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Honda Insight Lease Questions

135

Comments

  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    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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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    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: 38,518
    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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    Prices Paid: Buying & Leasing Experiences Forum
  • 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: 38,518
    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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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    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: 38,518
    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: 38,518
    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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    Prices Paid: Buying & Leasing Experiences Forum
  • 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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