BST: Automotive & Accessories

[FS] 2020 CRV LE AWD Lease takeover - $204 biweekly - Only 2500 kms

  • Last Updated:
  • Mar 27th, 2021 8:11 pm
[OP]
Member
Nov 11, 2010
393 posts
91 upvotes
GTA
Trader Score: 1 (100% Positive)

2020 CRV LE AWD Lease takeover - $204 biweekly - Only 2500 kms

Summary

- SUV has less than 6 months on the road, Only 2500 Kms, Showroom condition, No Accidents, stored in Garage during winter, Non-smoking driver, Non- COVID-19 household
- Leased through Ideal Honda (Dixie/401) in Mississauga
- Current km: 2500 KM
- Max km allowed during lease: 70,000 km (67,500 km left)
- Lease price: $204 Biweekly after tax (all included) - Lease Guard payment of approx $1000 is included in monthly lease. Peace of Mind ensured, if you want to surrender the vehicle at end of lease.
- Lease started: October 2020
-Lease ends: March 2024
-Lease Period : 42 months
- Time Left on lease : 36 months approx
-Lease Interest Rate - 0%
- Residual to buyout at the end of lease: $16,804
- Amount Remaining in lease - $16,500 approx

Great Deal as the currently available 42 monthly lease is 1.49% and promo is $500 on a 2021 CRV-LX AWD. My car was leased at 0% with a higher promo ($1500) and a down payment which reduced the monthly payment to only $204 Biweekly all in (includes LeaseGuard). Undercarriage Rust protection was done by dealership.
Images
  • 2020 CRV-1.jpeg
  • 2020 CRV-2.jpeg
  • 2020 CRV-3.jpeg
  • 2020 CRV-4.jpeg
  • 2020 CRV-5.jpeg
  • 2020 CRV-6.jpeg
4 replies
Jr. Member
Jul 19, 2014
169 posts
89 upvotes
Vancouver, BC
Trader Score: 0
I've never rented a car, so I apologize if this is an ignorant question: what is the benefit of leasing and then purchasing after 3.5 years for what is basically the full vehicle price?
$204/biweekly x 2 weeks/month = $408/month
$408/month x 42 months = $17,136 total lease
$17,136 for total lease + $16,804 to buyout at the end of lease = $33,940
There will be regional variability in pricing, but Kitchener Honda lists the price of a new LX AWD as being $33,645 (it's certainly possible you have a different model, though I didn't see a specific "LE" model). With "skipping" the first 7 months of lease payments for a takeover, whoever takes it over will save $17,136 - $14,688 = $2448 from the above.
Deal Addict
Nov 27, 2007
3626 posts
742 upvotes
Trader Score: 6 (100% Positive)
redfd123 wrote: I've never rented a car, so I apologize if this is an ignorant question: what is the benefit of leasing and then purchasing after 3.5 years for what is basically the full vehicle price?
$204/biweekly x 2 weeks/month = $408/month
$408/month x 42 months = $17,136 total lease
$17,136 for total lease + $16,804 to buyout at the end of lease = $33,940
There will be regional variability in pricing, but Kitchener Honda lists the price of a new LX AWD as being $33,645 (it's certainly possible you have a different model, though I didn't see a specific "LE" model). With "skipping" the first 7 months of lease payments for a takeover, whoever takes it over will save $17,136 - $14,688 = $2448 from the above.
Biweekly is 52/12 to get monthly

Second biweekly included taxes

Regardless there is no incentive to buy this car lol
Deal Guru
User avatar
Jul 12, 2003
11559 posts
3819 upvotes
Toronto
Trader Score: 53 (98.2% Positive)
redfd123 wrote: I've never rented a car, so I apologize if this is an ignorant question: what is the benefit of leasing and then purchasing after 3.5 years for what is basically the full vehicle price?
$204/biweekly x 2 weeks/month = $408/month
$408/month x 42 months = $17,136 total lease
$17,136 for total lease + $16,804 to buyout at the end of lease = $33,940
There will be regional variability in pricing, but Kitchener Honda lists the price of a new LX AWD as being $33,645 (it's certainly possible you have a different model, though I didn't see a specific "LE" model). With "skipping" the first 7 months of lease payments for a takeover, whoever takes it over will save $17,136 - $14,688 = $2448 from the above.
$33645 from dealer is no including freight and PDI which is around $2500.

OP's one also has a lease guard (approx $1500?) and undercarriage protection (probably $600)

Most of the people do not buy out after lease, only exception is the car is still new and low mileage, the lessee rather buy the car out instead of letting a mint care return to dealer.
Retired Forum Moderator February 2009 - June 2015

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