Just curious about the leasing process

[usernameisdontknow]

Just Curious, When going for a Honda Lease that’s advertised on the main website. For example, the Si for 229 a month with 2200 down. Will there multiple credit inquiries or just one from Honda financial?

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[BirchyBoy]

It’s likely that Honda Financial will query the three large credit agencies - Experian, Transunion and Equifax. If you have frozen your credit, you will need to unfreeze it.

 

[Ataricade]

$2200 down is a joke.

A word of advice, NEVER put any $ down on a lease. Tell them you want it $229 with $0 down.

Don't let them take advantage!

Yup NEVER put money down on a lease agreed. Tho He's gonna have a higher payment then $229. I would shoot for around $280-$310 plus tax if its a 36 month sign and drive with the first month waived.

 

[e85sbm]

Yup NEVER put money down on a lease agreed. Tho He's gonna have a higher payment then $229. I would shoot for around $280-$310 plus tax if its a 36 month sign and drive with the first month waived.

He will have a higher payment, but we need to consider how much a discount or credit he can get off the price. I would safely assume $750-$1000 can be achieved with a little effort - if no effort provided, then obviously it will be less

 

[Ataricade]

He will have a higher payment, but we need to consider how much a discount or credit he can get off the price. I would safely assume $750-$1000 can be achieved with a little effort - if no effort provided, then obviously it will be less

Yeah I understand that I was including a discount there. a 36 month sign and drive at around $280-$300 plus monthly tax with no first month payment (35 payments) would be a good deal. Hell yeah tho if he can get it cheaper do it! I was using 22,500 plus destination.

 

[kc189go]

A word of advice, NEVER put any $ down on a lease. Tell them you want it $229 with $0 down.

Yup NEVER put money down on a lease agreed.

Curious... why is putting money down a bad idea?

 

[Ataricade]

Curious... why is putting money down a bad idea?

Curious... why is putting money down a bad idea?

Because it doesn’t save you any money. You are better off with it in your bank.

Also imagine Totalling your car a few months in. Where is your down payment? Poof! It’s gone.

 

[ASCIVIC22]

Curious... why is putting money down a bad idea?

Because it doesn’t save you any money. You are better off with it in your bank.

Also imagine Totalling your car a few months in. Where is your down payment? Poof! It’s gone.

especially with the second piece. even if you have GAP insurance, you won't get that down payment back. Plus the amount that it saves you each month isn't necessarily worth what it would take to put as a down payment. You don't "save" any money by putting it down up front.

 

[kirkhilles]

I just posted my positive opinion on Leasing, you should check it out:

https://www.civicx.com/threads/my-argument-for-leasing.27222

Ignore the "specials" on the website. That is based on MSRP. You need to negotiate a lease based on SALE PRICE and not let the dealer play games with monthly payment and down payment. As mentioned, you should never point any money down (unless it's a security deposit to decrease the money factor) as there is no advantage to doing so. It's only advertised like that to get a lower payment.

So, in comparison, the Honda website (with no money down) means that it'd cost $250/month + dealer fees, tax, etc for an LX Model. Because I got my EX-T at $20k in 2016, I'm only paying $225 + tax (including fees, etc) and I only had to pay then for the first month down payment and have a much higher model.

Negotiate that price down and make sure it doesn't get snuck in elsewhere...

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