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Honda Ridgeline Lease Questions

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Comments

  • jakejjakej Posts: 13
    Are the July numbers out yet?
  • cboy1cboy1 Posts: 1
    I am considering leasing a ridgeline RTS but don't know if better to get an 06 or an 07 as far as price is concerned. I have a quote for an RTS '06 for 379$ OUT THE DOOR - sign and drive -Except TAX ,for a 48 month 12k/yr lease. My beacon is about 780. How does this sound? OR would it be better to wait for an 07 to lease in hopes of getting a lower or equal deal? I am thinking this because I have heard it is best to lease new models when they first come out because of a high residual. Any ideas would be appreciated.....

    cboy
  • penny10penny10 Posts: 1
    Hi I would like you to know you could buy a 06 honda ridgeline rt silver with 11,200 miles and a 60,000 mile warranty thru www.autosofstlouis.com. Check it out. this would be a lot better deal for you than to lease and you could buy it cheaper than a brand new one. Plus the warranty is better than the new warranty.
  • Hi Ken. Honda is still not providing any sort of lease support on the 2007 Ridgeline. I am sure that it will in a month or two, just not yet. If you absolutely have to lease one now at least you can take advantage of the $2,000 dealer cash that is currently available on 2006 Ridgelines.

    Car_man
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  • Hi Tim. Honda Finance's current buy rate lease money factor and residual value for a 36 month, 15,000 mile per year lease of a 2006 Honda Ridgeline RT-L with a sunroof are .00293 and 50%, respectively. The numbers for an otherwise identical lease of a 2007 model are .00293 and 60%. When negotiating a lease on a 2006 model make sure to take the $2,000 dealer cash that Honda is currently providing on it into account. It will help you to negotiate an attractive capitalized cost for your lease.

    Car_man
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  • Hi cboy. It is difficult to cay for certain whether a 2006 model or a 2007 model will be cheaper to lease at this point without crunching some numbers, but at first glance when the $2,000 dealer cash that is available on it is taken into account it appears as though the 2006 model will be cheaper to lease at this point. I would be happy to work up monthly payments for identical leases of a 2006 and a 2007 model for you if you would like. Just provide me with the full MSRP and approximate selling prices of both of the trucks that you are considering. In a month or two when Honda will likely introduce lease support on the 2007 model it will probably end up being the best deal, but right now the '06 model probably wins in a close race.

    Car_man
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  • hey carman
    trying to lease 2007 rtx. msrp 28850. dealer retail is 26540. do you need any other numbers to help me calculate what a fair lease price should be? i have also read that putting money down other than fees is a bad idea. true?
    thanks
  • Hi zxdriver. That's really all I need to calculate this truck's lease payment for you. Of course, I'm going to have to make an assumption about the length of the lease and the mileage allowance that you want. 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. According to my calculations, if you were to lease a 2007 Honda Ridgeline RTX with an MSRP of $28,850 and a selling price of $26,540 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $392 assuming that you quality for its "Super Preferred" credit tier and pay a security deposit at lease signing.

    It's true that it is not really a good idea to make capitalized cost reductions on leases. Consumers who do risk losing them if their vehicle is totaled in an accident or stolen and never recovered. You really only have to pay your vehicle's first month's payment, a security deposit equivalent to your payment rounded up to the nearest $25 increment, Honda Finance's $595 acquisition fee, and any required state taxes or fees at lease signing. You can even roll the acquisition fee into your capitalized cost and have your security deposit waived in exchange for an increase of .00010 in your vehicle's money factor if you want.

    Car_man
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  • jakejjakej Posts: 13
    Carman, so basically, the purpose of a CCR is to lower one's monthly payment, correct? I guess I'm a bit in the dark when you say you "lose" the CCR. Don't you lose it as soon as you sign the lease?? I'm looking at leasing a RL, but only if the monthly payment is where I want. I'm assuming you would advise me to get a check from the dealer for my trade, or sell it out right, and not to include it in the lease. Am i right on that? THank you for your help.
  • lablover2lablover2 Posts: 106
    is the current lease on the rl rtx from honda a good one? it is $299 a month with $1999 down plus taxes and fees. the $1999 includes first month payment-sec. deposit and cap. cost reduction? i like the rl and was wondering if this is adecent price-thanks
  • Yes, jakej, capitalized cost reductions lower vehicles' lease payments. It is true that you "lose" your cap cost reduction the moment that you sign your lease payment, but making one provides you with the benefit of having a lower monthly payment on your leased vehicle for several years. If one totals a leased vehicle in an accident, their vehicle is gone and with is goes any benefit that they were receiving from having made a cap cost reduction.

    You are absolutely right. There's nothing wrong with trading a vehicle in when leasing a new one, just have the dealer that you are working with cut you a check for your trade. Also, you can always sell your current vehicle privately. While it is a hassle to do so, consumers usually can get more money for vehicles that they sell on their own than they can get for them by trading them in.

    Car_man
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  • Hi lablover2. Honda has provided enough lease support on the Ridgeline to advertise a $299 a month lease with around $1,000 down on it for the past year or so. Honda's current lease on the 2007 Ridgeline is right in line with this. To arrive at this advertised payment, Honda is providing $1,250 dealer cash on leases of the '07 Ridgeline through Honda Finance. Make sure to take this cash into account when negotiating this truck's capitalized cost. Also, most manufacturers' advertised leases leave a little meat on the bone so to speak. If you are in an area that has a decent level of competition, I would not be surprised if you were able to negotiate a slightly larger discount on the truck that you want than the one that was assumed for the purpose of the advertised lease.

    Car_man
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  • jakejjakej Posts: 13
    Honda is advertising both a "standard" and "special" lease for the RL RTX. The only surface difference seems to be the down payment (2K for standard and 1500 for special). Car Man, what is the real difference here, and is it possible to get a better lease deal than what Honda is advertising? Thanks as always. -JJ
  • Hi jakej. Honda is running a special lease on the 2007 Ridgeline right now. It has a special money factor of .00124 on it this month. This is equivalent to an interest rate of around just under 3%. Like with most manufacturers' advertised leases, I suspect that the payment that Honda is advertising on the 2007 Ridgeline leaves a little meat on the bone so to speak. If you are in an area that has a decent level of competition you should be able to negotiate a lower selling price than the one that the advertised lease is based on.

    Car_man
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  • I'm thinking about leasing a 2007 Honda Ridgeline RTX 36 months, 15,000 miles per year.
    The MSRP is $28,300. With a sales price of $27100, down payment of 1600, residual of 17,040 and a money factor of .001240, the cost according to the dealer is $349.29 including tax and license. When I enter the same information into edmuds lease calculator (with license fee at $280), the cost is $330.06. Then when I go to leasing guide.com, the number is even lower. When I called the dealership, they said that they could bring the cost of the car down to 26830, but the cost would be $340, still higher than the $330 that I came up with. Can you explain the discrepany?
    What do you think is a good number to pay per month for 15k miles per year?

    Thank you! :)
  • jfmavjfmav Posts: 1
    Hi Car_Man. Thanks for all the great information in the forums. You really helped me negotiate a good deal on my last lease. Now I am trying to help my father lease a Ridgeline RTL. I was wondering what the current dealer incentives and the captive lease rates are for the RTL for this month. Thanks in advance.
  • Hi amyinsandiego. Let's calculate a lease payment on this truck and see what we come up with. According to my calculations, if you were to lease a 2007 Honda Ridgeline RTX that has an MSRP of $28,300, a selling price of $27,100, a money factor of .00124 and a residual value of 59%, for 36 months your zero down, pre-tax monthly payment would be around $344. With the lower capitalized cost that you mentioned, $26,830, the monthly payment for an otherwise identical lease would drop to around $336.

    Honda's lease program for this truck changed for the money of January. Instead of the special lease money factor that was available on it last month, Honda is now providing $1,500 dealer cash on it. Make sure to take this cash into account when negotiating your lease. It will help you to get an attractive capitalized cost. Honda Finance's new 36 month, 12,000 mile per year buy rate lease money factor and residual value for the 2007 Ridgeline RTX are .00275 and 56%.

    Car_man
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  • You're very welcome, jfmav. I'm glad that I was able to help you out on your last lease. Honda is currently providing $1,500 dealer cash on the 2007 Ridgeline. Make sure that your father takes this cash into account when negotiating his truck's capitalized cost. This truck's lease program varies depending upon how long your father lease it for and what mileage allowance he needs. For now I will assume that he wants a 36 month lease with 15,000 miles per year. Let me know if he wants something different. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Ridgeline RTL without navigation with 15,000 miles per year are .00275 and 54%, respectively, assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

    Car_man
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  • illyaillya Posts: 3
    Help Carman, I'm new to the leasing game. I'm looking at a RTX. Can you give me the fair numbers I need to negotiate?
  • illyaillya Posts: 3
    Car man where are you??
  • Greetings illya. 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.

    Basically, the two most important numbers to focus on when negotiating a lease are your vehicle's selling price and the money factor that is being used to calculate your monthly payment. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Shop around and negotiate the lowest selling price that you can on the Ridgeline that you want. If you are in an area that has a decent level of competition, you should be able to negotiate a price that's around $500 or so over invoice and then have the $1,500 dealer cash that is available on this truck subtracted from that. You can find the dealer invoice price of this truck by visiting the New Vehicle Pricing section of this site.

    Once you have arrived at a price that you are comfortable with, have the dealer calculate your monthly payment using this truck's buy rate lease money factor. Honda Finance's current buy rate for consumers who lease this model for 36 months is .00275, assuming that you qualify for its top credit tier and pay a security deposit at lease signing.

    That's about it. Let me know if you have any questions.

    Car_man
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  • illyaillya Posts: 3
    Car man-first of all let me tell you thank you for the great information! I did my research and have negotiated a sale price on a RTX for $25,500 with $15603.30 residual with a money factor of .00275 and a payment of $424.00. The problem is, now my step-dad has me questioning that leasing is a smart choice over buying. What happens when I turn the vehicle in after 3 years of use? Will they charge me for new brakes, batteries, exhaust system and all the hoses like he said? Thank you again Illya
  • I am researching the affordability of leasing myself a RTL with the navigation system. I plan on leasing in July and I am doing my homework

    Here are my questions.
    As the model year wears down to an end will pricing and incentives get better as a result of trying to move out the '07 inventory to bring in the '08?

    When does the Honda Model year change? When would you expect to see the pricing change?

    Do you have any details on the current offer for the RTL with Navi at 15K a year?

    Any advice would be appreciated.

    Regards,
    Peter
  • aspesisteveaspesisteve Posts: 833
    peter,

    discounts at the end of the year depend upon how much inventory is left to clear out.

    it's the factory cash to dealer incentives that make the best senerio for negotiating. For leasing it's the money factor plus selling price.

    The best way to save on a car is to contact several dealers in your area via e-mail, tell them what you want, that you're ready to buy, and get them to bid for your business. Can't find the car you want in your area? then expand your search out another couple hundred miles.
  • You're very welcome, illya. While you will be charged if your leased vehicle has any major dents, scratches, or completely worn out tires when you turn it in I have always found Honda Finance to be very lenient when evaluating the end of term condition of leased vehicles. It will probably not hit you up with a excess wear and tear penalty unless your leased Ridgeline is really messed up.

    Car_man
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  • Hi Peter. The lease programs on vehicles do generally improve as the model year progresses...to a point. Vehicles' residual values, which are used to calculate the depreciation portion of your lease payment, gradually fall as the model year progresses. As a result, very late in the model year it often becomes more expensive to lease vehicles. I am not sure when Honda will introduce the 2008 Ridgeline, but I would not be surprised if it was as early as June or July. I can give you an idea of what Honda's current lease program for the 2007 Ridgeline is like, but keep in mind that it will likely be very different when you are in the market for it later this year. Honda's lease program for the Ridgeline varies by region. For now I will tell you what its special regional program is like, but I need you to tell me what state you are are in to see if you qualify for it. Honda Finance's current special regional buy rate lease money factor and residual value for a 36 month lease of a 2007 Ridgeline RTL without navigation with 15,000 miles per year are .00071 and 53%, respectively for consumers who qualify for its "Super Preferred" credit tier.

    Car_man
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  • john1000john1000 Posts: 2
    Car Man

    "Finance's current special regional buy rate lease money factor and residual value for a 36 month lease of a 2007 Ridgeline RTL without navigation with 15,000 miles per year are .00071 and 53%, respectively for consumers who qualify for its "Super Preferred" credit tier."

    Where did you get the the .00071 money factor. I called a few dealers today and they said there is no special lease deals on the ridgeline right now and the money factor on the RTL with super preferred credit is .00275. I am in the seattle area.

    Thanks for the info
  • Hi john1000. In my quote that you posted, I stated that the 2007 Ridgeline's special lease program is regional. It sounds like you are not in one of the states that this program is available in. What state do you live in? If you let me know I can tell you for certain if this is the case. If this special lease program is not available in your area and you want to lease this truck through Honda Finance, you will have to use its standard lease program. At least you can use the $2,000 dealer cash that is available on it to negotiate the capitalized cost of a standard lease.

    Car_man
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  • so, i saw a ridgeline that said 199 a month, ask how. anyone know how this would be possible other than a gigantic down payment
  • Hi ridgemehard. It's possible to come up with any lease payment one wants by manipulating the terms of a lease, such as its length, mileage allowance, and down payment. It would be impossible to lease a 2007 Ridgeline for $199 per month right now without making a significant down payment. I don't believe that Honda is running a special lease program on this truck right now. It does however have $2,500 dealer cash on it that will help you to negotiate an attractive selling price. It you tell me exactly which Ridgeline you want, what its MSRP and selling price are, how long you want to lease it for, and what mileage allowance you need I would be happy to estimate what its lease payment should be right now for you.

    Car_man
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  • well, i was thinking absolute base price and i have no idea about the length of lease. if there is an average, i would go with an average lease. im going to have about 1500 to put down on the lease as well.
  • AdamvAdamv Posts: 8
    "It does however have $2,500 dealer cash on it that will help you to negotiate an attractive selling price"

    Wouldn't it also help you negotiate a better lease rate?

    "im going to have about 1500 to put down on the lease as well. "

    You should never put anything down when doing a lease. Roll it all into the payment. Use your $1500 for better things, like an ivestment at an interest rate higher then your lease rate.
  • aspesisteveaspesisteve Posts: 833
    anyone know what the lease rate is going for on the Ridgeline?

    car man?
    anyone?
  • Hi Adamv. The dealer cash will have no impact upon the Ridgeline's money factor. It will help consumers to negotiate a low selling price on it, which will in turn lower the lease payment.

    Car_man
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  • Greetings aspesisteve. Honda is providing $2,500 dealer cash on the 2007 Ridgeline instead of lease support. This dealer cash will help you to negotiate an attractive capitalized cost for your truck, but if you want to lease it through Honda Finance you will have to use its standard lease program. This program varies by trim level, term, and mileage allowance. Its current buy rate standard money factor for a 36 month lease of this truck is .00275 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

    Car_man
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  • jbone66jbone66 Posts: 1
    Hi Car_man,

    I have read your previous postings and have found them all to be informative. I am in the market for an 07 Honda RL RTL (no navi). I am in California and it appears that there are no lease incentives at this time for this vehicle. Now that July is around the corner are you aware of any upcoming lease incentives (far less than .00275)? I am looking for a monthly payment range of $350 (give or take) with minimal down. I was quoted 27,900 (b4 tax/docs/etc) for an RTL (no nav).

    Thanks.

    - jbone
  • allerballerb Posts: 3
    I am in the market for an RTL and have received the following quotes from 2 separate dealers one day a part. My question is (I am new to leasing) are are either of these a good deal (Is there room for more negotiating) and why the different money factors. Can anyone help me?

    2007 Honda Ridgeline RTL..36mo...12k miles...tax incl - $449/mo with $796 due at signing; 51% Residual and .00219 Money Factor

    MSRP on 2007 Ridgeline RTL at $33,535, sale price - 26,521. Lease payment for 36 mos. with 12k miles a year including tax is $427 with $847 due at signing. Residual value is $16,767.50. The money factor is .0025.
  • Thanks jbone66. Honda Finance's July buy rate lease money factor for the 2007 Ridgeline is .00290 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. When negotiating your lease on this truck, make sure to take advantage of the $2,500 dealer cash that is currently available on it.

    Car_man
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  • Hi allerb. I like the second quote that you received better than the first. Not only is the monthly payment lower, but the dealer who gave it to you was much more transparent, disclosing your truck's MSRP and selling price. The selling price that you were quoted appears to be below dealer invoice minus the $2,500 dealer cash that is currently available on this vehicle, which is a very good deal.

    Car_man
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  • I'm looking to lease an RTX. I saw this on Honda's website. Is there any possiblity of getting a lower price from the dealer? I'm not sure what i could use to negotiate the net cap cost down...

    Thanks !

    FEATURED SPECIAL LEASE: Closed-end lease for 2008 Ridgeline RTX Automatic Transmission (Model YK1638EW) for $309.00 per month for 36 months with a $2,105.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. $3,009.00 total due at lease signing.

    MSRP $30,135.00 (includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $25,618.34. Total monthly payments $11,124.00. Option to purchase at lease end $18,081.00. 12,000 miles/year.
  • steevosteevo Posts: 389
    Interesting. I see that deal also on the Honda website..Strange thing is if you build the car on Hondas website, or if you go to Cars Direct, the MSRP is 29135. So they must be adding 1000 in options?? GOing from 30135, it seems that they are taking about 4500 off the sticker by getting us to chip in half as cap cost, and they go down half.. SO it LOOKS like a lower payment. But in actuality they are going 2000 under sticker and you are putting 2000 down. From reading the prices paid board, it seems an aggressive buyer could get about 3000 off the sticker on one of these trucks. So You could probs negotiate down the up front money by at least 1000.
    If someone can post the MONEY FACTOR and RESIDUAL for the RTX we can figure out what the best deal would be..Post a reply addressed to Car_Man and ask for the MF and resid..or maybe he will read this and post it.
    BTW, I am researching about 5 different cars/trucks right now because I have some time, and am not really decided yet on what it is I want.
  • Hi jfox5. I have found that savvy consumers who are in an area that have a decent level of competition are usually able to beat manufacturers' advertised lease payments by negotiating a lower selling price than the one that was used to arrive at them. Shop around with a few dealers for the lowest possible selling price on the Ridgeline that you want and then have the dealer that gives you the most attractive price calculate your monthly payment using Honda Finance's current buy rate lease money factor of .00228 (for top tier customers who pay a security deposit at lease signing).

    Car_man
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  • Hey steevo. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Ridgeline RTX with 12,000 miles per year are .00228 and 60%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

    Car_man
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  • Hi Car_Man,

    Wow. No Ridgeline lease queries in a month!
    Sir, could you be so kind as to quote me the Money factors and the residual values for both th RT and RTS? Lets say for the standard 12K/year for top tier credit.
    I'm in Georgia, but have used Tennessee dealerships in the past if I could get a better deal.
    Also, has there been much movement in these rates since the 08 came out? I do not intend to lease until December.
    Finally, do you think there could be a possibility of some special deals with lease rates in December? Has Honda been known to do anything for the final month of the year?
    Thanks,
    FX
  • Hey felixdacat13. Yep, the old Ridgeline doesn't appear to be that popular this month. Perhaps you can interpret the lack of posts in this discussion as a lack of demand and use it to your advantage during negotiations ;) . 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 2008 Honda Ridgeline RT with 12,000 miles per year are .00191 and 58%, respectively for consumers who qualify for its top credit tier and pay a security deposit at lease signing. The numbers for an otherwise identical lease of a 2008 Ridgeline RTS are .00191 and 57%. This lease program is scheduled to run though November 30th. It is difficult to say what the December program will be like at this point, but I personally doubt that you are risking much by waiting until them to lease. If I had to make an educated guess, I would say that the December program will be the same, or more attractive than the current one. Again though it is difficult to say for certain.

    Car_man
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  • Received quote from Boch Honda Norwood Ma.
    2008 RTX Ridgeline MSRP $29,135 Net $25,879
    0 Down $749 Inceptions $367 mo. for 36 mos. 12k yr

    IS this a good price?
  • New Lease incentives from Honda on the Honda Website. Im glad I told the guy at BOCH Honda I was going to wait until Dec. Newe money factor is .00051

    JD
  • Is this a good deal for the 08 Ridgeline RTS?

    $26,900 sale price
    $900 for accessories including installation(running board, roof rack, mud guards and wheel locks)?
    $60 doc fee
    Total $27,860 plus tax and license
  • d0ugd0ug Posts: 7
    I was wondering what your opinion was of the recent RTX lease option.Briefly it includes: $279.00 per month, $1999 at signing, closed end, $17000 residual and 3 year 36,000 miles. I am not sure about gap insurance. Your advice would be greatly appreciated.
  • I have been referred to a friendly Honda dealer and came up with a "good" (in my view) price for a Ridgeline RTL with several options at $34,900 installed.
    When it comes to leasing though the money factor is decidedly more expensive than RT or RTX.
    A $28K RT is$269/mth; a $35K RTL $460; 25% more expensive but the lease payment goes up 72%. I was thinking it'd be more like $350/mth
    I understand that the money factor is different but then it pushes this to a $500/mth lease which means that Audi Q7 and other luxury brands come into play.
    Is there a way to get an optioned Ridgeline RTL for around $350/mth?
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