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Question about the financial aspect of leasing a vehicle...

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I leased my first vehicle a few years ago. My lease will be up soon. I’m starting to do some research so I’m better prepared when I get a new lease.


I feel like I got swindled on my first lease. I got a Honda Civic EX-L (an upgraded model) for $1500 down and $349/month for 36 months.


I was told they could have done better but my credit wasn’t perfect. Plus, this was my first lease/major finance. While my credit was good at the time —close to 700 FICO— I was still in the process of rebuilding it from a 540 credit score about 7 years ago.


Nonetheless, talking to other people after the fact and looking at some of their lease promotions, it seems like I’m overpaying by quite a lot.


For example, a Honda Accord, which is a whole step up in terms of the model, is currently $0 down and $229/month for 36 months (With a credit score of 740).


I’m now nervous that since I started out with this high rate that it’ll be difficult to go back down to a fair rate.


I know I want another Civic. I love the car and its been very reliable. Are there any strategies I should use when going into the dealership?


I’ve heard of people getting their own auto loan prepared before even going to the dealership, but I don’t know if that will work for a lease.


Also, as a side question, I was wondering if it’s normal for the lease holder to be “responsible for repairs,” which is what the fine print says on the promotion I’m looking at. I was under the impression one of the main benefits of leasing is if something goes wrong with the car, it’s covered. I don’t know if this is a new thing or if it’s always been that way.




Edit: I should also mention my current FICO score is 754.


Sent from my iPhone using Tapatalk


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If you don't want to take the time to figure out all of the moving financial components of a lease (dealers love leasing because most people can't even add/subtract, much less understand money factors and residuals) you might consider paying a broker a few hundred dollars to save yourself several thousand next time.


Here are some current Honda offers from a broker in FL to get you warmed up.  There may be better Honda threads from other brokers on the site...  I just happened upon this one while browsing for my own unrelated purposes.




To answer one of your other questions, the new-car warranty covers the vehicle whether it's purchased or leased.



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American Honda Finance Company always has attractive lease rates and a Civic is usually one of their best vehicles to lease.


Don't compare a lease on another model to another,  different factors apply. 

9 hours ago, DKgeo34 said:

I feel like I got swindled on my first lease. I got a Honda Civic EX-L (an upgraded model) for $1500 down and $349/month for 36 months.

Did you actually just pay $1500.00?

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Always negotiate the price of the new car (as one big number) before talking about loan or lease terms.  It is the foundation of the whole deal.


The cost of a lease will vary with the number of miles you're allowed to put on the car.  The advertised deals usually include very few miles.  If you go over miles it will cost a rather large amount per mile when you return the car.


If you think there is any chance that you will want to keep the car after the end of the term, sign a purchase deal instead of a lease.

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