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Honda Fit Lease Questions

24

Comments

  • Hi bmb33. Sometimes leasing makes more sense than buying if a manufacturer is providing lease support but no other special promotions on the vehicle that you want. BMWs are often an example of this. Unfortunately, Honda is not currently providing any lease support on the Fit. As a result, if you were to lease one through Honda Finance, you would have to use its standard lease program which is nothing great. There's nothing wrong with leasing this car. Theoretically one would come out about the same if they had leased it for two years or financed it and sold it at the end of two years. So whether you want to lease or buy is more a matter of personal preference than anything.

    Car_man
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  • bobw3bobw3 Posts: 2,997
    as long as you keep the miles low.
  • hboduhbodu Posts: 7
    If you only are needing the car for 2 years, I would lean towards leasing it. If you get a 60 month loan, you would probably be upside down in the loan 2 years. You would not have the trouble or expense on a private sale (remember, in 2 years the redesigned Fit might be available). At the end of 2 years, you would owe nothing (provided no excess damage or miles).
  • I got an offer for a Honda Fit sport AT for $15,900. My credit score is above 740 but even them the dealer is saying that Honda isn't lowering its APR. He's asking for 7.7%? I think it's too high? anybody could give a peace of advice? Thanks, Guga
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Guga. Honda is not currently providing any special financing rates on the 2007 Fit. You really would be better off getting pre-approved to finance this car on your own by a local bank, credit union, or a bank that conducts business on-line before going back to the dealer. Getting pre-approved to finance this car serves two purposes. One it gives you an idea of what sort of interest rate you qualify for and two it often motivates dealers to try to beat the rate that you already have. With your credit score, you should be able to do better than 7.7%.

    Car_man
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  • newcarnynewcarny Posts: 1
    Hi,

    I am moving out of NYC for 18 months and need a car, but most likely the car will just be a pain in the neck if I bring it back to the city after that. I like the Honda FIT and think I'd rather be driving a new car than a junker.

    Is it possible to lease for 18 months, and if so, does it make sense? Would I be able to lease with the option to buy?

    :confuse:
  • Hi newcarny. Unfortunately I believe that 24 months is the shortest term that Honda Finance leases vehicles for. to be honest with you, it will be expensive to drive a brand new car for only 18 months regardless of whether you purchase or lease it. New vehicles experience their highest rate of depreciation during the first year of ownership. You may want to consider purchasing a used vehicle and driving it around until you need to go back to the city. By going used you can avoid that nasty huge initial depreciation hit.

    Car_man
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  • A reporter with a large finance magazine is hoping to talk to consumers who just purchased or looking to purchase a more fuel-efficient car for their daily commute. Please reply to ctalati@edmunds.com no later than Monday, October 8, 2007 with your daytime contact info.

    Karen-Edmunds Community Manager

  • anti2anti2 Posts: 1
    I'm looking for the money factor and residual on a 2008 fit sport AT. MSRP is 16705, with no extra sealer options. I'm interested in a 36 or 48 month term with 12k miles/year.
    Thank you
  • Greetings anti2. Here is the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Fit Sport with 12,000 miles per year are .00270 and 57%, respectively for consumers who qualify for its top credit tier and pay a security deposit at lease signing. The numbers for an otherwise identical 48 month lease are .00255 and 48%.

    Car_man
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  • Hello

    I'm hoping to find out the current 36 month money factor and residual for a fit sport AT.

    Would like to do a 36 month 10-12k mile lease. What should I expect out the door?

    Thanks!
  • dwynnedwynne Posts: 4,018
    Honda has no trouble selling Fits, so they have no lease specials on them. As CarMan posted the standard lease rate is a whopping 0.00270 or higher on them. You can get a better rate (but a lower residual) through a 3rd party lease bank via your dealer or online at www.leasecompare.com or any other lease broker.

    The car just does not lease well due to a low (relative) residual and the high MF. Right not you could probably lease a Pilot, Odyssey, Element, Ridgeline or even a Civic for less per month than a Fit sport would cost you. If you just have to have a fit, then I would just buy it. Check the lease "specials" online at Honda and they will show good deals (which you can make better by negotiating a lower price) on all the models and nothing for the Fit.

    Dennis
  • Thanks for the reply.
    I kinda figured the lease would be rotten and I'm starting to wonder why Honda is able to sell the fits? I love the little thing but theres cheap money right now ($199 camry ect) and I cant see the sense paying msrp and a 6% loan on tier 1.

    Are people buying the car with cash or large trade in's so they can put 200k on them?
    Or altruistic earth bunnies paying more to pollute less? :confuse:
  • dwynnedwynne Posts: 4,018
    They are cute (to some) and cheap (sort of) and a Honda. Who knows why something sells and others do not. I am on my 2nd S2000 and I love it, but Honda can't sell those unless they offer cheap leases or dealer money and then they STILL can't sell them. Ditto the Pilots and pickup trucks. They have little trouble selling Civics (but I think Fit sales eat into Civic sales) but have to prop up Accord sales with deals - except when the new 08 Accords first came out. CR-Vs almost never have any incentives on them either, they just can sell those without needed any "help".

    It is supply and demand and as long as dealers can't keep them on the lots they don't discount them (some even charge over MSRP). As long as Honda sells them as fast as they make them then they are not going to offer any promo deals on them.

    I don't know is buying them and why they do, but I have a friend with one and they love it - but paid full price. When my daughter purchased her Civic in 06 we could have purchased a similar Accord for LESS money (due to incentives and dealers willing to deal on price) but she paid MORE for a Civic because that is what she wanted. I guess that is why folks buy them - they are hard to get and you don't see them everywhere, they are Hondas, not too expensive, and get great MPGs. Most folks don't lease and just let the dealer do the financing deals so they don't see they could have (to some) more car for less money getting something else. Quite often folks pick the car then try to find the deal and they don't pick the deal and settle for whatever car that ends up being.

    There is also something that spurs folks on when they are told that something is hard to get or rare or limited - that just makes that even more attractive. If there were dozens of Fits sitting on every lot and you saw them everywhere in traffic, the appeal would drop some, I would think.

    Dennis
  • Hello mr2freak. Here's the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2008 Honda Fit with 12,000 miles per year are .00255 and 56%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. I don't believe that Honda Finance offers leases on Honda division vehicles with only 10,000 miles per year.

    The '08 Honda Fit only has a $500 or so spread between its dealer invoice price and its full MSRP, plus Honda is not currently providing any cash incentives on it, plus it has been selling pretty well. As a result, don't expect to get much of a discount, if any, on one right now.

    Car_man
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  • Thanks for the info guys.

    I got a BS figure from the dealer on the residual for the fit so they quoted me a lease in the 350/month range :surprise:

    I seem to be unable to get the lease calculator to spit out figures that look decent--operator error I'm sure.

    Using the .00255 and and 500 off msrp its giving me 295 a month? Yikes.
    60month finance is only a few bucks more.

    EDIT: I just plugged in the figures from some of hondas advertised deals and it works out when I pull out the tax and reg so I guess I was just shocking myself with the numbers generated by putting nothing down :( Comparing the fit against the 199 civic lx sedan deal the fit seems to cost about 215 a month even considering the rotten money factor. So I guess its just a matter of which one we like more.
  • You're welcome mr2freak.

    Car_man
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  • I am thinking (lease ) 90 Corolla S VS 09 Honda Fit Sport ? which is better deal
    SF BayArea, CA thanks
  • No posts in almost a year?

    Has the leasing forum moved or something?

    Has anyone leased a Honda Fit recently? Is there any support for it?

    Current MF/Resid?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi leetchie69. Honda is not currently providing any lease support on the Fit. As a result, if you were to lease one through Honda Finance, you would have to use its standard lease money factor. Its current buy rate standard lease money factor for 36 month leases is .00285. I would be happy to provide you with the residual values for this car if you tell me exactly what trim level you want.

    Car_man
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