Did I mess up? [Lease 2017 TLX SH-AWD]
03-17-2017, 05:43 PM
#1
Did I mess up? [Lease 2017 TLX SH-AWD]
Hey guys, I live in Canada and my Honda Accord lease is up in May. I went to an Acura dealer today because there was this promotion:
I have to make a decision tomorrow, as the salesman and manager are obviously pushing me to buy it. They wanted me to put $2000 deposit, just to hold the deal. I wasn't going in today to make the choice, so of course I said "not yet". Then the manager said, "OK you can put $500 to hold the deal, and come back tomorrow to make your decision after discussing the numbers with family and friends....PLUS I WILL GIVE YOU $500 incentive...this is not the final deal, as we can talk about the numbers tomorrow as well", So in total, I have $4500 off, prior to the manufacturer's $4000 incentive. The manager told me that even though the promotion is done at March 31, Acura could still cut off the promotion if they sold all the TLX models this month. Sounded like BS to me, but ok...I went with it. I know they were pushing me, and I put $500 only knowing that I can have it refunded back if I say "NO" tomorrow, otherwise I would've walked out. I also did not sign a thing today.
These numbers aren't finalized. I know many people are not fond of the down payment, so I might pay $0 instead and have the monthly payment being paid more. So how do you guys think of the numbers and the promotion itself? (May put $0 down payment and use 12,000km/y instead) It seems good for a V6 Acura, but the sales tactics were fishy.
Thanks!
- 0.3% lease rate for 30 months
- $4000 incentive on SH-AWD model
- Free maintenance and oil changes
- 30 month lease
- $5000 down payment (real number is $4,400 before tax)
- 16,000km/yr
- $408.98/m
- CTD $6120.62
I have to make a decision tomorrow, as the salesman and manager are obviously pushing me to buy it. They wanted me to put $2000 deposit, just to hold the deal. I wasn't going in today to make the choice, so of course I said "not yet". Then the manager said, "OK you can put $500 to hold the deal, and come back tomorrow to make your decision after discussing the numbers with family and friends....PLUS I WILL GIVE YOU $500 incentive...this is not the final deal, as we can talk about the numbers tomorrow as well", So in total, I have $4500 off, prior to the manufacturer's $4000 incentive. The manager told me that even though the promotion is done at March 31, Acura could still cut off the promotion if they sold all the TLX models this month. Sounded like BS to me, but ok...I went with it. I know they were pushing me, and I put $500 only knowing that I can have it refunded back if I say "NO" tomorrow, otherwise I would've walked out. I also did not sign a thing today.
These numbers aren't finalized. I know many people are not fond of the down payment, so I might pay $0 instead and have the monthly payment being paid more. So how do you guys think of the numbers and the promotion itself? (May put $0 down payment and use 12,000km/y instead) It seems good for a V6 Acura, but the sales tactics were fishy.
Thanks!
03-17-2017, 06:42 PM
#2
personally I would not lease due to mileage restrictions.... I put 15 to 20K miles a year on my car...
03-17-2017, 07:01 PM
#3
However, do these numbers look good? I might be able to strip some more money off tomorrow.
03-17-2017, 07:25 PM
#4
Did you mess up? No, not yet. If you feel like you need more time to think, then do it. ANYTIME you make a large choice under pressure you will end up dissapointed and upset after. You should never feel pressured by a dealer to do things, take your time, drive other cars. I hate to say it but there are some sick cars coming out of buick right now, if you don't need fwd go and see the lease deals on the optima and cadenza...etc. Go look around and if you have tried other cars and this was the only one you liked, then you can feel good about your choice.
03-17-2017, 08:57 PM
#6
Instructor
Did you mess up? No, not yet. If you feel like you need more time to think, then do it. ANYTIME you make a large choice under pressure you will end up dissapointed and upset after. You should never feel pressured by a dealer to do things, take your time, drive other cars. I hate to say it but there are some sick cars coming out of buick right now, if you don't need fwd go and see the lease deals on the optima and cadenza...etc. Go look around and if you have tried other cars and this was the only one you liked, then you can feel good about your choice.
03-17-2017, 09:04 PM
#7
Senior Moderator
iTrader: (1)
I don't like putting money down on a lease, especially 4400!
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03-17-2017, 09:05 PM
#8
Instructor
And one other thing the sale ends March 31st right? So why in the hell they wanna finalize this deal by the next day? Or is that what they give you until because we'll make this offer good for 72 hrs or less b.s. crap? Seems like they stole those techniques from CarMax. No offense but these TLX ain't really selling off the lot like they say they are. I've seen way more V6 Accords on the road lol
Last edited by Soal Man; 03-17-2017 at 09:12 PM.
03-17-2017, 09:25 PM
#9
And one other thing the sale ends March 31st right? So why in the hell they wanna finalize this deal by the next day? Or is that what they give you until because we'll make this offer good for 72 hrs or less b.s. crap? Seems like they stole those techniques from CarMax. No offense but these TLX ain't really selling off the lot like they say they are. I've seen way more V6 Accords on the road lol
They are pushy, but in the end, I still want thoughts on the numbers right now. The $4500 incentive + 0.3% lease, + free maintenance is what is attracting me.
03-17-2017, 09:42 PM
#10
I know, the words of the manager's mouth was pure BS. I just went a long with it. The salesman was alright. They just don't want me to go to another dealer.
They are pushy, but in the end, I still want thoughts on the numbers right now. The $4500 incentive + 0.3% lease, + free maintenance is what is attracting me.
They are pushy, but in the end, I still want thoughts on the numbers right now. The $4500 incentive + 0.3% lease, + free maintenance is what is attracting me.
03-17-2017, 09:46 PM
#11
I totally forgot to mention the BIG nono in putting money down on a lease. Like menioned above, if you get into an accident god forbid, you are going to lose all of that money. If you are set on the TLX, wait till the 2018's hit the lot, they are going to be VERY aggressive with deals I promise you that.
Yeah, that's a good point on the DP.
03-17-2017, 11:35 PM
#12
You are in Canada too right? It is illegal for them to hold that deposit for more than 24hours. If they even DARE to try and hold the money tell them you're going to raise hell and that it is illegal. They cannot hold your money. Do not let them dare to try and hold it.
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projektvertx (03-18-2017)
03-18-2017, 04:02 PM
#13
Your Friendly Canadian
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Deposits
A deposit is usually a lump sum of money required to reserve or hold a product or service. Whether it's a deposit on a vehicle, a hall rental, a grad outfit or for a photographer's service, be sure that you want the product or service. If you change your mind, you are not, by law, entitled to get your money back. Be sure to ask what the conditions are before you put down a deposit, and only put down the minimum amount required.
A deposit is usually a lump sum of money required to reserve or hold a product or service. Whether it's a deposit on a vehicle, a hall rental, a grad outfit or for a photographer's service, be sure that you want the product or service. If you change your mind, you are not, by law, entitled to get your money back. Be sure to ask what the conditions are before you put down a deposit, and only put down the minimum amount required.
OP, I don't mean this to scare you. People get their deposits back all the time no problem, including me. Just found it after 5 seconds of Googling. I hope you can get your deposit back tomorrow no problem.
03-19-2017, 02:25 AM
#14
03-19-2017, 11:28 AM
#15
This is 100% incorrect. From the horse's mouth:
https://www.ic.gc.ca/eic/site/oca-bc....html#deposits
OP, I don't mean this to scare you. People get their deposits back all the time no problem, including me. Just found it after 5 seconds of Googling. I hope you can get your deposit back tomorrow no problem.
https://www.ic.gc.ca/eic/site/oca-bc....html#deposits
OP, I don't mean this to scare you. People get their deposits back all the time no problem, including me. Just found it after 5 seconds of Googling. I hope you can get your deposit back tomorrow no problem.
03-19-2017, 01:09 PM
#16
Banned
That would be like $556CA + TAX. Not bad for 30 months.
But in 2015 as a 2016 model, I signed for a 36mo 20000km/yr $566 (0.01% interest) including a 15% tax. I let $3000 of MSD that I will get back at the end of the term.
But in 2015 as a 2016 model, I signed for a 36mo 20000km/yr $566 (0.01% interest) including a 15% tax. I let $3000 of MSD that I will get back at the end of the term.
03-19-2017, 09:07 PM
#17
Your Friendly Canadian
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I could have sworn I read that it was. Hmnn. This is kind of scary when you think about it. Does the context of the deposit matter? A deposit on a car with intent to buy is different than a deposit on a deal for a car with no stated or implied intent to buy. I'm sticking by my point now thatI think about it. You are telling me dealers can tell someone they can put down a no obligation deposit and then can keep it and that isn't illegal? I disagree.
03-20-2017, 08:51 AM
#19
Three Wheelin'
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In Canada (not sure about the US) you can easily insure a lease downpayment. Down payments are a way of reducing the monthly lease payment up front rather than using that money piecemeal to help make the larger monthly payments. Their value, to some extent, depends upon your financial discipline. Another advantage of a downpayment is that should the leaser need to get out of the lease (loss of employment, etc) it's easier to do so if the monthly lease payment is below market value. Of course, the lower the lease interest rate, the more questionable large down payments become, especially if you can earn more in some type of interest earning account.
It's a good deal and a good car, as there are other good cars and deals. If you have driven it enough to know you really like and can afford it, go for it. The deposit issue is a red herring - of course they will refund. This is Canada!
It's a good deal and a good car, as there are other good cars and deals. If you have driven it enough to know you really like and can afford it, go for it. The deposit issue is a red herring - of course they will refund. This is Canada!
Last edited by mapleloaf; 03-20-2017 at 08:54 AM.
03-20-2017, 11:27 AM
#20
8th Gear
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I don't drive a lot of km per day either (Approx 300 kms per week) but 16,000 km per year seems really low. Ask them for quotes with various details changed and compare.
They seemed really pushy to get you to sign the deal. My opinion is if any sales person tells me "this deal is only valid today" I walk.
They seemed really pushy to get you to sign the deal. My opinion is if any sales person tells me "this deal is only valid today" I walk.
03-20-2017, 02:45 PM
#21
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I suspect the dealer is simply providing you with an option for a lower monthly payment, given your driving history. Going to 20k would be another 10 bucks a month. By the way, you are basically getting a total of 4k off the current price, for your 30 month lease, in running the numbers, assuming you included tax. Plus I assume about 2 months payments for your Honda. Doesn't look like anywhere close to 3500 + 4000. That seemed too good to be true. If you backed out of the deal, then perhaps you have a little leverage to go back and negotiate a little more. if you are still considering, might be better to just run out your Accord lease, because someone has to cover the negative equity. The deals won't get worse!
IMHO, unless you are a confirmed 6 cylinder guy, the 2.4 tech is plenty quick, better equipped, and a better value for the money.
IMHO, unless you are a confirmed 6 cylinder guy, the 2.4 tech is plenty quick, better equipped, and a better value for the money.
03-20-2017, 05:20 PM
#23
Advanced
I have a 2015, I leased in sep 2015. Awd V6 with $2500 downthats because I wanted to bring my payments to about $350, interest was 1.5% so I put a security deposit about $3300.
20k/year
buy back approximately 20k
4 year lease
$348/month including taxes and lease guard.
$6 k off
20k/year
buy back approximately 20k
4 year lease
$348/month including taxes and lease guard.
$6 k off
03-23-2017, 01:36 PM
#24
Team Owner
Hey guys, I live in Canada and my Honda Accord lease is up in May. I went to an Acura dealer today because there was this promotion:
I have to make a decision tomorrow, as the salesman and manager are obviously pushing me to buy it. They wanted me to put $2000 deposit, just to hold the deal. I wasn't going in today to make the choice, so of course I said "not yet". Then the manager said, "OK you can put $500 to hold the deal, and come back tomorrow to make your decision after discussing the numbers with family and friends....PLUS I WILL GIVE YOU $500 incentive...this is not the final deal, as we can talk about the numbers tomorrow as well", So in total, I have $4500 off, prior to the manufacturer's $4000 incentive. The manager told me that even though the promotion is done at March 31, Acura could still cut off the promotion if they sold all the TLX models this month. Sounded like BS to me, but ok...I went with it. I know they were pushing me, and I put $500 only knowing that I can have it refunded back if I say "NO" tomorrow, otherwise I would've walked out. I also did not sign a thing today.
These numbers aren't finalized. I know many people are not fond of the down payment, so I might pay $0 instead and have the monthly payment being paid more. So how do you guys think of the numbers and the promotion itself? (May put $0 down payment and use 12,000km/y instead) It seems good for a V6 Acura, but the sales tactics were fishy.
Thanks!
- 0.3% lease rate for 30 months
- $4000 incentive on SH-AWD model
- Free maintenance and oil changes
- 30 month lease
- $5000 down payment (real number is $4,400 before tax)
- 16,000km/yr
- $408.98/m
- CTD $6120.62
I have to make a decision tomorrow, as the salesman and manager are obviously pushing me to buy it. They wanted me to put $2000 deposit, just to hold the deal. I wasn't going in today to make the choice, so of course I said "not yet". Then the manager said, "OK you can put $500 to hold the deal, and come back tomorrow to make your decision after discussing the numbers with family and friends....PLUS I WILL GIVE YOU $500 incentive...this is not the final deal, as we can talk about the numbers tomorrow as well", So in total, I have $4500 off, prior to the manufacturer's $4000 incentive. The manager told me that even though the promotion is done at March 31, Acura could still cut off the promotion if they sold all the TLX models this month. Sounded like BS to me, but ok...I went with it. I know they were pushing me, and I put $500 only knowing that I can have it refunded back if I say "NO" tomorrow, otherwise I would've walked out. I also did not sign a thing today.
These numbers aren't finalized. I know many people are not fond of the down payment, so I might pay $0 instead and have the monthly payment being paid more. So how do you guys think of the numbers and the promotion itself? (May put $0 down payment and use 12,000km/y instead) It seems good for a V6 Acura, but the sales tactics were fishy.
Thanks!
When you are leasing, you need to ask them to itemize EVERYTHING in writing. The reason is because there are just too many opportunities to rip you off in the process if you don't know what you are looking at.
First thing you need to know is what is the selling price. Payment buyers are easy target because they can manipulate many things to get you the payment you wanted and you don't even realize you just overpaid.
Then you need to find out what is the money factor, residual value, fees. To make sure they are not playing games with the #s. Like, sure i will give you $7,000 off MSRP, but i will increase your money factor (interest) by 1%.
While the dealer agreed to pay off rest of payment for your Accord, you know those are still coming out of your pockets right? (Your new car)
As others mentioned, always put Min. Drive off on a lease. If you total the car for any reason, you do not get your down payment back.
Drive off and Down payment (Cap. Reduction) are not the same thing.
If Acura offers security deposit option in Canada, put max. security deposit instead of putting any $ down. Security deposit will lower your money Factor (interest rate) and you will get it back later.
TLX is not flying off the lot, why put down a deposit on a car that you know it will still be sitting there for a while. Worst case scenario, find another one.
Also just FYI: In the US, we pay annual registration/license based on your purchase date, so that means with a 30 months lease, you will be paying a full year of license/registration fee for 6 months' usage from month 25-30.
Again, i don't know how leasing works in Canada, but i would assume it will be similar to US.
Last edited by oonowindoo; 03-23-2017 at 01:45 PM.