Honda Pilot Lease Questions

dwynne

Keep in mind that last month was, in general, a bad month for ALL car makers.

Toyota Motor Sales U.S.A. posted highs on some models, but total sales fell 2.3 percent in January compared with a year ago, the company said Friday.

Toyota sold 31,601 Camrys, 3,750 Camry Hybrids, and 11,379 Prius hybrid gas-electric midsized sedans, for the best sales numbers for January in those models, the company said. Yaris, with 7,666 units sold, also posted its best-ever January numbers.

The company's Lexus passenger cars lead the declines, however. In January the company sold 11,177 units, a decline of 17.7 percent

Nissan North America, Inc. (NNA) today reported sales of 76,605 units in January, down 7.3 percent from the prior year. Nissan Division sales decreased 7.8 percent over last year. Infiniti Division sales declined 3.6 percent versus the prior year

If you think those are bad, check out the Mitsubishi and Hyundai Jan numbers - or consider Isuzu announcing on Wednesday that they are pulling out of North America.

Dennis

closer43

Dennis,

Good Afternoon. I can't tell you how much I learn about the Honda Pilot on this forum. We're looking to lease a car this weekend. We're in Tampa, Florida. We want the 2WD EX-L. The invoice according to Edmunds is $32,045.00. Invoice is $29,017.00. I sent three inquires to the internet dealers here in Tampa and Lakeland Florida. I received a message back offering the following:

Money Factor is .00014
Residual is $16,340.00 for a 36 month lease/12,000 miles
$575.00 Start Up Costs

There is no mention of what they are charging me for the sales price? Is this common? I've been reading your remarks and it seems given the poor economy and the bad month of sales for January we should offer at least a $1,000 below invoice or do think less? And are we in agreement that the residual is 48%. Thanks for your input and anyone else who is searching for this trim of the Pilot. Need help..............

Laura

greenjdc

Every dealer in MD and VA that I emailed got back to me with prices. What you got is basically a non-answer. If the lease incentive is unchanged for February, they'd be getting 100% holdback at $1000 under invoice so you can start at less. Don't settle for anything more then $1000 under, but I bet you can do better. It's a cliche, but it really works to get up and leave - tell them you're going down the street to another dealer to see if they'll take what you're offering. In my case, I was at invoice less $1000 and told them I wanted them to make the first month's payment ($380). They agreed so fast that I wished I'd asked for more. Interestingly, they didn't change the deal they had in front of me, instead they dealer cut a check to Honda for the first month's lease payment. So my sales price was $380 higher then I actually paid, as was the cash out of pocket. Anyone know why they'd do that?

Jeff

closer43

Jeff,
Thanks for the information. I just received my first two responses. This is based on the 2WD EX-L. Sales price $28,450.00 includes the dealer costs and destination. A 36 mo 15K per year lease is $414.00 per month, $600.00 start up cost, and the residual is $15,686.40. He hasn't given me the the money facto but this payment sounds high.

Second response I received was $27,651.00. Don' have any information on what that includes yet. This site is great for understanding what the heck you are doing when negotiating a lease for a car. I've learned so much. I'm still trying to figure out what other people have been paying for this car this month. Thanks for writing me back. Laura

closer43

I just received an offer that I think is pretty good, but because they're going so low below invoice I'm wondering. Please tell me what you think anybody. I'm trying to lease the 2 WD EX-L. MSRP is $32,045.00, Invoice is $29,017.00. Every dealer here in Florida seems to be adding on the Destination Fee which is $635.00 onto their MSRP so they quote MSRP as $32,680.00. Here is my last bid from dealer in Tampa. I also wanted the lease with 15,000 miles so I'm sure the residual percentage is going to go down probably by 1%? I need to e-mail them back and tell them I want the 15,000 in miles. I'm trying to get that payment down somewhat. Do you think I can get more off the Invoice. There telling $1500.00 under invoice, but by rolling in the Destination fee not sure what the invoice really is......

2008 Honda Pilot EXL 2WD
MSRP $32,680.00
Lease Selling Price $28,111.95
($1500 under Invoice)
Money Factor .00014
Residual .50

36mo/12k miles
$968.08 out of pocket (just up front costs)
$374.38 total payment per month

36mo/12k miles
$0 out of pocket (rolling up fronts in to lease)
$403.29 total payment per month

stos

Can someone please provide the current money factor and residual for '08 Pilot EX 4WD, 12k/36 months?

thanks!

piloti_sti

The destination charge is on every car. It is the freight charge and it is usually included in any quote you get. I am in Clearwater, have not really dealt with an Tampa dealers but have had good transactions with some here in Pinellas County.

I think you deal looks good but I have not priced that trim. Also about the 15k miles you may want to consider just getting the 12k and calculating what the mileage charge is if you go up to 14-15k over the lease. Sometimes it is a wash considering the higher monthly payment.

dwynne

As was mentioned, you need to get the selling price and (on a lease) it should be at least $500 under invoice. We don't know yet what the incentives are on some trim lines, but they could still be $1,000. As you can see from the numbers I posted, the Pilots are not selling well - even with cheap leases and incentives.

So for sure take your time and shop lots of dealers and don't settle for a high price.

Dennis

dwynne

Also about the 15k miles you may want to consider just getting the 12k and calculating what the mileage charge is if you go up to 14-15k over the lease. Sometimes it is a wash considering the higher monthly payment.

Not on this deal. AHFC charges $0.15 per mile over allowed for cars with MSRP under $30k and $0.20 per mile if the leased vehicle has a MSRP over $30k. So 9k miles will cost you $1,350 or $1,800. The residual drop is 2% to go from 12k to 15k per year. So if you took a $30k MSRP that is just $600 dollars. There is almost no interest on the lease, so just a little over $600 is all it will cost you. Even if you pay tax on the extra payment and the tax rate was 7% you are looking at $642, In fact, to equal the $1,350 over mile charge at these numbers you would need a MSRP of over $60k.

So in this case it is for sure better to get the miles up front, if you think you might need them.

Dennis

piloti_sti

Yeah, it looks like fo this deal that would be best. I know I have ran into instances where it was pretty close either way...Thanks

closer43

Thanks for the help. I'm so grateful to have this site. This is my third car I've negotiated with the help of Edmunds and the forum. I recommend this site everytime I hear someone is going to buy or lease a car.

I decided to take the advice and shop around some more. Both of the dealers here in the area are within a couple hundred dollars and that is w/o any negotiation. It looks like they both are coming $1,000.00 below invoice and not much more. I do agree that if I hang in and send out some more requests I might get better. Not only is the market slows for car dealers, but I live in Tampa and most of our economy is slow. I will send out some more requests but both dealers did agree to the $1,000.00 below invoice. Thanks any more information is greatly appreciated. Laura

jsdilops

We are on the same boat, EX-L 2WD in FL. I'll let you know tomorrow about the price I was quoted after I get a monthly payment from the calculated for that price.
So far, it's 2200 under invoice, and I got two more dealers quoting 2100 u.i.
According to my calculations it will be 391 inc. 7% tax (or 365 pre-tax) sign-n-drive deal, 15k/36.

dwynne

You can also ask for a lower price from the dealers who gave you offers. Unless I know I am getting low, can't be beat price, you can always offer them less money. If you are not leasing they should be getting $1,500 from Honda and then there is hold back.

Of course, some dealers just do not deal as low as others. Two local places told me their offer was "as good as they could do" but we drove about 3 1/2 hours (one way) to GA for a price that was close to $1,100 LESS for the same Pilot. So if never hurts to contact lots of dealers until you find one that makes really low "Internet" deals.

Dennis

closer43

Please keep me posted on what you receive. So far I've only come up with $1,000.00 below from each dealer one in Clearwater and the other in Lakeland. I'm in Tampa and would be willing to drive quite a distance to get that extra money off the invoice. It also looks like some dealers have less cars than others so that might have something to do with it not sure. Again everyone who is responding to my e-mails greatly appreciated. To get the quotes I received over the weekend I had to give them my telephone number. I gave them my office number they will probably start calling me in the morning. Thanks, again Laura (And we are both looking at the same Honda Pilot Trim and 15/36. I'll get back with you also if I get a better price in the morning.

piloti_sti

Which dealership is that? Wow..all of us Floridians should see if we can get a even better deal if we help someone move 3 Pilots at once!

robroth

I just started down this path today since my wife shot down a used MDX... my first offer via a dealer over the phone for an EX-L w/4WD and Nav was $31692 with a residual of 51% and a money factor of 0.0003000. With $500 out of pocket, it works out to $426.64/month.

Edmunds tells me invoice on this is $32,270. From what people are posting here, it sounds like I should be aiming for much lower than that?

love2driveinct

You might be curious where we stand with our possible Pilot-shopping... Remember we have the lease that is up in June?

Well, for now we are waiting. I can see from the numbers that things could get a little better, but are not likely to get a lot worse, so it's not worth taking the hit on double lease payments right now. We'd rather have that extra money to buy a few accessories.

On Saturday we looked at some Toyotas -- FJ Cruiser, 4Runner, Highlander. (Wow, the 3rd row in the new Highlander is a little bigger but it is still PUNY compared to the Pilot's.) Payments on these vehicles, comparably equipped, were of course quite a bit higher.

I think, in the end, we will likely end up with the Pilot again, or possibly, the Ridgeline for something different. Right now I am working on a "deal" with my hubby -- get the Pilot, so we can spend more on our other vehicle next year -- we were both drooling over the X5 we saw at the Toyota/BMW dealer... :P

dwynne

You have the 05 Pilot on lease now, right?

What you could do is find the best price on the trim line you want getting a lot of dealers to compete for your business, then make sure you have the right lease terms, THEN you say "I can do the deal today if you cover the current buyout on my 05 Pilot lease" and see what they say . If some dealer will do that, you sign and drive off in the new Pilot leaving the other behind. Just be sure they write it up and pay it off as a TRADE and not an early turn in and you should be all set.

There are a lot of nice SUV choices out there, but getting the Pilot under invoice by a good chunk and getting the lease at nearly free money I would think you are not going to find anything close to the value.

Dennis

love2driveinct

The hardest thing is that a lot of the Honda dealers around here have fixed pricing, and we have tried in the past to negotiate with them -- they won't even throw in a cargo net! When they say fixed, they mean fixed. I know you're talking about something different with the trade/buy-out, but I'm not sure these guys would go for it.

Might be something to consider with some of the "regular" Honda dealers, though...

jsdilops

Well, I'm in miami, this quote came from a little bit up north, Delray Beach.
I haven't got a response today, maybe because I threw at them the whole lease calc. with the resulting monthly payment, and, If they were thinking about playing some games, now they realize they can't.

jsdilops

54%, 0.00030
52% for 15k/36

jsdilops

I'm in Miami. Where r u?

piloti_sti

I am in Clearwater/Tampa area. I have shown them the lease calculator also many times when I come up with something different. It is good that they know we are running the #'s before we even get into the dealership.

closer43

Okay here is a first. I asked the dealer in Clearwater to explain those numbers to me again because I wasn't getting the same lease number he came up with. He wrote back and said the following:

We've taken a second look at our numbers, we are all out at $399.00. I can get to $360.00 on a 2008 Pilot EX, so if payment is the main factor, maybe you would consider an EX as opposed to an EXL. (What does that mean they found another buyer or are they just blowing me off )?

The dealer in Lakeland wrote back today:

As far as the price getting better, we are doing the sale at 1500 below invoice which means we are into the dealer holdback which is 2% of the MSRP before destination. That leaves approximately $150 profit, not much more working room. The current residual value is good until 3/3/08 then will go down which means the payment will go up. Honda will not do any better on money factor or cash on the lease this is the best it will get. They will probably drop the lease special within 30-60 days and go for the Low APR financing.

(This was based on the 2008 Honda Pilot EXL 2WD)

MSRP $32,680.00
Lease Selling Price $28,111.95
($1500 under Invoice)
Money Factor .00014
Residual .50

36mo/12k miles
$968.08 out of pocket (just up front costs)
$374.38 total payment per month

36mo/12k miles
$0 out of pocket (rolling up fronts in to lease)
$403.29 total payment per month

What do you think people in Florida should we try and get a great price 3 Pilot sold? She seems to be giving me the best price. Dennis what is your thoughts on all of this. Oh, I love your idea of saying I'll do the deal today if you buy out my lease. Laura in Tampa, Florida">

dwynne

I would say $1,500 under invoice and cheap lease - how can you go wrong? Edmunds shows hold back at 3% of MSRP but I have heard others say it is now 2% of MSRP. In any case, if they are not charging a large dealer doc fee, then I would say go for it. I would roll it all into the lease or all but first payment. Run the numbers for yourself to make sure there is nothing hidden.

As to what may happen, I am sure the dealer does not know - just guessing. I do agree that the MF can't really get much lower and typically the residuals do drop as the model year moves on, but Honda could offer the dealers more money to help move them. At one time they had $2,500 in dealer cash or cheap loans on them, but at that time I don't think the lease deals were nearly as good.

Dennis

Dennis

jgable

PLease help!

Is the $595 AHFC acquisition fee included in the net capitalized cost of $25305.49 for the 08 Pilot VP AWD?

robroth

I pulled the trigger last night. Ended up leasing an 08 EX-L AWD w/nav, running boards, roof rack, wheel locks and moon roof guard thingy. I didn't want all the options and they originally told me they could remove them, but at the last second said they couldn't because they'd lose the labor costs. I told them to go trade another vehicle for one in red/grey without the options then (wife wanted red, they were willing to cut me an even better deal on a nimbus grey that they wanted to move, but wife didn't want grey). To avoid having to do the trade, they cut me a reasonably decent deal on the options and I know my 3 year old will appreciate the running boards to help get in the car and my 20 month old will be using them soon enough.

My numbers:

My cost: 32300
MSRP: 36280 (before the options)
Residual 51%
Buyout: $18706.80
Money Factor: .0003
Out of Pocket: $500 - went to 1st month payment, documentation fees and extremely minimal cap cost reduction
Monthly payment: $439.13 (includes 5% MA sales tax)

Can't beat that money factor. It makes absolutely no sense to buy when you can lease the car for 3 years almost interest free then take out a loan for the residual if you want to keep it. You save yourself 3 years of interest payments, granted some of that goes to fees but it seems to me you still come out way ahead.

dwynne

I should have pointed out, at some point the lease deals will likely go away in favor or cheap finance options.

Think about it: with a cheap lease Honda has to sell the Pilots twice - once to you on the lease and again when you turn it back in. If they offer dealer money and cheap finance money then they only have to sell it once.

As was mentioned, nothing too wrong with leasing now while the MF is cheap and buying the Pilot at lease end if you want to. You will be out the $595 bank fee and potentially the $500 in extra dealer incentives if you buy, but in exchange you get a nearly interest free "loan" on the front end and have no OBLIGATION to buy on the back end. If gas is $5 per gallon in 3 years having the option to turn in the Pilot and walking away will be a nice thing.

Dennis

m5yates

How much below invoice should I expect a dealer to go on a new Pilot VP 2-WD?
Invoice is $25,631 (including destination) and I was offered the vehicle at $500 below that.

Bill
Austin, TX

dwynne

The featured special lease on the Honda web page shows the Pilot priced out at about $500 under invoice. We hear there is a $1,000 dealer incentive on leases ($1,500 on sales) so your offer of $500 under still leaves all the hold back (2% of MSRP) plus $500 in profit.

We paid $24,397 for my wife's 2WD VP last month and did the cheap lease, that price was for the Pilot, destination, and the dealer's doc fee.

BTW, the VP's sticker and invoice reflect a "$800 package discount" but when they figure the residual value for the lease they use the MSRP INCLUDING the $800 discount. $28,230 is shown as the current MSRP, but it is $29,030 that they use - so you get an additional break on the lease deal.

Dennis

steevo

Do you think the 1000 cash to dealer on lease is still available? I just got an offer back to lease an ex-l at 30000 even which is about 1200 under invoice, but Cars Direct is selling at 28,777 so I figure thats with 1500 dealer cash....So Lease should be at 500 over that number as a capitalized cost.....

dwynne

Someone said that the $1k was over ON SOME TRIM LINES and had been replaced by a lower MF. The published deals on the two VP models call for the dealer to sell the Pilot around $500 under invoice, so surely those have the $1k incentive in place. The other places I could not say for sure, but I would expect if the MF is the same this month as last month and the residual is the same then I would THINK the incentive would be the same.

Dennis

nmacknight

Hi everyone:

I have been requesting quotes to lease a Honda Pilot 2008, this will be my first time leasing, I have to get all of my information in order before I present this request of a new car to my husband, I received 3 quotes below is the first one
Quote # 1
Here is the lease special on Pilots for months and 15,000 miles:
$274 + taxes a month
$1999 down + fees about $3000,

I have been reading the forum and this offer does not mentioned anything about the residual price
next offer.
Quote #2
You mentioned that you want to pay $300.00/month for a payment. We can be at that payment on the Honda Super Preferred program. To know if you are qualified for that program we would have to see the credit of the person whose name the Pilot will be leased in.

this quote does not mentioned anything about price or else. (not good)

and lastly
Quote # 3
Thank you for the request for a quote on the 2008 Honda Pilot ! Below you will find our truly unique pricing grid on the model of choice (as well as others). My "out the door" price WILL INCLUDE sales tax, tag transfer, and State and dealership fees. My competition does not offer "out the door" pricing, so please verify all charges before making your decision.

You can view our inventory at If we don't have the exact color or model, we will get it for you at no extra charge!

Pilot 2008 MSRP Invoice Internet price Out the door price!

VP automatic $28,230 $25,731 $23,931 $25,879.45
EX Automatic $30,380 $27,674 $25,874 $27,939.03
SE Automatic $32,230 $29,345 $27,545 $29,710.29
EXLeather $32,680 $29,752 $27,952 $30,141.71
EXLeather DVD $34,280 $31,198 $29,398 $31,674.47
EXLeather Nav $34,880 $31,740 $29,940 $32,248.99

Add $1,375 for 4wd. Special Lease programs available: VP for $259 per month, with $2,500 due at signing or EX cloth for $279 per month with $2,500 due at
signing

all of these quotes are very high and different, I am very confused.

your thoughts and guidance is appreciated
:confuse:

what is a Honda Super Preferred Program??
N

dwynne

I would not tell the dealers up front I wanted to lease and I would never tell them "I want to pay about $300 a month".

Negotiate the price for the Pilot just as if you were going to buy it. Once you have a nice price, say $1k to $1.5k under invoice, then tell them the price sounds good if that price will still work on the Honda lease. It is possible that with the current dealer incentives that your price may go up $500 or so, this is due to a difference in incentive for lease VS purchase. You want to lease at around $1k under invoice.
Then you just plug in the price into a lease calc and you have your payment without tax.

"Super preferred" is just the top tier at AHFC, say a FICO of 710 and above.

You might mention where you live, since someone here may can refer you to a dealer who will price it right. For example, we leased my wife's Pilot from Hennessy in GA (near Atlanta) for a real nice price.

Dennis

greenjdc

I was talking to the salesman who leased me my pilot yesterday because a friend is now interested in a Pilot. He told me that the $1000 is still available; made it sound like all lines. Said $2500 incentive to purchase. Take with a grain of salt . . .

steevo

I'll bet its true... I was just offered 29400 as a selling price to lease an ex-l which stickers at 34080. I am going to accept if I can get something other than Silver.
Then I have to work a trade.....

djw1212

I have never leased a car before. I was offered a purchase price of $28417 plus tax, the lease rate was $399 plus 6% PA tax for a 36 month 12k per year with a residual of $18000. Any sugestions Thanks Dave

robroth

Look at it this way, if you qualify for premium credit, your interest rate when leasing will be 0.72%. What will your interest rate be if you buy? Do the math, if it works out cheaper to lease for the first three years at almost no interest, but paying the $500ish (?) non-negotiable lease fee to Honda Finance, then lease is probably the way to go even if you want to keep the car. You can then get a loan in three years for $18000 instead of $28000 now.

I don't normally lease, in fact I don't normally buy new cars, I let someone else take the depreciation hit. I was actually looking at 04 MDX's for the wife, then she saw an 06 Pilot she liked. They ran around $19-22K (w/nav and 40-50k miles). After finding out about the lease deal, it made more sense financially for me right now just to lease an 08.

The deal you got sounds decent. I just picked my 08 EXT w/nav + about $1.5K in accessories (not really, that's how much the dealer wanted for them originally) up two days ago and it's costing me $439/mo w/5% MA tax. I gave them $500 but it went toward the first payment and document fees, only about $30 went to cap cost reduction.

Bottom line, you can't beat the money factor being offered if you qualify. Use someone elses money for three years for almost free? Sweet!!

kyfdx

Heads up... PA tax on leases is an extra 3%..

If your rate is 6%, the tax on the lease will be 9%..

jimcufsemall

Keep em working that price! I was offered 29,200 for an EX-L 4x4, sticker 34,080 in the philly area. I might take it, Im still comparing to the Acadia.

dwynne

Also, in some states (TX, for one) they charge sales tax on the whole vehicle and not just the depreciated part or the payment. While the lease is still a low money factor, leasing in states like this makes it not as good a deal - and something to consider.

Dennis

steevo

The Acadia is a nicer truck! Thats part of the reason they need to move these Pilots and are offering the low MFs.... But for the price, the Pilot is a much better Deal!

robroth

I could be wrong, but I would suspect that most people who buy Honda would not consider buying a GMC or any other american vehicle, regardless of what the better deal is. I can't begin to imagine that the residual on an Acadia is anywhere near 51%, but I suppose I could be wrong.

eoreos

Can anyone in the forum please let me know if this deal is good. Thinking of finalizing this weekend. THANKS!

The MSRP is 35,680.00
Invoice is 32,362.85
Selling price is 30,960.00
N.J. Tax 7%
money factor .00030
Residual is 52% (18,553.60)
Payment - $399 (including tax)

dwynne

I think that is Honda's problem - most "Honda People" don't want a big SUV and most big SUV people don't get any farther than the Ford and Chevy stores and maybe Dodge.

ALG Acadia 2WD 36/36k residual is 46% and the Pilot 2wd is 47% - so not much difference per the ALG.

Dennis

taltek

Can i ask what dealer in NJ quoted that? I'm looking for an EXL-Nav awd and only talked down invoice -$800.

bkmstr1

Just wanted to see if I could get someone to comment on the following deal, which I was going in to buy tomorrow morning in VA.

Pilot SE AWD
12k miles (said I could get 15k for $15-20 more a month)
$1,500 down (which includes tax, title, license)
$319/mth

Is this a good deal? The salesman said they are not making even a dollar on the deal.

This dealer started our nego for the same vehicle at $390/mth 15k miles with $1500 out of pocket including TTL.

Thanks so much.

jsdilops

I'm back from the dealership. Thanks everybody for all the data posted here. I'm just going to post some more.
This is my deal, 08' EX-L FWD 15k/36, no extras.
Initial agreement:
MSRP (including destination) : 32680
Invoice (including destination) : 29652
Price you quoted : 27785
Honda Finance Fee : 595
Tag : 125
Registr. Fees : 68.5
Total Cap. Cost : 28573.5
Residual % - 15k : 48
Residual Value : 15686.4
Money Factor : 0.00014
Pre-tax monthly payment : $364.17
Total monthly including 7% tax : $389.66
Total due at start : First Month
Final agreement: Sign-n-drive, Total due at start: 0, monthly payment: 401.80
Sales price was invoice price - 1000 - holdback(3% of MSRP) + 100.

huey009

This looks like a good deal to me. How much down at the lease signing?

robroth

$401/mo w/7% sales tax for a 2WD no options EXL seems high to me. Before I even haggled with the dealer, their first offer to me for a 4WD EXL w/nav was $421/mo including 5% sales tax with $500 out of pocket which included the first months payment.