Honda Pilot Lease Questions

stoopy

Boch Honda has one of the worst reputations of any dealer in the North East. It is pretty obvious by reading a couple reviews of their tactics that this deal is simply smoke and mirrors to get you to come into the dealership. Google their name. Most people who gave reviews were extremely dissatisfied by their trickery.

tron227

i live in long island ny.some guy went threw a stop sign and wrecked my 08 pilot.its a lease we had it for 8 months.iwould like to know if it is completly distroyed. and it is how does the lease work.i dont have gap insurance on it.thank you sal

bruny

Doesnt honda's finance arm automatically give you gap coverage witht he lease? This is what I have been quoted by my dealer in chicago. good luck.

spotwiz61

If it is "totalled" then the insurance pays for everything except deductable! The deductable will be reimbusted by insurance company after they settle up with other drivers insurance! If he is 100% to blame.

GL

LVchad

Carman and anyone else, can you please lend me your opinion?

2009 4WD Pilot Touring w/RES for $950 out of pocket at signing (including fees, 1st month, etc.)....12,000 miles per year, 39 months, $556 per month...msrp 40,665, sale price 35,371, mf .00151, res 47%, zero cap reduction....talked him into free window tint on driver and passenger side windows.

A. Horrible
B. Below Average, could have done better
C. Fair Deal
D. Above Average
E. Great Deal

Thanks!

bigdadi118

For $0 Down your before tax payment should be $499.15/MO FOR 39 MO.
based on below formula

SELLING PRICE 35371
MSRP 40665
MONEY FACTOR (X 2400) 0.00151 (3.624%)
LEASE TERM ...
RESIDUAL VALUE 0.47 19112.55
USING VALUE 16258.45
EA MONTH VALUE (39MO.) 416.88
INTERST EA MONTH 82.27
MONTHLY LEASE PAYMENT 499.15
* NOT INCL TAX & OTHER FEES, DOWNS, REBATE, INCENTIVE

djhalptert

You forgot to add in the acquisition fee. That is the one fee that will never be a question mark. The only way you get out of paying that is if they add it back onto sale price and tell you they waived it. So add another $595 onto selling price and your payment would be $513.31

CarMan@Edmunds

Hey kcv724. Unfortunately, Honda's February lease program for the Pilot is exactly the same as its January program was.

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CarMan@Edmunds

No problem, love2driveinct. You were smart to wait. I would have done the exact same thing if I was in your situation. Paying for two cars at the same time would be too annoying for me to bear .

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CarMan@Edmunds

Hi imt. Here's the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Honda Pilot EX-L AWD with the entertainment system and 15,000 miles per year are .00151 and 48%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

The numbers for an otherwise identical lease of an '09 Pilot Touring AWD with the entertainment system are .00151 and 46%.

If you were to lease with only 12,000 miles per year, these trucks' residual values would be 2% higher.

Car_man
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CarMan@Edmunds

Hey purplepizza. What exactly does purple pizza taste like? Grape? Honda is still providing $1,500 dealer cash and a money factor of .00151 on the 2009 Pilot.

If an individual dealer is advertising a vehicle at significantly below dealer invoice chances are they are only selling one unit at that price and they are just using the ad to suck people into the showroom.

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CarMan@Edmunds

You're very welcome, zombieman. I believe that all Honda Pilot Touring models come automatically with Navigation. The only option that it available on them is the entertainment system.

Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Honda Pilot Touring AWD with Navigation and 15,000 miles per year but without the entertainment system are .00151 and 47%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

The numbers for an otherwise identical lease of an '09 Pilot Touring with Navigation and the Entertainment system are .00151 and 46%.

If you were to lease either of these trucks with only 12,000 miles per year, their residual values would be 2% higher. Their money factors for 39 month leases would be the same, but their residual values for that term would be 1% lower. Honda Finance's 48 month money factors for the Pilot are terrible. You definitely don't want to lease this truck for four years.

Honda is currently providing $1,500 dealer cash on the 2009 Pilot, but I am not aware of any additional owner loyalty incentives.

Car_man
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CarMan@Edmunds

HI bruny. Yes, Honda Finance includes gap coverage on all leases at no additional charge.

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CarMan@Edmunds

Hi LVchad. The dealer invoice price for a 2009 Honda Pilot Touring AWD with the entertainment system is $36,976. Plus, Honda is providing $1,500 dealer cash on this truck right now, lowering it to around $35,500. The selling price that you were quoted, $35,371, is even lower than that. Plus the dealer used Honda Finance's buy rate to calculate your payment.

This looks like an excellent deal to me. Enjoy your new ride and make sure to hop on over to the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience.

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imt

Hey car_man. Just verifying the inclusion of Gap coverage on all leases. On Hoda Financial Services website it states the following (See last sentence in first paragraph and last paragraph):

Gap assurance (Total Loss Protection)
Although you may intend to keep a vehicle for the full term of a lease, an accident or theft could cause early termination. Most auto insurance policies pay the average market value of the car, which may be considerably less than the remaining lease obligation. Leases from Honda Financial Services include "gap" protection to cover this difference in the event of such a loss. This is a very desirable feature to look for in your lease. If you are purchasing a vehicle outside New York, you may be able to purchase gap assurance coverage from your dealer.

Note: A retail installment contract from Honda Financial Services includes gap assurance only if the vehicle is purchased in the state of New York.

imt

car_man

Is there any value or detriment by increasing the security deposit on a lease? I know you don't want to put anything down on the truck to lower payments, since if the truck is totalled or stolen you are out the $$. But I think the security is different.

Not sure if the money factor would be even lower with a larger security deposit etc. Ionly ask because I may have a trade-in and don't want to use the to lower the payment but would contemplate of putting these $$$ to increasing the security deposit.

stoopy

I thiink you may be confused.

A security deposit is a SET FEE usually equal to about one monthly payment. Most dealers nowadays don't even charge for it or will waive it if you ask. It has nothing to do with the money factor or residual or anything else. It used to be an easy way for a dealer to hold you accountable for excessive wear and tear.

Down payment is completely different. It will actually lower your monthly payment. You are correct though, it is foolish to put any money down on a lease. It will also not change your money factor or resiudal though.

LVchad

I am working with a dealer and we agreed to all of the details of the lease. However, to get the color I want, my Las Vegas dealer has to buy one from a California dealer (cannot trade with him due to california emission restrictions). The shipping cost is $475 to get it to me 450 miles away. The dealer is charging me $400. I assume this is standard operation that I incurr most of this cost but I wanted to see if others have any experience with this type of thing. Thanks!

bigdadi118

Buyer is usually the one to pay for additional if car has to be retrieve from other dealer. This process involve more time consuming, paperwork, transport the car by a person doing the driving or by auto-hauler.

skd2

Can anyone help by providing the residuals for the Touring 2WD w/ and w/o RES? One dealership quoted 45% and 44% respectively for 12k/yr 39 mos. lease. Just wanted to see if this was consistent with what others were seeing. Should I also assume that they would go down by 2% to bump up the mileage to 15K/yr?

Thanks!

wyattroa

We just got quoted by our local dealer for the above pilot at $33,390 and that includes the destination charge.. seems like a good price...whats everyone think?
robert

dtwpop

Hello all,

I've been quoted the following lease deal and was wondering what others thought:
2009 Pilot EX-L 39mos 15K miles with $750 down (1st month, fees) and 430/month plus tax for a total of 455/month. this is in the metro detroit area.

A. Horrible
B. Below Average, could have done better
C. Fair Deal
D. Above Average
E. Great Deal

Thanks

AXM23

dtwpop,

In my opinion that is a good deal if you are getitng the AWD version.

According to Edmunds.com below is the price for the EX-L AWD.
31,969 inv.
670 dest
32,639
- 1500 manufacture rebate
=31,139
You have a decent monthly payment. Make sure the selling price is close to the numbers above.

AXM23

Looks like a great price. At those numbers they must be selling below invoice. I would see no reason not to take the deal.

duffycoug

AXM23, since you seem to know the answers, can you please comment on the other numbers of my deal? (I'm the only one Car_Man didn't reply to! LOL)

09 Honda Pilot EX AWD
MSRP - $32,665.00
Agreed upon Value - $27,817.94
Residual Value - $16,005.85 (49%)
Monthly Payment - $412.84
Money Down - $1,000 (1st month, doc fees, etc.)

I only worried about my monthly payment, so I really have no clue about the other numbers....are they okay? Could I have negotiated something better somewhere in the deal? I'd like to know because I might be entering into another lease shortly, and I'd like to know what to look for.

Thanks!

duffycoug

15K per year, sorry, forgot to add that.

dtwpop

Thanks AXM23

It is an AWD EX-L 39mos 15K miles/yr. We put 862 down and 455/month (they buried a 240 cap reduction in there so the real payment should be 462/month)

I must say that I find the lease deal a bit hard to understand...part of the hazard of negotiating over the internet and not sitting down and going over the numbers in detail.

They have the vehicle price listed as 30249 and the gross cap cost is 31034.

We took the deal. My wife loves it. Thanks for everyone's help.

AXM23

Duffycoug,

I am not really a car expert. I just have been monitoring this thread and I have been to several honda dealers in the NY and NJ area to get quotes on the Pilot. So I am just giving my opinion.

On an EX AWD the invoice plus dest is $29,747. Subtract the $1500 dealer case which brings the car to $28,247. Your agreed upon value is $429.06 lower than that which I think is great.

Additionally, if you add the above residual value $16,005.85 with 39 payments at $412.84 ($16,200.76) = $32,106.61 plus your $1000 down = $33,106.61. That figure is just over MSRP.

Therefore I think you got a good deal, considering you got the extra mileage of 15k per year. Only Car Man can tell you for sure. I hope you like your new ride.

imt

I have been negotiating a Pilot Touring AWD (No RES) in NJ. I have recently been quoted 33800. I believe that the Invoice w/ Dest minus the $1500 is about 34020. So this is about $200 below that. Makes me then wonder what other incentives there are. I negotiated the car price and can now caculate the lease pyt's on my own and should match when I go back to discuss but wanted to know what other think of this sale price of the pilot compared to what other have been quoted.

humorme201

Wife has a 2007 Pilot EX-L with 39,000 miles and about $2k in damage..she only gets 12,000/year in miles so she's already over (pays .20/mile for overage)..guessing $4500 at end of lease....her lease ends in 10months.

Dealer here will end her current lease and put her in a 2009 Pilot EX-L for $555/mo with 15,000/year in miles plus $1800 down (includes 1st month payment) for 39 months...PLEASE HELP!!! She is currently only paying $421/month on her 2007 lease. :confuse:

morphius1

Car Man -or others-please help-I am interested in leasing a 2wd 09 pilot EX-L w/ res 12k miles/yr for 39 months and im getting basically the same quote from 5 diff dealers which is a price of 29k, 500 down, and lease payments of 550/mon-Im in the tampa area-these deals do not seem close to the other deals Im reading about in this forum-when I try to get them lower they dont budge-Boys...whats going wrong here?

CarMan@Edmunds

I thoughts so. Thanks for the verification, imt.

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CarMan@Edmunds

Hey imt. Unfortunately unlike many luxury brands, I do not believe that Honda offers a multiple security deposit program on leases.

Car_man
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CarMan@Edmunds

Hi skd2. Here's the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 39 month lease of a 2009 Pilot Touring 2WD without the entertainment system with 12,000 miles per year are .00151 and 45%, respectively for consumers who qualify for its "Super Preferred" credit tier. The money factor for an otherwise identical lease of a Pilot Touring 2WD with the entertainment system is the same, but its residual value is only 44%.

You are correct, Honda Finance's 15,000 mile per year residual values are 2% lower than its 12k residuals.

When negotiating your lease on this truck, make sure to take the $1,500 dealer cash that is currently available on it into account.

Car_man
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CarMan@Edmunds

Hi morphius1. The dealer invoice price of a 2009 Pilot EX-L 2WD with the entertainment system is $32,639. If one subtracts the available $1,500 dealer cash from that it drops to $31,139. $29,000 is an amazingly low selling price. Unless I am missing something here, it appears to be significantly below dealer invoice.

The problem is, the price that you were quoted does not jibe with the payment that you were quoted. If you were really being given a selling price of $29,000 this truck's lease payment would be around $390 per month before tax, not $550.

You really should be at around $450 before tax on the Pilot that you described right now. That payment assumes a selling price of dealer invoice minus the available dealer cash, $31,139.

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bigal17

car_man,

The info you are providing is excellent. I've seen most of the threads discuss terms of 12K or 15K leases. I am interested in a lease but expect to drive 20K miles per year. What do you know about the terms of a 20K lease (money factor, residual factor, etc.)? I'm looking at a 2009 Pilot EXL 2WD in the Dallas area. I'm getting some advice that the best way to go is a 15K lease and pay the excess mileage charges, but I'm not sure if that is the best way? Any advice here?

humorme201

Car_Man,
Wife has a 2007 Pilot EX-L with 39,000 miles and about $2k in damage..she only gets 12,000/year in miles so she's already over (pays .20/mile for overage)..guessing $4500 at end of lease....her lease ends in 10months.

Dealer here will end her current lease and put her in a 2009 Pilot EX-L for $555/mo with 15,000/year in miles plus $1800 down (includes 1st month payment) for 39 months...PLEASE HELP!!! She is currently only paying $421/month on her 2007 lease.

My feeling is to just pay for the damage now, and wait a few months..to incur an increase of $130/month + insurance increase is not appropriate given the current climate...if the new lease were the same or $10-$20 more, then I would say yes.

Thoughts, Comments?? Thank you in advance...dsy

golic

The extra 15,000 miles at .20 will cost you $3,000. You might be better off buying this car and purchasing an extended warranty.

bigal17

Thanks for the advice, golic. I noticed that you too were thinking along the lines of a 15K lease and paying the additional $$ in mileage charges. Do you have any info that leads you to believe that a 15K lease + additional mileage charges is actually less expensive than a 18K lease + less additional mileage charges or 20K lease with no additional mileage charges?

I'm not missing your point about considering a purchase, and am considering that as well, but I just don't hear much about 18K / 20K lease terms.

golic

I am not sure you can even get an allowance that high and if you can, the residual in today market will either be in the low 40s or high 30s? In that case, I think leasing does not make economic sense. I'll be curious if to hear what car_man has to say on this.

I remember once I had the option to buy miles at the front end of the lease for about 1/2 of the overage charges, and that is something to consider if that option is available.

Let us know what you decide.

bigal17

I do have one dealer that has confirmed your recollection of being able to purchase miles at the front end for 10 cents. Still waiting to get info on 18K or 20K lease terms (if these are even available).

duffycoug

I'm pretty sure I got mine at $.08 by paying on the front end....$.20 afterwards.....I think the payment difference came to $18.00 per month.

skd2

Thank you for all of the good information. I ended up leasing this car with the following terms:

Touring 2WD w/ RES
MSRP - 39,165
Selling price - 33,850 (I believe right about $1500 under invoice?) plus $595 acquistion
MF and Residual were exactly what you reported - .00151 and 42% respectively for a 15k/yr lease for 39 mo.
$973 drive off (just first month, license, tax)
$580/mo w/tax included

Hope this is helpful to someone else as everyone else's posts were helpful to me!

This is from a dealer in Southern California.

gregs2

Hello all...been reading this section on and off when I was looking to get a Pilot. Just took delivery of an EX AWD with remote start for 39 month lease at 12k/year. Got it for $360/month with first month and tax down. This is in Long Island, NY.

Seems like I got a pretty good deal. Looks like many are paying closer to $400/month.

bigal17

gregs2,

I'm curious, does your $360 per month include a sales tax component? If so, then what tax did you put down on the car at closing- just tax on that first month's lease payment?

Zack99

Which dealership did you lease from on LI.

jessedylan

I've been watching this forum too for the same reason. When I went to the dealership four months ago the best I could do was 39/month 15k/year for $410/month and $3600 down...which is why I didn't buy it. I could go down to 12Kmiles a year if I got that deal...

gregs2

I got it at Nardy Honda in Smithtown.

To answer the other posters question, the tax was NY sales tax on all 39 payments and was paid in full along with the first month's lease payment.

gregs2

Maybe I said the magical words all car salesmen want to hear...I will buy it right now if you give me my price. The salesman balked when I gave him the price I wanted to pay but the sales manager just said.."give him the price".
I suspected that the dealer might have had some excess inventory on the EX but it turned out they had to go to Connecticut to find a car in the color I wanted.
For a dealership that was pretty busy I was surprised they wanted to deal. Guess you get lucky sometimes.

duffycoug

The EX AWD are in very short supply in the northeast according to every dealership I was in contact with...I think you got a fantastic deal...is the sale manager a relative?