I went to Honda dealership. I’m upside down on my 2016 Acura. I owe 17,000 its worth about 10,000.
Dealer offered $725 per month with $2000 down. They basically told me 38,378 after including my negative equity and all rebates it sounds very high and they woudnt give me the interest rate right away. just kept asking me how much I wanted my payment to be. Ive read so many posts and watched so many videos. Im still lost as to what makes a good lease deal. I live in Southern Ca. In Orange county.
Run away. A dealer having you focus on the payment while being vague on the details is a common tactic to maximize profit.
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How many offers have you gotten to purchase your current vehicle, and from whom?
But even before that, figure out what a solid deal looks like on the vehicle you want without bringing the trade into the conversation.
Please don’t continue this conversation or contact another dealer until you have all of the information you need.
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My issue is that I dont know what a solid deal looks like. Ive seen alot of videos but im still unsure about how the residual value and cost of the car are calculated…Like Am i supposed to pay less than the MSRP since im leasing and not buying?
Dealers will always offer less. Check car max or many other sites that buy cars. How many miles on the Acura? Sold a 2018 civic ex last month to car max. Only had 29k miles. Got 19k.
First of, check out Honda broker deals in the Marketplace and search for past Honda Accord deals in the Share Deals & Tips section.
Why are you even looking at a 2022 model year? Is the dealer giving you a substantial discount compared to a 2023 model? You are better off financing an Accord instead of leasing one.
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Can you stay in your Acura until the negative is closer to 0?
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You are missing quite a bit of information, such as:
- Model
- Mileage
- Purchased new or used?
- Purchase price
- Any negative equity rolled in?
This.
To the OP, is there something wrong w/ your Acura?
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Don’t ever talk monthly payment with a dealer. Figure that out on your own — only talk price, rebates, money factor, etc.
As others have mentioned, the Accord is likely going to make more sense to purchase than lease.
As a first exercise, after getting several (at least 5 or 6) offers for your current vehicle:
Next find out what a reasonable APR is for an auto loan and where you can get it:
And then model an Accord purchase at MSRP and see what the payments look like by using an online car payment calculator.
You may be able to do better than MSRP (Marketplace should yield some clues), but at that point you basically have the high end of what it would cost.
NOTE: I’m not advocating paying MSRP for an Accord unless that’s what the market dictates. With an online calculator you should also subtract any prevailing discounts and any incentives that may be available before you go shopping again.
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I dint like the new body of the 2023 accord. Iike the previous year. Ive never had a leaser so Im just not sure what a good deal looks like.
One of my dealers told me the same thing, a lot of customers don’t like the new 2023s
You should do some research on pricing. I believe there are online Honda Accord forums, where owners share pricing information.
@Lmonzon5 - Mind sharing the missing info about the Acura?
Thanks for sharing, but I need to be honest. I cannot recommend that you purchase or lease a new car right now.
If you have extra cash, pay down that negative equity. What is your loan’s APR?
Yes please don’t buy one right now. I had a 2018 accord lease for SE base $202/mo plus tax. Acquisition fee down.
But why do you want a new car?
If this is accurate then you are carrying over approximately $222 per month in negative equity alone, not including interest. Probably better off just keeping what you have for now if it is mechanically sound.
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I’m trying to wrap my head around how you still owe nearly double what your car is worth. I’m hoping the same mistakes aren’t going to be made again.
Was there negative equity rolled into the Acura deal? Do you have a high interest rate? Did you stretch your payments out many years, with little principle paid? Maybe a combination of several of these things?
Throwing money into the fire never stops the burn; at the end of the day you’ve made things much worse.
$8k of negative equity would be ~$220 PER MONTH (assuming a 36 mo lease) to pay for a nonexistent car. That doesn’t even include paying the bank to use their money.
Let that sink in.
What car did you have before the Acura? What happened to it?