Is anyone leasing a Ridgeline?

2196 Views 9 Replies 6 Participants Last post by LivinInJersey, Jun 5, 2005

LivinInJersey

Discussion Starter · May 6, 2005

I'm interested in knowing what lease terms anyone is getting on the Ridge. Most all posts that I've read indicate purchasers, not leases. I'm considering leasing one myself, as I need the cash to possibly purchase a new home...

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mayfielh

· #2 · May 6, 2005

I am leasing my RL through American Honda Finance. This will be the 2nd lease through them. They are pretty good to deal with.

Here are a couple of of other highlights:
You can get into an RL for less per month.
You won't be upside down in your lease.
You will know exactly how much your car will be worth at the end of the lease.
If you choose to buy it out-right before the lease is up there are no penalties.
If you decide to trade it in you can get equity in the vehicle if there is some.
At the end of the lease you can refinance the remaining balance or pay it off.

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hersheytx

· #3 · May 6, 2005

I have decided to do a lease too. Main reason is that if they fix something like the trip computer or door locks I can get another one in 3 years. My usual lease contract.
I have seen a lease here in Dallas, Tx at Eagle Honda for 399 a month with 2999 down (This is first & last payment with tag, title & tax). Only problem I do not know what model. Have tried to get them to email me on the truck with the special lease, but only get the "call us" and we can help you out.
I hate when they do that. Makes me want to shop somewhere else.

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westernsky1

· #4 · May 7, 2005

I asked the dealer I have been talking to for awhile about the lease. He confirmed the numbers, $3000 down, $399 a month, and said it was for the base leather model with no moonroof or navi. I guess that would be the base RTL. It's also for 12,000 miles and 36 months......

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hersheytx

· #5 · May 8, 2005

Did the same checking. Turns out with the new month they have dropped it down to 379 a month. Same base model and 36 month 12k miles
Still waiting.

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LivinInJersey

Discussion Starter · #6 · May 16, 2005

Thanks for all the feedback. I'm hoping to go much lower than $379 a month for the lease...has anyone done better? Perhaps $349 a month or even less considering the apparent slow sales (at least here in the tri state area NY/NJ/CT)...always interested to hear everyone else's stories...

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WhiteRTLnav

· #7 · May 16, 2005

You can do better by putting more down, but you are still essentially paying the same amount over the term of the lease. The only difference with putting more money down is that it's that much less money that you are paying interest on. Yes, leases have interest. This is known as the "money factor". Multiply the money factor by 2400 to get the true interest rate. Anyway, since you are really paying the money anyway, you may be better off just putting that money you were going to put down in the bank just in case you have an emergency or something. It is typically said that it is not a good idea to put a bunch down on a lease. I, myself put a bunch down on my 03 Accord to lower the payments, and I am still slightly upside down, so... I'm not really a fan of downpayments on leases anymore. Oh, and I sold Hondas for many years and I am familiar with the leasing process, so I'm not just talking out of my ass. Anyway, I hope this information is helpful. I myself intend to lease a Ridgeline. Just make sure they show you the purchase price, your trade in value, the cap cost reduction, and any "disposition fees", etc... Dealers tend to hide profit within a lease, and its good to know this information. For the record, Honda DOES NOT have disposition fees. So watch out for that if a dealer is trying to charge you for that.

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LivinInJersey

Discussion Starter · #8 · May 24, 2005

This past weekend, I saw the first newspaper ad for a Rideline Lease. I think it was something near $250/month for an RT (3 yr 12k around 2400 down). I've called about the RTS, which can be had for slightly less than 300/mo(same terms, slightly larger down payment). Of course, no running boards, roof rack, etc...I think I may go for that, I really don"t need all the RTL luxuries. Comments welcome.

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gchu

· #9 · May 26, 2005

LivinInJersey said:
This past weekend, I saw the first newspaper ad for a Rideline Lease. I think it was something near $250/month for an RT (3 yr 12k around 2400 down). I've called about the RTS, which can be had for slightly less than 300/mo(same terms, slightly larger down payment). Of course, no running boards, roof rack, etc...I think I may go for that, I really don"t need all the RTL luxuries. Comments welcome.

What dealer was this advertised in? I'm near Philly and was planning on buying a Ridgeline, but with all these potential problems (wind noise, water leaks and steering wheel creeks), I thought it would be better to take it for a 3 year "test drive".

Thanks

George

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LivinInJersey

Discussion Starter · #10 · Jun 5, 2005

gchu said:
What dealer was this advertised in? I'm near Philly and was planning on buying a Ridgeline, but with all these potential problems (wind noise, water leaks and steering wheel creeks), I thought it would be better to take it for a 3 year "test drive".

Thanks

George

Sorry I did not reply any sooner. It was Mahwah Honda, in Bergen County.

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