oh my God!! I think I'm stupid. I'm paying $390 each month for the leasing FIT. The contract for 3 years, but after 3 years the car is still not mine, Can anyone tell me I'm paying so much more than the MSRP?

I'm looking the contract it say the vaule of the car after 3 years is $9K , what the hell If I want to keep the car and I pay for $24K for the car? I'm so confusing. Can anyone tell me am I paying too much?

 

just ask your finance guy and talk to him man

 

My guess is you're probably paying too much. I don't know anything about your lease terms but if I was paying that much a month under my financing, I would own the car after less than 3 yrs.

Why are you leasing as opposed to just financing to own?

 

I'm not sure do I want to keep this car. I wat to see the next version of Fit

 

I need more info plz, if anyone see this post give me some suggestion.

Is it the damn dealer set me up? Can I complain it to Honda or somewhere?

 

That's fair, I even considered leasing for the very same reason, but more than likely there won't be a new version for at least a couple years here in NA. And also I figured if I did like the new version I could just sell this one and get the new one. There is always someone who will want to buy your Honda, maybe they will even prefer this version over the next.

Anyway, I don't know if there's anything you can do to complain about the terms of your deal if the papers have already been signed. Maybe you can try to change them? I'm not sure. My dealer gave me 3 days to decide about changing some things on my contract, which I did so maybe you can try if it hasn't been too long.

Good luck, hopefully they'll work something out with you.

 

wow, $14040 and then gotta return the vehicle...

 

Yes, you are paying too much. For a Fit Sport Auto on a 60 month finance term at 6% with 0 down, your monthly payments would be around +/-$330.

Not too sure about a 3yr lease payment, but it shouldn't be more than $230.

 

Go to any online finance calculator. You could own it for less money.

 

I'm paying $262 a month, and I BOUGHT the car.

 

Dude, you're getting reamed.

Did you already actually buy the car at this price? $390/month to lease?

I mean, is your credit horrible or something? If you haven't already bought it, do NOT take that deal, and if you already have....uh...I dunno...get out of it? lol.

That sucks.

I may very well lease my fit as I'll be doing it via my LLC and I think leasing will provide the best tax benefits for a "company vehicle". I also think that this may be a vehicle that, on a sane lease payment, will depreciate very little and thus a smart buyer might actually be able to sell it for more than the residual. I dunno, I might buy, but either way, it'll be the LLC's car, technically, so I can write that bitch off.

 

Goodness Gracious!
You're paying for approximately 90% of a vehicle you're not even going to own, in 3 years. I leased a 2003 Honda Civic LX 3 years ago, and I know you should not pay more than 60% of a vehicle you're not going to own, in 3 years. You should've bought/financed the Fit at a lower monthly cost, and just sell it if you didn't want it anymore, and place that revenue towards the car you really want. (Although I don't see any good reason not to keep a purchased Honda Fit.) What I suggest you do is to obviously go back to the dealership and discuss thoroughly how they calculated your lease contract. You should no doubt find out whether the dealership played you, or made a humungous error in calculation. It goes without saying that you should attempt to modify your lease contract. If the dealership will not budge at any level, then you should contact the financial institution which holds the lease contract, and request for a vehicle buyout with intentions of negotiating a finance option or obtaining a 3rd party loan. You should really make every attempt to change that lease contract... unless the dealership agreed to give you a free Honda vehicle of your choice in 2009.

 

I think they have a lease special on the S2000, for something in the ballpark of $3500 down and $299/month.

I don't think the $390 lease on the Fit can be right, check with your finance guy.

 

Relax, Can you give me the following information?
Sale price of the car:
Do you pay sales tax upfront or does your state have a use tax?
What is the money factor:
Did you put anything down:
How many miles per year did they allocate:
and by the way $9000 value at the end of three years is really good. Compare that to the Aveo or Kia. They will probably be worth half of that in three years. In addition I see you are in New york. Up until a few years ago Honda didnt even let you lease a car if it was going to be titled in New York. They do have a different set of figures to use up there compared to other parts of the country and it is only New Nork that is affected. ( i coulndt tell you why though)
Let me know...
Neal

 

To: Neal

Can you give me the following information?

Yes I can.

Sale price of the car:

I don't know what should I tell you, but I'm going to type anything
Do you pay sales tax upfront or does your state have a use tax?

Gross Capitalized Cost: $21065
Capitalized Cost Reduction: $1000
Adjusted Capitalized Cost: $20065
Residual Value: $9746 (Totally CRAZY)
Depreciation and Any Amortized Amounts: $10318.2
Rent Charge: $4042.56
Total of Bat PAyment $14342.76

Lease Term: 36 Month
Monthly Payment: $398.41

Did you put anything down: I put $2846.97

The Tax was: 1461.31 (During Lease Term)

How many miles per year did they allocate: 12000 Miles per year

 

The reason why your lease payment is so high is because you essentially paid $21,000 for the car. If you traded-in the difference got rolled in to the total price. OR you paid like a $4,000 markup OR the dealership screwed up. OR a mixture of those possibilites.

 

...And you placed down about 3 Grand???

(Just Speechless)

 

I think we're still missing one piece of information...
Sy11580, which version of the Fit did you lease: Base manual transmission, Base auto transmission, Sport manual transmission or Sport auto transmission?

 

It doesn't make any difference WHICH model he got - he's getting screwed on this...

I'm putting down $2000 on mine, sport, AT, with gas cap, floor mats, and cargo cover. My pmt over 60 months at 5.85% is under $300/mo.

Did you at least get kissed??

 

I'm sure someone in that dealership got some kisses, maybe even had dinner bought for them.