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Honda Fit Lease Questions

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Comments

  • 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: 38,515
    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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  • Hi Car_man,

    It would be for a Honda Fit Sport w/o Navigation
  • Thanks for the additional information, leetchie69. Through September 8th, Honda Finance's 36 month, 15,000 mile per year residual value for a 2009 Fit Sport with Navigation is 56%.

    Car_man
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  • pjp9543pjp9543 Posts: 1
    Hello, Car_man--

    Honda recently began offering "Closed-end lease for 2010 Fit 5 Speed Automatic (Model GE8H2AEW) for $210.00 per month for 36 months with a no capitalized cost reduction available to customers who qualify. . . ." It's here: http://tiny.cc/6f1hh

    They also offer a "Closed-end lease for 2010 Fit 5 Speed Automatic (Model GE8H2AEW) for $149.00 per month for 36 months with a $2,250.00 capitalized cost reduction available to customers who qualify. . . ." I would qualify for either package.

    I've never leased before--so I'm educating myself about the ins/out (although I do know some parts of leasing and terminology). These terms seem acceptable. I know this is a general question, but do you have advice to offer? Which deal is "better?" We would prefer the manual transmission sport model--would dealers deal?

    They also offer financing at 0.9. Less preferable, we would likely not buy a new car outright. Any thoughts are welcome. If too general a question, thanks for reading. I'm in western MA.

    PJP
  • Hello

    I hope you don't mind my weighing in but I just leased a 2010 Fit Sport and figured I may be of some help on the subject (or so I hope).

    I noted your question " Which deal is "better?" in regards to whether putting money down is better than not doing so. I think the less money you put down on a lease the better.

    As Honda ultimately owns the car during your lease, I think putting zero down is a better deal for you and your checkbook. One scenario I just recently became aware of is, suppose you put a few grand down and total the car in 6 months from now - or its stolen... The money you put down is NOT recoverable as gap insurance only covers what you owe to Honda on the lease and its residual value.

    My 2010 Fit Sport automatic with only taxes, title, and registration down is 239.00 a month. A Fit Sport with a manual should be between the base auto and sport auto in terms of money payment (maybe around 225-230 ?).

    I'd do a search of some local dealers and find which ones have sport manuals in stock and head on down to make a deal. Virtually any/every car can be leased !

    Good luck !
  • Welcome to the wonderful world of leasing pjp9543. Since you are new to it, you definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

    As official Honda advertisements, both of the leases that you referenced are reasonable. However, most automakers' official advertised payments usually leave a little meat on the bone so to speak. I wouldn't be surprised if you were able to beat the selling prices that either of these deals is based upon by a couple hundred dollars if you are in an area that has a decent level of competition.

    Car_man
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  • Hi Car_man!

    Do you have the MF and residual percentages for a base manual Fit and sport manual Fit for november?

    I have to lease a car this month and was hoping that Honda was still providing good incentives on this car.

    Thanks so much!
  • Greetings space_pilot. I certainly do.

    Honda Finance's November buy rate lease money factor and residual value for a 36 month lease of a base 2010 Fit with 15,000 miles per year are .00033 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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  • The dealer offered us the following lease package for the 2010 Honda Fit:
    $1999 cap cost
    $ 595 acquisition fee
    $ 93 monthly fee
    $ 329 documents fee
    $ 125 registration

    Then, $93/mo for 3 years, and the option to purchase at 60% MSRP.

    Is this a good deal? We are in Massachusetts.
  • saravahsaravah Posts: 2
    edited November 2010
    Hi folks,

    I am thinking of leasing a Honda Fit and, as I'm a first-time leaser, I've done a lot of research but wanted to see if anyone could kindly weigh in on the deal.
    Here are the numbers from a CT dealer:

    MSRP: $17,160 (Honda Fit Sport Manual)
    Selling price: $15, 739
    Acq fee: $595
    Money factor: .00033
    Residual: 59%

    No money down, but I will pay the following up front:
    Dealer's conveyance fee: $399 (legal in CT)
    Title & Reg: $155

    So, for 36-mo lease at 12,000 miles
    Base monthly= $181.22 + 10.87 tax

    If any one has any thoughts, please share asap!! I would like to buy the car today if it's a good deal.
  • saravah- i don't know much about leasing, but after reading the post prior to yours with a monthly payment of $93 vs. your $181, I wonder if they are offering you a good deal.
  • Thanks, but not necessarily. The other deal required $2000 down so that would inevitably change the monthly payment. Furthermore, the former post didn't mention what model they were leasing--could have been the base Fit but I can't be sure so it makes comparisons difficult. In any case, I've decided to go for a different make/model but thanks for the input!!
  • contract_buildcontract_build Posts: 26
    edited December 2010
    Dear Car_man,

    I wish to thank you in advance of any information you (or kyfdx) might provide to my questions on this leasing forum (as well as some other Honda car leasing forums I'll post a question on).

    Car_man, because of your essential information 4-1/2 years ago here on Carspace/Edmunds, we were able to negotiate, in April 2006, a 3 year/15k lease on the then current year 2006 Honda Pilot EX-L that:

    We got priced down to $28,139.48, and, thuslyCost us only $358.14/monthHad a residual of only $16,197.50... so we bought the Pilot at the end of our lease!!!
    We're currently looking to lease another Honda - somewhat more mileage oriented - and wish to know if you have any December figures for the 2010 or 2011 Fit?

    My wife and I are looking at the Fit Sport-5 spd/manual ($17,160 msrp) 12k/15k residuals and the money factor(s) for the Honda Financial leases.

    Once again, THANK YOU!

    Sincerely, builder
  • Hey builder. Honda Finance's December buy rate lease money factor and residual value for a 36 month lease of a 2010 Fit with 15,000 miles per year are .00033 and 57%, respectively for consumers who qualify for its top credit tier.

    I haven't seen anything on the 2011 Fit yet.

    Car_man
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  • polerispoleris Posts: 1
    Hi Car_man,

    Could you look up the money factor and residual value for a 24 month lease of a 2010 Fit Sport with 12,000 miles per year?

    Also, does the residual value depend on mileage? Is there a good tool or table to calculate residual value for different Fit years?

    Thanks,
    Edwin
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello Edwin. Honda Finance's March buy rate lease money factor and residual value for a 24 month lease of a 2010 Fit Sport with 12,000 miles per year are 0.00011 and 55%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Yes, vehicles' residual values vary depending upon what mileage allowance you want.

    Car_man
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  • j_smith1j_smith1 Posts: 14
    Car_man,

    Can you post June money factor and residual for 2011 Fit Sport 5 speed manual 3 years/36k? Any rebates or dealer cash on this car in NY?

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi j_smith1. Honda finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Fit Sport with 12,000 miles per year are .00185 and 62%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Honda is not providing any incentives on the Fit right now.

    Car_man
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  • I'm a first time leaser and am having trouble findout out specifics on this. Is it possible to lease a 2011 Fit sport for 3 years/45K miles (15K/year)? If so, what increase should I expect in the monthly payment?

    Thanks in advance for any info you can share!
  • Hi Car_man - could you provide the money factor and residual on a Fit Sport with manual transmission for 3 years, 12K and 15K miles/year? Thanks!
  • I'd be happy to help you out, turbo5spd. Honda Finance's October buy rate lease money factor and residual value for a 36-month lease of a 2011 Fit Sport without navigation with 15,000 miles per year are .00185 and 58%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The residual value for a lease with only 12,000 miles per year would be 2% higher.

    Car_man
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