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Honda Ridgeline Lease Questions

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  • Hi Car_man,
    I too would like to know if the $1000 incentive can be applied to a lease.

    Is the MF and residual the same for 12K and 15K miles/yr?

    I have negotiated a purchase price of $27,383 for a RTL w/o SR (after rebate), according to my calculations the monthly lease s/b $301 w/o tax. The MSRP is $32,040, money factor .00084 & residual 56%...36 month...12,000 miles/ yr.
    Is $301/ month # correct?

    The lease calculator on the Honda website says $327, why is there a difference?

    Thanks in advance
    PS
  • I hear mention that the rate system is based upon credit score and the best rates are available to top tier credit scores. What's the cut off for the best rates? My score is 743. Does that make it?
  • dmjjpydmjjpy Posts: 11
    Can I ask where you got that quote for $27383?? I'm in Seattle and I can't find a dealer that will budge under invoice! :cry: :cry:
  • I live in Maryland and the local dealer's internet sales person quoted $27,383 right from the start.
  • Hi dmjjpy. What the dealer told you is correct. The $1,000 dealer cash that Honda is currently providing on the Ridgeline is not compatible with its special lease program. Dealer invoice is a very good price for a lease of a Ridgeline. For additional feedback on how much you should pay for one, visit the following discussion: "Honda Ridgeline SUT: Prices Paid & Buying Experience".

    Car_man
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  • You're very welcome, pferullo. If you were to lease a 2006 Honda Ridgeline RT-L without the moonroof option through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00084 and 56%, respectively. I'd be happy to estimate what this truck's lease payment should be for you, however in order for me to do so I need you to provide me with an approximate selling price for the one that you want.

    I am not 100% positive, but I do not believe that Honda Finance charges any sort of lease disposition aka turn in fee.

    Car_man
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  • You're absolutely right, granite_stater. Any time a vehicle has an option that reduces its residual value, it really adds insult to injury. Not only do you have to pay for the option, but you have to pay for more depreciation as well.

    15,000 miles per year is the highest mileage allowance that Honda finance leases vehicles with. If you need to drive more than that, 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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  • Unfortunately, psailj, the $1,000 dealer cash that Honda is currently providing on the Ridgeline is not compatible with its special lease program. Vehicles' lease money factors are the same, regardless of how many miles per year you are allowed to drive them, but their residual values change. Specifically, Honda Finance's 36 month residual values are 2% higher for vehicles leased with 12,000 miles per year than they are for vehicles leased with 15,000. I just double checked your calculations and I also came up with $301 per month for this truck. I'm not sure why the lease calculator on Honda's site told you a higher payment. Perhaps the latest lease program information is not being fed into it, or it includes a security deposit waiver.

    Car_man
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  • Hi fullwave2. I forget the exact score that one needs to have to qualify for Honda Finance's "Super Preferred" credit tier, but I believe that it is something like 730. With your score, I don't think that you will have any trouble qualifying for Honda Finance's best rates.

    Car_man
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    Smart Shopper / Prices Paid Forums
  • Thanks Car Man. Now just have to see how the Ridgeline does against WAF. For those that don't know what WAF is, it's "Wife Acceptance Factor". :)
  • Car Man - Is the Honda Lease Calculator off on their website? Just for arguments sake, I checked a 36 month lease on the RTS using a sale price of 28,600.00 and got $376 a month. A big difference from what I'm seeing with your calculations. That would appear they're not adjusting for any current special rates. What are you showing? Thanks.
  • The selling price is $29,300. Thanks again.
  • Has anyone else been running into this $595 Bank Acquisition Fee? I've been told by two dealerships in CT that Honda chages this fee on all leases. They add it to the net capitalized cost to calculate the lease and it adds about $16 per month on a 36 month lease.
  • I'm currently negotiating a lease on the RTL w/o MR and there's been no mention of a bank acquisition fee. Don't think that will be necessary if Honda Lease is going to carry it. Could it be an issue with credit score requiring them to shop the lease to other bank sources? Don't know.
  • The $595 acquisition fee is charged on every Honda Finance lease.. They can roll it into the cap cost (my preference), or you can pay it upfront..

    Virtually every leasing company or bank has this fee.

    regards,
    kyfdx
    Host-Prices Paid Forums

    Moderator - Prices Paid, Lease Questions, SUVs

  • ssg22ssg22 Posts: 1
    I just read your posting on edmunds.com. I test drove a honda ridgeline rtl today. They gave me a price of 26,700 and said they would lower the cap cost as much as they can. The lease associate said the price was 1000 below invoice. I checked the invoice price on edmunds and it was 1600 below what edmunds had listed. Your monthly payment calculation would be very helpfull. I appreciate it. ssg
  • Where are you located to get $1600 below invoice?
    thanks
  • I'm currently shopping for deals on RTL (w/out SR). I read in this forum that there's special lease program going on now (0.00084 money factor, 56% residual). When is this program good 'til?

    I just received a lease quote from a local dealer and here's the breakdown:
    $1248.67 (regular drive-off?)
    36 months, 12k miles/year
    $340.15 + tax
    residual $17922.80

    shouldn't the residual be $17942 (56% of MSRP $32040)?
    The dealer hasn't provided me with a selling price, yet.

    How does this quote look?
  • The selling price for this lease quote is $27998.
  • $0 down sign & drive, lease for $359. 36 month term. $0 total due at delivery (includes $0 down pymt. $0 first month pymt., taxes, tags & $379 doc. fees.) 12k mi/yr allowance. On approved credit. Residual: $16,385 Money factor .00094 On a scale from 1 to 10 is this a good lease? gmd
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