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Is it too good to be true lease deal

jayhova1776jayhova1776 Member Posts: 19
edited July 2019 in Honda
Another lease deal that we were able to input how much "Due at Signing" with their penny perfect lease
Penny-Perfect lease $320.31 * plus tax and Due at Signing $1500

MSRP including dest: 31,630.00
Sales Price including Lease Acquisition Fee: $28,950.00
Residual 56%
MF: .00090

NJ state tax: 6.625% is paid
For zip: 07753
Is this lease deal too good to be true?

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  • MichaellMichaell Moderator Posts: 261,378
    jayhova1776 said:

    Another lease deal that we were able to input how much "Due at Signing" with their penny perfect lease
    Penny-Perfect lease $320.31 * plus tax and Due at Signing $1500

    MSRP including dest: 31,630.00
    Sales Price including Lease Acquisition Fee: $28,950.00
    Residual 56%
    MF: .00090

    NJ state tax: 6.625% is paid
    For zip: 07753
    Is this lease deal too good to be true?

    Is the cap cost used for the payment quote the same as the sales price?

    What, exactly, does the $1500 up front cover?

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  • jayhova1776jayhova1776 Member Posts: 19
    Michaell said:

    jayhova1776 said:

    Another lease deal that we were able to input how much "Due at Signing" with their penny perfect lease
    Penny-Perfect lease $320.31 * plus tax and Due at Signing $1500

    MSRP including dest: 31,630.00
    Sales Price including Lease Acquisition Fee: $28,950.00
    Residual 56%
    MF: .00090

    NJ state tax: 6.625% is paid
    For zip: 07753
    Is this lease deal too good to be true?

    Is the cap cost used for the payment quote the same as the sales price?
    Sales price is $28,355
    The Cap cost is the 28,355 + the lease acquisition fee $595.00

    What, exactly, does the $1500 up front cover?
    down payment: $1,1179.69 + 1st mo payment $320.31

  • MichaellMichaell Moderator Posts: 261,378
    jayhova1776 said:

    Michaell said:

    jayhova1776 said:

    Another lease deal that we were able to input how much "Due at Signing" with their penny perfect lease
    Penny-Perfect lease $320.31 * plus tax and Due at Signing $1500

    MSRP including dest: 31,630.00
    Sales Price including Lease Acquisition Fee: $28,950.00
    Residual 56%
    MF: .00090

    NJ state tax: 6.625% is paid
    For zip: 07753
    Is this lease deal too good to be true?

    Is the cap cost used for the payment quote the same as the sales price?
    Sales price is $28,355
    The Cap cost is the 28,355 + the lease acquisition fee $595.00

    What, exactly, does the $1500 up front cover?
    down payment: $1,1179.69 + 1st mo payment $320.31

    Thank you for the clarification. I get the same payment.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige

  • jayhova1776jayhova1776 Member Posts: 19
    I’m going to the dealer tomorrow, so lets see how this leaser offer plays out.
  • jayhova1776jayhova1776 Member Posts: 19
    We signed the lease on Friday.
    $0 down
    We originally would have paid $389/ mo. but, we added the wheel/tire protection because of the 19's and 235 series tires. our monthly is $410 and change.
    The one thing the Finance Guy told us, that I was a little sketchy about was, to get us to the "higher tier" (tier 2 to tier 1) (my wife and I are around 670's) they (dealer) had to include their Appearance Protection Package ($799).
    Out the door we paid, $389. Following payment would be $410 and change.
  • MichaellMichaell Moderator Posts: 261,378
    jayhova1776 said:

    We signed the lease on Friday.
    $0 down
    We originally would have paid $389/ mo. but, we added the wheel/tire protection because of the 19's and 235 series tires. our monthly is $410 and change.
    The one thing the Finance Guy told us, that I was a little sketchy about was, to get us to the "higher tier" (tier 2 to tier 1) (my wife and I are around 670's) they (dealer) had to include their Appearance Protection Package ($799).
    Out the door we paid, $389. Following payment would be $410 and change.

    I hate to be the bearer of bad news, but any score higher than 660 qualifies you for tier 1 from Honda.

    So, they took you for $800 unnecessarily.

    Consider it a lesson learned.

    Congrats, and enjoy the new Honda!

    Thanks for the report.

    Edmunds Price Checker
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    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


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    2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige

  • jayhova1776jayhova1776 Member Posts: 19
    I’m Ok with that because our payment wasn’t too crazy. At least we have the protection plan on the interior/exterior for the lease.
  • MichaellMichaell Moderator Posts: 261,378
    jayhova1776 said:

    I’m Ok with that because our payment wasn’t too crazy. At least we have the protection plan on the interior/exterior for the lease.

    True enough.

    Enjoy!

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige

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