Hi, I recently singed a lease contract in Texas for a 2021 Honda Passport EX-L FWD, but the next day, my dealership started a promotion on the same vehicle, which I’m not quite sure which deal is a better deal, hence I need the experts to chime in please.
The lease deal I signed is as follows:
MSRP: $37,985
Sale price: $34,855
Sales tax: 6.25% = $2,178
Gov fees: $188
Dealer fees: $150
Acquisition fee: $595
Down payment (including 1st month payment):$1,500 ($1,000 out of pocket + $500 college grad rebate)
Monthly payments: $396
Contract length: 36 months
Miles/year: 10k
Residual value: 64.24% = $24,690
The other deal which my dealership is advertising is as follows:
Down payment: $0 (obviously other fees will still apply)
Monthly payment: $399
Contract length: 36 months
Miles/year: 12k
And their disclaimer online reads: Excludes tax, title, license, dealer fee of $150.00
I don’t have more details, but I can check with my dealership if needed to compare between these 2 deals.
I understand that my monthly payments are lower since the new advertised deal excludes tax, but I put a down payment and my miles/year are lower too.
Thanks in advance