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Honda Ridgeline Lease Questions

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  • jakejjakej Posts: 13
    Are the July numbers out yet?
  • cboy1cboy1 Posts: 1
    I am considering leasing a ridgeline RTS but don't know if better to get an 06 or an 07 as far as price is concerned. I have a quote for an RTS '06 for 379$ OUT THE DOOR - sign and drive -Except TAX ,for a 48 month 12k/yr lease. My beacon is about 780. How does this sound? OR would it be better to wait for an 07 to lease in hopes of getting a lower or equal deal? I am thinking this because I have heard it is best to lease new models when they first come out because of a high residual. Any ideas would be appreciated.....

    cboy
  • penny10penny10 Posts: 1
    Hi I would like you to know you could buy a 06 honda ridgeline rt silver with 11,200 miles and a 60,000 mile warranty thru www.autosofstlouis.com. Check it out. this would be a lot better deal for you than to lease and you could buy it cheaper than a brand new one. Plus the warranty is better than the new warranty.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Ken. Honda is still not providing any sort of lease support on the 2007 Ridgeline. I am sure that it will in a month or two, just not yet. If you absolutely have to lease one now at least you can take advantage of the $2,000 dealer cash that is currently available on 2006 Ridgelines.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi Tim. Honda Finance's current buy rate lease money factor and residual value for a 36 month, 15,000 mile per year lease of a 2006 Honda Ridgeline RT-L with a sunroof are .00293 and 50%, respectively. The numbers for an otherwise identical lease of a 2007 model are .00293 and 60%. When negotiating a lease on a 2006 model make sure to take the $2,000 dealer cash that Honda is currently providing on it into account. It will help you to negotiate an attractive capitalized cost for your lease.

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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi cboy. It is difficult to cay for certain whether a 2006 model or a 2007 model will be cheaper to lease at this point without crunching some numbers, but at first glance when the $2,000 dealer cash that is available on it is taken into account it appears as though the 2006 model will be cheaper to lease at this point. I would be happy to work up monthly payments for identical leases of a 2006 and a 2007 model for you if you would like. Just provide me with the full MSRP and approximate selling prices of both of the trucks that you are considering. In a month or two when Honda will likely introduce lease support on the 2007 model it will probably end up being the best deal, but right now the '06 model probably wins in a close race.

    Car_man
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  • hey carman
    trying to lease 2007 rtx. msrp 28850. dealer retail is 26540. do you need any other numbers to help me calculate what a fair lease price should be? i have also read that putting money down other than fees is a bad idea. true?
    thanks
  • Hi zxdriver. That's really all I need to calculate this truck's lease payment for you. Of course, I'm going to have to make an assumption about the length of the lease and the mileage allowance that you want. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. According to my calculations, if you were to lease a 2007 Honda Ridgeline RTX with an MSRP of $28,850 and a selling price of $26,540 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $392 assuming that you quality for its "Super Preferred" credit tier and pay a security deposit at lease signing.

    It's true that it is not really a good idea to make capitalized cost reductions on leases. Consumers who do risk losing them if their vehicle is totaled in an accident or stolen and never recovered. You really only have to pay your vehicle's first month's payment, a security deposit equivalent to your payment rounded up to the nearest $25 increment, Honda Finance's $595 acquisition fee, and any required state taxes or fees at lease signing. You can even roll the acquisition fee into your capitalized cost and have your security deposit waived in exchange for an increase of .00010 in your vehicle's money factor if you want.

    Car_man
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  • jakejjakej Posts: 13
    Carman, so basically, the purpose of a CCR is to lower one's monthly payment, correct? I guess I'm a bit in the dark when you say you "lose" the CCR. Don't you lose it as soon as you sign the lease?? I'm looking at leasing a RL, but only if the monthly payment is where I want. I'm assuming you would advise me to get a check from the dealer for my trade, or sell it out right, and not to include it in the lease. Am i right on that? THank you for your help.
  • lablover2lablover2 Posts: 106
    is the current lease on the rl rtx from honda a good one? it is $299 a month with $1999 down plus taxes and fees. the $1999 includes first month payment-sec. deposit and cap. cost reduction? i like the rl and was wondering if this is adecent price-thanks
  • Yes, jakej, capitalized cost reductions lower vehicles' lease payments. It is true that you "lose" your cap cost reduction the moment that you sign your lease payment, but making one provides you with the benefit of having a lower monthly payment on your leased vehicle for several years. If one totals a leased vehicle in an accident, their vehicle is gone and with is goes any benefit that they were receiving from having made a cap cost reduction.

    You are absolutely right. There's nothing wrong with trading a vehicle in when leasing a new one, just have the dealer that you are working with cut you a check for your trade. Also, you can always sell your current vehicle privately. While it is a hassle to do so, consumers usually can get more money for vehicles that they sell on their own than they can get for them by trading them in.

    Car_man
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  • Hi lablover2. Honda has provided enough lease support on the Ridgeline to advertise a $299 a month lease with around $1,000 down on it for the past year or so. Honda's current lease on the 2007 Ridgeline is right in line with this. To arrive at this advertised payment, Honda is providing $1,250 dealer cash on leases of the '07 Ridgeline through Honda Finance. Make sure to take this cash into account when negotiating this truck's capitalized cost. Also, most manufacturers' advertised leases leave a little meat on the bone so to speak. If you are in an area that has a decent level of competition, I would not be surprised if you were able to negotiate a slightly larger discount on the truck that you want than the one that was assumed for the purpose of the advertised lease.

    Car_man
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  • jakejjakej Posts: 13
    Honda is advertising both a "standard" and "special" lease for the RL RTX. The only surface difference seems to be the down payment (2K for standard and 1500 for special). Car Man, what is the real difference here, and is it possible to get a better lease deal than what Honda is advertising? Thanks as always. -JJ
  • Hi jakej. Honda is running a special lease on the 2007 Ridgeline right now. It has a special money factor of .00124 on it this month. This is equivalent to an interest rate of around just under 3%. Like with most manufacturers' advertised leases, I suspect that the payment that Honda is advertising on the 2007 Ridgeline leaves a little meat on the bone so to speak. If you are in an area that has a decent level of competition you should be able to negotiate a lower selling price than the one that the advertised lease is based on.

    Car_man
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  • I'm thinking about leasing a 2007 Honda Ridgeline RTX 36 months, 15,000 miles per year.
    The MSRP is $28,300. With a sales price of $27100, down payment of 1600, residual of 17,040 and a money factor of .001240, the cost according to the dealer is $349.29 including tax and license. When I enter the same information into edmuds lease calculator (with license fee at $280), the cost is $330.06. Then when I go to leasing guide.com, the number is even lower. When I called the dealership, they said that they could bring the cost of the car down to 26830, but the cost would be $340, still higher than the $330 that I came up with. Can you explain the discrepany?
    What do you think is a good number to pay per month for 15k miles per year?

    Thank you! :)
  • jfmavjfmav Posts: 1
    Hi Car_Man. Thanks for all the great information in the forums. You really helped me negotiate a good deal on my last lease. Now I am trying to help my father lease a Ridgeline RTL. I was wondering what the current dealer incentives and the captive lease rates are for the RTL for this month. Thanks in advance.
  • Hi amyinsandiego. Let's calculate a lease payment on this truck and see what we come up with. According to my calculations, if you were to lease a 2007 Honda Ridgeline RTX that has an MSRP of $28,300, a selling price of $27,100, a money factor of .00124 and a residual value of 59%, for 36 months your zero down, pre-tax monthly payment would be around $344. With the lower capitalized cost that you mentioned, $26,830, the monthly payment for an otherwise identical lease would drop to around $336.

    Honda's lease program for this truck changed for the money of January. Instead of the special lease money factor that was available on it last month, Honda is now providing $1,500 dealer cash on it. Make sure to take this cash into account when negotiating your lease. It will help you to get an attractive capitalized cost. Honda Finance's new 36 month, 12,000 mile per year buy rate lease money factor and residual value for the 2007 Ridgeline RTX are .00275 and 56%.

    Car_man
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  • You're very welcome, jfmav. I'm glad that I was able to help you out on your last lease. Honda is currently providing $1,500 dealer cash on the 2007 Ridgeline. Make sure that your father takes this cash into account when negotiating his truck's capitalized cost. This truck's lease program varies depending upon how long your father lease it for and what mileage allowance he needs. For now I will assume that he wants a 36 month lease with 15,000 miles per year. Let me know if he wants something different. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Ridgeline RTL without navigation with 15,000 miles per year are .00275 and 54%, respectively, assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

    Car_man
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  • illyaillya Posts: 3
    Help Carman, I'm new to the leasing game. I'm looking at a RTX. Can you give me the fair numbers I need to negotiate?
  • illyaillya Posts: 3
    Car man where are you??
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