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Honda Ridgeline Lease Questions

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  • aspesisteveaspesisteve Posts: 833
    Here's the deal in today's San Jose Mercury:

    '06 Ridgeline RT buy for 25,477; lease for $299 mo.+tax& license, 36mo lease; $958 drive off cost, no securtiy deposit; 12k miles per year.

    are there lease fees that can be added to this?
    is this a good or great deal?
  • spuzzzspuzzz Posts: 2
    Hey that seems like a really solid deal to me. In fact, thanks to your post, I went in and leased one yesterday. At first they tried to steer me towards third party leasing (440 per mo), but when I showed them your ad from the San Jose Mercury, they fessed up and showed me the Honda financing arrangement, which brought it down to 288 per mo. I think the equivalent is something like 1.3% APR. I'm sure the experts will weigh in, but from my view, its a nice deal.
  • aspesisteveaspesisteve Posts: 833
    Hey Spuzz,
    That's awesome - the deal you got anyway.
    It's always amaizing to me that you can show up at the dealer, but if you don't have the ad in hand they play dumb and try to see if they can pull one over on you.

    What dealer did you end up at?
    Can you provide detail for drive off costs and residual?

    thanks,
  • I just got a quote from my Honda dealership for the 3 different RTL models. His monthly payments and Edmunds calculator don't match. Can someone help me figure the correct lease payment for each of these three Ridgelines?

    RTL - MSRP=$32040, Selling Price=$28152, Residual=55%, MF=.00057, 12,000 miles per year, no down payment (dealer mothly payment=$398)

    RTL w/moonroof - MSRP=$33190, Selling Price=$29152, Residual=53%, MF=.00057, 12,000 miles per year, no down payment (dealer monthly payment=$429)

    RTL w/Nav - MSRP=$35190, Selling Price=$30889, Residual=52%, MF=.00057, 12,000 miles per year, no down payment (dealer monthly payment=$455)

    Thanks for your help...anybody (Car_man you looking?).
  • atom1atom1 Posts: 4
    I have been struggling with the same thing, but your post may have helped me out. I used the calculator at leaseguide.com and it came out closer.

    I used the same numbers as your RTL plus
    "Costs added to lease: $2655"
    This includes $1760 sales tax for Texas (6.25% of $28152) plus $895 for security deposit and acquisition fee. The $895 came from the lease deal on Honda's web site:
    $2193 due at signing - $999 cap reduction - $299 first payment = $895 security deposit and acquisition fee.

    With these numbers I got $393.85/month. The same numbers in the Edmunds calculator gives me $353.56/month. Maybe someone can explain the difference.
  • pferullopferullo Posts: 4
    Here is the formula for calculating a lease payment. There are three components that you need to add together to get the monthly payment:
    1. (Net Cap Cost - Residual)/Lease Term. In the case of your RTL the numbers would be ($28152+$595 (acq fee) - $17,622)/36 = $309.03. The $17,622 is the msrp x 55%.
    2. (Net cap cost + residual) x money factor. For the RTL the numbers would be ($28,152+$595 + $17,622) x .00057 = $26.43.
    3. The final component is sales tax. I'll assume 6%. Add the first two components and multiply by the sales tax rate. In this case ($309.03 + $26.43)x .06 = $20.13.

    So I come up with a monthly payment of $355.59 for your RTL with a MSRP of $32,040.

    One question for you - did they tell you what the money factor would be if you didn't put down a security deposit?

    I hope this helps.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings miller14. According to the latest information that I have seen, if you were to lease a 2006 Honda Ridgeline RT-L without the sunroof and 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 .00047 and 53%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I;d be happy to work up some lease payments for you, drywblanchard. According to my calculations if you were to lease a 2006 Honda Ridgeline RT-L without the moonroof or navigation options with an MSRP of $32,040 and a selling price of $28,152 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $314. The payment for an otherwise identical lease of a Ridgeline RT-L with a moonroof with an MSRP of $33,190 and a selling price of $29,152 should be around $344. Lastly, the payment for an '06 Ridgeline RT-L with navigation with an MSRP of $35,190 and a selling price of $30,889 should be around $373.

    Car_man
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  • formchevformchev Posts: 1
    Hello Everyone.

    Saturday I went to my local Honda Dealer in Atlanta (nearby) and they showed me the following lease:
    1) 2193 due at signing.
    2) 299 a month + tax.
    3) only on the RT.
    4) 36 mos.
    :shades:
    Guess what I drove off the lot.
  • alykozmoalykozmo Posts: 1
    Car_Man,

    Based on the below, what would my payment be with Honda at Tier II credit level?

    "According to my calculations if you were to lease a 2006 Honda Ridgeline RT-L without the moonroof or navigation options with an MSRP of $32,040 and a selling price of $28,152 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $314."

    Looking to get a Green one now or before 4/27/06.......
  • I'm looking to do my first lease, and I was quoted the following from my local dealer, which is WAY off base from what I've been reading here:

    MSRP 33530
    Sales Price 31412
    Residual 52% of MSRP
    No money down, 12K mls/yr, $487-519/mo. depending on the credit tier
    Lease Factor .00115

    There are 5 dealers within an hours drive, one (not this one) from which we've bought from in the past. While I prefer the convenience of this local dealer, I plan on using the others against them in negotiations.

    Can anyone give the FICO scores range for ea. credit tier?

    Thanks
  • mjorcuttmjorcutt Posts: 2
    Car_Man Help.............
    I am sold on the truck! Would like the RT-L/SR/NAV model or the RTL model. I want to lease.
    But, the dealer quoted:
    RT-L/SR/NAV $450 pmt with $2,100 for 12K/36mo and
    RT-L $347 pmt with 2100 for 12K/36mo--THis one seems right from the Internet Honda.com offer--scaled to RT-L
    Yet to confront the dealer with the prices from msg#163
    Are the #163 prices($314, $344, $373 with $0 down) still valid for April?

    Your advice on moving the dealer my way?

    Thank You

    Ref msg #163:

    "I;d be happy to work up some lease payments for you, drywblanchard. According to my calculations if you were to lease a 2006 Honda Ridgeline RT-L without the moonroof or navigation options with an MSRP of $32,040 and a selling price of $28,152 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $314. The payment for an otherwise identical lease of a Ridgeline RT-L with a moonroof with an MSRP of $33,190 and a selling price of $29,152 should be around $344. Lastly, the payment for an '06 Ridgeline RT-L with navigation with an MSRP of $35,190 and a selling price of $30,889 should be around $373.

    Car_man
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  • Ok, I went back to the dealer today (Reddell Honda), and gave a selling price of $29152 for the RTL-R/S with a payment of $344/mo. They said their best deal was $30,994 at $468/mo., $501 w/ tax. So, I walked again. What gives, Car_Man? Where are you getting your numbers from? Even Edmunds lists the invoice price at $30646. They're saying it's below their cost, blah, blah, blah.

    If I can't work something out with them, I'm going to Darrell Waltrip in Franklin on Friday. They're "supposed" to get the one I want in this weekend. We've bought from them before, so I'm hoping to have better luck.

    Some assistance from anyone knowledgeable in this area would be appreciated. Thanks!
  • here's the deal I nailed down today by using email to shop around dealers in a 1.5 hour radius of me and then getting the local dealer to match. About half of the dealers I talked to said they couldn't budge on the national honda deal. Some tried to tell me that there was no way the other dealers could offer what they did, but its official here's what I got (with super preferred tier rates..paying your bills on time is truly in your best interest, good credit goes a long way).

    1000 due at signing (plus first month and taxes for a total of $1362, we have a 6% sales tax in Indiana)
    285.82 per month (plus tax so really about 303)
    thats it, security deposit was waived, mud flaps were thrown in.

    This is on the 06 Ridgeline RT model of course. The national honda deal was the basis for this but 3 dealers that I talked to via email were willing to work it down even futhur. One dealer which is an hour and a half drive from me was willing to do the same deal as above with a $3/month lower payment. The $3/month (around 100 total over the term of the lease) wasn't worth the drive and hassle to me.

    If you are able to buy before May 1st you should be able to negotiate yourselves down to this price too. BTW, I pulled this off in one day via email. The web sure makes this car buying/leasing much easier. 10 hours after I sent my first emails to the dealers, I met my local dealers sales guy face to face for the first time with the best deal I've seen yet already negotiated.

    A nice kicker to this, I stopped in today to pick the truck up for a long test drive. The salesman asked if I wanted them to look at my jeep while I was test driving to see what they could give me on trade. Mind you the deal was already negotiated....I said, well I'm planning on selling it on my own because I'll get alot more, but hey why not. When I returned the ridgeline tonight the sales guy told me what they'd give me for it. It was about $1000 higher than kelley bluebook and actually equal to what I was willing to take for it if I sold it on my own. So now I will be picking up the ridgeline in a couple days AND unloading my jeep with no hassle of advertising and showing it to people. This is not a demo model or anything...had 3 miles on it before I put about 30 more on it test driving.

    :)
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Congratulations on your new truck, formchev. Enjoy!

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi alykozmo. If by "Tier II" you mean Honda Finance's "Preferred" credit tier instead of its "Super Preferred" tier, the money factor for this truck would jump from .00047 to .00105. You need a credit score of 660 to 709 to qualify for the "Preferred" tier. Using the above numbers, an MSRP of $32,040 and a selling price of $28,152, the 36 month, 12,000 mile per year, zero down, pre-tax monthly payment through the Preferred tier program would be around $341.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi hawkmultimedia. The money factor that you were quoted for this truck is a little high. If you qualify for Honda Finance's "Super Preferred" credit tier, have a credit score of 710 or higher, its buy rate lease money factor is currently .00047 (assuming that you pay a security deposit). The factor that you were quoted is in line with Honda Finance's "Preferred" tier for consumers who have credit scores of 660 to 709. Plus it appears as though it includes a security deposit waiver. Honda Finance will waive its security deposit requirement for consumers in exchange for a money factor increase of .00010.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey mjorcutt. The only ways to lower the lease payment on the trucks that you are considering are to negotiate lower selling prices on them and to make sure that the dealer you are working with is using Honda Finance's buy rate lease money factor of .00047 (for "Super Preferred" tier customers who pay a security deposit) to calculate your payment. You never mentioned the selling prices that the leases you were quoted are based upon.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'm sorry to hear that you are having a tough time negotiating an attractive lease payment on this truck, hawkmultimedia. The lease payments that I calculate in this discussion are based upon the selling prices that community members give me. I use them, in conjunction with Honda Finance's actual lease program, to estimate what consumers' monthly payments should be. I would be happy to estimate a lease payment on the truck that you are interested in for you. I just need you to provide me with its MSRP, how long you want to lease it for, and how many miles per year you need to be able to drive it. Throw the selling price in there again just so all of the info is in one place. Let me know and I'll use Honda Finance's actual lease program to tell you what your lease payment should be.

    Car_man
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  • mjorcuttmjorcutt Posts: 2
    The selling price is the invoice price for the Ridgeline Navi--no extras.
    I get the lowest MF but chose to keep the sec deposit of $400 now and give them a slightly higher MF(0.00052. That comes out to $180 more for AHFC over 36mo.

    My main question was should the selling price in 43240 be way under the invoice or not?

    Thanks
  • Hey Car_Man (sort of like... "Hey Beer Man!" :) )

    What are the May lease figures (Residual, MF) for:

    = RT-L with and without moonroof
    = 36 mos.
    = 15K/year
    = Tier 1 super duper credit
    = No sec. deposit.

    Dealer quoted me something like .0027 today or something like that on the MF... to which I said... "holy MF!"

    That sounds spendy... and the residual wasn't great either.

    I thought Honda wanted to move these trucks?

    Thanks!
  • steevosteevo Posts: 340
    Car_man,
    Honda appears to have a 2000 incentive on the Ridgeline now. Do you know if it applies if you are leasing?
    Thanks, Steve
  • hartthartt Posts: 79
    Hi Car_man.

    I have only 2 payments left on my Pilot lease so I am starting to do my homework to prepare for my next vehicle.
    Can you please give me the money factor and residual on a 3 year 45K mile lease of a Ridgeline RTL with and without sunroof?
    Thanks for your help.

    Tim
  • utvolmanutvolman Posts: 3
    I am going to negotiate my lease tonight on a Ridgeline RTL-SR and need some help in the calculation of the lease.

    The situation is this...
    Trade In - 2004 Chevy Avalanche - Pay Off of $24,000 Trade in offer of $27,600. Therefore cap reduction of $3,600.

    Leasing 2006 Ridgeline RTL-SR with the following add ons...Bed cover, roof rack, mud flaps

    The total retail of the truck is $36,000 and change. They are offering to give me the $2000 dealer incentive and I feel I can get them down another $1-1.5K on the retail for an estimated selling price of $32,500. They are playing the game of inflating my TI allowance and working off retail on their truck. Final price $28,900.

    Could someone please help me with what I should be leasing this truck for (24 & 36 months)? I will qualify for their top tier of financing (credit score above 750) and do not intend to pay a security deposit.

    Does anything stand out as a rip off in the above situation?

    Thanks!
  • hartthartt Posts: 79
    Looking for assistance to post #178.
    Thanks!
  • steevosteevo Posts: 340
    The single "Lease questions ask here" board was FAR FAR superior to having a seperate thread for each different automobile.
    At least there was constant activity and it was easy to search for recent similar vehicle questions.
    Much nicer when you could ask for the G35 numbers right after someone asked for TL numbers and get all your info in the next few posts!
    I know it happened a while ago but this new lease board format is LAME. :mad:
  • utvolmanutvolman Posts: 3
    By the way, I went to the dealer last night and the money factor on the Ridgeline has quintupled from .00047 for the Super Preferred tier to .0027. The Ridgeline is not the truck to lease right now!

    Going to look at a Tundra today!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey granite_stater. If you're going to call me beer man, at least give me a beer ;) . Unfortunately, the money factor that you were quoted is right in line with Honda Finance's buy rate money factor for the '06 Ridgeline right now. It replaced the special money factor that it was providing on this model in April with $2,000 dealer cash. Make sure to use this cash to negotiate a capitalized cost for your lease that is well below dealer invoice. At the end of the model year, manufacturers often replace their special money factors with dealer cash. Honda Finance's current residual value for a 36 month, 15,000 mile per year lease of an '06 Ridgeline RT-L with the moonroof is 51%. The residual for an otherwise identical lease of this truck without the moonroof option would be 1% higher (52%).

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Yes, Steve, the $2,000 dealer cash that Honda is currently providing on the 2006 Ridgeline is compatible with leases through Honda Finance.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go, Tim. If you were to lease a 2006 Honda Ridgeline RT-L without the sunroof option 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 .00270 and 52%, respectively. The money factor for an otherwise identical lease for this truck with the sunroof would be the same, but the residual value would drop to 51%.

    Car_man
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