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Honda Element Lease Questions

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Comments

  • That's great, darthnascar. Congratulations on getting a good deal on your new truck. Enjoy :) .

    Car_man
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  • azbriankazbriank Posts: 10
    Any new Element Lease info for May/June?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi azbriank. Honda still is not providing any lease support on the 2008 Element in June. If you were to lease one through Honda Finance right now for 36 months, you would have to use its buy rate lease money factor of .00250 (for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing).

    Even though it is not offering a special money factor on this truck, Honda is providing dealer cash on it (specifically $1,000 on the LX + EX and $1,500 on the SC) that may be used to reduce the capitalized cost of leased vehicles.

    Car_man
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    Car_man
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  • k0kek0ke Posts: 1
    I have an offer from a dealer for a 2008 LX FWD Auto for $18,690.00 + tax, title and license (no other fees).

    The problem is my credit report is less than stellar. Does anyone know what the current buy rate lease money factor and residual value for a 36 month lease with 15,000 miles per year are for someone with poor credit?
  • gforce11gforce11 Posts: 225
    June 08 lease rates for Element EX and LX. Subtract 2% off the residual for 15k mile leases. Someone with poor credit shouldn't be leasing. You might get a better deal buying the car.
  • gfabiangfabian Posts: 1
    hello

    need advice

    element LX 4wd
    just quoted 21850 + tax+bank fee+DMV
    289 X 36 months 0% down
    MF .00270
    RV 53%
    on 10K miles per year
    NYC

    any help would be greatly appreciated
  • cscdscscds Posts: 11
    Car_man, Hi!
    Are these dealer cash incentives still available for Sep 08 for a 08 Honda Element EX/LX 4WD? Debating between leasing and financing.

    NJ Quote for EX 4WD Automatic Transmission $20,566
    NJ Quote for LX 4WD Automatic Transmission $18,448

    NY Quote for EX 4WD Automatic Transmission $20,995
    NY Quote for LX 4WD Automatic Transmission $19,795

    I live in NY and have received these internet discounted above prices. My question is about these additional fees are they valid?
    Destination Fee $670
    Documentation Fee $199 to $349
    NJ Tire Tax $7.50

    Cynthia Dell
  • Hey Cynthia. Yep, Honda is still providing the same dealer cash on the 2008 Element. The destination fee is legit. It is essentially part of vehicles' prices and every consumer has to pay it. The tire tax is legit as well. The doc fee is a different story though. While most dealers charge consumers some sort of doc fee, it really isn't much more than a way for them to add additional profit to deals. Make sure to look at the prices that you were quoted for the Element that you want, including the doc fee. If you believe that the total price that you were given is more than you would be able to get this truck for elsewhere, then shop around.

    If I was in the market for an '08 Element, I personally would shoot for a selling price of slightly over dealer invoice, including the doc fee and have the dealer subtract the dealer cash from that. For additional feedback on Element pricing, try hopping on over to the "Honda Element Prices Paid and Buying Experience" discussion.

    Car_man
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  • joepojoepo Posts: 10
    Hi, Car_man - can you please provide the Dec lease rates on a 2010 Element EX 2WD with MSRP $23,345 at 12K miles, 36 months. Is Honda providing any lease support?

    Thanks,
    Joseph
  • My lease will be up shortly and I am interested in buying my Element. I think I got a good deal when I leased it, but, figured if I can improve it, I would try. I received a letter from Honda saying they don't negotiate the purchase price when the lease ends. Is that true? I figured everything is negotiable.
  • Hi Joseph. Honda is not currently providing any sort of support on the 2010 Element. As a result, if you were to lease one through Honda Finance right now, you would have to use its standard lease program.

    Honda Finance's current standard buy rate lease money factor and residual value for a 36 month lease of a 2010 Element EX 2WD with 12,000 miles per year are 00260 and 58%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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  • Hello. Car_man, can you explain what this means? "Honda Finance's current standard buy rate lease money factor and residual value for a 36 month lease of a 2010 Element EX 2WD with 12,000 miles per year are 00260 and 58" I am looking into leasing a '11 Honda Element and I don't see any advertised specials. How would I use those numbers to calculate a lease payment?
  • cscdscscds Posts: 11
    Car_man, Hi!
    Any sort of support on the 2010 Element or 2011 Element....or just a standard lease program through Honda Finance right now.

    What would be Honda Finance's current standard buy rate lease money factor and residual value for a 36 month lease of a 2010 Element EX AWD or 2011 Element EX AWD?

    Regards,
    Cynthia
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi ryanfgrant1. A vehicle's money factor and residual value are used in conjunction with its MSRP and selling price to calculate lease payments. The following article explains how to use these numbers to work up a payment: Calculate Your Own Lease Payment.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi Cynthia. Honda is not currently providing any lease support on the Element. As you mentioned, this means that if you were to lease one through Honda Finance, you would have to use its standard lease program.

    Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Element EX AWD with 15,000 miles per year are .00200 and 59%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The numbers for an otherwise identical lease of a 2010 model are .00200 and 52%.

    Car_man
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