I am coming out of a 3-year lease on my Odyssey at the end of April and am interested in leasing a 2007 Honda Pilot, EX-L, 4WD w/entertainment system. I do qualify for Honda Leasing's top tier leasing and would appreciate your opinion on approximate lease prices.
I live in the Kansas City area (Kansas) and know that KS doesn't qualify for the regional lease deal. So far, I've received initial Internet quotes of $30,300 and $30,150 - both using the $2,000 Dealer Cash. How do those numbers sound and what should I do about the remaining month left on my $400/mo. Odyssey lease? Thanks.
In Georgia? Want an EX-L w/ Nav and want to spend $450/mos, no money down (outside of security dep. and like). How do you know what credit tier you would fall into - credit score is high 700's. Thanks.
I have been looking to buy a Honda Pilot EXL. I was not aware of the $2000 dealer cash and was honding office on purchasing until one became available. I keep checking the honda website but did not see anything on dealer cash. Is that available in CT?
Car Man just got a lease price for the following: 2007 Pilot EX AWD, 36 month, 12,000 miles and 7%NJ sales tax included for 344.00 per month. Total out of pocket is 788.00 which includes 1st month, 3 yr MV fee, and doc fee. Sounds pretty good but lets hear some opinions.
lawnmower, That deal sounds pretty standard, and by standard I mean pretty good. Your purchase price is somewhere around $28600? That seems to be about the going rate for the Pilot EX. The $788 sounds a little on the high side, but that 3 yr MV fee could be the reason. I'm assuming this deal is with no downpayment, too. Just my two cents, but I'd sign on at that price. Who knows when you'll see a MF of .00004 again. That's awfully cheap. That and the residuals on the Pilots are pretty good, too. Good luck.
Irish10, yes that is with no money down. The out of pocket is 344.00+185.00 doc fee+3yr MV@86.50 per year=259.00. Total=788.00. They are also going to pay my disposal fee on my Pacifica lease.(300.00) I may try and get something more out of them. Not sure what the cap cost is but the dealer cash has stopped in NJ. I'll keep you posted. Thanks.
I just had to turn down a lease after going back and forth for days with a dealer. His last offer was a 4WD with navigation lease, 36 months, 15,000 miles no money down for $470 a month. I want the $344 deal someone else posted! I just tonite signed for a Highlander for the same price, but I felt like the Highlander was a little better vehicle. Any thoughts?
Is the March Pilot lease special available in California? I am in the market to replace my 2004 with a 2007 Pilot EX-L (w/ Entertainment). Calif doesn't seem to be offering much, so I started looking at other vehicles (Highlander being one). After seeing these latest messages, wonder if I am missing something though???
On cars direct they are showing a dealer incentive from factory on 2007 honda pilot but dont give the amount of incentive. DOES ANYONE KNOW THE AMOUNT.
Hi, everybody. I'm very new to leasing and my head is kind of swimming in numbers. I bought the Leaseguide.com kit and have read a lot of your posts but I'm still not sure I know what I'm doing!
Does this sound like a good deal for a 2007 Pilot LX AWD? I know the cap cost is high but the money factor is really low.
I don't know if the dealer cash can be used on a lease. i was told only on a purchase so make sure. Yes your cap cost is way too high for a LX AWD. My cap cost for a EX is 28,200 and i will try to get that lower. my lease would be at 340.00 with sales tax include on the EX with $0 down. 788.00 up front to pay for first payment, doc and MV fees.You should be at 300.00 with $0 down on the LX. Remember the LX is about 2,500 less than the EX. I use the leasegude.com lease calculator. It is the most accurate. Good luck and keep me posted. John from NJ
Car_Man here is the lease I was offered.2007 Pilot EX AWD, 344.00 per month for 36 monthes,$0 down and 7% NJ sales tax included. 788.00 up front (1st payment,doc fee and 3yr MV fee), the Honda bank fee is included in payment. I do have a couple of questions. 1-dealer said that 2,000 dealer cash cannot be used to lower cap cost, TRUE OR FALSE? 2-Cap cost on this vehicle is 28,299, GOOD OR BAD? 3-I can put the out of pocket $ into the lease and increase payment by a 25.00,YES OR NO? Please Respond. Thanks
FYI, in the showroom "back of the envelope" calculations that the salesman did, he included the dealer cash in the adjusted cap cost. He didn't tell me this, of course, but when I got home and ran the numbers in more detail (using the AWESOME leaseguide.com spreadsheet) I figured out that there was no way he could arrive at his $259/month payment (before sales tax) on a $28,890 purchase price with MF 0.00004 without subtracting that $1500.
I saw in a previous post you replied to that the 36month, 12K/yr residual value of a 2007 Honda Pilot EX was 56% in March. Does that same value apply for the EX-L model?
Hello All_ Looking to lease a 2007 Pilot EXL RES in IL. Here is the first Internet lease deal I received.
Honda has an example of the Pilot EXL RES lease. 36 months 12,000 miles per year $1,800.00 Cap Down (Money Down) $425.00 per month This example excludes taxes, 1st payment. Plates and Fees which would be due at lease signing. This total including the $1,800.00 would be $4,740.00.
I know this is high, and I think I should be able to get the lease for NO MONEY DOWN. What else should I be asking about and is the 425.00 per month price too much. Very new to leasing a car and terminology used in message boards here.
You can't purchase miles per se, but you can negotiate a lower residual rate, which in the end usually comes out cheaper than paying for mileage overages at the end. Every dealer I've spoken with has agreed to 56% residual on 12K and 54% on 15K for the Pilot LX.
Also, ask them to give you the "money factor." This figure should be in the format 0.00122. The money factor on the current Pilot LX lease deal in my area is a very low 0.00004 but I'm not sure if it applies to the EX. The MF is essentially the interest rate on the financing. Its formula is Lease charge / ((Net cap + residual) x term).
For example if your sales tax rate is 5%, adjusted cap is $25,000, residual is $16,000, MF 0.00220: (((25,000 - 16,000)/36) + ((25,000 + 16,000) * 0.00220) + 5%) = 250 + $90.20 + $17.01 = $357.21
They should give you the MF if you ask. If they won't give it to you or claim they don't know, thank them for their time and find another dealer. ;-) A small shift in MF can greatly affect a lease payment.
I have been looking to lease a Honda Pilot EXL for the last 4 months. I was given very high quotes, any where from $550 to $680/mo.! I decided to wait for a special lease program from Honda which is now available. So today, went back to 2 dealerships and they gave me quotes again in the 500-699 range! What is up with this?? I know the MSRP is 32540, one dealer even offered to give me invoice price at 29000 but still a payment of 550/mo. Can someone PLEASE help me understand what is going on? Thanks!
Does anyone know if you can apply the dealer cash to the "cap cost" to lower your monthly payments?? The Cap cost on my vehicle was quoted at 28,299 for the AWD EX 2007.This NEW JERSEY Dealer swears that the dealer cash can only be used when purchasing vehicle. Can anybody confirm this ASAP. Thanks. Oh, by the way, the monthly payment on this vehicle would be around 337.00 per month for 36 monthes with $0 down.
Dealer is being honest, dealer cash does not apply to leases in states that have the .0004 special Honda MF. New Jersey would be one of those states. Your price seems pretty good. Just confirm you come up with the same montly payment by using the 56% residual and MF listed above on a auto lease calculator. I just signed for a EX-L in NY this past weekend.
What kind of deal did you get in NY? I'm also in NY and got a quote as follows:
EX-L
$360 per month 36 months 15K miles per year. Residual of $17,031.60 Money Factor .00004 drive off costs: Tax, 1st month payment and dmv (which amounts to approx. $2k)
Were you asking about my deal? I am picking up the car in a few weeks, its on a truck somewhere near Cleveland now, but I can tell you I am at $395/month for 36 Mon, 12K. Difference being I worked all taxes and fees into lease, so my sign and drive is around $500 - 1st month and DMV only. Your $360 month seems like a good deal as well.
Your residual is only at 50% with the terms your are stating above. That seems very low. My 36 month, 12K deal was 54%. With 15K miles, you should be around 53%.
Actually I am in NJ. The vehicle is EX AWD 2007. First quote was 344.00. 36 monthes,12,000 miles $0 down payment. The Honda bank fee was rolled into the payment as well as 7% NJ sales tax. 788.00 was due at inception. First payment (344),doc fee(185) and 3 yr MV (259). If I decide to include all inception payment would be about 21.00 higher. The cap cost on this vehicle was quoted at 28,299. I am going to try to get it down to the mid 350.00's with the sign and drive, especially when I eliminate the glass etching as told by my insurance carrier. The dealer is MAHWAH HONDA.
Can ANYONE tell me why I'm getting quoted for "on average" $600/mo. to lease a Honda Pilot EX-L? This seems extremely high. Are all the dealerships in Jacksonville, FL complete rip offs? This is crazy! With the new Honda lease program everyone seems to be getting approx. 350/mo. SHould I shop elsewhere? Any suggestions please!!!!!!!!!!!! I've been at this for over 4 months!!
For starters I would ask what Residual and MF they are using and what is the negotiated price of the car he is basing his quote on. I am not sure if Honda's special MF of .00004 is available in Florida.
Hi, tttoooo. I'm sympathetic, buying a car always sucks. However, the web has helped to level the playing field tremendously.
Is the dealer basing that absurd payment on the MSRP value of the car? Don't ever let a dealer tell you that the vehicle price on a lease is "always MSRP" or non-negotiable. It's not. Insist that they negotiate a reasonable price with you first, then discuss payments and other details.
My experience is that although Honda makes some of the best cars in the world, salesmen are always salesmen. All they want to do is shove "payments" at you w/o ever explaining how the payment was calculated. When it comes to leasing a car, the devil is absolutely in the details.
Any dealer worth your time will happily give you the following lease terms upon request:
Vehicle price Fees & charges (such as destination fee) Gross cap cost Cap cost reductions (such as downpayment, incentives) Adj. cap cost Mileage/year Residual value and percent Money factor (in the form 0.00004, 0.002031, etc.) Lease term Taxes & DMV fees due at signing
Thanks so much for your time and info. I have actually just contacted an online car specialist yesterday and so far they have quoted me at 480/mo. We'll see how much lower he can get the payments. I have negotiated MSRP to 29,500 and have been given a money factor of .0015. They just keep coming back with these outrageous payments that don't even make sense when I break it all down. So I'm DONE with Jacksonville salesmen. They are ALL crooks! I'm hoping to work a deal with this online place, Carsdirect.com. Have you ever heard of them? Are they legitimate?
Wow! From my experience, that price is AWESOME! I can't even come close to that. The salesmen in Florida quote me anywhere from 480/mo to 699! And thats only for an EXL 2whl.drive, NO DVD. I SAY GRAB IT! What's the dealership name? I'd like to work a deal with them.
Sale Price... 32684.00 (Acq fee of $595 is included) Total out of pocket.....2500.00 Money Factor... .00004 Sales tax.......7% (NJ) Total miles....15k per year Term.........36 months
I also asked about the EX-L 4wd without the NAV with the same assumptions of out of pocket and money factor, and he quoted me 364.00 including tax.
Just returned home with my new Pilot. Here are the details: 2007 EX AWD, 36 month,12,000 miles,$0 down payment. First Payment, the doc fee(185.00),3yr MV fee(260.00),7.50 tire tax,595.00 Honda Acq fee,and 7% New Jersey sales tax all included. 359.00 per month for the next 35 monthes. This was a TRUE SIGN AND DRIVE lease (left my check book at home). The dealership is MAHWAH HONDA IN NORTHERN NEW JERSEY and the salesman is in the internet department (JD). Dealership was very easy to work with with "no pressure". If you see Joe make sure you tell him LAWNMOWER recommended you.
4WD EX-L MSRP: 33840 with destination charge Selling Price: 30,500 with aquisition fee. Lease Length: 36 months Money Factor: .0004 12k per year...residual of $18,273....payment of $381 15k per year....residual of $17,596....payment of $401
Do the numbers look right?
I tried to negotiate a $30,000 sale price and he said that $30,000 was $600 under his invoice.
Comments
I am coming out of a 3-year lease on my Odyssey at the end of April and am interested in leasing a 2007 Honda Pilot, EX-L, 4WD w/entertainment system. I do qualify for Honda Leasing's top tier leasing and would appreciate your opinion on approximate lease prices.
I live in the Kansas City area (Kansas) and know that KS doesn't qualify for the regional lease deal. So far, I've received initial Internet quotes of $30,300 and $30,150 - both using the $2,000 Dealer Cash. How do those numbers sound and what should I do about the remaining month left on my $400/mo. Odyssey lease? Thanks.
Want an EX-L w/ Nav and want to spend $450/mos, no money down (outside of security dep. and like).
How do you know what credit tier you would fall into - credit score is high 700's.
Thanks.
I have been looking to buy a Honda Pilot EXL. I was not aware of the $2000 dealer cash and was honding office on purchasing until one became available. I keep checking the honda website but did not see anything on dealer cash. Is that available in CT?
Thanks,
MaryK
That deal sounds pretty standard, and by standard I mean pretty good. Your purchase price is somewhere around $28600? That seems to be about the going rate for the Pilot EX. The $788 sounds a little on the high side, but that 3 yr MV fee could be the reason. I'm assuming this deal is with no downpayment, too. Just my two cents, but I'd sign on at that price. Who knows when you'll see a MF of .00004 again. That's awfully cheap. That and the residuals on the Pilots are pretty good, too. Good luck.
I just tonite signed for a Highlander for the same price, but I felt like the Highlander was a little better vehicle. Any thoughts?
I got the same lease deal in Indiana.
2007 Pilot AWD EX-L w/nav for $470
15,000 miles/year 0 down 36 months
What a difference could be is the $470 includes 6% sales tax to Indiana each month. If your sales tax is higher than the payment would be higher.
The deal was Approx. $2500 under invoice. With the special lease deal, the interest rate is basically 0
Does anyone know if the .00004 MF is available in AZ? I can't find that anywhere.
Also, what is the current dealer cash, is it still $1500 like February?
Lastly, I am ending a lease on an Acura (through Hinda financial services) do you know if I get out of any fees (like acquisition?)
Thanks!!
Does this sound like a good deal for a 2007 Pilot LX AWD? I know the cap cost is high but the money factor is really low.
Gross cap cost: $28,890
Cash down: $1,999 (me) + $1,500 (dealer cash) = $3499
Money factor: 0.00004
Term: 36 months
Monthly payment w/ taxes: 275.60
Any opinions would be appreciated.
FYI, in the showroom "back of the envelope" calculations that the salesman did, he included the dealer cash in the adjusted cap cost. He didn't tell me this, of course, but when I got home and ran the numbers in more detail (using the AWESOME leaseguide.com spreadsheet) I figured out that there was no way he could arrive at his $259/month payment (before sales tax) on a $28,890 purchase price with MF 0.00004 without subtracting that $1500.
--JL
I saw in a previous post you replied to that the 36month, 12K/yr residual value of a 2007 Honda Pilot EX was 56% in March. Does that same value apply for the EX-L model?
Does anyone know if the .00004 MF is available in AZ? I can't find that anywhere.
Also, what is the current dealer cash, is it still $1500 like February?
Lastly, I am ending a lease on an Acura (through Hinda financial services) do you know if I get out of any fees (like acquisition?)
Thanks!!"
Anyone??
Please??
Looking to lease a 2007 Pilot EXL RES in IL. Here is the first Internet lease deal I received.
Honda has an example of the Pilot EXL RES lease.
36 months
12,000 miles per year
$1,800.00 Cap Down (Money Down)
$425.00 per month
This example excludes taxes, 1st payment. Plates and Fees which would be due at lease signing. This total including the $1,800.00 would be $4,740.00.
I know this is high, and I think I should be able to get the lease for NO MONEY DOWN. What else should I be asking about and is the 425.00 per month price too much. Very new to leasing a car and terminology used in message boards here.
Thanks,
KB70
--JL
Your monthly payment is always calculated thusly:
(((Adj. cap cost - Residual value) / Term) + ((Adj. cap cost + residual value) * Money factor) + Sales tax)
For example if your sales tax rate is 5%, adjusted cap is $25,000, residual is $16,000, MF 0.00220: (((25,000 - 16,000)/36) + ((25,000 + 16,000) * 0.00220) + 5%) = 250 + $90.20 + $17.01 = $357.21
They should give you the MF if you ask. If they won't give it to you or claim they don't know, thank them for their time and find another dealer. ;-) A small shift in MF can greatly affect a lease payment.
--JL
Thanks for the great info. I'll find out this information and post their response to these questions.
Thanks again,
KB70
Here is the info they sent me back on the questions you told me to ask.
Gross Cap Cost 30410.00
Sales Tax Rate 7.75% Cook County
Money Factor with waiver of Security Deposit .00320
Any suggestions on what I should ask them for?
Thanks, KB70
What kind of deal did you get in NY? I'm also in NY and got a quote as follows:
EX-L
$360 per month
36 months
15K miles per year.
Residual of $17,031.60
Money Factor .00004
drive off costs: Tax, 1st month payment and dmv (which amounts to approx. $2k)
Your $360 month seems like a good deal as well.
--JL
Is the dealer basing that absurd payment on the MSRP value of the car? Don't ever let a dealer tell you that the vehicle price on a lease is "always MSRP" or non-negotiable. It's not. Insist that they negotiate a reasonable price with you first, then discuss payments and other details.
My experience is that although Honda makes some of the best cars in the world, salesmen are always salesmen. All they want to do is shove "payments" at you w/o ever explaining how the payment was calculated. When it comes to leasing a car, the devil is absolutely in the details.
Any dealer worth your time will happily give you the following lease terms upon request:
Vehicle price
Fees & charges (such as destination fee)
Gross cap cost
Cap cost reductions (such as downpayment, incentives)
Adj. cap cost
Mileage/year
Residual value and percent
Money factor (in the form 0.00004, 0.002031, etc.)
Lease term
Taxes & DMV fees due at signing
--JL
Here is the info they sent me back on the questions you told me to ask.
Gross Cap Cost 30410.00
Sales Tax Rate 7.75% Cook County
Money Factor with waiver of Security Deposit .00320
Any suggestions on what I should ask them for?
Do you know if the special Pilot lease deal applies in IL?
Can I ask them for a better Gross Cap Cost?
Thanks, KB70
399 + tax for an EXL 4x4 with DVD system, 36 months.
He provided the following when asked:
Sale Price... 31,789.00
Residual...... 18,273.60
Money Factor... .00004
Acq fee of $595 included in monthly payment.
Is there any room for bargaining here or is this a pretty good deal?
THANKS!
Thanks again for you help!
403.10 including tax for the EXL 4wd with NAV.
Details below:
Sale Price... 32684.00 (Acq fee of $595 is included)
Total out of pocket.....2500.00
Money Factor... .00004
Sales tax.......7% (NJ)
Total miles....15k per year
Term.........36 months
I also asked about the EX-L 4wd without the NAV with the same assumptions of out of pocket and money factor, and he quoted me 364.00 including tax.
4WD EX-L
MSRP: 33840 with destination charge
Selling Price: 30,500 with aquisition fee.
Lease Length: 36 months
Money Factor: .0004
12k per year...residual of $18,273....payment of $381
15k per year....residual of $17,596....payment of $401
Do the numbers look right?
I tried to negotiate a $30,000 sale price and he said that $30,000 was $600 under his invoice.
Thanks
I am also looking for a 4WD EX-L with Navi. Any idea why the .0004 MF is not avail. in IL?