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Prices Paid: Buying & Leasing Experiences Honda Ridgeline Lease Questions
353 messages, Last post on Aug 25, 2009 at 3:15 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: racheysdad (Oct 17, 2005 3:00 pm) regards, kyfdx Host-Prices Paid Forums |
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Replying to: racheysdad (Oct 17, 2005 3:00 pm) You should fight for another $1000 off in whatever form, less upfront.
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Replying to: tawneycat (Oct 18, 2005 4:03 am) |
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Replying to: Car_man (Oct 09, 2005 6:16 am) Larry B |
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Hey kayakdog. Honda Finance's October buy rate lease money factor and residual value for a 36 month, 12,000 miles per year lease of a 2006 Ridgeline RTS are .00042 and 61%, respectively. This informaiton is definitely right and your dealer will know it when confronted with it. Demand for the Ridgeline is soft enough that you should be able to get the dealer that you are working with to lease you one using this money factor, assuming that you qualify for Honda Finance's top credit tier and pay a security deposit. It's really not in your best interest to use the equity from your trade as a down payment on this lease. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Ridgeline would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all. If you really want the convenience that trading in your vehicle will provide, have the dealer that you are working with cut you a check for it rather than using the proceeds as a cap cost reduction. Car_man Host Smart Shopper / Prices Paid Forums |
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That's a good question, fsufan. There aren't any lease programs out there right now that completely blow me away, but there are still some models that have good programs available on them. Since nothing really stands out, tell me what sort of vehicle or vehicles you need and I will give you a short list of vehicles in that category that have good lease programs. Car_man Host Smart Shopper / Prices Paid Forums
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Greetings siny. Both the selling price that you were quoted for this truck and the money factor that was used to calculate its lease payment look attractive to me. Let's calculate a lease payment on it using Honda Finance's actual lease program to compare with the payment that you were quoted. According to my calculations, if you were to lease a 2006 Honda Ridgeline RTL with a moonroof with an MSRP of $33,190 and a selling price of $28,875 through Honda Finance right now for 36 months with 12,000 miles per year (I haven't seen Honda Finance's residual values for a lease with only 10,000 miles per), its zero down, pre-tax monthly payment should be around $279. As you can see, the payment that I came up with is lower than the one that you were quoted. One possible explanation would be if you were having your truck's security deposit waived and/or its acquisition fee added into the capitalized cost. Car_man Host Smart Shopper / Prices Paid Forums
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Hi racheysdad. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. Honda's lease program on the 2006 Ridgeline is very attractive right now. Like most manufacturers' advertised lease payments, there appears to be a little room left for negotiation with this deal. The '06 Ridgeline RT lease that Honda is advertising right now assumes just over a $600 dealer discount on a truck that has over a $2,700 spread between its full MSRP and dealer invoice prices. I wouldn't be surprised if you were able to negotiate at least another $1,000 off of this truck's selling price. Doing so would lower its monthly lease payment. For more feedback on Ridgeline pricing, stop by the following discussion: "Honda Ridgeline SUT: Prices Paid & Buying Experience". Car_man Host Smart Shopper / Prices Paid Forums |
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Hi Larry. The formula that is used to calculate vehicles' lease payments is outlined in the following article: Calculate Your Own Lease Payment. Use it, along with the MSRP and selling price of the truck and Honda Finance's 2006 Ridgeline RTS 36 month, 12,000 miles per year money factor of .00042 and residual value of 61% to calculate your truck's lease payment. Car_man Host Smart Shopper / Prices Paid Forums
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Replying to: Car_man (Oct 19, 2005 1:57 am) |
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