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Honda Pilot Lease Questions

CarMan@EdmundsCarMan@Edmunds Posts: 38,515
Hi everyone. Please use the following discussion to post any questions that you have about leasing a Honda Pilot. Thanks.

Car_man
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  • I currently lease an Acura TL w. Navi through Honda and I have two months left on the lease. I simply want to turn my Acura in to a Honda dealer and drive away in a Pilot EXL w/o Navi. So far, the best quote is 1K down and $350 a month, including tax. BUT they are telling me that I am still responsible for the final two payments of $350 @ month on the Acura. Can I do better? Please assist.
  • Hi zeek11. You would probably be better off waiting until the scheduled end of your TL lease to get a new Pilot. You are going to end up paying for the final two payments on your TL one way or another if you get out of it right now. Either you are going to have to pay them out of your own pocket or the dealer that you are getting your new Pilot from is going to pay them, hampering your ability to get the best possible deal on your replacement vehicle.

    You never mentioned the selling price or MSRP of the truck that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this trucks selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to work up a sample lease payment on the Pilot that you are interested in for you if you let me know what these numbers are.

    Car_man
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  • Hi everyone,

    Right now I'm shopping for a honda pilot 2005 and i got a few quotes from some dealerships. Here it is:

    invoice: $26944
    msrp: $30702

    what do you think? should i try to wheel and deal the salesman to lower it more? this is my first time buying a car by myself. i gone through the internet sale division of a honda dealership nearby. please give me some input.

    Norm
  • Car_man,

    Looking to lease a Pilot EX-L for 36 months with 12,000 miles per year. MSRP is $32,870. Invoice is $29,723. Hoping to get dealer down to CarsDirect price of $28,173. Can you give me the money factor, residual value and an estimated payment for this vehicle?

    Thanks.
  • I am in the market for a new SUV/Wagon.

    I am hoping to get the sept residuals and money factors of 2005 Pilot's 3 years 15K a year


    Thanks KA
  • Hi Norm. Given the fact that Honda is providing $1,500 dealer cash on the 2005 Pilot in September, you should be able to do better than dealer invoice on one.

    Car_man
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  • Hello katinfl. Honda is no longer providing lease support on the 2005 Pilot. It replaced the special money factors that it had on it with $1,500 dealer cash. That means if you were to lease one through AHFC right now you would have to use its standard lease money factors. Its buy rate standard lease money factor for 36 month leases is currently .00255. AHFC's 3 year, 12,000 miles per residual value for the 2005 Pilot EX-L is currently 57%. Using these numbers, an MSRP of $32,870 and a selling price of $28,173, your zero down, pre-tax monthly payment should be around $382.

    Car_man
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  • Hey someguy1. If you were to lease a 2005 Honda Pilot EX without navigation through AHFC right now for 3 years with 15,000 miles per, its buy rate lease money factor and residual value should be .00255 and 58%, respectively.

    Car_man
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  • Hi Car_man:

    Can you provide me with the lease rates for 06 Honda Pilot?

    36mo/12k/15k and 60mo/12k/15k

    06 Pilot EX-L 2WD with NAV $32, 720 (Includes Tags and Tax)

    06 Pilot EL-L 4WD with NAV $33,956 (Includes Tags and Tax)

    Thanks!
  • Hello vault2. Honda is not currently providing any sort of lease support on the 2006 Pilot. As a result, if you were to lease one through Honda Finance you would have to use its standard lease program. Its base standard lease money factor for 36 month leases is currently .00255. 60 months is way to long to lease anything for. I don't even know if Honda Finance offers 60 months leases. If it does, I have not seen any information them. Honda Finance's current 36 month, 15,000 miles per year residual value for the 2006 Pilot EX-L without the navigation or entertainment systems is 59%. Its residual for an otherwise identical lease with 12,000 miles per year would be 2% higher.

    Car_man
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  • Hi,
    I have a 36 month/12k miles Lease offer for 2006 Pilot EX 2WD for $399/month + tax with zero down. What do you think?
    Thanks.
  • HI sinbad2. You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal and work up a sample lease payment on this car for you using Honda Finance's actual lease program if you let me know what these numbers are.

    Car_man
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  • I m looking at a lease for the 2006 EX-L Pilot also. My goal was $500 over invoice
    so on a $31845MSRP + $550 desitination, I was looking at paying $30,000 including the bank fee. I am assuming the residual for a 12k/36 month is 61 or 62%, is that correct. The remaining dilemma is the money factor The current one I believe ia 6.125% (.0255). I was looking at something in the neighborhhod or 4-5%.
    I am waiting for this. I understand lease programs are updated every 15 days. The problem is too many 05's still left.
  • Car_Man -

    I am trying to negotiate a good deal on a 2005 Pilot EX-L. The current offer on the table from the dealer is $28,200 Purchase Price ($32,320 MSRP). Terms of the Lease are as follows:
    36 month/12K miles
    57% Residual
    5.88% Finance Rate (Money Factor .00245)
    = $385 Monthly payment (according to Lease Guide.com)
    A few questions:
    1) Is this a competitive deal? The dealer appears unwilling to budge on the Residual and money factor. I am trying to negotiate a better purchase price.
    2) Do I need to factor in sales tax?
    3) Down Payment: I would prefer not to put money down (unless it decreases monthly payment). What is standard practice and what does the money down go towards?
    4) Am I better off waiting to negotiate a deal on a 2006?

    Thanks!
  • Please help; Can the $1500 marketing help/incentive? provided by Honda, only be applied to purchase of new vehicle and not the cap cost on a lease. Lookiing at a 05-EX (no L) and get qoutes of $24693 (no dest), but dealer states that is only good on purchase not lease because a Honda rule. Any help here
  • Car_man

    You have asked some excellent questions. I will get the MSRP and selling price. But in the mean time I have a question:

    -How do you find Honda Finance's current Residual and the Money Factor values for 06 Pilots?

    I mean to ask you if they are published by Honda Finance somewhere, or its somethings that only the dealers know?

    Thanks.
  • sinbad2sinbad2 Posts: 12
    Car_Man -

    OK, here is some info:

    2006 Pilot 2WD EX
    MSRP: $29,545
    INVOICE: $26,585
    Selling price: (not known)
    Desitination Charge: $550
    Money Factor: .00265
    Residual: 62%
    Term: 12k/36 month

    Offer: $399/month + tax

    What do you think?

    Thanks.
  • Hello investwisely. Honda Finance's current residual value for a 36 month, 12,000 miles per year lease of a 2006 Pilot EX-L without navigation is currently 61%. If you have not leased this truck yet, you are in luck because Honda introduced a new special lease money factor of .00105 on it this month, which is much better than the standard factor of .00255 that was available on it in September. Banks' lease programs are not revised every 15 days. Honda Finance's current program is scheduled to run through October 31st.

    Car_man
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  • Hi bw1024. Honda is currently providing $1,500 dealer cash on the 2005 Pilot. Make sure to take this cash into account when negotiating your truck's selling price. If I had to make an educated guess, I would say that you are paying right around $800 over invoice for this truck once the dealer cash is taken into account. That is a reasonable price, but you may want to stop by the following discussion to see how much other community members have paid for similar vehicles lately: "Honda Pilot: Prices Paid & Buying Experience".

    As long as you are comfortable with this truck's selling price, you are in good shape because the money factor that you were quoted is in line with Honda Finance's current lease program for this model (its buy rate money factor for the '05 Pilot is currently around .00255 for consumers who pay a security deposit and qualify for its top credit tier). This is why the dealer that you are working with cannot lower your vehicle's money factor. Dealers never have the authority to alter banks' residual values. If you are in a state that charges sales tax on the sale of new vehicles then you will either have to pay it at lease signing or have it added to your truck's lease payment. Consumers can and always should lease new vehicles without making any sort of capitalized cost reduction aka down payment.

    Honda just introduced an attractive special lease program on the 2006 Pilot for the month of October. this program's money factors are much lower than the ones that are currently available on the '05 Pilot. If you can negotiate an attractive enough selling price on an equivalent '06 Pilot you actually may be able to get a similar lease payment to an '05 model.

    Car_man
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  • Greetings fotboat. The $1,500 dealer cash that Honda is currently providing on the 2005 Pilot can be used on leases through Honda Finance. If there was some sort of special lease money factor available on this truck you might not be able to combine the dealer cash with it, but since Honda is not currently providing any sort of lease support on '05 Pilots any longer you can definitely take advantage of the dealer cash. The dealer that you are speaking with is lying to you.

    Car_man
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  • Hey sinbad2. I am able to find out what manufacturers' lease programs are like because I work in the industry and know a lot of people. Unfortunately, I am not aware of any source that provides information on banks' lease programs to the general public. I should be able to answer any questions that you have.

    Car_man
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  • If you haven't leased your Pilot yet, sinbad2, you are in luck because Honda just introduced a new special lease program on it for the month of October. Instead of the .00265 money factor that was available on leases of it with a waived security deposit last month, its October money factor for the '06 Pilot is only .00105 with the payment of a deposit and .00115 without. I would be happy to use this new program to calculate a lease payment on the truck that you are considering for you, however in order for me to do so I still need you to provide me with its selling price.

    Car_man
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  • Thanks Car_Man. I was ready to forego leasing and buy it and finance at 4.95% thru my credit union. This is much better. With this rate and what I project as my buying price I should be at $363/month including tax.
  • Car_man, what is residual on 15k/3yr on a EX_L 59%?
  • sinbad2sinbad2 Posts: 12
    Hi Car_Man,

    I Leased the 06 Pilot 2WD EX yesterday under the new special lease plan.

    MSRP: 30095 (includes destination)
    Base Selling price: 27674
    Down: $ 924 (includes Accusation fee + other fees, 195 cash, etc. but No deposit)
    Term: 12k/36m
    Monthly payments: $317

    What do you think?
  • Car_man, is this program national or regional and for what regions? One dealer I called in Florida has not received this program yet (this is from a finance person, not sales)
  • Correction, Looks like the program has propogated thru to the dealers. I have verified that .00115 is good on the Pilot EX-L 06. Thanks for your help. Now the only thing left is to negotiate the price.
  • fotboatfotboat Posts: 18
    Thanks Car-man, basically determined that dealer was full of it, leased an EXL from another dealer last Friday for $27,200 (inc dest). Basically told dealer to take 1500 + the 3% hold back off the invoice price. The dealer had 33 2005 Pilots left on 9/30, while others had 2 or 5 left in my area.
  • Hi Car_Man,

    I'm looking for help in leasing an 06 Pilot EXL AWD. MSRP is $33,595 which includes Destination. Sale price is $31,030. Looking at 42 month lease, based on their current lease offer. Down Payment is undecided.

    With the October money factor you indicated for the '06 Pilot, .00105, what would be my monthly payments for a 1k and 2k down payment? Sales tax rate is 9.1% in Washington.

    Thank you in advance!
  • Just leased an 06; Pilot EX-L 2 WD yesterday for 3 yrs/12k for $369/month including tax. This was basically getting the car a few hundred below invoice, $599 dealer fee, and $550 Honda bank fee added to the cap. cost. Money factor was .00115, no deposit required. Residual 61% My total out of pocket was $600 which includes first month, tags, misc. I almost hit my target of $350 which most sales people laughed at me 3 weeks ago. I absolutely love the vehicle
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