Hi everyone, heres the story. I bought a 2007 accord sedan exl v6 navi and payed cash now 13,000 miles regreting it. I just saw the lease deals on acuras last week and that caught my eye. My question is the lease price at acuras website is that the lowest they will go on a lease price I havent gone to the dealer yet because I know I will walk out with a acura that kinda happened with the accord. I also wanted to know how do they handle a fully paid off car on a trade in onto a new lease? Thanks

 

i don't think you can trade-in more than 25% for a lease...someone correct me if i'm wrong...why not trade it in and purchase the rdx..finance the difference...shouldn't come out to too much per month and then you'd own the car once repaid...

 

Trading in a car you own and starting a lease is almost 2 seperate transactions. You are selling you car to the dealer. They are leasing you a new car. You have many options as to how to handle the equity in your current car.

Figuring your car is worth $15000 (just an arbitrary number that came in my head, I have no idea what they will give you).

If the basic upfront costs on the lease are $2000, you can take that out of the equity in the accord and have them cut you a check for the other 13000.

You could put an additional $1000 down as a "capitalized cost reduction" (essentially a downpayment that lowers your monthly payment) for a total of $3000 due at signing and get a check for $12000 back.

The thing you NEED to worry about is what they are selling the car for. Do not tell them you own the accord outright. They may try to sell you the car for window sticker and use all of the equity in the trade to lower the lease payment. If they do that you are getting hosed.

Negotiate the selling price of the car not the payment.

 

I dont want to buy this car I would rather lease it only because at this current time I need the money. Another dealer offered me $21,000 for the accord I bought it new for almost $29,000 with tax+tags. Iam going to go to the acura dealer tonight if they can give me $21,000ish for the accord and lease on the rdx tech for under $440 a month with the $3,000down for 36 months I will take it.

 

It has been my experience that CarMax is much more competitive when it comes to buying your existing vehicle. If one is within driving distance, I would definitely take it by CarMax first before doing ANYTHING with the dealer.