Thx. I like the car and will continue to drive it. Just before the lease is up I will look at the going rate and if it is less than the 20K buyout I have, then I will consider doing some sort of deal. The score would be if AHFC is willing to negotiate and take a little off the top to have me buy it out. From reading previous posts it seems that negotiating buyouts is something they DON'T do.
Whatever you do, do not buy out before lease is up. many things can happen. You may be involved in a car accident, and at that point, why keep a car that has had body work. Also, I could be wrong, but I think just like a regular loan, teh amount of principle you pay towards the latter part is much greater than early on, so might as well take advantage. If you call honda and ask for your buyout NOW, also ask them how much principal on each payment you make now.
REGIONAL FEATURED SPECIAL LEASE: Available only to residents of: AK, CA, CT, DE, HI, ID, MA, ME, MT, ND, NH, NJ, NY, OR, PA, RI, SD, VT, WA AND WY
I put in a NY zip code and ran the numbers through my handy-dandy lease MF solver and they are doing 0.00123 (2.95%) and 49% on the 2WD VP and 0.00140 (3.36%) and 52% on the 4WD VP. That is way more than the 1% or 1/3% they were doing previously.
In the online special they are pricing the 2WD Pilot at $23,595.22 and invoice is $25,710 so it is $2,117.78 under invoice as they show it. The dealer incentive is $2,500 on this model, so this leaves 100% of hold back and $382.22 profit.
If you don't live in one of the states listed, you can expect a rate like 0.00250 or something not good.
In April I was quoted a money factor of .0043 with a residual of 51% for a 4WD EX-LRES with 36 months & 12K a year. Are the May numbers better? Any $$$ being offered on leases for May? I am in NJ.
I think you mean 0.00043 which is 1.032% effective interest.
Those are the May numbers I posted - based on solving for the MF in the lease special shown on the Honda web page when you put in a ZIP code for a state that has the discounted lease.
This is for VP models and in the past the MF has been the same for the VP 2WD and non VP 2WD models and the same for the 4WD VP and non VP 4WD models. I assume this is still the case but check with your dealer to be sure.
You should have leased last month when the rate was better. I warned that the cheap leases would probably not last. AHFC has been raising the rates on the leases since the first of the year (we got ours at 0.31% in Jan).
I'm sure it will all work out. Tons of 2008 Pilots on my dealer's lot & not a lot of Foot traffic for SUVs right now. My lease is up 07/04/08 & I am not in a hurry.
The Honda SELLS you a new Pilot then they are done with that one. If they LEASE you a Pilot then in 3 years they get it back and have to figure out how to sell it AGAIN. If they get desperate enough they might do anything now and worry about the future when it gets here, but I would be inclined to see better SALES offers than lease one in the future.
I'd be happy to help you out, jetfan. I am not aware of any cash incentives that are available on leases of the 2008 Honda Pilot right now. In the areas that Honda's special regional lease program is available, Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Pilot EX-L 4WD with the entertainment system and 12,000 miles per year are .00140 and 50%, respectively. I believe that this lease program is scheduled to run through July 7th, so it will likely be the same in June as it is today.
Car_man Host Prices Paid: Buying & Leasing Experiences Forum
I am looking for some help. I would like to lease a 2008 Pilot SE and do not see many SE examples recently on this board. I would like to put nothing down except for first payment, title, etc. and have a payment around 350 to 370 a month. Am I out of my mind? MSRP for the SE is 33500 I believe. I was quoted by one dealer nothing down and 420/month 3 years 36k. He used 28150 for the negotiated price. Any help would be greatly appreciated. This is my first lease.
The only states with discount lease rates on the Pilot are AK, CA, CT, DE, HI, ID, MA, ME, MT, ND, NH, NJ, NY, OR, PA, RI, SD, VT, WA AND WY. If you don't live in one of those the rate is quite high. If you do live in one of those states the rates are decent, but not nearly as good as rates were in the past.
The VP lease example for those states shows $259 per month not including tax with a $1,645 cap cost reduction. Without the cap cost reduction the payment would rise to $310-320 or so not including tax. Depending on where you live and how tax is levied on a lease you could probably do a VP for your desired payment. Note that the lease as listed has a good bit of dealer profit you could negotiate down for a better deal. The SE is more expensive so would make the payment that much higher.
Without knowing your state I could not say more, but if you live in a state without the discounted rate you will need to just buy the Pilot or get a cheaper model. Even with the discounted rate the SE may be more money than you want to spend.
Thanks for the insight. I live in PA and I would be willing to put 1000 down for cap cost reduction. What would be a good price for this thing. Dealers around here have a bunch of Pilots. I don't understand why they are not being more competitive with pricing to get rid of 08's
PA taxes the payment each month but at either 9% or 10% depending on which county to live in.
I don't know what the residual is for an SE and I assume you are looking at a 4WD. The residual for the 4WD VP is 52% and the MF is 0.00140 so I will use those. At $28,150 selling price and 52% of the MSRP you state the payment is $397.17 with 10% tax. You would have to pay the $595 bank fee and the first month's payment up front which would eat up the $1k you want to put down. I don't know how the dealer got the number you posted, but he may have added a doc fee or even destination to the price he have you or the SE residual is lower than 52%.
I would look up the invoice on the Pilot you want including destination, then take off the $3,500 dealer incentive and see how that price looks compared to the price you got. You need do be at invoice less incentive or lower before you worry about the lease numbers.
Dennis: Are you sure that the NJ dealers get the $3,500 dealer incentive when they do a lease? I believe my dealer told me in April that they only get a $1,000 incentive on leases & can only get the $3,500 incentive on a purchase. Did I misunderstand what they were saying?
I am not sure since this is a special lease deal for only a few states and the specials only show VP models. In the past, you would lease any other Pilot model for the same MF as the VP specials and a similar residual (varies by model).
However, if we look at the deal on Honda's page for those states for a 4WD VP: they show a net cap cost of $23,181.56 on the lease with a $1,645.00 cap cost reduction. Add those two together to get the selling price = $24,826.56 . Invoice include destination is shown as $26,975. So if your dealer is correct and they only get $1k in dealer money on a "cheap" lease then they are pricing the car at $25,826.56 or $1,148.44 under invoice. No way, I say. At least on this model they must still be getting the $2,500 dealer incentive. If you add $2,500 to the selling price you get $27,326.56 which is $351.56 in dealer profit (plus 100% of hold back). So at least on the VP in those states the dealer MUST be (by logic) getting the same $2,500 incentive they get for sales.
No way to tell about the other Pilot models since there is no publish lease deal on them - other than to ask a few dealers and see what they say.
Compared to the 1% or 0.3% leases earlier this year, the current deals are not all that great anyway. Better than 3rd party leases, but not all that great. In fact, if the dealer is correct and he only gets $1k on the lease then you may be better off to take the $3,500 off and do a 3rd party lease. You would have to run the numbers to see how it works out to be sure.
Dennis: I have no idea on how to begin shopping around for a 3rd party lease. I just used Chase for my Volvo that I turned in last month. Do I call them up directly? How do you compare 3rd party leasing offers? Is their a website? BTW: Saw an add in the paper for a 4WD Pilot SE: $289 a month, 36mo & 12K a year with $2,495 due at signing (tax, tags & license fees excluded). Does this sound like a good deal? Other than leather & heated seats the SE is pretty loaded & has the DVD system correct?
Check www.leasecompare.com and see how it looks. There are other online lease brokers to look at as well, "lease by tel" and names like that. You Honda dealer can also (likely) quote you on a 3rd party lease to compare to the AHFC offer.
You and I can't get a lease directly from the lease bank, we have to go through a dealer or broker.
Sale Price, Residual Value, Money Factor. Find out what those are and you will be able to cut a decent deal. Lease payments are determined by those 3 numbers.
Never negotiate monthly payments and down payments like you do when you when you purchase. If you don't understand leasing before you negotiate, you will probably get taken advantage of.
Negotiate the lowest price possible on the vehicle. Compare the Residual value you are quoted with the ones you see here in the forum (they typically can't change this number since its set by the bank, but its good to double check). Next, ask for the money factor being used to calculate your finance charge, if they don't want to disclose it, move on to another dealer that will. Use this forum to compare the rates to see if they padded it or not. Some states have different money factors.
Find out what their fees are and ask them to explain them. Make sure they aren't double dipping. If you ask the right questions, you should be in good shape.
Car_man: Got a quote on a 4WD SE Pilot:$33630 MSRP, Selling price $28396, Residual 52% or $17487.60 MF .00140 3yrs 12K a year. First payment Sales/use tax @ 7% supplemental Title fee No security deposit Registration fees Doc fees Tired tax fees equal about 2K. Quote is $395 a month with $1500 to drive off lot. Sound right? Any wiggle room on the selling price? Thanks.
Boston Boch Honda has SE AWD (with DVD) sale price 25,888 or lease 298/mo, with 1000 down for 3 yrs. check it out at bochhonda.com > promotion > weekly or monthly, then check inventory for availability. I think you are at NJ so it is not too far to save a few thousands. You can chat live with sales and the conversation is in computer record. Plus you can request the sales email you confirmation of all the figure (out-of-door) before you start travel.
My deal for a AWD 2008 Pilot SE is as follows: MSRP 33630, selling price 26615.77, MF 0014, Residual $17847.60, 3yrs, 12K a year, $355 a month with 1K out the door including first month tax tags etc. I believe the deals will be even better but my local dealership had 1 SE left & I did not feel like driving to Boston for those super deals posted.
Comparing one I leased 08 VP - 4WD - $259/MO. $2499 due @ signing, 36 months
Offered by Honda Special National Leasing Goto www.honda.com > honda car > current offer
2009 Honda Pilot - 4 National leases 42 months 05/22/2008 through 06/03/2008 1. LX - 2WD - $359/MO, $3099 due @ signing 2. LX - 4WD - $359/MO. $3299 due @ signing 2. EX - 2WD - $399/MO. $3299 due @ signing 2. EX - 4WD - $399/MO. $3399 due @ signing
Example of one of the details...
2009 Pilot 2WD EX Featured Standard Lease $399.00 per month for 42 months. $3,299.00 total due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers. Show Details FEATURED LEASE: Closed-end lease for 2009 Pilot 2WD EX Automatic Transmission (Model YF3849EW) for $399.00 per month for 42 months with a $2,305.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $3,299.00 total due at lease signing (includes first month's payment, with no security deposit, AHFC upfront acquisition fee and capitalized cost reduction. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.
Subject to limited availability. 05/22/2008 through 06/03/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2009 Pilot 2WD EX Automatic Transmission vehicles (Model YF3849EW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $31,030.00 (includes destination) less the suggested dealer contribution resulting in actual net capitalized cost $28,574.71. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $16,758.00. Option to purchase at lease end $16,135.60. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year.
Does anyone has the 09' Pilot EXL 2WD no NAV or RES 36 months w/ 12k per year? Need this info quick if possible. At the dealer now and they say 45% Thanks
The residual is set by the lease bank and can't be changed by the dealer. If they say it is 45% (ouch) then that is what is is. If they have it wrong, then AHFC will not fund the lease and it would have to be rewritten.
Dealers can, and some do, mark up the money factor.
Checked Honda.com, the lease offers on the 09 Pilot have been removed! Hilarious! As If they thought that any fool would lease a Pilot requiring a a $3400 down payment. Now the bigger questions remains. Will they finally give a fair lease price on the vehicle? Talking with the local Sales Reps at Honda, they said that they didn't think that they would change the residuals on the 5th of the month. They thought that the advertised price would be good through July. Well, it kind of looks like they might make it more favorable. I am crossing my fingers.
I have posted many times before: If they lease you a Pilot they have to sell it twice - once to lease it new and again when you return it at the end of the lease. They would much rather sell you a Pilot then it is yours and they can move on to the next customer. There were very cheap lease deals on the 08s but as the model year went on they dropped them. They will still lease you a Pilot and probably do that for both the 08 and 09 models, but it will be at their standard lease rates (0.00245 or so).
If you are looking for an 09 then they will probably have cheaper leases on them sooner or later - maybe even this week. On the left over 08 Pilots, I would be shocked if they had a national cheap lease again on them. You never know, Pilot sales were terrible again in May so they might do about anything to move one off the lot.
The lease deals are always "suggested deals" and should be honored at any dealership. Smart shoppers understand this and know they just set the residual percentage and MF for the lease and will negotiate a lower buy price and then apply those numbers to it. Smart shoppers also not not to sink that much money into a lease.
I guess the shock to me is that there is still activity in the Pilot forums when gas is $4+ per gallon . It is one thing to get "stuck" with a guzzler when the gas shot up in price, it is something else to go out and buy or lease one when the gas is so high.
Exactly, I know that the residuals were terrible on the Pilot. I am patiently waiting to see if they get better. I am in the market for one, but I am having a hard time deciding if I should go with a smaller SUV due to the gas prices. I am a Honda/Acura guy, I test drove the CRV, but it is a shock to go to something that small. But again, $4 a gallon is scary, so the CRV might be the choice.
My wife loves her 08 Pilot, but does get tired of the high gas each week and month. That said, she would still be complaining about the gas prices if we had kept her Accord. If we had leased a Civic, there would be enough of a difference to see some savings at the pump but she would not love her ride .
The way things are going, you can practically steal anything that does not get super mileage and will have to overpay to get anything with high mileage.
Honda is not hurting, having just had the best sales month in the history of the company, but they can't sell (or lease) Pilots. If they keep making them, they will have to have some serious deals on the new ones to move them off the lots.
Honda STANDARD Leasing - National ....... no Special :confuse:
Only 1 up for June so far ... honda.com > Honda Cars > Current Offers ... can print out a certificate bring to dealer.
2009 Pilot 2WD LX Featured Standard Lease $359.00 per month for 36 months. $3,399.00 total due at signing. Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
FEATURED LEASE: Closed-end lease for 2009 Pilot 2WD LX Automatic Transmission (Model YF3829EW) for $359.00 per month for 36 months with a $2,445.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $3,399.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee, with no security deposit and capitalized cost reduction. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.
Subject to limited availability. 06/04/2008 through 06/30/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2009 Pilot 2WD LX Automatic Transmission vehicles (Model YF3829EW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $28,265.00 (includes destination) less the suggested dealer contribution resulting in actual net capitalized cost $25,626.58. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $12,924.00. Option to purchase at lease end $14,697.80. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year. See dealer for complete details.
No one should ever do this. These online "Deals" leave a LOT of money on the table for any smart shopper. You can use the leases as posted to determine the residual and money factor, but go in a hammer the price down on the car then apply the negotiated price to the lease terms.
My 2005 Pilot EX lease is up at the end of the month and I haven't decided on what to get next, 08 Pilot of go to a smaller SUV with better mileage, but sacrifice on space. Honda just sent me a letter telling me I could extend my lease for 6 month to 3 years at the same payment and mileage allowance as I have now. I have 43k on it right now with a 15k/year allowance, and pay $387/month, I think I paid one payment as a down payment. I'm trying to figure out if I might be better off keeping this Pilot for another year or so and put off the leasing hassle, higher payment, higher insurance. Has anyone ever extended their lease before?
Honda does not want you to turn yours in, that is for sure - they can't sell the new ones they have .
If you are still wanting to lease, the current deals on Pilots are not good - they ran out the deals on the 08 models and just have big BUY incentives on them and the 09 Pilots are still too new and have "standard" lease rates on them.
I know of folks who have done month to month extensions while waiting for an ordered car to come in or for the rates on their new choice to drop.
If you could do it month to month and extend the miles then that might not be too bad, but I don't know that I would want to commit to another 6 month or longer on a guzzling out of warranty vehicle .
Based on your post above, the total upfront cost seems to break down as follows: 1. $399 - 1st monthly payment 2. $595 - Acquisition fee 3. $2305 - Down Payment
Here is my question. Doesn't the acquisition fee usually get totalled in the payment calc? Is it true then that the $399/month excludes taxes, fees AND the acquisition fee? Just making sure my math is correct. Thanks!
I just went to three Honda Dealers and these were my offers: Dealer 1 48 months 15k 2000 down at 554.00 a month...I basically just walked out moments later, they called me back within minutes with 36 months 15k 1000 down at 544 a month. Havn't called them back. Dealer 2 48 months 15k 1000 down at 535.00 a month down to 48 months 15k 1500 down at 519.00 a month...down to 48 months 12k 1400 down at 498.00 a month. Dealer 3 42 months 12k 0 down - but with 1400 inception fees. (which I see it as basically bullcrap, its just like a down payment)
...and I'm not done yet..lol...maybe see another dealer tomorrow.
Any suggestions?
Oh and I'm handing in my 2004 Pilot with 2 months remaining and each dealer stated they would handle the remaining two payments.
Get price quotes on the Pilot, the same as if you were paying cash for it. Once you have a low price - say invoice or less for the SUV, destination, and dealer fee - then worry about the lease numbers. Find out what the lease buy rate is and residual percentage, add the $595 bank fee and work out the payment for yourself. Add you state taxes and see how it looks.
You could lease a Infiniti G for 24 or 36 months what you are being offer by these dealers for a Pilot with a 48 month term, depending on your tax rate (which we don't know).
I would hang on to your Pilot and wait for better lease rates and possibly incentives from Honda on the 09. None of the dealers is going to "handle the remaining two payments" for you, they are just adding that right back on top of the price they are charging you for the new Pilot and YOU are paying them. Much better to just drive what you have for 2 months and then worry about the new Pilot. I would be shocked if deals were worse then and there is a good chance they would be better.
36 months is the leasing sweet spot, so I would get quotes on that and forget about a 48 months lease.
So since you asked, you are doing everything wrong . Getting out too soon, getting too long of a term, getting a lease on a vehicle with high rates and no incentives, and doing it all by looking at just the payment and not the price of the vehicle.
See if it wasn't like straight up dudes like yourself and sites like this one we wouldn't know jack!....but thanks, info helped.
As for the payments just a budget trying to stay under the 450 mark along with all the hoopla they try and throw in.
So if I understand right, they can deduct off the MSRP Price and from that Price the lease payments will be taken from?
Buy rate? Residual?
I guess I have to get that off the dealer.
...anyways we just decide this even the wifey and I to just stay with it and if nothing looks promising with good deals just try and pay it month to month and go from there.
A lease is based on your negotiated selling price (up to you), the residual which is a percentage of the full MSRP (set by the lease bank, AHFC in this case), and the money factor (set by AHFC as well and dependant on your credit score). So if you have good credit and qualify for the best rate, then the residual and rate fixed for a given Pilot and the only thing you can do to lower the payment is bargain down the "selling price" or put more money into the lease. The first is the right way, the latter is the wrong way to get the payment down.
NOT including tax and the current 09 Pilot lease rate, every $1k you get off the selling price is $30 or so per month on a 36 month lease. So ignore the selling price at your own peril .
I picked up one of those killer lease deals in Feb on a loaded AWD 08 here in Massachusetts. Just today I received a letter saying the state had billed AHFC a $735 property tax which I'm responsible for. Obviously I knew I'd have to pay all taxes the state charged, but that seems sort of high to me, especially on a car I don't own and have only had for 4 months. I just wanted to verify that this rate is in the ballpark of what I should expect and if I can expect a similar (but slightly reduced) bill next year? Thanks.
Yes, property tax you are paying is more commonly known as the Massachusetts auto excise tax, which is usually paid to your town. Here is a link to the computation of tax schedule:
Model year purchase, you would have to pay $25 per $1000 at 90% of the car's value (or in this case MSRP). Based on your bill of $735, I would have to guess that your MSRP was around $32,600. Year two that 90% drops to 60%, so you bill will be around $490. Sorry to be the one to deliver the bad news. All hail to Taxachussetts!
Comments
I put in a NY zip code and ran the numbers through my handy-dandy lease MF solver and they are doing 0.00123 (2.95%) and 49% on the 2WD VP and 0.00140 (3.36%) and 52% on the 4WD VP. That is way more than the 1% or 1/3% they were doing previously.
In the online special they are pricing the 2WD Pilot at $23,595.22 and invoice is $25,710 so it is $2,117.78 under invoice as they show it. The dealer incentive is $2,500 on this model, so this leaves 100% of hold back and $382.22 profit.
If you don't live in one of the states listed, you can expect a rate like 0.00250 or something not good.
Dennis
I think you mean 0.00043 which is 1.032% effective interest.
Those are the May numbers I posted - based on solving for the MF in the lease special shown on the Honda web page when you put in a ZIP code for a state that has the discounted lease.
This is for VP models and in the past the MF has been the same for the VP 2WD and non VP 2WD models and the same for the 4WD VP and non VP 4WD models. I assume this is still the case but check with your dealer to be sure.
You should have leased last month when the rate was better. I warned that the cheap leases would probably not last. AHFC has been raising the rates on the leases since the first of the year (we got ours at 0.31% in Jan).
Dennis
Dennis
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Can you let me know what dealership you are seeing that has all these 2008 Pilots
Thanks
let me know how i can contact you.
You can send me an e-mail at mike16@peoplepc.com
The only states with discount lease rates on the Pilot are AK, CA, CT, DE, HI, ID, MA, ME, MT, ND, NH, NJ, NY, OR, PA, RI, SD, VT, WA AND WY. If you don't live in one of those the rate is quite high. If you do live in one of those states the rates are decent, but not nearly as good as rates were in the past.
The VP lease example for those states shows $259 per month not including tax with a $1,645 cap cost reduction. Without the cap cost reduction the payment would rise to $310-320 or so not including tax. Depending on where you live and how tax is levied on a lease you could probably do a VP for your desired payment. Note that the lease as listed has a good bit of dealer profit you could negotiate down for a better deal. The SE is more expensive so would make the payment that much higher.
Without knowing your state I could not say more, but if you live in a state without the discounted rate you will need to just buy the Pilot or get a cheaper model. Even with the discounted rate the SE may be more money than you want to spend.
Dennis
I don't know what the residual is for an SE and I assume you are looking at a 4WD. The residual for the 4WD VP is 52% and the MF is 0.00140 so I will use those. At $28,150 selling price and 52% of the MSRP you state the payment is $397.17 with 10% tax. You would have to pay the $595 bank fee and the first month's payment up front which would eat up the $1k you want to put down. I don't know how the dealer got the number you posted, but he may have added a doc fee or even destination to the price he have you or the SE residual is lower than 52%.
I would look up the invoice on the Pilot you want including destination, then take off the $3,500 dealer incentive and see how that price looks compared to the price you got. You need do be at invoice less incentive or lower before you worry about the lease numbers.
Dennis
However, if we look at the deal on Honda's page for those states for a 4WD VP: they show a net cap cost of $23,181.56 on the lease with a $1,645.00 cap cost reduction. Add those two together to get the selling price = $24,826.56 . Invoice include destination is shown as $26,975. So if your dealer is correct and they only get $1k in dealer money on a "cheap" lease then they are pricing the car at $25,826.56 or $1,148.44 under invoice. No way, I say. At least on this model they must still be getting the $2,500 dealer incentive. If you add $2,500 to the selling price you get $27,326.56 which is $351.56 in dealer profit (plus 100% of hold back). So at least on the VP in those states the dealer MUST be (by logic) getting the same $2,500 incentive they get for sales.
No way to tell about the other Pilot models since there is no publish lease deal on them - other than to ask a few dealers and see what they say.
Compared to the 1% or 0.3% leases earlier this year, the current deals are not all that great anyway. Better than 3rd party leases, but not all that great. In fact, if the dealer is correct and he only gets $1k on the lease then you may be better off to take the $3,500 off and do a 3rd party lease. You would have to run the numbers to see how it works out to be sure.
Dennis
You and I can't get a lease directly from the lease bank, we have to go through a dealer or broker.
Dennis
Sale Price, Residual Value, Money Factor. Find out what those are and you will be able to cut a decent deal. Lease payments are determined by those 3 numbers.
Never negotiate monthly payments and down payments like you do when you when you purchase. If you don't understand leasing before you negotiate, you will probably get taken advantage of.
Negotiate the lowest price possible on the vehicle. Compare the Residual value you are quoted with the ones you see here in the forum (they typically can't change this number since its set by the bank, but its good to double check). Next, ask for the money factor being used to calculate your finance charge, if they don't want to disclose it, move on to another dealer that will. Use this forum to compare the rates to see if they padded it or not. Some states have different money factors.
Find out what their fees are and ask them to explain them. Make sure they aren't double dipping. If you ask the right questions, you should be in good shape.
Sales/use tax @ 7%
supplemental Title fee
No security deposit
Registration fees
Doc fees
Tired tax fees equal about 2K. Quote is $395 a month with $1500 to drive off lot. Sound right? Any wiggle room on the selling price? Thanks.
check it out at bochhonda.com > promotion > weekly or monthly, then check inventory for availability.
I think you are at NJ so it is not too far to save a few thousands. You can chat live with sales and the conversation is in computer record. Plus you can request the sales email you confirmation of all the figure (out-of-door) before you start travel.
Offered by Honda Special National Leasing
Goto www.honda.com > honda car > current offer
2009 Honda Pilot - 4 National leases 42 months
05/22/2008 through 06/03/2008
1. LX - 2WD - $359/MO, $3099 due @ signing
2. LX - 4WD - $359/MO. $3299 due @ signing
2. EX - 2WD - $399/MO. $3299 due @ signing
2. EX - 4WD - $399/MO. $3399 due @ signing
Example of one of the details...
2009 Pilot 2WD EX Featured Standard Lease
$399.00 per month for 42 months. $3,299.00 total due at signing.
Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Show Details
FEATURED LEASE: Closed-end lease for 2009 Pilot 2WD EX Automatic Transmission (Model YF3849EW) for $399.00 per month for 42 months with a $2,305.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $3,299.00 total due at lease signing (includes first month's payment, with no security deposit, AHFC upfront acquisition fee and capitalized cost reduction. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.
Subject to limited availability. 05/22/2008 through 06/03/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2009 Pilot 2WD EX Automatic Transmission vehicles (Model YF3849EW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $31,030.00 (includes destination) less the suggested dealer contribution resulting in actual net capitalized cost $28,574.71. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $16,758.00. Option to purchase at lease end $16,135.60. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year.
Thanks ahead,
RL
36 - 51%
39 - 48%
42 - 47%
48 - 42%
Money Factor (*subject to Super Preferred (Tier 1) Credit approval)
33-39 months - 0.00235
42-48 months - 0.00220
Rate requires a security deposit.
Need this info quick if possible. At the dealer now and they say 45%
Thanks
Dealers can, and some do, mark up the money factor.
Dennis
Dennis
If you are looking for an 09 then they will probably have cheaper leases on them sooner or later - maybe even this week. On the left over 08 Pilots, I would be shocked if they had a national cheap lease again on them. You never know, Pilot sales were terrible again in May so they might do about anything to move one off the lot.
The lease deals are always "suggested deals" and should be honored at any dealership. Smart shoppers understand this and know they just set the residual percentage and MF for the lease and will negotiate a lower buy price and then apply those numbers to it. Smart shoppers also not not to sink that much money into a lease.
I guess the shock to me is that there is still activity in the Pilot forums when gas is $4+ per gallon
Dennis
The way things are going, you can practically steal anything that does not get super mileage and will have to overpay to get anything with high mileage.
Honda is not hurting, having just had the best sales month in the history of the company, but they can't sell (or lease) Pilots. If they keep making them, they will have to have some serious deals on the new ones to move them off the lots.
Dennis
Only 1 up for June so far ... honda.com > Honda Cars > Current Offers ... can print out a certificate bring to dealer.
2009 Pilot 2WD LX Featured Standard Lease
$359.00 per month for 36 months. $3,399.00 total due at signing.
Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
FEATURED LEASE: Closed-end lease for 2009 Pilot 2WD LX Automatic Transmission (Model YF3829EW) for $359.00 per month for 36 months with a $2,445.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $3,399.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee, with no security deposit and capitalized cost reduction. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.
Subject to limited availability. 06/04/2008 through 06/30/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2009 Pilot 2WD LX Automatic Transmission vehicles (Model YF3829EW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $28,265.00 (includes destination) less the suggested dealer contribution resulting in actual net capitalized cost $25,626.58. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $12,924.00. Option to purchase at lease end $14,697.80. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year. See dealer for complete details.
No one should ever do this. These online "Deals" leave a LOT of money on the table for any smart shopper. You can use the leases as posted to determine the residual and money factor, but go in a hammer the price down on the car then apply the negotiated price to the lease terms.
Dennis
If you are still wanting to lease, the current deals on Pilots are not good - they ran out the deals on the 08 models and just have big BUY incentives on them and the 09 Pilots are still too new and have "standard" lease rates on them.
I know of folks who have done month to month extensions while waiting for an ordered car to come in or for the rates on their new choice to drop.
If you could do it month to month and extend the miles then that might not be too bad, but I don't know that I would want to commit to another 6 month or longer on a guzzling out of warranty vehicle
Dennis
1. $399 - 1st monthly payment
2. $595 - Acquisition fee
3. $2305 - Down Payment
Here is my question. Doesn't the acquisition fee usually get totalled in the payment calc? Is it true then that the $399/month excludes taxes, fees AND the acquisition fee? Just making sure my math is correct. Thanks!
Based on the numbers you gave it seems like a 3 year lease would be around $670/month? My assumptions are as follows:
1. $39,000 MSRP
2. .00235 Money Factor
3. 8.25% Sales Tax
4.36 month lease
5. $2,300 Cap Reduction
6. 51% Residual
Seems pretty high, but that's what I get in my model. Does it make sense?
Dealer 1
48 months 15k 2000 down at 554.00 a month...I basically just walked out moments later, they called me back within minutes with 36 months 15k 1000 down at 544 a month. Havn't called them back.
Dealer 2
48 months 15k 1000 down at 535.00 a month down to
48 months 15k 1500 down at 519.00 a month...down to
48 months 12k 1400 down at 498.00 a month.
Dealer 3
42 months 12k 0 down - but with 1400 inception fees. (which I see it as basically bullcrap, its just like a down payment)
...and I'm not done yet..lol...maybe see another dealer tomorrow.
Any suggestions?
Oh and I'm handing in my 2004 Pilot with 2 months remaining and each dealer stated they would handle the remaining two payments.
Stop playing payments with the dealer.
Get price quotes on the Pilot, the same as if you were paying cash for it. Once you have a low price - say invoice or less for the SUV, destination, and dealer fee - then worry about the lease numbers. Find out what the lease buy rate is and residual percentage, add the $595 bank fee and work out the payment for yourself. Add you state taxes and see how it looks.
You could lease a Infiniti G for 24 or 36 months what you are being offer by these dealers for a Pilot with a 48 month term, depending on your tax rate (which we don't know).
I would hang on to your Pilot and wait for better lease rates and possibly incentives from Honda on the 09. None of the dealers is going to "handle the remaining two payments" for you, they are just adding that right back on top of the price they are charging you for the new Pilot and YOU are paying them. Much better to just drive what you have for 2 months and then worry about the new Pilot. I would be shocked if deals were worse then and there is a good chance they would be better.
36 months is the leasing sweet spot, so I would get quotes on that and forget about a 48 months lease.
So since you asked, you are doing everything wrong
Dennis
As for the payments just a budget trying to stay under the 450 mark along with all the hoopla they try and throw in.
So if I understand right, they can deduct off the MSRP Price and from that Price the lease payments will be taken from?
Buy rate?
Residual?
I guess I have to get that off the dealer.
...anyways we just decide this even the wifey and I to just stay with it and if nothing looks promising with good deals just try and pay it month to month and go from there.
Thanks again.
Tax bracket 75k - 100k
NOT including tax and the current 09 Pilot lease rate, every $1k you get off the selling price is $30 or so per month on a 36 month lease. So ignore the selling price at your own peril
Dennis
http://www.sec.state.ma.us/cis/cisexc/excidx.htm
Model year purchase, you would have to pay $25 per $1000 at 90% of the car's value (or in this case MSRP). Based on your bill of $735, I would have to guess that your MSRP was around $32,600. Year two that 90% drops to 60%, so you bill will be around $490. Sorry to be the one to deliver the bad news. All hail to Taxachussetts!
08 EX-L w/DVD 4x4
MSRP $35,890
Sell $29,987
Payment 495.86 per month
Residual 17126.40
Money factor .000140
Tried to get figure it out on the lease calculator, but it did not come out right.
I have an 2003 Dodge Durango w/ $3300.00, left that they'll payoff.
Need help, Thanks feel free to email at hrdel@comcast.net