- #15 of 45
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Re: Honda Fit: Lease Questions [pcat1]
by Car_man HOST
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May 24, 2006 (4:31 am)
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Replying to: pcat1 (May 08, 2006 4:27 am)
Hi pcat1. Sixty months is way too long to lease a vehicle for. A lot can happen during the course of five years to make you need to get out of your vehicle and it is often very expensive to get out of leases early. Let's say that your family expands and you need a larger vehicle, or perhaps you just don't find the Fit comfortable after driving it for a while, or your commute changes causing you to go way over your mileage allowance, etc... You would be much better off leasing this car for 36 to 39 months. You absolutely cannot get out of a Honda Finance lease after three years for free. While it is possible that you would be able to get out of a lease early if your vehicle is worth significantly more than it would cost to purchase on the open market, this scenario is unlikely.
Car_man
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- #16 of 45
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Re: Anyone Leased Yet? [rjw1]
by Car_man HOST
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May 24, 2006 (4:36 am)
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Replying to: rjw1 (May 15, 2006 11:21 am)
Greetings rjw1. As one would expect with a brand new model, Honda is not currently providing any sort of lease support on the Fit. As a result, if you were to lease one through Honda Finance right now, you would have to use its standard lease program. Its current buy rate standard lease money factor for 36 month leases is .00270 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. I believe that Honda Finance's current 36 month, 15,000 mile per year residual value for a base 2007 Fit is 57%.
Car_man
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- #17 of 45
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Re: Honda Finance [flightnurse]
by Car_man HOST
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May 25, 2006 (1:41 am)
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Replying to: flightnurse (May 23, 2006 10:21 pm)
Hi Tony. Even though your credit score is a little low, you probably will still be able to lease a new vehicle through Honda Finance. You won't qualify for its top credit tier, but a score of 622 would put you in its "Standard" aka third tier.
Car_man
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- #18 of 45
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Why not judge a lease on $/month?
by psharpe
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May 28, 2006 (1:47 am)
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Why not judge a Fit lease on the basis of $/month? All else equal, such as no money down, 12,000 miles per year, and 36 month term, same model Fit etc.
If that is the case; $0 down, 36 months, 12,000 miles per year; what are you paying for a Sport Auto?
Thanks,
PWS
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- #19 of 45
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Re: Why not judge a lease on $/month? [psharpe]
by Car_man HOST
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Jun 14, 2006 (2:25 am)
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Replying to: psharpe (May 28, 2006 1:47 am)
Hi PWS. There are so many aspects of deals that dealers can manipulate, the easiest way to get a good deal on a lease is to negotiate the lowest possible selling price on the car that you want, just as if you were financing or paying cash for it, and then have the dealer calculate its lease payment using its captive finance company's buy rate lease money factor. Since the money factor and selling price are the two main profit centers for dealers on leases, negotiating this way almost assures consumers of getting a good deal.
Car_man
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- #20 of 45
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Honda Fit Lease Numbers
by mrcheap666
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Jul 11, 2006 (10:12 am)
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Hey Car_man,
I wanted to get the MF and residuals for leasing the Honda Fit Sport model or the Fit Base model, with automatic transmission.
I'm in Houston, TX and would need a lease for 24mths, with 15,000 miles/year.
Thanks
MrCheap666
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- #21 of 45
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Re: Honda Fit Lease Numbers [mrcheap666]
by Car_man HOST
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Aug 27, 2006 (8:01 am)
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Replying to: mrcheap666 (Jul 11, 2006 10:12 am)
Hello MrCheap666. Honda is not currently providing any sort of lease support on the Fit. As a result, if you were to lease one through Honda Finance right now you would have to use its standard lease money factors. Honda Finance's current buy rate standard lease money factor for 24 month leases is an unattractive .00398. This is equivalent to an interest rate of around 9.6%. You would be much better off leasing this car for 36 months. Its buy rate standard factor for that term is a much more reasonable .00293. Honda Finance's 24 and 36 month, 15,000 mile per year residual values for the '07 Fit are currently 64% and 56%, respectively.
Car_man
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- #22 of 45
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Re: Lease? DON'T. [jimmy5150]
by bmb33
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Dec 03, 2006 (11:40 pm)
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Replying to: jimmy5150 (May 18, 2006 9:27 am)
hi
I am also considering to lease a honda fit because I might need a car for no more than two years. with information on the internet and different suggestions from friends, I am now so confused. Which way is better, to lease one or to buy one then sell it? Is lease kind of similar to having a car loan? Thank you for your help.
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- #23 of 45
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Re: Lease? DON'T. [bmb33]
by Car_man HOST
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Jan 04, 2007 (4:55 am)
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Replying to: bmb33 (Dec 03, 2006 11:40 pm)
Hi bmb33. Sometimes leasing makes more sense than buying if a manufacturer is providing lease support but no other special promotions on the vehicle that you want. BMWs are often an example of this. Unfortunately, Honda is not currently providing any lease support on the Fit. As a result, if you were to lease one through Honda Finance, you would have to use its standard lease program which is nothing great. There's nothing wrong with leasing this car. Theoretically one would come out about the same if they had leased it for two years or financed it and sold it at the end of two years. So whether you want to lease or buy is more a matter of personal preference than anything.
Car_man
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- #24 of 45
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Re: Lease? DON'T. [Car_man]
by bobw3
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Jan 04, 2007 (3:42 pm)
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Replying to: Car_man (Jan 04, 2007 4:55 am)
as long as you keep the miles low.
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