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Honda Ridgeline Lease Questions



  • hkingshkings Posts: 74
    Hey Carman,

    I was just curious what the current going money factor is for 08 Ridgelines and current Residuals values for the RTS and RTL (assuming 15K miles per year).

    I've been quoted about 0.028 on the money factor, which seems fairly high. And told about 52 or 53% on the Residuals for both models.

    I've been quoted some very decent monthly rates with pretty much nothing down, but those numbers don;t seem so hot and wondering if I can do better.

    Any and all info is truly appreciated.
  • aspesisteveaspesisteve Posts: 833
    since carman doesn't seem to be around these days, I'd have to say there's no way you can make a lease workout vs. buying unless Honda is willing to reduce the cost basis of the lease $4,000 below invoice.

    - not with the $4,500 factory to dealer cash incentive.

    Send out some requests to some Honda dealers and see what you can do.

    and please share with us
  • hkingshkings Posts: 74
    Hey Aspesisteve,

    The numbers I got were for a 2008 RTL with a Roof Rack:

    $335 a month (plus tax) with 15K miles a year, for 3 years, with only $700 down total drive off.

    They were basically quoting me $25K on the negotiated sale price based on those numbers.... which means they were indeed coming down $4000 under invoice on a lease. They said money factor was .02 something, and residual was about 53%.
  • aspesisteveaspesisteve Posts: 833

    that sounds like a pretty good deal to me.

    did that quote take much effort to get? Did you have to meet in person or get it through the internet?
  • hkingshkings Posts: 74
    I contacted quite a few dealers... all quotes I received via email and or phone... 3 dealers said they would all do that price.

    My dilemma is this, I own a 2005 Nissan Frontier LE Loaded 4x4 with 60K miles on it. I actually love the truck, but just not thrilled with Nissan in general. Was looking to moving into more refined and safer Ridgeline. Plus I like Honda better in general. Just not sure if it's worth leasing or not. I owe about $9500 on my truck, (plus $11K in other credit card debts) but I can sell it for close to $22K or $23K. Just wondering if I should get out now, pay all of my debts, and just lease for 3 years and hopefully wait for more fuel effiecnt trucks to hit the market. My feeling is gas will only get worse, and value of my truck will take even bigger hits as the years go by. Other thing I was debating was just to buy a used Ridgeline for 15-18K. Anya nd all info is truly appreciated!

    Any thoughts?
  • namakan59namakan59 Posts: 9
    Good luck on getting 23K for 2005. Just bought the RTS out the door for 23560 total.
  • hkingshkings Posts: 74
    23560 OTD is pretty good for an RTS... what state are you in? What was the price before all taxes?

    I have someone all lined up willing to pay $22K for my 05 Frontier now, and he REALLY wants it bad... could get $23K maybe. I made a lot of custom mods to it, so thats why... put almost $5000 extra into truck over the past 4 years.

    What should I do?
  • aspesisteveaspesisteve Posts: 833

    if you can flip the Nissan, move into that lease plan on the Ridgeline and erase your credit card debt, which I would guess is at some crazy high interest rate then I would advise you to do it.

    Another reason I like the lease plan is because of gas prices. These trucks with their current EPA rated gas milege are becoming dinasours. As much as I love the Ridgeline, the gas milege is nothing to brag about. As soon as a truck comes out with a better system (hybrid?), your truck becomes harder to sell. The lease takes the worry out of resale.
  • hkingshkings Posts: 74
    Half my credit debt is at zero percent until Feb 09. The other half is at 6% for the life of the balance. Leasing was my thinking originally... although many people say, keep the truck (I mean I do still love it), pay it off... then when my debt is much lower or gone, buy a more economical vehicle as a supplement to my truck so I have my truck when I need it. Everyone says I should always own a vehicle, never lease. However, the rules seem to be changing with the new market place high gas prices are creating. My head is seriously spinning... not sure what to do.
  • aspesisteveaspesisteve Posts: 833

    I'm on the fence here with lease vs. buy. It's a topic that has been long discussed on these boards. It depends alot on the idividual.

    The biggest factor that would sway me to lease is how quickly do I anticipate turning over the vehicle assuming the lease is as competitive as the buy price.

    If you think you might have that car for a "long" time (at least 5 years), then buying might be the way to go.

    Some would say: buy the house - it appreciates most of the time; lease the vehicle because it only depreciates.

    it's a debatable topic that can go on forever.
  • vmcjr1vmcjr1 Posts: 2
    Namakan59, out the door as in after Tax Title and Lic? that would be good as my offer was 23,400 before TTL.


  • aspesisteveaspesisteve Posts: 833

    I forgot to say.
    The wisest thing would be to stay with the truck you have and pay off your debt.
    If you're half way into an amortized loan and you bail on it, you've just paid off most of the interest and very little principle. You're building equity in your truck now at a much faster rate than with the first half of your loan.
  • kyfdxkyfdx Posts: 171,116
    Normally... I would agree wholeheartedly..

    But, if you can get $22K for an '05 Nissan Frontier, you should grab it... :surprise: Paying off your loan and your credit cards would be a great thing..

    However, I would hold off on leasing that Ridgeline, until you are positive that the Nissan is gone..


    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • hkingshkings Posts: 74
    Hey Kyfdx... Thanks for the suggestion. I actually have someone lined up to pay $22K, maybe $23K. Like I said, I moded my truck so it's very attractive and has a nice tech package on it. Of course I wouldn't lease or buy anything until I officially sold it. I'm just debating if I should at all... I owe $9500 on it, and a lease is going to run me about $11-$13K over 3 years then I have nothing. I'm wondering if I should just pay it off, and then at least in 3 years I own something, even if its worth only $10k or so, it's still worth something...
  • kyfdxkyfdx Posts: 171,116
    Well.. I wont argue against keeping what you already have.. That surely can't hurt..

    But.. strictly from a math standpoint.. It will cost $11K-$13K to drive the Honda over the next 3 years.. That is depreciation and finance charges on your lease.. How much will it cost to drive the Frontier?

    Don't think about the payments... think about depreciation.. How much will it sell for in three more years? $10K? $13K? Even though that isn't money that you pay out, it is a real cost.. you'll lose probably as much as the lease payments on the Ridgeline. Remember.. even a car that is paid for still has depreciation costs.. Also, if you sell the car, you'll pay off your current loan.. no more interest there... and, the credit card debt will be paid off.. Granted, you have little interest being charged there for the next six months, but at some point, those debts have to be paid as well..

    In three years, you will have to get another car... but, you won't have any credit card debt, and maybe more in the bank, because you haven't had to make the credit card payments over three years..

    As nice as you say the Frontier is... $22K is a lot of money... If gas costs keep rising, the value may fall more quickly than you think.. At least your depreciation cost on the Ridgeline is locked in by the lease..

    Good luck, either way!

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • hkingshkings Posts: 74
    Hey KYFDX (and aspesisteve)

    Everyone makes a compelling argument. The other option I have been throwing around is just to keep the truck indefinitely (forever) and when I can afford it and it makes sense, to get a 2nd vehicle just as a daily driver/commuter car. And just use the truck for when I need it... hockey games, weekend trips, etc.

    It's a tough call... I'm really up int he air about this one.
  • aspesisteveaspesisteve Posts: 833
    the only reason hkings is able to get 22 or 23k for his Nissan is due to all the modificaitons he has done to it. With that said it's difficult to know what he has into it. I would guess he's still taking a big hit in depreciation due to the state of used truck sales.

    It's easy to be lured by that new car smell, but buyer remorse can set in before your first oil change. If you have a good running truck in a similar class as the Ridgeline and you're tight on finances, I'd advise you to keep driving what you have.
  • mleomleo Posts: 10
    My local Honda dealer has a deal for a lease on a 2008 Ridgline RTS for $199 a month and $1,000 down for 36 months. Not sure about mileage allowance, probably 10,000 or 12,500. They also have the RTL for $249 a month $1,000 down for 36 months.

    What do you think?
  • pcantorepcantore South FloridaPosts: 137
    There may be a catch hidden somewhere, since the selling price looks too aggressive (5K below invoice) for the RTS. Or, this RL has been sitting in stock for the longest.

    I would rather have the dealer quote the RTS with 0 down, then to pay any money upfront. And, ask for more details.

    Drive safe,
  • cuppy1cuppy1 Posts: 28
    I just leased a RTS for $214 mo total with taxes for 36mo with $1000 out of pocket. Great deal I thought.
  • hkingshkings Posts: 74
    Hey Cuppy.... sounds like a great deal! $214 includes taxes every month? How many miles per year do you get? Where do you live? WHat dealer? Did you get any quotes on RTL's?

    All info is truly appreciated!
  • cuppy1cuppy1 Posts: 28
    Yep, taxes included. I've been leasing cars since 1998 and this is by far the best lease deal I've ever seen. I was actually looking at the RT that was advertised for $239/mo plus tax with $1999. due at signing and I couldn't believe it when they said they had a special on the RTS for $199. I live in PA and the dealer is Bobby Rahal Honda in Mechanicsburg PA. It's 12,000 miles a year. I tried to get 10,000 miles because I don't drive much but they could only do12.
  • sparklandsparkland Posts: 120
    Cuppy1 - are you the "candyman" on the ROC forum? The deals sound so similar. Hope others get a deal like you found.

  • cuppy1cuppy1 Posts: 28
    Yep, thats me.
  • what were the details on this lease? cap cost? adjusted cap cost? resid value? money factor? im working a 36 month lease on an rtx with 12k at 1500 down and 268 with tax i thought that was good but iwas wonder the details of your
  • cuppy1cuppy1 Posts: 28
    Gross cap cost, 21582. Cap cost reduction, 637. Adjusted cap cost, 20945. Residual, 16461. Money factor, 0.0019 (4.7%)
  • sparklandsparkland Posts: 120
    "I strongly suspect that consumer auto leases (at least those sponsored by the auto manufacturers) will be history by the end of the year.

    Chrysler has already announced that they will exit the lease business on August 1st. Cerberus Capital not only owns Chrysler and Chrysler Financial but controlling interest in GMAC as well. So I suspect GM will follow shortly.

    Ford took a $2.1 billion charge for the quarter due to falling lease residual values.

    Honda just released their first quarter financial report and noted that they expect falling lease residual values in the USA to cut their operating profit by $231 million. Just look at the residual calculations on 2006 Ridgeline's as an example of how wildly they miscalculated.

    I believe the manufacturer sponsored consumer lease will soon be history. Only time will tell."

    This information was quoted from "Joe" on the ROC forum.

    Interesting reading.
  • mdominikmdominik Posts: 10
    Just for comparison information for everyone, I am considering a Ridgeline RTS lease and got the following first offer from a dealer in southern New Jersey. The numbers don't exactly add up (eg, sales tax), but even so, it represents very aggressive sales price discount from MSRP, I thought. This being the first offer, I would next go in with further reduced selling price counter offer, but I have no idea if they'd hold firm on it.


    1. MSRP = $31,095.00
    2. Selling price = $24,723.00
    3. AHFC acquisition fee = $595.00
    4. Capital cost reduction = $2,500.00
    5. Any dealer doc fees = $224.00
    6. Any other dealer add on = $795.00 (SIDE STEPS)
    7. Residual $ value after 36 months = $16,480.35 (12k a year)
    8. Money factor for 36 months = .00194
    9. Registration cost (for 3 years in NJ) = $284.00
    10. Sales taxes = $930.70
    11. Monthly lease payment = $302.00
  • sorsosorso Posts: 2
    So I am a couple of months from my extremely low $ factor lease from ending. I think my residual on my Ridgeline with Navigation is around $18,000. What can I expect if I want to purchase this vehicle? With the current price reductions I know my trade in value went to crap. I know when I had my old Passat they offered me quite a discount to keep it. Will they do the same? Should I trade it in before the lease ends because I could buy something else just the same. I don't need a truck anymore. Thanks!
  • I'm 6 mos away from my lease return on a 2006 Ridgeline with leather/navigation. I owe 20,000 on return in June. I actually really like it. Do you think that Honda will give me a deal on buying it since I doubt they want vehicles sitting on their lots these days? Also, should I deal with them early? Thanks.
  • Nope, they wont budge on your agreed buyout price of $20K - regardless of the current market conditions.
  • Really...that doesn't seem to make economic sense to me. If they have a used car on their lot that they can't get rid of, as there isn't really great demand for trucks right now, it would seem to me that they would rather have the cash than a used truck they can't sell.
  • sorsosorso Posts: 2
    I don't think they will move while the car is still in it's contract. When it's time to turn it, that number is negotiable with most lease company's. It was with my VW Passat leases in the 90's. I would also like to know as well with Ridgeline for sure though.
  • I am in a similar Lease Buyout situation for my 2006 Ridgeline RT. My lease is up in April 2009 and the buyout is $15830. The curent retail value puts it anywhere between 11,800 and 13,800. Getting a break on the buyout price would be a bonus. Has anyone here on-line been successful in a Honda Lease Buyout negotiation? :shades:

    Any viable input would be greatly appreciated.
  • I am in similar position except I have blown the mileage limit plenty. Several years ago, Toyota gave us a discount when we bought my wife's car at end of lease. I am hoping Honda offers me a discount also, but if they know I have excess mileage - I question they will feel the need to offer me a discount. They are sending paperwork asking for the mileage with 6 months to go.
    Anyone have any thoughts in avoiding full residual value payement?
  • Check out the article on called "The lowdown on buying your leased car." It is the most comprehensive article that I have found to date. They also address the excess milage issue. Good Luck -Scot
  • I'm leasing an 07 ridgeline, love it , but its too expensive now and I've gone over the 36K limit. What can I expect if I try and bring it back 7- 8 months early with an extra 2K on the odometer. My intention is to turn it in and hopefully lease or buy a new odyssey. Can I expect the dealer to work with me?
  • Hi dantheman8. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your Ridgeline lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle.

    Prices Paid: Buying & Leasing Experiences Forum
  • I want to lease a Honda Ridgeline. I haven' t seen anyone post any deals lately. Am I looking in the wrong place?
  • Have the August lease rates come out yet for 36/ mo and 15k/mi yr? Also, when can we expect the 2010 models to come out?

  • You're looking in the right place, mickeymouse1. The problem is A) the Ridgeline is not a very popular vehicle and B) Honda's lease program for it is not very attractive. That's why you don't see much in the way of traffic in this discussion.

    Prices Paid: Buying & Leasing Experiences Forum
  • Hi Eric. 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 Ridgeline RTL with navigation and 15,000 miles per year are .00285 and 44%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    I'm not sure exactly when the 2010 Ridge will being to arrive at dealers, but given the fact that Honda already has a number of 2010 models available I suspect that it will be soon.

    Prices Paid: Buying & Leasing Experiences Forum
  • donchardonchar Posts: 43
    edited May 2010
    Hi Car_Man-

    Any updated lease program info for 2010?

    To be more specific for a 12000miles RTL w/Nav.

  • Here you go, donchar. Honda Finance's May buy rate lease money factor and residual value for a 36 month lease of a 2010 Ridgeline RTL with navigation and 12,000 miles per year are .00200 and 51%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Prices Paid: Buying & Leasing Experiences Forum
  • iclineicline Posts: 1
    edited September 2010
    Hello, can you please give me the current numbers for leasing a honda ridgeline RTS 1500 miles, 36 mos. Thank You.
  • Here you go icline.

    Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Honda Ridgeline RTS with 15,000 miles per year are .00200 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Prices Paid: Buying & Leasing Experiences Forum
  • usairusair Posts: 23
    now gas prices going up, any good deals ?? to lease one. what is the current lease deal. ?

    WAS OFFERED THIS DEAL- $0 DOWN $28900 2011 RTS 36M 12K
    idk i MAY GO WITH THE EX PILOT FOR $390 ~35 MONTHS ($29000) !
  • Hi usair. Unfortunately, Honda still isn't providing much in the way of support on the Ridgeline. It has no special lease program or cash incentives on it. The only supported program is 1.9% financing for up to 3 years and 2.9% for 4 to 5 years.

    Prices Paid: Buying & Leasing Experiences Forum
  • Can you please provide Honda Finance's October money factor and residual value for a 36-month lease of a 2012 Ridgeline RTL 4WD w/Navi with 12,000 miles per year? Thanks!
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