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Honda S2000, Car Leasing, Convertible
#109 of 270 New lease offer up at Honda
May 02, 2007 (10:13 am)
Link to lease deal
Not what I had hoped for/expected:
2007 S2000 Featured Standard Lease
$349.00 per month for 36 months. $4,309.00 total due at signing. Offer Details
FEATURED LEASE: Closed-end lease for 2007 S2000 Manual Transmission (Model AP2147ENW) for $349.00 per month for 36 months with a $3,365.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $4,309.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee, capitalized cost reduction, security deposit. Security deposit waived in featured lease example. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Security deposit waived in lease example. Not all buyers may qualify.
Subject to limited availability. Through 05/31/2007, to approved lessees by American Honda Finance Corp. Closed end lease for 2007 S2000 Manual Transmission vehicles (Model AP2147ENW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $34,845.00 (includes destination) less the suggested dealer contribution resulting in actual net capitalized cost $27,560.36. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $12,564.00. Option to purchase at lease end $19,861.65. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year. See dealer for complete details.
This looks like a MF of 0.00285 or 6.84%, not a great deal.
If you take the $4,309 down and take out the first month and acq fee you end up with $30,925.36 as the selling price VS an invoice of $31,604. I would think when you could get the car for $2,000 under invoice for a similar MF it would have been a better deal.
#110 of 270 Re: New lease offer up at Honda [dwynne]
May 03, 2007 (5:30 am)
last time i went to costco, they had an S2000 out front and the "costco"member price was $29k and change. i forgetit was it was closer to 30k...but it was 29500 or something like that...
sot heir lease dealisn't even as good as what some dealers will sell it for to the costco people...
if i were in the market for one i'd wait
#111 of 270 Re: New lease offer up at Honda [23109vc]
May 03, 2007 (7:01 am)
If it was a 2007, invoice is $31,684 less the $2k dealer incentive = $29,684. The holdback is $1,045.35. So a dealer (through Costco or not) could sell you an S for $29,xxx and still come out OK. The Costco price probably would have a dealer "doc" fee added to the price shown, but that price is nothing a motivate Honda dealer could not do right not using the $2k in dealer money.
I paid invoice for my 05 (no dealer money at the time) and if I were to get an 07 I would expect to pay invoice - $2k or just a little higher. In the old lease deals the money was under 2%, so even without the dealer money a lease at invoice was a great deal - a better deal than $2k under and 6.84% lease number.
If I were buying, I would buy now at the right price. If I wanted a lease deal, I might wait another month to see if they sweeten the lease deal.
#112 of 270 S2000 for $28,888
May 03, 2007 (2:39 pm)
Also posted this on the prices paid forum . . .
Pricing info FYI: Received an unsolicited email today from a SF Bay Area dealer with this price.
#113 of 270 Re: S2000 for $28,888 [rujo]
May 03, 2007 (3:10 pm)
You should follow up with and see what they say. They probably "forgot" to include destination charge ($595) and the dealer fee (anything from $50 to $500 depending on the dealer and local law).
It could also be an 06 car, some dealers still have them on the lots.
#114 of 270 Re: S2000 for $28,888 [dwynne]
May 03, 2007 (4:42 pm)
I've dealt with this dealer before . . . there's no "forgotten" destination charge or bogus document fees (doc fees are $45-$75).
And no, it's not an 06.
#115 of 270 Re: S2000 for $28,888 [rujo]
May 03, 2007 (5:01 pm)
You should go get it, then!
Forward the e-mail to me and I will give them a call.
#116 of 270 Re: S2000 for $28,888 [dwynne]
May 03, 2007 (5:13 pm)
(I'm not in the market for an S2000 - think it's a really exciting car - just leased an Acura TSX.)
I've forwarded the dealer's email to you. I worked with Susie in late April on putting together an Accord lease deal for me - ended up with the Acura for a number of reasons. She's in the finance department - very professional and easy to work with. I highly recommend her to anyone in the SF Bay Area looking for a Honda.
#117 of 270 Re: New lease offer up at Honda [dwynne]
May 03, 2007 (5:57 pm)
suppose you can get an S2000 for about $2000 under invoice - what would the lease payments be on 12k/year? ballpark? assume minimum drive offs
#118 of 270 Re: New lease offer up at Honda [23109vc]
May 03, 2007 (7:10 pm)
Assuming a money factor of .00285 and a residual of $19,861 (numbers quoted in an earlier post) and, let's say, a selling price of $29,405 plus the acquisition fee of $595 for a nice round number of $30,000 for the cap cost . . .
Monthly payment for a 36mo/12k lease would be about $424 plus tax. Upfront payment would include tags, title, dealer document fees and first month's payment.
PS: If you could get the selling price to the $28,888 figure I was quoted from a SF Bay Area dealer earlier today - monthly payment would drop to about $408 plus tax.