Looking to lease
07-10-2001, 11:17 AM
#1
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Looking to lease
Hi, Im new to the club but have been lusting for an S2000 for quite a while now. Im waiting for the lease on my Accord to end and then im looking to get the S2K. Anyone here leasing or know what the current lease is goin for? I want to be prepared when I go back to the dealer.
Thanks,
Matt
Thanks,
Matt
07-10-2001, 11:24 AM
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Check "The Captain" (Kirk)..he is selling his 2001 Yellow S2K... He's looking for someone to take over the lease-- I think he's only got like 4k miles on it.
-- Aaron
-- Aaron
07-10-2001, 12:03 PM
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I never shopped for a lease on my car, but just for your comparison shopping, here is lease info from an ad in Sunday's Chicago Tribune: S2000 lease from $439 per month, 48 months. $889 due at lease signing., 12,000 miles per year.
Don't know how this measures up.....it's straight from the ad, and I don't always have complete faith in auto dlr. advertising, so take it for what it's worth.
Don't know how this measures up.....it's straight from the ad, and I don't always have complete faith in auto dlr. advertising, so take it for what it's worth.
07-10-2001, 12:07 PM
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I knew I would be keeping it so I finance some of it.
Well what I did find out (personal friend of the leasing guy) is that it's residual value is 72% after 36 months. So if the dealer is not jacking up his money factor (most do to increase profits) a lease at MSRP could be had for payments in the $370 range.
Leasing is pretty simple but dealers play games. They use a money factor to show you the payment if you request but it is not the actual money factor.
Purchase price less residual value is the amount financed. The residual value (72%) is always based on MSRP. In addition, you finance the residual value and the finance charge is added to your amount financed. Meaning you do not pay for the residual value during your term of lease but you do pay for the finance charge to carry it.
I doubt you will find a Honda dealer to lease you one this way. Street price is probably $450 to $500 per month, which is still better than a 10% down payment at MSRP for 60 months for $600 per month.
But imagine you told the dealer that you wanted a payment in the $550 range for 36-month lease. That would yield the dealer about $38k on a lease and you would never be the wiser. Most states still don't have to disclose the net price the dealer gets for a lease.
Good luck. You won't be disappointed at any price under $45k.
Well what I did find out (personal friend of the leasing guy) is that it's residual value is 72% after 36 months. So if the dealer is not jacking up his money factor (most do to increase profits) a lease at MSRP could be had for payments in the $370 range.
Leasing is pretty simple but dealers play games. They use a money factor to show you the payment if you request but it is not the actual money factor.
Purchase price less residual value is the amount financed. The residual value (72%) is always based on MSRP. In addition, you finance the residual value and the finance charge is added to your amount financed. Meaning you do not pay for the residual value during your term of lease but you do pay for the finance charge to carry it.
I doubt you will find a Honda dealer to lease you one this way. Street price is probably $450 to $500 per month, which is still better than a 10% down payment at MSRP for 60 months for $600 per month.
But imagine you told the dealer that you wanted a payment in the $550 range for 36-month lease. That would yield the dealer about $38k on a lease and you would never be the wiser. Most states still don't have to disclose the net price the dealer gets for a lease.
Good luck. You won't be disappointed at any price under $45k.
07-10-2001, 01:39 PM
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posted on behalf of XessQ ( sorry I moved a duplicate thread )
Monthly Lease*
2001 S2000
36 Month Term
12000 Annual Mileage
*Lease Summary: Required Refundable Security Deposit $500, 1st Monthly Payment $489.11, Capitalized Cost Reduction $0 to equal an
estimated total of $989.11 due at lease signing.
from the Honda finance sight
with zero cap. reduction, 12K miles per year, at current residuals and standard Money Factor.
if you want more info let me know
this also has no sales tax included since i am in oregon
Monthly Lease*
2001 S2000
36 Month Term
12000 Annual Mileage
*Lease Summary: Required Refundable Security Deposit $500, 1st Monthly Payment $489.11, Capitalized Cost Reduction $0 to equal an
estimated total of $989.11 due at lease signing.
from the Honda finance sight
with zero cap. reduction, 12K miles per year, at current residuals and standard Money Factor.
if you want more info let me know
this also has no sales tax included since i am in oregon
07-10-2001, 01:58 PM
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Monthly Lease*
$438.41
2001 S2000
48 Month Term
12000 Annual Mileage
*Lease Summary: Required Refundable Security Deposit $450, 1st Monthly Payment $438.41, Capitalized Cost Reduction $0 to equal an estimated total of $888.41 due at lease signing.
once again at msrp from the honda finance sight
$438.41
2001 S2000
48 Month Term
12000 Annual Mileage
*Lease Summary: Required Refundable Security Deposit $450, 1st Monthly Payment $438.41, Capitalized Cost Reduction $0 to equal an estimated total of $888.41 due at lease signing.
once again at msrp from the honda finance sight
07-10-2001, 02:24 PM
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one piece of advice.
take a moment to consider the wisdom of leasing a car for a period that exceeds the factory warranty. In other words, suppose something happens to your car in month 40. You are responsible for fixing the car, but you don't own it or any equity in it.
Just my 2 cents.
take a moment to consider the wisdom of leasing a car for a period that exceeds the factory warranty. In other words, suppose something happens to your car in month 40. You are responsible for fixing the car, but you don't own it or any equity in it.
Just my 2 cents.
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07-10-2001, 02:31 PM
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[QUOTE]Originally posted by Da Hapa
[B]one piece of advice.
take a moment to consider the wisdom of leasing a car for a period that exceeds the factory warranty.
[B]one piece of advice.
take a moment to consider the wisdom of leasing a car for a period that exceeds the factory warranty.
07-10-2001, 02:33 PM
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well i am looking to buy at end of lease cause by then i will have the 20k cash and make a deal, rather than pay huge payments for 60 months my 2 cents, plus my car will be NOS and turbo equipped, that just alone makes me wanna keep the car other wise i will loose what i put in it.