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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
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Replying to: accelerator (May 10, 2007 11:52 am) In most states, sales tax is due on any cap cost reduction you make, then tax is added to the monthly payment - but some states figure it differently. "Doc" fees, inventory tax, business tax, and those kinds of things are often added to deals and are (to me) just extra profit. So I usually ask for a price for the car w/destination and and dealer fees added - the no big surprises when signing the papers. Title fees and tag vary and have to be paid or rolled into the lease. The lease acquisition fee has to be paid or rolled into the lease. This is $595 for a Honda captive lease and varies with 3rd party banks. A security deposit may be due, the is the amount of your monthly payment (including tax) rounded up to the nearest $25 or $50 increment. Again, this varies from bank to bank and has to be paid or rolled into the lease. At lease end you get this back when you turn in the car and no damage/problems are found - of if you buy the car of lease end. Honda, and others, may offer no security deposit leases to returning customers or in exchange for a slightly higher money factor (with Honda it is 0.0001). Normally, if you run the numbers you are better off paying the extra and not rolling the security deposit into the lease - but it all depends on the amount and how much MF is costs. Some lease banks offer a reduced MF if you pay more than one month's deposit at lease signing! So you get the price for the car with destination and any dealer fees included, you add in the acq fee, the security deposit (if any), your taxes on the up front money (if any), the security deposit (if any), then the title and tags fees and that should be the cap cost for the lease. The residual and MF are what they are, and you run the numbers and get your payment - not including tax. Any dealer not willing to explain the numbers to you is not one I would want to deal with - I don't think. Before I sign anything it has to come out to the penny with what I figure, if not then I have to see why not or I don't sign. One example is a "old stock" car with a slightly lower MSRP number - that results in a lower residual that you might get using the current MSRP. I had dealer once give me a much higher number than I got using the MF and residual. When I called him on it he said "Oh I included our wheel and tire protection package. I do that in all my leases". Yeah right, all the ones where the buyer does not catch you adding hundreds in fluff money. The $45 comment was mine - the way I figure it a 48 month lease VS a 36 month lease would save $45 a month plus taxes, which is not that much on a $450 or so per month lease. If the $45 extra on the 36 month is a deal breaker - just too much money - then I would not lease the car. Dennis
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Replying to: dwynne (May 10, 2007 12:44 pm) Thank you so much for outlining this. I was able to FINALLY arrive at a number much closer to what I have been quoted! This was an excellent write up (too bad it cant be made a sticky). Thanks again, Dennis! I don't feel so lost or overwhelmed now. Daryl |
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I've heard from dealers that Honda more than likely wont offer the lease specials since they don't want them back due to their slow sales. Is that just a dealer's pitch to incourage me to do the current deal OR is there some truth to this statement? I've got a deal on the table that I would be comfortable with doing but I'd be willing to wait three weeks to see next months incentive if there is a chance for the lease special.
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Replying to: accelerator (May 11, 2007 1:30 pm) If you can get the car for close to invoice less $2,000 including deal fees, that is a hot deal. Either buy at that price, 3rd party lease, or Honda lease - whichever is the best deal. Over in the price paid forum, a dealer in CA is offering a new 07 S for $28,888 or something like that. For those kind of prices, it is hard to go wrong on any deal. They may come back with cheap leases, but (like the current Accord deal) they are not likely to do incentive AND cheap lease on the same deal. When I checked, the cheap lease at invoice is better than the standard lease at $2k under invoice. But you don't KNOW for sure what they will do and spring is here  Dennis |
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This is what they presented to me: 48 months/48k miles msrp $34,845 360.00 $2860 down (I have $830 in negative equity I'm rolling over into the deal) How is this deal? Bottom line, is this a good deal? I'm happy with the monthly payment. I took it home overnight to see how it fits in my lifestyle and it is a pretty extreme ride (but that is for another thread/forum).
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Replying to: accelerator (May 16, 2007 7:25 am) I pay less than that for my lease on the 05 and I put nothing into the lease except first month's payment, IIRC. I would not not pay so much into a cap cost reduction to lower the payment. Pay the negative equity and maybe the first month's payment and that is about all. In the event of a total loss on the car you insurance will pay off Honda and give you nothing (for your $2,860 out of pocket). I still would not do a 48 month lease, but that is just me. Dennis
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Replying to: dwynne (Oct 05, 2006 5:44 pm) Regarding the 48 month lease, my wife is really against this car so if I want it, I have to do 48 because once I have it, I wont be able to get another sports car of this calibur again.  My wife also said due to the increase in insurance that $360 is my cap for a car payment. And about what my wife says, that is another topic of discusssion.  The cap cost reduction is $2500 and $360 is the first payment.
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Replying to: accelerator (May 16, 2007 8:49 am)
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Replying to: habitat1 (May 16, 2007 2:52 pm) To be honest, financing a $30k is out of my budget since my wife is starting her own home-based business and we aren't sure yet how it will do. Leasing is the only option for me. I may have to drop off the forums once I do the deal because Murphy's Law says that after you sign the deal, you'll find an even better deal next month.
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I'm now the proud lesee of a 2007 Rio Yellow S2000 and I couldn't be more happier with my decision. I thought about waiting til next month to see what offers would be around but became impatient. I got an incredible deal on the financing terms. Could it have been better if I waited? Maybe. I got much lower than the .00285 money factor and given I rolled over almost $1000 of negative equity, I couldn't be happier with my monthly payment of $360.00 (not a penny more). I may not be posting for a while as I'll be out driving... Now what do I name her? I'm thinking "Little Miss Sunshine" 
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