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Honda Pilot Lease Questions

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Comments

  • kcv724kcv724 Posts: 5
    I'm in the same situation as you. What is the best price so far and what dealer?
    Thanks.
  • golicgolic Posts: 714
    So far the two best prices I have on the unit is $30,830. And that is after reducing for the $1,500 dealer cash. I have no trade-in, so this is a hard number.

    Kcy I am in the Chicago area, so not sure if the dealer info would help you.

    The real kicker is that in IL - we have to pay sales tax on the $1,500.
  • w_zmanw_zman Posts: 4
    Here is the best deal you can get on 2009 pilot EXL-AW

    selling $30250 + bank fee

    39 month resdiual 49%
    money factor .00151

    adding reg and doc + tax , you can be around $412 a month.

    Do you think you can ever do better going forward.
  • w_zmanw_zman Posts: 4
    Sorry forgot to mention $2000 down
  • golicgolic Posts: 714
    So are you going to enlighten us on where to get this deal?
  • golicgolic Posts: 714
    I did the deal last night at MotorWerks in Barrington.

    $30,900 for the car - lease payment was $544 (36m/15K). I rolled the tax and acquisition fee into the lease, only paid for first month and tags, title. They gave me free the all season floor mats.

    I am sure there is more wiggle room in the price, but they were the most upfront. After the 1st email and 1 phone call he emailed me a detailed sheet. It had the correct money factor, residual and miles. He even went over the 39 month options if I was interested.

    We agreed over the phone, I faxed them the completed credit app, and when I got there they were ready for me. Reviewed the numbers, showed me the car (already prepped) and walked me right into F&I. I was there at most 35 minutes.

    I dealt mostly with the sales manager and another salesman. I think the salesman was new and the SM was helping him walk through the deal. If you want their names, shoot me an email.
  • Just got back from the dealer with the following offer:

    Invoice (according to edmund's) less $1,500 plus 599 (dealer fee)
    36 Mo / 15K
    Residual 43%
    factor .00151

    Acquisition fee ($595) rolled into the lease.

    Is the residual value accurate?
    Residual for 39 Mo. is 42%
  • PTJ23, the residual value that the dealer quoted you for this vehicle, term, and mileage allowance is correct.

    Car_man
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  • Hello jrm005. Here's the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Honda Pilot EX 2WD with 12,000 miles per year are .00151 and 49%, respectively for consumers who qualify for its "Super Preferred" credit tier. The numbers for an otherwise identical lease of an '09 Pilot EX-L 2WD are .00151 and 48%.

    Car_man
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  • Hey love2driveinct. Honda is providing $1,500 dealer cash on the 2009 Pilot through March 2nd. It is difficult to say what its program will look like after that. I personally would expect its incentives on this model to stay the same or get better, they traditionally do as the model year progresses. However, at some point all of these massive production cuts that automakers have made are going to whittle down inventory to a reasonable level. At that time manufacturers may not feel the need to get any more generous with their offers. As the ancient Chinese curse goes, "May you live in interesting times." We certainly are right now.

    Car_man
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  • Hi golic. I believe that the end date that is listed here is wrong. I have heard that the dealer cash is scheduled to run through March 2nd. Who knows though. It would not surprise me in the least if Honda made an unscheduled revision to its program on February 3rd. Please feel free to check back with me in a couple of days for an update if you'd like.

    Car_man
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  • Hey golic. I personally expect Honda's current lease program to run unchanged through March 2nd. The dealers that I have spoken with indicate that this is Honda's plan. If Honda does make an unscheduled change to its program, it will likely happen on February 3rd. If anything, I would think that any sort of change would be for the better...not worse. If that is the case, then you don't really have anything to lose by waiting. As I always say though, this is just an educated guess and no one, not even dealers, knows exactly what an automaker will do with their future incentives until they are officially announced.

    Car_man
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  • Congratulations on getting your new Pilot, golic. Thanks for taking the time to share the details of your lease with everyone. If you'd like, you can stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience as well. Enjoy your new ride :shades: !

    Car_man
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  • Hi powertrain. The money factor and residual value that you were quoted for this truck are right in line with Honda Finance's current program for it.

    Car_man
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  • Thank you car_man. One additional question if I could: We want to add dealer installed equipment such as running boards, aluminum trim, etc. The dealer did not include these additions as part of the MSRP to be depreciated. So in effect I would have to pay full price for theses items and loose the residual deduction. Is this practice correct? Does only the MSRP on the window sticker work into the residual formula?

    Many many many ....thanks to you for your prompt and accurate responses!
  • donixdonix Posts: 16
    Hello everybody!!! Just 1 quistion, my leased 07 pilot will be done next year, do I pay the wear and tear for the tires?
  • vick3vick3 Posts: 1
    Hello Car_Man,

    After lot of homework, i negotiated a 36 month lease with 12K miles/yr with a SoCal Honda dealer on a 2009 Honda Pilot Touring 2WD without DVD (see full details below).

    The dealer has a black car with running boards+lights and protection pack (cargo tray, wheel locks and mudguards) on his inventory. The sticker price of the accessories is $1100, and i'm estimating the street price at approx $690 (bernardiparts.com); and the MSRP at approx $950 ($784 boards + $84 cargo tray + $81 wheel locks - he could not show me where the extra mudguards are - they look same on all the Pilots on his lot, irrespective of "protection pack").

    The dealer wants to add $30 to the monthly lease payment, by adding $400 to the MSRP, and $1100 to the total cap cost, saying that Honda allows maximum $400 to be included as residualized "hard add". I refused to buy the car, unless he adds the same amount of $400 to both MSRP and cap cost, or unless he removes the accessories and gives me the negotiated lease on the base car. Neither of those options were acceptable to him. I asked him to bring a car from another dealer without any pre-installed options. He said he will try find it tomorrow, but also said that most dealers in southern california pre-install the protection pack, and i would likely have to pay for that (approx $300).

    So here's my questions:
    1) Do i have a good deal on the base car, with correct residual etc?
    2) Am i doing the right thing by insisting that he either sell the car without the accessories, or add the same $400 on both the MSRP and cap cost?
    3) If the dealer cannot find me a car tomorrow without additional accessories, how should i approach the situation, other than paying up or starting the painful process at another dealer?

    Thanks for your help!

    Full Details:
    36 month with 12K miles/yr lease on a 2009 Honda Pilot Touring 2WD (without the DVD), and with no additional accessories.

    MSRP $37565
    Invoice $34327 (33324 + 670 destination + 333 HDAG fee)
    Down Payment $3000 ($2797 towards cap cost reduction, rest tax)
    Total Cap Cost $30125 (Invoice + $595 assignment fee - $2000 discount - $2797 down payment)
    Residual $17280 (46%)
    Money Factor 0.00151
    35 Monthly Payments of $459 ($428 + 0.0725% tax)
    Drive off Payment of $799 ($459 first month pymt + $272 registration + $55 dealer doc fee + $9 "other" fee + $4 tax)
  • AXM23AXM23 Posts: 64
    Does anyone know if the lease program changed on the following:

    Pilot EXL AWD (no NAV or RES)
    36 months
    12k year

    Thanks!
  • Would love to know what this month has in store.
  • AXM23AXM23 Posts: 64
    That sounds like a great deal. Did you lease through American Honda? And if you don't mind, how much negative equity was paid off on your Xterra? I would love the same deal you got. I am in NJ and taxes are a little cheaper.

    Did you get the EX or the EXL?

    Would you be willing to give the name of the sales guy you dealt with so that I can ask for the same deal?

    Thanks Sushiman.
  • I'm currently leasing an '06 Pilot EX-L w/ RES; lease expires in ~ 5 months... rec'd a mailing yesterday from AHFC - a little brochure outlining my lease end options...

    I'm leaning towards buying it - I love the vehicle, and by financing through my credit union, I could keep the payment around the same ($360) and own it outright in a few years, as opposed to leasing a similar '09 and paying probably $100 more a month, and then facing the same dilemma again in a few years...

    Anyway, I have a couple of questions, which, if answered, will help me make my final decision! :-)

    The brochure mentions getting a (non-negotiable) "payoff quote" from AHFC... my questions are:

    Is the "payoff quote" different from the residual value? Will AHFC factor in things like the economic recession, current sales prices on similar '06 Pilots, etc. in determining the "payoff quote" figure? Is it truly "non-negotiable"?

    Thanks in advance for any help or insight!
  • bigdadi118bigdadi118 Posts: 1,207
    Payoff quote - I think it is same as buyout price which is the balance appears every month you pays the lease payment.
  • golicgolic Posts: 714
    If you refer to your original contract you it will state the end of lease purchase price. And that is what you can purchase the car for at the END of your lease. If you wanted to terminate your lease early you would pay the current "pay-off" amount. Which is pretty much the buyout price plus the 5 remaining payments you have left.

    My guess is your car is worth less than the buyout, unless you reduced the capitalized cost on your current lease by putting a large amount down or a trade-in.

    I don't know how this would work, but your best option may be to discuss with the dealer that you want to turn it in and then buy it from them. Realizing the market value is lower? I would call Honda and make an offer..but with 5 months to go you have plenty of time to wait.
  • golicgolic Posts: 714
    Car_man-

    What is the new incentive, residual and money factor for the above mentioned car for a 36 month/15,000 mile lease.

    Thank you in advance...

    g-
  • No problem, powertrain. The guidelines as to what options can be residualized varies from bank to bank. I am not sure of Honda Finance's exact policy on this matter, but I am not surprised that the options that you mentioned were not residualized. Banks often do not allow dealer-installed options to be included in vehicles' MSRPs when calculating lease payments.

    I personally try to avoid leasing a vehicle with any options that cannot be residualized. Adding them really rubs me the wrong way because one has to pay for the entire cost and then give the vehicle back. Yuck.

    Car_man
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  • Hi donix. Yes, lessees are responsible for replacing their vehicle's tires at lease-end if they are excessively worn. This is why it is always a good idea to regularly rotate the tires of leased vehicles. Doing so will help them wear more evenly and last longer.

    Car_man
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  • Hi vick3. I don't blame you, I wouldn't want a Pilot equipped with the dumb protection package if it couldn't be fully residualized either. You were right to try to find a unit that doesn't have it. If you can't find a truck that doesn't have it though, you may be stuck with overpaying for it. I doubt that Honda Finance will allow dealers to residualize more than $400 for that stuff. You can always try to get the dealer to lower its price for the package. That would help some.

    The selling price that you were quoted for the Pilot that you are interested in looks great. It appears to be below dealer invoice minus the available $1,500 dealer cash. One change that I would make though would be to eliminate the capitalized cost reduction that you are paying. I always advise consumers not to make any sort of cap cost reduction when leasing. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your truck's monthly payment will be a little higher, you will be better off going with a zero down lease.

    The money factor that you were quoted looks great as well. It is right in line with Honda Finance's buy rate for consumers who qualify for its top credit tier.

    Other than the option package issue, this looks like a very good deal.

    Car_man
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  • Hi AXM23. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2009 Pilot EX-L AWD with 12,000 miles per year are .00151 and 50%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier. When negotiating your lease on this truck, make sure to take advantage of the $1,500 dealer cash that Honda is currently providing on it.

    Car_man
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  • Hey golic. Here's the info that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2009 Pilot EX-L AWD with 15,000 miles per year are .00151 and 48%, respectively for consumers who qualify for its "Super Preferred" credit tier.

    When negotiating your lease on this truck, make sure to take advantage of the $1,500 dealer cash that Honda is currently providing on it.

    Car_man
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  • Car_man,
    My lowest price so far on an EX-L is 408 a month w/ 2500 do @ signing. The finance manager said that a new program is coming out on Monday and to wait b/c "It can't be worse than this" Do you know anything of this?
    Is this a fair quote for 39 months 12k a year? Please advise (all comments and suggestions will help)

    Needing a Pilot
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