| Gianboy |
Went and test drove the new 2007 MDX (Sport/Ent) on Tuesday. Thought it looked much better in person than in the pictures and is a very tempting choice at the moment (the technology...setting aside the dinky rearview mirror and the omission of automatic key...is outstanding). Considering leasing (this will be my first lease ever) and was wondering if any forum members have received any lease quotes yet. I have asked for one (3 year, all costs capitalized, highest credit rating) and will be happy to share the information when I get it, but was hoping to compare with others to see if it is a good deal.
Thanks. |
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| My07MDX |
| I have just leased one with all three packages (Tech, Sport & RES) and the breakdown came to $695/month with NO money down, 48 months@12K/yr. The money factor quoted was .00290 and residual at 62% for a 36-month lease and 52% for a 48-month. |
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| Gianboy |
| Wow, that seems better than the quote I received. I had asked for no money down, but the guy ran the numbers with $3,000 down, 36 months, 63% residual and .00293 money factor and came up with $793 per month. I had also asked for the same specs (Sport + Ent). Suffice it to say I asked them to go back and recheck the numbers and come back with something better. I'll check and see if 48 months makes a big difference as well. Thanks. |
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| My07MDX |
I've been leasing vehicles since the late 80s and have learnt that it only makes sense if you lease high-end, popular vehicles with all options. 48-month lease makes sense because the payments are lower and that the residual is normally only about 8-10% lower than the 36-month (with the MDX — residual on a 36-month is 62% and 48 is 52%).
Every lease that I've had with the last five vehicles were 48-month ones and yet I never kept them for more than three years (I had three Lexus RXs — 99, 01 & 04 and two Pacificas for my wife — 04 & 06). From my experience, if you lease a high-end, popular and fully-loaded vehicle, the actual depreciation is usually lower which makes the car worth more than the payoff figure by the end of the third year. What I do is either sell the car out right to pay off the vehicle or trade it in for a new one. For example, my 04 RX330 is currently worth $28,810 (Kelley Blue Book — good condition) and the payoff on it is only $27,327 (the average retail on it is $31,690); so I actually got good money back from either a trade-in or sale! |
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| JeffK |
Dear My07MDX
I see you are relative "newbie" - welcome to the board!
From the money factor, .00290 (6.96%) and residual of 62% for 36 months and 53% for 48 months, the '07 will be relatively expensive to lease.
Neither the money factor or residual are factory supported.
As many of you know, I have posted extensively on leasing, and my experience is different from that of My07MDX.
It is a rare occurrence to have the buy back lower than the market value.
Almost invariably, you are always upside down.
JeffK |
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| My07MDX |
Obviously I must qualify my comment by saying that my experiences have mainly been with the Lexus RX models ~ if the resale value of Acura is not as good as the Lexus, then, of course, you've got a point and I'd be very disappointed!
Also, how many miles you put on the vehicle and how you drive it would determine what kind of resale value you have as well.
All I'm saying is that it's possible that you could accumulate equity if you included all the popular options up front and took excellent care of your vehicle.
BTW, the residual and money factor quoted were from American Honda Finance Corp. (Honda Lease Trust). |
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| My07MDX |
Obviously I must qualify my comment by saying that my experiences have mainly been with the Lexus RX models ~ if the resale value of Acura is not as good as the Lexus, then, of course, you've got a point and I'd be very disappointed!
Also, how many miles you put on the vehicle and how you drive it would determine what kind of resale value you have as well.
All I'm saying is that it's possible that you could accumulate equity if you included all the popular options up front and took excellent care of your vehicle.
BTW, the residual and money factor quoted were from the American Honda Finance Corp. (Honda Lease Trust). |
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| Type34 |
I agree that it is very possible to have positive equity in a leased vehicle. Obviously the pos/neg equity factor is unique to each lease case, but in my experience, Acuras hold their value extremely well.
My 2003 TL Type-S lease (12K, 36-mo) was due up in August 2006 and had a residual payment of $17,560. I put it in the OC AutoTrader and got about 15 calls at $20,995. But I couldn't bring myself to sell it, so I bought 18's for it and now love it even more :)
My payment must have been large for that low residual amount, right? $343 + tax with $1850 total drive-off. The deals are out there...
I have also leased many vehicles and know that leasing requires the right location, timing, and patience!! I personally would wait 6-12 months prior to acquiring an '07+...the low supply and high demand are too much in Acura's favor right now...formidable competition and a lack of a V8 (X5, ML) will cause Acura to remain competitive with the MDX deals after the initial demand dies down... |
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| ppatel19 |
Hows this one sound?
2007 MDX with Technology Package and Entertainment System. 12,000 miles/year are allowed
36 x 851 (zero down) 773 (2500 down) Residual value is 28,746
48 x 776 (0) 716 (2500) Residual value is 24,110
In addition to the money down quoted above, must put down the first payment and license fees. For example, the total due at inception for the 36 month x 851 payment would be 851 for the first payment plus 143 for license/registration.
I only ask becuase Im new at this and must fully understand what may be best to do.
00325- 36 or 42 months
.00315- 48
*credit score of 660 or higher needed
If your credit score is 710 or higher, here are what the factors will be (called "Super Preferred):
.0029- 36 or 42 months
.0028- 48 months |
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| My07MDX |
Let me give you what my terms are (Tier 1 credit) with all three packages (Tech, Sport & Entertainment):
No money down
12k miles per year
48 months @ $695
Residual $25,202
Plus they are also throwing in a set of roof racks and rails. |
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| Gianboy |
My07MDX,
How did you get that deal? Was there also a lease trade-in or some other variable? I'm still negotiating, but haven't come close to your deal. What is the sales tax in your state?
Thanks. |
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| My07MDX |
| No, I didn't trade any vehicle in for the deal. I got it in the State of Florida which adds a 6% sales tax to the monthly payment ~ but I live in Virginia which charges 3% upfront for sales tax. |
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| SDTS |
well...i jusat worked out the lease..and if those figures are correct...that equates to about $2000 off MSRP. Hard to believe that you got a deal like that with the delay that is on Sport Entertainment models. But I suppose depending on region. anything is possible.
Great job on getting that deal, but for everyone else, I would not use it too much as a measuring stick right now, as that really is going to be the RARE deal right now, not anywhere close to the norm.
Most stores, due to availability on limited ordering ability of this model, are looking at Feb and beyond for delivery dates.
Something else to think about.....42 months the payment is only $10 more per month....so if you don't want to stretch out the liength too much for payment, 42 months is a good option, but 48 months will probably put you in a more equitable situation due to the lower residual. |
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| td284 |
| One thing to be aware of on any lease deal--they are generally so complicated that it becomes very easy for a dealer to add some stinky to what you thought was a good deal. Look over the paperwork VERY carefully, do your homework and watch out what you sign for. If it sounds too good to be true.... |
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| maddacura |
| I was able to get it for $575 with tech and sport package. If anyone in the NW is interested please feel free to email me at maddtrek1@yahoo.com and I'll try and help you out. |
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| JeffK |
$575 seems like a very good deal.
How many months and mileage per year?
Did you put money down?
Is tax included?
JeffK |
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| maddacura |
| 36 months, 10k miles and $2200 down. For a 42 month lease it was about $30 cheaper per month. I also got a bunch of extras. I will post pics tomorrow. |
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| JeffK |
You posted:
36 months, 10k miles and $2200 down. For a 42 month lease it was about $30 cheaper per month. I also got a bunch of extras. I will post pics tomorrow
Was sales tax included in the $2200 down? If so, how much was the sales tax?
Also, if you had an option, other than lowering your monthly payments, why did you elect not to put the tax into the monthly payments?
I think this information will help others as guide as to the lease prices.
JeffK |
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| maddacura |
There's no sales tax in Oregon. i recently moved from NYC to Oregon, for work.
So after making the deal, I made some changes at pickup. Decided to go with 12,000 miles which changes the residual 1%...figured it out and it came to $0.07 a mile upfront. Got running boards and a few other options...$585 a month total. |
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| JeffK |
Am I then correct in asuming the $2200 was a cap cost reduction?
JeffK |
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| Piaa 2001 |
Has anyone in the NYC area received a good deal on a lease?? I went to my local Acura dealer in Westchester and these were the numbers as follows:
Tech Package @ 61% residual for 42 months with 10k miles
Tech/Ent Package @ 59% residual for 42 months with 10k miles
Money factor is the same at 0.00270 or 6.5%
Bank fee from America Honda Finance Corp. is $525.00
Security deposit waived due to a returned customer
$500.00 off of MSRP on both packages - that's it :eek:
I have three months to go on my current 2003 MDX and want to keep my payment no more than $550.00 a month plus sales tax.
I paid MSRP for my '03 MDX and will not do that again - any ideas would be great!! :2: |
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| JeffK |
WAIT!!
Remember, do not get suckered into a lower payment by making a cap cost reduction!
Personally, on a $40,000 plus car, with NY State tax included, I do not think you will see payments south of $600.
I too came out of my '03, 48 months, 12,000 miles, no money down, but at MSRP, $497 per month.
My '06 for 36 months, 12,000 is $517.
So I do not think you will see below $600 on the '07 for quite a while.
JeffK |
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| maddacura |
Hey Jeff,
It was as low as $499 a month and then $550 with tech/sport.
Mine included...
No tax (OR)
MDX with Tech/Sport
12,000 miles ( changed residual 1% - 64%)
Running Boards (considered hard add - part residualized)
Cargo Net, Cargo Tray, Wheel locks, Mats, rubber mats (soft add, not residualized)
So I'm paying $585...$3400 down (cap cost, first month, security, etc)
I know how to work lease rates...when I got my E500 3 years, the sales price was $74,000...have every option included. My payment was $690 a month and that was leased in NY. |
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| JeffK |
Love the picture!
The $550 in NY would be well over $600 with tax. Then to this, we must add back the cap cost reduction.
I suspect this would lease out close to $700 per month in New York, rolling the bank fee and NY State sales tax into the lease. As a returning Acura lessee, the security deposit is waived.
JeffK |
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| Piaa 2001 |
Can you tell me what dealership gives the best rates for NY??
I will be willing to drive anyhwhere to get a better deal than $500.00 off MSRP
:confused:
I still have three months to go on my current MDX and was told by my local dealer that if the Black w/ Ebony Tech/Ent is what I want, it could take up to 6 weeks to take delivery
Thx for your help :4: |
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| rannyk |
When I hear that someone leased an MDX for $575 a month it means nothing really. There are certain factors that go into the lease and as long as you know what they are then you can deal from strength.
You need to know the MSRP, Money factor, Residual etc.
Just saying $575 doesn't help. Was it for 4 years, 5 years. Pretty sure it wasn't for 3 years.
The current factors for a 36 month lease are .0029 money factor (6.96%) with good credit, 63% residual, this is at 10,000 miles per year.
My deal is:
Cap Cost of $45,365 which is $1,000 off MSRP
I'm putting down $2,000, which makes adjusted Cap of $43,365
Down is my option.. and reduces payments.
After reducing by 63% (residual ) and then applying the money factor of .0029 and adding 8.25% tax - my monthly payment is $653.46. This is for a 07 MDX tech/res.
You can beat this only by getting more off MSRP. It would also be lower if it was 4 or 5 years or if you put more down.
Go to www.lease.com and use their lease calculator and you can figure your own lease |
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| JeffK |
Good post.
Before you put down $2,000 suggest you check out my many prior posts.
Putting money down on a lease is to be avoided.
JeffK |
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| rannyk |
Jeff K
Regarding your comment about avoiding any down. I agree that putting a lot down on a lease defeats the purpose of a lease.
I was putting $2,000 down just to keep it under $700 per month, for no particular reason.
By putting down the $2,000 my payment is $653.46 and the total lease cost is $25,690
If I put 0 down then the payment is $719.88 and the total lease cost is $25,916. $220 lower.
Then again when you figure the interest lost on the $2,000 over 3 years - zero down is a little better.
It would be even better if you would give me the name of a stock that is about to double or the name of a winning horse. I could out the $2,000 there and it would be no contest.
I will probably end up doing zero down- now that you have made me sharpen my pencil. Thanks.
For you guys new to leasing - the lease calculator at LeaseGuide.com really makes it easy. |
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| JeffK |
Check my prior posts:
1) Any money you put down in the event the car is stolen or in an accident and totaled is lost. This is the number one reason not to put money down. Similarly, you should not pay taxes up front, bank etc. - all are lost in the above scenario. Put as little down as possible.
2) Just calculate a return of 5% on the $2,000. That is $100 lost per year. Add that to you lease cost.
JeffK |
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| Anmopohatard |
Crap
BAN USER |
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| diamondg |
| I hope that the FEBRUARY lease rates for the MDX are better than January's, and more in line with the Q7. The current money factor on an Audi Q7 premium model is .00038 (or .9%)!! The MDX lease rate for January was over 5 times that of the Q7. It may be less expensive at this point to lease a 52,000 dollar Q7, than it is to lease a $45,000 MDX. |
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| Ed455 |
Just got lease quotes in Atlanta on an '07 MDX:
Base Model
42 months, $3400 out of pocket (includes $1K cap reduction)
$497 plus tax per month
Residual 58%
Tech Package
42 months, $3400 out of pocket (includes $1K cap reduction)
$568 plus tax per month
Residual 56%
Money Factor was .0029 on both. Price on both was $1K off of MSRP (before additional $1K cap reduction)
Notice how the residual dropped by 2% on the Tech. Sales guy told me that adding the Sport, Tech and/or Entertainment packages tends to kill you on lease prices with Honda Financing. He said that even though the packages are expensive on the front end, the continuing updates to technology over the life of the lease means that they hardly hold any value. The increased price means that you're paying almost $3K to "borrow" the NAV system for 42 months. Compare this against the $3,500 cost of the Tech package, and it's only holding 15% of it's original value. Ouch!
Of course, if you really want the Tech package, none of this means anything to you! :D
The lease on my current '03 MDX Touring expires at the end of May. I'll be curious to see if the money factor and residual numbers change for March. |
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| JeffK |
Just a couple of thoughts:
1) Based on what others have been posting, you should be able to do a lot better than $1000 off of MSRP.
2) If you have not read my prior posts on leasing, suggest you do so. In those posts I go into detail as to why you should never pay a "cap cost reduction" and try to roll all expenses, including taxes, into the lease.
3) As to residual difference, again I have previously posted: All extra above the base hold only a fraction of their value. If you go to www.kbb.com and check out the wholesale (trade in price) of a base '03 MDX vs. a nav., you will see very little difference.
JeffK |
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| Ed455 |
Jeff - Thanks for your response. I will check your postings on leasing. The main reason I wanted to put the posting in was to respond to something that My07MDX said towards the beginning of this thread:
I've been leasing vehicles since the late 80s and have learnt that it only makes sense if you lease high-end, popular vehicles with all options.
That price was my initial volley talking with a dealer and salesperson I've used before. I didn't even ask - he just started at $1K off MSRP. I'm looking forward to driving the price lower - especially based on all the good advice from everyone here about the great deals they've been getting.
Thanks again! |
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| My07MDX |
quote:
Originally posted by Ed455
I've been leasing vehicles since the late 80s and have learnt that it only makes sense if you lease high-end, popular vehicles with all options.
What I meant by what I said was that by the end of the lease, the Bluebook value should exceed the residual if your car was loaded ~ this surely happened to all three of my Lexus RXs!
In other words, you'd be able to sell the car yourself and pay off the lease with enough leftover to make up for the lease difference. |
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| JeffK |
I realize that has been your experience, but that is not the norm.
What that means is that the residual was so low that at the end of the lease you had equity in the car.
This is the result of very high monthly payments - where the monthly payment part of the depreciation exceeded the actual depreciation.
JeffK |
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| Ed455 |
My07MDX offered up some great information on leasing as well, and certainly seemed to have a good run with the Lexus RX. Heck, if the RX had a 3rd row seat (as it's supposed to next year, from what I've heard), I'd seriously consider getting one.
Based on the My07MDX comments about loading up a leased vehicle, I was excited about the possiblity of getting a Tech MDX instead of the Base model. However, when I saw the numbers on the Tech lease, I was really disappointed. It's too bad that the depreciation had to take such a hit on the Tech model.
On the up side, if I negotiate well enough, I might be able to get a Tech at close to the MSRP (and payment) of the Base model. That's my goal going forward!
Thanks for your help and comments, JeffK and My07MDX. |
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| My07MDX |
quote:
Originally posted by JeffK
I realize that has been your experience, but that is not the norm.
What that means is that the residual was so low that at the end of the lease you had equity in the car.
This is the result of very high monthly payments - where the monthly payment part of the depreciation exceeded the actual depreciation.
JeffK
Actually I prefer to think it all has to do with the high resale value of certain high-end models ~ mainly because I didn't pay any higher lease payments than others.
What most people don't realize is that they can actually sell the vehicle themselves and pay the lease off and pocket the difference! |
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| Ed455 |
I dropped off my TL Type-S for the 75K service this morning (and had them check the tranny again - don't get me started on that one!).
They gave me an '07 Nimbus Gray/Ebony MDX Tech/Ent to drive for the day. What a sweet ride! Performance is good. It's raining like crazy here in Atlanta today, and the MDX felt very sure-footed on the road. Looks like a sports car inside. A lot has changed since I bought my '03!
Looking forward to wheelin' and dealin' on MY new one! |
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| jeme |
To My07MDX
How did you like the RX300? I am considering a 2007 RX350 with Navigation, but no Mark Levinson sound system.
I am comparing that to the 2007 MDX tec possibly with RES.
I know this is a bit off topic - but can you briefly comment on a comparison of the vehicles and possibly the service/purchasing/dealership experience Lexus vs. Acura?
Thanks so much! |
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| My07MDX |
quote:
Originally posted by jeme
To My07MDX
How did you like the RX300? I am considering a 2007 RX350 with Navigation, but no Mark Levinson sound system.
I am comparing that to the 2007 MDX tec possibly with RES.
I know this is a bit off topic - but can you briefly comment on a comparison of the vehicles and possibly the service/purchasing/dealership experience Lexus vs. Acura?
Thanks so much!
Before I had my eyes on the 07 MDX, I had actually ordered an 07 RX350. But after I compared the two, there was just no doubt in my mind that the MDX is a much more technologically-advanced model and I canceled the order!
After having leased three RXs, I realized that the 07 is pretty much the same vehicle as the 04, except with a slightly larger displacement engine (350 vs. 330) ~ other than that, everything else is almost identical (even with the Performance Package)! The new model year is not out until 09 (at that time I'll re-evaluate).
However, the 07 MDX has the Super Handling AWD and real-time traffic, and I think the GPS is also much better and more flexible than the RX. In fact, I've grown to appreciate the knob more so than the touch-screen! But I think what sold me the MDX is really the styling which is much more aggressive and sporty ~ especially with the twin exhaust! |
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| jeme |
Great thanks. Yes the styling on the RX is getting a little long in tooth. I am also looking at the Mercedes ML320 CDI - but heck the reliability ratings came out today and Mercedes was at the bottom of the list.
Yes the acura nav systems are some of the best - I too prefer the knob to the touch screen. I wish they would have added the RL's keyless entry to the MDX - it is awesome! No keys!!
Can you tell me a little about how the MDX sound system compared to the RX300/350 - not sure if you had the Mark Levinson system or not.
OK - thanks.
One last question - what should I target as a fair price on an MDX with Tech and RES? I was thinking in the range of $42500 to $4400, that allows a dealer his holdback and a small to 4% profit.
Thoughts? No real confident that I can buy one for this..... |
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| My07MDX |
quote:
Originally posted by jeme
Can you tell me a little about how the MDX sound system compared to the RX300/350 - not sure if you had the Mark Levinson system or not.
OK - thanks.
One last question - what should I target as a fair price on an MDX with Tech and RES? I was thinking in the range of $42500 to $4400, that allows a dealer his holdback and a small to 4% profit.
Thoughts? No real confident that I can buy one for this.....
The stereo does have some great sounds but the lack of features remains a big disappointment ~ it doesn't even have text display capabilities for FM stations!
Since I was one of the first ones to get the 07 MDX (10/14/2006), I had to pay full sticker price for it (even though I had about a $1000 worth of accessories thrown in). If you read through some the threads here, I'm sure you can get a pretty good idea what the Tech with RES is going for now. |
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