2015 Honda Fit Lease Questions

wiesman

Can you provide me with the residual value and money factor for a 36 month lease, 10,000 miles per year for North Carolina for a 2015 Honda Fit EX. Also is the residual value computed based on the MSRP of the vehicle without destination charge.

Thanks you

Ron

kyfdx

@wiesman said:
Can you provide me with the residual value and money factor for a 36 month lease, 10,000 miles per year for North Carolina for a 2015 Honda Fit EX. Also is the residual value computed based on the MSRP of the vehicle without destination charge.

Thanks you

Ron

.00116 MF and 67% residual for 36mo, 12K/yr. I don't show a 10K/yr option, but if available, the residual would be 68%.

isellhondas

Wow, a 67% residual! that really speaks for the high resale value!

Either that or they set it too high as they sometimes do.

btc909

What is the Money Factor & Residual on a 12K / 36 Month EX-L w/NAV in California on a One Pay Lease?

The numbers I have a 0.0009 & 64% Residual.

kyfdx

btc909 said:

What is the Money Factor & Residual on a 12K / 36 Month EX-L w/NAV in California on a One Pay Lease?

The numbers I have a 0.0009 & 64% Residual.

At this time, I don't have any information on the One-Pay money factors.. Your residual is correct.

pesos

Dealer is telling me money factor is .0012 and residual is 60% - is he high?

Michaell

pesos said:

Dealer is telling me money factor is .0012 and residual is 60% - is he high?

What lease term and how many miles per year are you looking for?

catbus

What are the MF and residual value for a 2015 Honda Fit LX manual?
36 months
both 12K and 15K
Northern CA

Michaell

catbus said:

What are the MF and residual value for a 2015 Honda Fit LX manual?
36 months
both 12K and 15K
Northern CA

64% for 36/15; add 2% for 12K.

I can't find any subsidized money factors for the Fit this month; my guess is that the new model is popular enough that Honda doesn't need to offer one. The standard MF (.00200, give or take) is probably being used.

kyfdx

Michaell said:

catbus said:

What are the MF and residual value for a 2015 Honda Fit LX manual?
36 months
both 12K and 15K
Northern CA

64% for 36/15; add 2% for 12K.

I can't find any subsidized money factors for the Fit this month; my guess is that the new model is popular enough that Honda doesn't need to offer one. The standard MF (.00200, give or take) is probably being used.

Standard money factor for Honda is .00160, I think..

catbus

Thank you, @kyfdx‌ & @michaell. I noticed that their last lease deal expired 1/5/15 (it was $149 but with a high down payment), so I'll check again next month. Does the lack of leasing incentives mean less flexibility in negotiating the purchase price? I'm not in a hurry and would like to be as informed as possible. Also, I was surprised that running these numbers into the lease payment calculator here yields a difference of only $10/month between 12K and 15K miles per year - that seems like a small price to pay if you're on the fence between mileage predictions, thanks!

Michaell

catbus said:

Thank you, @kyfdx‌ & @michaell. I noticed that their last lease deal expired 1/5/15 (it was $149 but with a high down payment), so I'll check again next month. Does the lack of leasing incentives mean less flexibility in negotiating the purchase price? I'm not in a hurry and would like to be as informed as possible. Also, I was surprised that running these numbers into the lease payment calculator here yields a difference of only $10/month between 12K and 15K miles per year - that seems like a small price to pay if you're on the fence between mileage predictions, thanks!

No, you can still negotiate your best price, regardless of whether incentives exist or not.

Most of the national lease deals include a high down payment to make the monthly payment more attractive. You should be able to do better than the national deal when you negotiate on your own.

catbus

Are there differences in the residual value and money factor for the Fit EX manual? Still 12K and 15K, 36 months, NorCal. Thanks!

kyfdx

catbus said:

Are there differences in the residual value and money factor for the Fit EX manual? Still 12K and 15K, 36 months, NorCal. Thanks!

The EX residuals are 1% lower than the LX

catbus

I understand that dealers may mark up a MF for profit, but can they also change the RV to make a lease payment lower? I've been quoted both 63% and 65% for the same EX trim and 15K/year, and have also confirmed to be sure it wasn't a mistake. I thought the leasing company set the residual?

Michaell

catbus said:

I understand that dealers may mark up a MF for profit, but can they also change the RV to make a lease payment lower? I've been quoted both 63% and 65% for the same EX trim and 15K/year, and have also confirmed to be sure it wasn't a mistake. I thought the leasing company set the residual?

The bank sets the residual - dealer is not allowed to modify it. Double check both the trim level and miles per year - each will have an effect on the residual value.

catbus

Got it. They confirmed 65 when I initially double-checked, but you're right: triple-checking it revealed it to be an error.

mom_2_3

what are the current residual and money factors for EX?

Michaell

mom_2_3 said:

what are the current residual and money factors for EX?

.00160 MF

What lease term and miles per year?

kyfdx

mom_2_3 said:

what are the current residual and money factors for EX?

.00130 MF and 63% resdiual for 36mo, 15K/yr

donuts1225

Here is the deal I am being offered in Northern CA on a Fit EX:
$1,000 down
$229 a month plus $20 tax for monthly total of $249
36 months 36k miles
MF: .00170
Residual: 64%
Purchase price if I buy: $18,388 plus tax and fees

No national lease deals right now as I understand it.

How does this seem? Thanks for any thoughts.

Michaell

donuts1225 said:

Here is the deal I am being offered in Northern CA on a Fit EX:
$1,000 down
$229 a month plus $20 tax for monthly total of $249
36 months 36k miles
MF: .00170
Residual: 64%
Purchase price if I buy: $18,388 plus tax and fees

No national lease deals right now as I understand it.

How does this seem? Thanks for any thoughts.

I confirm the residual and MF ... we would need to know the MSRP and net cap cost in order to model the payment.

What is the breakdown of the $1000 due at signing?

donuts1225

Thanks very much. MSRP is 19,180 and they will sell me the car for 18,388. The $1000 down on the lease was a bit random on my part but here is the breakdown from the dealer:

RE: 2015 Honda Fit EX CVT
PRICE $18,388
ACQ Fee $595
$1,000 total due at signing needs to cover upfront fees of..
- 1st year Registration fee :$266.75
- Doc fee: $80
- 1st monthly payment including tax $249.33
- Upfront tax on Doc fee & Cap Reduction $39.96
_________________________________
Gross Cap Cost (Selling price + ACQ fee) $18,983
Gross Cap Reduction (Amount of remaining balance of down payment sent to principal of lease)
Subtract - $363.96
Net Cap Cost $18,619.04
Subtract Option to Purchase Amount ( Residual value @ 64% ) - $12,275.20
Total Term Depreciation $6,343.84
Monthly Depreciation amount: $176.22
Monthly Lease Charge (money factor .00170) $52.52
BASE PAYMENT: $228.74 plus tax = $249.33

Since your $1,000 down covers your 1st payment, you would have 35 payments remaining of $249.33

Michaell

donuts1225 said:

Thanks very much. MSRP is 19,180 and they will sell me the car for 18,388. The $1000 down on the lease was a bit random on my part but here is the breakdown from the dealer:

RE: 2015 Honda Fit EX CVT
PRICE $18,388
ACQ Fee $595
$1,000 total due at signing needs to cover upfront fees of..
- 1st year Registration fee :$266.75
- Doc fee: $80
- 1st monthly payment including tax $249.33
- Upfront tax on Doc fee & Cap Reduction $39.96
_________________________________
Gross Cap Cost (Selling price + ACQ fee) $18,983
Gross Cap Reduction (Amount of remaining balance of down payment sent to principal of lease)
Subtract - $363.96
Net Cap Cost $18,619.04
Subtract Option to Purchase Amount ( Residual value @ 64% ) - $12,275.20
Total Term Depreciation $6,343.84
Monthly Depreciation amount: $176.22
Monthly Lease Charge (money factor .00170) $52.52
BASE PAYMENT: $228.74 plus tax = $249.33

Since your $1,000 down covers your 1st payment, you would have 35 payments remaining of $249.33

If your sales tax rate is 9%, then my numbers are spot on with the dealer quote.

Only way to lower your payment is to lower your selling price.

donuts1225

Thanks, yes 9% is the tax rate. The selling price among the dealers in the area seems pretty consistent at around 18,400 -- any clue how that stacks up nationally? I'm going to try and push on a bit with a couple of the dealers but I think I'm close to the bottom. Especially since I want purple and that seems to be in demand.

Michaell

donuts1225 said:

Thanks, yes 9% is the tax rate. The selling price among the dealers in the area seems pretty consistent at around 18,400 -- any clue how that stacks up nationally? I'm going to try and push on a bit with a couple of the dealers but I think I'm close to the bottom. Especially since I want purple and that seems to be in demand.

I don't track transaction prices .. you can use the "make / model / year" pulldowns at the top of the page to help.

chr15

What is the RV and MF for a 2015 Honda Fit EX manual and automatic and an LX Manual?

In SoCal. 3 year/36,000 miles

For an EX automatic, dealer offered me MSRP: $19185, 64% residual, and a .0017 MF if I paid $2000 down. This seems average and not really a deal.

Where can I negotiate? Seems like I can only negotiate with the sale MSRP price, and not the money factor.

Michaell

chr15 said:

What is the RV and MF for a 2015 Honda Fit EX manual and automatic and an LX Manual?

In SoCal. 3 year/36,000 miles

For an EX automatic, dealer offered me MSRP: $19185, 64% residual, and a .0017 MF if I paid $2000 down. This seems average and not really a deal.

Where can I negotiate? Seems like I can only negotiate with the sale MSRP price, and not the money factor.

The .00170 is the base MF for the Fit - and yes, that is pretty high. But, the Fit is a popular model so Honda doesn't feel a need to subsidize the rate.

The best way to get a solid lease payment is to negotiate a good selling price - use the 'make / model / year' tabs at the top of the page to link to the Edmunds pricing tools.

Also, find out what the $2000 down covers.

ROMIL

Please post MF/Residual for a 2015 Fit EX CVT in NV for a 36/15K lease.

kyfdx

ROMIL said:

Please post MF/Residual for a 2015 Fit EX CVT in NV for a 36/15K lease.

.00165 MF and 61% residual

zodiac2087

I have the following deal on a 2016 EX Auto FIT

19,435 Sales Price
.00075 money factor (1.8%) - Low right?
$590.57 tax
$12,438.40 residual (64%)
$233.54/month/3 years/12K year
$1,400 down ($400 of which is dealer credit that I had for servicing my other car so essentially $1,000 out of pocket)

What do you think?

Michaell

zodiac2087 said:

I have the following deal on a 2016 EX Auto FIT

19,435 Sales Price
.00075 money factor (1.8%) - Low right?
$590.57 tax
$12,438.40 residual (64%)
$233.54/month/3 years/12K year
$1,400 down ($400 of which is dealer credit that I had for servicing my other car so essentially $1,000 out of pocket)

What do you think?

No discount from the sticker price?

What is the adjusted capitalized cost?

I get $218.26/mo plus tax with those numbers.

What state and tax rate is this?

What does the $1400 at signing cover?

kyfdx

Let's take this conversation to the 2016 discussion, please.

http://forums.edmunds.com/discussion/39042/honda/fit/2016-honda-fit-lease-questions#latest