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Prices Paid: Buying & Leasing Experiences Honda S2000 Lease Questions
270 messages, Last post on Dec 01, 2008 at 5:20 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: dwynne (May 04, 2007 11:50 am) Leasecompare doesn't show 2006 as an option anymore.  I just emailed them a few minutes ago. I'll post once they reply.
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Replying to: dwynne (May 02, 2007 10:13 am) I am dreaming of this car since the concept was introduced in the late 90s. I am finally getting close to be able to afford one this year.  Driving home today (LA) -I always pass a HOnda dealer- and saw 3 brand new dark silver s2k's in the showroom. I had to stop and, how it is, numbers got crunched. I have 2 questions for this very informed and knowlegable forum: 1.I was told that my 719 Fico, first time buyer and short credit history (am only 4 years in the states)would not qulify for the AHFC super preffered credit. (I didnt allow them to actually pull my credit, I just pulled it 2 days ago). Further they told me that it would not matter whether I wait for a lease special to come out or lease one now, since I would only qualify for preferred credit. Lower credits would not be benefit of a lease special. Is this true? 2.The best deal they gave me today (alt.Bank)was: 48mo/12k, $3000 drive off, $433/mo (incl.tax). What do you guys think? If its true the special wont do anything for me this seems not to be too bad of a deal. I would really appreciate your vast knowledge on this. I am waiting to the day to sit behind this beauty for over 7yrs...but every dollar less would make it easier to pay off student loans AND to drive the sweetest car there is  Thank you in advance!
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Replying to: cantwait_s2k (May 04, 2007 11:09 pm) 2) AHFC uses your Experian Auto Fico 2 score. Unfortunately, this score is not available to the consumer and may vary by 20-40 points from the score you pull. (I know this from recent personal experience!) An Experian Auto Fico 2 score of 710 qualifies you for the super preferred credit tier - I don't know how or whether AHFC factors in other aspects of your credit history. I'd be at least a little wary of the info you're getting from this dealer - they're almost certainly trying to put you into a lease they can make more money on - and they are probably smelling your "S2000 lust". 3) At leasecompare.com I input your Fico score along with a "selling price" of $29,000 with nothing down. I got back a 48mo/12k payment of $398 plus tax. Remember this is with zero down. It's zip code specific and, I suppose, might vary depending upon where you live. But I certainly wouldn't do a non-AHFC lease with anyone before seeing what leasecompare.com comes up with.
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Replying to: rujo (May 05, 2007 12:38 pm) I also run the numbers again and it seems 0 down and 400+tax would be an OK deal with an APR of approx.6% on a 48mo/12 k deal. Leasecompare just does not seem to include any fees tilte, first month etc. which end up being around $1500 at drive off. I am currently pushing numbers with a dealer who is dying to run my credit. The only thing I am still sketchy about is whether I would qualify for a special w- AHFC (if there is one coming out) and whether other tears would benefit from it also. I have scheduled to go to the dealer again tomorrow. It would be great if anyone in this forum knows anything about how AHFC deals with it.  Thanks! |
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Replying to: tonyr313 (Apr 15, 2007 3:56 pm) For now I can tell you that it is not a good idea to pay $5,000 at lease signing. There's nothing wrong with paying the first month's payment, security deposit, etc... for a lease at signing but you really shouldn't make any sort of capitalized cost reduction. Consumers who make large down payments on leased vehicles risk possibly losing them if their vehicle is totaled in an accident or stolen and never recovered. Car_man Host Prices Paid Forum |
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Replying to: dwynne (May 01, 2007 3:00 pm) Car_man Host Prices Paid Forum |
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Replying to: 23109vc (May 03, 2007 5:57 pm) Car_man Host Prices Paid Forum |
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Replying to: accelerator (May 04, 2007 11:17 am) Vehicles' residual values are based upon their full MSRPs, including the destination charge and any factory installed options. I am not sure if Honda Finance allows the dealer-installed options to be residualized. The capitalized cost for your lease is whatever price you negotiate. If I was in the market for an S2000 right now, I personally would shoot for a price of around dealer invoice minus the $2,000 dealer cash as you mentioned in your post, but there is no guarantee that you will be able to get hat price. General Motors is no longer offering leases on 2006 models. If you want to lease an '06 Pontiac Grand Prix, you will have to do so through an independent bank. I have to tell you though that this late in the model year the residual values of leftover 2006 models have dropped so much that they probably are going to be unreasonably expensive to lease. Car_man Host Prices Paid Forum |
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Replying to: cantwait_s2k (May 04, 2007 11:09 pm) When the dealer told you that a special lease program on this car would not benefit you they were incorrect. When Honda offers special lease money factors on a vehicle, it provides lower than normal rates for all credit tiers, not just its top one. While you might not qualify for the lowest available lease money factor if Honda introduced a special lease program on the S2000, you would qualify for a factor that is better than what you would normally have to pay. Of course, there is no guarantee that Honda will introduce a special lease program on the S2000 in the near future. Its current program is scheduled to run through July 2nd. You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion on the deal that you were quoted if you let me know what these numbers are. Car_man Host Prices Paid Forum |
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Replying to: Car_man (May 10, 2007 2:18 am) Your thoughts? Thanks.
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