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Honda Pilot Lease Questions

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Comments

  • bigdadi118bigdadi118 Posts: 1,207
    Are you aware that LX, EX, and Touring are in limited suppy while there are tons of EXL in dealer lots?

    Anyone knows the reason? Is it possible dealers get more money from Honda on EXL?
  • matthaneymatthaney Posts: 12
    What shoud be the correct Residual % for EX-L 4WD RES for 36-month 12K lease? I am certain of the money factor and the dealer cash incentive, but not certain of the residual. Is there any expectation that Honda Finance will adjust this up or down in April?
  • jedussjeduss Posts: 7
    Before I pull the trigger on this lease, I was hoping to get feedback on the folowing numbers. I don't think there's much more room for the dealer to move, but please let me know if anyone knows of any variables that could help me out further. I want to keep the up-front cash to just the first month's pymt.
    36 months @ 15,000 miles/yr
    MSRP $37,565
    Sale Price $31,322 (presumably got full credit for the $1500 cash incentive and then some)
    Financed fees $1,080 (acq fee, doc fee, reg)
    Residual 47%
    Money Factor .00151
    Monthly Payment $514.32 (including 6% tax)
    Out-of pocket only the first payment of $514.32

    I've leased for 39 months in the past in order to effectively reduce the monthly payment, but the dealers that I have spoken to this time around said that the current money factor and residual for 39 months do not provide any benefits. Can anyone confirm this?

    Thanks for any insight!
  • golicgolic Posts: 714
    The 39 month lease is a "card trick" so avoid it if you can.

    Last I checked in Feb/Mar you loose 1% (or 2%) on the residual. The money factor on a 36 or 39 month lease was the same.

    The 3 extra payments will cost you more than than the savings on the 36 payments with the higher residual.

    Plus, EVERY time I have leased a honda, they have always allowed you to extend for a brief time under the original terms at the end of the lease. So if it is a longer time you need, go this route.
  • jedussjeduss Posts: 7
    Thanks for the reply golic. Even after reducing the residual (assuming money factor stays the same), it sould reduce the monthly payment though, correct. I agree that the total payments under the 39 month option would be more though.
  • If the sale price is really $31,322 at a maximum - you seem to think it might be lower - why not just buy the car.

    $514*39 is over $20k in payments - I am pretty confident the buyout price is way about $12,000

    Also, I was able to extend my honda through honda leasing for over 2 years once the lease was up (and it was only a 24 month lease to start with)
  • imy2imy2 Posts: 5
    Car_Man and All the rest,

    I am in the market for leasing a new pilot as my current one is expiring this month. I am wondering if this is the good time to lease one or should I wait till end of summer or so on to get a better deal. What numbers should I expect for 2009 Pilot EX FWD lease in central OH? Any incentives other than $1500 that are available?

    Thank you all for your contribution to this forum, it is very useful tool.
  • Let me clarify: are you rolling the bank fee ($595), doc fee ($??), and reg ($??) into your lease payments and only paying the 1st mo upfront?

    Deal looks really good at first glance - I'd just like to know how much their doc fee is? Regardless, looks like a very aggressive deal. My gut says jump on it.
  • jedussjeduss Posts: 7
    That's correct, the following fees are being rolled into the lease and the only amount I am paying upfront is the 1st monthly payment
    Acq Fee $595
    Doc Fee $299
    Reg, etc $188

    I've gotten a cheaper doc fee from another dealer and since this is "dealer profit" anyway, I'm trying to squeeze a few more dollars out of here too.

    In addition, I'm trying to leverage the potential profit in the 2006 Pilot that I am turning in off lease. If the dealer buys this vehicle out and sells it on there lot, they can make a bit of profit. I'm trying to get a bit of that profit applied to the 2009 lease.
  • Eh, the doc fee is a little high, but we're spoiled out here in Cali as dealers are capped at $55. In the grand scheme of the whole deal though, on a $38k vehicle, if they wanna' make $300, that's okay. Maybe see if they'll knock off $100 bucks or so of that doc, but you have a really good deal so far, so just be careful that you don't nickel and dime 'em to death.

    Is the residual value on your '06 less than what they're willing to give you in trade? It's not uncommon for a Honda or a Toyota to have a little equity at lease-end, but if the residual is more, just give back the keys and be done with it. The dealer will treat your leased vehicle just like a trade-in.
  • stambookstambook Posts: 1
    I am currently leasing a 07 EX-L with RES. My total payment is 494.30. The lease will end in November. Are there advantages/disadvantages to getting into an 09 before then? Could I possibly get a lower payment for the same vehicle?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi matthaney. Here's the new April program. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Honda Pilot EX-L 4WD with the Entertainment System and 12,000 miles per year are .00151 and 49%, respectively.

    Honda is currently providing $1,500 dealer cash on this truck.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello imy2. It is difficult to say what Honda's lease program will be like on the 2009 Pilot later this summer at this point. I can tell you that Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Pilot EX 2WD with 15,000 miles per year are .00151 and 49%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The $1,500 dealer cash is the only cash incentive that I am aware of on this truck right now.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi stambook. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive.

    You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new Pilot.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • imy2imy2 Posts: 5
    Thank you Car_Man,

    That is very helpful. Just a quick follow up, is the residual value any different for 12k instead of 15k. Also based on these numbers how do I calculate the monthly payment?

    Thanks again for the forum and your expertise.
  • 2009 Honda Pilot EX-L 4WD
    36 mos.
    15,000
    MF 0.00151
    Residual 48%
    No Money Down!

    $499.00/mos.

    Thank You,

    Scott
  • dennisccdenniscc Posts: 3
    Do you think this is a good lease deal?
    2009 HONDA EX-L 4WD--PRICE $31,000
    36 MONTH LEASE $499.81 PER MONTH TAX INCLUDED---DRIVE OFF $875.95---RESIDUAL $17932.50---Thanks
  • stoopystoopy Posts: 105
    Considering you could buy it for $530 including sales tax I'd say it's a terrible deal. I thought I was crazy for almost leasing a Subaru Tribeca MSRP $34,500 for $392 w/ 7% taxes included. Also thought about getting a Ford Edge Limited MSRP $35K for $420. Both were 36 month leases. You should be able to lease a $35,000 car for 36 months with a monthly payment of $375-$400 including tax. If you can't, it's not a very good deal.
  • What would be the residual value for a 2009 Honda Pilot EX AWD, 12K miles?

    Thanks in advance!!

    - Dan
  • I am on long island, NY. I am looking to lease a 2009 honda pilot EX-L (msrp sticker is 35,965.00), hoping to get a cap cost to me of 32,000.00 or less. Based on current 49% residual, and .00151 money factor. I want to get a 36mos lease, 12k miles a year. My credit score is 790. I only want to put down tax nothing else up front. What should I expect the monthly payment to be on this deal ?
    I would be going to dealers in Suffolk and Nassua counties.
  • JM123JM123 Posts: 5
    $388/month with zero down. I plan on printing this online ad out to take with me to my local dealer: http://www.boch.com/BochHtml/BochHonda/pages/promotions.aspx
  • dennisccdenniscc Posts: 3
    Hi, Stoopy, I went to a second Honda dealer and got the same lease deal $493.00 including tax per month etc,. I am considering to lease vehicle so I can use for business and write off 100% of lease payments--I have been doing this for years. If I lease vehilcle my residual after 36 months is around $17,750 do you know what my payoff would be after 36 months buying vehicle? I can get the 2009 honda pilot exl for $31,000 plus tax. Maybe I should put $3,000 down and just buy vehicle and write off depreciation?--I can buy vehicle 60 months 5.1% interest my fico is 820--just trying to do what makes the best since????
  • jimpat67jimpat67 Posts: 1
    Hello:
    I just returned from a Honda Dealer in the City of Chicago. I am looking for a base model pilot and want the monthly as low as I can get it w/o getting killed out of pocket. They is a national lease offer for an LX with AWD with no capitalized cost but $379.00 at signing and $379.00/month. This seems too high. The invoice on this car is $26,500. What should I be looking to value the car at to determine if this is a decent lease? the residual would be like $15,581.00. If I pay the taxes, title, etc. up front shouldn't I be able to get this car for less than $379.00/month? What kind of monthly payment would reflect a fair or even good deal on this car??? I am new to the game and really need some advice.

    Thanks.
  • dennisccdenniscc Posts: 3
    Thanks for the advertisement flyer. I think that is a great deal but is for cloth seats and 2 wd. I think for resale value 4wd is good but I have had 4wd on one of my vehicles that I have had for 15 years and only used it maybe three times. I will glad when I work out a deal this is agravating, Thanks again, Dennis
  • golicgolic Posts: 714
    One of the best Honda dealerships in Chicago is MotorWerks in Barrington. They are classy, professional, no games and shoot straight.

    Give them a call or send them an email and they will provide a very competitive price. If you shoot me an email I will be more than happy to provide you with a name of a salesman I have worked with in the past.
  • What is the best 36mos/12k mi lease anyone has received for the Honda Pilot 2009 - EX-L model. The model that lists as about 35,965.00 on the sticker.
    What is best deal anyone has received ? with ZERO down (only tax, aquistion, and doc fees up front) ?? would love to know if anyone has done this same exact deal and what was the lowest montly payment they were able to negotiate ??
  • Thanks for the link...i can't read the small print. is there anything in there that makes this deal bad? I may drive from NY to Boston to get this.
  • Charriman...

    I got a quote of 499.00 for the exact specs you are looking at. What did you see?
  • abibalaabibala Posts: 2
    2009 Honda Pilot Ex model.with 4WD
    MSRP 32,765
    Price after discount is 28,765
    36 month lease,
    2000 down payment
    406$ monthly.
    12,000 miles/year.
    money factor - .00151
    Residula vaue 50%

    This is the first time trying tolease no sure how to reduce the monthly payment. Would appreciate inputs !
  • stoopystoopy Posts: 105
    This is for everyone who thinks leasing a $35,000 Pilot for $500 a month is a good financial decision.

    If you can get a sale price of $31,000 and get a 72 month bank loan for $30,000 at 6.59% (average bank rate), your monthly payment would be $505. After 36 months you would owe $16,058.81 on a vehicle with a 36 month residual of $17,750. So you would be well over $1,500 in positive equity. WHY THROW AWAY $18,000 in lease payments???
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