Ro_Ja Boy

I see the thread about what kind of pricing people are getting on the 06s, but what are people getting on lease deals right now? List options, down payment, residual, and payments please.

LMK if there is a thread where I can find this.

badstsx

There is a Acura National special lease on the 2007 models but not the 2006's. I ont know of any dealers in SoCal that still have 2006 models in stock.

slfmade

please dont lease a car, there are so many reasons, here is a quick very generalized paragraph about leasing but just pleast dont

A lease is often the most expensive way to "buy" a car. Of course, you are not really buying anything. You are just renting the car, and when the lease is up you have to return it in good condition with no more miles on it the agreement states. Consumer Reports tells us that most dealers actively push leasing--and that leasing offers "far more opportunities for dealers to make money."(Consumer Reports, April, 1998, p. 20.)
Some simple math will illustrate one pitfall. You have to pay for every mile you put on the vehicle over the mileage allowance specified in the lease. Typically leases specify a maximum of 15,000 miles, but sometimes this can be as low as 10,000 miles per year.(Consumer Reports, December, 1997, p. 33) If you put just 5,000 miles more per year than a 36 month lease allows, and you have to pay 18 cents per excess mile, you will owe $2,700 when the lease ends.
In addition, you have to return the car in good condition. One fourth of leased customers that Consumer Reports surveyed reported that "they faced lease-end charges, paying as much as $1,500 to replace worn-out parts, including brakes and tires, and up to $1077 for so-called excess wear and tear, including dents, scratches, and burns."(Consumer Reports, December 1997, p. 33)
If you have an accident during the lease it only gets worse. If the car is gets stolen or totaled, your insurance will only reimburse you for the car's market value. If that does not pay off the lease and all of its charges, you will still owe the difference.

calgary2800

What about my situation. I got 1.9 interest for 3 years on my lease and I plan to buy it out at the end of 3 years anyway so the high miles I put on do not matter.

Where do I lose leasing vs buying? Buying per 60 months or 72 I would have had to pay interest on the entire car at higher than 1.9 interest.

Ro_Ja Boy

Im sorry, I meant the 07s. What have people been getting for 07 leases? I am going to lease the car. I change cars very often and will be done with it for sure within 3 years. Im going to do 15k miles per year and won't have a problem staying below that, especially since I will have my S2000 as my weekend car.

Ryan

TSXEd05

I think it just depends what situation you're in if leasing is better than buying. I personnaly don't lease my vehicles, I buy them. My wife on the other hand, has leased the last 3 cars she has driven. She likes to have a new car every few years and leasing lets her do that without being upside down in a vehicle after only a few years of ownership.

We have never gone over the mileage and have never had to pay end of lease charges for "worn out parts". As far as your insurance quote in your post, a little research by the buyer on GAP insurance should get them pointed in the right direction. Anyone who leases a vehicle should get GAP insurance to cover the loan amount and not the market value of a leased car.

Also, not all leases are the same. Don't go by what the sales person tells you, READ the paperwork! It's just like making any type of big purchase. Do a little research and be knowledgeable about the product you want to buy. Go online to any vehicles manufacturers website and read the fine print about their financing. If you go to a dealership educated about their product you are less likely to get screwed on the deal.

CGTSX2004

iTrader: (1)

Next person that posts a "please don't lease" comment will have their post deleted.

There are enough lease vs buy debates and I am sick of hearing about it.

Ro_Ja Boy

Thanks for the info TSX. I know the differences between leasing and buying. I'm not going to keep the TSX more than 3 years, so I don't want to buy. I need to call my insurance company to see what insurance is going to be and will talk to them about GAP insurance. In the meantime, can someone please tell me what deals theyre getting on leases?

Reach

Says the leaser


Leasing does make sense for some people, while buying makes more sense for others. It is irrational to make snap judgments about what another person should choose as their ownership strategy!

calgary2800

" NEVER LEASE" comments are dumb, on cars that need to be moved fast the interest rate is often lower than the buy rate and how is it throwing money away when at the end of the lease you have paid down the car and can buy it out anyway or refinance?

If you buy a car normally you have to pay it down anyway also?

Where is the hugh loss with leasing?

rb1

As with all things, there isn't always a "one size fits all" answer, but I just recently asked the same question.

It's quite possible that your car isn't actually worth the buy out price at the end of the lease, for example. Also, the lease "interest rate" may be lower than the buy rate, but that doesn't necessarily mean you pay less interest over the term of the lease (especially for a buy loan of 4 years or less).

I think that, in general, if you were planning to buy the car anyway, that it's possible to do a "lease up front then buy later" that is financially to your advantage. But you need to be fairly well educated about leasing and know what you are doing. It's not an automatic thing by any means.

rb1

Here's a cool lease versus buy calculator:

http://hffo.cuna.org/012433/article/222/html

Even with the current $299/month lease deal on a TSX and a price of $27K, the cost of owning the car for 3 years can be less -- by somewhere between $500 and $1000 per year depending on depreciation -- if you bought it outright at 5%, no money down and then traded/sold it after 3 years versus the lease deal.

badstsx

Im sorry but you are so wrong. AHFC has gap coverage on all there leases and in that case if your car gets stolen or in an accident you walk away not owing anything. I had a 2004 honda civic that I buried into my lease and I totalled it and walked away not owing anything. Who says you have to return it. You can trade it in if you want weather its 1 year from your end of lease or 2 days before.

Reach

Perhaps what might be more useful is a thread like the "owners" thread for lesees, where they detail the terms and payment of their leases. It seems Honda has something of a cyclical nature to their lease schedule and when they do deals, so it might help people pick the best time of year to look for the best lease deals.

Ro_Ja Boy

Forget it. I'll just get in touch with Planet Acura within the next few months to set-up a lease deal.

badstsx

Like I said before. GAP is included with American Honda Finance and almost every bank.

Ro_Ja Boy

I saw that after I posted. Thanks for that heads up.