Last post on Mar 07, 2011 at 4:43 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Honda Element, Car Leasing, Car Buying, Wagon, SUV
#8 of 37 Lease Confusion
Nov 27, 2006 (6:32 pm)
I need some help and advice ASAP please! I am shopping for a '07 Element EX AWD and am confused on the leasing data. What I've been quoted from a local dealer is a 36/12000 lease for $22000 with a money factor of .0029 and 59% residual. Zero down translates to their payment of $400. This seems very high to me -can you shed some light on this? What should a reasonable lease payment be for this Element?
#9 of 37 Honda Element Lease-end inspection hassle
Dec 28, 2006 (12:48 pm)
The 3 year lease on our Element expires in February. Honda's options at the end of lease are very flexible: buy, turn-in, or re-lease.
We decided to have the Element inspected to see if we have any major issues (none expected) so that we could factor that into our thinking.
We called Honda Finance to schedule the inspection. Honda Finance contracts this out to an outfit named SGS Automotive (the worlds largest inspection company based in Geneva Switzerland and here in he US in NJ).
Surprisingly SGS only offers you a 4 - 5 hour window for the inspection at your home or office on only one day during the week. You can't get it inspected back at the original dealership, nor can you go somewhere else to meet an inspector at an appointed time. So I had to take a slot on a Thursday afternoon 12 - 5.
This is a very un-customer friendly system particularly since the inspection lasts 30 mutes or less (SGS told me they do 15 per day). I tried to get SGS to schedule it at my dealer and could only get a Tuesday morning 8 - 12.
There was nothing in any of the material from Honda or from our dealer, Boch Honda in Norwood, MA that indicated that the inspection required you to sit around for 4 - 5 hours waiting for someone to come do 30 minutes of walk around a car class work.
This is a very aggravating end to an otherwise very nice automotive experience.
Mar 30, 2007 (4:35 pm)
Hi CarMan.....I'm back...8 months after my initial Honda Element Leasing query. Only 9 posts on this board asking questions about leasing an Element? I guess everybody's buying, nobody's leasing. Well to my point, the '07 EX 2wd is on the table to lease for my wife. we'd like to move on it within 2 weeks. I'm looking at
'07 EX / 2WD
3 / 15,000 mile Lease
Tier 1 credit
What can you tell me about money factor and residuals on these.
Thanks in advance.....
#11 of 37 Re: Leasing Update [theomegaman]
Apr 04, 2007 (2:53 am)
Welcome back Omegaman. Yeah the Element lease discussion doesn't get nearly as much traffic as some of the other Honda leasing discussions do. I guess that consumers aren't all that interested in leasing it. It sells a lot fewer Elements than it does other models. Honda only sold 3,741 Elements in March, versus 36,506 Accords, 29,721 Civics, 19,658 CR-Vs, 14,339 Pilots...you get the idea.
Honda is not currently providing any lease support on the 2007 Element. As a result, if you were to lease one through Honda Finance right now, you would have to use its standard lease program. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Element EX 2WD with 15,000 miles per year are .00280 and 53%, respectively for consumers who pay a security deposit at lease signing and qualify for its "Super Preferred" credit tier.
Even though Honda is not providing any lease support on the '07 Element this month, you're in luck because for April it introduced a new $500 dealer cash incentive on it. Make sure to take this cash into account when negotiating your truck's selling price.
Prices Paid Forum
May 17, 2007 (8:33 pm)
We just(4/26/07) leased a 2007 2WD EX Element with only a cargo cover and cargo net as options. It comes pretty well equipped.
We paid $464 down/tags/first month with a $264 monthly payment on a 36 month 12k mile/year lease. Residual is $12,267
We are participating in a program with Sandals Resorts who "wrapped" our Element for travel advertising.
#13 of 37 Re: 2007 EX Lease [travelagent]
Jun 12, 2007 (1:55 am)
Congratulation on your new truck, Travelagent. Thanks for taking the time to share the details of your lease with everyone. The fact that you are wrapping your truck with advertising for Sandals is very interesting. If you don't mind me asking, how does the program work?
Prices Paid Forum
#14 of 37 Re: 2007 EX Lease [Car_man]
Jun 12, 2007 (10:55 am)
Sandals Resorts will pay to have certain vehicles "wrapped" in advertising to promote their resorts and my travel agency. I choose the Honda Element.
After 3 years, Sandals will also contribute to paying the residual. In the meantime, it should increase sales for both of us.
It is very attractive and I've fielded questions everywhere I've gone so far.
You can see my Element here http://vacationatsandals.com/Element.htm
#15 of 37 Re: 2007 EX Lease [travelagent]
Jul 19, 2007 (2:29 am)
Very interesting, travelagent. Thanks for the info.
Prices Paid: Buying & Leasing Experiences Forum
#16 of 37 Re: 2007 EX Lease [travelagent]
Jul 23, 2007 (12:32 pm)
I am a also looking to lease an Element to have Sandals wrap it. Im a travel agent in MA. I was quoted 2,000.00 down and 345.00 for 36 mths. I would love to talk to your dealer. Help
#17 of 37 2008 EX lease
Aug 14, 2007 (9:24 pm)
I just leased a 2008 EX AWD in the SF Bay Area. I paid $369 over invoice + $640 lease acquistion + doc fees, 36 mo lease 0.00300 money factor (7.20%) w/ residual calculated at 61% (wow!). I could have gotten invoice but was feeling nice (i.e. like a sucker). Also maybe could have gotten a bit lower for an 2007, but check that residual % - that's increased for the 2008's vs 2007's.
PS - I *love* the car!