Hi! I am totally new to leasing a car so want to ask the community if this is a good deal. Can you help me understand the residuals, money factor, and incentives for the HRV?
Location: Seattle, WA
Car: 2016 Honda HRV EX
Lease Term: 36 months and 15k miles per year
Right now, I think my best offer is $3,000 down and $239/month for 36 mos. The retention value was quoted to me as $14,559.
Any help/feedback is appreciated!
You’ll need to ask that dealer for more numbers (e.g. complete breakdown) for this lease deal in order for anybody here to determine if it’s a good deal. You can usually get accurate MF’s and residuals by asking here: http://forums.edmunds.com/discussion/35593/honda/hr-v/2016-honda-hr-v-lease-questions/p2
Generally speaking you should not put ANY down payment on a leased vehicle because you will never see that money back. For example if you total the car 3 months after taking delivery that money will have been essentially wasted. On average your lease payment changes $20 for every $1000 added or taken, so in this case on their current offer you would be looking at roughly $300/mo for a sign & drive deal, and I wouldn’t say an HRV is worth that. They could also be bumping the money factor (interest rate) up or sneaking in other fees, which is why you need a complete breakdown.
Bring those numbers back and we can analyze. Also, you may want to look at the Equinox deal that was just posted as it may be a good competitor to the HRV (not direct, but still an suv).