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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.
Thanks!
- 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
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%.
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?
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?
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?
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.
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.
Thanks
Victor
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.
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..
regards,
kyfdx
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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!
kyfdx
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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.
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.
What do you think?
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,
All info is truly appreciated!
Brad
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.
RTS RIDGELINE
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
Any viable input would be greatly appreciated.
Anyone have any thoughts in avoiding full residual value payement?
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 Edmunds.com 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.
Car_man
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thanks
Eric
Car_man
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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.
Car_man
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Any updated lease program info for 2010?
To be more specific for a 12000miles RTL w/Nav.
Thanks!
Car_man
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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.
Car_man
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WAS OFFERED THIS DEAL- $0 DOWN $28900 2011 RTS 36M 12K
$438 MONTH ~AND TAKING ME OUT OF MY LAST 2 $400 CRV LEASE PAYMENTS, AS A TRADE IN.
SOUND GOOD?
idk i MAY GO WITH THE EX PILOT FOR $390 ~35 MONTHS ($29000) !
Car_man
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