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Tried to get a lease on a RTS 36 mo , no down for 286 mo . Dealers won't bite.
Is this unreasonable?
 

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I saw a Honda Days add yesterday.

RTS
$286 per month
$1500 down
42 months
 

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My company leased it feeling it was a better deal in this case. The case is it was for an owner (me) and the other owner got a Pilot. We went for a 42 month lease with 15,000 miles/year. For us it's an expense as opposed to depreciating them and in 42 months we get something new. Mine will be a 2009 Ridgeline.
 

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I just got my Ridgeline RTS lease for $314 after tax in SoCA which is roughly $290 before tax and that was for a 36 month lease with 15,000 miles and nothing down.

Ben
 

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When calculating the cost of ownership of a vehicle, the financing can be a significant part of the total and can vary tremendously depending on how you do it. Shocking news, isn't it? :rolleyes: Now that I have gotten the obvious out of the way, I will attempt to post some very interesting information that I learned yesterday. My wife is the "banker" in the family and has managed offices of several banks and most recently a Credit Union, for many years. Here is what she explained. If a person that wants to purchase and finance a vehicle can deposit an amount of their own or someone else’s money equal to the loan amount, they can get a loan at very competitive rates (4.5 ~ 7% if I remember correctly, don't quote me on that). The amount of money on deposit that secures the vehicle loan can be in any form that the Credit Union accepts and will continue to earn interest. As the borrower pays down the loan, that same amount immediately becomes liquid to the depositor. The net difference between the loan interest that the borrower pays and the interest that the Credit Union pays on the deposit amount is usually about 2%, sometimes less! That type of loan is called a Shared Secured Loan. Any Credit Union will know what that is and can explain them much better than I am attempting to. It is essentially a loan that is secured by capital other than the vehicle itself. That is simple enough but the mechanics of the Shared Secured loan is what makes it so appealing. Banks hate them and Credit Unions love them. The advantage, aside from the rates, is that a person that does not have an existing strong credit rating and/or their own capital to invest but knows someone else that does, can get a loan at very attractive rates. Under usual conditions they may not be able to get financing elsewhere and if they can it is at ridiculously high interest rates. The most common example would be a young person as the buyer and mom and dad as the depositor. If that is what occurs, the vehicle title can be held by mom and dad, not the bank or the Credit Union. Credit history is established by the borrower, not mom and dad. It sounds like a win-win-win situation to me. Now in Pennsylvania and most other states, almost anyone can belong to almost any credit union. Since they operate on a non-profit basis their rates and fees are lower than banks. I wish that I had been able to be a member of a Credit Union in my younger years. Maybe I would have the big house on the hill instead of the CEO of the bank!

As I stated in another thread, I believe that no one is obligated to have car payments throughout their life. The key is to own one vehicle outright for a period of time while saving for your next one. The loan amount should not be more than 35% of the purchase price of the vehicle. That will allow a person to step up each time that they trade. It won’t take too many steps before you will be able to purchase vehicles for cash and not have any payments. It takes discipline and patience at first but will have life long benefits. :)
 

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Need pricing help!

Hello All! I just discovered this site and my husband and I are hoping to buy a Ridgeline this weekend. We are trying to figure out asap what kind of deal we should be shooting for. We want an RTL with Navi. We were quoted a price around 28,000 or so a couple months ago, but now it seems that the dealer is changing his mind. Our salesperson left a month ago.
I read about the dealer incentive, but can't seem to find any proof of it. I went to Edmunds and they only mentioned $1000 marketing assistance. Is that the same thing?
Thanks so much in advance for any help you can give us.
 

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Re: Need pricing help!

Amy said:
Hello All! I just discovered this site and my husband and I are hoping to buy a Ridgeline this weekend. We are trying to figure out asap what kind of deal we should be shooting for. We want an RTL with Navi. We were quoted a price around 28,000 or so a couple months ago, but now it seems that the dealer is changing his mind. Our salesperson left a month ago.
I read about the dealer incentive, but can't seem to find any proof of it. I went to Edmunds and they only mentioned $1000 marketing assistance. Is that the same thing?
Thanks so much in advance for any help you can give us.
Not sure, I just jumped in and bought last June.

Try here:http://www.ridgelineownersclub.com/forums/showthread.php?t=3144&highlight=price+deals

Other thread discussions on pricing also. Try the search feature.
Hopefully someone else will jump in here soon and help out.

Just make sure you buy a Red one! :)

P.S. Boy, I see you are a newbie here, just today, welcome to the ROC. Stay with getting the Navi you will love it!
 

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Re: Need pricing help!

I bought in Sept and got the RT version for $170 over invoice. I have since come across several posts where deals were made significantly below invoice. Edmunds (as well as other sites) can get you the invoice price accurately. Don't go too much by Edmunds' target (TMV)pricing, in my case it was about $1500 more than what I paid! From my notes, $28000 looks like a very low price!

Shop around, the deals are there. All I had to do was convince my local dealer that I had been doing my research and felt confident in what I should be paying. (Turns out I knew the costs better than their GM!) I didn't have to go so far as to show them internet offers, but others here have emailed several other dealers to get offers, then taken those in to get price matches locally.

There is a thread (or more) here about the $1000 incentive, seems like a few weeks ago.

Good luck! Buy white!
 

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Re: Need pricing help!

I think the $1000 incentive expired 11/30, but I'm not sure. Welcome to the ROC and good luck getting the best price you can.

As another poster stated, look at invoice price at Edmunds.com for the trim line you want and start there. Several people have posted getting below invoice for theirs. I bought in April, so I didn't get much of a discount. :( But, I would purchase again in a heartbeat!
 

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Re: Need pricing help!

Amy, welcome and good luck on your quest this weekend. We bought in April too, so we didn't engage in any real bargain hunting. From what others have posted, you're more likely to get the concessions and discounts at the end of the month. I say go for it this weekend if you can find what you want ready to go. We had to order to get the best color (BLUE) and NAV, but it was worth the wait to get what we wanted.

Please don't hesitate to ask other questions you have. Poke around with the search function and you'll find a lot that's been discussed in previous posts.

A special welcome, woman to woman. I hope you'll continue to post after you get your truck. We can use some more estrogen on this site.
 

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Ultra-HOG said:
As I stated in another thread, I believe that no one is obligated to have car payments throughout their life. The key is to own one vehicle outright for a period of time while saving for your next one. The loan amount should not be more than 35% of the purchase price of the vehicle. That will allow a person to step up each time that they trade. It won’t take too many steps before you will be able to purchase vehicles for cash and not have any payments. It takes discipline and patience at first but will have life long benefits. :)
Or better yet, buy a cheap car for your first car ($1000 or so), then save like mad until you can pay cash for your next car. I typically buy new vehicles, but you can save even more by buying a vehicle that is a couple of years old.

The part I haven't figured out yet...are you better off trading every couple of years so that you only pay a few thousand with the trade, or keep for 8 to 10 years and have to pay almost the full $30k? And, most importantly, if it's better to trade more often, how do I convince the wife? :confused:
 

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hi, and welcome. i just picked up my ridge wednesday night. i had priced both the rts and the rtl. i was offerred $1000 under invoice, which on the
rtl was $27942 + tt&t. i actually ended up with the rts and have no regrets so far.....
 

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Thanks so much everyone for your help and advice. I too noticed that is seems the factory to dealer incentive is extended until 1/03/06. I am starting to think that the price we were given before was not right. I just got a quote from a dealer for $30,598 including destination charge, for an RTL with navi and moonroof. I am not sure that we can expect much less than that. The invoice is $31,714 with destination charge. We would love to get it for less than $30,000, but that may not happen.
Thanks again for the warm welcomes.
 

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Amy said:
Thanks so much everyone for your help and advice. I too noticed that is seems the factory to dealer incentive is extended until 1/03/06. I am starting to think that the price we were given before was not right. I just got a quote from a dealer for $30,598 including destination charge, for an RTL with navi and moonroof. I am not sure that we can expect much less than that. The invoice is $31,714 with destination charge. We would love to get it for less than $30,000, but that may not happen.
Thanks again for the warm welcomes.
Welcome!

I can't help you with the the Navi option pricing (sorry), but we just made the jump last weekend into an RTL (black, natch) with moonroof and XM. We asked for quotes over the internet from several local dealers and got three quick responses. We went with the best, which was $28,140, including all dealer fees (destination, "document" b.s., etc.), but excluding tax and title. We drove off after less than two hours on the lot in our new RL.

I'd say we haven't looked back, but we discovered a minor electrical problem during final checkout, after all the paperwork had been signed. Since it was getting late and the only other option on the lot was VIN # 00168, we opted to bring it in for a quick fix later. The dealer tried to deny us a loaner (due to their insurance policy, supposedly), they quickly called for a rental car when my 8-month pregnant wife pulled in for the repair. ;)

I wouldn't presume to speak for others, but I can't say enough about this vehicle. It's the perfect blend of car and truck for anyone that doesn't need a dedicated off-roader or a heavy-duty hauler. My guess is that if you join us RL owners, you'll have few regrets.

Good luck with the shopping,

Jeff m.
 

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Amy, my advice is get what you want. $30K is a nice round number, but what is it besides that? In the end the small amount more that you spend on getting the truck you want is going to pay off in your level of satisfaction.

I don't know if subee was looking at RTL w/o NAVI and if so I can see being fine with backing off to an RTS. However, once I saw and played with NAV, I knew I had to have it. I would have yearned for it if we hadn't gone all the way and gotten the truck we wanted.

I hope you can find an acceptable deal. If you are really determined to pinch those last few hundred dollars you should wait until the end of the month. If you want to drive it away this weekend, you don't have time to shop for the absolute best deal.

There are regional differences in pricing too. Asking what folks paid can give you a target, but not a guarantee.
 

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swampler said:
The part I haven't figured out yet...are you better off trading every couple of years so that you only pay a few thousand with the trade, or keep for 8 to 10 years and have to pay almost the full $30k?
This is a very simplistic example but if you pay $30K for a car, keep it for 10 years, spend $2000 on age-related maintenance items (tires, shocks, etc.), and get $2000 for it when you trade it in, then that car cost you $3000 per year. If you trade every 2 years then the difference between the new car cost and the trade-in you get needs to be $6000 for it to have the same yearly cost.

As for leasing, it used to be that it only made economic sense if you used the car for business purposes and could deduct the lease cost from your taxable income. This may have changed somewhat but I don't like debt, the only debt I've ever incurred is a house mortgage and I paid it off in 10 years (and there are few things greater than owning your house outright!). If I want something and I can't pay for it in full, I don't get it until I've saved enough so that I can.
 

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This is Honda's latest lease info from their website:


2006 Ridgeline RT Special Featured Lease

$279 per month for 42 months. $1,500 total due at signing.

Special lease rates available on all new 2006 Ridgeline models. Offer valid through 1/03/2006 for new and unregistered 2006 Ridgeline RT (Model YK1626EW). Only on approved credit by Honda Financial Services through participating dealers. Honda Financial Services' standard credit criteria apply. MSRP $28,250.00 (includes destination). Actual net capitalized cost $26,821.36. Dealer participation may affect actual payment. Total monthly payments $11,718.00. Option to purchase at lease end $15,820.00. Lessee responsible for maintenance, excessive wear/tear and 15 cents per mile over 12,000 miles per year with MSRP less than $30,000. For vehicles with MSRP of $30,000 or more, mileage cost is 20 cents per mile over 12,000 miles per year. See Dealer for details. Subject to limited availability. Lease rates subject to change without prior notice. Not all buyers may qualify.



FEATURED SPECIAL LEASE: Closed-end lease for 2006 Ridgeline RT (Model YK1626EW) for $279.00 per month for 42 months with a $326.00 capitalized cost reduction. $1,500.00 total due at lease signing (includes first month's payment, security deposit, acquisition fee and capitalized cost reduction; total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like).

 
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