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Honda Ridgeline Lease Questions

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Comments

  • aspesisteveaspesisteve Posts: 833
    Here's the deal in today's San Jose Mercury:

    '06 Ridgeline RT buy for 25,477; lease for $299 mo.+tax& license, 36mo lease; $958 drive off cost, no securtiy deposit; 12k miles per year.

    are there lease fees that can be added to this?
    is this a good or great deal?
  • spuzzzspuzzz Posts: 2
    Hey that seems like a really solid deal to me. In fact, thanks to your post, I went in and leased one yesterday. At first they tried to steer me towards third party leasing (440 per mo), but when I showed them your ad from the San Jose Mercury, they fessed up and showed me the Honda financing arrangement, which brought it down to 288 per mo. I think the equivalent is something like 1.3% APR. I'm sure the experts will weigh in, but from my view, its a nice deal.
  • aspesisteveaspesisteve Posts: 833
    Hey Spuzz,
    That's awesome - the deal you got anyway.
    It's always amaizing to me that you can show up at the dealer, but if you don't have the ad in hand they play dumb and try to see if they can pull one over on you.

    What dealer did you end up at?
    Can you provide detail for drive off costs and residual?

    thanks,
  • I just got a quote from my Honda dealership for the 3 different RTL models. His monthly payments and Edmunds calculator don't match. Can someone help me figure the correct lease payment for each of these three Ridgelines?

    RTL - MSRP=$32040, Selling Price=$28152, Residual=55%, MF=.00057, 12,000 miles per year, no down payment (dealer mothly payment=$398)

    RTL w/moonroof - MSRP=$33190, Selling Price=$29152, Residual=53%, MF=.00057, 12,000 miles per year, no down payment (dealer monthly payment=$429)

    RTL w/Nav - MSRP=$35190, Selling Price=$30889, Residual=52%, MF=.00057, 12,000 miles per year, no down payment (dealer monthly payment=$455)

    Thanks for your help...anybody (Car_man you looking?).
  • atom1atom1 Posts: 6
    I have been struggling with the same thing, but your post may have helped me out. I used the calculator at leaseguide.com and it came out closer.

    I used the same numbers as your RTL plus
    "Costs added to lease: $2655"
    This includes $1760 sales tax for Texas (6.25% of $28152) plus $895 for security deposit and acquisition fee. The $895 came from the lease deal on Honda's web site:
    $2193 due at signing - $999 cap reduction - $299 first payment = $895 security deposit and acquisition fee.

    With these numbers I got $393.85/month. The same numbers in the Edmunds calculator gives me $353.56/month. Maybe someone can explain the difference.
  • pferullopferullo Posts: 4
    Here is the formula for calculating a lease payment. There are three components that you need to add together to get the monthly payment:
    1. (Net Cap Cost - Residual)/Lease Term. In the case of your RTL the numbers would be ($28152+$595 (acq fee) - $17,622)/36 = $309.03. The $17,622 is the msrp x 55%.
    2. (Net cap cost + residual) x money factor. For the RTL the numbers would be ($28,152+$595 + $17,622) x .00057 = $26.43.
    3. The final component is sales tax. I'll assume 6%. Add the first two components and multiply by the sales tax rate. In this case ($309.03 + $26.43)x .06 = $20.13.

    So I come up with a monthly payment of $355.59 for your RTL with a MSRP of $32,040.

    One question for you - did they tell you what the money factor would be if you didn't put down a security deposit?

    I hope this helps.
  • Greetings miller14. According to the latest information that I have seen, if you were to lease a 2006 Honda Ridgeline RT-L without the sunroof and navigation through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00047 and 53%, respectively.

    Car_man
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  • I;d be happy to work up some lease payments for you, drywblanchard. According to my calculations if you were to lease a 2006 Honda Ridgeline RT-L without the moonroof or navigation options with an MSRP of $32,040 and a selling price of $28,152 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $314. The payment for an otherwise identical lease of a Ridgeline RT-L with a moonroof with an MSRP of $33,190 and a selling price of $29,152 should be around $344. Lastly, the payment for an '06 Ridgeline RT-L with navigation with an MSRP of $35,190 and a selling price of $30,889 should be around $373.

    Car_man
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  • formchevformchev Posts: 1
    Hello Everyone.

    Saturday I went to my local Honda Dealer in Atlanta (nearby) and they showed me the following lease:
    1) 2193 due at signing.
    2) 299 a month + tax.
    3) only on the RT.
    4) 36 mos.
    :shades:
    Guess what I drove off the lot.
  • alykozmoalykozmo Posts: 1
    Car_Man,

    Based on the below, what would my payment be with Honda at Tier II credit level?

    "According to my calculations if you were to lease a 2006 Honda Ridgeline RT-L without the moonroof or navigation options with an MSRP of $32,040 and a selling price of $28,152 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $314."

    Looking to get a Green one now or before 4/27/06.......
  • I'm looking to do my first lease, and I was quoted the following from my local dealer, which is WAY off base from what I've been reading here:

    MSRP 33530
    Sales Price 31412
    Residual 52% of MSRP
    No money down, 12K mls/yr, $487-519/mo. depending on the credit tier
    Lease Factor .00115

    There are 5 dealers within an hours drive, one (not this one) from which we've bought from in the past. While I prefer the convenience of this local dealer, I plan on using the others against them in negotiations.

    Can anyone give the FICO scores range for ea. credit tier?

    Thanks
  • mjorcuttmjorcutt Posts: 2
    Car_Man Help.............
    I am sold on the truck! Would like the RT-L/SR/NAV model or the RTL model. I want to lease.
    But, the dealer quoted:
    RT-L/SR/NAV $450 pmt with $2,100 for 12K/36mo and
    RT-L $347 pmt with 2100 for 12K/36mo--THis one seems right from the Internet Honda.com offer--scaled to RT-L
    Yet to confront the dealer with the prices from msg#163
    Are the #163 prices($314, $344, $373 with $0 down) still valid for April?

    Your advice on moving the dealer my way?

    Thank You

    Ref msg #163:

    "I;d be happy to work up some lease payments for you, drywblanchard. According to my calculations if you were to lease a 2006 Honda Ridgeline RT-L without the moonroof or navigation options with an MSRP of $32,040 and a selling price of $28,152 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $314. The payment for an otherwise identical lease of a Ridgeline RT-L with a moonroof with an MSRP of $33,190 and a selling price of $29,152 should be around $344. Lastly, the payment for an '06 Ridgeline RT-L with navigation with an MSRP of $35,190 and a selling price of $30,889 should be around $373.

    Car_man
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  • Ok, I went back to the dealer today (Reddell Honda), and gave a selling price of $29152 for the RTL-R/S with a payment of $344/mo. They said their best deal was $30,994 at $468/mo., $501 w/ tax. So, I walked again. What gives, Car_Man? Where are you getting your numbers from? Even Edmunds lists the invoice price at $30646. They're saying it's below their cost, blah, blah, blah.

    If I can't work something out with them, I'm going to Darrell Waltrip in Franklin on Friday. They're "supposed" to get the one I want in this weekend. We've bought from them before, so I'm hoping to have better luck.

    Some assistance from anyone knowledgeable in this area would be appreciated. Thanks!
  • here's the deal I nailed down today by using email to shop around dealers in a 1.5 hour radius of me and then getting the local dealer to match. About half of the dealers I talked to said they couldn't budge on the national honda deal. Some tried to tell me that there was no way the other dealers could offer what they did, but its official here's what I got (with super preferred tier rates..paying your bills on time is truly in your best interest, good credit goes a long way).

    1000 due at signing (plus first month and taxes for a total of $1362, we have a 6% sales tax in Indiana)
    285.82 per month (plus tax so really about 303)
    thats it, security deposit was waived, mud flaps were thrown in.

    This is on the 06 Ridgeline RT model of course. The national honda deal was the basis for this but 3 dealers that I talked to via email were willing to work it down even futhur. One dealer which is an hour and a half drive from me was willing to do the same deal as above with a $3/month lower payment. The $3/month (around 100 total over the term of the lease) wasn't worth the drive and hassle to me.

    If you are able to buy before May 1st you should be able to negotiate yourselves down to this price too. BTW, I pulled this off in one day via email. The web sure makes this car buying/leasing much easier. 10 hours after I sent my first emails to the dealers, I met my local dealers sales guy face to face for the first time with the best deal I've seen yet already negotiated.

    A nice kicker to this, I stopped in today to pick the truck up for a long test drive. The salesman asked if I wanted them to look at my jeep while I was test driving to see what they could give me on trade. Mind you the deal was already negotiated....I said, well I'm planning on selling it on my own because I'll get alot more, but hey why not. When I returned the ridgeline tonight the sales guy told me what they'd give me for it. It was about $1000 higher than kelley bluebook and actually equal to what I was willing to take for it if I sold it on my own. So now I will be picking up the ridgeline in a couple days AND unloading my jeep with no hassle of advertising and showing it to people. This is not a demo model or anything...had 3 miles on it before I put about 30 more on it test driving.

    :)
  • Congratulations on your new truck, formchev. Enjoy!

    Car_man
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  • Hi alykozmo. If by "Tier II" you mean Honda Finance's "Preferred" credit tier instead of its "Super Preferred" tier, the money factor for this truck would jump from .00047 to .00105. You need a credit score of 660 to 709 to qualify for the "Preferred" tier. Using the above numbers, an MSRP of $32,040 and a selling price of $28,152, the 36 month, 12,000 mile per year, zero down, pre-tax monthly payment through the Preferred tier program would be around $341.

    Car_man
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  • Hi hawkmultimedia. The money factor that you were quoted for this truck is a little high. If you qualify for Honda Finance's "Super Preferred" credit tier, have a credit score of 710 or higher, its buy rate lease money factor is currently .00047 (assuming that you pay a security deposit). The factor that you were quoted is in line with Honda Finance's "Preferred" tier for consumers who have credit scores of 660 to 709. Plus it appears as though it includes a security deposit waiver. Honda Finance will waive its security deposit requirement for consumers in exchange for a money factor increase of .00010.

    Car_man
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  • Hey mjorcutt. The only ways to lower the lease payment on the trucks that you are considering are to negotiate lower selling prices on them and to make sure that the dealer you are working with is using Honda Finance's buy rate lease money factor of .00047 (for "Super Preferred" tier customers who pay a security deposit) to calculate your payment. You never mentioned the selling prices that the leases you were quoted are based upon.

    Car_man
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  • I'm sorry to hear that you are having a tough time negotiating an attractive lease payment on this truck, hawkmultimedia. The lease payments that I calculate in this discussion are based upon the selling prices that community members give me. I use them, in conjunction with Honda Finance's actual lease program, to estimate what consumers' monthly payments should be. I would be happy to estimate a lease payment on the truck that you are interested in for you. I just need you to provide me with its MSRP, how long you want to lease it for, and how many miles per year you need to be able to drive it. Throw the selling price in there again just so all of the info is in one place. Let me know and I'll use Honda Finance's actual lease program to tell you what your lease payment should be.

    Car_man
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  • mjorcuttmjorcutt Posts: 2
    The selling price is the invoice price for the Ridgeline Navi--no extras.
    I get the lowest MF but chose to keep the sec deposit of $400 now and give them a slightly higher MF(0.00052. That comes out to $180 more for AHFC over 36mo.

    My main question was should the selling price in 43240 be way under the invoice or not?

    Thanks
  • Hey Car_Man (sort of like... "Hey Beer Man!" :) )

    What are the May lease figures (Residual, MF) for:

    = RT-L with and without moonroof
    = 36 mos.
    = 15K/year
    = Tier 1 super duper credit
    = No sec. deposit.

    Dealer quoted me something like .0027 today or something like that on the MF... to which I said... "holy MF!"

    That sounds spendy... and the residual wasn't great either.

    I thought Honda wanted to move these trucks?

    Thanks!
  • steevosteevo Posts: 389
    Car_man,
    Honda appears to have a 2000 incentive on the Ridgeline now. Do you know if it applies if you are leasing?
    Thanks, Steve
  • hartthartt Posts: 79
    Hi Car_man.

    I have only 2 payments left on my Pilot lease so I am starting to do my homework to prepare for my next vehicle.
    Can you please give me the money factor and residual on a 3 year 45K mile lease of a Ridgeline RTL with and without sunroof?
    Thanks for your help.

    Tim
  • utvolmanutvolman Posts: 3
    I am going to negotiate my lease tonight on a Ridgeline RTL-SR and need some help in the calculation of the lease.

    The situation is this...
    Trade In - 2004 Chevy Avalanche - Pay Off of $24,000 Trade in offer of $27,600. Therefore cap reduction of $3,600.

    Leasing 2006 Ridgeline RTL-SR with the following add ons...Bed cover, roof rack, mud flaps

    The total retail of the truck is $36,000 and change. They are offering to give me the $2000 dealer incentive and I feel I can get them down another $1-1.5K on the retail for an estimated selling price of $32,500. They are playing the game of inflating my TI allowance and working off retail on their truck. Final price $28,900.

    Could someone please help me with what I should be leasing this truck for (24 & 36 months)? I will qualify for their top tier of financing (credit score above 750) and do not intend to pay a security deposit.

    Does anything stand out as a rip off in the above situation?

    Thanks!
  • hartthartt Posts: 79
    Looking for assistance to post #178.
    Thanks!
  • steevosteevo Posts: 389
    The single "Lease questions ask here" board was FAR FAR superior to having a seperate thread for each different automobile.
    At least there was constant activity and it was easy to search for recent similar vehicle questions.
    Much nicer when you could ask for the G35 numbers right after someone asked for TL numbers and get all your info in the next few posts!
    I know it happened a while ago but this new lease board format is LAME. :mad:
  • utvolmanutvolman Posts: 3
    By the way, I went to the dealer last night and the money factor on the Ridgeline has quintupled from .00047 for the Super Preferred tier to .0027. The Ridgeline is not the truck to lease right now!

    Going to look at a Tundra today!
  • Hey granite_stater. If you're going to call me beer man, at least give me a beer ;) . Unfortunately, the money factor that you were quoted is right in line with Honda Finance's buy rate money factor for the '06 Ridgeline right now. It replaced the special money factor that it was providing on this model in April with $2,000 dealer cash. Make sure to use this cash to negotiate a capitalized cost for your lease that is well below dealer invoice. At the end of the model year, manufacturers often replace their special money factors with dealer cash. Honda Finance's current residual value for a 36 month, 15,000 mile per year lease of an '06 Ridgeline RT-L with the moonroof is 51%. The residual for an otherwise identical lease of this truck without the moonroof option would be 1% higher (52%).

    Car_man
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  • Yes, Steve, the $2,000 dealer cash that Honda is currently providing on the 2006 Ridgeline is compatible with leases through Honda Finance.

    Car_man
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  • Here you go, Tim. If you were to lease a 2006 Honda Ridgeline RT-L without the sunroof option through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00270 and 52%, respectively. The money factor for an otherwise identical lease for this truck with the sunroof would be the same, but the residual value would drop to 51%.

    Car_man
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  • Hi utvolman. You really would be better served by having the dealer you are working with cut you a check for your trade rather than using the proceeds from it as a capitalized cost reduction for your lease. I always advise community members against making cap cost reductions when leasing because if their leased vehicle is totaled in an accident or stolen and never recovered, their cap cost reduction essentially disappears. You can always use the money that the dealer gives you for your trade to supplement or make a few of your monthly payments for you if you want.

    Let's estimate what your lease payment should be for the truck that you are interested in. According to my calculations, if you were to lease an '06 Honda Ridgeline RT-L with a sunroof with an MSRP of $36,000 and a selling price of $32,500 through Honda Finance right now for 24 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around a whopping $676. The payment for an otherwise identical 36 month lease would drop to a more reasonable, yet still high $530. If you were to make a $3,600 cap cost reduction, these payments would drop to $513 and $421.

    Car_man
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  • jakejjakej Posts: 13
    I am looking into leasing a Ridgeline, but am leery at the same time due to some horror stories I've heard of when a customer returns a leased vehicle....I take relatively good care of my vehicle, but how often do people get burned? Looking for your feedback Car Man. Also, one current lease offer is 298 per month for 48 months with 999 due at signing. The only problem is that I want to lease for 36 months. Can you tell me what I would likely be looking at for a payment for that time span, Car Man? Thank you. :D
  • maddoggermaddogger Posts: 1
    Any idea when the 2007s come out?
    Any changes?

    Anyone know historically how Honda incentives run? Ex: Better lease rates early in the model year and then more cash back incentives later in the year?

    I know the domestics always have incentives, is this true for Honda as well or are there times there are none?

    Thanks!
  • I wouldn't worry about leasing a vehicle through Honda Finance if I was in your situation, jakej. I have spoken with literally hundreds of community members who have lease through them without incident and have personally leased three vehicles through them myself. The lease-end process has gone very smoothly every single time. I would be happy to give you an idea of what it should cost to lease the truck that you are interested in for 36 months, however in order for me to do so I need you to provide me with its full MSRP and approximate selling price. Let me know and I'll run some calculations.

    Car_man
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  • Hi maddogger. Actually Honda Finance just published a lease program for the 2007 Ridgeline the other day. This usually means that if dealers don't have this model yet, they will in the near future. I am not aware of any major changes that Honda is making to this truck, but you should be able to find out more information on it by visiting the following discussion: "Honda Ridgeline SUT".

    As far as this model's incentives go, Honda is currently providing $2,000 dealer cash on the 2006 Ridgeline, but it doesn't have any support on the 2007 model yet. I suspect that Honda will introduce a special lease program on the '07 model within the next couple of months and dealer cash on it later on in the model year.

    Car_man
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  • Dealer cash or subsidized rate?

    It seems to me that the subsidized rate is better in many cases... agree?

    Can you run a scenario using the money factor from April with $0 support (say for... an RT-L w/out sunroof for 36 months/15K per... $500 over invoice) vs. the May $2,000 dealer cash (same car, same terms, now $1500 under invoice).

    It seems like the payment will be less with the lower MF.

    Thanks.
  • O... looking through old posts, it appears that one month honda was offering higher residuals on the same model too (vs. factory cash).
  • jakejjakej Posts: 13
    Thanks, Car Man. They were advertising a Ridgeline at $22,777 before TTL. I live in New York State (8%). If you can run those numbers on a 36 month lease with $999 due at signing that would be great. And thanks for your encouraging words. It definitely makes me feel more comfortable about this whole thing.
  • I have a deal pending on a 2006 Ridgeline RTS with an MSRP of 30,625 that is as follows:

    $1200.00 below invoice or $26,421
    36 months and 15K per year
    Monthly lease of 450.38 with a drive off of 668.38

    Does that sound like a good deal? I have never leased before so I need some help
  • hartthartt Posts: 79
    Car_man or anyone else...

    I am trying to find the numbers for a 3 year 15K mile a year lease on an '06 Ridgeline RTL w/SR.
    Any help would be greatly appreciated.
    Thanks.
  • asalieriasalieri Posts: 3
    well i WAS in the market, but have cooled on it for a bit..
    Here in NYC area this is what i came up with:
    RTL SRoof 12K 36 mos. PLUS tournea cover, running boards and roof rack. (these options were approx $2600 dollars, negotiated price and about 800 of that was residualized. this is approx.)
    The upfront costs consisted of the usuals

    Dealer 1: 2700 in upfront costs, 475 /mos including tax
    Dealer 2: 3000 upfront 499/mos incl tax
    (interestingly this dealer was the lowest originally and the place i showed up expecting to sign and take delivery,but"there had been a mistake" blah blah.
    this was their new and improved offer. Potamkin,by the way.
    The originaloffer ,from them via carsdirect.com was, $418.00 mos including tax./ up fronts were, 585.00 at signing.
    Of course I went for it!
    I then talked about the above mentioned dealer add-ons (apprx 2600.00, and a fair amount residualized) and that kicked the price up to 480., and about 650 at sign. Then i show up to signand "Oh! we didnt realize that HONDA Finance squashes the 2000 cash back and also,your credit isnt top tier(and im sittng with an AmEx report in my bag that shows im 780 across the three agencies..I didnt argue,just up and split, not wanting to even vaguely reward that behavior. They emailed me, via my carsdirect contact the new and ACCURATE numbers.

    dealer 3: 1498 upfront 452, plus tax(approx498)

    so in my area , a nicely turned out Ridgeline needs 1500 upfront and 500 a month.
    Im on hold a while, hoping some spec finance comes around

    what do you fellows think of these numbers?
  • Happy 4th to all! Anyone know if there will be a subsidized lease program on the 2007 Ridgelines as of 07/06/06? The old programs seem to expire on 07/05/06 and I do not know if they include the 2007s?

    Thanks,
    Ken
  • Hi granite_stater. It's tough to generalize about which is better, a special money factor or dealer cash because this will depend upon how low a money factor and how much dealer cash we are talking about. Having said this, I will do so anyhow. Special money factors usually result in more attractive lease payments than dealer cash and no special factor does. One of the reasons for this is that manufacturers often replace their special money factors with dealer cash at the end of the model year. By that point, vehicles' residual values are much lower than they were at the beginning of the model year. The lower a car or truck's residual values are, the higher its monthly payment will be. If I was in the marker for a Ridgeline, I personally would probably wait to lease one until Honda introduced special money factors on the 2007 model in a month or two.

    Car_man
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  • You're very welcome, jakej. I actually asked for this truck's selling price and its full MSRP. I can't estimate what its lease payment should be without both of these numbers. Let me know and I'll estimate a payment for you. If you wait a day or two, I should be able to give you an idea of what Honda's new July lease program is like.

    Car_man
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  • Hi ctrader123. $1,200 under dealer invoice is a pretty good price on this truck. Keep in mind though that Honda is currently providing $2,000 dealer cash on the 2006 Ridgeline, so this is really more like $800 over invoice. I just worked up a lease payment on the truck that you are interested in using the prices that you mentioned in your post and Honda Finance's current lease program and I came up with a 36 month, 15,000 mile per year, zero down, pre-tax monthly payment of $406 assuming that you pay a security deposit and qualify for its "Super Preferred" credit tier. The payment that you were quoted looks slightly high, especially if it does not include tax.

    Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Car_man
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  • Hi hartt. Honda's June lease program is only scheduled to run through the end of today. I'll give you an idea of what its current program is like and you can check back with me in a couple of days for info on its new July program. If you were to lease a 2006 Honda Ridgeline RT-L with a moonroof through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00270 and 51%. When negotiating your lease on this truck remember that Honda is providing $2,000 dealer cash on it.

    Car_man
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  • Hi asalieri. It sure sounds like you've been working with some shady dealers. The $2,000 dealer cash is absolutely compatible with leases of the 2006 Ridgeline through Honda Finance. Furthermore, a credit score of 780 is way higher than Honda Finance's 710 cutoff for its "Super Preferred" credit tier. At least you are in the New York City area. I am sure that there are tons of Honda dealers within driving distance of you. Ditch these dealers and find a new one.

    Car_man
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  • Hi Ken. Honda dealers themselves may not even know what Honda's new July lease program is going to be like. Most manufacturers do not leak advance notice of what lease programs will be like because if their next program is going to be better everyone would just wait to get their vehicle. I suspect that Honda will introduce a special lease program on the 2007 Ridgeline in the near future. Whether that is July or August is difficult to say at this point. I should have an idea of what Honda's new July lease program is like within the next day or two. Please feel free to check back with me and I will be happy to fill you in on the details of the new program.

    Car_man
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  • Hi.

    Thanks for the comments. Sooo far, their website does not show any 2007 programs - not sure if they will run mid-month or wait another month, 2 or 3....I need to do something soon, so may have to purchase or bite the bullet on the non-susidized lease payment which really hurts.

    Any ideas would be appreciated...

    Thanks, Ken
  • hartthartt Posts: 79
    It looks like this is the month. I will be returning my Pilot the first week in August and would like to have another vehicle before then. There are several vehicles I am interested in so I will be posting questions on the boards of the vehicles I am looking at.
    I would like to know the MF and residual on a lease for an '06 and '07 Ridgeline RTL w/sunroof for 3 years with 15,000 miles a year.
    Thanks for your help Car_man.

    Tim
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