2021 Honda Accord Hybrid Touring - $37,830 MSRP - $240/mo - $240 + ~$5600 in trade equity DAS (~$390 without trade)

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Year, Make, Model, and Trim: 2021 Honda Accord Hybrid Touring
MSRP: $37,830
Selling Price:$33,330 (~11.9% off)
Monthly Payment: $240
Drive-Off Amount: $240 + $5600 in equity
Months: 36
Annual Mileage: 12,000
MF: .0013?
Residual: 60?
Incentives: $1000 Loyalty
Region: South, GA
Leasehackr Score: 8.9 years
Leasehackr Calculator Link: link

Decided to trade in my Civic Si since it was worth about 6k more than the payoff at the moment. This dealer gave me 5600 over which I figured was good enough since it saved a lot of headache making it one transaction. Funny enough it was the same dealer I got the Si from and they actually paid me more for it than they sold it to me for 2 years ago.

I was very surprised at the discount they offered on the Accord, I did not have to negotiate at all. I showed the dealer the best deal on rodo and they beat their discount by around $500. I haven’t picked up the car yet, so I wasn’t sure the exact money factor etc, but I think the calculator link is pretty close to the deal I got.

Overall I was really pleased to get this deal from my local dealer (And in SONIC GRAY!).

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How many payments were left on your SI at the moment you made this deal? And what was your SI lease deal like?

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Sooo you put $5600 down on a lease?

This seems like a strong deal for this car, but we generally recommend taking the equity in your trade as a check and only put minimum drive-offs upfront…

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I’m a student and my parents make the payments, so it was a requirement for the deal that the monthly payment not go up. I originally wanted to only use the amount to match my SI payment ($318/mo), but they said they couldn’t give a check back while doing it as a trade-in towards the new one, and they also said the trade saved around $500 in tax on the new lease.

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The deal was nothing special, it was $318/mo with nothing down. Would have been under $310 without maintenance plan. I had 12 payments left.

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Would a dealership buying out a car cut you a check like a carmax or vroom would?

100% of the dealerships I spoke to do NOT believe the amount of equity I have in my car at the moment, in fact they think every car being sold to carvvana and carmax etc are completely made up fairytale numbers. Of course that’s the good old salesmen saying this. Meaning they know what’s happening but keep it very tight-lipped.

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Now this just got interesting.

You said $318 a month was your deal and you had 12 months. Correct???

So 318Ă— 12 is about $3800

Then you said they paid you 5600 over what you owed on the payoff, correct??

So you are telling me they ate nearly $4000 of payments???

Something is very very very wrong in the calculations

5600 - 3800 you should have ONLY $ 1800 worth of down payment in these numbers, not $5600!!

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Yes they would. You just need to tell them to separate the transaction.

You want to avoid using a down payment as cap cost reduction as you do not recover that in a totaled car accident.

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I see. What I find interesting is that most dealerships aren’t even coming close to what the worst offers people are getting on vroom carvana and carmax.

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They bought the car for a similar amount that they sold it for, so the profit was basically all of the depreciation that I had been paying for for 2 years minus the rent cost. The payoff for me to own the car outright was 18900 and they bought the car from me for 24500.

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YMMV - You can shop around and see who will buy the highest. Sometimes, dealers will be higher and sometimes they won’t.

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Yes but within that buyout they paid the remaining payments you owed on the rest of your lease. So how could you get paid that and on top of that put that amount down.

The equity buying out the car includes paying off the vehicle leaving you with $1800 in credit, not $5600

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You don’t have to make the remaining payments on the lease when you do a payoff

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The buyout/payoff should already include all remaining monthly payments + the residual value.

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Every dealership I have called and asked said that when they offer to buy the car what ever equity you receive its subtracted from the remaining payments owed on the rest of your due balance.

So for example

Pay off on lease is $20,000, they offer me $25,000. I have 10 months of payments left at $300

$25,000 offer to buy my car minus pay off at $20,000 is $5000.
10 months left at 300 is $3000

I now have $2,000 in credit $5000- $3000 worth of payments due!!!

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Every dealership I have called said when they offer a buyout it doesn’t include my remaining monthly payments.

Is this just another lie from those good old reputable car salesman???

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You must have it confused. Actually, since you’re not well informed, dealers will have a field day telling you your positive equity is $2000 instead of $5000.

I leased a Rogue for $245 a month, and had 6 months remaining, a total of $1470.

The buyout was a total of $16.6K. and I sold it for $18.8K. I received a check for $2200. Since I sold the car, I am no longer responsible for the $1470 in payments so OP is correct here. He is not responsible for the $310*12 since he got rid of the car.

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If OP was trying to simply get out of the lease early, he would pay the remaining 12 months + dispo fee to terminate the contract and have no credit.

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See and here we go again with more lies from the scam artists known as car salesman. I repeatedly asked every one I spoke to about buying out my car and how the equity is allocated and each time they said the same thing. That what ever payments are left That the buyout number goes towards that specific number and then you receive any additional equity beyond that amount.

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Maybe they were thinking of the final payoff (residual value) that gets shown on contracts as opposed to the current payoff that the leasing company gives you. The current payoff is always just the residual + the payments you have left. Wouldn’t really make sense to have to double dip there.