUPER Preferred and there is a diffeence.
Actually...that 699 on top of 36000 is PROBABLY your first payment that is required up front that you are NOT paying because you are doing NOTHING down.
I would talk to the sales manager, NOT the salesperson...most salespeople would NEVER be able to explain all of that stuff. You might be able to still make peace and get a good deal on the MDX from that dealer. Besides the rate, the rest is just a communication gap and lack of knowledge. |
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| DieselDan |
quote:
Originally posted by SDTS
You cap cost probably has the acquisition fee of 595 in it for Honda....most of the dealers put that in the cap cost, but it is actually Honda's money for taking the lease. Also, DON"T FORGET, you did NOTHING DOWN....that means the required drive off you are NOT PAYING is rolled back into your cap cost, hence why you are seeing a higher cap cost than you think you should!!!!
The rate is WAY too high, but preferred is 3.25, NOT 2.90...2.90 is SUPER Preferred and there is a diffeence.
Actually...that 699 on top of 36000 is PROBABLY your first payment that is required up front that you are NOT paying because you are doing NOTHING down.
I would talk to the sales manager, NOT the salesperson...most salespeople would NEVER be able to explain all of that stuff. You might be able to still make peace and get a good deal on the MDX from that dealer. Besides the rate, the rest is just a communication gap and lack of knowledge.
Thank you SDTS I really appreciate it, the sales manager is going to be calling me shortly. That makes sense the cap cost being 36,699 I paid the first payment which is 699.09
one question tho I have a credit score of about 670 but I have had some problems in the past with late payments (dumb). Could my dealership give me a higher rate on there own even though I was approved for preffered?
I am just very confused right now everything I have asked of this dealer i have been met with resistance. Now I am being told the car will not even be ready tomorrow and I will have to wait ANOTHER day. |
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| DieselDan |
OK new news They gave me a rate for standard when they should have given me a rate for preffered.
I am mad but i got to the bottom of this, I again want to thank everyone that has helped YOU JUST SAVED ME 50 dollars a month! |
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| SDTS |
YES....they can charge up to a point higher than what your actual buy rate is. 670 score would be preferred, which should make your rate 3.25 with no Security Deposit. Standard would have been 3.70....so they got caught trying to make reserve...no big deal...kudos to you for catching them. If they are willing to give you buy rate still, you just won the battle by being INFORMED and EDUCATED!!!!!
it's the same thing Mortgage Brokers do with your home loans. Nobody comes even close to putting them into the same category as Car Folk for trying to make reserve, but they should be if we are going to be fair! :D |
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| DieselDan |
quote:
Originally posted by SDTS
YES....they can charge up to a point higher than what your actual buy rate is. 670 score would be preferred, which should make your rate 3.25 with no Security Deposit. Standard would have been 3.70....so they got caught trying to make reserve...no big deal...kudos to you for catching them. If they are willing to give you buy rate still, you just won the battle by being INFORMED and EDUCATED!!!!!
it's the same thing Mortgage Brokers do with your home loans. Nobody comes even close to putting them into the same category as Car Folk for trying to make reserve, but they should be if we are going to be fair! :D
wait one second, because I am preffered i do not have to pay a security deposit at all????
I was getting charged a security deposit when i signed the first papers.
I agree all of this reading has deff saved me some serious money!!! |
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| SDTS |
no....my bad.
They can waive the security deposit and charge .10 higher on your rate.....3.15 goes to 3.25.
I am of the belief to waive the deposit. You have $1500 cusion at the end of your lease, so you really have no reason for them to hang onto $700 of your money!!!!! and the rate increase is so small, I just waive it. We waive it on all our leases for customers.
ESECIALLY in your case when you are putting nothing down, cause they are just going to add it to the cap cost so you are paying for it both in your cap cost and interest charges! |
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| DieselDan |
quote:
Originally posted by SDTS
no....my bad.
They can waive the security deposit and charge .10 higher on your rate.....3.15 goes to 3.25.
I am of the belief to waive the deposit. You have $1500 cusion at the end of your lease, so you really have no reason for them to hang onto $700 of your money!!!!! and the rate increase is so small, I just waive it. We waive it on all our leases for customers.
ESECIALLY in your case when you are putting nothing down, cause they are just going to add it to the cap cost so you are paying for it both in your cap cost and interest charges!
OK so I should have a rate of 3.25 and NOT be charged for a security deposit?
I think I was charged a security deposit AND charged the highermoney factor.
I will have to check the new paperwork when i sign for the truck on Thursday. |
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