Overwhelmed With First Time Leasing

in general 24 mo leases are more expensive however sometimes they run a special program for 24 mo which come out better than 36 mo or are very close to where it doesn’t make sense to keep the car for 36 mo. You will have to find out from the particular brand you’re shopping.

Well my thinking is this:

I want the lowest possible payment. Many times this will be 36 months, but sometimes the residual difference will make the 24 month lease lower, especially when there is a lot of incentives.

A few extra bucks per month for the 24 is still a much lower total cost than 36 months you are locked into.

You will likely not go over the bumper to bumper warranty in only 24 months.

If you want to lock a low payment in for 3 years instead of 2, that is certainly understandable.

Okay everyone, I have two deals as follows. Still reaching out to a few other dealers. Now the second one reached out to me via text. He had my phone number because I did have to test drive it and offered to run the numbers. The text before he told me $259 a month. But here he says, “First Payment Due.” The first one looks better, I need your opinion. Still reaching out to others of course.

1.) “Our best everyday price on the Civic Sedan 4dr CVT EX-T is $21,570.00. $0 due at signing with approved credit gives you a payment of $256.47 per month based on a 36 month/36K mile lease. The acquisition fee is $595 with a residual value of $14,742.40. The money factor is .00073 and MSRP is $23,035.00”

2.) "2016 Honda Civic EX-T/Modern Steel (color you want)

​ ​ Sale Price - $21,563.00 ($250 under invoice)

​ ​ Money Factor - .00083 (A Tier)

​ ​ Residual Amount - $14,742.40

​ ​ Annual Planned Mileage - 12,000

​ ​ 1st Payment Due - $286.52"

Very well. Should I have the lowest 36 month lease run the numbers for a 24 month lease and come back?

I completely understand. The 24 month lease makes sense. As I learn more, Honda doesn’t give much in the way of incentives for leasing.

For the lease experts. Can anyone provide any insight on these? I live in Indianapolis.

Another dealer emailed me this in reference to the offer highlighted in the quote “1.)” above.

Spoke with my managers and we can match your current deal @ $256.47/month(including tax). All numbers would be the same.

Please, any help here?

The first one ($0 drive-off, $256/month) sounds like a great deal to me. That’s nearly $1,500 off MSRP, no MF mark-up, and seemingly no junk fees.

Sounds like a good deal to me if it is truly $0 drive off. (Still more than I would want to pay at that salary, but that’s a separate discussion.) I’m also in Indy and could probably guess what dealership you’re at. However, I think you can get at least $2,000 off MSRP. Also, I thought the Honda MF was .00083, are you sure it’s .00073?

Michael, dealers can markup the MF? Didn’t know that…

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Don’t know what is the difference between the models, but this thread could be useful to you. http://forum.leasehackr.com/t/2016-honda-civic-ex-leased/3573
Hate to be the party pooper, but your 03 Taurus looks better than either of these :slight_smile:
You end up paying closer to $10k in 3 year lease and have nothing, save the 10k and put it down on the house when the market turns, that would be a true banker’s approach imo.

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Soooo, what did you end up doing? Just curiosity :slight_smile:

Not sure you’ll get an update from an OP who hasn’t posted here since April last year. :relaxed:

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I think if he was working at Wells Fargo, he ended up not getting that bonus lol :slight_smile:

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Hey everyone! I was meaning to report back. In April of 2016, I ended up getting the Honda Civic EX-T for $234 a month. Was that a fair deal for my first time leasing?

You are already 21 months into the lease and asking for opinions now? Who cares. Just enjoy your car.


Just a harmless question is all. I plan to lease again, so just respectfully asking.

I don’t think anyone is trying to attack you here. Your question has
a. no real answer because you just plop down the payment and don’t give any other important details.
b. no effect on your future lease.
That’s why i think Jon was suggesting for you to continue enjoying your car, which is in fact a nice vehicle compare to a lot of other options.
Unless you just want someone to make you feel good about it, so if that’s the case then yes that looks like a pretty good payment.

Thank you kindly. No, I wasn’t looking for a pat on the back by any means. Just constructive leasing criticism, not any other criticisms. I appreciate it. I’m very much enjoying the Honda. Couldn’t have asked for a better experience, besides the 5 hour long wait at the dealership when signing.

By the way, I will post details other leasing details soon.

I have never heard of the 1% rule. How well does that work?