i live in southern california, in the inland empire area

 

I'm also in Socal, and shopping for a good S2K lease. Since I have a lease allowance from my employer, I'm looking for a zero down (includes tax, registration, document fee, etc.) lease of 36 months at 15k miles/year. The numbers that I got from several dealers ranged from $407 to $429.

 

Hi. We're also intrigued by the lease deal. We'd rather buy, but the effective interest rate on the lease (~1.75% APR, not including the $595 acquisition fee) is much, much lower than the financing rate they quoted for a 60 month loan (almost 6%).

Has anyone gotten a better financing rate through Honda Financial?

Also, if you calculate the lease deal as advertised, it implies a sale price of $31832.63. Has anyone gotten a better price than that recently?

Also, if I can figure out how to post it, I can pass along a basic lease calculator I put together a few years ago after sitting down with a BMW dealer's finance manager. I can usually get the numbers to within a buck or so of what the dealer works up.

Thanks!

 

I'm in the process of working a deal on 05'. I got the guy to give me some details

Residual 59%
Money Factor .00083

Things I don't know
Bank acquisition fee ($575 here at Volkswagen)
Security Deposit around $400

I figure I should be able to get the car for around $360 or so if the car is CAP'ed around invoice with $500 out of pocket. I'll be going to battle here in a few days

 

Me too. I got my S at Spreen in Loma Linda in January. You will luv the car.

 

If your are in Socal call or PM Matt (pierceman) at Honda World in Westminster. You can run a search for info and more referrals.

They are screwing you with the zero down deal. I'm paying about $335 a month before taxes with just drive-offs (first months payment and registration fees) down. They should be able to waive the security deposit depending on your credit.

Verist has the right numbers. Remember the residual is based on MSRP, not your agreed actual selling price. With these numbers, it doesn't make sense to buy and with that interest rate you are better off holding on to whatever money you would have used as a down payment.

Best deal ever...

 

I think the money factor should be .00073, any more than that is probably dealer profit. Googling for a simple lease calculator on the net will help illustrate what I mean. If you also go to Honda's website and read the fine print, you find out the residual, as well as the selling price (capitalized cost + cap reduction, aka down payment). Acquisition fee is set by Honda and is $595. Here in SoCal, they seem to round the payment up to the nearest $25 to calculate the security deposit.

Incidentally, multiplying the money factor by 2400 gives you the equivalent APR. Also, residual values are set by the bank/finance company. The dealer can't manipulate them.

Still hoping someone out there has recently purchased and can tell us if they were able to get a better deal than the lease suggests...

 

So Aerial, what is the gross monthly lease payment on your S2K?

SanDS2000, the best price I've gotten so far is $29,940. There's probably more room to negotiate on that price.

 

That's surprising (pleasantly). The invoice price is 30,335 (including dest.). Maybe they have some hidden dealer incentive from Honda?

 

The payment with taxes is $365 and change. I'd look it up, but I don't have the paperwork handy. The price of the car was $30000 even.