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Hi, people. I've been reading the posts here for quite sometime and I finally decided to post. I am going for a new car or SUV in November when my lease is up and was originally thinking of the new TL Type-s. I drive an SUV right now, the Honda Passport, and it's not exactly the greatest vehicle out there. The ride is sometimes wayyyy too harsh. So I was skeptical about getting another SUV. Anyways, after eyeing the MDX for quite a while now ( since it came out ) and after finally test driving one, I think I am sold on the MDX. When I went to test drive it, I also asked how much would be the lease from them. Tell me if you guys think this is reasonable for an MDX Base /w Nav: $5000.00 Drive-off, $540 a month incl. tax, 15,000 miles a yr. I know the leases are not that great on this SUV but is this a bad deal? I have around 9 months left before I actually get one, so I'm not in a hurry. You can never plan too early ( plus I'm also waiting eagerly for my current lease to end ). Sorry to make this post so long...and I do envy those who have this fine SUV...thanks.
Kitt9000 |
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| I'm no lease expert but I had a 20k miles/year lease on a loaded Ford Expedition for approximately $3000 down and $379 a month for 36 months. It was a pretty good deal I thought. $540 sounds a bit high to me, but compared to what others on this board are getting it sounds in line. (Not sure about the $5k down though..) |
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That sounds steep to me, and quite frankly you should be comparing lease deals with -0- down/cap cost reduction so it's apples to apples.
BTW, what's the cost of the car on that scenario? I bet it's MSRP plus $2k or $3k based on those numbers.
Go to http://www.carsdirect.com and build your MDX. Their lease calculator is pretty accurate. You might need to modify the lease assumptions, since as I recall they assume a 20% cap reduction.
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Hi there!
I myself plan to purchase my MDX in about 9 to 10 months, but have done tremendous research on leases etc. This doesn't sound to be a good deal at all. First off, remember you should put AS LITTLE DOWN AS POSSIBLE on a lease. Eg. if your car gets stolen you just LOSE the down payment completely and "gap" will not cover it. Here's what I plan to do (and I personally feel this is the best way to go about it): Negotiate the best price at a dealership (hopefully when you are ready to buy the prices should be somewhat negotiable) and then go to http://www.leasecompare.com - and give them the negotiated price and they will give you a lease figure based on the negotiated price. I've found their quotes to be excellent. Here's what I was quoted by them based on my parameters:
Negotiated Price: $39,450 for a Touring+Navigation (at this time of course they're selling at full MSRP)
Term: 60 months
Mileage: 12,000 miles/year
For the above they quoted me a money factor of 0.0029 with a monthly payment of $540/month (excluding sales tax - differs depending on which State your in) with $1600 down total. The shorter the "term" the higher the monthly payment. A Base vehicle is almost $4000 less and should have a substantially lower payment.
The only catch about financing through http://www.leasecompare.com is you have to have an excellent credit history (usually a credit score higher than 700 is required)
Good Luck !! :)
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As a matter of fact, I leased my For Expedition back in 1997 with a four year residual value of 12,000 miles per year at a 60% residual. This was phenomenal. There are only a few cars that can touch this residual now like a Boxster and a TT. Now the same deal on an Expedition is a residual value of 43%. The MDX has a 56% residual value for the same miles/timeframe. This is the best in the SUV market and there are very few cars out there that can touch that number. I’ve actually read about some folks quoting 62% over this duration. So, I think your numbers are high. You expectation are low. Shop your lease as hard as you look for and MDX.
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Pay NO money down if possible on a lease. Give them the first payment and do NOT give a security deposit. The security is your credit rating, not $600.00. That $600 security deposit is just another scam to make money on with interest over a three year or whatever period. I was told no way to lease without a security deposit...BUT, I was prepared to walk away if they stuck to it. I got the MDX WITHOUT a security deposit and no money down. Paid only the first payment...$644(includes tax)...15k miles/36 months.
IF you like to drive a new vehicle every three years, a lease is the way to go...no doubt about it.
OF course, leasing is not for everyone as you have to take good care of the vehicle and your mileage numbers should be close to what you drive going into a lease.
D E Pearl Touring |
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Thanks for all the input you guys have given. I'm convinced that the quote I received was high and will shop around. If any others of you have leased, I would appreciate if you could post how much you got it for. I am sure some other members would also be interested to know what others have leased for. Thanks...again.
Kitt9000 |
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| I can get you exact lease numbers based on current rates and residuals. The numbers you have been quoted are a joke.I work at an Acura dealership in Alabama but I'll be happy to get you lease figures if you wish based on MSRP |
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| I would be interested in seeing the lease figures. Could you, at least, post the figures for MSRP, nothing down, 4 years, 15K miles/year. |
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I just received my MDX yesterday!!! This is my first post, though I've been reading threads on this forum since I first placed an order in Dec.
Unfortunately, I live in the SF Bay area, and many of you know that MDX availability is minimal and price-gouging by area dealers is maximal around here. I placed 3 deposits back in Dec. for MSRP (Solano), 2000 over (Concord), and 3000 over (Oakland) at 3 different area dealers. The quotes on a 48 month/15K lease with 0 down ranged from $600 to $725 (depending on how much over and how many accessories) plus tax. I was told back in december that the wait was about 6 weeks (I realize now that the dealers were just saying this to get my deposit). After 8 weeks and no adequate response from the dealers, I went to http://www.odometermiles.com
They're affiliated with United airlines and gives United miles for automobile transactions (9860 miles for this MDX!). I put in a quote for a lease and they referred me to http://www.autoflex.com a leasing company in Texas. They promptly (1 day) found the exact car I wanted in Mississippi and a bank in Alabama with very low interest rates. My lease for 48 months/15k/0 down was $625 plus tax for a Tour/Nav with running boards, wheel locks and cargo cover. Did all the paperwork by FedEx. I had a little problem with the auto transport company...they took 2 weeks to deliver when they said it would by 4-5 days. Autoflex says they'll take care of that by either adjusting the initial lease date to when I actually took got my MDX or give me a refund for 1/2 month's lease if the bank won't adjust the date. We'll see if they carry through on that.
It's probably not the best lease around, but better than most in the SF bay area...and I actually have my MDX rather than still being on the perpetual waiting lists!!!
Great ride...got 3 thumbs ups from others on my first drive!
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Kitt9000,
Here's another point of reference for you. I currently have a 36 month, 15,000 mi/yr lease on a 1999 Yukon. The monthly lease payment is $524 with no money down, 7% internal rate and 70% residual value. The lease price of the Yukon was $34,600 which is very close to the base price of an MDX. This lease included taxes, title and all other fees associated with the purchase. If you think you may want to keep the vehicle at the end of the lease, finance don't lease. If you want to have a new vehicle every 3 or 4 years and don't drive more than 12k-15k miles, conserve your cash and lease. Also if you lease, make sure you really want to keep the vehicle for the entire term because you will take a haircut if you try to trade it in sooner. In my case, Marshall & Isley bank who has the lease will not allow me to turn the vehicle in sooner than 14 days before the end of the lease. Other leases I have had were not this restrictive so read the fine print carefully before signing. |
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I am still waiting for mine, so the FINAL price may be different a little. But here is the quote (actually signed agreement w/500 down) from Hillside Acura in
Long Island, NY:
48mo/12k/$0 down - base MDX - $505 (incl. tax)
upfront = 1st mo./sec.dept/handl.charge/reg.&lis.pl.fees
I want to add run.boards/roof rack/mud guards/s.roof deflector, but it's a lease and to pay over $800 in accessories for it? I'll wait and see.
Frankly, as the economy cools down so is my interest in the truck (wait is too long!).. and the Lex dealer next door is very willing to cut $4-5k off the msrp's for a loaded awd rx ($39k vs $34) for the same terms. |
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