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Honda Pilot Lease Questions

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  • pink3pink3 Posts: 2
    Hello out there. I'm trying to negotiate a lease on a 2011 Pilot EX and have already agreed on the purchase price. But, I see on Honda's website the monthly payment can be reduced by the cap cost reduction, which it says can be paid by the dealer. My question is do you negotiate this as part of the lease deal? Or was this part of the selling price deal that he already came down from the sticker?

    Any advice is helpful!
  • delta737hdelta737h Posts: 603
    edited June 2010
    pink3,

    You don't have to agree to the selling price or cap reduction. The sell price is negotiable and and the MOST important number as it drives everything else in a lease. And so, I suggest you do some detailed research to determine a competitive sell. Check Edmunds for cash incentives, MSRP, and Invoice pricing. Also, peruse the message boards. A cap reduction is usually not necessary unless there are credit problems and I don't advise making one as a car is a depreciating asset.

    The only thing that is non-negotiable is the residual. Of course, you want to be sure you're getting the money factor with 0% reserves or what is known as the buy rate if your credit is excellent. Most finance captives, like AHFC, use the buy rate in their national promo ads.

    The two most important things, to calculate, from the promo ad is the money factor and the residual factor. Once you've collected all your data and have educated yourself about the basics of leasing, I suggest that you construct a one-page lease proposal, on your letterhead, and email to the dealer. This will save lots of money, time, and aggravation as you can conduct follow-up negotiations by phone/email from the comfort of your home/office.

    Here's an example of a lease proposal I constructed in late April...

    MSRP 2011Honda Pilot LX Automatic…… 28,755.00

    Selling Price.........................................… 26,450.92

    Amounts Financed (Capitalized)
    AHFC Acquisition Fee….......……………… 595.00
    NY Sales Tax @8.875%...………………...…… 1,248.73
    Capitalized Costs
    Gross Capitalized Cost…………………..…. 28,294.65
    Capitalized Cost Reduction…………..……. 0.00
    Adjusted Capitalized Cost…………………… 28,294.65

    Residual Data
    Residual Factor…………………………….. 0.59
    Residual Value (Residual Factor × MSRP)… 16,965.45

    Cost of Money/Term
    Money Factor……………………............………. 0.00173
    Term (months)…………………………………. 36

    Monthly Lease Payment……………………. 393.00

    Estimated Charges Payable at Lease Origination
    Documentation Fee………………………..... 75.00
    Government Fees…………………………….. 217.50
    Amount Due at Lease Signing…………….… 292.50

    Fund Provider: AHFC
    GAP Coverage: Included
    Annual Mileage Allowance: 12k
    Disposition Fee: None
    Excess Mileage Charge: $0.15 per mile

    NOTE: Monthly Payment = MF x (Adj Cap + Res Val) + (Adj Cap - Res Val) / Term

    Hope this helps.

    John
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    I'd be happy to help you out, alarti. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX-L 4WD with RES and 12,000 miles per year are .00195 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi psulion01. The money factor and residual value that you were quoted look good.

    Now let's take a look at this truck's selling price. According to Edmunds.com, its dealer invoice price is $34,757. That's right in line with the selling price that you were quoted, making it a very good deal.

    You definitely should go with the second, no cap cost reduction, over the first one.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • pink3pink3 Posts: 2
    Wow, thank you so much for your detailed explanation! I really appreciate it!
  • asencerasencer Posts: 1
    This is a great offer, where was this?
  • delaware1delaware1 Posts: 1
    Looking to turn in 2007 Odyssey for 2010 or 2011 Pilot LX within next few weeks, need to find out these numbers if anyone knows what they currently are. Qualify for the super credit tier. Want no money down. Anyone know what the current money factor/residual value percent is at the present? Thanks in advance.
  • scooter21scooter21 Posts: 11
    Car_man:

    Would you please let me know the current money factor and residual for the above referenced vehicle, and also if there are any special incentives in play like dealer cash? I am in MA.

    Thanks!
  • trm61trm61 Posts: 2
    Hello Car man,

    I'm looking to lease a 2011 4WD Honda Pilot EX-L RES. The dealer indicates that they can do the RES as a non factory option on an EX-L and save around $20/mo. Probably lower cost and higher residual, but it's not as neat requires tuning to FM and front and back passengers can't then have separate tuning. I also worry about resale down the road. Thoughts?

    I would like to get current residual and money factor for both the EX-L and the EX-L RES for 15K. Also, is there a rule of thumb on amount down vs. amount payment is reduced to see which is the better deal? Thanks, Tom
  • mrgiellamrgiella Posts: 17
    Just picked up a 2011 Touring in NJ for $550 a month with $1500 total down.
  • 135i135i Posts: 17
    edited June 2010
    is $550 with tax included? and $1500... is that including a cap cost reduction or zero cap cost?
    how many miles and for how long?

    thanks, also which dealer if u don't mine?
  • drv4fundrv4fun Posts: 16
    Here's a lease deal from a local dealership... sounds like a good deal but any input will be appreciated.

    2011 Pilot EX-L 2wd
    36 month lease, 12k miles/yr
    $2988 due at signing, no security deposit
    #319.88/month + tax
  • mrgiellamrgiella Posts: 17
    Yes, everything including tax is included in the price. Its Mahwah Honda in Mahwah NJ. We are return customers.
  • mrgiellamrgiella Posts: 17
    Sorry, its 12K and 36 months. They are only dealer that has given me the price I asked for with no problems over two separate Pilots. I thought it was a fair price, any thoughts?
  • 135i135i Posts: 17
    sounds like an excellent $ for a touring!
    i'm leaning more towards an EXL 4WD (no nav +no RES)
    how much do you think that lease would be? 12k/36months, if it were a similar deal toyour Touring?

    thanks for the info, i'll head up there for a quote.
  • mrgiellamrgiella Posts: 17
    I am not sure, I didnt shop for anything but the Touring.
  • ha33ha33 Posts: 3
    Hi does anyone have current lease specials on 2011 Pilot EX or EXL?
  • scooter21scooter21 Posts: 11
    Car_man:

    Would you please let me know the current money factor and residual for the above referenced vehicle, and also if there are any special incentives in play like dealer cash? I am in MA. 36 months, 12k miles.

    Thanks!
  • lovemy6lovemy6 Posts: 1
    We are looking to lease a 2010 or a 2011 pilot lx(base model with roof rack as only option). What would be a good price to pay before any discussion of financing etc.. Thank you. Love my 6
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi delaware1. Here's the numbers that you're looking for.

    Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Pilot LX 4WD with 15,000 miles per year are .00200 and 53%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The numbers for an otherwise identical lease of a 2011 Pilot LX 4WD are .00195 and 58%.

    Honda is not currently providing any cash incentives on the '11 Pilot, but it does have $1,500 dealer cash on the '10 model.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go, scooter21. Through July 6th, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX-L 4WD without the entertainment system with 15,000 miles per year are .00195 and 56%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Honda is not providing any cash incentives on the '11 Pilot yet.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hello Tom. As long as Honda Finance allows the installation of a non-OEM entertainment system on a lease, it doesn't really matter what happens to your Pilot's resale value...because you are leasing and likely will just turn your truck in at lease-end.

    Though July 6th, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX-L 4WD with 15,000 miles per year are .00195 and 56%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier. The addition of the RES has no impact upon the money factor, but it lowers this truck's residual value by 1%.

    You are better off putting as little money down as possible when leasing. Consumers who make large down payments on leases risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi ha33. Please see my previous several posts for an idea of what this truck's current lease program is like.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Here you go, scooter21. Through July 6th, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX-L AWD with 12,000 miles per year are .00195 and 58%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Honda is not currently providing any cash incentives on this model.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • tinatinatinatina Posts: 388
    edited July 2010
    Hi, I purchased a new, 2011 Pilot EX-L AWD yesterday for $31,807 - base cap cost. I leased it for 12k miles /36 mo - super preferred rate using Car man's figures regarding that lease program. The only thing added to the lease was the $595 acquisition Fee. The capitalized cost was $32,402. The residual and money factor were exactly as Car man had indicated.

    I think I did pretty good? Thoughts?
  • If you don't mind, how much was your total out of pocket and what is your monthly payment.
    I am in NJ looking for the same vehicle in white. One local dealer told me $3,200 and $567 per month.
    It seems high to me.
    Thanks!
    .
  • tinatinatinatina Posts: 388
    edited July 2010
    The monthly payment was $388 with Taxes with $3,200 down. I do not have the contract in front of me - but going from memory - here goes - $2,000+ went to cap cost reduction- the other $ down was used to pay the following: first monthly payment - $388, title, registration, $8.75 tire, and $55 doc fees (I think those last four items totaled nearly $600).

    Hope this helps. It was the first time that I leased. Any $ used for cap down in CA is/was taxable. i would recommend reading these threads extensively and also checking the prices paid thread to see what others are buying at.

    They also offered me 2.9 percent financing for 60 months. However, the payment would have been really high. I could get a 84 month loan with the same payment with $10,000 down.
  • 135i135i Posts: 17
    i was offered 459/month, 12k/36 only fees + 1st month upfront in NJ
    prob could've gone down to 445-450
  • shawn51shawn51 Posts: 1
    I want to lease a 2011 Honda EX-L. I will be trading in an 2002 accord. Two different dealers have already offered $3500 for it. Can I use the 'trade-in' as my down payment? If so, what would be a good down payment on the 2011 Pilot EX-L? I read a deal that went something like this: $320 a month - $3000 due at signing - 36 months/12K miles. Could this be correct? It seems like such a low monthly payment. Would that be because of the $3000 at signing? Confused as all hell here! A little help would be greatly appreciated.
  • Never put down that much on a lease. If you get into an accident or it gets stolen ec. You can lose all that money.
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