Dealbuster, is that with taxes rolled in? For the same car and terms, I just signed at $395 month, but with NY taxes (8.625%) included. All I paid at singning was DMV fees and the $395 1st month.
CarMan or anyone else who knows the answer... I've been looking at the Pilot. Still negotiating the selling price but I'm close.
Now, my question is how can the payment on a shorter term lease (ie 24, 27 or 29) be more than the payment on a 36 month lease? The money factor is the same (as disclosed by a dealer) and I have to imagine the residual is going to be higher because you're using less of the car...
So, I'm a bit stumped... I really don't want the car for 3 years.
Would appreciate your thoughts! Thanks all and Carman,
I've contacted five dealers in the Metro Boston area in search of a 2007 Honda Pilot EX-L Lease and so far I've received the following as the best offer:
2007 PILOT EXL 4WD: MASS RESIDENCE: 36 MONTHS LEASE WITH 12K MILES PER YEAR RESIDUAL VALUE: 54% MONEY FACTOR: .00004 CAP COST IS $30,032.00 WITH DESTINATION
Listed below are all the different Lease options:
=ZERO CASH DOWN; JUST THE INITIAL UP FRONTS OF $747.00, PAYMENT IS $364.00 W/MASS TAX =WITH $2,500.00 TOTAL DUE AT SIGNING, PAYMENT IS $313.00 W/MASS TAX =WITH $4,500.00 TOTAL DUE AT SIGNING, PAYMENT IS $255.00 W/MASS TAX =WITH $6,500.00 TOTAL DUE AT SIGNING, PAYMENT IS $198.00 W/MASS TAX =SIGN AND DRIVE; PAYMENT IS $385.00 W/MASS TAX
I'm working three other dealers at the same time and I'll see what the end of the week (month-end) brings for further price reductions.
So far I'm at $3820.00 off MSRP, but I'm figuring if I'm already being quoted under Invoice that they must be using additional incentives or the $2,000 factory-to-dealer offer to get to this price level.
I'm thinking they should be able to get down to $29,000 (sale price) before I consumate the deal. Am I in the ballpark?
Any thoughts, opinions, or other deals that are comparable in the Boston area? How far down should I expect them to go?
Ok, so I'm not expert in leasing but I do know that the selling price (cap cost) is the price you negotiate for the car which makes your payments lower.
Check out the email that I received from the dealer salesperson:
"The selling price would be different on a buy and on a lease (im sure you researched it). My guess is that you would need to know first if your A. going to be leasing B. if your going to be buying and C. when you would be making your "final" decision. Whatever number you get on a lease that you think is the best number run it by me since you are shopping prices.
Let me know."
What?????!!!!! What kind of crap is he trying to pull?? someone tell me if I'm completely off base here, but last I looked/read, there's no difference in the price if you buy/lease. I've read time and time again, that you should negotiate the price of the car as if you were going to purchase it... So, what's the deal??
Somoeone help me out here because I'm really starting to lose my mind with these sneaky, lying salespeople!!
there are different incentives for leasing vs. buying. if you are buying then there is a factory incentive of $2000. if leasing the $2000 is not available because of the special lease rate. but you still need to try and negotiate the purchase price. just realize that as things stand right now it will not be as low as if you were buying.
This is what I did... I emailed and requested quotes (indicated that I hadn't decided if I would lease or buy). When I received back quotes I asked how the price translated into a lease payment.
Got a reply to that, no problem. The MSRP of the vehicle is $33245. If I were buying it would be $31245 but I got a quote of $28,302 and this price was broken down into a lease payment for me.
Now, he asked that I give him a chance to meet or beat my best price and when I went back and told him that I received a quote of $27,955, he said "I'm confused, I thought you were leasing"
My point is that it doesn't matter. I'm asking you for your best price and then we figure out the financing...
So, I go back and tell him that I'm undecided about my financing and he tells me that I need to decide if I'm leasing/buying and when I'm making my decision. Excuse me??? You don't tell me when I do this or how I'm doing it. Give me your best price and I'll determine whether or lease the car or buy it.
Sorry dude.... but you are wrong. I don't think the dealer is doing a good job explaining the factory incentives.
Right now the factory is kicking in $2000 to the dealer if you are buying a car out right, not leasing. The $2000 is not available for a lease. The factory will not give the dealer the $2000 if you lease.
Say you are buying (not leasing) a pilot and the dealer gives you a great deal for $28,000. Well that great deal includes the $2000 from the factory.
Now all of a sudden you decide you want to lease. The dealer has to up the price to $30,000 because the factory will not kick in the $2000.
MSRP 32500 Sale price 27400 (including freight) Md sales tax (5%) and fees about 2000 No down payment or deposit, just first month Money factor .035 486.22/ 48 months/ 12000 miles Residual 13.300 (41 %)
Here's my calculation...Are you having other fees rolled into the lease? Beside the payments being off, I think Honda's lease rate of .00004 is a national promotion.
Don't go by my word alone, see what others have to say. I just wanted to give you my 2cents so you're not sitting and waiting.
the taxes and additional fees are rolled into the lease, about 2000, they say they don't have a special on Pilot leases, only on Accords and Oddysey's, after I called and complained they said they would move me to superpreferred tier and bring mf to 0,031...
Hi Everyone. I thought I'd post this reply that I received from a Honda dealer to serve as a piece of entertainment for everyone (the funny part is in the 1st sentence) Hope you get a nice giggle out of it.
Im asking you for monthly payments because the selling price wouldnt really matter...seeing that your probably shopping 4 to 8 other dealerships. We are all going to give you the "best price" as far as selling price, on both a lease and a buy. If you where to tell me your best monthly payment on a lease and the best price on a buy. I could beat those figures or at least come very close.
This bs after I indicated on several occasions that I quite familiar with the leasing process. SAD...SO, SO sad that dealers will blatantly deceive.
I just discovered I can do this so I'm going with it; I'm about to extend my current lease (which is up on Monday). Talk about just in the nic of time. I wasn't having any good experiences with any salespeople.
A few questions before I dive though:
Is there a better time of the year for leasing and a better time to purchase. I was under the impression that the end of the year or at least the second half of the year would be the best time to do either but after some reading, I've found conflicting information.
If I extend my lease for an additional 6 months and then find a good lease deal in the 3rd month, can I still get into it (assuming the dealer will make my last 3 payments)?? What happens to the car? It should still work as if I were in the original term of my lease, right?
Your 2cents would be greatly appreciated. Thanks. Mara
What is the best lease payt for 2007 Honda Pilot EX L MSRP $ 33840 New Jersey leasing in March 2007 Zero out of pocket. 36 month lease thru Amer Honda Finance Co True sign and drive Your help is appreciated
I am getting out of my lease in the middle of April so I started car shopping. (Lease assumption not lease end so Honda will not be taking over last payment or anything). I was very impressed with the Pilot. I got a quote of $420/mo for 36 mos/15K. This is in NJ, btw. This was if I took it yesterday which I wasn't willing to do. I went on Honda's website and it seems to me the current Pilot lease deal ends April 30, 2007. Am I right? If so, then does the .0004 MF hold until then. Also, I plan on working this number a bit. Seems another NJer got the same car for $403.10/mo from another dealership.
$3,491.38 due to signing (everything included- first month, taxes etc) $263.94/month 36 months and 12 000 miles a year What do you think? Ok deal? Thank you very much
What is the Best lease payment for Pilot EX L 2007 AWD by morgageman Mar 30, 2007 (4:22 am) What is the best lease payt for 2007 Honda Pilot EX L AWD MSRP $ 33840 New Jersey leasing in March 2007 Zero out of pocket. 36 month lease thru Amer Honda Finance Co True sign and drive Your help is appreciated Thanks
Hi, I was quoted a selling price of 29,625.41 for a 36 mo, 15K lease by VIP Honda in NJ for an EX-L w/Navi and a monthly payment of $419. Unless I'm doing this wrong I come out with a much lower amount for this lease (I could not get an actual residual but I assumed it was 54% from the posts) My calculations were as follows: Total Dep. = 29625.41 - 19140.30 = 10485.11 Vech. Monthly Dep. = 10485.11/36 = 291.25 Interest charge = (28625.41+19140.30)*.0004 = 19.50 Monthly Payment = 310.75 w/7% sales tax = 332.51 which is obviously was under the $419 amount. Does anyone know if my residual is wrong or something in my math? I'm trying to figure out the best i should be able to do with a lease through Honda. Thanks.
Azbriank, If I am correct at where I am looking on the website (Honda Special Offers - regional offers) the states that qualify for the Pilot special lease are CT, DE, FL, IN, KY, ME, MA, MI, MN, ND, NH, NJ, NY, OH, PA, RI, SD, SOUTHERN CA, VT & WI. Depending on where you are in AZ, maybe you could head into southern CA for the deal.
taliaferro -- so how did you make out? Did you turn in a lease or are you starting new? My current 04 Acura MDX lease is ending in 2 months (June) and even though I've only got 21,000 miles on it, the cost to lease an 07 Acura MDX is much pricier than what I'm paying now ($485). So, I'm now looking at leasing an 07 Honda Pilot EXL w/ Navigation. Do you have any recommendations on dealerships?
I'm assuming this is a non 4WD EX-L Navi. Is that correct? If so, The depreciation is based on MSRP not the selling price (CAP COST). You are correct in that the payment is way off that they sent you. I calcuated the payment to be $342.71 including 7% sales tax and adding the $595 bank fee into the lease. This is based on the .00004 (0.1%) Money Factor and 54% residual ($18760). It appears they must have been quoting you $1885 below invoice which is $31510. I thought they could only do this for purchases not leases because there is a $2000 cash incentive. When I add back the $1885 it comes to $31410 selling price ($100 below invoice) or $395.85 per month which makes more sense to me. I hope this makes sense to you but if not let me know. A couple more things, I have been quoted 53% residual but I don't know if that's for 4WD or if it dropped 1% for April. Does anybody else know? Also, I was quoted .00004 MF NOT .0004 which I have seen posted. This makes quite a difference in the calculation. I'm assuming it's the one I was quoted from the dealer but please let me know if not. Thanks
Hi HoosierJerry. You never mentioned the selling price of the Pilot that you are interested in leasing. This is an important number 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 the price of the truck that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary 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 its selling price is.
No problem, irish10. Honda's special lease program for the 2007 Pilot is available in Indiana and Michigan, but I don't believe that it is available in Illinois. $2,300 over invoice is too high to pay for an '07 Pilot right now. Make sure to stop by the following discussion to see how much other community members have paid for this truck lately: "Honda Pilot: Prices Paid & Buying Experience".
Hello lawnmower. Unfortunately, the $2,000 dealer cash that is currently available on the 2007 Pilot is not compatible with its special lease program.
Vehicles' residual values do vary by mileage allowance. Honda's advertised leases always include 12,000 miles per year. If you need to drive more than that, it also has 15,000 mile per year leases. Honda Finance's residual values for leases with 15,000 miles per year are 2% lower than its 12,000 mile per year residual values.
The dealer invoice price of a 2007 Pilot EX 4WD is $30,697. So it appears as though the price that you were quoted includes the dealer cash. If you provide me with the exact MSRP and selling price that this dealer will use for a lease of it I will be happy to use Honda's special lease program to estimate what your monthly payment should be.
Honda's current special lease program on the 2007 Pilot is scheduled to run through April 30th.
Hey thinker01. Honda is not offering the special regional lease program that is available on the 2007 Pilot in Arkansas. In your state there is either 0.9% special financing for 3 years and 3.9% for 4 to 5 years or $2,000 dealer cash on this truck.
Hi purgei. You would be better off waiting until the month that your current lease is scheduled to end to get a new truck. There's no reason to waste your final lease payment. You're right, the special lease program that Honda is currently running on the 2007 Pilot is not available in Kansas. In your state there is either the 0.9% to 3.9% special financing or $2,000 dealer cash that I mentioned in my previous post. If you want to lease an '07 Pilot, you will have to use Honda's standard lease program. Its current buy rate standard lease money factor for 36 month leases is .00280. The selling prices that you were quoted for this truck look very attractive. They appear to be right around dealer invoice minus the $2,000 dealer cash.
Actually that is the 4wd version. I have received selling prices in the $29K range in NJ so even adding back the $2K we are looking in the $31K range. Then I agree your $395.85 makes sense and I would be looking at around $415, which I have been quoted (the actual calculation would be $423 but maybe I'm getting a little break here). Does it still sound like a pretty good deal? Thanks, Mandy
Hi mchearsch. Unfortunately, Honda's special lease program on the 2007 Pilot is not available in Georgia right now. If you want to lease this truck you will have to use the $2,000 dealer cash that is available on it to negotiate an attractive capitalized cost and then lease it using Honda Finance's standard lease program. One needs a credit score of 710 or higher to qualify for Honda Finance's top credit tier.
Hi MaryK. The $2,000 dealer cash that Honda is currently providing on the 2007 Pilot is available nationally, but it is not compatible with Honda's special regional special financing rates or its regional special lease program. Since you are in a state that the special lease program is available in, Connecticut, you will not be able to take advantage of the dealer cash if you lease.
Hi socalc6. Honda's current special regional lease program on the '07 Pilot is not available in California. There is $2,000 dealer cash on this truck in your area though that you will be able to use to negotiate an attractive capitalized cost for your lease.
Hello wreills. Honda is currently providing $2,000 dealer cash on the 2007 Pilot. This incentive is not compatible with the special financing or lease programs.
Hello azbriank. Unfortunately, Honda's special regional lease program on the 2007 Pilot is not available in Arizona. If you lease this truck through Honda Finance in your area you will have to use its standard lease program. The dealer cash that's available on this model was increased to $2,000. Honda Finance will not waive its acquisition fee for returning lessees, but it will waive its security deposit requirement.
Hey lawnmower. What you were told about the dealer cash is correct. It cannot be used to lower the capitalized cost of vehicles leased through Honda's special lease program.
Let's take a look at the selling price that you were quoted. The dealer invoice price of a 2007 Honda Pilot EX AWD without leather, navigation, or the entertainment system is $28,618. The selling price that you were quoted, $28,299 is very attractive. You should be able to roll most of the charges that you would have to pay at lease signing into your truck's capitalized cost if you want to.
Hi vballny23. The current 36 month, 12,000 mile per year residual value for the 2007 Honda Pilot EX-L AWD without navigation or DVD is 2% lower than the cloth model, 54%.
Hi Maradag. Generally speaking, the lease payments on 24 month leases are almost always higher than they are on 36 month leases. This is because new vehicles experience their most rapid depreciation over the first year of their lives. Consumers who lease for 36 months instead of 24 months have an additional 12 payments to spread this large initial depreciation hit out over. There are exceptions to this rule if a manufacturer is offering extra support on the 24 month lease, but this is usually how it works.
Greetings taliaferro. Honda's special regional lease program for the 2007 Pilot is available in your state, Massachusetts. This is a good thing because its special lease money factor for this truck is very attractive, but it means that you cannot use the $2,000 dealer cash in the negotiation of your truck's capitalized cost. You probably will be able to get an '07 Pilot for fairly close to dealer invoice right now. Make sure to stop by the following discussion to see how much other community members have paid for similar trucks lately: "Honda Pilot: Prices Paid & Buying Experience".
Greetings morgageman. The lower this truck's selling price is, the lower its monthly payment will be. I will work up a sample lease payment on the truck that you are interested in using a selling price of $300 over dealer invoice to give you an idea of what to expect. According to my calculations, if you were to lease a 2007 Honda Pilot EX-L AWD without the navigation or DVD options with an MSRP of $33,840 and a selling price of $30,997 in New Jersey right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $375 with the payment of a security deposit at lease signing and assuming that you qualify for its "Super Preferred" credit tier. If you were to have the security deposit waived and Honda Finance's $595 acquisition fee rolled into your truck's capitalized cost instead of paying them at lease signing, the payment for an otherwise identical lease would increase to around $396.
Hey suvgal. You are correct. The dealer who told you that this offer was only available in March was trying to create a false sense of urgency to get you to finalize your deal then. Honda's special regional lease program on the '07 Pilot does indeed run through April 30th.
Hi krka. 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.
Hey garylev. 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.
Hi azbriank. Honda's April lease program for the 2007 Pilot is exactly the same in April as it was in March. Its special lease money factor for this model is still .00004, but unfortunately it is still not available in the state of Arizona. If you really want to lease an '07 Pilot in your area you will have to use the $2,000 dealer cash that is available on it to negotiate an attractive capitalized cost and then lease it using Honda Finance's standard lease program.
Comments
CarMan or anyone else who knows the answer... I've been looking at the Pilot. Still negotiating the selling price but I'm close.
Now, my question is how can the payment on a shorter term lease (ie 24, 27 or 29) be more than the payment on a 36 month lease? The money factor is the same (as disclosed by a dealer) and I have to imagine the residual is going to be higher because you're using less of the car...
So, I'm a bit stumped... I really don't want the car for 3 years.
Would appreciate your thoughts!
Thanks all and Carman,
Maradag.
2007 PILOT EXL 4WD:
MASS RESIDENCE: 36 MONTHS LEASE WITH 12K MILES PER YEAR
RESIDUAL VALUE: 54%
MONEY FACTOR: .00004
CAP COST IS $30,032.00 WITH DESTINATION
Listed below are all the different Lease options:
=ZERO CASH DOWN; JUST THE INITIAL UP FRONTS OF $747.00, PAYMENT IS $364.00
W/MASS TAX
=WITH $2,500.00 TOTAL DUE AT SIGNING, PAYMENT IS $313.00 W/MASS TAX
=WITH $4,500.00 TOTAL DUE AT SIGNING, PAYMENT IS $255.00 W/MASS TAX
=WITH $6,500.00 TOTAL DUE AT SIGNING, PAYMENT IS $198.00 W/MASS TAX
=SIGN AND DRIVE; PAYMENT IS $385.00 W/MASS TAX
I'm working three other dealers at the same time and I'll see what the end of the week (month-end) brings for further price reductions.
So far I'm at $3820.00 off MSRP, but I'm figuring if I'm already being quoted under Invoice that they must be using additional incentives or the $2,000 factory-to-dealer offer to get to this price level.
I'm thinking they should be able to get down to $29,000 (sale price) before I consumate the deal. Am I in the ballpark?
Any thoughts, opinions, or other deals that are comparable in the Boston area? How far down should I expect them to go?
Any feedback would be greatly appreciated.
Many thanks.
Check out the email that I received from the dealer salesperson:
"The selling price would be different on a buy and on a lease (im sure
you
researched it). My guess is that you would need to know first if your
A.
going to be leasing B. if your going to be buying and C. when you would
be
making your "final" decision. Whatever number you get on a lease that
you
think is the best number run it by me since you are shopping prices.
Let me know."
What?????!!!!! What kind of crap is he trying to pull?? someone tell me if I'm completely off base here, but last I looked/read, there's no difference in the price if you buy/lease. I've read time and time again, that you should negotiate the price of the car as if you were going to purchase it... So, what's the deal??
Somoeone help me out here because I'm really starting to lose my mind with these sneaky, lying salespeople!!
Thanks,
Maradag
there are different incentives for leasing vs. buying. if you are buying then there is a factory incentive of $2000. if leasing the $2000 is not available because of the special lease rate. but you still need to try and negotiate the purchase price. just realize that as things stand right now it will not be as low as if you were buying.
This is what I did... I emailed and requested quotes (indicated that I hadn't decided if I would lease or buy). When I received back quotes I asked how the price translated into a lease payment.
Got a reply to that, no problem. The MSRP of the vehicle is $33245. If I were buying it would be $31245 but I got a quote of $28,302 and this price was broken down into a lease payment for me.
Now, he asked that I give him a chance to meet or beat my best price and when I went back and told him that I received a quote of $27,955, he said "I'm confused, I thought you were leasing"
My point is that it doesn't matter. I'm asking you for your best price and then we figure out the financing...
So, I go back and tell him that I'm undecided about my financing and he tells me that I need to decide if I'm leasing/buying and when I'm making my decision. Excuse me??? You don't tell me when I do this or how I'm doing it. Give me your best price and I'll determine whether or lease the car or buy it.
Am I completely wrong here???
Right now the factory is kicking in $2000 to the dealer if you are buying a car out right, not leasing. The $2000 is not available for a lease. The factory will not give the dealer the $2000 if you lease.
Say you are buying (not leasing) a pilot and the dealer gives you a great deal for $28,000. Well that great deal includes the $2000 from the factory.
Now all of a sudden you decide you want to lease. The dealer has to up the price to $30,000 because the factory will not kick in the $2000.
When I started talking lease, he didn't say "oh, if you're leasing then I have to subtract $2k from the price I gave you".
So what's the deal then? It confuses the heck out of me and then makes me think he's trying to be scummy.
Ok, so how do I handle this now? I'm full of pride but so far its the best offer I've gotten.... Ugh!
MSRP 32500
Sale price 27400 (including freight)
Md sales tax (5%) and fees about 2000
No down payment or deposit, just first month
Money factor .035
486.22/ 48 months/ 12000 miles
Residual 13.300 (41 %)
27,400 - 13,300= 14,100 (depreciation aka the amount used)
14,100/48= 293.75 (payments per month less rent fee & tax)
27400 + 13300= 40,700 * .0035= 142.45 (monthly rent charge)
293.75 + 142.45= 436.20
436.20 * 5%= 458.01 monthly payment with tax.
Here's my calculation...Are you having other fees rolled into the lease? Beside the payments being off, I think Honda's lease rate of .00004 is a national promotion.
Don't go by my word alone, see what others have to say. I just wanted to give you my 2cents so you're not sitting and waiting.
thanks for you time and input!
Im asking you for monthly payments because the selling price wouldnt
really
matter...seeing that your probably shopping 4 to 8 other dealerships.
We are
all going to give you the "best price" as far as selling price, on both
a
lease and a buy. If you where to tell me your best monthly payment on a
lease and the best price on a buy. I could beat those figures or at
least
come very close.
This bs after I indicated on several occasions that I quite familiar with the leasing process. SAD...SO, SO sad that dealers will blatantly deceive.
I just discovered I can do this so I'm going with it; I'm about to extend my current lease (which is up on Monday). Talk about just in the nic of time. I wasn't having any good experiences with any salespeople.
A few questions before I dive though:
Is there a better time of the year for leasing and a better time to purchase. I was under the impression that the end of the year or at least the second half of the year would be the best time to do either but after some reading, I've found conflicting information.
If I extend my lease for an additional 6 months and then find a good lease deal in the 3rd month, can I still get into it (assuming the dealer will make my last 3 payments)?? What happens to the car? It should still work as if I were in the original term of my lease, right?
Your 2cents would be greatly appreciated. Thanks.
Mara
MSRP $ 33840 New Jersey leasing in March 2007
Zero out of pocket. 36 month lease thru Amer Honda Finance Co True sign and drive Your help is appreciated
$263.94/month
36 months and 12 000 miles a year
What do you think? Ok deal?
Thank you very much
36 months
12,000 miles
Lease 2007 DVD Pilot for $402 NY including tax?
Should I try for less?
Please let me know ASAP-
Regards-
What is the Best lease payment for Pilot EX L 2007 AWD by morgageman Mar 30, 2007 (4:22 am)
What is the best lease payt for 2007 Honda Pilot EX L AWD
MSRP $ 33840 New Jersey leasing in March 2007
Zero out of pocket. 36 month lease thru Amer Honda Finance Co True sign and drive Your help is appreciated
Thanks
Pilot EX-L w/RES (DVD)
$6500 Down
$265/month (including taxes) for 36 months (12K miles/yr.)
Capitalized Cost $28,011
I was quoted a selling price of 29,625.41 for a 36 mo, 15K lease by VIP Honda in NJ for an EX-L w/Navi and a monthly payment of $419.
Unless I'm doing this wrong I come out with a much lower amount for this lease (I could not get an actual residual but I assumed it was 54% from the posts)
My calculations were as follows:
Total Dep. = 29625.41 - 19140.30 = 10485.11
Vech. Monthly Dep. = 10485.11/36 = 291.25
Interest charge = (28625.41+19140.30)*.0004 = 19.50
Monthly Payment = 310.75
w/7% sales tax = 332.51
which is obviously was under the $419 amount.
Does anyone know if my residual is wrong or something in my math? I'm trying to figure out the best i should be able to do with a lease through Honda.
Thanks.
Is the .0004 nationwide (or at least in AZ)?
If I am correct at where I am looking on the website (Honda Special Offers - regional offers) the states that qualify for the Pilot special lease are CT, DE, FL, IN, KY, ME, MA, MI, MN, ND, NH, NJ, NY, OH, PA, RI, SD, SOUTHERN CA, VT & WI. Depending on where you are in AZ, maybe you could head into southern CA for the deal.
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Vehicles' residual values do vary by mileage allowance. Honda's advertised leases always include 12,000 miles per year. If you need to drive more than that, it also has 15,000 mile per year leases. Honda Finance's residual values for leases with 15,000 miles per year are 2% lower than its 12,000 mile per year residual values.
The dealer invoice price of a 2007 Pilot EX 4WD is $30,697. So it appears as though the price that you were quoted includes the dealer cash. If you provide me with the exact MSRP and selling price that this dealer will use for a lease of it I will be happy to use Honda's special lease program to estimate what your monthly payment should be.
Honda's current special lease program on the 2007 Pilot is scheduled to run through April 30th.
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Thanks,
Mandy
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Let's take a look at the selling price that you were quoted. The dealer invoice price of a 2007 Honda Pilot EX AWD without leather, navigation, or the entertainment system is $28,618. The selling price that you were quoted, $28,299 is very attractive. You should be able to roll most of the charges that you would have to pay at lease signing into your truck's capitalized cost if you want to.
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