I am located in Northern CA and recently went to a dealership with hopes of closing on a 2020 Acura RDX AWD - Technology Package. I went through the leasing process and have not committed yet to the vehicle. I am hoping to get some honest feedback here if you think this is a good deal to capitalize on.
I was honestly surprised by how high the lease payment was ($498) given it included a $4k down payment and numerous incentives that seemed strong.
Below is the image of all of the details.
MSRP: $44,205
Discount: $5,800
Sale Price: $38,225
Customer Cash: $4,000
Total Rebates: $500
Down Payment: $4,000 (went up to $4k to try to get monthly payments down)
Base Monthly Payment: $455.15
Tax: $43.24
Total Lease Monthly Payment: $498.39
Residual Amount: $25,094.25 (57%)
Annual Mileage: 12k
Money Factor: This was not shared but based on Edmunds I believe it to be around .00215
Not a good deal and read up on the leasing basics. It’s never good to do a cap cost reduction. That money is all but gone if you drive off the lot and total the car tomorrow.
What is your current car? Do you qualify for loyalty or conquest?
This is not a good deal. Acura is offering $3125 dealer cash. You have listed another rebate of $500. The dealers portion of the discount is minimal. Verify your mf, rv, and incentives with Edmund’s. Look for any additional rebates you qualify for. Reach out to a couple other dealers and shoot for a larger dealer discount. It’s not a good idea to put money down.
Leasing 101: you do your research first, shop via email/text multiple dealers for the best price and then go into the dealer knowing the numbers ahead of time and sign the papers. Not the other way around. Good thing you didn’t pull the trigger, this is not a good price for an RDX at all.
I will say that I am not honestly sure of the money factor used. I should have asked and will definitely do so in some of the follow up dealer meetings.
From what I have been reading, it seems as if my sales discount (13%) was quite low and even though I received $4k in customer cash and a $500 rebate, it does not seem to be a good deal. From research, I also seem to have a residual value (57%) lower than others.
Unfortunately, I did not qualify for any other incentives.
I have researched the different discounts applied but if anyone can explain the difference between the discount on sales price and the customer cash and how this eventual impacts the monthly payments, that would be helpful.
Residual value is fixed based on mileage. If you have 12k it will be 1% lower than 10k.
You are shooting yourself in the foot if you try to meet in dealerships. You’re at their mercy vs trying to haggle with dealers over email or text.
The best thing to do is find what the correct numbers are and try to make multiple dealers an offer based on what seems realistic from data collected on here. Right now you’re at about a 5% discount before incentives. Confirm the money factor (with edmunds, not the dealer) and then figure out what the monthly should really look like without putting any cap reduction.
I would also be blunt and ask do you need the Acura? If the programs are bad you may find a much nicer ride for less cross shopping the Volvo XC60. The RDX is a new model and your dealers may be sitting on limited inventory and not want to deal.
Discount on sales price is the dealer reducing the selling price. Customer cash is you putting money down up front. The discount will lower your total lease cost. The customer cash doesn’t lower the lease cost, it just moves a bunch of it up front.
