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Monthly Payments

15K views 29 replies 19 participants last post by  pearlwhite01 
#1 ·
Just wondering how much any is paying monthly for their hrv? I know it varies on interest but just trying to get an estimate....
 
#3 ·
Unless you are talking about leasing, it all depends on how much you finance, the term limit, and your interest rate. After I put down close to $4,750, I'm going to finance $20,000 for 60 months. This would be for a FWD EX CVT, about $200 in dealer add ons, and then Texas Tax, Title, and Licence.

Here are some different payments using that amount:
0.9% - $341
1.9% - $350
2.9% - $359
3.9% - $367
4.9% - $377
 
#6 · (Edited)
I think I got a really, really good deal. I went into the dealer with two number in mind first the MRSP and the Buyout amount and an attitude that I could take the HR-V or leave it.

The MRSP - Buyout amount is the amount your financing in a lease. So in Ontario the MRSP on the EX AWD was $26,700 - $13200 (approx) residual value. So I'm "financing $13,500 over 48 months = $293 per month.

I put down $4k so for me the calculation was $26,700 - $4000 = $22,700 less residual value of $13,200 = $9500 financed over 48 months @ 1.99% = $232.00 per month + Warranty + freight and PDi + tax on downpayment my payment ended up just under $300.00 per month.

If you work the same numbers on build a honda on the canadian website it says $323 a month, but usually it's hard to hit those numbers (huge resistance and lots of excuses at the dealers), but I managed to get quite a bit lower.

These numbers are Canadian (Ontario).
 
#26 ·
Putting a down payment on a lease? So you saved yourself $80 or so a month in the long term but cost yourself $4000 all at once?

I guess, hypothetically, if I was to put money into a leased vehicle I would have paid for the warranty, freight, pdi and such up front and not build it into the lease on the payment. Because I think whatever you add into the lease all gets 1.99% interest on it yes?
 
#7 ·
Monthly payment depends on:

Negotiated cost of car
Down payment
Sales tax
APR for financing
How long the term is (36 months, 60 months, etc.)

First rule of car buying: get pre-approved for a loan - or at the very least know your credit score - before going to the dealer. They make money off financing and usually pad the APR a bit (e.g. you qualify for 1.9% but they may tell you 2.5%).

Second rule of car buying: Negotiate from the CAR PRICE first. The dealers are tricky and can do a lot of things to make a car fit your "monthly payment," and will usually screw you over in the process.
 
#8 ·
Watch out if you start negotiating a monthly payment. A few dollars a month might not seem like much, but it'll cost a lot more in the end.

Also, don't get that terrible extended warranty. Of all the Honda's my family and I have had in the past, 99% of the issues covered under an extended warranty didn't even occur till we were at around 150/160,000 miles. The only car I've ever used an extended warranty on was my Mini Cooper S. But it was German, with a turbocharger, and was driven on city streets all day.
 
#11 ·
This is good advice, though I'll admit to having purchased the extended warranty. I got them to match the prices that the online sellers of Honda Care charge. It was 10 year/120k miles for about ~$1300, no deductible at my local dealer. Totally unnecessary and completely ignores my own rule for insurance and warranty which is: "The insurance companies are in the business of making money. Self-insure anything you can afford to self-insure." (And we're good about keeping an emergency fund for unexpected repairs, etc.) But to be honest, I've never had a car with anywhere near this much gadgetry, and decided it was worth the markup for peace of mind that a camera or a touch screen would crap out within the next decade. We'll see, and I'll happily not to have use it!
 
#9 ·
Though I will add on the warranty end- if you are planning to keep the car forever, some dealers offer an unlimited mileage - life of the car, bumper to bumper warranty.
I didn't do it- but if you think you'll keep it forever, that's pretty cheap peace of mind on all the electrics, etc
 
#10 ·
Usually the stipulation is that you must get all service done at the dealership, and you cannot miss THEIR service intervals, even by a day. The dealer next to me "requires" oil changes every 5k miles or 6 months, whichever comes first. Total bs.
 
#13 ·
Can't judge that without a few more details.

You have the EX AWD - MSRP is $23,215. What did you end up paying after fees, etc?

What was your interest rate? Your earlier thread said you were 20 years old. I'm guessing you didn't have time to build up a lot of credit yet.

You traded in a 2 year old car? Did they give you what you owed on it or were you upside down on it?
 
#14 ·
Over that 5 years you are paying $17,640.
Your age definitely comes into play for the interest rate. Did you include the tax, title, license and fees in the deal? Because you are paying interest on all of it. Depending what accessories you got, you are paying $4000-$5000 more than the sticker price + delivery fee of $24,095
 
#23 · (Edited)
Beg to differ.....

We got 1.79% on (2) 5-year loans on our two HRVs.

If you haven't averaged a lot more than that on your investments over the last 5-years you need a new financial advisor.

Nothing wrong with paying cash....but it's normally not the best way to go if your money-wise and shop for good interest rates.
 
#21 ·
I don't see the problem with negotiating to a monthly payment if you keep an eye on what they are doing to get that monthly payment. The problem I am having is that I have good numbers on the price of the car, but the crap they add is upping the payment. It's like they offer a good car price, but then get you back with the "fees." I've currently walked away from CRV negotiations because they refuse to cut the padding, but they aren't backing down. They won't even meet me half way. It's "Our numbers and whatever color we happen to have on the lot or the highway." After the HRV I planned on went missing and they won't deal on the CRV, I'm getting the message that a Honda is not in the cards this time around.
 
#24 ·
There are 5 or 6 Honda dealers within my driving range. No HRVs, and I need a car by the end of January when the current ride won't pass inspection without a major repair. I have been in touch with all of them with my CRV lease "proposal." Several did not respond, 3 did respond with pretty much the same lease numbers, way higher than any lease calculator I can find. When I explain my math, which is based on a MF and residual value given to me buy a Honda dealer I get crickets or "I don't know where you got your numbers." I let it go a week and then resigned myself to this being the best deal I was going to get and they pulled the "pay us to find the color we knew you want" routine. That's when I contacted another brand's dealer and still got the same highish numbers for a similarly priced car, but at least I don't have to pay extra for the color I want, the car's a 2016, so I'll just wait. Nothing's final, though.
 
#28 ·
I received 2.39% & my credit score is over 850. Honda didn't have any lower rates with the HR-V. Not bad, not great either. I did a loan for 48 months @ $350.00 a month. I'll have it paid-off in 36 months or less.
 
#29 ·
Capitol one gave me the best rate. The dealer cut their part off the interest to sell me the extended warranty and keep me in my budget.

Financed 21 @ 3.5%, but 72 months to stay in budget. 338 a month. Not too bad on a 685 score.
 
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