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Comments
$2,070 is a large chunk of change and I would think the deals in a few months can't be THAT much worse and in fact may be a lot better.
We all know now the 2009 Pilot is a redesign and the closer we get to the 09 availability the more folks will choose to wait for the new SUV and the more will stack up on dealer lots so they will offer more incentives to move what they have.
Just look at the 05 Civics and 07 Accords - the folks that took them close to the end of the model year got really sweet deals on them.
Dennis
Thank you for taking the time to explain it me.
You have definitely given me more to think about. Of course, like I mentioned earlier, my husband and I found the end-of-lease turn-in process to be very painless last time around, and looked forward to doing that again and again. But if there is money to be made (or at least saved), then we might look at it differently.
But if we were to go that route, would you recommend that negotiations for this transaction and for the lease of a new vehicle be completely separate or done at the same time?
Oh, and I just checked -- the current buy-out price is $22,943 and KKB trade-in value is about $19-20K.
Cari
When we leased our 06 MDX, we did so in February of that year. We knew a major redesign for 07 was coming, and wanted to take advantage of the good deals on 06's. We did get what I thought was a very nice deal, and when I followed the forum here for the months after that, I didn't see anything that seemed to be as good as what I had. There was even some talk that because of the much-higher sticker price of the 07's, people were snatching up the 06's and the good deals were disappearing.
While that doesn't seem likely to happen with the Pilot, I can't seem to get that out of my mind...
Just a follow up that I was able to get the lower lease rate that began Jan. 3, even though I already agreed to the previous rate on Jan. 2. I called and asked the salesman before we picked up our car, and he changed the numbers with no hassle. It's about $20 less per month with this new special (lower money factor), and the residual value is less in the end too. I'd say it would be worth a try to get your deal changed. Maybe there is some flex time.
I guess you have to decide if you want to waste the money keeping both Pilots to insure you get a "good deal" now. To me, that is foolish. I would much rather take a chance at the end of the lease that I could score a good deal than to give up over $2,000 of my money to get a 2nd Pilot now. I sure would not turn it in now and pay them for me NOT to drive it, that would be really bad.
You can do what you want to, but based on the numbers you posted I would just hang on until the end of your lease (or the start of that month) and see what you could get at that time. Worst case you turn in your Pilot and have to get something else or you could extend the lease a few months at the current payment waiting for something else to come along. Pilots have ALWAYS had money on them and cheap lease - even 3 yrs back when my wife and I looked at them before. So I feel pretty sure they will have them when you need it. They only way they would not is if they sell too many now and run out/low during the summer or simply quit making them early and start on the 09s.
Dennis
In all likelihood, we will end up waiting until late spring to do anything, for all of the reasons you have mentioned, plus the valuable garage/driveway space. (Hubby gives up his side of the garage for half of the year as it is -- the kids have so many bikes, powerwheels, scooters, etc -- LOL)
I don't think any of this would have come up if we hadn't been "perusing" the lease numbers on that dealer website and seen that $361/m. Our first Honda lease (04 Ody EX-L w/RES) was a fantastic deal (350/m), but when we went to replace it with another Ody in 06, the payment was much, much higher (610). So we keep worrying that we will be in the same boat this time around... but I guess our fears are unfounded -- Pilots are still selling as slowly as they were in 2005! LOL
Thanks again for everthing, much appreciated...
I wrote about a week ago asking for the Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Pilot EX-L FWD w/o navigation or entertainment with 15,000 miles per year. Should qualify for their "Super Preferred" credit tier. Are there any incentives I can use in conjunction with the lease? Thanks in advance. I leased my Lexus ES 350 using this web site and made a great deal back in May with your input. I've been searching every day for any answers that have been given about the money factor and residual for January from Honda for other questions that have been asked after mine and haven't seen any yet. Are they out yet? I wrote to car man, but anyone who has knowledge I would so much appreciate an answer. Looking to lease one this weeked. Thanks in advance, and I'm in Florida.
Whether or not interested in this model/lease term, these are the final terms of my Lease Agreement:
1. Money Factor .00014 or .34% interest rate for Super Preferred Credit Tier
2. Residual Value 51%
3. Sales Price $25, 450 (Sticker Price $30,380)
4. Add. Costs: $399 Doc Fee, $69 Tag&Title, $595 Acquisition Fee, for a total of $1,063
5. No money down.
6.1st month payment of $319.37 due at signing. (NC 3% tax computed in the monthly payment)
If I could be of any help, please let me know.
Good luck!
It looks like the EX MF and residual are the same as the VP lease promo - 0.00014 and 51%.
The price is sweet too - $27,573 is shown as invoice on the EX FWD so your price including doc fee is $1,723 under invoice.
I know there are big incentives on the Pilots, but they (according to Edmunds) do not apply if you do the cheap lease. In your case you got the cheap lease and apparently a heavily "incentived" Pilot.
You didn't have a trade, did you
Dennis
Click on my name to see my profile and e-mail me your salesperson's contact info if you don't mind. If I can't get my normal sources to give me a good deal, I would be willing to travel to get a deal like yours :-) . Your base payment (w/o tax) is lower than my current best deal for a VP.
Dennis
BTW, according to all the dealers, the 4WD have better residual, thus a few buck cheaper than the 2WD with the same trim and option.
36 month lease, 12,000mi/yr
2WD, VP, SE, EX-L ??%
2WD, EX-L RES 49%
2WD, EX-L NAV 48%
4WD, VP, SE, EX-L 54%
4WD, EX-L RES 52%
4WD, EX-L NAV 51%
36 month lease, 15,000mi/yr
2WD, VP, SE, EX-L ??%
2WD, EX-L RES 4?%
2WD, EX-L NAV 46%
4WD, VP, SE, EX-L ??%
4WD, EX-L RES ??%
4WD, EX-L NAV 49%
Money factor 2WD - 0.00014
Money factor 4WD - 0.0003
The dealer holdback incentive is $1,500 on everything, except EX-L Nav $1,000.
I hope this will help some people out there. Fill in the missing numbers if you have them.
The residual on the 2WD VP and EX is 51% for 12k and 49% for 15k.
NAV equipped vehicles almost always have lower residuals than the same vehicle w/o NAV - it just does not add that much to the auction value at lease end. Ditto the entertainment system.
Dennis
Sale Price - $27,300
EX 4WD
MF - .0003
RV - 52%
15k/year
Trade in of a '00 Explorer with 185K and in need of some work for $1,000 - $1,500
Possible that $0 money due at closing or a few hundred dollars.
Est. payment of $342
Any thoughts would be appreciated, as I am to close on the deal this weekend.
Sale Price - 31022.85 ($1340 below invoice)
EX-L w/ RES
MF - .00030
RV - 50%
12K
Total Due at signing -
Cap Cost Reduction - $1000 + Fees (bank/doc/dmv/1st pay) = $2440
Payment INCLUDING taxes - $374.15
Taxes included in the payment.
Thanks!!
Car_man
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Car_man
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The EX-L 2WD's money factor is the same, but its residual value is 1% lower.
Car_man
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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 what this vehicle's selling price is 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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Car_man
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Car_man
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according to your post, Is it fair so say then
'Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Pilot EX-L 2WD without navigation or entertainment with 15,000 miles per year are .00014 and 48%,...' ?
You're also saying that there is $1500 lease cash on this deal. Edmunds is posting a manufacturer to dealer $1500 and they say that does not apply to leases. Are they wrong or we are talking about 2 different incentives?
Thanks
If you buy, then you could probably do better by $500 or more on the price, but with the cheap lease MF (0.00014 on the VP and EX) why would you?
Dennis
Dennis
Price - Approx $1000 Below Invoice
MF - .000300
Lease Term - 3yr/36mo
Total out of pocket $2440 (includes $1000 down payment)
Monthly Payment - $376.16
Thanks again.
I would skip the down payment and maybe even roll the bank fee and stuff into the lease. Just pay first payment and maybe first and tags and signing. They are letting you lease this at 0.72% effective interest. Where else can you borrow money so cheap (well, an EX or VP would be 0.33%) ? Pay as little as possible and let Honda tote the note for you. At this interest rate it will cost you almost nothing in interest to roll it it. Put the $2k in the bank and draw upon it if needed to help make the payment each month, if needed. If not needed, then you will have an extra $2k to use down the road.
Dennis
Our deal was for the 2WD VP (in mocha metallic with saddle cloth, if it matters) for $23,923 including destination, plus dealer fee and $595 lease acquisition fee = $24,992.00 for our lease cap cost. We paid the first payment and local taxes ($80) up front and using the 0.00014 MF (0.33%) and 49% residual for 15k miles per year ($14,224.70) our base payment is $304.58 and $325.90 including 7% state tax. Security deposit was waived since we were current AHFC lessees, otherwise you could bump the MF up by 0.0001 and avoid the deposit.
Invoice is shown as $25,630 so we paid $1,233 under invoice INCLUDING the dealer fees.
Note that the MSRP is/was $29,030 but the actual window sticker may show $28,230 with the $800 "special value package discount". AHFC uses the $29,030 to figure the residual and NOT the actual window sticker MSRP on the bottom line. That makes it that much cheaper
The promo lease on the Honda web page calls for a selling price of $25,079.09 plus whatever the dealer charges for doc and prep fees. My local dealers would honor the promo price but would not come off of it at all - and the charge $400 or so in doc fees, so our $24,397 was nearly $1,100 cheaper than any other deal. Well worth the drive to get the Pilot from Hennessy.
Everything was pre-approved and done before we got there, so we just inspected the new Pilot, test drove it, signed the papers, and were ready to go. Our salesperson went out of her way to go over EVERYTHING on the new Pilot with my wife - for sure the most thorough delivery I have ever seen. She even set the clock to our time zone and set up some of my wife's favorite XM channels.
We got 23.4 mpg on the trip back home and that included some idling while we played with various things on the car. Not bad for an EPA rated 22 mpg SUV.
We considered the 2WD EX model, but in the end the extras (power seat, auto climate control, fog lights, etc) just were not worth the nearly $2k higher price (at invoice). Well actually, it would have been 51% of the nearly $2k price difference
My wife loves her Pilot and is very happy, and if my wife is happy then I am too
Dennis
The same hold true throughout the life of the lease. The insurance pays the bank off and you get nothing back.
In this case it is a double no brainer since the rate is low, but the same idea would apply if you were doing an Accord at 0.00255 MF but you might pay the bank fee up front.
With the cheap Pilot rates you could even do a "sign and drive" lease and roll taxes, tags, and first payment in if you wanted to. Higher payment, but nothing out of pocket.
Dennis
Dennis
I am contemplating the lease deal Honda has listed for the 2008 Honda Pilot 4WD VP. I have never leased before so please correct me if I am wrong.
MSRP $30,430.00 (includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $25,305. Since they want me to put $1,145.00 down as capitalized cost reduction, am I correct in saying that the cost of the vehicle is $26450.49? I have not received any prices from dealers yet. However, the best price I have seen advertised by a dealer is $24,977. Should I expect a local dealer to honor that price even though I am using Honda's lease deal?
Thank you,
DaMan2
I got a extemely low MF on our Accord and rolled all costs into the deal, 100% sign and drive.
I would be curious if you could get the same deal in the 4WD since it is advertised as the same payment by Honda.
Pilot VP 4WD
$30,430.00 MSRP
$25,305.49 Net Cap Cost
$16,432.20 Residual $
54% Residual %
$259.00 Payment
36 Term
0.00030 MF
0.72% MF as interest
Invoice is supposed to be $26,895 so the net cap plus the suggested cap cost reduction is $26,450.49 which is $441 UNDER invoice.
So if you contact dealers in your area you COULD just ask them if they honor the 4WD VP Pilot lease special and how much their doc or prep fee is. If they answer yes and $0 then you have a pretty good deal. You can pay the suggested amount (I would not) or pay less or nothing at signing. The less you pay the more the payment, but the interest rate is so cheap roll it all into the lease.
Now, what you need to really do is find a dealer that will go beyond the deal as listed and price the Pilot to you for less. You still get the same MF and residual but your lower net cap cost means lower payments. Then the deal goes from real good to really hot.
Dennis
The 4WD has a different MF and residual and in the deal shown on Honda's page it nets to the same payment. In real world, your actual price will vary depending on how much or little you pay down and what deal you can get on the Pilot. In many areas 2WD SUVs don't sell well so the dealers may be willing to make less to move one. Unlike most SUVs, the Pilot 2WD is FRONT wheel drive so not having 4WD is not as big a deal (to me). You also get better MPGs city and highway with the 2WD model. If you live where 4WD is a must have, then just get the best price you can on the 4WD VP and plug the numbers into a lease calc and see how it works out.
Where we live the 4WD would come in handy just a handful of days a year, but we could make do with the FWD. I have an xB "snow day car" that I put snow tires on each winter so we would probably take it if it got really bad anyway. My wife had some concern about the increase in gas consumption compared to the Accord so the FWD VP just made more sense to us.
Even with the low rate (lower than the Accord lease from 3 years back) I didn't mind paying tax and first month at signing. Nothing wrong with a sign and drive, but I normally will pay first month at signing.
I was looking at the lease contract and the "rent charge" (the interest part of the lease) is less than $200!
Dennis
I would like to get a dealer to agree to a price of $25,000 for a 08 Pilot 4WD VP. I have never leased before, but I think with the price of the Pilot at $25,000, MF at 0.00030, and residual at $16,432.20 I can get a lower payment without much out of pocket money.
Thoughts?
You could get the best price, then say "Is that price good if I lease?" and if they say no, ask for the price they would do for the lease.
>> I would like to get a dealer to agree to a price of $25,000 for a 08 Pilot 4WD VP
I don't think your price is very realistic and I would be surprised if you could get any dealer to agree to it. The deal, as written calls for a selling price of $26,450.49 ($411 under invoice). Even if the dealer gave you that price and 100% of the hold back ($912) you would still not be at $25k. You can't just pick some number and say "sell it to me for this" that is dumb and the dealer will think you are foolish. There has to be some logic or reason behind your offer and having the dealer lose hundreds of dollars to lease you a car is not going to fly.
I have seen a post that claimed there was a $1k incentive on these to lease (vs the $1,500 purchase) and that is probably true - so the deal as shown is $411 under invoice, with a $1k incentive the dealer still makes $589 plus hold back. So a realistic offer would be to get some of that $589 off the price, maybe even all of it. Most dealers will never deal into holdback unless they are really desperate or really high volume.
Most dealers should do the deal with the $26.4k proposed number, which is a nice deal. You will have to find a high volume, deep discount dealer - or one with tons of VP 4WD Pilots sitting on the lot - if you want to do better. You can do the deal at that price with little or nothing due at signing, but your payment will be higher than the $259 shown.
Dennis
I got this quote today and wanted to get something done this weekend so your advice is greatly appreciated. And it goes without saying that I am not paying that much at signing. This deal is from Fairfax Honda in VA.
New sale price: $29,902.00 (a $602 discount from our earlier quotation.)
$290.66/month for 36 months with 12,000 per year mileage allowance
Up Front Breakdown:
$1,415.00 Capitalized Cost Reduction
595.00 AHFC Lease Acquisition Fee (covers Honda's cost to dealership for lease placement including GAP, wear & tear allowance,
lease end disposition, etc...)
385.00 Dealer processing fee (back office & document prep - just went up $96 - if you come in this weekend, I can probably get you the old fee)
64.50 VA Registration, titling & tags
290.66 First lease payment
1,204.63 VA new car taxes (& Local Fairfax Business tax)
$3,954.79 Total due at signing :surprise:
$18,592.20 Guaranteed Residual @ 54%
Thanks