Honda Element Lease Questions

kyfdxkyfdx Moderator Posts: 249,343
edited September 2014 in Honda
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  • theomegamantheomegaman Member Posts: 5
    Alrighty......Hi Car_Man.......

    I'll need MF & Residual for...

    06 EX-P
    MSRP: $22,325
    36 / 12K year
    Los Angeles

    Thanks in advance!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings theomegaman. Here is the information that you are looking for. Honda is not currently providing any sort of lease support on the 2006 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 buy rate standard lease money factor for 36 month terms is .00293 for consumers who pay a security deposit and qualify for its "Super Preferred" credit tier. Its 36 month, 12,000 mile per year residual value for the 2006 Element EX 4WD is 56%. When negotiating your lease on this truck, make sure to take the $500 dealer cash that is currently available on it into account. It will help you to negotiate an attractive capitalized cost for your truck.

    Car_man
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  • theomegamantheomegaman Member Posts: 5
    56%......ouch

    Thanks car_man
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, theomegaman.

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  • brit527brit527 Member Posts: 1
    Carman,

    I'm looking at leasing either a Honda Pilot LX 2WD or Element LX. The Pilot currently has a subsized lease rate of 2.3%, but I don't know what the residual value is. Also, I haven't found a lease rate or residual value for the Element. Do you happen to have those figures? Your help is greatly appreciated!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi brit527. These trucks' lease programs vary depending upon how long you lease them for and what mileage allowance you need. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda Pilot LX 2WD with 15,000 miles per year are .00097 and 53%, respectively. The numbers for an otherwise identical lease of a 2007 Element LX 2WD are .00280 and 55%.

    Car_man
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  • morrowsazmorrowsaz Member Posts: 1
    I need some help and advice ASAP please! I am shopping for a '07 Element EX AWD and am confused on the leasing data. What I've been quoted from a local dealer is a 36/12000 lease for $22000 with a money factor of .0029 and 59% residual. Zero down translates to their payment of $400. This seems very high to me -can you shed some light on this? What should a reasonable lease payment be for this Element? :confuse:
  • greenbeltgreenbelt Member Posts: 55
    The 3 year lease on our Element expires in February. Honda's options at the end of lease are very flexible: buy, turn-in, or re-lease.

    We decided to have the Element inspected to see if we have any major issues (none expected) so that we could factor that into our thinking.

    We called Honda Finance to schedule the inspection. Honda Finance contracts this out to an outfit named SGS Automotive (the worlds largest inspection company based in Geneva Switzerland and here in he US in NJ).

    Surprisingly SGS only offers you a 4 - 5 hour window for the inspection at your home or office on only one day during the week. You can't get it inspected back at the original dealership, nor can you go somewhere else to meet an inspector at an appointed time. So I had to take a slot on a Thursday afternoon 12 - 5.

    This is a very un-customer friendly system particularly since the inspection lasts 30 mutes or less (SGS told me they do 15 per day). I tried to get SGS to schedule it at my dealer and could only get a Tuesday morning 8 - 12.

    There was nothing in any of the material from Honda or from our dealer, Boch Honda in Norwood, MA that indicated that the inspection required you to sit around for 4 - 5 hours waiting for someone to come do 30 minutes of walk around a car class work.

    This is a very aggravating end to an otherwise very nice automotive experience.
  • theomegamantheomegaman Member Posts: 5
    Hi CarMan.....I'm back...8 months after my initial Honda Element Leasing query. Only 9 posts on this board asking questions about leasing an Element? I guess everybody's buying, nobody's leasing. Well to my point, the '07 EX 2wd is on the table to lease for my wife. we'd like to move on it within 2 weeks. I'm looking at

    '07 EX / 2WD
    MSRP: 23,492.00
    3 / 15,000 mile Lease
    Tier 1 credit

    What can you tell me about money factor and residuals on these.

    Thanks in advance.....

    The Omegaman
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome back Omegaman. Yeah the Element lease discussion doesn't get nearly as much traffic as some of the other Honda leasing discussions do. I guess that consumers aren't all that interested in leasing it. It sells a lot fewer Elements than it does other models. Honda only sold 3,741 Elements in March, versus 36,506 Accords, 29,721 Civics, 19,658 CR-Vs, 14,339 Pilots...you get the idea.

    Honda is not currently providing any lease support on the 2007 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 buy rate lease money factor and residual value for a 36 month lease of a 2007 Element EX 2WD with 15,000 miles per year are .00280 and 53%, respectively for consumers who pay a security deposit at lease signing and qualify for its "Super Preferred" credit tier.

    Even though Honda is not providing any lease support on the '07 Element this month, you're in luck because for April it introduced a new $500 dealer cash incentive on it. Make sure to take this cash into account when negotiating your truck's selling price.

    Car_man
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  • travelagenttravelagent Member Posts: 3
    We just(4/26/07) leased a 2007 2WD EX Element with only a cargo cover and cargo net as options. It comes pretty well equipped.

    We paid $464 down/tags/first month with a $264 monthly payment on a 36 month 12k mile/year lease. Residual is $12,267

    We are participating in a program with Sandals Resorts who "wrapped" our Element for travel advertising.

    Travelagent
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulation on your new truck, Travelagent. Thanks for taking the time to share the details of your lease with everyone. The fact that you are wrapping your truck with advertising for Sandals is very interesting. If you don't mind me asking, how does the program work?

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  • travelagenttravelagent Member Posts: 3
    Sandals Resorts will pay to have certain vehicles "wrapped" in advertising to promote their resorts and my travel agency. I choose the Honda Element.

    After 3 years, Sandals will also contribute to paying the residual. In the meantime, it should increase sales for both of us.

    It is very attractive and I've fielded questions everywhere I've gone so far.

    You can see my Element here http://vacationatsandals.com/Element.htm
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Very interesting, travelagent. Thanks for the info.

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  • travel2travel2 Member Posts: 1
    I am a also looking to lease an Element to have Sandals wrap it. Im a travel agent in MA. I was quoted 2,000.00 down and 345.00 for 36 mths. I would love to talk to your dealer. Help

    Travel2
  • bdwellebdwelle Member Posts: 6
    I just leased a 2008 EX AWD in the SF Bay Area. I paid $369 over invoice + $640 lease acquistion + doc fees, 36 mo lease @ 0.00300 money factor (7.20%) w/ residual calculated at 61% (wow!). I could have gotten invoice but was feeling nice (i.e. like a sucker). Also maybe could have gotten a bit lower for an 2007, but check that residual % - that's increased for the 2008's vs 2007's.

    PS - I *love* the car!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on getting your new Element, bdwelle. Thanks for taking the time to share the details of your deal with everyone. Make sure to stop by the new Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others. Enjoy your new ride!

    Car_man
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  • darthnascardarthnascar Member Posts: 2
    I am being told by a salesperson that he cannot offer dealer cash on a lease, however, I see that in this forum you are advising to go after that cash with a lease. Is the sales person trying to snowball me? I offered $21,600 but he will only give me this price on a purchase, otherwise it will be $1,000 more to lease (the dealer cash amount).

    He also said that the $499 "Customer Service fee" is not negotiable. I understand why they have the fee in place but do you think if they want the sale bad enough that they would discount or forgive this fee?

    One last item - I have offered $21,600 for the '08 SC. I found out this is about $341 more than Consumer Reports says is the "bottom dollar price" should I beat up the sales guy a little more over $349 or is $21,600 a good price?

    Thanks for your time.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi darthnascar. In the past when Honda was not offering a special lease money factor on the Element, one could used the dealer cash to reduce the capitalized cost of their lease. However, Honda has since introduced lease support on the 2008 Element. This lease support is not compatible with the dealer cash that Honda is currently providing on this model.

    So the dealer was telling the truth about the dealer cash, however the $499 "customer service fee" is another matter. It is nothing more than a way for the dealer to add hidden profit to your deal. Make sure to look at it as part of your Element's selling price. If you feel as though the price that you are being offered on the element that you want, including the $499 fee is too high, comparison shop with a few other dealers in your area and see if you can get a lower total price for the truck that you want.

    I am personally not all that familiar with what the market is like for the Honda Element right now. If I was trying to lease one, I personally would offer $500 over dealer invoice including the $499 "customer service fee" and see what happens. The dealer invoice price of a 2008 Element SC with an automatic transmission is $22,559. $500 over this is $23,059 including the $499 fee.

    Car_man
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  • darthnascardarthnascar Member Posts: 2
    I got the element for $23,083 including the fee so I got pretty darn close to your recommendation

    Thanks for your great help Car man.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    That's great, darthnascar. Congratulations on getting a good deal on your new truck. Enjoy :) .

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  • azbriankazbriank Member Posts: 22
    Any new Element Lease info for May/June?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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 Member 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 Member 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 Member 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 Member 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
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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 Member 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
  • travelagenttravelagent Member Posts: 3
    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.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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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  • ryanfgrant1ryanfgrant1 Member Posts: 1
    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 Member 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 Member Posts: 38,514
    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 Member Posts: 38,514
    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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