Honda Pilot Lease Questions

kacysal

where did you get this lease deal on the pilot?

sueatopt

Shopped Internet at Honda in Huntington - they had the 2nd best price in the LI area. Ended up at Staten Island Honda -price was just more competitive - They will do at least $3K - 3,500 under invoice deal. We ended up with a purchase though. (see my earlier post on #6943.) Ended up with Pilot EX -L 4WD, RES, $28,500. + tax and mv fee. & love it!

tbogdanchik

I currently have a 04 accord lease at 265 a month that ends in 5/07, I am looking into the 06 pilot (3.5 ex-l 5at 2wd W/entertainment) .One offer I Received was 371 (WO taxes) a month plus 2000 $ down. The lease is for 12k 36 months. Do you think that's its better to wait another month or so until the 07s come out? 350 sounds pretty good and I don't want to pass a good deal.

I greatly appreciate your help.

ck90211

mcdermott2, like I said you might want to wait until Sept/Oct for better deals. Last year I remembered a lot of Honda dealers got caught with a lot of 2005 EXL's when better, newer 2006 were already out (better because of standard noise cancellation, cylinder deactivation, choice of 2WD/4WD). So I remembered dealers practically begging people to take '05 off their hands. I think this year would be the same, since gas prices done nothing except up. So be patient I think best deals come in a month or two.

mcdermott2

Thanks for the input but I have a lease that turns in Sept 6 and we need to replace that car. They appear to be coming down from July qoutes.

alanrosenberg

These numbers seem way better then what I’m looking at; I finally started taking my trade out of it and am getting quotes from $465 / month for a 36 month with $3,000 down + tax from Bellevue Honda [and he says this is at $2,000 under invoice] to as good at $445 / month with $3,000 down from Norm Reeves—including tax. These numbers are for a NAV 3 year 36 month, however the Norm Reeves [in LA] is with tax whereas the Bellevue WA Honda is before tax. Bellevue is telling me ‘no more 06 NAV’ and both are saying price will go way up on 07,,, oh and Bellevue is also saying money factor will go up big time in sept,, better get it now. My credit is 735 transunion. also, the lower price in LA is with running boards, which I do not want, nor do I really want the drive if I can avoid it.

Anyway, that 300 / month no down, even factoring in 2wd and no nav, just seem way better,,,

alanrosenberg

Well, I finally got sick of going back an forth and just got an 06 EXL NAV from Klein Honda in Everett WA. I was so frazzled with going back and forth and thinking about driving down to CA, yesterday the guy at norm reeves is ca said they only had one left with nav at it had running boards which I did not want,,,,, also I was concerned that when I drove all the way down there they would not give me what his ‘blind appraisal’ came in for my 02 chevy. I had given up and was actually looking for the chevy dealer in Everett thinking I could get a 2 or 3 year lease for about 350, I saw Klein Honda and figured I would try once more and I ended up with a demo with 2750 miles on it, + the tow package for the equity in my chevy, down [about 3200---valuing my chevy at 8k] and 472 / month for a 3 year 36 month 12k lease. I’m having some buyers remorse about getting the demo but at least it’s done with. I was just worn down and wanted out of my chevy after reading about all the problems listed on the boards here. Price, $29,995 with full tank of gas and a $100 gas card

mrsamsden

Hi everyone,
I went to the honda dealership yestarday. I have a 99 dodge durango with 117,000 miles on it. I have a payoff amount of 7900 and I was told that the dealer would only give me 3000 for trade for my car. Now I realize that I will have negative equity to take on my loan but When I pulled my edmunds report it gave me a price of 4700- to trade. Are they pulling my leg?????
Thanks :confuse:

nvnick

Carman -

Do you have the 36 mo residuals on the EX, EX-L, and EX-L w dvd? Miles, 12k or 15k yr. Thanks! Are you still waiting for the 2007 program?

sdlee

After many e-mails/phone calls, I finally got my '06 EX-L 4WD with Navigation from El Monte, CA. My deal was $2,000 dn @458 per month including tax for 48 mos with 12,000 miles per year, residual value is $15,200.

The car is very impressive. I am going back to the dealer this Friday to put bunch of accessories, which some of them were included in the selling price. I feel that I could got a better deal if I shopped around more, but got too tired of doing it.

mcdermott2

Would a 36/39 month lease be more per month than a 48 or less?

sdlee

Yes, the shorter lease length would have higher monthly payment amount.

mcdermott2

Has anyone used this financer before. They are the best rates but i am not sure on them.

sueatopt

Very strict when returning the lease - will hit you over the head with additional fees when returning the car, or charge a $300+ fee to buy it in the end ..etc. - if you decide to do..although they are cheapest >>right upfront, but may pay in the end of lease - most do. You need to weigh the difference. Only do if it is major difference in payment - often it is!

ccie4253

I've done a lot of research today on leasing and think this scenario will work:

Currently have two vehicles upside down (03 Camry XLE w/65K and 04 Suburban LT w/35K, $17.5K and $33.5K respectively). Total payment per month is ~$1250.
I have $15K to play with and would like to put the wife in a 06 Pilot with Ent. and myself in an 06 Accord EX at the same time and keep my overall payment at ~$600/mo.

Is this possible in the Dallas area?
What are the possible scenarios?
What do I watch out for?
Do I have leverage with the Cash and the fact that I'm getting two cars off of their lot?

Thanks

skurl35

Dear Car_Man

I was quoted $25723 for an '06 Pilot EX, but once the lease number came, pre-tax he was quoting $399. that sounds a bit much, wouldn't you say? this is for 36 months, 12k. can u help? I didn't get the money factor or resid.?? I also have 3 payments left on my current lease and wanted them to take me out of at least 2 of those. Tks

nick05

Car_Man

I was quoted the following on a 2006 EX-L w/RES.

MSRP $33995 (33445 + 550 Destination)
Adjusted Cap Cost: $28,769.81) (Invoice less $2000)
$0 Down
Acquisition: $595
Title/License: $176
Total Cost: $29,541
Lease Terms: 36 months & 15K Miles per year
"NOT ORIGINAL VERBALLY QUOTED RESIDUAL": 48%
Money factor .00298
Tax: 6.25% ($1798) In Texas, I think you have to pay all tax on sale price. Do you know?
His calculated Monthly Payment: $559.27 (509.33 + 49.94 Tax)

Also, he claims dealer invoice is $30,769.81, I thought it was $30,640 on a EX-L w/RES. What do you know about that?

He originally told me by phone that residual on the EX-Lw/RES for 36 months/15K is 50%. He located the specific vehicle I requested. But now, he's saying the residual is only 48%. Is that truly accurate???

Help me out with this one.

CarMan@Edmunds

Hi margatian. The bad news is that Honda is not providing any lease money factor support on the 2006 Odyssey in August. As a result, if you were to lease one through Honda Finance this month you would have to use its standard lease program. Its standard money factors vary by term, but its current buy rate standard factor for 36 month leases is .00293 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The good news is that Honda is currently providing a whopping $3,000 dealer cash on this truck. Make sure to take this cash incentive into account when negotiating your Pilot's capitalized cost.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Hi again margatian. See my previous post for this model's current money factor. Honda Finance's current residual value for a 36 month lease of a 2006 Pilot EX 4WD with 15,000 miles per year is 54%.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Hi tbogdanchik. It would be much easier to evaluate this deal if you provide us with this truck's full MSRP and selling price. The selling prices of leased vehicles are important for consumers to know because they show how much of a discount you are being given. Let me know these numbers and I'll tell you what I think. Talk to you soon.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Hi mrsamsden. Domestic vehicles with over 100,000 miles on them will always have weak resale values. Furthermore, the fact that gas prices are so high right now has hit the resale values of SUVs like the Durango pretty hard. As a result, the quoted that you were given may not be as bad as you think. If you are unhappy with the trade-in allowance that this dealer is giving you for your Durango you can always try to sell it yourself. I suggest stopping by the following discussion: "Real-World Trade-In Values". You may be able to get a better idea of your truck's value on the open market from the community members who hang out there.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Here's the information that you are looking for, nvnick. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2006 Pilot EX 4WD with 15,000 miles per year are .00293 and 54%, respectively. The numbers for the 2006 Pilot EX-L 4WD and EX-L 4WD with DVD are .00293 and 51%. The numbers for the '07 Pilot are out. Its money factors are the same, but its residual value for the '07 EX 4WD is 56% for this term, for the EX-L is 54%, and for the '07 EX-L with DVD is 53%. Honda Finance's 36 month, 12,000 mile per year residual values are 2% higher. If I was in the market for a Pilot, I personally would lease a 2006 model right now to take advantage of the $3,000 dealer cash that is available on it or wait until special lease money factors are introduced on the 2007 model.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Hi skurl35. I would be happy to use Honda Finance's actual lease program to estimate what your monthly payment should be on this truck for you. However in order for me to do so I need you to provide me with its full MSRP. Let me know and I'll crunch some numbers for you.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Hi nick05. $2,000 below dealer invoice isn't a bad deal on this truck, but keep in mind that Honda is currently providing $3,000 dealer cash on it. That means that the $2,000 below invoice that you were quoted is more like $1,000 over. You can find the dealer invoice price of the truck that you are interested in by visiting the following section of this site Edmunds.com - New Vehicle Pricing.

Honda Finance's current 36 month, 15,000 mile per year residual value for the 2006 Pilot EX-L with the entertainment system is 51%. I don't know where the dealer that you spoke with came up with the 48% number.

Car_man
Host
Prices Paid Forum

mcdermott2

Forgive me but does that mean I am better off leasing a EXL in 2006 or 2007? I was just about to lease one on Monday so please let me know.

CarMan@Edmunds

Sorry that I wasn't clearer, mcdermott2. Right now you are better off leasing a 2006 model. However in a month or two, the leases that are available on the 2007 model may be better than leases that can be had on the 2006 model today. Of course, it is difficult to say for certain exactly what automakers future incentives will be like.

Car_man
Host
Prices Paid Forum

mcdermott2

Thank you

puppier

I've been reading this forum for a couple weeks and have read some other edmunds.com things on how leasing works - now that I'm finishing my second lease (two Jeeps), I finally understand it! Now I'm serious about getting a Pilot EX-L with AWD, leather, no Res, no Nav. From two Boston area dealers I've gotten two prices. One was $386/mo with trade in on my car worth $1200. Got that price beginning of August. I just got another price of $329/mo with $2300 down - priced over phone, worried about bait/switch. I don't know the invoice price (MSRP is $33,295), although I've seen a lot of $6000-off-ads. I've read CAR-MAN's forum posts and he says the residual is 51% on this model. First: what is a realistic price, now that '07 models are days or weeks away? Second: Following CAR-MAN's recent posts, is it worth the risk to wait for the '07s and get just as good incentives on those and have a "newer" car? Although I understand the lease formula (cap cost/residual/money factor etc), why can't my bottom line just be that I want a low payment and as close to zero down payment as possible? Sorry that's so long - and thanks in advance!

nicheel

I am thinking about trading in our 2000 4Runner SR5, 2WD, 67,000 miles and leasing a 2006 Pilot 2WD LX or EX. The best deal I have been offered on our trade is $9000. KBB and Edmunds both give a trade-in value of at least $10,000. I am new to leasing what should I look out for in the contract and how do I get more for my trade-in? Any word on September incentives?

aperregatturv

Hi Carman,

First I looked at Toyota Highlander did a test drive and it sucks. Reason being the Arm Rest for the driver - Bad design(in my opinion) when i take a right turn that arm rest hits my right hand elbow how come Toyota didnt even think about this??
anyway..
My question now is I did a test drive of Honda Pilot its beautiful and dealer is quoting me "I am able to give you special internet pricing. The special internet sale price for that vehicle is $28,473.50." for a Pilot 2006 EX-L AWD No Leather.

Please let me know if its a good deal?
Thanks
Arun

sueatopt

Doesn't sound too good. I just got AWD, EX-L (Leather) and RES (rear entertainment),in NY (July) $28,500.
check into that - Doesn't seem too special to me~

aperregatturv

Thanks, Can you tell where in NY or recommend me the dealer(if possible), even I live in NY - Long Island.

Thanks
Arun

aperregatturv

Finally,
I got the price of $26,078 on a 2006 Pilot AWD EX with 48 months lease of $360/m with 2500 down payment.
Is this ok?

Arun

skurl35

Thanks Car_Man;
I think the full MSRP is $30,500.

One more question. I have been offered to extend my current lease for an additional 24 months on a 2004 Nisaan Quest SL, for almost $130 less. In general, how do I evaluate this offer??
Thanks again.

jccfouts14

Hi All!
First time here
Interested in getting hopefully a good deal on a 2006 Pilot.
AWD-EX-L

Want to put the lowest amount of money down and pay around $390 Out The Door.

Anyone know any good deals that might be close to this?

Thanks

mchearsch

In the market for a new Pilot (EXL with NAV) in the next month or so.

Would love to see what kind of deals people are getting now or is everyone still picking up 2006's?

THX

chippe

Car Man, Great site. Found what I think is a great lease offer. Left over 06, $384/month for 48 months 15K miles/year, MSRP $33595, invoice 295xx. waived first months payment. total out of pocket 2500. No trade. Trying to talk me into a buy @ 6.25% for 84 months or a 07. I ran the lease number vs the buy and by far the lease is more attractive. Am i missing something?

CarMan@Edmunds

You're very welcome, mcdermott2.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Hi puppier. Honda is currently providing $2,500 dealer cash on the 2006 Pilot. As a result, if I was in the market for one, I would want to get it for $2,000 to $2,500 below dealer invoice. I don't believe that Honda is currently providing any lease support on the 2007 Pilot yet. If this is indeed the case and I was in the market for one, I personally would wait a month or two until Honda will likely be forced to introduce special lease money factors on the '07 model.

In my opinion, focusing on the selling price of the vehicle that you want is the best way to get a good deal. Negotiate as low a selling price as possible on the Pilot that you want and then have the dealer you are working with calculate its lease payment using Honda Finance's buy rate money factor.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Hi nicheel. I always advise consumers who are trading in their vehicles to treat their new purchase and their trade as two separate transactions. Negotiate as good a deal as you can on your new vehicle and then get a price quote for your 4Runner. If you feel as though you are getting low balled on your trade, you can always shop around with another dealer, get a quote on your truck from a local CarMax, or try to sell it yourself. If you do end up trading your 4Runner in, have the dealer that you are working with cut you a check for it rather than using the proceeds from it as a capitalized cost reduction for your lease. It is in your best interest not to make a cap cost reduction when leasing because if your leased vehicle is totaled in an accident or stolen and never recovered during your lease, your down payment essentially disappears.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Hi Arun. The dealer invoice price for a 2006 Honda Pilot EX AWD without leather, navigation, or DVD is $28,269. The price that you were quoted for this truck is slightly over invoice which normally would be a pretty good deal, however Honda is currently providing $2,500 dealer cash on this truck. If you lease one in September, make sure that you get a selling price that's at least $2,000 to $2,500 lower than the one that you were quoted.

Car_man
Host
Prices Paid Forum

hooops

Hi Car_Man,

Can you please provide me with the lease numbers (mf & resid) on 2006 & 2007 Pilot EX-Ls with awd and navi for both 24 & 36 months with 15k miles per years.

Thank you

cargal4

Here are the numbers I got from a local dealer for a lease of a 2007 Pilot 2WD EXL with navi 15K miles 36 months:

$ 629.76 X 36 Mo @ 0.00303% money factor with $ 1,699.00 CASH DOWN and $ 17,022.60 RESIDUAL

Did this guy think I said a Lexus? This is a Honda...does this really make sense?

Thanks

CarMan@Edmunds

Hi Arun. The dealer invoice price of a 2006 Honda Pilot EX AWD without navigation, DVD, or leather is $28,269. The price that you were quoted, $26,078, is almost $2,200 below invoice. The dealer that you are working with is using the $2,500 dealer cash that Honda is providing on this model right now to arrive at this price. This looks like a very reasonable selling price to me. Using Honda Finance's current lease program, I estimate that this truck should have a 48 month, 15,000 mile per year, zero down, pre-tax monthly payment of around $371. This is close to the payment that you were quoted, except for the whopping $2,500 down payment, so something is off with the payment that the dealer you are working with quoted you. Eliminate any capitalized cost reduction, it's never a good idea to make one when leasing anyhow, and you're in business.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Thanks for the additional information, skurl35. That MSRP sounds a little low to me, but we'll use it for now. OK, so you are interested in leasing a 2006 Honda Pilot EX AWD, I assume that has no leather, navigation, or DVD, with an MSRP of $30,500 and a selling price of $25,723. This truck typically has a spread of a little over $3,000 between its full MSRP and dealer invoice price. Plus Honda is providing $2,500 dealer cash on it right now. That gives us $5,500 to play with. You were quoted a discount of $4,777 on this truck. I estimate that this is around $700 over dealer invoice, which is not bad. This late in the model year, if you are in an area that has a high level of competition I would not be surprised if you were able to beat $700 over invoice by a few hundred dollars.

Using the prices that you mentioned, if you were to lease this truck through Honda Finance I estimate that its 36 month, 12,000 mile per year, zero down, pre-tax monthly payment should be around $374 if you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

If you decide to go with the Quest, get a quote on how much it would cost you to lease a new one before pulling the trigger on this 2004 model. Consumers are often surprised to find that the difference between leasing a used vehicle and a similar brand new model is not as large as they had thought it would be.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Hi jccfouts14. There are a lot of variables that we need to estimate what your monthly payment should be for this truck. They include how long you want to lease it for, the mileage allowance that you need, its full MSRP, and its approximate selling price. For now, I can assume that you are interested in a typical 36 month lease with 12,000 miles per year. I will also assume that you will be able to get this truck for $500 over dealer invoice. Using these assumptions, I can estimate what your lease payment would be on it. According to my calculations, if you were to lease a 2006 Honda Pilot EX-L without the navigation or DVD options with an MSRP of $33,640 and a selling price of $28,336 ($500 over invoice minus $2,500 dealer cash) through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $436 assuming that you qualify for Honda Finance's "Super Preferred" credit tier and pay a security deposit at lease signing. In order to get down to $390 a month before tax, you would have to make a $1,500 capitalized cost reduction. I always advise consumers against making cap cost reductions on leases though, because if their vehicle is stolen and never recovered or totaled in an accident during their lease their down payment essentially disappears.

Car_man
Host
Prices Paid Forum

CarMan@Edmunds

Thanks chippe. 84 months is waaaaay to long to finance a new vehicle for. You'll be paying for it for 7 long years :surprise: . You would be better off leasing a 2006 model now, or waiting until the lease program gets better on the 2007 model. If I was in the market for a Pilot I personally would wait until Honda inevitably introduces special lease money factors on the 2007 Pilot and then lease one. While it is difficult to predict exactly what automakers will do with their future incentives, I expect Honda to introduce lease support on the '07 Pilot some time in the next couple of months.

You never mentioned the selling price of the 2006 Pilot that you are considering getting. You did mention its dealer invoice price, but you should be able to get one for much less than that. Honda is currently providing $2,500 dealer cash on leftover '06 Pilots. You should be able to pick one up right now for around $2,000 under invoice, give or take.

Car_man
Host
Prices Paid Forum

heshootshescor

Dear Car_man,

I have a deposit on a 2006 Honda pilot Ex-L and Nav and an agreed upon price of $29,741 (it has 2,700 miles on it) and want a simple 3 year lease of 36,000 miles. The dealer offered me 8.28 (a money factor of .003450) then 7.4% then 6.9% if i took a 42 month lease. Is there anywhere else I can get a lease deal? :confuse: I am a prior American Honda Finance lesee but I called them and they are unable to help put together a deal.

hooops

Car_man,

Do you have the October lease numbers for 2007 4WD Pilot EX-Ls with Navi and without on 24&36 month leases with 15k mi /yr. My current pilot lease is just about up (11/1) and I'm ready to move forward with another lease of a pilot or something slightly larger (i.e, Tahoe, Armada) if the monthly payments are about the same - suggestions would be appreciated.

Thanks

kywon

Car_man,

When you get them would you also please give me the October lease numbers (MF, residual, and any discounts/rebates) for a 2007 2WD Pilot EX-L with Navi for a 36 month, 12k mi/yr lease. My wife's car is limping along and I'm just waiting for a good deal on the Pilot. Thanks!