Leased a LX

[vron247]

Hello all,

So local Honda dealer was advertising summer deals, this particular deal caught my attention
2012 Honda Accord LX- 0 down - 0 security- monthly 250$ payment for 36 months- no disposition fee in the end

So I went in all excited, sales guy ran credit check and came back and told me my score is below average and best they can give me is 328$ per month.

My mind was already full of this and I went ahead and signed in that moment

Just wondering what you guys think about this? Did I bought myself some expensive lease package? What you guys think.

[CYANiDE]

I don't think it's bad for a 36 month lease. Sometimes they do run specials for $150-200 per month for the LX.

[namegoeshere]

This is how I see it. You're basically paying $4,000 per year ($12,000 over 3 years) to rent a car... and a base LX Accord at that. When you return the car at the end of 3 years, you'll have nothing and be out $12K.

[ikethegreat]

Once I saw 328 I would have walked out. Especially for a LX. Ouch

[Dreamacre]

Originally Posted by ikethegreat

Once I saw 328 I would have walked out. Especially for a LX. Ouch

You are RENTING a car for $328/month.

BAD Deal!

and

Welcome to DA!

[Hytekazn]

yeah...just to give you an idea..i got my lx brand new for 310$

[vron247]

...
How does a early buyout works, say like in 2months ?

[gecko0]

during the 4th of July sale, all of the dealers by me were offering $0 down and $179-$189/month for the base LX auto. that was for low mileage (10-12K...i forget exactly which).

IMO, $300+/mon is steep, but if your credit isn't that good, you may not qualify for much better.

regardless, you can't change the deal now and just try to enjoy the car!

[SatinSilver]

Don't feel bad. A guy on another forum was approved for a 30k car loan on a Mazda CX-5 over 72mos. Afterwards the dealer calls and says the bank wants to shorten the loan to 48mos. His payment went from about $500 to $700 plus $165 a month for insurance. Now he wants to get rid of it since its so expensive. At least you didn't fall into that nightmare trap.

http://www.bobistheoilguy.com/forums...17#Post2666017

[Hytekazn]

Originally Posted by SatinSilver

Don't feel bad. A guy on another forum was approved for a 30k car loan on a Mazda CX-5 over 72mos. Afterwards the dealer calls and says the bank wants to shorten the loan to 48mos. His payment went from about $500 to $700 plus $165 a month for insurance. Now he wants to get rid of it since its so expensive. At least you didn't fall into that nightmare trap.

http://www.bobistheoilguy.com/forums...17#Post2666017

is that even possible? he should've had the choice of refusing that B.S. he cant be liable for that..right?

[SatinSilver]

The shady dealers do it to increase their profit even more. So much for trying to keep the customers coming back. Here's a link someone posted about the yo-yo financing scam.

http://www.thetruthaboutcars.com/201...inancing-scam/

[GoLowDrew]

Honda will probably discount $3,000 off MSRP on a LX if you were to buy it. So the lease at $250 is about that. The sales guy pop you for $328. So you are paying $2,800 more.

In summary, no deal for you and a very happy $ale$man.

They call you grapes. Easy to pick and just pop em (for full price). And $weet (deal) too.

[Dreamacre]

Originally Posted by SatinSilver

Don't feel bad. A guy on another forum was approved for a 30k car loan on a Mazda CX-5 over 72mos. Afterwards the dealer calls and says the bank wants to shorten the loan to 48mos. His payment went from about $500 to $700 plus $165 a month for insurance. Now he wants to get rid of it since its so expensive. At least you didn't fall into that nightmare trap.

http://www.bobistheoilguy.com/forums...17#Post2666017

He should have gotten a 30 year fixed!

[HADriver06]

Originally Posted by vron247

Hello all,

So local Honda dealer was advertising summer deals, this particular deal caught my attention
2012 Honda Accord LX- 0 down - 0 security- monthly 250$ payment for 36 months- no disposition fee in the end

So I went in all excited, sales guy ran credit check and came back and told me my score is below average and best they can give me is 328$ per month.

My mind was already full of this and I went ahead and signed in that moment

Just wondering what you guys think about this? Did I bought myself some expensive lease package? What you guys think.

Yes. You definitely paid too much! You should/could have gone to the dealer with someone who has excellent credit score to help you with the purchase of this car and still come out with similar (or better) monthly payments! You definitely should've walked if you think they were BSing you on this!

That said, it's too late to do anything on the deal now. I'd advise you to take good care of the car, save up, and buy it out at the end of the lease (and keep it for a long time).

[pinky87]

You definitely could have done better, I just leased a '12 EX for $219/month, $0 down, $0 security, just bank fee, taxes, and tags up front. But as long as you can make the payments and are happy with the car, have fun with it.