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Honda Pilot Lease Questions

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  • pilotbound1pilotbound1 Member Posts: 13
    I have a 2006 Pilot EX coming up for return in Feb 09. I called a LI dealer who advertised a 2009 EX Pilot $299 a month for 36 months, $0 down Tax, Title, First month payment , Bank fee $295,Destination fee $695. I called and this is the vechicle I am interested in . I see from some posting that the destination fee seem to be a duplication and maybe the dealer uses this for margin dollars?. The dealer says that he has cars for this, should I waste my time and go there , and since I have 3 months left on my lease will they buy that remaining lease to lease the new one . How despirate are dealers today ? or do I wait till January / Febuary? I am expecting that this deal woul have about a total of $2,500 down
    Thank you for the input.
  • bigdadi118bigdadi118 Member Posts: 1,207
    Honda Finance LEASE SPECIAL www.honda.com LEASE CALCULATOR

    2009 Pilot 4WD EX-L w/RES
    36 Months Term
    15,000 Annual Mileage

    $471.60 before tax
    *Lease Summary: Required Refundable Security Deposit $475.00, 1st Monthly Payment $471.60, Esimated Selling Price $32,812.00 Capitalized Cost Reduction (down payment) $900.00 to equal an estimate total of $1,846.60 due at lease signing.
  • citivascitivas Member Posts: 144
    Scottband, I live near Princeton and got an '09 Touring 4WD w. RES in late August. I ended up using this site and several others to get internet quotes and that helped the dealers get way more competitive that they were being in-person. I ended up buying from Academy Honda in Old Bridge about a 30 minute drive) because they were much more copetitive. Though ironically after the purchase the Princeton dealership emailed me with a competitive counter quote but they were way too late and they should have just been competitive up-front when I was in for a test drive or when I first got their online quote...

    Good luck.
  • citivascitivas Member Posts: 144
    Car_man, what is the current Honda money factor and residual value for a 36 month, 12K/year lease with for a 2009 Pilot Touring 2WD withOUT RES?

    I am helping my friend close a deal and this is what they are looking for. BTW, I got mine (4WD Touring w/ RES) in late August and the residual was 52% at the time. Below 50% early in the model year seems low. Are all the SUV brands residuals going down like this are are their any still offering a strong residual right now?

    Thanks.
  • jenn22jenn22 Member Posts: 1
    How did you compute 54 in Step 5?
  • golicgolic Member Posts: 714
    I don't know if this has been discussed recently. But my philosophy has always been to put zero down on a lease. Other than of course, your standard fees, etc.

    In essence, two things are occurring with a down payment. First, you are making a large prepayment that is not necessary. Why put $2,500 down today, when you can spread that $2500 out over 36 months?

    Second. Extreme example - but this best illustrates my concern. You take your shiny new leased vehicle, drive off the lot and two weeks later you total the car. The good news is - the lease company is taken car of, since GAP is usually built into either the lease or the insurance, the car dealer is happy, since now they not only have one sale, but possibly two. And you, well - guess what your $2,500 down payment is gone - no insurance recoupment, nothing, zilch.

    something to consider....anyway, I am back at reading the board, my 05 Pilot is coming off lease and I was disappointed to read consumer reports discussion on it in the November issue. So looking forward for you all to educate me on the 09 Pilot pricing...
  • dannyhashovavdannyhashovav Member Posts: 24
    Its the Cap Cost ($31,000) plus the Residual ($18,258) times the money factor (0.0011).
  • Car_noobCar_noob Member Posts: 5
    Hi, I have been reading through these forums and they are very helpful.

    I was hoping that someone can take a look at a quote I got for a 2009 Honda Pilot EX-L w/RES.
    MSRP $37,465 Risidual 48%
    Invoice $33,980 Money Factor .00110 or 2.64%
    Promotion -$1,250 15,000 Miles
    Hold Back -$600 36 month lease
    sale price $32,130

    With a down payment of $1,026, my monthly payments will be $499.54 per month

    Do you think this is a competitive quote? Can I get a better deal? What can I negotiate if anything?

    Thanks for the time to read this. Any help or comments are apprecaited and welcomed.

    PS - not sure if this makes a difference but I live in Northern NJ....
  • golicgolic Member Posts: 714
    Car man:

    Would you be so kind as to provide the current residual % and money factor for a 36 month lease on a 2009 Pilot EX-L AWD, with 15K miles (is it still a 2% change for 12K on the residual?) I am located in the chicago market.

    I am coming off a lease of a 2005 Pilot - is there any Honda Loyalty promotion? Do you think there will be any significant changes to January numbers versus December?

    Thanks in advance...
    G
  • ny14337ny14337 Member Posts: 16
    There is a leasing company that has a deal with my job that gave me a quote for a 36 month lease on a 2009 Honda Pilot EX-L AWD, 12,000 miles per year. Unfortunately, I didn't get the residual, money factor, etc... for the car, but here is what I did get:

    $399 a month for 36 months. Due at signing would be:
    - $1251 sales tax
    - $595 bank fee
    - $399 first month
    - DMV fees

    This seems like a pretty good deal. The salesman said that he might be able to get the monthly payment down an additional $5-$10 depending on how the dealership is moving cars. If it's the end of the month and they are looking to make their number, I should get a better deal.

    I'm thinking about taking the deal but I'm not sure if I should maybe wait until January to see if the deals get better. Any thoughts?

    Thanks in advance,

    Mike
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, dannyhashovav. I'm glad that you like Edmunds.com so much. We have a lease calculator right here: Edmunds.com Lease Calculator. You also can learn how to calculate lease payments on your own (I use an Excel spreadsheet that I've created) by reading the following article: Calculate Your Own Lease Payment.

    Lower residual values mean higher lease payments. If the Pilot's resids fall in January, which they likely will, and Honda does not improve its money factors its lease payments will rise. Manufacturers usually lower their money factors throughout the model year to offset any natural drop in residuals.

    A $450 doc fee does sound high. This is really nothing more than a fluff charge that adds to the dealer profit. Look at it as part of the total price that they are charging you for this truck. If the total price, including the doc fee, is less than what you would have to pay elsewhere, the fee doesn't matter. If the fee jacks up the total cost to a higher price than you might pay elsewhere negotiate more or go with a different dealer.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi citivas. 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 Touring 2WD without the entertainment system with 12,000 miles per year are .00110 and 46%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

    The used vehicle market has absolutely imploded over the last several months. It started with used SUV values getting crushed by high gas prices, but now there is weakness on just about all models, across the board. I'm not surprised that the residual values that you have been seeing seem low.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the information that you're looking for, golic. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Honda Pilot EX-L AWD without the entertainment system with 15,000 miles per year are .00110 and 49%, respectively for consumers who qualify for its "Super Preferred" credit tier. The residual value for a lease with 12,000 miles per year is indeed 2% higher.

    I don't believe that Honda is currently offering any owner loyalty incentives on the 2009 Pilot, other than the fact that as a returning Honda Finance lessee you are eligible to have your truck's security deposit waived for free. It is difficult to say what Honda's January lease program will be like at this point.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Mike. It would be a good idea to find out what the truck's selling price is before pulling the trigger on this deal. As you may already know, the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, it is difficult to tell if there is still room left to negotiate. Let us know what the selling price is and I'm sure that either myself or another knowledgeable community member will gladly tell you what they think.

    Car_man
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  • explorer1explorer1 Member Posts: 6
    Just purchased a 2009 Pilot EXL from Boch Honda in Ma, $29600 with 988 down, this includes first month and all doc fees, I made the deal over the phone for $417 per month including taxes (5%)

    leasing for 3/36 15k miles 49% residual

    very good price I think from the research I've done, give them a call.
  • kevin34kevin34 Member Posts: 42
    Is this a good deal?

    36 months/12k a year
    $1k cap cost reduction
    Bank fee, first month, TTL paid up front.

    $400 a month.

    Thanks
  • yoyo77777yoyo77777 Member Posts: 4
    Shoud I take this deal?

    09 Pilot EX
    MSRP : $31065
    selling price $26578
    12000 miles, 3 yrs.
    residual 51%.
    cash down $998
    $355/month + tax
    I am in california.
  • dannyhashovavdannyhashovav Member Posts: 24
    Hi,
    just wanted to share with you a deal i found on Boch honda in MA. http://www.boch.com/bochhtml/bochhonda/pages/HondaSpecials.aspx The deal is $378/month with ZERO down (excluding taxes, documentation, title and registration fee). I spoke with a sales manager on the phone and was simply amazed to hear that all they charge is doc fee of $298. I did the back of the envelope calc to come up with the selling price and got to unbelievable number: $30,000 even. I live in New York and Boch is about 3.5 hours away. Deal sound too good to be true to me. Anyone out there in Boston or Norwood area willing to approach them please share your feedback. Remember - talk to sales or internet manager. Not the commission based sales person. Good luck.
  • bigdadi118bigdadi118 Member Posts: 1,207
    If you live in NY then you need to make 2 trips, arrange payment/finance, get paperwork to get new car NY registration + insurance coverage, in order to drive the car out back to NY.
    I don't believe only pay the doc fees... better ask them to list out-of-the-door amount re everything with breakdowns in writing.
    The floor manager likes to double-dip on destination charge $670 and I am sure you need to pay $595 bank (acquisition) fee, first money payment.
    Plus, the amount is before tax so prepare to add NY sale tax also.
  • sjtashsjtash Member Posts: 27
    I've read where some folks have gotten a price quote (selling price and monthly pmts) via the web. Are there any particularly good sites for those living on Long Island, NY? Can this be used a leverage when going into the dealer to lease?

    On another point, if shopping at different dealers to get the lowest price, will dealers generally put anything in writing? Why would a dealer believe me when quoting another dealers price?

    Thanks!
  • bgechbgech Member Posts: 2
    I have a (purchased) 2006 Pilot EX-L w/ 40k in excellent condition. I am in the process of getting three year lease on a 2009 pilot EX-L w/ RES. I owe 12k on it.

    They are offering me a sign and drive off the lot for $498 per month...providing I trade over my current pilot. No money down....any thoughts? I think I can work them down to $450????

    Help!
  • bgechbgech Member Posts: 2
    Also...it is a 15k per year lease.
  • sjtashsjtash Member Posts: 27
    One dealer said the residual value was 49% on a 2009 EX-L 4WD but I had to add the destination fee of $670 to MSRP to arrive at the residual value.

    Does this make sense?

    Thanks!
  • kyfdxkyfdx Moderator Posts: 236,527
    The residual is always calculated off the full MSRP, including factory options and destination.

    Basically, the bottom line of the actual window sticker (not the one they add off to the side with dealer installed options).

    regards,
    kyfdx
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  • sjtashsjtash Member Posts: 27
    MSRP incl destination - 35865
    Residual - 49%
    residual % - 17,573.86
    actual cost - 31,799
    1st pmt and dmv fees down
    36 months
    MF .0011
    Tax 8.625%
    12,000 miles
    I am coming up with a monthly pmt of $488.22 per month and they quoted me 472 per month. I am off by $16.22 per month or a total over 36 months of $583.87.

    Any help you can provide would be appreciated.

    Thanks!
  • kyfdxkyfdx Moderator Posts: 236,527
    Given your variables, I get the same numbers that you do..

    So, either the selling price is lower, or one of the numbers is different from what they are quoting you..

    regards,
    kyfdx

    Edmunds Price Checker
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    Did you get a good deal? Be sure to come back and share!

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  • sjtashsjtash Member Posts: 27
    Thanks!
  • golicgolic Member Posts: 714
    I came up with your number to the penny.

    In order to get to 472 they are either using a 5% sales tax rate. Or the selling price is $500 lower ($517 lower to be exact).

    Are you sure that is the correct residual for 12K??? I thought it was 49% for 15K and 51% for 12K???
  • sjtashsjtash Member Posts: 27
    The price I used to calculate the pmt was quoted to me as a purchase price. I asked what price was used in the calculation. For some reason they are using a lower price for leasing $31,198. Using this price I also come up with 469.37 a difference of $2.63. I can live with the immaterial difference.

    Thanks for all your help!

    Is $472/month good?
  • raineerainee Member Posts: 5
    Hello,

    Can you please tell me if this is a good lease deal??

    2009 Honda Pilot 4WD EX-L
    MSRP $35,865
    Price $31,002
    Rate .00110 Residual 51 Adj Residual $18291.15
    Acq fee $595
    Cash due $831.00....Payment for 36mos $457.39

    Please let me know if i need to provide more info?? This is my first lease so I want to make sure i'm getting a decent deal.....Thank you!
  • bigdadi118bigdadi118 Member Posts: 1,207
    Do the homework ...

    Browse back last 6 pages and write down reported figures re EXL, then you pretty can tell whether your numbers are good or not.
  • dannyhashovavdannyhashovav Member Posts: 24
    Trying to see if i should wait for the beginning of 2009 to lease above model, but am a bit shaky of the revised residuals (currently at 51% for EXL 12K miles) and the money factor (currently at 0.0011). Of course one going up and other going down can net each other or even play a worse hand. Any wild guesses dear forum members?
  • familyman2familyman2 Member Posts: 3
    Hi,
    I've been following the forums on the Pilot lease and called some dealers yesterday to get quotes on a 3 year 36k EX AWD. But when I was on the Honda website, it looks like they increased th cap cost reduction to from $1250 to $2105 for the top credit tier. Also, the first quote a dealer emailed me had a 54% residual as opposed to the 51% that people have been reporting on this forum-which I'm happy about. The money factor is still .0011. If the Honda incentive is $2105, what should I be looking at for a sales price? invoice is $29657.

    Thanks, any feedback is appreciated
  • gperrgperr Member Posts: 157
    Car_Man,

    Can you please post the current Residual percentage and MF for a Pilot EX AWD for 36 months 15k and 12k. Thanks

    gperr
  • sjtashsjtash Member Posts: 27
    I got an offer to lease a 2009 Honda Pilot EXL 4WD, 36 months, 12,000 miles for $349 per month. $1,495 due at signing (bank fee, 1st month pmt and security deposit.

    This seems almost to good to be true. I am going to the dealer this evening to check it out.

    Anyone have any thoughts, good or bad?
  • dannyhashovavdannyhashovav Member Posts: 24
    Interesting...where is this offer comes from? Did you check dealer's ratings?
  • dmjf19dmjf19 Member Posts: 6
    Just left a dealer in Northern NJ (DCH Paramus) and got quoted this lease...

    2009 Honda Pilot 4WD Touring w RES
    MSRP $40,665
    Cash due at signing $2000 (included first month, tags)
    12K miles
    Payment for 36mos $525+tax

    Any thoughts?
  • sjtashsjtash Member Posts: 27
    Offer from Paragon Honda in Long Island City (Queens, NY). Fine print says must have credit score of 710+ and must take delivery same day.

    I've dealt with the dealer before and was not particularly happy. I spoke to the three other dealers close by who told me they could not match it.

    The ad indicated the $ due at signing included the bank fee, which the other dealers said was supposed to be absorbed by Honda.
  • sjtashsjtash Member Posts: 27
    Does the reduction by the Fed today have an impact on the Money Factor?
  • dannyhashovavdannyhashovav Member Posts: 24
    Funny, you were faster than me to post that same question. Money Factor must have some correlation to the Fed rate. I just could not find it over the net. Generally speaking: the money just got cheaper, so to lease same vehicle must be cheaper. Now if our assumptions are right, and Honda finance company adjusts their rates accordingly, we may be in a very advantageous position here for another two weeks before 2009 comes and residual values reset. Now the residuals are still same residuals but the money factor would have dropped (crossing fingers).
    Anyone has any input on that?
  • dannyhashovavdannyhashovav Member Posts: 24
    Yeah, i spoke with several sales people there - very pushy and just want you to get there to talk. No internet quotes. Bare in mind that their dealer ratings is not very high.
    Based on your deal - i am not sure that $1,495 goes towards reducing the selling price of the vehicle. I.e. your cap cost could still be the same. Security deposit i think is waived by the Honda Finance Company so something is fishy here. Bank fees typically $595 could be rolled into your lease numbers. 1st month is your standard payment. I would not trust these guys until they lay down every little fee they are charging you. Beware.
  • cptencacptenca Member Posts: 4
    Dealer in Louisiana:

    2009 Pilot 2WD EXL w/ RES
    MSRP $35,865
    Sales Price $33,138
    Cash due at signing $800 (first month and "fees")
    36 month, 12k miles
    money rate .00110 (salesman says this is great rate, about 1.1%)
    residual .50

    shows no lease support. they just subtracted the 2100 from the MSRP.
  • bigdadi118bigdadi118 Member Posts: 1,207
    money rate .00110 (salesman says this is great rate, about 1.1%)

    if you want to know the interest rate
    2400 x 0.0011 = 2.64%

    With 3 yr lease 12k mi, no money down the payment should be around $478 before tax and other fees, down, rebate, incentive

    now you know how knowledgeable the saleman is ...
  • tedkatedka Member Posts: 6
    Just signed a deal from #1 Honda Dealer in the WORLD - Boch Honda in Norwoord MA on:

    2009 Honda Pilot EXL 4x4 Model #YF485
    36m*12K*ZERO down - Total due $782.00 (First Month, Doc Fee & Reg)

    Money Factor 0.00110

    $378.94 a month plus tax :)

    Herb Chambers coudn't touch it, so I guess Ernie Boch Jr motto "Our costs are less, so we can sell for less" isn't just BS after all

    Check it out at: http://www.boch.com/bochhtml/bochhonda/pages/HondaSpecials.aspx
  • bossoxfanbossoxfan Member Posts: 4
    That's a good deal. I got a similar deal at Herb Chambers:

    2009 Pilot EXL 4X4 36k/12k/$2,750 total due ($1,400 down, $595 destination, $333 first month and $400 doc fee/registration) due at signing. $333/month plus tax.

    Did they "waive" the $595 "destination charge" in your deal? I wonder if they got me on that one.
  • tedkatedka Member Posts: 6
    You probably referring to $595 acquisition fee charge typically imposed by the Leasing Company - in this case American Honda Finance Corporation (AHFC).

    AHFC upfront acquisition fee was rolled into payment.

    Destination is $670.00 and that's listed right on the sticker price and they can't waive that since it's baked in. They must pay $$$ (gotta love Union Contracts) to have a car delivered to their lot from the factory.
  • jimmy411jimmy411 Member Posts: 1
    Got a quote on a 2009 Honda Pilot Touring 2WD w/RES and running boards for a 36 month, 12k lease quote for $563 (includes tax) based on the following:

    .00110 Money Factor
    45% Residual
    $34,270 Sale Price
    $39,065 MSRP

    Money Down
    $563 1st month
    $680.85 Cap Reduction
    $47.66 Cap Reduction Tax
    $208.49 DMV Fees
    $1,500 total down

    I'm trying to get them to drop the Cap Reduction. I am in Miami, Florida. Does this sound like a good deal? I've been getting quotes via email and this is the best so far. Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on getting your new Pilot, explorer1. Thanks for taking the time to share with everyone. It sounds like you had a pleasant dealer experience. Make sure to share your thoughts on Boch by hopping on over to the Dealer Ratings & Reviews section of Edmunds.com. Enjoy your new ride :shades: !

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi kevin34. At first glance, this looks like a pretty good deal but the best way to tell is to look at the selling price that it is based upon. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number is is difficult how much of a dealer discount you are being given. Let us know what the selling price is and I am sure that either myself or another knowledgeable community member will gladly give you their opinion.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi bgech. It is in your best interest to keep these two transactions, your trade and your new lease, separate. The simpler you make things, the less likely the dealer is to pull one over on you. Shop around and negotiate the lowest possible selling price that you can get on the new Pilot that you want. Given the $1,250 dealer cash incentive that is available on leases of this truck right now, you shouldn't have much trouble getting one for $750 to $1,000 under invoice.

    Once you have reached an agreement on the price of your new Pilot, have the dealer calculate your monthly payment using its buy rate lease money factor. Honda Finance's current buy rate for this truck is .00110 for consumers who qualify for its top aka "Super Preferred" credit tier.

    When you are all set on your new vehicle, introduce your trade-in into the equation. It is in your best interest to have the dealer that you are working with cut you a check for any equity that you have in your trade rather than using the proceeds from it as a capitalized cost reduction on your new lease. I always advise consumers against making large down payments when leasing. Those who make them risk losing part or all if them if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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