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2013 and earlier-Honda Pilot Prices Paid and Buying Experience

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Comments

  • ronnycronnyc Posts: 33
    One more thing: I may not have mentioned this, but Honda Finance did tell me I could continue to pay for my car, but it would be $450/month, not $300. Not a great deal in my mind.
  • ronnycronnyc Posts: 33
    The really sad kicker is that the Honda has 18000 miiles. It's totally cherry. Any used car I might get is going to have double or triple that, at least.
  • golicgolic Posts: 714
    If that is the case, you should try and sell the car via private sale. You make get an extra 2-3 grand than what the dealer will give you on trade.

    Try taking it to Car Max like place for a quote or list the car on an online site?? Then you will be close to that balloon.
  • ronnycronnyc Posts: 33
    how can I sell the car when I don't have the title. Honda has it. It's not free and clear.
  • ronnycronnyc Posts: 33
    This sounds like a lot of difficulty and coordination. I'll definitely look into it, however. Thanks.
  • ronnycronnyc Posts: 33
    On CarMax there was one car similar to mine within 500 miles but had over 2x the mileage; it was going for just under $15000. It's an interesting idea (and the poster who supplied a link to selling your car even if you don't have clear title also helped.) This still feels like one of those hedge funds that got the country into so much trouble.
  • donixdonix Posts: 16
    Has anybody knows exactly if what would happen if you return the vehicle after 3 months of the purchase?

    My friend told me that if I return the vehicle, the bank or the financial corporation will going to mess my credit. Is that true? and what else could be happen?

    Car man thanks for the information of the lease quistion. I appreciate it.
  • jhinscjhinsc Posts: 397
    Ron, you're not going to LOSE the car. Did you do purchase under the Honda Leadership Purchase Plan? What you have is a decision to make at the end of the term; 1) keep it and pay off the balloon or; 2) turn it in just like you would a lease. You are not responsible for the difference between the balloon payment and the current value, but rather for any damages specifically stated in the agreement, and over-the-limit mileage, something you probably don't need to be worried about. The question is - do you want to keep it? If you do, then Honda Finance might be willing to negotiate with you. If they don't seem willing, then you could offer to turn it in, then repurchase at a lower price - state that and then they may negotiate. If you don't want to keep it, then turn it in like you would a lease and move on to another new or used car.

    One more note - your email to Honda doesn't make sense. You do realize that if you didn't have a balloon payment at the end of the term, your monthly payment would have been much higher? Bottom line, if you don't understand the purchase/lease arrangement, then don't do it and stick with traditional financing.
  • jhinscjhinsc Posts: 397
    If you return the car after 3 months, it's called "Voluntary Repossession", and yes, it will negatively affect your credit. You can't just walk away from it. When (not IF, but when) the bank re-sells your car for less than your loan amount, they will come back to you for the difference, most likely through a collections agency. Even if you pay it, your credit will be negatively affected. I would avoid doing this if at all possible. If you have to get rid of the car, try to sell it yourself. Even if you can't sell it for the loan amount, you can come up with the difference and pay the loan off to transfer title to the buyer you sold it to. Don't try to sell it for less than loan amount and give the car to the new buyer, then try to settle with the bank with less than the payoff amount. The lender/bank won't transfer title unless they are paid in full.
  • ronnycronnyc Posts: 33
    Honda has not spelled out all the conditions. They did say I can continue to finance the car myself at $450/month vs the $303 I pay now.

    When I was at Honda four years ago, after waiting six hours without food and my own car now taken away (as they said), I did, at about 10PM, have a discussion with the finance officer. He said at the end of the period (and he never used the term lease), I could use the car to pay off the balance due and the rest of the money towards another car. This sounded OK to me, but I had doubts about the remaining value of the car. In any case, what he said was totally a lie, as there was virtually no chance the value remaining on the car would be enough to cover the balloon alone, let alone anything left over for another down payment.

    Look, I'm the idiot here. I admit that. I was lead by greed. But I was also deeply mislead by Honda. Now, one must assume I am an adult and at the end of the day I am responsible for this decision, not Honda. That is true. But in fact, they acted immorally. If the finance officer said, as I've stated before, "Ron, at the end of the lease period your car will probably not be enough to pay off the remaining amount and you will have to pay it off. That will mean you will have nothing left for a down payment on another car. Is this what you want to do?" I would have absolutely not done it. I would have either gotten a cheaper or older car, not no car at all. Why would I have wanted this predictable outcome?

    Honda has only sent me letters; the dealership was extremely vague when I spoke with them.

    And I do realize the financial conditions now and obviously should have stuck with traditional financing. I paid $7000 down on the car and this is what I ended up with. You can't imagine how angry I am with myself. I've spent the whole weekend in a stupor basically.

    The end result of this is that Honda will get a few $$ and they will have a permanently angry ex-customer.

    As for keeping the car, yeah, I would like that obviously. But at $450 a month, probably not.
  • ronnycronnyc Posts: 33
    This is what Honda's letter to me says:

    Option 1: Purchase or refinance your Vehicle (at $450/month for 3 years max)
    Option 2: Return your vehicle (i.e., get rid of it)
    Option 3: Undecided. "Take advantage of the time remaining to visit your Honda or Acura dealer to test drive the new line-up of vehicles." What does this mean? I can test drive new cars any time I want; there's no time limit for that. I still have to turn in the car, subtract its value from the balloon ($15000-$12000 max value for the car), pay $3000 more and then what? Start from scratch for a car? Pony up another $10000 down for another car? Doesn't make sense to me. Any car I get will cost me about $3000 more than current price (the balloon-present car value). It will make a car nearly unaffordable. I can turn in my 18000 mile Honda for a 50000 mile Honda, if I'm lucky.
  • ronnycronnyc Posts: 33
    One more thing: While I may sound very bitter (and I am) and rather beaten down, I am extremely appreciative of your comments (and others). They have been very helpful for me and for them I am grateful.

    RON
  • kyfdxkyfdx Posts: 27,889
    Call Honda Finance and find out exactly what your options are regarding your Pilot at the end of the term. Don't rely on your dealer or an ambiguous letter for the details.

    Most balloon programs include an option to walk away at the end of the balloon term, with no further payments (though I'm not familiar with this particular program).

    regards,
    kyfdx

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • I just purchased a 2009 Honda Pilot EX from Love Honda,(just south of crystal river,fl)

    sale price,$26.131 :D
  • Ron,

    Option 1 allows you to purchase the vehicle for $15000. If that amount is financed over a 36 months would make the payments about $450-$460, depending upon interest rate. You have said Honda Finance only offer you a 36 month max term, yes?
    If you were to finance the loan with a local bank you should be able to get a longer term. A bank local to me offers car loans on 2005 year cars for up to 60 months at 6.75% interest. A $15,000 loan under these terms would yield a payment of about $295, close to what you have been paying. I think this is typical and not to hard to find. If you have put less than 20,000 miles on your Honda in the last 4 years, a similar use would indicate a 9 year old Honda with less than 50,000 miles by the time it is finally paid for and it would still be a very serviceable vehicle.
  • American Honda finance HAS NEVER OFFERED A LEASE WITH "BALLOON" payments due at the end. The figure of $18000 is your residual value. A residual is a the value Honda thought it would be worth at lease termanation. At lease end you could:

    1. Buy the Pilot at the resudual value.
    2. Drop it off at the dealer and walk away (assuming it's "cherry", you'll have no after term charges).
    3. Re-lease a new Honda.
  • kyfdxkyfdx Posts: 27,889
    Never?
    Not in New York a few years ago, when they didn't allow leasing, due to vicarious liability laws?

    Not in Texas or Illinois, where sales tax on leases make them prohibitive?

    I don't know about now... or, even if it was ever offered... but, never is a long, long time.. :P

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • You're right. How about, "Haven't in a very, very long time..." :blush:
  • kyfdxkyfdx Posts: 27,889
    The New York thing is what came to my mind... Almost all captive finance companies stopped leasing there... Can't remember exactly when that was, but sometime between 2002-2006..

    I would bet on there being a balloon program at that time, in those states (mostly in the New England area)..

    Back to our normally scheduled program.... :)

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • If I recall the NY thing had more to do with insurance and a legal liability suit brought against a lease company because they were listed on the title as the owner. The NY SC ruled that the leasing co. could be held liable for damages caused in an accident (according to state law). The law was later re-written to exclude a leasing co. from being sued as part of an accident suit.

    Ok, back to the scheduled program... :)
  • Looking for prices on New 2009 Pilot 4WD Touring with NAVI without RES prices in MD State. Pls email to upendrak at hotmail or post your details. Any Metallic color. Need pricing for Buy and Lease (with 12K miles).

    Thanks in advance.
    Upendra
  • What you just asked the board is what you should ask a list of six to ten dealers. That way you get correct and accurate information from the source rather then second-hand information.

    It really is easy to get good offers.
  • rasprasp Posts: 3
    I got a quote for $ 642 for 4W touring model with RES, including attachment remote start and chrome running board. residual value $ 21,240. No down. Is it a good deal. for the same configuration without running oard and remote start I got quote from another dealet at $ 646.

    Is there any one got better then this deal. thanks
  • donixdonix Posts: 16
    Thank you so much ( jhinsc ) I`m almost there to return my vehicle. Your Idea was highly appreciated!
  • A local dealer is advertising the following special. How is this deal?

    2009 Pilot EX-L 4WD w/RES. Lease for 0 down at $399/month or put $2,599 and lease for $349/month.
    The disclaimer in the ad:

    Lease 39 mos, plus bank fee ($595), tax, tags & dest. 12K mi per yr. 20¢ thereafter w/excellent credit (720 score). $0 security deposit required. Based on ‘08/’09 EPA mileage estimates, reflecting new EPA fuel economy methods beginning w/08 models. Use for comparison purposes only. Lessee responsible for excess wear, tear, miles & repair. Do not compare to models before 2008.Your actual mileage will vary depending on how you drive and maintain your vehicle. No prior deals applicable. Must take same day delivery in all advertised cars. Cannot combine offers.All prices + tax, tag, title & $670 destination.
    *$670 destination charge is not included in listed MSRP on all new Honda's.
    ** Based on 2009 EPA mileage estimates, reflecting new EPA fuel economy methods beginning with 2008 models. Use for comparison purposes only. Do not compare to models before 2008. Your actual mileage will vary depending on how you drive and maintain your vehicle.
  • This would be a great deal if...
    EX-L RES MSRP is 37,565 incl. 670 des. chrg.
    Invoice is 34,085; with market support (1500) direct dealer cost is 32,585. To make 399 work the selling price needs to be about 31,750. Out the door money should be 670 des. chrg. + 595 bank fee + tax + tag + 1st pmt. If it were in my area of NY (7% sales tax) total about $3000. I assumed the EX-L Res has a 49% resid Val like the Ex-L, but I'm not sure about that. It maybe lower.
  • Price paid: $29500. In Massachusetts

    Looks like they have a little more wiggle room than the$1500 Cash to Dealer...or they wanted to boost their end of month numbers.
  • vanbuyervanbuyer Posts: 33
    Looking for 09 EX-L in DC metro area. What type of quotes are people getting?

    Thanks.
  • First of all, Thank you Golic, for your idea of buying portable DVD players for the kids rather than spending the $$ on RES - good idea!

    Now - how come I am having SO much trouble finding the above 4WD with Nav in California? I'm looking for Sterling Gray.......and, in searching inventories on the Honda site and Edmunds it seems that there are only about 20 of those particular cars left in the whole USofA! Would a Honda Dealer in California be willing to get me a car from 700 to 2000 miles away? How would I even be able to negotiate a good price if the Dealer had to put in a long distance order?

    Should I just wait for the 2010's to come in? I'm in no hurry - just surprised that AWD is (apparently) not easy to find closer to home. Seems to be a ton of Nimbus 2WD's here, though!

    Thank you,
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