Hi all,
Not sure if I input all of the correct fields in the lease hackr calculator Deal check please? (Do I put the selling price in the calculator as the net selling price OR total purchase price?
I’m turning in my C300 at the dealership- then going to lease a Honda CRV. (C300 payoff is 31k and all third parties were at 21k -therefore just turning in at lease end).
The numbers for monthly isn’t adding what was quoted to me though.
Funny though she did quote me around $366 but when I asked for a lease worksheet, she said “I mixed up the numbers… the 12,000 mile lease is $377.52/month. I attached the payment to this email”
Upon asking for MF and residual, she said: “The money factor I used is .00119. You will need to fill out a finance application to see if you qualify for that.
The residual is 62% at $18,773.60”
Any chance you have a link to that post? I couldn’t find anything using the search. I’m wondering if maybe it was a base model and cheaper MSRP (which I find hard to believe) but wondering what is generating the numbers.
I’ve emailed a ton of dealers and the monthly has ranged from $470- $377. (I just got one for $329 but all through an email and asking for a lease worksheet.
Is the residual a good thing that it is higher? Also does anyone know the answer to my calculator question in inputting if I put the net selling price or the total purchase price?
If you want to work the deal on the CRV here’s the critical part. So you want to find out what the buy rate MF is and what incentives are currently on the vehicle in your ZIP code. Make an account and ask here: 2020 Honda CR-V Lease Deals and Prices — Car Forums at Edmunds.com. Once you have that check for any other incentives you qualify for (using Honda sites, Autobytel, and Edmunds). Separate how much of the discount off MSRP is coming from the dealer and how much is manufacturer incentives and rebates. Then there’s usually a target pre-incentive % discount you want to aim for. Browse broker deals in the marketplace section here on LH to get a sense of where the market is. For example BMWs general rule of thumb on new ones is 11-12% pre-incentive is a good deal, many brokers right around 10-11% right now. So if I were negotiating on a new 3 series I’d start just about 12% pre-incentive and stay firm. Of course all contingent on buy rate MF, as a marked up MF “undoes” some of the discount.
Thanks @Sonic19 ! I created and posted on there. They supposedly added a loyalty discount since I own another Honda.
If I’m understanding this correctly, MSRP $30,280 and lease price is $26,991.
Incentives is $500 therefore $2789 is dealer incentive? ($30,280-$26,991)- $500?
Then I do know they added $500 of a loyalty rebate so is that under the dealer bucket or the manufacturer?
If manufacturer, then essentially $1k, meaning $2289 is dealer. If dealer then it’s the original $2789 as stated above.
So when you say pre-incentive, what number am I multiplying by the 12% as an example, MSRP-$2789?
Sorry for the noobie questions!
And I have been scouring LH on all forums and most deals were pre-covid, or 2019, or in FL for example
Let’s back up a bit here and start with what Edmunds gives you for rv/mf/incentives.
Your sheet is showing no incentives, so if there’s $500 in loyalty and $500 in lease cash included, your pre-incentive discount is $1750, or 5.8%. (The $1000 in incentives makes up the rest of the $2750 discount they’re showing)
You’ll want to compare other deals you have researched here to compare that value. With that said, it seems like a low discount to me.
Sadly, I’ve shopped 20 dealers and this was the lowest “monthly” and they all seem to have the same residual and MF and of course with the caveat if I qualify for the MF.
So what is the next step? Ask if they can reduce the selling price to the $25,646? (I’m assuming 12%)
If it’s 10%, it would be $26,252 as opposed to the $27,530
This is my 2nd ever lease so I’m still learning the ropes and appreciate it very much!
I’d start by stepping back from talking to dealers. You need to figure out what your target deal is, based on current programs as they apply to you and a well researched target pre-incentive discount, so you know where you’re trying to get to. Then you can just make them offers if you want. Right now, you’re putting the cart before the horse.
Second what @mllcb42 said. You’ll find that once you structure an exact deal and give the dealer a complete offer, you’ll be way below your previous “best price”. Stepping back, figuring out your deal structure, and attacking it from that angle is the way to go.
Thanks! I’ll research now but have been researching for a week and haven’t found all too much on Honda CRVs.
What do you guys think about them paying for the 1st month. Is that just a marketing ploy? I guess it’s not that big of a difference. Maybe it’s to offset the “tags” down cost…
I’ll post what I find here.
As with all noobs, I’m on a time crunch and turning in my c300 next week. So I probably need to get a car this weekend lols!
Thanks again,
~G
It’s irrelevant. You need to compare how much your total cost outlay is. If it’s too expensive, but they pay the first month, it’s still too expensive.
The amount due at sale is the amount due at sale. If they want to book keep it as tags vs payment vs anything else, it is still money you’re paying.
I looked into Honda and they don’t have MSDs
And there seems to not really be a market or much data points for Honda especially CRVs on the Edmunds forums or here. So not really sure what to do from here.
He did quote me a EX-L and added a more defined fee structure so I’m not sure how to plug this into the calculator…
MSRP: $32,770
-therefore just turning in at lease end).
