First off a lease is seldom a "good deal". They can be an advantage to certain people in certain tax situations, but as for the economics of the vehicle transaction a lease is almost never better. Occasionally a lessor will make an error on the residual of the vehicle, but unless that happens they aren't going to screw themselves.
If you know a dealer finance person very well you will know how their faces light up when a customer wants to lease. There are sooooo many ways to manipulate the numbers and they can usually come out on top of even the smartest consumer.
I made the mistake of leasing when the CR-V first came out....too hot a car (suv) to wait and only thing available. I generally am educated about buying vehicles and knew nothing on leasing. The only thing that seemed reasonable was the monthly payment.
Well, after 36 months, I was doubled the alloted miles and I was going to take a major beating on it (turn it in plus pay....). Eventually found a deal with a different brand car (Daewoo ) that absorbed my 'loss' and got stuck with a non-Honda car....
That is an okay deal. It's for an RT. You can do better. The actual net capitalized cost listed in the fine print is $26,821.36, MSRP $28,250.00.
This is a subvented lease, Honda Financial throwning down big time for this, the money factor (aka lease rate) they quoted me is .0005 which is approx equal to a 1.2% interest rate.
I say negociate a better deal. Get the net capital cost down to $25,500 (roughly invoice). If you choose to pay the $1500 drive off, I calculated your payment to be about $255 before tax. (so about $25/month cheaper than the advertisement)
I believe that is a good offer. If you think that mileage will not an issue to you since it is good for up to 12,000 miles per year. Also remember this, the offer comes from American Honda Finance, not from the dealer, so you can feel more comfortable with the numbers. Remember that you will see and have the residual value on the lease contract. At the end of the lease you will have three options: 1- Return the truck to Honda, 2-Keep it (finance or pay the residual value) and 3- Trade it in for another Honda. (Sometime if the value has kept up, you could also sell it).
Also, let's say you decided to travel the US back and forth several times during your lease and you went way over the stated mileage...big problems? Not really, just buy the truck at the end of your lease and keep it!
Understand that the leasing problems that people had in the beginning of this program, were made because of unethical companies offering them. The law has really beat them up since and they have their act together, most of them anyway.
Last night I saw an television advertisement on the Travel Channel promoting a Ridgeline RTS lease for $289 plus $1,510 down. This seems like a much better deal than the offer for the RT, however I cannot find the offer on the Honda web site. Anybody know if this is a National promotion?
By leasing through AHFC, you miss out on a $1000 Honda rebate for Ridgeline purchases (not applicable to leases). I've seen quotes for $23,472 for an RT - thats $2k below invoice for purchases. Since you know for sure you want to keep it long term, it's worth considering financing it (and not leasing) if you can get a good interest rate. 5.99% is about the going rate, which over 6 years gives you a payment of $389. If you can find a 3.99% over 6 years your payment drops to $367. (Some credit cards are offering a 3.99% fixed for the life of the balance - but you have to be careful, and if you are, this is a decent deal if you don't have the cash. be sure to read the fine print if you go this route). This is assuming you pay tax and drive off costs out of pocket, and that you have excellent credit.
If you're really focused on leasing and then buying at lease end to keep costs down, tell them you want a 10k miles/year lease. This will increase the residual value and decrease your monthly payment. On the RT with the numbers stated in my previous post, you should be able to get in for about $242/month + sales tax. I don't recommend this, but it will make your monthly payment lower during the lease period.
Keep in mind that a lease payment often does not include sales tax. A financed vehicle purchase does include tax (unless you paid it up front).
i sell honda's and the guy who said you can do better is right... for an RT sign and drive no money out of pocket and just your first month payment i calculated 280 a month after 6% sales tax for jersey where i live so do the math and you should know where your at... they have a national program running and you should jump on it while its here.... join the club dude join the club!!!