What did you pay for 2016 Honda Civic Sedan CVT lease (36mon, 12k/y), zero down, 08854?

[syeda.naseem1]

What did you pay for 2016 Honda Civic Sedan CVT lease (36mon, 12k/y), zero down, 08854?

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[Newflyer3]

What did you pay for 2016 Honda Civic Sedan CVT lease (36mon, 12k/y), zero down, 08854?

That awkward moment when no trim level desired is indicated and prices could range from 18000 to 27000...

 

[syeda.naseem1]

LX 4dr Sedan (2.0L 4cyl CVT)

 

[KazmanN]

Just to give you an idea. I didn't get an LX, but a 2016 EX sedan. My wife and I just got the car on a black friday deal. We are paying $262/mo with $0 down. YMMV for sure, the dealer needed to off load 2016's because of the 2017's, took full advantage of that considering there is zero difference between the 16 and 17MY. However there are too many variables because it took sometime to negotiate the price. They were asking $23.9k for the car, but we got it down to about $19.5k. If you have good credit you should be approved for Tier 1 rates, but again it was a black friday deal because I saw the MF rates and they were extremely low (.00048). Hope that at least gives you a baseline on what to expect. Never settle with the first offer, it may take 3 to 4 times of going back and forth.

 

[Justin G]

$0 down $256 a month. Free oil changes.

 

[Dave_Ess562]

So i recently bought my 2016 Honda Civic CVT 4 dr Sedan.I ended up putting down 2k down and im paying 190 a month for a 36 month term with a 12k/yr limit a yea and the total price of the vehicle was 17.7k and the residual value is 11.9k if i decide to buy out the car. is it wise to return the vehicle or buy it considering i love the car already..

 

[KazmanN]

So i recently bought my 2016 Honda Civic CVT 4 dr Sedan.I ended up putting down 2k down and im paying 190 a month for a 36 month term with a 12k/yr limit a yea and the total price of the vehicle was 17.7k and the residual value is 11.9k if i decide to buy out the car. is it wise to return the vehicle or buy it considering i love the car already..

To buy it out you have to contact the leasing company and get a payout quote. The amount they give you is what you would have to give to actually "buy" the car. When you lease, you're only paying the depreciation of the vehicle. However the bank in only going to give you what the car is worth. Thats where the problem resides. You haven't had your car (most likely) long enough to have any equity in it. So the payout quote the leasing company gives, is going to be different than what the bank says its worth. You'll most likely have to pay a little out of pocket to buy the car.

Example the payout quote to buy the car maybe $15k, but the bank where you want to get your auto loan from may say the car is only worth $13k. They will not give you more than what the car is worth. So you would have to make up for the difference out of pocket. In this case $2k. I hope this makes sense. If you have questions just call your bank that you would get yoir auto loan from.

I highly highly recommend that you do not turn in the vehicle to the dealer early. A lease is a contract, if you break that contract you will get penalized. They will tax you for one, and you will have a number of fees. Plus it hurts your credit score.

 

[Dave_Ess562]

To buy it out you have to contact the leasing company and get a payout quote. The amount they give you is what you would have to give to actually "buy" the car. When you lease, you're only paying the depreciation of the vehicle. However the bank in only going to give you what the car is worth. Thats where the problem resides. You haven't had your car (most likely) long enough to have any equity in it. So the payout quote the leasing company gives, is going to be different than what the bank says its worth. You'll most likely have to pay a little out of pocket to buy the car.

Example the payout quote to buy the car maybe $15k, but the bank where you want to get your auto loan from may say the car is only worth $13k. They will not give you more than what the car is worth. So you would have to make up for the difference out of pocket. In this case $2k. I hope this makes sense. If you have questions just call your bank that you would get yoir auto loan from.

I highly highly recommend that you do not turn in the vehicle to the dealer early. A lease is a contract, if you break that contract you will get penalized. They will tax you for one, and you will have a number of fees. Plus it hurts your credit score.

thank you so much for the breakdown and finacially educating me. i dont intend to forfeit the car before the lease ends. but i love the car to keep it the only reason why i did the lease because of the low monthly payments because i wasnt in the financial postion to finance

 

[KazmanN]

thank you so much for the breakdown and finacially educating me. i dont intend to forfeit the car before the lease ends. but i love the car to keep it the only reason why i did the lease because of the low monthly payments because i wasnt in the financial postion to finance

No problem, enjoy the low monthly payment for now. Wait a year or 2 and look to financing by then, you should have some equity. If you do it within 2yrs, you will qualify for low interest rates. Once a car goes past 2yrs old interest rates are generally higher.

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