I’ve done all the pre-paperwork, but before I sign wanted to see if anyone had any thoughts.
Also to note, MF dropped significantly from April to May…glad I waited a day.
2019 Honda Civic EX :
Coming off of a 2016 lease…market value is about what I owe, but they’re offering an incentive to increase the value of a trade in, giving me $18150 for it (giving me $4360 equity to new lease). Plus with the trade-in the taxes on the sales price are lower.
MSRP: $24320
Selling Price: $24300
Monthly Payment: $239
Cash Due at Signing: $0 - they’re paying all the fees through the equity, so paying nothing at the dealer
MSD:$0
Incentives:trade-in value (see above)
Months:36
Annual Mileage:12k
MF:.00167
Residual:61%
Region: Charleston, SC
Leasehackr Score:
I’d check with CarMax and Carvana to get a true market value offer for your current lease. That will help determine the offer you currently have. For example, if you’re offered the same value for your current vehicle at one of the places above, you’re essentially putting over $4k down to lease a Civic. Unless you 100% love that car, you can lease a new BMW for that price. Hope this helps!
Your effective monthly payment is $360…you can get a lot more car for that kind of money.
Double check all numbers. All fees and taxes in Your case should be around $2.4k
The CarFax says $12,400 on value and I had it assessed at another dealer for $14k which is about the KBB too. I could I think what the dealer is doing is giving me a $4k discount through their trade in promotion instead of off MSRP. Though I will check Carvana and CarMax to make sure, good advice, thanks!
Tax is roughly $330, doc fee is $299, destination is $595 and reg is $30, so roughly $1300. Where would I see the other $1k?
destination is almost $1k, where is the bank fee?
so You should get a $2k check from the dealer
Apologies, for destination and acquisition mixed up.
MSRP $24320
Sale Price $24300
Trade-in equity bonus $4369
RV $14835.20 (61%)
MF 0.00186
Capped Fees: $1022 ($595 acq, $399.50 doc, $27.50 registration)
Tax: $327.48
Monthly: $239.47
Amount due at start: $566.95 (I’m not paying this at start though, so it’s likely built in)
Also says on paperwork total cap reduction is $4268.72 and not 100% how this got calculated
Here’s the dealers gross profit statement (not sure why he gave this to me)
So instead of giving you any meaningful discount on the car, they are just giving you WAY over what your turn-in is worth. Get Carvana, Vroom, etc quotes and reach out to dealers in the ATL area to see what they will offer (without mentioning your turn-in). Have you verified that the MF isn’t marked up?
How many Honda dealers have you talked to?
Spoke with the other one in the area and they won’t match $239/mo, no other $ down.
Not sure how to check if the MF is marked up. But yes, they are loading everything into the trade-in. My guess is that they get comped on sale price regardless of trade-in. It does work better for me because tax is about $180 less that way, though would like to get more off sale price. They don’t seem to be budging.
As suggested get quotes from carmax etc, also shop other Honda dealers. The additional quotes from vroom carmax etc will give you an idea of what it’s really worth and what kind of equity you have. Consider a 3 series bmw if you really want to upgrade from the Honda
My Audi A4 is $40/mo more, to put into perspective how bad this lease is.
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Oh wow, good to know. And that was with nothing owed up front?
Looks like they’re overpaying you for the trade-in, but giving you a minimal discount in exchange for their “generosity”. That’s not necessarily a bad thing, but I would compare it with other offers.
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