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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 (Mar 12, 2007 6:24 am)
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Here in Texas, there has not been any lease specials (announced at least) for 2007. I'm looking and waiting, too.  In the meantime, I'm seeing a build-up of inventory in many of the dealerships in the area so I'm hoping they are preparing for the special soon.
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Replying to: accelerator (Mar 23, 2007 8:19 am) What is the minimum FICO score to qualify for Honda's super preferred tier? I'm sure we are fine, ours is about 750, but was wondering what the minimum is if anyone knows.
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Replying to: rd1ofakind (Mar 23, 2007 8:12 am) Honda normally changes the deals once per month - actually just after the first of the month. The old deals will expire on the at the end of the month or the first Monday of the new month (if the month ends Fri-Sun). So NORMALLY the current deals would run out on Monday, April 2 - but the current lease and loan deals and running through the end of April - which is on a Monday, the 30th. They could add or change a deal at any time, but my GUESS would be you would see something at the start of of the month or not at all. One exception would be for holidays, but "who knows" for sure? I always find it useful to track the sales numbers when thinking/waiting on a deal. You can get them online many places, like hondanews.com. Here are the latest (Feb 07) numbers for the S2000: Feb 07 Sales: 234 Feb 06 Sales: 439 Change: -46.7% YTD 07 (Jan+Feb) Sales: 452 YTD 06 (Jan+Feb) Sales: 835 Change: -47.0% So you can see sales hurl - they do for the S in general and for sure during the winter months, but they are running about 1/2 of the sales last year (which were terrible). I would predict based on this cheap lease deals and/or dealer money to move them out. If you look back at Feb 04 the numbers were 591/1073 and Feb 05 they were 542/863 - so you can see that this year is REALLY down. Contrast that with the Accord - they have been doing $750 cash to dealer AND cheap leases for the last couple of months. Accord sales for Feb 07 were up 20% over last year and YTD 07 was up 16%. What do you bet happened when Honda saw those numbers at the start of March? If you guessed no more $750 cash to dealer and no more really cheap lease deals - you would be correct. Dennis |
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Replying to: rd1ofakind (Mar 23, 2007 8:24 am) I heard 710, but with most banks 700 and up is considered "A". Dennis
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Replying to: dwynne (Mar 23, 2007 10:49 am) |
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Replying to: rd1ofakind (Mar 23, 2007 8:12 am) Car_man Host Prices Paid Forum |
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Replying to: rd1ofakind (Mar 23, 2007 8:24 am) Car_man Host Prices Paid Forum |
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Question 1 If: Do I have to accept the leasing/finance they offer or can I request a AHFC if AHFC is a better choice for me? I guess a better way to state this is the Manufacturer to Dealer incentive contingent on using a specific leasing/finance company? On post 43, I quoted some numbers the dealer gave me but the residual value was lower through this leasing company (not AHFC) so my payments were higher. If I go through AHFC, the residual value is higher, thus payments are lower. Question 2: After 3 years, if I still love this car and decide to keep it, would the lower residual value be better for me down the road or is the higher residual value still better? I'd have to finance the remaining balance. I don't typically hang on to a car more then 3 years (which is why leasing works for me) but I suspect this car could change that.
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Replying to: accelerator (Apr 06, 2007 5:23 am) Note that you and I can't lease from a lease bank direct (say you hear USBank has a great lease rate on the S2000 you can't go to them and get it) - we have to go through a lease broker or car dealer. My very first lease car the dealer was super (I worked direct with the dealership manager) and he had a program called "LeaseTrack" (I think) and he could bring up the lease offers on any car, any credit rating, and term from a bunch of banks - then give me the one that was the best deal (much better than the captive lease bank at that time). Quite often what the dealer will offer you is what will make THEM the most money, not what will make you the best deal  Question 2 is a good question and it all depends on the rates and residual values (and what the finance rate 3 year in the future will be). In general, you want the lowest possible rate with a realistic residual value. One problem with high residuals is that without GAP coverage the demand for pay out to the lease bank in the event of a loss may exceed the "book value" that insurance is willing to pay. But that is "in general" - you have to look at what you can get now and guess about the future and run the numbers to see how it works out. If it were me, the $2,000 incentive would be nice - but the lease rate is pretty high (leasecompare can do better, last time I checked) - but you might wait one more month and see if Honda has a promo rate for May on the S2000. A 0.9% or 1.9% MF can make for a sweet lease deal. When I have some time I will try to compare the current lease with $2k more off the car VS a cheap rate deal and see how it stacks up for sure.... Dennis
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