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My First Lease: A year later.. I have a few questions

Danglyzoidberg

Well-Known Member
436
332
Nova Scotia, Canada
Vehicle Model
Honda Civic Si
Body Style
Sedan
Something else to keep in mind @ericc191 is that if you went into the SI with a trade. If it had a lien or negative equity will definitely effect your payment. For example if you owed $10000 on your old car but they only gave you $5000 for it you would carry over $5000 in negative equity which would spike your payment by aprox $100 per month over 5 years.

I didn't see anything mentioning this, or may have missed it. Sorry if I am being repetitious. I have never seen that big of a gap between say @RaskyR1 and your own payment, thats insane!

sorry @Abbz8377 I just saw your post now I am being redundant lol
 
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ericc191

Well-Known Member
551
277
Dallas
Vehicle Model
Honda Civic Si
Body Style
Sedan
I went around to two Honda dealerships this morning (in my Tacoma) and sat through the process just to see what I would be capable of getting. Surprisingly, my credit had increased since last year and even with a score of 718, neither dealership would budge under 350. They both brought up the fact that they barely have any Sis in stock and also talked about my income.

I had hoped I might learn some more by doing that, but no..didn't really walk away with more knowledge.

I had an 06 Si coupe that I owed 6800 on. It only had 70K something miles. They would only offer to pay it off when I wanted 10K so I sold it separately on Craigslist for 10K.
 

RaskyR1

Well-Known Member
529
532
I went around to two Honda dealerships this morning (in my Tacoma) and sat through the process just to see what I would be capable of getting. Surprisingly, my credit had increased since last year and even with a score of 718, neither dealership would budge under 350. They both brought up the fact that they barely have any Sis in stock and also talked about my income.

I had hoped I might learn some more by doing that, but no..didn't really walk away with more knowledge.

I had an 06 Si coupe that I owed 6800 on. It only had 70K something miles. They would only offer to pay it off when I wanted 10K so I sold it separately on Craigslist for 10K.

That score should qualify you for "Super Preferred" credit. Even paying full MSRP (Which I would not do) you should be at about $315 a month. They are either rolling in additional fees or jacking up the interest rate (money factor).

The current residual and money factor for a 2014 Si Sedan is 61% and .00030. If they are not using those numbers they are bending you over IMO.
 

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Bulkybear

Well-Known Member
1,665
749
I went around to two Honda dealerships this morning (in my Tacoma) and sat through the process just to see what I would be capable of getting. Surprisingly, my credit had increased since last year and even with a score of 718, neither dealership would budge under 350. They both brought up the fact that they barely have any Sis in stock and also talked about my income.

I had hoped I might learn some more by doing that, but no..didn't really walk away with more knowledge.

I had an 06 Si coupe that I owed 6800 on. It only had 70K something miles. They would only offer to pay it off when I wanted 10K so I sold it separately on Craigslist for 10K.
Were they by chance adding costs into the agreement to get you out of your current lease? And im sorry but barely having any Si's on the lot shouldn't in any way affect it. Si's cost what they cost whether you have 1 or 10 of them. Sounds like they need better inventory control then.
 

ericc191

Well-Known Member
551
277
Dallas
Vehicle Model
Honda Civic Si
Body Style
Sedan
Nope, I didn't even mention my current lease. I think RaskyR1 nailed it. They are just trying to bend people over. In any case, I've accepted the fact that I screwed up on my first lease. I am happy the residual is at least locked in. I never even brought it up during negotiating the lease terms. They could have really screwed me if it wasn't locked.
 
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