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Car_man
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Car_man
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Another aspect of this deal that I don't like is the large capitalized cost reduction you are making. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Pilot would be exactly the same, regardless of whether you had put $1,800 down, or had made absolutely no down payment at all.
Car_man
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Car_man
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Car_man
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Car_man
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Pilot (05 EX-L with sunroof): $ 0 up front, $289/month for 42 months lease.
Ridgeline (06 RTL, no sunroof): $ 0 up front, $ 269/month for 42 months lease.
With only "1" available at these prices, I thought it was a teaser ad, and called just to see if such cars really exist. I was told the Pilot was sold earlier in the day, but the Ridgeline was still available. So I showed up, drove the Ridgeline (and a Pilot), and almost took the Ridgeline except Mrs. voted (that Pilot got more seats and protected cargo room).
So as we pulled out dealership (without a new Honda), salesman ran out and offered the $ 289 and nothing down deal for '06 Pilot EX-L 2WD. It was a beautiful black Pilot with gray leather interior, and I like the 2006 Pilot standard features better (clear head/corner lights, fog lights, chrome grill insert, XM, FWD, Variable Cylinder Management, etc.). Sure a 4WD fits the SUV image better but I have had an AWD Toyota for the past 12 years and it seldom see dirt/snow (plus I got lousy mileage to show for). Good thing the Toyota is practically bullet proof (it's a Previa, the VW bus of the 21st century, ).
The final numbers were:
$ 289/month + 8.25% tax for 41 months.
Dealer paid the first month + all applicable fees and taxes ($ 586)
because they advertised as "nothing down". So for the next 42 months my
Pilot will cost me: $ 289 x 1.0825 x 41 = $12,830.
Buy out at the end is around $ 18,000.
And the leaseholder is Honda Motor Trust, not some local banks, so I can
return the car at any Honda dealerships.
Just did some quick math, and realized I can finish the lease, and buy the car at the end of 42 months, paying total of $ 30,830, and still come in below what I could have bought the car for (invoice price + interests for 4, 5 years).
Not sure if I got the best deal out there, but I think I came out OK, and completed the process (from shopping, test driving, signing, etc.) in 4 hours. Didn't have to call/visit multiple dealers and get "played" by salesmen/managers. I do hope my numbers are of help to some of you looking at Pilot leases, and hope you get a better deal than I did.
2006 EXL AWD w/Leather & NAV with Running Boards and Tow Hitch. $34,000, plus tax.
Lease is 59% Residual. .00115 Money Factor. Nothing down, with taxes and bank fee built in: $474.95
Is this a good price?
MSRP is $35,795. plus options.
I assume the leasing deal they have out thru today is too good to pass up for leasing? Seems like a low rate.
Thanks for the heads up on the lease payments, I checked it out, and here is the difference. ( I went with the '06 EX, 36 months, 15k per year, $0 down, tier one credit)
sell price of car $27,963.00 + 595.00 acqustion fee + 19.50 Lien fee = $28,578
I had the residual wrong it is 60% not 62%.
$0 down adds one-tenth to the money factor making it .00115 not .00105
All that said - $319.11 + 13.08 tax = $332.19 per month
Thanks for your assitance. I feel I got a good deal on this Honda lease. The local Honda dealer, couldn't believe I got the sell price I did on the car. it made the payment about $70.00 a month less with this deal.
msrp: $33,595 selling price:$30,231
residual factor: 59% my tax rate: 8.25%
36mths/ 15k per yr dealer says upfront monies = $1900
monthly payment: $369.00
My concern is I probably will buy car at lease end and feel leasing will cost me less than financing a 2005 pilot EXL at a price of $27,125 over 7 years at a rate of 7.15%.
Carman, I would appreciate it if you can compare the #s' between leasing the 2006 vs financing the 2005 and let me know the best route to take. Input from anyone will be helpful.
'06 Pilot EX-L w/ RES
42 months
15,000 miles
$500 down
764 FICO credit score (tier 1, I assume?)
Miami, FL
6.5% taxes (Palm Beach, FL resident)
Thanks!
Car_man
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As far as the lease program that you were quoted goes, the lease money factor that is being used to calculate your truck's monthly payment is right in line with Honda Finance's buy rate money factor for this model, with a waived security deposit. This is a good sign because it means that the dealer that you are working with is being straightforward with you and not trying to make any hidden profit on your deal. This lease program was recently extended through December 5th.
Car_man
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Car_man
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Car_man
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Car_man
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Lease Term: 42 months
Mileage Allowance: 15,000 miles
MSRP: $32,395
Dealers Price: $29,900 (includes destination charge and dealer installed options-mudflaps)
Acquisition Fee: $595
Money Factor: .00115
Residual 51% ($16,521.45)
Zero Money Down (only first months payment and license, doc and tire fees)
I wanted to get everyone's feedback:
1. Is this a good price?
2. I've seen higher residual values on this board. Is this residual value in line with what others are paying?
Thanks!
Amount due at signing was $1172.77 - dealer paid 842.77 and I paid $330. The Gross Cap cost was $28995 and the residual is $18434.55.
How does this sound?
Where did you make this deal? I am looking in Massachusetts.
By the way, it had tinted windows, paint treatment, mud gaurds, and a security system.
I'm trying to determine money factor and residual for the following terms;
42 / 36 @ 12k
42 / 36 @ 15k
I found a lot of 15k rate in earlier posts but was unable to come up with clear 12k rates
Thanks in advance.
Michael
2006 Honda Pilot EXL
Selling Price $30,541.00
Money Factor 0.00186
Residual $17,328.55
Term 42
Monthly Pay $432.94
Downpayment $432.94
Yearly Mileage 12,000
I am in Dallas, TX
2006 EX-L Pilot - 15k miles / yr
- for 36 months
- for 24 months
2005 EX-L Pilot - 15k miles /yr
- for 36 months
- for 24 months
Thank you
I'm about to get a Pilot and I'd like to check if current lease offer from Honda is good?
2006 Pilot EX 2-WD Special Featured Lease.
$289 per month for 42 months.
$1,500 total due at signing.
Actual net capitalized cost $27,054.
Total monthly payments $12,138.
Option to purchase at lease end $16,853.
20 cents per mile over 12,000 miles per year.
I just leased a 06 Honda EX-L but the selling price in San Diego was $29,600 (excluding acquisition fee), so you should be able to negotiate another $1000 off the price at least (there are only 5 dealerships in the county, so there isnt a lot of competition).
Take care,
Tom
30,780 Negotiated Price
42 mos lease
12K/ yr mile
Residual value 18,813
Monthly Payment $356 not incl Sales Tax
No security payment or ANY fees except 1st month advance and $1.25 "initial Title fee" (we are Honda Finance "Loyalty Program" waives $2K Security, just turned in a 2001 Acura MDX).
Honda dealer is only one, in Fort Wayne; however e-mailed for quotes in Indianapolis and Ohio.
I 'm satisfied that it was a good deal.
jeffb
We are considering going for the EX - but I am really hesitant to put that much down.
This is the deal being offered to me for a 2006 Pilot EX with RES. Please let me know what you think.
MSRP 35195
DEAL SUMMARY
Cap Cost $32,088.00
Acquisition Fee $595.00
Plates $84.50
Doc Fee $229
Gross Cap Cost $32,996.50
Total Cash $1500.00
Amt Applied upfront $(448.50)
Cap Cost Reduction $1,051.49
FINANCE SUMMARY
Rate .00166
Term 42 Months
Net Cap Cost $31,945.01
Adjusted Residual $19,709.20
Total Depreciation $12,235.81
INITIAL PAYMENT
Advance Payment $395.93
Cap Cost Reduction $1,051.49
Cap Cost Red Tax $52.57
Total Initial Payment $1499.99
PAYMENT
Monthly Depreciation $291.33
Monthly Lease Charge $85.75
Base Payment $377.08
Sales Tax $18.85
Total Payment $395.93
Total of Payments $16,629.06
Total Taxes $844.27
Due on Delivery $1,500.00
I am in Mass., where we have a 5% sales tax.
Thanks
Does anyone know the current Money Factor for a 36 month 12k Honda Pilot EXL I had a dealer quote me .00176 yesterday but that seems high compared to what I have read on this forum. But there has not been recent posts and I know those rate changes every 15 days, so what is the best rate right now?
Second: does anyone have any opinion over an EXL 2WD with NAV vs a EXL 4WD without NAV I don't go offroad at all but the 4wd drive would be nice but then again so would the Nav. I don't want to spend enough to get both though
This whole leasing thing is really new to me. After reading edmunds leasing guide I know a little more. I just called a dealer in Northern NJ for a 2006 Pilot 2wd EX MSRP$30,095 He"ll sell me it for $26,900 Is that good
When do I tell him that I want to lease it? when i go up there or do I call him back and tell him ? My Credit score is 756 . I dont want to put any money down. Lease 36 months . How should my numbers work out for the best deal ?
I would really appreciate your help
what dealer in North NJ? I'm also looking for one.
Thanx.
Thanks for any help you can provide, this forum rocks!!!
Troy
If your plan is to eventually own this car, then the balloon note program may be beneficial.. However, if you are going to treat it as a lease, and turn the car in.. you will still pay tax on the entire purchase price, but will be out an extra $35/mo. because of the less favorable money factor (using the MFs you provided).
regards,
kyfdx
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Thanks in advance for any help you can provide. Do you think this is a good deal? I need to make this deal happen this Saturday.
2006 Honda Pilot 2WD EXL W/NAVIGATION
Selling Price: $30,667.00
Residual: $16,951.55
Term: 42 months
Monthly Pay: $385.20 sales tax included
Downpayment: $1,500.00
Yearly Mileage: 15,000
Thanks again for any assistance you can provide.
Trishe
The dealer was in edison and e-Mailed me the price quote, but when I got there, supposedly that car was sold . I think it was bull. They just wanted me to go there to push me into a more expensive pilot. Plus they wanted over $300.00 for doc charges. Thats totally ridiculous. So I left.
Sorry from Kissy1058
Car_man
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Car_man
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Thanks in advance for any help you can provide. Do you think this is a good deal? I delayed purchasing as my salesman was unavailable.
2006 Honda Pilot 2WD EXL W/NAVIGATION
Selling Price: $30,667.00
Residual: $16,951.55
Term: 42 months
Monthly Pay: $385.20 sales tax included
Downpayment: $1,500.00
Yearly Mileage: 15,000
Thanks again for any assistance you can provide.
Trishe
Car_man
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Car_man
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Honda is no longer providing lease support on the 2005 Pilot. It replaced the '05 model's special lease program with $1,500 dealer cash. If you decide to lease an '05 make sure to take this incentive into account during your negotiations. If you were to lease a 2005 Honda Pilot EX-L 4WD through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00265 and 53%. The numbers for an otherwise identical 24 month lease should be .00380 and 60%.
Car_man
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