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Honda Ridgeline Lease Questions

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Comments

  • hkingshkings Posts: 74
    Hey Cuppy.... sounds like a great deal! $214 includes taxes every month? How many miles per year do you get? Where do you live? WHat dealer? Did you get any quotes on RTL's?

    All info is truly appreciated!
  • cuppy1cuppy1 Posts: 28
    Yep, taxes included. I've been leasing cars since 1998 and this is by far the best lease deal I've ever seen. I was actually looking at the RT that was advertised for $239/mo plus tax with $1999. due at signing and I couldn't believe it when they said they had a special on the RTS for $199. I live in PA and the dealer is Bobby Rahal Honda in Mechanicsburg PA. It's 12,000 miles a year. I tried to get 10,000 miles because I don't drive much but they could only do12.
  • sparklandsparkland Posts: 108
    Cuppy1 - are you the "candyman" on the ROC forum? The deals sound so similar. Hope others get a deal like you found.

    Brad
  • cuppy1cuppy1 Posts: 28
    Yep, thats me.
  • what were the details on this lease? cap cost? adjusted cap cost? resid value? money factor? im working a 36 month lease on an rtx with 12k at 1500 down and 268 with tax i thought that was good but iwas wonder the details of your
  • cuppy1cuppy1 Posts: 28
    Gross cap cost, 21582. Cap cost reduction, 637. Adjusted cap cost, 20945. Residual, 16461. Money factor, 0.0019 (4.7%)
  • sparklandsparkland Posts: 108
    "I strongly suspect that consumer auto leases (at least those sponsored by the auto manufacturers) will be history by the end of the year.

    Chrysler has already announced that they will exit the lease business on August 1st. Cerberus Capital not only owns Chrysler and Chrysler Financial but controlling interest in GMAC as well. So I suspect GM will follow shortly.

    Ford took a $2.1 billion charge for the quarter due to falling lease residual values.

    Honda just released their first quarter financial report and noted that they expect falling lease residual values in the USA to cut their operating profit by $231 million. Just look at the residual calculations on 2006 Ridgeline's as an example of how wildly they miscalculated.

    I believe the manufacturer sponsored consumer lease will soon be history. Only time will tell."

    This information was quoted from "Joe" on the ROC forum.

    Interesting reading.
  • mdominikmdominik Posts: 10
    Just for comparison information for everyone, I am considering a Ridgeline RTS lease and got the following first offer from a dealer in southern New Jersey. The numbers don't exactly add up (eg, sales tax), but even so, it represents very aggressive sales price discount from MSRP, I thought. This being the first offer, I would next go in with further reduced selling price counter offer, but I have no idea if they'd hold firm on it.

    RTS RIDGELINE

    1. MSRP = $31,095.00
    2. Selling price = $24,723.00
    3. AHFC acquisition fee = $595.00
    4. Capital cost reduction = $2,500.00
    5. Any dealer doc fees = $224.00
    6. Any other dealer add on = $795.00 (SIDE STEPS)
    7. Residual $ value after 36 months = $16,480.35 (12k a year)
    8. Money factor for 36 months = .00194
    9. Registration cost (for 3 years in NJ) = $284.00
    10. Sales taxes = $930.70
    11. Monthly lease payment = $302.00
  • sorsosorso Posts: 2
    So I am a couple of months from my extremely low $ factor lease from ending. I think my residual on my Ridgeline with Navigation is around $18,000. What can I expect if I want to purchase this vehicle? With the current price reductions I know my trade in value went to crap. I know when I had my old Passat they offered me quite a discount to keep it. Will they do the same? Should I trade it in before the lease ends because I could buy something else just the same. I don't need a truck anymore. Thanks!
  • I'm 6 mos away from my lease return on a 2006 Ridgeline with leather/navigation. I owe 20,000 on return in June. I actually really like it. Do you think that Honda will give me a deal on buying it since I doubt they want vehicles sitting on their lots these days? Also, should I deal with them early? Thanks.
  • Nope, they wont budge on your agreed buyout price of $20K - regardless of the current market conditions.
  • Really...that doesn't seem to make economic sense to me. If they have a used car on their lot that they can't get rid of, as there isn't really great demand for trucks right now, it would seem to me that they would rather have the cash than a used truck they can't sell.
  • sorsosorso Posts: 2
    I don't think they will move while the car is still in it's contract. When it's time to turn it, that number is negotiable with most lease company's. It was with my VW Passat leases in the 90's. I would also like to know as well with Ridgeline for sure though.
  • I am in a similar Lease Buyout situation for my 2006 Ridgeline RT. My lease is up in April 2009 and the buyout is $15830. The curent retail value puts it anywhere between 11,800 and 13,800. Getting a break on the buyout price would be a bonus. Has anyone here on-line been successful in a Honda Lease Buyout negotiation? :shades:

    Any viable input would be greatly appreciated.
  • I am in similar position except I have blown the mileage limit plenty. Several years ago, Toyota gave us a discount when we bought my wife's car at end of lease. I am hoping Honda offers me a discount also, but if they know I have excess mileage - I question they will feel the need to offer me a discount. They are sending paperwork asking for the mileage with 6 months to go.
    Anyone have any thoughts in avoiding full residual value payement?
  • Check out the article on Bankrate.com called "The lowdown on buying your leased car." It is the most comprehensive article that I have found to date. They also address the excess milage issue. Good Luck -Scot
  • I'm leasing an 07 ridgeline, love it , but its too expensive now and I've gone over the 36K limit. What can I expect if I try and bring it back 7- 8 months early with an extra 2K on the odometer. My intention is to turn it in and hopefully lease or buy a new odyssey. Can I expect the dealer to work with me?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi dantheman8. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your Ridgeline lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • I want to lease a Honda Ridgeline. I haven' t seen anyone post any deals lately. Am I looking in the wrong place?
  • Have the August lease rates come out yet for 36/ mo and 15k/mi yr? Also, when can we expect the 2010 models to come out?

    thanks
    Eric
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