Picked my new 07 CR-V EX-L up last night

[bamartz]

Wow! I am impressed with all of the standard features. I drove it this morning on 95 and it was a dream. I have been driving an Audi A6 and my husband thought I would be disappointed with the CR-V but so far I love it.

[80honda]

I can't wait to test drive an EX-L.

So, how about noise and ride motions compared to the Audi sedan.

[CollegeProf]

bamartz,
Congrats, I bought an EX-L as well and loved the drive! Really nice!

[NCRE]

Leased the EX-L Glacier Blue Metallic yesterday. Love it. I have drove it on the interstate,country roads and city roads.It handles great and the interior quality is the same as the Acura RSX I have. The door handles actually bring everything together nicely with the gray leather. 8) :D

[leo1234]

Hi NCRE
Can we know what the lease payments came out to? how many months?
hope you can share the info, thanks

[NCRE]

I ended up with a 36 month for 375 per month which includes tax.I traded in a previous leased vehicle got 3370 after payoff which I rolled into the lease>Did not have to pay anything out of pocket up front.

Leases are screwy and hard to fiqure but the Residual is 65 on the EX-L 2wd with apr of .00403(36 Month)

Paid the MSRP price plus Dest. charge.Only additional add to price was 250 Doc fee.Refused to pay an Appearance protection fee of 599 they
had added to the sticker price. That is where they spray scotchguard on the carpets and put supposdley a paint protector on.
But who knows if I got a decent deal or not the way fiqures are moved around. But I'm satisfied. I played four dealers against each other.

[provench]

I ended up with a 36 month for 375 per month which includes tax.I traded in a previous leased vehicle got 3370 after payoff which I rolled into the lease>Did not have to pay anything out of pocket up front.

Leases are screwy and hard to fiqure but the Residual is 65 on the EX-L 2wd with apr of .00403(36 Month)

Paid the MSRP price plus Dest. charge.Only additional add to price was 250 Doc fee.Refused to pay an Appearance protection fee of 599 they
had added to the sticker price. That is where they spray scotchguard on the carpets and put supposdley a paint protector on.
But who knows if I got a decent deal or not the way fiqures are moved around. But I'm satisfied. I played four dealers against each other.

You rolled in $3370 capital cost reduction and STILL paid $375/month? I am in NC also and looking to lease. Something doesn't see right there to me ... let's assume maybe $1K of that was 1st months payment, title, tags, doc fees, etc .... that means $2300 down and that payment.

Just for reference ... I had a $26K purchase price on an Accord EX-L V6 with Nav for $350 offered to me by a dealer in Raleigh, NC so it's going to be hard to justify the CRV if I can't get it cheaper than an Accord V6 with Nav (vs. EX-L CRV w/o Nav).

Thoughts?

[NCRE]

I would jump all over it if I were you. Plug your fiqures into the lease payment calculator on the Honda Fin. site It will show payments over 400 with having to pay at least a thousand at signing. Edmunds calculator and others show about the same.

[Visiting_Guest]

I ended up with a 36 month for 375 per month which includes tax.I traded in a previous leased vehicle got 3370 after payoff which I rolled into the lease>Did not have to pay anything out of pocket up front.

Leases are screwy and hard to fiqure but the Residual is 65 on the EX-L 2wd with apr of .00403(36 Month)

Paid the MSRP price plus Dest. charge.Only additional add to price was 250 Doc fee.Refused to pay an Appearance protection fee of 599 they
had added to the sticker price. That is where they spray scotchguard on the carpets and put supposdley a paint protector on.
But who knows if I got a decent deal or not the way fiqures are moved around. But I'm satisfied. I played four dealers against each other.

yikes

[chiph]

I am in NC also and looking to lease.
Stop by a bookstore and pick up a copy of "Look before you Lease", which has all the formulas you need to compare a lease against a purchase.

Generally, leasing only makes financial sense if you're able to deduct the payments as a business expense. So when you see people driving down the road with URLs on their cars (www.mysmallbusiness.com) you know that's what they're doing.

Leasing doesn't make sense if:
1. You put more than 15k miles on the car a year
2. You keep cars longer than 2-3 years

Chip H.

[Visiting_Guest]

Leasing doesn't make sense if:
1. You put more than 15k miles on the car a year
2. You keep cars longer than 2-3 years

Chip H.

regardless of everything else, 100% right on this, just tossing ur money out the window and not owning anything

[SoFlaDad]

I pay something like 172 a paycheck, biweekly, and put 5k down on my SE but I'll own it. At the end of three years, it'll still be worth more than I owe on it and have a 100k ext. warranty on it. I'd have bought it if I were you - used Vs hold their value.

[Tasty]

I ended up with a 36 month for 375 per month which includes tax.I traded in a previous leased vehicle got 3370 after payoff which I rolled into the lease>Did not have to pay anything out of pocket up front.

Leases are screwy and hard to fiqure but the Residual is 65 on the EX-L 2wd with apr of .00403(36 Month)

Paid the MSRP price plus Dest. charge.Only additional add to price was 250 Doc fee.Refused to pay an Appearance protection fee of 599 they
had added to the sticker price. That is where they spray scotchguard on the carpets and put supposdley a paint protector on.
But who knows if I got a decent deal or not the way fiqures are moved around. But I'm satisfied. I played four dealers against each other.

Wow, if you paid MSRP on any car (even in a lease situation) and you are happy with the deal then I want whatever drugs you are taking. Your price should never be close to MSRP unless it is some car that is HIGHLY in demand, and even then I wouldn't pay MSRP.

[provench]

I am in NC also and looking to lease.
Stop by a bookstore and pick up a copy of "Look before you Lease", which has all the formulas you need to compare a lease against a purchase.

Generally, leasing only makes financial sense if you're able to deduct the payments as a business expense. So when you see people driving down the road with URLs on their cars (www.mysmallbusiness.com) you know that's what they're doing.

Leasing doesn't make sense if:
1. You put more than 15k miles on the car a year
2. You keep cars longer than 2-3 years

Chip H.

This might not have been directed at me or maybe I misled in what I wrote. I have leased 3-4 cars now ... Acura and Honda ones. I work at home and like to switch cars every 2-3 years and it has worked out great for me. 300-400 per month no more/no less for a car w/o worries and new technology (which I like)...

For folks that think it is like throwing money out the window do the math if you lease for 3 years vs. buy and sell 3 years later and do anything close to break even (which you can do on a Honda/Acura). Difference in payment x 36 months .... add it to the end ... there are definetly situations where leasing makes sense. Is it smarted than buying a used can and keeing it for 5-6 years from a financial perspective? Nope ... but a car is a depreciating asset ... so be it. I am not a point A to point B person and like to have new cars. Leasing is the cheapest way to do that. No question about that.

I guess more what I was trying to get a feel on is what people are paying ... in reality ... to lease the 2007. I started a new thread and wanted to see what folks are seeing. I should have a quote Monday/Tuesday and will add it in there as the EX-L AWD is looking to be in my near future.

[Visiting_Guest]

I am in NC also and looking to lease.
Stop by a bookstore and pick up a copy of "Look before you Lease", which has all the formulas you need to compare a lease against a purchase.

Generally, leasing only makes financial sense if you're able to deduct the payments as a business expense. So when you see people driving down the road with URLs on their cars (www.mysmallbusiness.com) you know that's what they're doing.

Leasing doesn't make sense if:
1. You put more than 15k miles on the car a year
2. You keep cars longer than 2-3 years

Chip H.

This might not have been directed at me or maybe I misled in what I wrote. I have leased 3-4 cars now ... Acura and Honda ones. I work at home and like to switch cars every 2-3 years and it has worked out great for me. 300-400 per month no more/no less for a car w/o worries and new technology (which I like)...

For folks that think it is like throwing money out the window do the math if you lease for 3 years vs. buy and sell 3 years later and do anything close to break even (which you can do on a Honda/Acura). Difference in payment x 36 months .... add it to the end ... there are definetly situations where leasing makes sense. Is it smarted than buying a used can and keeing it for 5-6 years from a financial perspective? Nope ... but a car is a depreciating asset ... so be it. I am not a point A to point B person and like to have new cars. Leasing is the cheapest way to do that. No question about that.

I guess more what I was trying to get a feel on is what people are paying ... in reality ... to lease the 2007. I started a new thread and wanted to see what folks are seeing. I should have a quote Monday/Tuesday and will add it in there as the EX-L AWD is looking to be in my near future.

provench, everytime you lease, are you putting a downpayment or are you jumping into a new car with zero cost upfront?

[provench]

provench, everytime you lease, are you putting a downpayment or are you jumping into a new car with zero cost upfront?

Zero capital cost reduction ... pretty much as a rule for me. If you have to push cash in to a lease (none of which you get back) then you are likely getting in to a car you can't afford. There might be a case where the total of the payments goes down MORE than what you put in (I have never seen that myself), but then you have to ask yourself ... if you kept that cash and made 5% on it then ...? :-)

[mdugan7000]

I ended up with a 36 month for 375 per month which includes tax.I traded in a previous leased vehicle got 3370 after payoff which I rolled into the lease>Did not have to pay anything out of pocket up front.

Leases are screwy and hard to fiqure but the Residual is 65 on the EX-L 2wd with apr of .00403(36 Month)

Paid the MSRP price plus Dest. charge.Only additional add to price was 250 Doc fee.Refused to pay an Appearance protection fee of 599 they
had added to the sticker price. That is where they spray scotchguard on the carpets and put supposdley a paint protector on.
But who knows if I got a decent deal or not the way fiqures are moved around. But I'm satisfied. I played four dealers against each other.

Residual is 65? If you mean $6500, you HAVE TO BUY it and immediately resell it at the end, 'cause you have paid way too much along the way. No way is a 3 year old V worth $6500. Maybe $15000 if you trashed it. You are paying $16,870 to drive that V for 36 months!

[provench]

Residual is 65? If you mean $6500, you HAVE TO BUY it and immediately resell it at the end, 'cause you have paid way too much along the way. No way is a 3 year old V worth $6500. Maybe $15000 if you trashed it. You are paying $16,870 to drive that V for 36 months!

No ... he means 65 ... 65% of the capitalized cost which is pretty much the priced paid or $25,395 so that means he has to pay the 35% (not the 65%) in payments + lease financing factor.

For comparison here are the numbers for Accord EX-L V6 from Sept 2006:

36 mo/12k mi – Residual Value 60% of MSRP – .00210 Base Money Factor Rate

So according to NCRE's dealer the residual is higher than an Accord EX-L V6? That would be amazing ... and good news for me :-)

Edit: By the way that money factor is 9.67% ... so that's the bad news ;)

P.S. Great tool http://www.leaseguide.com/calc.htm

[greginaz1]

Residual is 65? If you mean $6500, you HAVE TO BUY it and immediately resell it at the end, 'cause you have paid way too much along the way. No way is a 3 year old V worth $6500. Maybe $15000 if you trashed it. You are paying $16,870 to drive that V for 36 months!

No ... he means 65 ... 65% of the capitalized cost which is pretty much the priced paid or $25,395 so that means he has to pay the 35% (not the 65%) in payments + lease financing factor.

For comparison here are the numbers for Accord EX-L V6 from Sept 2006:

36 mo/12k mi – Residual Value 60% of MSRP – .00210 Base Money Factor Rate

So according to NCRE's dealer the residual is higher than an Accord EX-L V6? That would be amazing ... and good news for me :-)

Edit: By the way that money factor is 9.67% ... so that's the bad news ;)

P.S. Great tool http://www.leaseguide.com/calc.htm

Correction, 65% of the MSRP, not the cap cost.

Leases make sense on cars with high residuals and low MF's (equal to or below prevailing interest rates)...the MF on the CRV right now is too high and leasing is not that great a deal for it.

#1 rule of leasing is NOT to do it unless you can calculate the payment yourself and you know and have negotiated all variables.