NY, zip code: 11727
MSRP: $48,860
Incentives: $500 (College Grad.)
36 Month / 12k Miles
Equity: $3500
$559 monthly (includes tax)
Drive-off: $900 (1st payment + Registration fees)
MF: 0.0012
Residual: 60%
What do you think?
Have you figured out what discount you are getting? Is that MF base MF from Edmunds for Honda, or are you using a third-party lease through CULA, or BellPage, etc ?
At first glance, the MF and residual value aren’t terrible in this market.
No third party. It’s from a Honda dealer based on MF base.
Good, establishing base mf, etc.
Have you examined the pre incentive discount? How does it compare to what others have posted, or is it marked up over Msrp.
Don’t forget you’re including 3000 in equity. Are you receiving a fair price for your trade?
1 Like
I checked Carvana, TrueCar, Vroom, Carfax, Autonation. The best deal was $4000 equity.
They don’t have available discounts. I saw posts on Honda EXL around $480 (without tax). I personally think that they marked up over Msrp. I actually liked the car as it has captain chairs with AWD. I could not find better offers.
So why leave $1000 on the table and not just sell it to whomever offered you $4k?
2 Likes
I still have 3 payments remaining on my current lease. That will be around $1000
How much is a monthly payment on a buyout with the equity as Downpayment?
What is the Lowest APR you can get?
Not following you here, there is no equity in financing a personal buyout as you aren’t selling the car, you’re keeping it.
should be significantly cheaper than this.
The monthly lease is $350. I don’t want to buyout the car.
I checked Edmunds lease calculator and it shows similar monthly payment. How much cheaper do you think?
I don’t understand the relevance of what you’re saying.
If you have an offer to $4k in your pocket and an offer to put $3k in your pocket, how are the remaining payments related?
61 for 12k btw, not 60.
The buyout value after 36 months is $26,000 but I still have 3 payments remaining and that makes the current buyout equals to $27,000. I got an offer of $30,000 which means $3000 equity. Sorry I thought first that the equity is $4000 when I compared it to the end of lease buyout.
That’s correct. I checked one of your posts that mentioned Honda Pilot EXL $480 monthly plus $3500 due at signing that makes it $560 monthly for 10k miles.
I am getting now Touring not EXL and 12k miles for $560 and the equity is used to cover the downpayment.
The tax at NY is 8% not 6%
You should determine your actual buyout. It isn’t the residual value plus the total remaining payments.
2 Likes
If you add the equity your payment is actually 656. It’s important to not focus on the monthly payment when they’re adding cap cost reduction with your trade.
In this market, it’s not terrible, but it’s not all that great either. What people usually focus on here, and few others have asked, is what discount you’re getting off MSRP. That’s the most important factor with a base MF. Always separate in your mind the trade you’re bringing to the table, and even better if you can - separate those two transactions.
I meant to say monthly on the purchase (not lease buyout).
I meant monthly on the purchase of the car vs leasing after using the equity as a Downpaymet.
1 Like