Honda Pilot Lease Questions

tredi

$0 down, I asked for a price quote per month, I didn't ask the MSRP, residual or money factor. I was quoted $489 per month for 36 months and 15,000 miles with $0 out of pocket. I need only pay the first month payment when picking up the vehicle

jmurman42

The change for Pilot for June is...$1500 dealer cash incentive and standard leasing rates.

tredi

I am looking into leasing a Honda Pilot EXL. I was quoted $489 per month for 36 months and 15k miles per year. The MSRP is $33,595 The residual is 51% or $17,133 and the money factor is .00220 How are those numbers. In your opinion, would it be better to wait for the 2007 or are those numbers fair. I currently am leasing a pilot and the lease is up in August. Thank you for any information

hartt

I currently have a lease on an 03 Pilot EX that ends in August. The vehicle is in great condition. My buyout at lease end is $17,xxx. KBB values this vehicle at a little over $21K assuming "good" condition if I were to sell it to a private party. I have seen others asking even more.
I am tossing around the idea of buying it and selling it myself if there is a profit to be made. I am looking for some opinions on this idea?
Thanks.

Tim

georgec1

I leased a 2006 EX-L May 1 and have decided I don't like driving a truck. I got a great deal at $350 per month plus tax for 36 months with 12K miles -- but think it's almost impossible to get out of the lease. Any ideas?

jbollt

It looks like you got a great deal. I don't know if you can get out of it or not. What state do you live in.

georgec1

I live in Indiana. The tax on the $350 monthly payment is 6%.

rickb66

There are 2 companies through the internet that can help get someone to take over your lease. Swapalease.com and Leasetrader.com. Years ago I used Swapalease and it worked for me. Although, I don't think it works for all states.

howard2dot0

Hello Car_man,
What was the lease deal on Pilot that was running in April?
You also mentioned elsewhere that there is a decent chance that 2007's will have a better leasing deal. Would you venture a guess as to what the figures might be?
Thanks for all your answers to my many questions so far.

CarMan@Edmunds

I'm glad that you enjoy this forum so much, hondapilot06. You never mentioned the selling price or MSRP of the Pilot that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this truck's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

Car_man
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CarMan@Edmunds

Hi margatian. Unfortunately, Honda is no longer providing lease support on the 2006 Pilot. It replaced its special money factors on this truck with dealer cash. Dealers can earn from $1,500 to $3,000 dealer cash on Pilots depending upon how many they sell. Most dealers will probably receive $2,000 to $2,500. Make sure to use this cash to negotiate an attractive selling price. This truck's standard lease program varies depending upon how long you lease it for and how many miles per year you need to be able to drive it. For now I will assume that you are interested in a typical 36 month lease with 15,000 miles per year. Let me know if you want something different. If you were to lease a base 2006 Honda Pilot EX 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 .00270 and 55%, respectively.

Car_man
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CarMan@Edmunds

Greetings tredi. You never mentioned the selling price or MSRP of the Pilot that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are.

Car_man
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CarMan@Edmunds

Hey tredi. You certainly were quoted a low money factor for this truck. Honda Finance's current buy rate lease money factor for an '06 Pilot is .00270 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit. Since the factor that you were quoted is lower than this, I suspect that this truck's lease is being run through an independent bank. Even through the money factor that you were quoted is lower, so is the residual value. Honda Finance's 36 / 15 resid is 52%.

Honda's current lease program for the Pilot is not tha great, so there's no need to rush to get into one now if your current lease is not up until August. I personally would be inclined to wait until then to get something new rather than pay a penalty to get out of my current lease early if I was in your situation.

Car_man
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CarMan@Edmunds

Hi Tim. You are in a very fortunate position if your leased vehicle is worth substantially more than its purchase option price on the open market. Try stopping by the following discussion for feedback on whether you should buy your leased Pilot: "Real-World Trade-In Values".

Car_man
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CarMan@Edmunds

Hi georgec1. 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". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. 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 sucking it up and driving your truck for a while. It is going to be very very expensive to get out of a leased Pilot only one month into a 36 month lease.

Car_man
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CarMan@Edmunds

Hey howard2dot0. It's impossible for me to exactly say what Honda's lease program for the 2007 Pilot will be like at this point. Once they begin to arrive at dealers Honda will publish a lease program for it and I can give you an idea of what one should cost.

Car_man
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rdyni

Hi CarMan:

I just found this forum; I'm in the market to least a 2006 Pilot EX-L (leather/entertainment, mfg code YF2866JNW). I've been trying to get up to speed on leasing, but want to get expert advice before finalizing with a dealer.

I am going to trade in a 2000 Honda Odyssey, and the dealer has already indicated that they'll give me $4,500 for it (which is fair, considering this vehicle's BlueBook and condition). I know that should come off the top line cap for the new vehicle, but I'm seeing in this forum some type of dealer incentive that might knock more off of the top line. True? Also, the dealer had indicated a money factor of 0.00528, and residual of 52% (he quoted a 24 mo lease). This doesn't seem reasonable when I look at the other posts here, but again I'd appreciate feedback. I'd really like to look at a 36 mo lease, so given the "cash" from my old vehicle, any dealer incentives, and your advice on going rates for residual value and money factor, what kind of pre-tax payments might I be shooting for? Any help is appreciated!

elbo

I just leased a 2006 EX-L 4WD no NAVI/DVD for 36 months at 12K miles per year. My payment before taxes is $368. Drive off was $2100 ($300 cash plus a trade in). My residual is $18,141. Sales price $28,268. Cap cost $27,774

elbo

argyll

Greetings, Car_man,

I'd like to get your opinion - there is a current special for a Honda Pilot EX-L w/ or w/o RES in the 'burbs of Chicago - no $$ down,$400.00 w/o RES and $422.00 w/RES, 36-month, 12K miles. No other details provided in the ad. Too good of a deal to pass by? or need to sit tight and wait a little longer?

Thanks much in advance for your time.

Argyll

vjkv

Anyone know the residuals for a Honda pilot EX-L AWD w/ NAV through Honda Financing? 24 months and 36 months. And Top tier money factor?
Also, for the Honda Pilot EX-L AWD w/o NAV? 24 and 36 month?

And last, for a basic LX 2WD? 24 and 36 month?

Many Thanks.

CarMan@Edmunds

Hi rdyni. There's nothing wrong with trading in your Odyssey when you lease your new Pilot. However it would be in your best interest to have the dealer that you trade it in to cut you a check for it rather than use the proceeds from your van as a capitalized cost reduction for your lease. I always advise consumers against making large down payments on leased vehicles because if they are totaled in an accident or stolen and never recovered down payments just disappear.

Honda is providing dealer cash on 2006 Pilots right now. Its current program gives dealers $1,500, $2,000, or $2,500 per Pilot. The exact amount that dealers receive depends upon the number of units that they sell. It is impossible for you to know which level the dealer you are working with has qualified for, but I personally would assume the middle level. Given the fact that today is the last day of this program, you can bet that any dealer that has not reached the top level is going to be blowing out Pilots to try to hit it.

There's something very wrong with the money factor that you were quoted. Honda Finance's current buy rate lease money factor for a 24 month lease of an '06 Pilot is a terrible .00385 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit. Even so, this is way less than the .00528 that you were quoted. .00528 is equivalent to an interest rate of around 12.7%!!!! You would be better off leasing this van for 36 months and insisting that the dealer use Honda Finance's buy rate of .00270.

Car_man
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CarMan@Edmunds

Hi Argyll. I definitely would not say that the advertised leases that you saw are too good to pass up. Honda's lease program on the '06 Pilot is not very good right now. The dealer cash that is available on it helps make its payments fairly reasonable, but if I recall correctly they were better a few months ago. If you need a new truck right now there's nothing wrong with taking advantage of this dealer cash and leasing one this month. I am personally considering leasing a new Pilot myself and I'm definitely going to wait until Honda introduces a special lease on the 2007 model to get one if this is the truck that I decide to get.

Car_man
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CarMan@Edmunds

Hi vjkv. Today is the last day of Honda's June lease program. I do not know what its July program will be like yet, so I will provide you with the June numbers for now and you can check back with me in a few days for the July info. If you were to lease a 2006 Honda Pilot EX-L 4WD with navigation though Honda Finance right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00385 and 59%, respectively. As you can see, Honda's 24 month money factor is pretty bad. You would be better off leasing for 36 months. Its 36 month, 15,000 mile per year factor and residual for this truck are .00270 and 50%. These money factors assume that you pay a security deposit and qualify for Honda Finance's "Super Preferred" credit tier. The money factors for an '06 Pilot EX-L 4WD without navigation would be the same, but its 24 and 36 month residual values are slightly higher at 60% and 52%, respectively. The factors for the '06 LX 2WD are the same as well, but its residuals are 59% and 62%.

Car_man
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vjkv

Thanks much.

I will check back for July numbers in a few days. I wanted to wait this month out to see if I may be able to get a lower price on the Honda Pilot AWD EX-L (maybe with nav). The lowest quotes I am getting are $7000 under MSRP for the Honda Pilot AWD EX-L $26,045.00 and
($6000 under MSRP w. NAV) $29,245. I like these prices and hope I haven´t waited too long.

Anyway, I am looking at a 24 month lease because I may or may not need the Pilot after a couple of years. I am also looking at 12,000 miles not 15,000 miles.

I see that you are waiting till next years model. What do the ´07 models have that grab your interest and do you think you are going to find deals that are currently available?

Again, Many Thanks for the residual numbers. I wasn´t aware of the big difference in 24 and 36 month money factors. Thanks for keeping me an educated buyer.

mcdermott2

Has anyone leased from Paramus or Open Road in NJ? I am wondering what the deals are for these 2 locations. People seem to be buying($26,000 to $28,000 for EXL) from these places but I am interested in a lease.

jmurman42

Car Man...no changes to the Pilot Program for July. I haven't seen the residuals yet, but no leasing deals for July...same dealer cash.

hartt

It looks like this is the month. I will be returning my Pilot the first week in August and would like to have another vehicle before then. There are several vehicles I am interested in so I will be posting questions on the boards of the vehicles I am looking at.
I would like to know the MF and residual on a lease for an '06 Pilot 4WD EXL-RES for 3 years with 15,000 miles a year.
Thanks for your help Car_man.

Tim

jonnyboy7

Forum experts:

Are the July dealer incentives on the Pilot the same as last month ($1500, $2000, or $2500 depending on volume)? Are there any lease deals this month?

What is the MF and residual for an EX-L 2WD, no DVD or nav, at 12k and 15k?

Thank you.

mcdermott2

Has anyone actually leased a EXL (no extras) in NJ? On the "prices paid" forum they seem to be selling quite well in the $26,000 range but I am interested in a lease for business.

vjkv

Hi Car_man

any news on the residuals for
12000 miles
24 and 36 month
4wd ex
4wd ex-l
4wd lx
and money factors?

Thanks very much for your time and info.

sueatopt

Car Man - I am in LI and Internet Shopped Pilot EXL w/ RES 4WD. $29,220 is the price that I got. That is $2500 below invoice. Lease is for $422.41 per month ~ 12K, 36 month (Excludes dmv) (I am looking to do $2800 out of pocket to lower the monthly, even though you advise against it). Looking to add running boards and remote start. Seems to be most competitive deal so far also beating Cars direct price. I am going to see of they will go to $3K under like the rest of you seem to be getting. Will see...wish me luck! Also Internet guy says that to add running boards and remote start are non-negotiable. I don't believe that. Realistically, What should I be paying for those accessories on Honda Pilot? thanks!

avatexrs1

Car_Man - I've been quoted a sales price of $26,450 for an EX-L. What is the current money factor and residual for a 36 month 12k/year lease, assuming super preferred credit score?

srompala

Anyone have any idea on the best lease price for a 4WD EX-L Pilot in black with gray interior with DVD, cargo cover, door visors, wheel locks, day and night mirror with excellent credit, a 3 year lease with <10K miles/year, registered in NY and $3K down?

I am in Manhattan, but more than willing to go to any of the surrounding areas (Westchester, Bronx, Brooklyn, Queens, NJ, CT) to find the best deal.

Let me know. Thx

srompala

Anyone have any idea on the best lease price (and best place) for a 4WD EX-L Pilot in black with gray interior with DVD, cargo cover, door visors, wheel locks, day and night mirror with excellent credit, a 3 year lease with <10K miles/year, registered in NY and $3K down?

I am in Manhattan, but more than willing to go to any of the surrounding areas (Westchester, Bronx, Brooklyn, Queens, NJ, CT) to find the best deal. Let me know. Thx

vjkv

shoot me an email.

mcdermott2

I have it narrowed down to Open Road, Academy and Kay in New Jersey. However, the only posts I have seen are people buying. Has anyone received a recent lease deal? The EXL is going for about $7000 under MSRP right now.

sasuke

wow..7k under msrp is great..i'm leaning towards a pilot right now...anyone have any idea how much a lease is on the EX-L with nav? I wanna spend around 300 a month or so, but I'm not sure what kinda leases they're doing.

uncwdave

My father just leased a 2006 Steel Blue EX-L (no nav or res). 36/12k. Out the door price of $3500. His monthly payment is $330. How'd he do? The car was purchased and will be owned within the NYC limits.

Also, the lease is thru AHFC. He was told that AHFC recently raised the over-mileage fee to $.20/mile for cars valued at over $30,000. Can anybody verify this?

Thanks,
UNCWDave

uncwdave

The prices in the previous post are for a 4WD EX-L.

Thanks,
UNCWDave

sueatopt

what NY dealer? I am getting one with RES this weekend- thanks

simsmar

Hey Car Man et al.

My first time on this message board and I have found it very helpful reading.

I am considering a 2006 Honda Pilot EX-L lease right now, but can't decide whether to get in before end of July to take advantage of current cash to dealers program or to wait until August for potentially better lease incentives from Honda.

Given that there still seems to be a lot of 06 Pilots on the lots in the northeast and that the 07s are on the way would you expect improved incentives to happen in August??

Anything similar happen last year or with other models in similar situations in the past??

Thanks.
simsmar

margatian

Does Car Man or anyone else know what new money factors, residuals or other terms may be for Pilot leases now that it is August 1? I need one, but have been waiting for a better deal. Thanks.

margatian

Car Man,

Do you have the any information on the August lease deals/terms for the Pilot EX, 36Mos, 15K miles? I've been waiting for a better MF or something...Thanks!

sasuke

You guys think the Pilot EX-L with Nav would be do-able at $330 a month? That's what I'm hoping for.

jmurman42

Lease figures for August are the same as July. Dealer cash went up to $3000 for all dealers.

jmurman42

Would $330 be doable for a EXL Navi? Sure...you'll just have to put down alot of money.

mcdermott2

Does anyone have a good lease deal?

margatian

Where are you located? I assume that these lease figures are the same across the country. I keep hoping for a better deal...It seems the strong discounting is for purchases right now.

Thanks.

ck90211

I leased a 2006 Pilot EX-L 2WD (w/o NAV or RES), 12K miles/year for 42 months, for $ 289 a month with nothing down on Oct 31 of 2005, in Los Angeles. I shopped around a while beforehand, and noticed the lease deals seemed best in Sept/Oct when Honda dealers were clearing out previous years. They ran out of 2005, so gave me a 2006 for same payment. That same weekend a Ridgeline RTL was $ 279/month with nothing down; I got the Pilot only because I needed extra seats. Anyhow, I spoke to the my salesman two days ago, and they are willing to consider doing the same Pilot EXL and Ridgeline RTL for same payment. Too bad I am shopping for a hybrid (Civic Hybrid) now. Anyhow, Pilot EXL is a great SUV, and at $ 289/month nothing down pretty unbeatable. The dealer is Honda of Hollywood in case you are wondering. Good luck to you all.

mcdermott2

Nobody in NJ will come close to that price. The best deal was in May when my brother-in-law put $1000 total out of pocket and $331/month for EX AWD. I have been looking for awhile and not even close.