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Honda Ridgeline Lease Questions

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  • I think I got a decent deal on this lease.
    29,569.00 Selling price 29,569.
    350.00 Roof rack and upgraded security system
    595.00 Aquistion fee
    9.50 Filing fee
    30,523.50 Gross Capitalized Cost.

    0.0004 money factor (0.96 APR), 42 month lease 12K miles/yr, $350 Security deposit, no money down, 53% residual value (MSRP $33190). Monthly payments was $327 (tax not included).

    If I was to do it again, I'd do it without the security system or roof rack.
  • Currently being offered a 36 month lease on an RTS with 12k miles, $578 drive off at $337 per month (incl tax). Is this a good deal.
  • Greetings ridge2far. You never mentioned the selling price or MSRP of the truck that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

    Car_man
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  • 06 RT - MSRP (incl dest) - $28,250
    06 RT - Selling Price (incl. dest) - $24,927
    06 RTL - MSRP (incl dest) - $32,040
    06 RTL - Selling Price (incl. dest) - $28,927

    I would like monthly payments based on 42 months, 20,k and 25 k per year. My tax rate is 7% and I am located in Illinois. Thank you.
  • zero cap cost reduction, first months payment due at delivery, tier 1 credit approval, no security deposit, includes all tax, title, license, doc, and lease acquisition fees

    RT sale price = $25177.00
    36 months/20k miles per year $408.xx per month
    residual = $14320.00
    rate = .00094

    36 months/25k miles per year $449.xx per month
    residual = $12820.00
    rate = .00094
    _______________________________________________
    RTL sale price = $28582.00
    36 months/20k miles per year $474.xx per month
    residual = $15801.60
    rate = .00094

    36 months/25k miles per year
    residual = $14301.60
    rate = .00094
  • Thanks Car_man. RTS MSRP is $30,075, Selling price $27,061. Look forward to your opinion.
  • Car_man, I'm looking at an RTL without SR and a MSRP of 32,040, including $550 destination. From what I've seen on this forum from this past fall, I should expect to negotiate that number down to around $29,000, TMV. I know Honda has reduced their projected Ridgeline sales for the year, but I still can't find any incentives. Can you give me an idea of what a 36 or 42 mo. lease should cost now (late Jan - early Feb 06 with no security deposit and no other money except for the extra 3,000 miles per year and the first months payment? Could there be hidden dealer incentives? Also, I should qualify for the top credit rating.
  • mbrady1mbrady1 Posts: 13
    I bought a RTL/navi in May 05 for 33,155 (2000 off msrp) and loaded it with accessories bringing the final price close to 39,000.00. I have recently shopped around and the highest trade value received was 27,000. The vehicle has 14K miles and pristine. I have seen other similar vehicles advertised retail for 29,000.00. I wouldn't expect to be money ahead at the end of the lease.
  • ts11ts11 Posts: 1
    Can anyone give me their opinion if they think it is better to lease a Ridgeline RTS now or wait until the 2007 models come out? Anybody have any problems with their Ridgelines?
  • Hello purduealum91. It's not a good idea to lease this truck for 42 months. Honda Finance's current special lease money factors for it are only available for leases up to 36 months in length. If you were to lease it for 42 months, its money factor would more than double from .00084 to .00250. For now, let's work up 36 month lease payments for you.

    According to my calculations, if you were to lease a 2006 Honda Ridgeline RT with an MSRP of $28,250 and a selling price of $24,927 through Honda Finance for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment should be around $288. the payment for an otherwise identical lease of a Ridgeline RTL with an MSRP of $32,040 and a selling price of $28,927 would be around $362. I based these leases upon 15,000 miles per year because that is the highest mileage allowance that Honda Finance publishes residual values 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 lease-end and have to pay an excess mileage penalty.

    Car_man
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  • Thanks for the additional information, ridge2far. OK, so you were quoted $337 per month for 36 months with 12,000 miles per year for a 2006 Honda Ridgeline RTS with an MSRP of $30,075 and a selling price of $27,061. Let's use these prices and Honda Finance's actual lease program to estimate what this truck's lease payment should be. According to my calculations, if you were to lease this truck through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $313. If you opt to have your security deposit waived, which it appears you have done, this payment would increase to around $318. Once tax is added in, this is pretty close to the payment that you were given.

    Car_man
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  • Much appreciated!
  • Thanks Car_man.
  • Hi tberry2. Honda is providing incentives on the Ridgeline right now. Specifically, it has $1,000 dealer cash or a special lease program available on it this month (no, these offers cannot be combined). Let's work up a lease payment for you using Honda's actual lease program and the prices that you mentioned and see what we come up with. According to my calculations, if you were to lease a 2006 Honda Ridgeline RT-L without a sunroof with an MSRP of $32,040 and a selling price of $29,000 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $364. I based this payment upon 15,000 miles per year because that is the highest mileage allowance that Honda Finance publishes residual values 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 lease-end and have to pay an excess mileage penalty. If you want to have your security deposit waived, it would increase the payment for the aforementioned lease to around $369.

    Car_man
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  • You're very welcome, purduealum91.

    Car_man
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  • No problem, ridge2far. Let me know if you have any other questions.

    Car_man
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  • sirhcsirhc Posts: 2
    Car_man,
    I have inquired to a dealer about an RTL (inc SR) with the same numbers (MSRP, selling price, mileage). He quoted me a $430ish price range. That was with the sales tax included (8.75% here in Buffalo, NY). I'm not getting the same numbers you did. What money factor did you use and did you use a residual of 56% ? Thanks.
  • Thanks a bunch Car_man, I appreciate the solid info. What would 42 months / 15,000 miles look like on the same RTL?
  • What would 36mo, 15,000 miles/year be on a lease? Are people getting these for invoice price? I notice you are giving your calculations based on that.
    thanks
  • leasing ridgeline rtl , need carman to help me on this. I have not purchased the car yet but so far, the deal is 350 a month for 36 mths but with 3000 dollars down. my credit ratings was below 700 abit and some late payments at that with my previous leased car so that didnt help except that the down payment can be of big help to lower my payments, is this good, please help me on this, cause I am very confused reading this forum and I see no one mentioning a down payment...why?
  • What are the Residuals & MFs for Rideglines?

    3 year, 15K/year.

    Tier 1 credit (whatever the best is)

    $0 down.

    Looking at RT or RTL (w/ and w/out sunroof)

    Thanks!
  • Hi sirhc. For some reason, the Ridgeline with a moonroof has a different lease program than models without one. If you were to lease a 2006 Honda Ridgeline RT-L with a moonroof (without navigation) through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00084 and 53%, respectively.

    Car_man
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  • No problem, tberry2. You definitely don't want to lease this truck for any longer than 36 months. If you were to lease it for 42 months, you would no longer qualify for the .00084 special money factor, but would have to pay Honda Finance's standard factor of .00250, which is more than double.

    Car_man
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  • Hi knockoff. Dealer invoice might be a little aggressive on a lease of a Ridgeline, but I don't think that dealers are making very good grosses on this truck right now. For more specific feedback on how much other community members have paid for their Ridgelines, try visiting the following discussion: "Honda Ridgeline SUT: Prices Paid & Buying Experience". I'd be happy to work up a lease payment for you on the exact model that you are considering if provide me with its full MSRP and approximate selling price.

    Car_man
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  • Hello jfox54. The reason why you don't see anyone mention making down payments on leases in this discussion is that it is not a good idea to make them. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Ridgeline would be exactly the same, regardless of whether you had put $3,000 down, or had made absolutely no down payment at all.

    As long as your credit score is in the 600's, you still should be able to lease this truck through Honda Finance - even without making a down payment. Your monthly payment will be higher than those that you have seen mentioned here though because you do not qualify for Honda Finance's top credit tier.

    Car_man
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  • Greetings granite_stater. If you were to lease a 2006 Honda Ridgeline RT through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00084 and 56%, respectively. The money factor for otherwise identical leases of a Ridgeline RT-L with a moonroof and an RT-L without a moonroof would be the same, but their residual values would be 53% and 54%, respectively.

    Car_man
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  • dmjjpydmjjpy Posts: 11
    A dealer told me today that the "Market Support" does not apply to leases. Is this true? So is invoice a good price to get on a Ridgeline RT in the Seattle area?
  • Car_man thanks for all of the great info on this forum. I'm looking to soon lease a Ridgeline RTL (MSRP $32,040) for 36 months, 12,000 miles per year, zero down. I would appreciate knowing the money factor, residual value % and pretax monthly payment you come up with. Also, does Honda have a lease termination fee if you turn the car in at the end of the lease? Thanks very much.
  • Wow, that's weird... you would expect the sunroof to be a more desirable option in the used market and thus should have the higher residual.. but it's opposite of that. You pay more for the option and then the car is worth less at lease end vs. not having one? That makes it a terribly expensive option.

    Someone will have to explain that math to me....

    Anywho... a follow-up question for you: Do you have residual figures for higher mileage allowances? I'd like to have 3K more miles per year (18K total) and not have to pay $.20/per for them.
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