Lease Deal Check for 2024 Honda HR-V Sport w/BSI

Ask the Hackrs Buy/Finance
1

In VA-22150. looking to lease my first car ever, with no experience leasing. The Honda dealer offer me the following. I most interest in the lowest payment I can obtain. Can you tell me if any of these deal option offers are good? if not please give me some guidance. Not sure if it is realistic to get down to a payment of $330.00

LEASE OPTIONS FOR:
2024 Honda HR-V Sport with BSI
VIN: 3CZRZ1H53RM726751
Price $27,980.00
Wheel Locks + $83.63
Appearance Protection - 3 Yr + $639.00
Dent Protection - 3 Yr + $639.00
Vehicle Selling Price: $29,341.63
Sales Tax (estimate): + $1,254.99
Electronic Filing Fee + $19.99
Processing Fee + $899.00
Title + $18.00
License Fee + $44.75
INSPECTION FEE + $4.00
Gross Receipts Tax + $51.41
Balance Due (estimate): $31,633.77
Term: 36|12K
Cash Down: 1000 | Monthly Payment $583
Cash Down: 2000 | Monthly Payment $549
Cash Down: 3000 | Monthly Payment $516

Term: 42|12K
Cash Down: 1000 | Monthly Payment $557
Cash Down: 2000 | Monthly Payment $527
Cash Down: 3000 | Monthly Payment $498

Term: 48|12K
Cash Down: 1000 | Monthly Payment $531
Cash Down: 2000 | Monthly Payment $505
*Cash Down: 3000 | Monthly Payment $479

2

Sooo you’re paying $20k on a lease with a car that cost 31k? Most people just finance Honda’s…

2 Likes
3

No discount? And they are adding $1278 of add-ons that you probably don’t want or need. You need to find out what residual and Money Factor (MF) they are using to get to that rate. You can probably finance for about the same price.

4

Okay, I’m still feeling a bit lost, but I’m grateful for the feedback you’ve provided so far. Many thanks! I’m a quick learner and have done some research to better understand Residual and Money Factor. I’ve found the values for a 2024 Honda HR-V Sport 2WD with BSI in zip code 22150:

For a 36-month lease with 12,000 miles per year:

  • Money Factor (MF): 0.00240
  • Residual: 65%
  • Rate calculation: 0.00240 x 2400 = $5.76

For a 39-month lease with 12,000 miles per year:

  • Money Factor (MF): 0.00305
  • Residual: 63%
  • Rate calculation: 0.00305 x 2400 = $7.32

Based on your recommendations, I understand that I need to find out what Money Factor and Residual values the dealership is using to arrive at the payment rate they offered me.

Once I obtain this information, I will report back I’ll need some guidance and coaching on what steps to take, and whether my goal of achieving a $330 monthly payment is realistic." Not sure it is but it my base for now. Getting rid of the all the add-ons I don’t need will help. In addition to something off the MSRP.

Just as a comparison, I ran a Detailed lease summary another dealership website, for HR-V Sport w/BSI. However, I am not sure what I am missing or if this is a good deal as is or need ask for more discounts. Here the new lease summary.

Detailed lease Summary

No surprises at the dealership. Review your estimated payment details.

Your Price $24,980
MSRP $26,980
Your Offer Price $24,980

Additional Discounts $500

Due At Signing $3,000
Net Down Payment $1,984
DMV Fees - Due Upfront $48
Online Filing Fee $23
Acquisition Fee $595
First Month Payment $351

Taxes & Fees $2,765
Zip Code 22150
Taxes - Capitalized $1,110
DMV Fees - Due Upfront $48
Dealer Doc Fee $989
Online Filing Fee $23
Acquisition Fee $595

Estimated Adjusted Cap Cost $24,596

*Estimated monthly payment based on vehicle price of $24,980 at 12,000 miles/year for 36 months with $3,000 due at signing, $595 acquisition fee, including the gross capitalized cost of $27,079. Includes tax, title, registration, and license fees. Total monthly payments equal $12,636. Due at signing includes $2,484 capitalized cost reduction, a required security deposit of $0, and first month’s lease payment of $351. $0.15 charge per mile over 12,000 miles per year. For qualified buyers. Subject to acceptance by dealer of your modified terms. Available to approved lessees by American Honda Finance Corporation at participating dealers. Early termination fees may apply. Lessee is responsible for maintenance, insurance, repair, and excess wear/tear at end of lease. Lessee will not be liable for extra charges if realized vehicle value is lower than residual value at end of lease. Lessee may incur penalties and additional charges for delinquent payments

I grateful for any help and suggestions (Guidance)

Warm Regards,
Willie

5

Willie my dear friend, some cars just don’t lease well because of their program and don’t make sense to lease.

First look at the marketplace section of this forum to see if you’re truly set on the HRV, because you might be surprised at how much more car you can get for a similar payment.

If you decide to ride or die with the HRV, you will be better off financing. Plug your numbers into the leasehackr calculator and Use the lease vs finance feature to compare total cost of ownership.

1 Like
6

You may not have realized that in VA you pay the same tax as you would on a purchase. And also stay on the most expensive part of the property tax curve. So that usually makes no sense.

And this lease makes no sense even in a 0 tax state.

Just finance it.

7

You really don’t need to find out what they’re charging.

All you need to do is work out a target deal based on well researched pre-incentive discounts, and then use the lease programs as they apply to your situation to work out a target deal. You can then compare that against what the dealership is offering (or better yet, make them an offer… who cares what they’re offering?).

You’re likely to find that no matter what you do, this is a vehicle that is a poor lease candidate.