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Honda Fit: Lease Questions

71 messages,  Last post on Dec 28, 2012 at 7:54 AM

You are in the Honda Fit Forum.

What is this discussion about? Honda Fit, Car Leasing, Car Buying, Hatchback

Messages Page 5 of 8

#34 of 71 Re: Fit Lease money factor and residual? [mr2freak] by dwynne

Jan 10, 2008 (9:01 pm)

Replying to: mr2freak (Jan 10, 2008 8:12 pm)
Honda has no trouble selling Fits, so they have no lease specials on them. As CarMan posted the standard lease rate is a whopping 0.00270 or higher on them. You can get a better rate (but a lower residual) through a 3rd party lease bank via your dealer or online at www.leasecompare.com or any other lease broker.
 
The car just does not lease well due to a low (relative) residual and the high MF. Right not you could probably lease a Pilot, Odyssey, Element, Ridgeline or even a Civic for less per month than a Fit sport would cost you. If you just have to have a fit, then I would just buy it. Check the lease "specials" online at Honda and they will show good deals (which you can make better by negotiating a lower price) on all the models and nothing for the Fit.
 
Dennis

#35 of 71 confused by mr2freak

Jan 11, 2008 (2:36 am)

Thanks for the reply.
I kinda figured the lease would be rotten and I'm starting to wonder why Honda is able to sell the fits? I love the little thing but theres cheap money right now ($199 camry ect) and I cant see the sense paying msrp and a 6% loan on tier 1.
 
Are people buying the car with cash or large trade in's so they can put 200k on them?
Or altruistic earth bunnies paying more to pollute less?

#36 of 71 Re: confused [mr2freak] by dwynne

Jan 11, 2008 (9:12 am)

Replying to: mr2freak (Jan 11, 2008 2:36 am)
They are cute (to some) and cheap (sort of) and a Honda. Who knows why something sells and others do not. I am on my 2nd S2000 and I love it, but Honda can't sell those unless they offer cheap leases or dealer money and then they STILL can't sell them. Ditto the Pilots and pickup trucks. They have little trouble selling Civics (but I think Fit sales eat into Civic sales) but have to prop up Accord sales with deals - except when the new 08 Accords first came out. CR-Vs almost never have any incentives on them either, they just can sell those without needed any "help".
 
It is supply and demand and as long as dealers can't keep them on the lots they don't discount them (some even charge over MSRP). As long as Honda sells them as fast as they make them then they are not going to offer any promo deals on them.
 
I don't know is buying them and why they do, but I have a friend with one and they love it - but paid full price. When my daughter purchased her Civic in 06 we could have purchased a similar Accord for LESS money (due to incentives and dealers willing to deal on price) but she paid MORE for a Civic because that is what she wanted. I guess that is why folks buy them - they are hard to get and you don't see them everywhere, they are Hondas, not too expensive, and get great MPGs. Most folks don't lease and just let the dealer do the financing deals so they don't see they could have (to some) more car for less money getting something else. Quite often folks pick the car then try to find the deal and they don't pick the deal and settle for whatever car that ends up being.
 
There is also something that spurs folks on when they are told that something is hard to get or rare or limited - that just makes that even more attractive. If there were dozens of Fits sitting on every lot and you saw them everywhere in traffic, the appeal would drop some, I would think.
 
Dennis

#37 of 71 Re: Fit Lease money factor and residual? [mr2freak] by Car_man HOST

Jan 23, 2008 (3:18 am)

Replying to: mr2freak (Jan 10, 2008 8:12 pm)
Hello mr2freak. Here's the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2008 Honda Fit with 12,000 miles per year are .00255 and 56%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. I don't believe that Honda Finance offers leases on Honda division vehicles with only 10,000 miles per year.
 
The '08 Honda Fit only has a $500 or so spread between its dealer invoice price and its full MSRP, plus Honda is not currently providing any cash incentives on it, plus it has been selling pretty well. As a result, don't expect to get much of a discount, if any, on one right now.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

#38 of 71 Re: Fit Lease money factor and residual? [Car_man] by mr2freak

Jan 24, 2008 (12:43 pm)

Replying to: Car_man (Jan 23, 2008 3:18 am)
Thanks for the info guys.
 
I got a BS figure from the dealer on the residual for the fit so they quoted me a lease in the 350/month range
 
I seem to be unable to get the lease calculator to spit out figures that look decent--operator error I'm sure.
 
Using the .00255 and and 500 off msrp its giving me 295 a month? Yikes.
60month finance is only a few bucks more.
 
EDIT: I just plugged in the figures from some of hondas advertised deals and it works out when I pull out the tax and reg so I guess I was just shocking myself with the numbers generated by putting nothing down Comparing the fit against the 199 civic lx sedan deal the fit seems to cost about 215 a month even considering the rotten money factor. So I guess its just a matter of which one we like more.

#39 of 71 Re: Fit Lease money factor and residual? [mr2freak] by Car_man HOST

Feb 26, 2008 (3:28 am)

Replying to: mr2freak (Jan 24, 2008 12:43 pm)
You're welcome mr2freak.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

#40 of 71 I am thinking (lease ) 90 Corolla S VS 09 Honda Fit Sport ? which is better by movingsale45

Sep 02, 2008 (12:14 pm)

I am thinking (lease ) 90 Corolla S VS 09 Honda Fit Sport ? which is better deal
SF BayArea, CA thanks

#42 of 71 09 Honda Fit Lease by leetchie69

Aug 17, 2009 (1:15 pm)

Replying to: movingsale45 (Sep 02, 2008 12:14 pm)
No posts in almost a year?
 
Has the leasing forum moved or something?
 
Has anyone leased a Honda Fit recently? Is there any support for it?
 
Current MF/Resid?

#43 of 71 Re: 09 Honda Fit Lease [leetchie69] by Car_man HOST

Aug 25, 2009 (3:18 am)

Replying to: leetchie69 (Aug 17, 2009 1:15 pm)
Hi leetchie69. 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 money factor. Its current buy rate standard lease money factor for 36 month leases is .00285. I would be happy to provide you with the residual values for this car if you tell me exactly what trim level you want.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

Messages Page 5 of 8

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