LeaseAdvice

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Mohammed Chowdhury

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Today I’m gonna take lease
Honda Clarity Plug-In Hybrid Base Sedan
at $129 with a 36 month lease, $995 down payment plus $890 Destination, $595 Bank fee, tax and tags due at inception. 10k miles per year, 20¢ thereafter with excellent credit (730 score). $0 security deposit .

Is there anything else I should be concerned b4 signing lease with the dealer .

I attached here the total breakdown of my lease offer .. Is that figure ok for NY
 

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Mohammed Chowdhury said:
Today I’m gonna take lease
Honda Clarity Plug-In Hybrid Base Sedan
at $129 with a 36 month lease, $995 down payment plus $890 Destination, $595 Bank fee, tax and tags due at inception. 10k miles per year, 20¢ thereafter with excellent credit (730 score). $0 security deposit .

Is there anything else I should be concerned b4 signing lease with the dealer .

I attached here the total breakdown of my lease offer .. Is that figure ok for NY
Click to expand...
Try and get all that rolled in together.
230 a month for the clarity just sign and drive is more than possible
 
Mohammed Chowdhury said:
Today I’m gonna take lease
Honda Clarity Plug-In Hybrid Base Sedan
at $129 with a 36 month lease, $995 down payment plus $890 Destination, $595 Bank fee, tax and tags due at inception. 10k miles per year, 20¢ thereafter with excellent credit (730 score). $0 security deposit .

Is there anything else I should be concerned b4 signing lease with the dealer .

I attached here the total breakdown of my lease offer .. Is that figure ok for NY
Click to expand...
What is the residual balance? Thats the ammout you will owe if you want to purchase the car at the end of the lease. Why a bank fee? Is that the interest or money factor? Tax is usually added to your monthly payment. Why should you pay taxes on the total cost of the car if you are just leasing? The payment is great. But ask some hard questions and be patient.
 
neal adkins said:
What is the residual balance? Thats the ammout you will owe if you want to purchase the car at the end of the lease. Why a bank fee? Is that the interest or money factor? Tax is usually added to your monthly payment. Why should you pay taxes on the total cost of the car if you are just leasing? The payment is great. But ask some hard questions and be patient.
Click to expand...

Yes that's the purchase option price if u want to buy. Bank fee is another fee charged by dealer, for leasing, most people pay up front on taxes, and if u lease that is the thing u will always get taxed full cost of car. That is how it is. One thing if y don't want to pay up front on taxes maybe you can get the tax split into the monthly payments but then ur monthly payments will go up
 
Mohammed Chowdhury said:
Yes that's the purchase option price if u want to buy. Bank fee is another fee charged by dealer, for leasing, most people pay up front on taxes, and if u lease that is the thing u will always get taxed full cost of car. That is how it is. One thing if y don't want to pay up front on taxes maybe you can get the tax split into the monthly payments but then ur monthly payments will go up
Click to expand...
I just looked and in New York is as you say.
Sorry but I have only leased one car in my life. But in California, with a lease you only pay taxes on the lease portion itself because you are not buying the car. That's how my dealership explained it to me. However I'm on your side hoping the best deal for you. But I'm curious about the amount of your residual value. You may want to down a lease calculator app and check it out some more.
 
damn. that's a steal. go for it. as for 10K annual miles, it depends on your commute and lifestyle. for my daughter, it's more than enough. so we have it for 3 years and 30K miles, which is well within the 36 months warranty
 
Ray B said:
Pretty sure the dealer or Honda gets that. Otherwise he'd get a free car and a year's worth of gas and electricity, lol
Click to expand...

In my lease deal Honda gave $6,000 rebate , and an additional $500 off for my military service. The dealer’s manager said that Honda Finance, as owner, was sharing the federal tax credit in the form of a rebate.


Sent from my iPhone using Inside EVs
 
Kailani said:
In my lease deal Honda gave $6,000 rebate , and an additional $500 off for my military service. The dealer’s manager said that Honda Finance, as owner, was sharing the federal tax credit in the form of a rebate.


Sent from my iPhone using Inside EVs
Click to expand...
I got about 8k off on my lease. They gave the whole rebate off my lease. Some people got even more off.
 
Yep. They're good at juggling the numbers in order to change our perception. Leases are very complicated and that puts us at a disadvantage. But thankfully most of us come out okay.
 
Good deal. Go for it. The dealer didn’t show you but looks like this price already include the $3000 discount for northeast states and $7800 lease rebate (basically your $7500 federal rebate).


Sent from my iPhone using Inside EVs
 
Depending on your Utility rate that is a bargain as the savings you'll get driving EV can basically offset most of the cost of the lease.
 
I do not think this is a fully formed lease agreement. Each month the monthly cost has a "lease fee" as well as depreciation fee, finance fee and tax fee. There is also a sales price and residual value. Honda has a bank fee of $595 and DMV and DOC fees are about $750. I bet your monthly payment is NOT $129. BE CAREFUL
 
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