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Discussion Starter · #1 · (Edited)
Need to get out of my RSX-s lease 16 months ahead of schedule, the wife and I had a baby. thinking of moving to a TSX. The deal they gave me was $1000 to get out of the lease and either $369 if i pay the $1000 or $399 if i roll the $1000 into the lease plus $1500 in bank and registration fees on a 42 month lease. And this doesn't even include the navi...

My mom got an 03 TL for $335.

Does anyone know of better deals.
 

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Sorry I dont know... Im bumping this thread for ya...

Someone wanna help this guy out
 

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BUM
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that doesn't sound very good. I thought companies will let you get out of a lease, as long as you buy or lease another new car from them.
 

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Well, in order to determine what kind of deal this is, we'd need the following:

rsx-s: year,mileage, zip, and payoff amount
tsx: i'm assuming an '05? how many miles per year on the lease, residual value, sell price, money factor-the dealer will give you all of these.

With that info I can calculate a deal for you.....
 

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Discussion Starter · #6 ·
02 RSX 26,000 miles
Zip 07012
Pay off, not sure what that means if its what the RSX will be worth at the end of the lease is $13,000 thought that was residule tho. Currently paying $282 on a 48 month lease on the RSX

05 TSX 12,000 miles a year, the rest I don't know


I got the deal over the phone so I don't have all the details. Maybe waht I need is a lesson in purchasing a car.
 

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miles said:
02 RSX 26,000 miles
Zip 07012
Pay off, not sure what that means if its what the RSX will be worth at the end of the lease is $13,000 thought that was residule tho. Currently paying $282 on a 48 month lease on the RSX

05 TSX 12,000 miles a year, the rest I don't know


I got the deal over the phone so I don't have all the details. Maybe waht I need is a lesson in purchasing a car.
I checked a couple of websites to see the trade in value of your car, and I came up with wildly varying results. Kelly Blue Book showed $14,575, while NadaGuides showed $16,375.

I'll use $15,500 for calculation purposes; obviously if you can get them to give you more for your trade, you would need to bring in less.

You obtain the payoff from the leasing company, I'm assuming AHFC? Call them up and they will tell you how much $$ are needed to end the lease. This number is the same if you wanted to sell it to a private party, but in many states you would have to pay tax on it; the dealer wouldn't. Since you don't have it, I'll guess again- I'm going with $17,000 based on your initial term, time left and your payment.

So, you're starting out let's say -$1500 in the hole, which is not that far off from what the dealer quoted; I would just double check what you actually owe and what they're actually giving you for the RSX so you know exactly where you stand with the trade-in; that way, we can work on the TSX with "real numbers" as well.

TSX lease: You'll have to get money factor and residual and selling price in order for this to be accurate, but here's an example of what you might expect to see for a TSX this month.

Money factor = .00190 which is 4.56%
Residual Value = 57%
Invoice = $25,172

I don't know what kind of deals you can get in your area; around CT, you can pretty much pay invoice.

So, a lease would calculate out like this:

Selling price $25200 - Residual Value ($27,560 x57%) $15,709 = $9491 /42 = $225.97 monthly depreciation +

SP + RV = $40,909 x MF .00190 = $77.73 monthly interest

So, your monthly payment would be $303.70 (plus tax if your state charges it)

Then, there's the money that you need to bring in. Generally, the fees look like this:

First month's payment: $303.70
Lease aquisition fee: $550.00
Dealer conveyance fee: $299.00
Registration Fee: $180.00

Depending on your state, there could be tax on some of these as well.

So, $303.70 + tax /$1332.00 + tax due at signing. And $1500 give or take to get rid of your car.

You could roll some or all of that up front money into the new lease to reduce your cash outlay, depending on your credit. And, IMO, you are better off bringing in as little cash as possible on a lease. I fthe vehicle got stolen or totaled early into the lease, gap insurance wouldf pay off whatever insurance didn't cover, but you'd be out any cash you laid out.......

Feel free to ask any question about this................
 

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Discussion Starter · #8 ·
Thanks for the Help looks to me like I'm not getting the best deal I can get.

One thing I don't understad is the money factor?

What's Invoice on a TSX?
 

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money factor is how interest rates are expressed for leases. To convert MF, muliply by 2400.

interest is calulated on the capitilized cost (the total amount you are financing) + the residual value multiplied by the MF. That number is your monthly interest.

Invoice is $25172 for non navi.......

Make your dealer give you all the numbers. A dealer might try to charge you are higher MF and pocket an incentive-while some people think this is unfair, I see it as "selling" you financing and taking a profit from it. But, if you know what they're doing, you can negotiate with them.
 

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Buying Used that's Currently Leased

Lanny,
Need some help. I'm pretty far in the process of buying a 2004 TSX which is currently under lease. I called AHFC and they said no charges to payoff lease at its current payoff level. Seems to contradict what you're saying above. Thx.
 

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ichee marone said:
Lanny,
Need some help. I'm pretty far in the process of buying a 2004 TSX which is currently under lease. I called AHFC and they said no charges to payoff lease at its current payoff level. Seems to contradict what you're saying above. Thx.
Hmmm.not sure what you mean.....are you referring to this?

Call them up and they will tell you how much $$ are needed to end the lease. This number is the same if you wanted to sell it to a private party, but in many states you would have to pay tax on it; the dealer wouldn't.
I only meant AHFC is going to have a payoff amount, not that they're going to up-charge you for the right to end the lease early.

Wether this is your lease and you just want to end the lease and buy the car, or someone else is ending their lease and selling you the car, AHFC is going to have a $$ amount that the original party will have to pay to obtain the title. And wether or not they collect state sales tax on that amount is determined by what state you live in. I'm in CT, and they collect 6%.

hope this helps.....
 
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