2016 Honda Civic EX-L w/Sensing lease

Hi all. Been putting some feelers out there for a lease on a 2016 Honda Civic EX-L with Sensing. I got a sale price on one from Norm Reeves Cerritos, CA, Honda for $22,183. MSRP is $25,535. I know that $500 of that discount is a recent grad incentive, but I am unsure of the rest. Here is what I was able to get from their online sales person:

MSRP: $25,535
Selling Price: $22,183
Residual: 60% or $15,321 (12k/36m)
Money Factor: 0.00083 or 1.99%
Residual Difference: $6,862

When plugged into Lease Calculator on the site, I got:

Monthly Payment: $263
Drive Off: $750
Lease Hackr Score: 8.8 years
Total Lease Cost: $9,546

Are all the above numbers correct? The numbers do seem a bit high to me. Any thoughts? Is what I have above good?

Thanks in advance!

I can confirm the residuals and MF are correct.

Plugging those numbers into the calculator, I get $260/month (assuming 9% tax) with $597 drive-off, assuming $250 in registration fees.

The 36 and 39 month programs have the same residual. Going for the 39 month lease drops it down to $243/month, including tax.

I’d say that’s pretty good for an all-new, fully-loaded Civic that nearly drives itself! Over $3,000 off MSRP is excellent for a new model.

Michael, thanks a ton for the quick response.

Another quick question: Can you give me the numbers for a 2016 Mazda 6 Touring with the sunroof and tech package? I have another sale offer for $25,999.

2016 Mazda 6 Touring
Residual: 55% (36/12K)
MF: .00001
$1,000 lease cash

$750 Mazda lease loyalty OR $500 Mazda owner loyalty OR $500 military OR $250 student or $500 driving school association

The 39-month program has same residual but .00014 MF.

Michael, thanks you again for the quick responses. A couple more questions:

  1. You listed a MF of 0.0001. Is that correct? Is it maybe a promo deal for a limited time? Seem surprising low so I want to make sure.

  2. Regarding that MF, what can I do to make sure that the dealer will honor that MF? I got a quote from a dealer in Idaho (home state) for a 0.0051 model, so it would be good to assure that MF you listed.

  3. Regarding the quote I got for the Mazda 6, the quick selling price the online sales person gave me was $25,999 against an MSRP of $29,115. That was without mentioning the lease. Can I stack the $1,000 lease cash and $250 recent grad on top of that to make a sale price of $24,749? Or am I understanding that wrong?

  4. Is the lease cash promotional as well?

Thanks in advance!

Michael, a penny for your thoughts? If you wouldn’t mind sharing your thoughts on my questions, that would be super appreciated. Thanks again for your help here. :slight_smile:

  1. Yes, this is the current promotional MF for Southern California.

  2. I’d tell the dealer you have excellent credit and request no markup on the money factor.

  3. It depends whether that selling price includes incentives for cash purchases. Remove those incentives (if any) and then add the $1,000 lease cash and $250 grad cash to arrive at your capitalized cost.

  4. Lease cash is promotional; however, it’s pretty standard and I wouldn’t be surprised if it’s continued for the next few months.