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Honda Ridgeline Lease Questions

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  • postalpostal Posts: 3
    Hello Car man I am still negotiating a deal for this car . Edmunds indicates there is a 1000 dollar to dealer cash rebate. Does this reduce the invoice price dollar for dollar? That brings the RTS down to 26061 cost. That is where I am starting my negotiating from. The Honda lease rated you gave me seems staightforward: 61% residual and a money factor rate of .00042. Is there a honda Rep that I can complain to if I feel the dealer is not willing to negotiate honestly. Just some one who would like to know why the Ridgeline isn't selling well. Yhanks for all your help

    Larry B
  • RT ($28,215) plus wheels dealer says worth $500
    25,850 purchase price with alloys added. 12kyr 41x269. Residual $16,700.

    This was some screwy deal where dealer had 2 sets of wheels from Jokers who put on 20 inch tires so hence the alloys.

    My expericence is that the RT just is too sparse. The RTS adds security system, 8 way power, much better sound, preferred sound controls on steering wheel, different fabric, body colored mirrors, handles, auto climate, Pricey but worth it.

    RTS (MSRP $30.600)
    27,600 purchase price, 15k year 35x319. Residual $18,000 (60%)

    Both zero down, 1st payment in 30 days.
    2.51% super preferred. Not sure what that takes.

    My experience is that the $1000 incentive is for purchase only not lease/balloon since those deals are subsized it appears.

    Thoughts??
  • swoodsswoods Posts: 2
    Good Day,
    I am new to the forum and still without power or phone after Hurricane Wilma and I need help; here is the dealers final best offer on an RTS: $800 down, $285 a month for 42 months, 12k per year; based on a straight invoice of $27,710 as a starting price. The MSRP is $30,625. The $800 does include my first monthly payment and inception fee.
    When I work with the lease calculator and use the money factor and residuals from your recent post I can't make the numbers work? Any thoughts on the offer?
  • cccompsoncccompson Posts: 2,388
    These number are similar to those being advertised in the paper by multiple dealers in Central Ohio, both today and last Saturday. I'm no lease expert but it sounds pretty good to me.
  • kyfdxkyfdx Posts: 31,155
    I don't have the numbers for a Ridgeline lease.. But, if you are doing calculations, add a $595 acquisition fee on to your selling price to get the cap cost... Your upfront money isn't enough to cover that fee, so it has to be rolled into the lease payment...

    That might help your numbers agree with theirs...

    But, no matter what... Under $300 a month, and under $1000 due at signing, is dirt cheap for a $30K car, even on a 42 month lease...

    regards,
    kyfdx
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  • you may want to check out Honda leadership purchase. Acts like a lease but you are the owner not Honda. Ballon at end or turn in like a lease. Payments should be close regardless (lease a little less since on more payment)
    My RTS deal went this way

    $27,800 with tint and doc fees

    15k per year
    zero down. Nothing.
    Super preferred rate 2.51%

    REsidual $18,000

    Payment $320 x 35 and turn in or purchase

    Big point 12 k year vs 15 k per year $13 per month==this is how Honda works the residual. Way cheap so I did it even though 12k is my normal use. Regardless, can sell myself and will not matter.
  • postalpostal Posts: 3
    If I lease the car in my name is there any restrictions on my wife driving it?
  • Kirstie_HKirstie_H Posts: 10,918
    Nope. If she's insured, you're good to go.

    kirstie_h
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  • You're welcome fsufan. You are absolutely right about October being a bad month for the auto industry. Everyone who I have spoken with at both the manufacturer and dealer level says that October has been terrible. It is difficult to say whether automakers will decide to enhance their incentives or lease programs in response to the rough month. I suspect that most automakers will try to hold off on doing anything dramatic for another couple of weeks. If November ends up being just as slow, we could see some incredible deals at the end of the month or in December. Of course, as I always say it is difficult to predict exactly what manufacturers will do with their future incentives.

    Car_man
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  • No problem siny. Let me know if you have any other questions.

    Car_man
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  • Hi tawneycat. Dealers do get holdback on vehicles that they lease, but they wouldn't stay in business long if they sold or leased all of their vehicles at dealer invoice. You are right though that you will likely be able to negotiate a larger discount on the Ridgeline that you are interested in than the one that is used to arrive at Honda's current advertised lease. I would not be surprised though if you were able to lease a truck like the Ridgeline, for say $500 over invoice right now though. You may be able to get an idea of how much you will have to pay for one right now by visiting the following discussion: "Honda Ridgeline SUT: Prices Paid & Buying Experience".

    Car_man
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  • Hey Larry. You are correct that Honda is currently providing $1,000 dealer cash on the '06 Ridgeline, however this incentive is not compatible with Honda's special lease program for this truck. It is only available for consumers who pay cash for or finance it. I am not aware of anyone at Honda who you can report a dealer that you have not enjoyed your negotiations with to. Most dealers are trying to make as much money as they can on vehicles and manufacturers understand this. They certainly do not want dealers to cheat and lie to consumers, but Honda isn't going to care if a dealer tried to make a lot of money off of your lease.

    Car_man
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  • I'm sorry to hear that you are still without power or a working telephone after the hurricane, swoods. How were you able to get on-line? I'm impressed. Dealer invoice is a very good deal for this truck, if you can lease one for that price. According to my calculations, if you were to lease a 2006 Honda Ridgeline RTS with an MSRP of $30,625 and a selling price of $27,710 through Honda Finance right now for 42 months with 12,000 miles pr year, your zero down, pre-tax monthly payment should be around $265.

    Car_man
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  • swoodsswoods Posts: 2
    Thank you for your replies. I was able to get on-line via cable modem. My street now has power and phone but many are still without. Here are some additional numbers that may prove helpful the salesman provided; money facto .00055 without security deposit, residual of 57% for 12,000 per year and 55% for 15,000 per year.
    What are the odds that this special lease program will continue in November?
  • With such a subsidized lease. It almost seems absurd to purchase with a conventional loan other than you could get maybe get $1000 off with incentive but pay 5% for 60 months and the interest would eat that. Cash deal I guess would be best but $265 for a $30,000 truck is really amazing. I went with leadership purchase AKA balloon note (residual set like lease and turn in similiar) on the RTS with tint and mud guards. Features O down, 35 payments of exactly $319 and I went with 15k mi per year since miles are incredibley cheap upfront. $13 per month or $455 total to allow the extra 9000 miles. that is 5 cents a mile! If you go over it is 20 cents on 30k $ Hondas.

    I have noted GM products with MSRP around 19000 having the same lease/balloon figures at 30000 dollar Hondas. Honda resale makes is all possible.
  • Wow, $265 a month for 42 months, 0 down, 12k a year, would seem to be a very good deal.Question: Would a zero down lease deal still require me to pay tax and reg. up front?
  • kyfdxkyfdx Posts: 31,155
    Generally, you can roll all of your upfront costs into the lease payment.... Your tax will vary according to where the vehicle is registered, but even if it is due all upfront, that amount can be financed within the lease payment..

    regards,
    kyfdx
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  • My local Tulsa dealer had RT with alloys advertised at this price with zero down, 42 months, 12k year...
    It is a great deal and less risk than buying. Honda holds residual high in anticipation of high value down the road. That remains to be seen so locking in a residual with such low financing makes sense to me.
  • You're welcome swoods. Not surprisingly, Honda did continue its special lease program on the Ridgeline for the month of November. Its 36 month, 15,000 miles per year buy rate lease money factor and residual value for the 2006 Ridgeline RTS are currently .00040 and 57%. This truck's 12,000 miles per year residual value would be 2% higher.

    Car_man
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  • You're absolutely right, tawneycat. With money factors that are equivalent to interest rates of less than 1% and decent residual values, leasing a Ridgeline right now is a great deal.

    Car_man
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  • Do the residuals change from model to model (RT,RTS,RTL) Also i am seeing different money factors listed for these. I have seen .00040 to .00055 posted here, what is correct ? The dealer i spoke with gave me .00050 and 53% on a RTL/Sunroof model and also said these could change depending on my credit score.
  • First time leasing and I want a loaded RTL/sunroof-. By adding extras running boards, roof rack, cover, chrome bumper ie the cost is getting around $360 is it worth it?
    Dealer say that extras to do not increase residual value, is that true?

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  • Can anyone inform me of the difference and benefits to the Honda Leadership Purchase as opposed to the traditional way of Leasing? I'm trying to Lease a Honda Ridgeline and see little information out there on this program. My dealer denies knowing about it. Could this be true? Also, is a lease amount negotiable?
  • They are still going on through December 5, 2005. Have you made your purchase yet?
  • cbyrdcbyrd Posts: 1
    I recieved a purchase price of $28,883 on a base RTL (wo Moonroof) and that became the basis of a monthly lease w/tax of $368.95 for 42 months. It includes 17,000 miles a year and a residual value of 49.82% or $15,960.80. This is no money down with an amount due at delivery of $485.70.

    Is this a good deal?
  • oldjoeoldjoe Posts: 132
    Honda is offering on local Eastern Iowa TV leases on 2006 Ridgeline 2WD for $2,800 down and $219 a month. Residual value must be up out bof sight.
  • Is there such a thing as a 2WD Ridgeline?

    What's a TV lease?
  • I had the same offer but with 18k miles/yr and with a sunroof. but my delivery amount was $900.00. so you have to do the math on that. if you think it's a good deal and you like the truck...I say it's always a good deal.
  • I did a HLP. Residuals are the same. interest rates a little different. With HLP you finance with lease like price and set a residual (honda book value). You can buy or turn in (honda is buying from you for residual instead of you turning back in like lease. On HLP car is in your name as owner not Honda. Insurance may be less that way but I like it. I got superfrefeered interest rate of 2.5%
    Negotiate at least $3000 off then ask for great rate if your credit score supports it or you have history with Honda financial.
    My deal RTS $27,700 free front tint.
    36 months 15k year zero down 35 payments of $320.
    Residual was around $18000 as I recall.
    42 month 12k year will lower payment considerably.
  • Here's my deal offered by 2 local dealerships. RTS Sticker $30,xxx. Selling price $28309.00. 15,000 miles year. Residual: $16,219. $400.00/42 Months. The lease calculator shows about the same lease payment. How does everyone on the forum get such great payments. $285/$320/$335 ect. What am I missing or what am I not understanding. The dealer says Under $400/42 months is impossible??? Thanks for anyone's help in advance!!
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