Help with calculator for 2 Honda leases

Ask the Hackrs
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1

Hey there! Been lurking a bit and want to thank you all for helping me put together and understand a pair of leases I think are a good deal. I’m having trouble manually calculating the payment they’re quoting and want to manually go through the numbers prior to completing the deal.

Yes, we for sure want to lease 2 Hondas. Not interested in buying or in other makes/models. :slight_smile:

19 CRV EX AWD, 3yrs/12k
MSRP 29850
Sale price 26400
RV 61%, 18205
Adjusted cap cost 27427
MF unknown/not listed, assuming 0.0024 based on edmunds—edit: 0.00069
Monthly payment 315 (including sales tax of 9%)
Total due at signing 315
Location: Kansas
“Trade:” returning a leased 16 CRV EX AWD in excellent condition

I can’t for the life of me figure out how they got to this price. I’ll ask them, but wanted to see if you had any thoughts first.

19 Accord EX, 3yr/12k
MSRP 28540
Sale price 25100
RV 56%, 15982
Adjusted cap cost 26052
MF not listed, assuming 0.0024 based on edmunds—edit: 0.00103
Monthly payment 350, including sales tax 9%
Total due at signing 350
Location: Kansas
“Trade:” returning a leased 16 Civic LX

Again, can’t figure out how they got to this price. There are a few more lines on the quote sheets but all have very small numbers.

Looking for help determining what to ask them to better understand how they got to that price, whether this is a “good deal” for a pair of Hondas, and suggestions for where to continue negotiating if it’s not.

Appreciate your insight!

Edited to add: I was using old MFs, and updating them led to the correct calculations. In an insane twist, the dealer dropped the ball and did not have the cars in stock when we went to pick them up, so we walked away. Another dealer met that price, which the original dealer countered with:

19 CRV EX AWD for $300/mo including tax with $300 DAS. LH score around 9.

19 Accord EX for $325/mo including tax with $325 DAS. LH score around 8.

We plan to sign after reviewing the new price sheets.

Best lessons I’ve learned:
-take your time and don’t rush. These deals took about a week to put together.
-do all negotiations up front and in writing, such as via email or text, ideally with a sales manager. Ask to see price sheets.
-find competitive quotes from multiple dealers and pit them against each other by politely but directly asking them to match/beat their competitor’s quote
-never pay any money to “hold” your vehicle—this is meant to deter you from shopping around more!

All in all, these email negotiations took $3500 (over the total terms of both leases) off the original offers. Well worth it! Thanks, all, for your help saving us a ton of money!!

2

Have you gotten carvana/vroom/shift quotes on the two vehicles you’re returning to see if you have equity in them?

3

Thanks for the suggestion!

Carvana quote for CRV is 16900. CRV payoff is 17700. The lease is up this month. I believe that means I have no equity.

Carvana quote for civic is 11960, and I don’t have its payoff amount in front of me. The lease is up next month. I would be surprised if there was much equity?

4

Yah, no equity in the crv. You’ll need the payoff to verify on the Civic. It’s always a good idea to verify before turning in a lease.

5

I’d compare your numbers to these :

I’d also look into get the $750 loyalty.

6

Thanks for that link! Do those numbers still apply in August?

For the Accord EX, I noticed that the MF is lower than what is on edmunds and there are $1500 worth of incentives. However, the total cost of the lease is about 3k less than my lease, and I can’t find that other $1500–I suspect the difference is the MF. I’m also in a totally different region and don’t know if that matters.

Would it be a reasonable strategy to start by asking to see the MF, and then making sure the $1500 incentives are included?