By accessing this website, you acknowledge that Edmunds and its third party business partners may use cookies, pixels, and similar technologies to collect information about you and your interactions with the website as described in our
Privacy Statement, and you agree that your use of the website is subject to our
Visitor Agreement.
Comments
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Let's take a look at the deal that you were quoted. The selling price that you were quoted for this truck is right around dealer invoice, which is a very good deal. Just make sure that the dealer you are working with uses Honda Finance's special regional buy rate lease money factor of .00048 (for "Super Preferred" tier customers who pay a security deposit at lease signing) to calculate your monthly payment and you're all set.
Car_man
Host
Prices Paid Forum
Term 48 Month 12K/Year
MSRP = 35,464 (including destination of 595.)
Price = 30909 (what we agreed on)
Tax = 6%
Residual = 41% (I feel this is way low considering most cars are at ~52%)
Trade = -2150 We owe 2150 on the car
Payment = 579.00 (this is with us paying 1600, and them cutting a check for 2150 to finish paying off our current lease)
So, with the above figures, I can't understand how they want to charge us 579 when I see 36 month leases for much less that this. Any help appreciated.
You still need to know the selling price to get an accurate amount but check out post #1019 where Car_man figured out a similar quote. It'll be a little more than that since the Mar/Apr money factor was .00004 and it is now .00048 but I can't see it being much more.
1st - please don't lease for 4 years - you will be out of warranty and this is causing your residual to be lower. I'd suggest a 3yr/15K lease which is only 3000 total miles less over the lease and your residual goes up to 51% (I believe).
2nd - the MSRP is way off - it should be $32,540 (including the $595 destination fee) for an EX-L 2WD.
3rd - the current special lease factor is not available in GA but it is in FL so if you take a trip, maybe you could get it (as I don't have access to actual lease #s and definitely would defer to Car_man on this I used you going to FL as the case)
4th - I assumed your $1600 included taxes, fees, etc. - If this is down payment - your numbers will be different
Ok, so far w/your $2150 turn-in, $1600 cash due at signing and if you go to FL to get this, you are looking at $510.03/mo including tax and a residual of $16,595.40.
The $579 you were quoted probably wasn't far off depending on the actual MF for GA.
If you can afford to pay off at least some of the $2150 yourself, your #s go down (this is why your quote was so high).
Car_man, please check all my quotes for dawgs_rule - I was just trying to help him with a quick answer but you definitely are the expert in this area.
As for the rest, I'm trying to find a way to get my wife into a car for a longer time. I probably should go 36 month as she's only had this for a little over 40 months and wants to trade. I wanted to find a way to get Honda to 'trade out' the Odyssey and not owe the 2150, but they are not wanting to do that :-(.
Do you know if the special is running in AL, TN, NC, or SC? From Atlanta, I can hit any of those states in 2 hrs. It is a good 4/6 hrs to hit Florida.
The special lease is in AZ, Southern CA, CO, CT, DE, FL, ID, IL, IN, KY, MA, ME, MI, MN, ND, NE, NH, NJ, NM, NV, NY, OH, Eastern PA, RI, SD, UT, VT, WI & WY per the Honda website.
12,000 miles/yr.
36 months
MSRP: 36040
Invoice: 32684
Negotiated selling price: 32284 ($400 below invoice)
MF: .00094
Residual: 53%
Aquisition Fee: $595
$0 cap down
1st month payment ($415), plus tax at 8% ($1194), DMV and aquisition fees due at signing.
I told the sales person that the current Edmunds TMV was 31435, or $1249 below invoice, after which he quoted me this price at $400 below invoice stating that the full $1249 discount was for a buy sale, not a lease deal. I am still shopping to see if I can do better. What's your take on this? Thanks.
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
The fact that the special regional lease program is not available in your area is the bad news. The good news is that means that you can use the $2,000 dealer cash that is not compatible with the special program to help you negotiate an attractive capitalized cost for your lease.
Car_man
Host
Prices Paid Forum
Car_man
Host
Prices Paid Forum
The money factor that is being used to calculate your monthly payment is too high though. If you are in one of the states that Honda is running a special lease program on this truck in*, its buy rate lease money factor should only be .00048 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. Make sure that this is the factor that the dealer you are working with uses to calculate your truck's monthly payment.
Car_man
Host
Prices Paid Forum
* AZ, Southern CA, CO, CT, DE, FL, ID, IL, IN, KY, MA, ME, MI, MN, ND, NE, NH, NJ, NM, NV, NY, OH, Eastern PA, RI, SD, UT, VT, WI & WY
One thing that is hard for me to figure out is how my negative equity is affecting my payment. Do you take the money owed, times the MF and add it to the payment, or add it to the price of the car and then multiply it by the depreciation? Or is there some super secret let's see how much we can screw them payment factor that is used to determine how much I have to pay for money that I am already paying interest on? Thanks for the help.
Replying to: golfman2 (May 07, 2007 3:57 pm)
I also got the EXL on April 30. North Shore Honda was one of the dealers I had contacted. They were quoting me $428. Same terms 36 month 12k miles 0 down and the outrageous Nassau county tax of 8.625% in the payments. I ended up at South Shore Honda in Valley Stream at $415/mo. So I think you got a pretty good deal. BTW check out your window sticker all of these cars come with a full tank of gas.
wrwnyc and golfman. Could you please give me the email addresses of the internet managers that you did your deals with? That would be North Shore Honda and South Shore Honda, respectively?
Thanks
Is there any way to know if these low money factors will be availible in washington state in the near future? Why are some states included and some not?
thanks
Term = 48 Month
MSRP = $35325.00
EXL-2WD with RES and Side Step(785)
Price = $32353.00
28922 + 2125(Negative on Odyssey)+595 aquisition fee + discounted side step(got a -75 credit in there somehow)-1000 down payment
Residual = $13470.00 (39%)
Money Factor .00265
Tax = 6%
Payment $550.00
Bookmark | Reply
Replying to: caprovo (May 01, 2007 8:16 am)
Greetings Carl. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda Pilot EX 4WD without leather in New York with 12,000 miles per year are .00048 and 55%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. This truck's monthly payment will depend upon what sort of selling price you are able to negotiate on it. Using a selling price of $500 over dealer invoice, $29,118, I come up with a zero down, pre-tax monthly payment of around $350.
hi car man
i just got a figure from the sales rep at south shore honda stating that due to the money factor change from april to may (.00004 to .00048), that the lease payment on the above referenced lease increases by $60 per month. based on your numbers above (the purchase price, and the vehicle being exactly the same) does that sound about right?
he said the payment would be 461 per month. (this has to be with the tax rolled in)
does that sound right?
also, could you (or anyone) point out to me the formula for converting money factors into percentages?
thanks
I tried the numbers with Car_man's sale #, 8.25% tax rate and the new money factor. I got you numbers of $349.27 pre-tax and $378.10 with tax - his numbers are definitely correct. I tried the change in numbers on my own lease - it was a ~$22 difference, not $60 and that was for an EX-L w/Navi. So, out of curiosity, I tried this with the numbers for you and I got the same difference.
Here's my calculations for your lease:
MSRP: $31540 (includes $595 dest. fee)
Sale Price (per Car_man): $29118
Residual: $17347 (55% of MSRP)
.00048 money factor
$349.27 pre-tax
$378.10 with tax
What is the sale price they are offering you?
Hope this helps.
Would it be better for us to pay off the remaining lease payments ourselves?
Should we wait until June to see if a better offer comes through from Honda Finance? (We are now have 300 excess miles but feel we can keep this to a manageable level.)
Are there other lease companies which would be competitive with Honda Finance, or are we obliged to deal with them?
Does Honda Finance, or the dealer we arranged our current lease through, offer incentives to lease another Honda Pilot (rather than switching to another make/model)?
Many thanks for all your very helpful information.
Bookmark | Reply
Replying to: haewalli (May 11, 2007 10:17 am)
#1116 of 1117 Re: Pilot EX 4WD lease [haewalli] by suvgal May 11, 2007 (2:34 pm)
Bookmark | Reply
Replying to: haewalli (May 11, 2007 10:17 am)
Haewalli,
I tried the numbers with Car_man's sale #, 8.25% tax rate and the new money factor. I got you numbers of $349.27 pre-tax and $378.10 with tax - his numbers are definitely correct. I tried the change in numbers on my own lease - it was a ~$22 difference, not $60 and that was for an EX-L w/Navi. So, out of curiosity, I tried this with the numbers for you and I got the same difference.
Here's my calculations for your lease:
MSRP: $31540 (includes $595 dest. fee)
Sale Price (per Car_man): $29118
Residual: $17347 (55% of MSRP)
.00048 money factor
$349.27 pre-tax
$378.10 with tax
What is the sale price they are offering you?
Hope this helps.
thanks dawgs (for the mf converter number) and suval (for the calcuations)
unfortunately, it has been slow going getting actual quotes out of these dealers via email. they want me to come in. i understand that this takes the control of the negotiation away from me, and gives the edge to them. however, i am not getting quotes so i may have to make at least one appearance in each dealership, before they take me seriously.
the South Shore Honda salesperson threw that $461 figure at me over the phone. i was non-committal about a purchase or lease, but once you start asking "lease-like" questions, they can figure out that is the way you are leaning. he said because of the money factor change, that the lease payment increases about $60 per month. i'm glad you did the calculations you did. now i will be armed with more facts when i have to do the down and dirty job of face-time with them.
these "negotiations" are very stressful.
I had the same problem with dealers wanting me to come in. My reply to each was I will only be visiting dealerships that I have received written quotes from. I told them I was screening calls so please do not attempt to call me and either negotiate over the phone or ask me to come in. I also asked each dealership to provide me with selling price, price per month and residual so I could check their numbers and make sure they were being honest. Tell them exactly what type of lease you want (36 mos/12K). Try contacting 10-15 dealerships - the ones that want your business will respond. Also, it's about the middle of the month - tell them you plan to buy soon (like towards the end of the month) - they'll want you for their quotas and you may even have more negotiating stance as well.
What can I expect in my area for a Pilot EX-L with RES. I was quoted via internet MSRP 34140 with Sale price of 29,950 with 3000 down and only 48% residual. I am seeing people with much better deals with no money down. Also what is the deal with tax - are you expected to pay the total tax of the car to the dealer - built into your lease price. I can't get dealers to itemize these costs - they just want to give me monthly payments - I can do the math myself.
Pilot EX-L, my color choice, NO navi. $3K down. Tier 1 Honda credit w/rate of 1.152%. Money factor of .00048, $405/mo. tax incl. Residual around 14,500. The down consists of $750 value for old van. Low monthly payment is important!! IS THIS GOOD FOR SAN FERNANDO VALLEY AREA?
Thanks....
Hope this helps
Bill G
2017 Accord Sport CVT Mod Steel Metallic