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Comments
$35,715 should be MSRP, does the amount you posted match the window sticker? Maybe the dealer added some options to it?
$32,477 should be invoice. There is a $3,500 incentive, but I think it drops to $2,500 when you do the cheap lease. So $29,977 would be invoice less incentive which is about your price. With the 09s sitting on the lot, I would think you could get the price lower - down into some of that $714.30 hold back on this model.
Are you sure the MF is 0.000140 and not 0.00140 ?
Assuming 0.00140 with nothing added the base payment is $423.20. If I roll in the $595 bank fee I get $440.56
I have an 2003 Dodge Durango w/ $3300.00, left that they'll payoff
No, they will not - YOU will since they will just roll this negative equity on top of your Pilot deal.
With that and the bank fee added the base payment would be $536.85 per month.
If you wait until your current truck is paid off, leases ends, or when you have no negative equity you will be better off. The deals now on 08 Pilots are good with the incentive and discounted leases, but you toss all that away by rolling in negative equity. If you waited until you had no negative, you could probably do the same deal on an 09 Pilot.
Anyway, without more info that is all I can tell.
Dennis
Tax is 2.75% is included do not know how it is applied
Due at signing is $495.86
I'm getting lower numbers from the lease calculator too, don't know why they are getting $495.86
I would ask the dealer to break it down for you.
Dennis
I'm trying to run some lease calcs based on the numbers I get from Honda.com. Right now they have a 2008 Honda Accord leased for $219/month excluding taxes. Here is where I get confused. It says there is $2,599 due at signing of which includes the first month's payment, acquisition fee, and cap cost reduction. The site tells you that the cap cost reduction is $1,785. So logic tells you the acquistion fee must be $595. So you have $1,785 plus $595, plus $219. That makes sense to me. Here is where I get confused. Down below it says "MSRP $21,830.00 (includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $18,881.82." How the hell do they go from $21,830 down to $18,881.82 if the cap reduction is only $1,785? Can someone help? Thanks!
The "deal" as shown on the web page has some discount built into it. It you take the new cap cost plus cap cost reduction you get the selling price, which looks like $20,666.82 .
Note that all of these published deals leave a lot of money on the table, price wise. If you leased this car at that price you would be over paying by a good bit.
Dennis
I have found this lease offer:
2009 Pilot 2WD LX Featured Standard Lease
$359.00 per month for 42 months. $3,399.00 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 LX Automatic Transmission (Model YF3829EW) for $359.00 per month for 42 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 $15,078.00. 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.
My basic question is what would be the money factor on this type of lease. I see that I can get a considerable discount off of the MSRP from others but am interested in leasing a pilot w/ MSRP of around $34000 and would hope to get at around $29000 on a 36 month lease. But need to figure out what I can expect my money factor to be to see if it makes sense. Can you help? Thanks.
#1: I've been trying to work out a deal for an new '08 Pilot SE, but the lowest rate they can get to is $615 a month for 35 months (1st month down). I don't know any of the specifics, since it seems like they're focused on the monthly payment (as am I, even though I shouldn't be).
- Is this a good rate for being as upside down as I am?
#2: We're trying to get to a rate of $450-$500 a month. What would I have to get the #'s to in order to get this rate? Is it possible for an '07 EX?
Any advice is helpful! Thanks!
Any deal shown has lots of dealer profit built into it and should not be used as shown, you negotiate a low price on the Pilot then apply the residual and MF and see where you are.
Leasing in Texas is expensive since the state charges sales tax on the entire purchase price of the vehicle. Most states charge tax only on the payment and some on the depreciation, ones that charge on the whole price usually are just not good states to lease in.
You can figure the residual and money factor from the numbers on the Honda page - the residual is shown and you can figure the MF by reversing the lease calc formula.
In any case, even if you got the Pilot at invoice by the time you pay full sales tax on it and get the high standard rate it is not going to be any kind of a "deal".
Dennis
The $3,500 incentive does not apply to VP Pilots, but a $2,500 incentive does. For a left over (now) 08 Pilot your price should be invoice less the incentive as most and preferable down into the hold back.
Your main problem is that the ship has sailed on cheap Pilot leases for 08s. Their current "deal" is a standard lease with a high MF so your dealer probably quoted you a 3rd party lease that may have a better rate but a lower residual. In any case they stretched the term to 42 months to make the deal APPEAR better.
Never lease for longer than the base warranty, in any case.
You best bet is to buy, wait until they offer cheap leases on the 09 Pilots, or consider something else. I think the days of getting cheap 08 leases are long gone.
Dennis
At 0% interest, $5,000 is $139 per month extra on a 36 month lease. At the Honda normal standard lease rate this would be about $151 per month extra. This is without tax, if your state had a modest tax rate of 6% on top of the payment then you are looking at about $160 per month extra for being upside down.
As I just mentioned, the rates for 08 Pilots are not good - Honda wants you to BUY a Pilot and not lease you one. Similarly, the rates on the new 09 Pilots are not good. If you take those high rates and add in $160 a month extra then you have a really, really bad deal.
If you want a low payment, you need to looking at something cheaper and/or something with a deeply discounted lease rate. Perhaps the Odyssey would do? They seem to still have discounted rates on those. May not be what you want, but when you are $5k in the red you have limited options.
Keep in mind that many lease banks will not roll in more negative equity than would take you to MSRP, some will let you add a little on top of MSRP. So you are further limited in what you can lease since you have to not have a lot of total cap sticking up over MSRP.
If you find something you can live with that has 0.0% financing, that at least lets you pay off the $5k "interest free" but puts you WAY upside down again and in something you may not really want to drive.
Rather than way over pay for something, I would keep what you have (if possible) and save up or pay extra each month until you have wiped out the negative equity. Then you get your reward - and nice low payment on your next vehicle.
Dennis
Thanks in advance!
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
2008 Pilot SE, demo vehicle with 5790 miles
MSRP: $33,719
36 month lease, 15k miles per year
Sales Tax is 7%
They are offering me payments in the $350's per month with $2000 down + 1st payment
Would certainly like to reduce the down payment but it may actually be helping keep my monthly payments within my comfort range. From reading other postings it appears I need to know the residual and money factors which I can get.
Any advice would be appreciated. Thank you.
Buy for $24,988, Off MSRP $8,638.
Boston Bochhonda.com put 6 out at this lease special.
#55518, #55519, #55520,
#55521, #55523, #55507
Boch is No.1 vloume Honda dealer. If Boch can do it, the other Honda dealers can do it a little higher I think.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I have a higher tax rate than you and I pay less for a new loaded G37 for a shorter term - or you could get a loaded G35 sedan for less as well.
Dennis
Thanks in advance!!
I visited a dealer and he quoted me $645 per month plus tax for the above referenced car. This is based on 36 months and 12k per year with no money down other than 1st payment and motor vehicles fee. He said the cost factor was .00360 with a residual of $19532. Is this a fair deal? Do I need more info?
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I currently have a XC90 that will be coming off of lease in end of Sept.
I am interested in the Pilot, but not at those lease rates! I have been also looking at the CX9 from Mazda and the Toyota Highlander. I need at least 80+ cu/ft of space. Any suggestions on what is leasing at good rates. I can wait for 2009 models.
gloveman
thank you
This morning on hondafinancialservices.com is see there is a lease special on the '09 Pilot LX. I don't recall seeing this special listed a couple of days ago...is this new? Do you know the details on it? Is it good? Is it going to help me get a better deal on a EX-L 2WD w/ RES?
Looking for 36 mos /12 or 15K lease.
Not against a 42mos /15 K lease as long as the warranty is extended to 42 mos.
Have 3 previous leases w' Honda.
Currently have an '06 Odyssey Touring coming off lease mid November.
Have 3 payments left and got a letter from AHFC that they will take care of the last 3 payments and the usual no down payment, no security, $1500.00 waiver, etc to get me in a new lease.
I live in Queens, New York.
What is a good lease deal?
I currently pay $570.00 /tax included on the Ody and it was with no upfront cash except first month and DMV.
Some friends say I should only be looking after Labor Day.
I am not in a hurry, but want to see if there are any deals out there.
Have not been to any dealers yet.
Thanks.
Car_man
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Pilot 2009 Touring w/navi & dvd sale quote is at $39165.00 (MSRP 40,665.00) With plates and taxes down is $3500.00 Payments per month would be $651.00 x 36 months with 12k per year. The Cap Cost Reductions- $2749.60 Adjusted Cap Cost -39875.00 Residual Value - $21127.60 Money Factor -.00212 = 5.1% apr
Actually, if someone can tell me if this is a good deal, or better yet, point me to the right direction, I'll really appreciate it.
Thks
LCS
http://forums.slickdeals.net/showthread.php?p=12211179
http://blogs.internetautoguide.com/6271352/industry-news/40-discount-for-trucks-- suvs-minivans-glenn-nissan-dealership-kentucky/index.html
Has anyone heard anything about Honda's intentions?
About two weeks ago, I went to one of the more trustworthy Central Ohio Honda dealers to inquire about leasing an 09 Pilot. The salesman told me that AHFC's lease terms on an EX-L were not that good right now and his offer proved it. He advised me to extend my current lease on an 05 Pilot for six months and to check back with him in Sept. I intend to do that, but I wonder now what motivation AHFC will have to sweeten the terms, if they end up being among the few who even do leases. I may have to give the Veracruz a closer look.
If they stop and their competitors continue, it will cost them business and they may be forced back into leasing.
Do you have a great rate on the current lease? What about allowed miles? I don't know if extending is a super idea unless you are just stuck on getting another (guzzling) Pilot. Other guzzling SUVs and trucks are practically being given away by other manufacturers so it may be time to look into something else. One of the main reasons to get a Honda is reliability, but if you are just doing 36 month leases most cars can make it that long without much time in the shop
Dennis
I certainly hope that the Japanese manufacturers continue to offer leasing. I have grown to love the idea of three year leases and would dread having to purchase a car with six year financing in order to achieve comparable monthly payments. I have a feeling that I am not alone in this regard, so it will be interesting to see what happens to the American Big Three when they try to force their customers into longterm loans.
I am panning to take over someone else honda pilot 2008 lease for next 27 months. I never leased before in my life. What are do's and donts of taking someones lease. What are the Pros and Cons of it. No down payment, so it is attractive and just the monthly lease for next 27 months. Is it a good deal. What do I need to ask for or look in. Any information will be very much helpful. What are the disadvantages/advantages of leasing in general. (I am yet to discuss, how many miles allowed per year)
Thanks
Can someone else purchase my leased vehicle?
Honda Financial Services is unable to conduct third-party sales. Your leased vehicle may only be bought by the original lessee(s) or by a dealer.
AMERICAN HONDA FINANCE CORPORATION
600 Kelly Way
Holyoke, MA 01040
Phone: (800) 457-9929
Customer Service Hours: Mon-Fri 9 am - 5 pm EST
As to taking over a AHFC lease, it is not allowed according to the Swapalease Lease company info posted here.
So you can't assume a Honda lease nor can you buy an end of lease Honda that was leased by someone else (unless you go through a dealer). You could re-lease the car with a 3rd party lease broker (like www.leasecompare.com) using the current lease buy out price as the selling price. As a licensed dealer they could buy the Pilot from AHFC for that price and lease it to another person. The deal is not likely to be that attractive, however, but worth checking to see.
Dennis
Every 2009 LX 4x4 MSRP: 29,830 ... 3 yr / 36K mi
288/mo, $0 down
0.15 excess, 54% residual, acqui fee 595, DO NOT pay destination charge AGAIN due MSRP is included. I think the MSRP already included this. To confirm: check the sticker.
good till 8/15 ... http://www.boch.com/bochhtml/bochhonda/pages/promotions.aspx
click the ad to download in pdf, zoom in to study fineprints.
Note : This is NO TRADE deal because the ad says "$0 down OR Trade". Best is you can sell the trade to carmax, or by yourself in autotrader.com, or to your friends / relatives.
The ad is little confusing due to the wording under the photo says : AUTOMATIC TRANSMISSION, FRONT WHEEL DRIVE (not 4x4?), POWER SEAT, CD CHANGER, PRIVACY GLASS, AUDIO STEERING COLUMN.
I haven't leased any vehicle in my life. I am planning to lease Pilot 08.
I really would like to understand the basic concept behind this question.
In every car lease, it says 10,000 / 12,000 / 15,000 allowed per year. (for 36 or 42 months)
My question is,
If I take a lease for 36 months and the deal is 12,000 miles allowed per year, that means I am allowed to drive 36,000 miles for the entire lease term of 36 mths, right?
What if I use 14,000 miles in first year and 10,000 miles in my second year and 12,000 miles in my third year. Does it matter? Anyway, I am using only 36,000 miles for the entire 36 months. Do they charge me anything if I use it in this way?
Sorry for confusing you all, I really want to understand this.
Thanks a lot for all your valuable input.
Rate includes 1100 towards the Cap Cost. I would guess this means the LX Pilot can now be had for 265 a month on a 42 mnt lease.
Does anyone know the new money factor and residual on 42 months 15k miles:
Lx
EXL
Touring with and without DVD?
The deals posted on the Honda web page almost always leave a lot of profit in them for the dealer and are not a good deal for you as written. You have to negotiate the lowest possible selling price first, then apply the MF and residual for the lease to get the payment. If you say "hey, $299 a month is not bad I think I will go ask for that" you are likely to leave a good chunk of change on the table.
Dennis
What I'm wondering is what is a fair Cap Cost on these vehicles? People are buying them for up to 2k below invoice, I think that's a fair starting point?
PILOT EXL-with RES 4WD(I don't want to compromise with the vehicle and the trim level)
My question is, what is the best way to negotiate, the bottom price. I don't mind paying $500 up front and get $50 or more savings on my monthly payment. The best Eprice I received so far is $31,745(incld. Destination charges). One dealer in my area emailed me this quote when I was shopping for buying a new car. Now it is whole new story, when I am leasing will this price be the same?
You can do what you want, but I never work a deal based on payment and would never sign a lease deal without knowing where every penny goes and knowing exactly the selling price and its relationship to invoice less incentives.
I look for the "best deal" and not just a deal where "I can afford the payment". Our 08 Pilot was leased at $1,233 under invoice INCLUDING the dealer fees and the MF is 0.00014 . So the price used up all but about $115 of the hold back. How did they make any money on the deal? I don't know
In no case did I have to "negotiate like crazy" or spend a lot of time working up a deal. Just contacted various dealers via e-mail and ask for their best price. Most of the dealers on the Pilot would only do the published deal, the dealer we leased the Pilot from beat that price by about $1,100. Without interest and taxes that is a savings of over $30 per month on the payment - every month. Ditto the S2000 lease, but the savings was even larger. Same thing was true 3 years before on an Accord lease - price down into the hold back including incentives and leased a good rate.
Like I said, you can do what you want to do - but the best deal can be had when you negotiate on the price before discussing lease terms.
Dennis