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Honda Insight Lease Questions

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  • Money factor depends on many things including the area, economy, car make and model and how well the product is leasing, etc.
    I live in Calif and I have seen 2 diff money factors at the same time within 100 miles.
    Insights seem to sell very well here in the SF Bay Area and I have seen money factors from the low 70s to over 141 within 10 days of each other for Insights, Civics and Accords at the same time. Think of it as a adjustable mortgage changing on the whim of ??
  • capplacappla Posts: 29
    Hi Car_man and kyfdx,

    Can you confirm the lease numbers for March 2010 for these?

    Insight LX, 36 Months, 12K & 15K
    Insight EX, 36 Months, 12K & 15K

    Thank you!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi azza1. Honda Finance's March buy rate lease money factor and residual value for a 36 month lease of a 2010 Insight EX with 15,000 miles per year are .00142 and 61%, respectviely for consumers who qualify for its top aka "Super Preferred" credit tier.

    The numbers for an otherwise identical lease of a 2010 Insight LX are .00142 and 61%.

    If you go with a sign & drive lease, the Insight's money factors drop slightly to .00132.

    When negotiating your lease on the Insight, make sure to take advantage of the $750 dealer cash that is available on it this month.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Honda's money factors vary by model, credit tier, and sometimes trim level but they are usually the same across the country. Consumers definitely should find out what the buy rate is for the model they are interested in before entering into serious negotiations and make sure that the dealer uses it to calculate their monthly payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go, cappla. Honda Finance's March buy rate lease money factor and residual value for a 36 month lease of a 2010 Insight LX with 15,000 miles per year are .00142 and 61%, respectively.

    The numbers for an otherwise identical lease of a '10 Insight EX are .00142 and 61%.

    These cars' factors drop to .00132 for sign & drive leases.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • 67ty567ty5 Posts: 4
    So, assuming everything is relatively the same then final sale price is the most important factor that determines the monthly lease price. Is this correct?

    Also, sorry for the newb questions, but what does sign and drive mean. This is the first time I have ever considered a lease.

    Thanks again carman and everyone else
  • azza1azza1 Posts: 5
    http://jelmac.wordpress.com/2007/11/30/dealer-dictionary-sign-and-drive/

    In my opinion, it's a desired thing to do for the consumer regardless of the fact that it you get a better rate
  • capplacappla Posts: 29
    Thank you Car_man!!

    Also, what is the money factor and residual value for a 36 month lease of a 2010 Insight EX with Navigation and 15,000 miles per year?
  • Thanks to carman, kyfdx, and other members of this forum for the money factor and the possibility of leasing 2010 honda insight ex :)

    On past Saturday, I went for a test drive for Honda Insight EX and Fit Sport at Kings Honda just to get a feel for the both. There, the dealer showed me regular lease option for EX which amount to $330.82 + tax/month for 36 months. I thanked the dealer and told him that I would talk it over with my wife.

    When I got home, I use the lease calculation and TMV value from Edmunds and both money factor and residue values from this forum to calculate. It is possible to get an Insight EX at $244.89 + tax. Armed with this information, I emailed

    Performance Honda
    Superior Honda
    Honda East
    Jeff Wyler Honda

    within the hour, I get a response from Honda East which accepted my offer however, I do have to pay $244.89 for 36 months instead of 35 months of their current 0-0-0-0 deal. Superior Honda sent me couple acknowledgment of receiving my emails.

    On Sunday, we followed up with Honda East by asking if they willing to pay for the last payment of my leased Civic which they're readily agreed. Performance Honda called and the salesperson on the other end sounded very reluctant to give us the deal.

    So, in the end, we went to Honda East and spent almost an hour to get final test drive on the selected vehicle, signed all the necessary paperwork, and drove home a brand new Insight EX. The entire experience is lot less stressful since our last car lease in 09 where we spent about 3 hours plus sitting at the dealer and negotiated.

    The only pet peeve is the fact that Honda East didn't have the desired car color readied when we signed the deal.

    This can't be done without the help of Edmunds, carman, kydfx and other members of the forum who dare to ask the unasked question.

    Thank you :shades:
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You are absolutely correct, 67ty5. Assuming that the dealer is using this car's buy rate to calculate your payment the most important number to focus on when negotiating a lease is the vehicle's selling price. The lower the selling price is, the lower your lease payment will be.

    Sign and drive means that you don't have to pay any money at lease signing. Honda Finance is waiving the security deposit, rolling its $595 acquisition fee into vehicles' capitalized costs, and dealers are paying the first month's payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome cappla. According to the latest information that I have seen, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2010 Insight EX with navigation and 15,000 miles per year are .00142 and 59%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The money factor for nothing due at signing leases of this car drops slightly to .00132.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    edited April 2010
    Congratulations on getting your new Insight, 1locksley. Thanks for taking the time to let us all know how everything turned out. If you haven't already, make sure to hop on over to the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your purchase experience with an even more people. Enjoy your new ride!

    Car_man
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  • 67ty567ty5 Posts: 4
    edited April 2010
    Hi 1locksley, what was the final purchase price and how many miles per year? I am assuming 12k correct or did you get 15k?

    CArman I am trying to get 15k lease. Dealer says its going to cost 10 cents a mile. The penalty is 15 cents on the honda. So, is 10 cents a norm, is it negotiable?
  • $20,309.34
    12K miles
    Didn't go for 15K miles since I know for certain that I'll be under 12K miles per year.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi 67ty5. If you drive 15,000 miles per year, don't go with a 12,000 mile per year lease. You will be much better off going with a lease that allows 15,000 miles per year from the get-go. Honda Finance's residual values for leases with 15,000 miles per year are 2% lower than its residuals for leases with 12,000.

    Car_man
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  • cduvacduva Posts: 1
    So I got a ton of Internet quotes (fortunately living in L.A. there are about 12 Honda dealerships within 20 miles). I was trying initially to find if I could get a similar deal on the EX w Nav as Honda is running on the LX ($0 down, $0 due at signing, $240 pre-tax per month for 35 months with 12K miles per). I got a bunch of ridiculous quotes (over $300 per month) 2 at $290 and one at $275.

    Thanks to this forum, I decided to go down to the EX and went back to the low quote from Downtown Honda of LA. The guy was great. (The first Auto response he gave me was filled with advice about how other dealers try to hide their true costs).

    So here's the deal on the table that I think I'm going in tmw morning to take:

    35 payments of 266.11 including tax
    -- in LA county the tax rate is 9.75% so the payment is $242.53 pre tax
    Money Factor = .00142 on super preferred credit tier
    12k residual = 63%
    The MSRP is $23,100 so I'm figuring the negotiated price is $20,661 which is in line with Edmund's Market Value

    Drive off:
    328.75 DMV
    45 doc

    If anyone feels there's an angle I'm missing please let me know. But with the Hybrid Gas Savings I feel like it's a pretty good deal.
  • dsmkid95dsmkid95 Posts: 3
    hello,

    My name is Eric and I need to get some information regarding leasing a vehicle as this will be my first time. When leasing a vehicle, am I able to negotiate on the actual price of the car? I read a few posts on here and keep reading about the money factor and cap cost and wondering if someone can point me in the direction of learning what each means and how this affects me. Looking at possibly leasing an insight by next week and want to get as much information as I can before the emails start coming in.

    Thanks
  • avljmaxavljmax Posts: 10
    Just curious if anyone - especially the host - knows if the current lease deals will continue into May? I'm interested in the EX w/o nav.

    Thanks for your help!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Welcome Eric. Since you are new to leasing, you definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

    Check out the above articles and let us know if you have any questions. Good luck.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi avljmax. Honda's April lease program is scheduled to run through today, May 3rd. It will introduce its new May programs some time tomorrow. It is difficult to say exactly what they will be like at this point. Please feel free to post a quick reminder in this discussion for me and I will gladly fill you in on the details when they are available.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • luvautoluvauto Posts: 17
    Great forums. Car_Man and members provides so much valuable info. Excellent!
    I'm in the market and need current leasing/incentives data.
    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Thanks luvauto :). I'm glad that you enjoy the forums so much. Here's the info that you're interested in. You never mentioned what trim level, term, or mileage allowance you are interested in so I had to make some assumptions. Let me know if you want something different.

    Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Insight EX with 15,000 miles per year are .00126 and 61%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    When negotiating your lease on this car, make sure to take advantage of the $750 dealer cash that is currently available on it.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • jett456jett456 Posts: 33
    So anyone in CT that leased an insight or other hybrid has to now pay sales tax on the remainder of their lease. I wonder if I can sue???
  • Just spoke to two dealers in New Jersey and here is what i got :

    MSRP: 22,050 EX MODEL
    Money factor: .00126
    Residual: 13,891
    Nothing Down, only first payment and out the door.
    Terms: 36 months with 12k miles for $264/month tax are included in the price

    second dealership did this
    MSRP: 21,300 EX MODEL
    Money Factor: Same
    Residual: Same
    Nothing Down, Only first payment and out the door
    Terms: Same at $291 per month and taxes are included in the price...

    Ok so now here is my question? What can i negotiate them down to? what are people getting in the state of New Jersey? With no money down can i get them at $220/month for the same terms and on the BASE EX model?

    Thank you very much forumers ;) this really helps when i go to the dealership.
  • yessirmanyessirman Posts: 4
    Have you heard anything about the July sales? Insight Leases?

    Yes sir man
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi yessirman. Honda's June lease program is scheduled to run through today, July 6th. It's new July programs should be available some time tomorrow. Please feel free to check back with me then and I will be happy to fill you in on the details.

    Car_man
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  • yessirmanyessirman Posts: 4
    Saw this mornings July sale, and there was no mention of leasing deals.
    Any Idea what to expect in the leasing area for July?
    Had planned on dealing now, but if no deals will wait til Aug. My area is east Ohio. Which does not appear to have much of a selection available.

    Please fill me in on what my possibilities are,re: leasing Insight now>

    Many Thanks

    Yes sir man
  • yessirmanyessirman Posts: 4
    Dear Car Man,

    I notice this morning that Honda has added a 36 Mo $179 per month with $1999. due at signing. I really didn't want to come up with the $1999. deal, but will if absoutely necessary.
    Going to the Dealer Monday. Can you provide me with some sort of ammo for the talk? What should I expect. I want the EX Model.

    Thanks for your time and expertise.

    Yes Sir Man
  • Just leased a 2010 Honda Insight LX yesterday, and was wondering if I got a good deal?

    The Gross Cap Cost was: 22327.00

    The agreed upon value of the vehicle (as shown on the contract) is 21240.00

    They gave me $3607 for my trade

    The residual value is 12176.00 + the rent charge of 1176.84 = 7181.84 for base payments

    I'm from Texas, and we have an 8.25% sales tax

    The car is costing me $199.47 per month.

    When they first estimated the monthly payment to be in the $195-199 range I was satisfied, and they told me that they had reduced the the value of the MSRP to get to that number, but upon closer inspection, I'm not sure if I'm paying sticker price for the car.

    did i get ripped off?
  • delta737hdelta737h Posts: 603
    edited July 2010
    vertigokane,

    You haven't provided enough information (e.g., money factor, adjusted cap cost) for anyone to validate the payment. The MSRP has nothing to do with selling price and is only used to calculate the residual value. So, here's what I suggest...

    Ask the dealer for their LEASE WORKSHEET. This is a computer generated document that will tell you everything you need to know and then some. The beauty of this document is that it always tells the truth so that there is no misunderstanding or confusion. Please feel free to email it to me at

    diffeq@zoominternet.net

    and I'll be happy to analyze it for you.

    All the Best,

    John
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