I'm interested in a 2020 EX-L lease. I am turning in a 2017 CRV with 28k miles/36. I want a sign and drive. Mom of 3 and don't have alot of $$ to put down. Dealer quoted me $452/month no money down, taxes rolled in. Need to pay 1st month payment and DMV fee only. Is that a good deal? I know I'm supposed to be getting the total price of the car but I've asked and he double talks me. Super frustrated and wish I knew more of what to say. Thanks.
Need Help with Lease
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In my area Honda is advertising the ExL AWD lease for 329/month with 3099 down. That’s about 405/month before dealer fees and taxes with only first month payment at signing. Given the AWD version is about 1800 more than fwd, or about 50/month more over 36 months, I’d say a good payment would be in the 375-400 area on the ExL fwd. You need to find out what the net capitalized cost is and what the money factor is they are using. If they are unwilling to give you that information, go to another Honda dealer.
Edit: Your credit rating factors in also, obviously. But I’d assume your at least “very good” seeing you already have the crv lease.
Edit: Your credit rating factors in also, obviously. But I’d assume your at least “very good” seeing you already have the crv lease.
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The amount may be fair depending on whether or not you still owe money on the CRV and if your upside down, having to pay a turn-in cost for breaking the lease, or as mentioned and most importantly your credit score. Leasing is only a good option if you are unsure if you want to keep it, like having a new ride, or want an new car with lower payments than purchasing.
I leased my Passport EX-L, by trading in my Civic Touring model, and a chunk of change for all taxes and a 3yr service warranty. However I was still applying more than the $315 a month and after little more than a year owed $25K. This got me to the point where i could pay about $3-4k more and drive the car for free for the remainder of the lease, but at the end of lease still owe $25.5K. I liked the vehicle enough I just got a loan and now am paying for the vehicle, though by doing so my payments are $400.
Leasing as mentioned is good depending on your situation, but other times purchasing with a low APR can be just as good. This is my first new vehicle in over 15yrs as generally I prefer to by a used model with low mileage and let someone else pay the depreciation. In this case though, like my still running 2002 Toyota RAV4 (190K) I plan on keeping it until one of us croaks. Good luck in finding whats right for your situation.
I leased my Passport EX-L, by trading in my Civic Touring model, and a chunk of change for all taxes and a 3yr service warranty. However I was still applying more than the $315 a month and after little more than a year owed $25K. This got me to the point where i could pay about $3-4k more and drive the car for free for the remainder of the lease, but at the end of lease still owe $25.5K. I liked the vehicle enough I just got a loan and now am paying for the vehicle, though by doing so my payments are $400.
Leasing as mentioned is good depending on your situation, but other times purchasing with a low APR can be just as good. This is my first new vehicle in over 15yrs as generally I prefer to by a used model with low mileage and let someone else pay the depreciation. In this case though, like my still running 2002 Toyota RAV4 (190K) I plan on keeping it until one of us croaks. Good luck in finding whats right for your situation.
Thank you! Credit is about 740. Current lease I am under miles. Im at 28k and have a 36k lease, only 1 payment left. Car is in excellent condition. Dealer only has EXL AWD in stock he says. 452/month included all taxes rolled in. This dealer has no dealer fees.
Leased. 28k miles on a 36K lease, excellent condition. 1 payment left.
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Here is their advertisement for lease specials in the U.S (Only 2020 EX-L AWD). Of course if you leased your CR-V then you can see where they add the additional costs (Rent Fee) to the total and roll the taxes into each monthly payment.
Passport
ALL PASSPORT OFFERS
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Featured Special Lease Expires 09/08/20
2020 Passport 9 Speed Automatic AWD EX-L
$329
Per month for 36 months.
$3,099 due at lease signing.
Includes down payment, no security deposit required; excludes tax, title, license and dealer fees. For well-qualified customers.
*If you chose to buy it would cost significantly more even with their current sale APR.
Special APR Expires 08/31/20
2020 Passport
0.9%APR for 24-60 months
or 1.9% for 61-72 months
You may have to go down the road to another dealer to see if the numbers are any different. Again good luck in choosing what's right for yo.
Passport
ALL PASSPORT OFFERS
Featured Special Lease Expires 09/08/20
2020 Passport 9 Speed Automatic AWD EX-L
$329
Per month for 36 months.
$3,099 due at lease signing.
Includes down payment, no security deposit required; excludes tax, title, license and dealer fees. For well-qualified customers.
*If you chose to buy it would cost significantly more even with their current sale APR.
Special APR Expires 08/31/20
2020 Passport
0.9%APR for 24-60 months
or 1.9% for 61-72 months
You may have to go down the road to another dealer to see if the numbers are any different. Again good luck in choosing what's right for yo.
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From your previous email it sounds like they are rolling the $3,099 down payment into the lease which along with a number of other factors (tax, license, rent fee, etc.) brings the monthly payment up to the $452 you mentioned earlier. When i got my lease all the information was provided on a form that me and the salesman went over before actually seeing the finance guy who does the real paperwork and tries to upsell you on other items (extended warranty, paint protection, etc..).
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If you have the 2017 CR-v EX, the EX-L, or the Touring you need to get rid of it immediately. The turbo motor mixes too much gasoline in to its oil and Honda's "fix" is just a band-aid. The internals are being "oil starved" and it will become a money pit.
If you have the 2017 CR-v LX you need to keep it and get financing through a Credit Union. You have the reliable, tried and true, rock solid 2.4L motor. This CR-v will last another 20 years, with very, very minimal repairs.
Summary
You're lucky that you can dump the CR-v back on the dealer, if it's a turbo.
You're lucky that you can own a great CR-v, if it's not the turbo.
Here's a link showing the Passport sales in 2019 and 2020: 2019 sales vs 2020 sales Honda Passport
If you have the 2017 CR-v LX you need to keep it and get financing through a Credit Union. You have the reliable, tried and true, rock solid 2.4L motor. This CR-v will last another 20 years, with very, very minimal repairs.
Summary
You're lucky that you can dump the CR-v back on the dealer, if it's a turbo.
You're lucky that you can own a great CR-v, if it's not the turbo.
Here's a link showing the Passport sales in 2019 and 2020: 2019 sales vs 2020 sales Honda Passport
The 3099 down should include the first months payment making the lease about 405 a month with only first payment down. That means they have 45 a month or so in taxes and or fees which is about 1600 bucks. I don’t know what state you are in or how they apply taxes to leases there. I’ve leased 10 or so Honda’s over the years and I’ve pretty much always gotten the advertised lease with taxes and fees included. I would check with other dealers. The PP is still a slow mover so I definitely would not pay top dollar for one oranything even close to it.
Check with some members of LeaseHackr
https://forum.leasehackr.com/
There are even brokers who help customers for free and some for a small fee that me be worth it. They do all the work, you pop into the dealer, sign papers and go home!
They helped me score a solid deal.
Second this - if you haven’t already found something ... I got my EX-L through Rodo. $418 a month for a 3/36. Ordered on Friday, delivered on Labor Day - I only had to write a check for first payment.
Good luck!
I just used the rodo price, I got my 20 EXL for $360/36 10k miles $360 out of pocket. plus roof rack running boards window vent and bug deflector. I still had 2 months on my old lease but couldn't pass up that price.
Great deal! That definitely beats mine a bit, even factoring in the 12k miles on mine. Were you coming out of a Honda lease and did you get some conquest cash?
Kia sorento, passport is so much better! I should have taken the 12k was only $11 a month more, just for the peace of mind.
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