I’m about to buy or turn-in my 2015 Honda CRV EX-L and the new lease offer includes a money factor of .0021.
I’m in Minnesota and have been researching this forum and other sites trying to find out what is “normal” for Honda but this seems high to me – I’d have to dig out records but I think the money factor was closer to .00165 on my last lease.
My dealer is slightly irritated I believe because I kept my vehicle in pristine condition and only have have 16K miles on it after three years, and I negotiated a $1,700 trade-in value (above my buyout price.)
Are they jacking up the money rate to account or is a .0021 normal for a 2018 in my region?
Edit: I have a 720 credit rating and should qualify for whatever is Honda Financials “best” rate on this car
I have not taken it to CarMax yet – mostly because people on another well-known (cough, Reddit) forum suggested it would be a waste of time and that they would offer KBB “fair” value at best and I’m already higher than that at the dealer.
I suppose it would not hurt to see if they are wrong
For previous honda in good standing you should qualify for .00200 with a <710 score. The money factor is good up to 39 months. No specials or lease cash available, CRV is a bettet car to finance currently.
I had a 2014 CR-V with a lease maturing this year and watched the MF on the 2017 CR-V like a hawk pretty much all year. I never saw it budge below .0020 all year, probably because the 2017 was a complete model revamp. I gave up on the CR-V and leased a Hyundai Tucson SE Plus for $289/month (all-inclusive) $0 down, true sign and drive (35 payments). All the Honda CR-V deals I was quoted were upwards of $350/month. I’m really happy with the Tucson – it has leather seats, great tech (including Apple CarPlay), and BlueLink app-based remote start that allows me to set the climate control and other functions.
I know you weren’t asking about competitors, but in a nutshell, Honda’s high MF and lack of offers on the CR-V lost me as a customer. I got a lot more for my money with the Tucson. Maybe Honda will loosen up and offer better CR-V deals in 2018? I did see lower MFs on other Honda models throughout 2017.