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Honda S2000 Lease Questions

270 messages,  Last post on Dec 01, 2008 at 5:20 AM

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What is this discussion about? Honda S2000, Car Leasing, Convertible

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#123 of 270 Re: New lease offer up at Honda [cantwait_s2k] by rujo May 05, 2007 (12:38 pm)
Replying to: cantwait_s2k (May 04, 2007 11:09 pm) 1) Selling price is the first and most important item to negotiate when you want to lease a car. People are reporting quotes as low as $28,500 recently - you may not get that low a price, but $29,000-29,500 should be achievable . . . and I assume the LA market is very competitive. (I received a quote of $28,888 this week from a dealer I know and trust in the SF Bay Area.)   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. Replies to this message: cantwait_s2k (May 05, 2007 5:31 pm)
#124 of 270 Re: New lease offer up at Honda [rujo] by cantwait_s2k May 05, 2007 (5:31 pm)
Replying to: rujo (May 05, 2007 12:38 pm) Thanks rujo.   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!
#125 of 270 Re: good deal? [tonyr313] by Car_man HOST May 10, 2007 (1:59 am)
Replying to: tonyr313 (Apr 15, 2007 3:56 pm) Hi tonyr313. 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 glad to give you my opinion of this deal if you let me know what these numbers are.   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
#126 of 270 Re: April 2007 S2000 sales numbers [dwynne] by Car_man HOST May 10, 2007 (2:01 am)
Replying to: dwynne (May 01, 2007 3:00 pm) Hi Dennis. Honda's incentives for the S2000 are the same in May as they were in April. It still does not have a special lease program on this car, but in April it introduced $2,000 dealer cash on it. This was a pretty big step up from zero dealer cash in March, especially when we are heading into prime top-down season. This is definitely an indication that the S2000 is not selling nearly as well as Honda would like.   Car_man Host Prices Paid Forum
#127 of 270 Re: New lease offer up at Honda [23109vc] by Car_man HOST May 10, 2007 (2:18 am)
Replying to: 23109vc (May 03, 2007 5:57 pm) Hi 23109vc. Let's work up a lease payment and see what we come up with. According to my calculations, if you were to lease a 2007 Honda S2000 that has an MSRP of $34,845 and a selling price of $29,605 ($2,000 under invoice) through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $407, assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.   Car_man Host Prices Paid Forum Replies to this message: accelerator (May 10, 2007 5:18 am) dwynne (May 10, 2007 8:21 am) accelerator (May 10, 2007 11:52 am) dwynne (May 10, 2007 12:44 pm) accelerator (May 10, 2007 1:26 pm)
#128 of 270 Re: CarMan, am I doing this right? [accelerator] by Car_man HOST May 10, 2007 (2:23 am)
Replying to: accelerator (May 04, 2007 11:17 am) Hi accelerator. Yes, the first thing that you should do on a vehicle that you are interested in leasing is negotiate an attractive selling price.   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
#129 of 270 Re: New lease offer up at Honda [cantwait_s2k] by Car_man HOST May 10, 2007 (2:33 am)
Replying to: cantwait_s2k (May 04, 2007 11:09 pm) Hi cantwait_s2k. Technically, consumers only need a credit score of 710 or better to qualify for Honda Finance's top aka "Super Preferred" credit tier. Having said this, I'm not sure how your limited credit history and limited residence in the United States will have an impact upon your approval for this tier. I suspect that there is a decent chance that you would be approved for the "Super Preferred" tier, but I cannot guarantee that you would be.   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
#130 of 270 Re: New lease offer up at Honda [Car_man] by accelerator May 10, 2007 (5:18 am)
Replying to: Car_man (May 10, 2007 2:18 am) This is just a thought I wanted to post here but with a car with the reliability and quality of the S2000, do you see any problems with a 48 month lease? I know you should not lease a vehicle longer than the warranty covers.   Your thoughts? Thanks. Replies to this message: dwynne (May 10, 2007 8:21 am)
#131 of 270 Re: CarMan, am I doing this right? [accelerator] by dwynne May 10, 2007 (8:15 am)
Replying to: accelerator (May 04, 2007 12:32 pm) They can lease it to you as a used car. They show the retail value (what the lease will be based on - like the MSRP of a new lease car) at $28,875. In my ZIP with a 730 FICO they show a lease with a residual of $17,091, MF of 0.00290 (6.96%), and a payment of $496 + taxes per month with nothing but first payment and TTL due at signing.   If I put in a new 07 with a selling price of $30,500 (conservative) it comes up with $18,468 0.00258 $485 - so for less money you could lease the 07. Payments would go lover the lower you get the price. $454 a month if you could get the price down to $29,500.   Dennis
#132 of 270 Re: New lease offer up at Honda [accelerator] by dwynne May 10, 2007 (8:21 am)
Replying to: accelerator (May 10, 2007 5:18 am) I would not do it. The 36 month lease is normally the sweet spot in the leasing curve. The 24 month normally has too little time to overcome the rapid initial depreciation. The 48 month saves a little each month, but normally not that much. I checked the 3rd party lease offer on a new S2000 and the difference is just $45 per month, or about 10% of the monthly payment. I would suggest that if an extra $45 a month is a deal breaker on a $450 per month lease, that you probably do not need to be leasing this car at this time.   Dennis

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