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Honda Ridgeline Lease Questions

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  • Car Man you posted this a couple of weeks ago...could I bother you for an update? Is the $1,000 dealer cash incentive still in place, and has the money factor dropped to .00077 as posted in a recent post? Thanks!
  • Hi All,

    I am picking up a 08RTS for $7260 off of sticker in NY. There are some good deals. The other huge plus is they are allowing special finance rates along with the cash back. 2.9% up to 60 months. Typically its one or the other.
    I feel I got a good deal and can wait to take delivery on Monday! :)
  • Sounds like a good deal. I'm still trying to price the vehicle for lease (an RTL w/out nav) and got a crummy lease quote of $425 month yesterday. i'm now trying cars direct to see what they come back with so at least I can pit them against my dealer. FYI my last lease was a $400 a month on vehicle that msrp over 45k, so this quote was lousy. I calculated price quote must have been plugging in purchase price of over 32k, when RTL is being sold closer to 27k. Again, anyone have a thought on what purchase price would be appropriate to plug into my lease vehicle cost equation. i know the 27.5k price includes incentives i may not get on lease, so please any help???
  • I got a lease quote of $440 (including taxes) with no cash up front except 1st month's payment for 36/36k on an RTL/Navi, going to 15k/yr would bump by maybe $20/month. I was wrong on the .00077 money factor, the correct one is .00102, 54% residual for 36k miles. I'm pretty sure I'm going to get one, just trying to decide on lease/buy at this point.
  • Anybody know what the 24 month lease rate money factor is? Residual percentage?

    Thanks.
  • My plan was to use carsdirct versus dealer to get best 36 month lease on rtl w/out nav but no luck. Dealer said he'd match or beat cd but remarkably they promised me a quote almost two weeks ago and cd keeps saying that their "dealer/partner" has not yet given them the quote. Talk about a company wasting $ on a superbowl commercial.....any suggestions on reasonable price. I think i should be out the door at around $350 incl 7% tax on 3 year lease with only first payment down, but dealer was much higher on initial quote. I can't see the lease pricing the vehicle about invoice if sale price is at least 2k under invoice. Am i wrong? any thoughts? thanks
  • I dont know if it helps any, but I looked at leasing and wasn't impressed with the pricing. I ended up buying a 2008 RTS with 4 miles on it for $23,800 including the destination charge. Tax and dmv fees were addtional fees. I also was able to get the special finance rate of 2.9% for up to 5 years.

    For me and my situation it was the best route, and was very pleased at getting $7260 off of sticker and combining the low finance rate. :) .
  • Hey guys, thanks for all the help. I leased an 08 rtl w/out nav (in NJ) for $370 month inc tax and put 500 down (plus 400 in dmv and process fees) Did $45 per month cheaper than dealer closer to home, partly b/c i knew rebates, money factor, residual from the site. Of course I added fog lights, trailer hitch and running boards so i'm basically making two down payments, but your imput helped alot
  • I hope you enjoy your Ridgeline as much as we have enjoyed our 2006 RTL. It's a great vehicle with lots of versatility.
  • Thanks Car_Man. Basically as you stated I could not get exactly what I needed on the trade. Even though the auction sale prices were close to what I needed...
    I ended up at $23,800 ( less tax and dmv) for the RTS, and they allowed me the special finance rate (2.9% super preferred credit)for up to 5 years on top of the cash back.

    The deal was too sweet to pass up with $7260 off sticker and 2.9% FR. I am very pleased with the price and the truck. Thanks again for everyones help. :)
  • Hey Greg . Let's work up a lease payment on this truck and see what we come up with. According to my calculations, if you were to lease a 2008 Honda Ridgeline RTS that has an MSRP of $31,060 and a selling price of $27,188 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $335 assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The only way that you would benefit from trading in the vehicle that you currently have a SmartBuy contract on is if it is worth more as a trade than it would cost you to purchase it, which is unlikely.

    Edmunds.com has a number of excellent articles on how leasing works. Here are links to a coupe to get you started: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Car_man
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  • You're very welcome, stonejlex. Congratulations on getting your new Ridgeline. Enjoy your new ride :shades: .

    Car_man
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  • Greetings lakeshor. Honda Finance's money factors are the same, regardless of what a vehicle's mileage allowance is. 15,000 miles per year is the highest mileage allowance that Honda Finance publishes residual value percentages for. If you need to drive more than this, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until the end of your lease and have to pay an excess mileage penalty.

    The dealer invoice price of a 2008 Ridgeline RTL without navigation is $30,597. Plus Honda is providing a $1,000 cash incentives on leases of this truck through Honda Finance. So a selling price of $30,097 ($500 over invoice minus the cash incentive) or better is an excellent capitalized cost for a lease off this truck right now.

    Car_man
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  • Hey idahovandal. Honda significantly recently raised its dealer cash for the 2008 Ridgeline from $1,500 to $3,500. Unfortunately, this dealer cash is not compatible with Honda Finance's special lease program. It is still only providing $1,000 dealer cash on leases of this truck through Honda Finance. Its buy rate lease money factor for the '08 Ridgeline is currently .00102 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

    Car_man
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  • I can help you out, sfnsfn. Honda Finance's current buy rate lease money factor for a 24 month lease of any 2008 Ridgeline is .00102 for consumers who qualify for its top credit tier and pay a security deposit at lease signing. This truck's residual value percentages vary by trim level and mileage allowance. Its 24 month, 15,000 mile per year residual value for an '08 Ridgeline RT is 61%. It's 60% for the RT w/moonroof, 58% for the RT w/moonroof & navigation, 60% for the RTS, and 61% for the RTX. If you were to lease with only 12,000 miles per year, these residual values would be 1% higher.

    Car_man
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  • Congratulations on getting your new Ridgeline, mattmalt. Thanks for taking the time to share the details of your lease with everyone. Make sure to stop by the new Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with everyone. Enjoy your new truck :) .

    Car_man
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  • Anyone have any numbers yet?
  • gmaroungmaroun Posts: 9
    Hi All,

    I recently started an all out quest for quotes in the NJ/NYC area.
    I noticed most honda dealers not all will use the traditional method of selling the car. Simply put, they place a middle man who has no power of making the deal or numbers. Their job is to make you act on impulse. Enough of that.
    Being a currrent America Honda Finance Customer, I was able to get rates on the Ridgeline. I confirmed that their is a 1,125 Lease case to dealer that is running until 4/3/2008. Lease factor remains at .00102 or 2.44 APR. (Not bad rate) I expected lower.
    I am heading to Garden State Honda in clifton to work on a deal.
    Keep you all posted on details.
  • gmaroungmaroun Posts: 9
    I have confirmed the new rates:
    3/3/2008 - 4/4/2008 Lease factor is .000832 or 2%
    12k miles 36 month Residual Rate:
    RT and RTX 56%
    RTS 55%
    RTL 54%
    RTL w/navi 51%
    Lease Cash to dealer $1,125

    Now you know the figures. The game has begun. I was able to get a selling price for 26,200 from Garden State on a RTX model trim which is off my target price of $24,049. I walked away. I am sure they will call me later in the month either they meet or come close to my target price.

    RTX MSRP w/destination $29,135; Invoice $26,449
  • 01tblue01tblue Posts: 13
    Gmaroun,

    Try Friendly Honda NY. I strickly dealt with the salesman the whole process soup to nuts.

    Email me if you like and I will give your the particulars and salesman name.

    I got the best price, and did everything via email. Best and easiset purchase to date!! :)
  • mattmaltmattmalt Posts: 6
    I had luck with Khalil at Academy Honda in Old Bridge NJ.....not long negotiations to get to where I wanted (see my post above) I was very pleased with them.
  • gmaroungmaroun Posts: 9
    Does anyone know the current Lease Cash Incentive for dealers on the Ridgeline?
    I know there is a 3500 cash to dealer but it can't be combined to Special AHFC Lease deals.
  • gmaroungmaroun Posts: 9
    Hi again, I just close a Lease deal on a RTX Ridgeline

    $1552.05 due at signing (1st payment and inception included)
    36 month
    12k year
    $300.85 includes 7% sales tax (Need good credit to qualify)

    If you are in a need for a great weekend duty truck, you must be nuts to pass up on the opportunity.

    :) note it was not easy on getting this deal. You really need to have negotiation skills and do not expect this will be your first or second offer.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, 01tblue. Congratulations on getting your new truck!

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi love2driveinct. The Ridgeline's residual values vary by term and mileage allowance, but through April 30th Honda Finance's buy rate lease money factor for it is .00083 for consumers who qualify for its top credit tier and pay a security deposit at lease signing.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi gmaroun. Despite the fact that Honda is currently providing $3,500 dealer cash on the 2008 Ridgeline, only $1,000 dealer cash is available on leases of it through Honda Finance.

    Car_man
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  • aspesisteveaspesisteve Posts: 833
    now that Honda is rumored to up'd the dealer cash to $4,500, does this make leasing even less attractive? I mean, how can you beat $4,500 under invoice with a lease?

    anyone able to make the lease make sense with these viarables?
  • vmcjr1vmcjr1 Posts: 2
    Looking for an RTL no/nav. site is helpful any new info
  • aspesisteveaspesisteve Posts: 833
    somehow I get the feeling that the lack of posts on so many threads in Edmunds is reflective of the lack of sales in the car industry. With the cash incentive that Honda is offering for the Ridgeline - $4,500 last I heard - it's telling of how well the Ridgeline is selling.
  • 01tblue01tblue Posts: 13
    Im out driving my new Ridgeline. ;)
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