Honda Pilot Lease Questions

CarMan@Edmunds

Ahhh, I see that you mentioned the full MSRP of the truck that you want in this post, Trishe. It looks to me as though the price that you were quoted for the Pilot that you are interested in is right around dealer invoice, which is a very good deal. Using the prices that you mentioned in your post and Honda Finance's actual lease program, I estimate that this truck should have a 42 month, 15,000 miles per year, zero down, pre-tax monthly payment of around $348. With a $1,500 capitalized cost reduction, which I advise against making, the pre-tax payment for an otherwise identical lease would drop to around $312. Both of these lease payments assume that you qualify for Honda Finance's top credit tier and pay a security deposit.

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CarMan@Edmunds

Hi roinct. The money factor that you mentioned in your post, .00090, is right. However, it assumes that you qualify for Honda Finance's top credit tier and pay a security deposit. If one or both of these things are not happening with your deal, your money factor will be higher.

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CarMan@Edmunds

Welcome 06exlnavi. That's one of the longest posts that I have ever seen . I'm sorry to hear about your unpleasant experience. Normally since your original lease contract was never officially accepted by Honda Finance, you might indeed be able to threaten to walk away from this deal if the dealer does not honor the original lease payment that they quoted you. However, the fact that you traded a vehicle in probably gives the dealer enough leverage to prevent you from doing this though. I am personally not familiar with how sales tax is calculated on leased vehicles in your state, but you may be able to find out more information on this subject by visiting one of the following sites: Michigan Department of State - Owning a Vehicle or Michigan Department of Treasury.

It is difficult for me to give you my opinion on this deal without knowing what this truck's full MSRP is. This will enable me to see how much of a discount you are being given on your Pilot and to calculate what your lease payment should be on it.

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CarMan@Edmunds

Hello onc. You've done very well if you are able to lease a 2006 Pilot at invoice. I would be happy to calculate what your lease payments should be on the trucks that you mentioned, however in order for me to do so I need you to provide me with their full MSRPs.

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CarMan@Edmunds

Hi bar7. You have an of the info that you need to calculate a lease payment on this truck. I just worked up a lease payment on it using the information that you provided in your post and I came up with a zero down, pre-tax monthly payment of around $360. With a $2,500 capitalized cost reduction, your payment would increase to around $298, but it definitely is not a good idea to put so much money down when leasing. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Pilot would be exactly the same, regardless of whether you had put $2,500 down, or had made absolutely no down payment at all.

If you were to roll sales tax, tags, and the acquisition fee into the capitalized cost, the payment would increase to around $397 with zero down and $335 with $2,500 down.

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CarMan@Edmunds

Congratulations on your new truck, Petey. Thanks for taking the time to share the details of your lease with everyone .

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CarMan@Edmunds

Greetings dima1. If you were to lease a 2006 Honda Pilot EX-L 4WD with navigation through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00090 and 57%, respectively assuming that you qualify for its top credit tier and pay a security deposit. The money factor for an otherwise identical 42 month lease would be the same, but the residual value would drop to around 54%. I don't believe that Honda Finance offers 10,000 miles per year leases on Honda division vehicles.

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onc

HI Car_man, thanks for replying. MSRP is 34,045. Selling price which is invoice: 30,629. again, what is my monthly payemnt on 36 months/12,000 miles/year with $1500 total down?

sulesq

I am in Michigan. Dealer has offered 2006 Pilot. MSRP $32000. EX-L (no DVD or navigation). My 99 Honda Accord LX (73500 miles) as a trade for $5500. Lease payments $225/mo. No money down. 36K/3 years. This seems like a really good deal. Is there something I am missing?

dstein

I am in Texas. In talking to my dealer today, I got the following lease deal: '06 Pilot EX-L for $350/mo. for 42 mos. and 12K miles per year. Now, this is with no money down, no trade, no deposit, no taxes, nada -- well, nothing other than my first month's payment of $350. MSRP is 31,845 with 550 for destination. In initial discussions, he offered me a price of $200 over invoice ($29, 402), so I'm assuming that's the number he's working off of. I'm new to leasing, but this seems like a good deal. Can you advise? Thanks.

aggie1995

Could you tell me which dealer in Texas that was? Can I e-mail you off-line to find out your salesman?

kyfdx

Not in these forums.. Please don't ask...

regards,
kyfdx
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aggie1995

if that isn't against the rules.

dstein

Aggie, I'll post the dealership name after I make my deal. (That seems to be within the guidelines. If not, can a Host advise?) Should be the next day or so. Until then, Hook 'em.

kyfdx

Please read the message printed in RED...

Thanks,
kyfdx

santhony1

Good Lease Deal? 42 Months, Yearly Mileage 15,000

MSRP $31340.00
Price Quoted $29219.46
Rate .00115
Residual .57
Cash $1499.99
Taxes & Fees $1430.53
Monthly Payment $344.87

This is my first time leasing a vehicle and is the first deal my dealership has worked out without any negotiating. Looking for any input.

6daysonroad

Here is my choice:
Pilot EX-L 4WD with Nav
MSRP: $35,795
Selling Price: $31,958 (dealer says $300 below his cost)

Negotiating a 24 month lease with 15,000 miles a year, no $$ down (per advice I've read here).

My monthly payment is $531 a month.
Can you help me quickly (sorry) looking to close the deal very soon.
I have asked dealership to get me numbers for same time period and mileage and no money down for a EX-L without Nav or DVD to compare.
Thanks.

snuddenstang

agreed price 27,464.00
500.00 due at signing covers all fees
m/f .00090
residual 60% 18,777.00
36 months at 15k a year
montly payment including taxes is 326.03
Is this a good deal?
Can I get the residual to 57%?
The dealer said ok for 57% for the EX-L but not the EX?

rws0131

Car_Man,

Could you please tell me the residual and MF for a Pilot EX without nav for 24 mos with 12k and 15k respectively?

Thanks!

mikereyno

Hi,

My wife is looking at an '06 EX 2WD Honda Pilot with a MSRP of $30,095. The dealer has given us an initial price of $27,835, but has said he could probably better that to make the deal. What is the best monthly lease payment for 42 months that we should expect if we were to push for no money down at today's rates and money factor? Thanks for any advice.

bk924

For the 4wd 24 months, it is currently 70% for 12k and 69% for 15k.

For the 2wd it is 66% for 12k and 65% for 15k.

subi3

Does anyone know if the money factor is still at .0009 with 57% residual on the EX-L 2006 model? I'm looking to lease before the end of the year.

Thanks

buddyboy99

Greetings, I am looking to lease an 06 pilot 2w/lx but I have a CRV w/ 2 lease payments to go. Also my cred score is 575.I saw someone got a price of around 24,000 but do you have any idea what a fair lease payment would be? i could put 1000-1500 down if necesary. After reading this forum, I'm pretty sure I got screwed before but your help would be greatly appreciated. Thanks, Randy (Buddyboy99)

bk924

Yes it's still those numbers assuming you are talking about the 4wd and 15k a year. If it was 12k a year it's 59%. If it's 2wd it's 56 and 54% (12k and 15k).

Also the money factor is assuming you pay the security deposit. Otherwise, I think it's .0010 MF.

mechilds

Vehicle: 2006 Honda Pilot EX-L with RES
MSRP (with destination): $33,995
Invoice: $30,640
Trade: 2003 Chevy Silverado Ext. Cab (loaded, except no leather); owe ~$17,000/dealer will only offer $13,000 ($4000 upside down) KBB and NADA both say truck is worth between $17,000 and $18,000

I am looking for a 36 to 48 month lease (12,000 to 15,000 miles per year) for less than $500.00 per month. Is this possible?? I know nothing about leases, residual values, money factors, etc. Please help!!

Mike Childs

bk924

Sure it's possible.

Obviously the longer the lease, the cheaper it'll probably be due to paying off the "upside-down" trade equity over a longer period of time.

I just ran the numbers on a 42 month lease at 12k a year, using a sales price of $31,000, and trade of 13K.
I beilieve you'd be looking at a little below $450 a month on this scenario (not including taxes).

Have you gotten multiple quotes on the trade-in? Can you sell it on your own? Maybe talk the dealer into giving you more for it, and then pay closer to sticker for the Pilot (and make it a little more in your favor)?

mechilds

That sounds great...can you show me how you arrived at that number? I would really like to learn how to work up the leasing numbers.

I have gotten the same trade-in value at Chevy and HUMMER dealerships...Honda dealer says he will match their quotes.

Thanks again...

thansen1

I am looking to lease a LX Pilot with a MSRP of around 26K. I want 15K miles, 42 months, and zero down. I also have excellent credit. What should I be looking at for payments, I was quoted at $312+tax.

bk924

Assuming you are talking about the 2wd model (which I think you are based on your MSRP, the 2wd has a MSRP including delivery of $27545).

With your terms, with ZERO down, I'd be shooting for a rate much closer to $275 a month not counting taxes.

train

After looking at your site, it seems the dealer's MSRP of $35,195 for a Pilot EXL-RES is a bit high. They quoted me a 42 mo. lease with 20K at $309.88. That's with a $6500 trade in. Is this a deal worth taking? Need help fast.
Thanks.

subi3

Car_Man or anyone,

Is there anyway to lease a car from another state? Say you live in Indiana but find a better deal in Ohio? Dealer tells me no that honda financial does not want to do that. Just unsure how it would work with the different sales tax and different way of handling registration fees, etc.

Thanks

kyfdx

I've leased six or seven cars... Every one of them has been bought/leased out of state.. And...four of them have been through Honda Finance.

Honda Finance doesn't care... They process leases from all over the country...

You may have to do a little legwork yourself that the dealer would usually do for you... but, all taxes, etc.. will be paid in your home state, so that is easy enough..

Is this the out-of-state dealer that doesn't want to do a lease for you? If so, find another dealer..

regards,
kyfdx
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tdm_32

Thanks in advance. The quicker the help the better, the lease offer is running out quickly. I am supposed to test drive today.

Here is what has been offered to be on a 42 month lease (15k miles) on a 2006 Pilot EX-L:

Pilot Price: 28,500

Trade in offer on my 2002 Accord EX (loaded) with 60K miles: $10,975 (I owe around $6700 on it).

The lease end value will be $18,141.30.

Payment (after "down payment" from my trade): $232.23

Everyone keeps telling me that leasing is a bad thing. I would greatly appreciate any help that I can receive.

Thanks

melacina

looking to lease a 2006 Honda Pilot 2WD EX here are the numbers I have negotiated to this point for a 42 month lease: 31,295.00 minus discounts 2582.00=Net Cap Cost $28,713.00 (includes tax, title and License) Residual value of 57% with a money factor of .00090 (with approved credit) ran my credit with FICO scores, average score of 600, which I am sure will not qualify me for the stated money factor. I would like to get the residual up to 60% and drop the price to $28,513.00 to help balance out the credit. Salesman quoted me a monthly lease payment of $371.00, when I do the calculations I arrive at $334.55, would like to know what you come up with and what kind of money factor do you think I am looking at with my credit score?
This forum has been a great help to me, this is my first lease and I have done all the negotiating via emails with this salesman and he has no clue he is dealing with a female, it's been rather empowering to be able to intelligently negotiate this deal. Thanks!

surfexplore

Hi Car_Man, for 2006 Pilot EX-L 4WD w NAV, do the below numbers appear correct and reasonable?

Thanks for your help.

MSRP 35795 (incl Dest Chg)
Invoice 31707 + 550 = 32257
Adjusted Capitalized Cost = 32257
Money Factor 0.0009
Terms 36 months, 15000 Miles/annum
Residual Value 55% or 19687.25
Payment comes to 395.91

bk924

A few items of note:

The $31,295 you list is the MSRP of the 4wd, not the 2wd you are stating. Also the residual you list is for the 4wd 15K miles for 42 months.

So I'm assuming you you are talking about leasing the 4wd not the 2wd.

What's the tax rate in your area? The price quote if correct is very agressive if it actual includes TTL. If not, you may be able to shave a few hundred more off.

The residual is NOT NEGOTIABLE and set by Honda Finance.

Honda has 4 tiers of money factor, you listed the super preferred. I'd imagine with a FICO of ~600 you are looking at STANDARD or SELECT, which are .00234 and .00305. The preferred is .00161.

Which going from the super preferred rate quote to "Standard" can raise your payment by as much as $70 a month alone!!!

Not sure how you arrived exactly at the $334 number, or the difference you were quoted. But things could be security deposit, acquisition fee, dealer fee, tire charges, etc?

bk924

looks correct to me. That's assuming you pay security deposit up front and acquisition fee.

Does not include taxes.

nas9005

Thanks to the internet and all of you sharing information and expertise. Just leased a new pilot 2006. I felt pretty good about it, and MUCH better having browsed and learned a few things through this forum beforehand.

Happy holidays.

melacina

2006 Pilot EX 2WD mspr $30,095.00 minus discounts of $2,660.00=$27,435.00 add on Sales tax $1,787.00, L/T $193.00 and Transit Tax $20.00 brings the grand total to
$29,435.00. Salesmans states in his email to me the the residual on the 2WD Pilot (LX or EX) for 42 months/15K per year is 54%. 1st payment due at lease signing apprx. $374 per month.
I thought the residual for a EX 2WD is 66% for 12K and 65%for 15K per year, could you clear that up for me?
Here is the formula I have been using: Cap cost (this is the bottom line number, this includes any discounts) less the residual=the depreciation amount divided by the number of months in the lease (my case 42)=the monthly depreciation amount.
Cap cost PLUS the residual multiplied by the money factor=lease company fee.
monthly depreciation plus the lease fee=monthly payment
using this formula with a current money factor of .00090 I come up with a monthly lease fee of $348.87, and the salesman monthly lease payment is $374 what am I doing wrong?

cutty1

How does this sound:

Pilot 2wd EX-L 42 mo lease:

15000 annual miles, $1500 due at lease signing
$32300 MSRP
$28342 Adjusted Capital Cost (Incl dest fees)
$16521 Residual Value
$329.00 Monthly Payment (incl tax (we live in GA)).

Thanks!

bk924

Just picked up my 2006 EX 4wd 36 month 12k/yr Sage Brush Pearl Pilot tonight.

My final price on the $31,295 vehicle was $27,800 (a little over $400 less than invoice).
Final lease payment:
$1,600 out of pocket (includes first month payment as well)
$290 a month payment.

This includes All taxes and fees. The tax rate in my county is 8%.

polizzano

I am interested in leasing an '06 Pilot EXL - 4WD with NAV. Dealer in asking $345 + tax (NYC) for 42 mos and 12k per year?

Should I go for 36 mos lease (for and additional $20/mo) to have the peace of mind of the limited 36k/36mos bumer-to-bumper warranty? Also what do you think of the price? My credit is the 700s. Am I getting the super-preferred money factor?

Thank you and happy holidays.

polizzano

I forgot to mention that the offer was for $0 down.

onc

Hello everybody and thanks for all your efforts and help.
I am getting Honda Pilot EX-L with Nav at invoice ($30,629) plus destination charge $550. With $1500 total down (includes all fees and security deposit) and 12,000 miles/year and 36 months lease, I was given monthly payment of $360 (Tax included). Can I do better?

sueesponte

We just got a deal on a 2006 Honda Pilot AWD EX-L for 12,000 miles per year, 42 months, ZERO DUE AT SIGNING (that includes first month)....$370 per month (INCLUDING 6% CT tax). MSRP on the car is $33,595 (including destination).

This seems like an awesome deal to us. Oh, and they're throwing in a set of winter mats, too. Are we off our rockers? Should we go back and negotiate more?

If we put $1,500 down, to defray some of the interest/money factor over the lease term, we're only looking at $325/month with tax. Again, this is an AWD EX-L.

Your thoughts?

ceasar_fero

Hello
We are looking to lease one as well.
I was looking today at 2006 Pilot EX-L (I believe with GPS)
Wwith $1500 down, for 42 months, they offered me for 426.19 per month
I think I am getting ripped of

benji123

Hi Car man,

I'd like to get the (1) residual, (2) lease money factor, and (3) estimated monthly payment (with $0 down) for the 2006 Honda Pilot EX-L AWD, with an MSRP of $33,500 and a selling price of $31,000. I'd like the numbers both for a 36 month, 12,000 miles/year lease and for a 48 month, 12,000 miles/year lease.

Thanks!

Ben

mlira

OK, what about a sample lease price for a 2006 Pilot EXL with Navi price is 30185.00 or 32736.00 OTD. Thanks

onlysurfer

I'm leasing 2006 Honda Pilot EX-L Navi. 5600 total due at inception followed by 41 payments of 325/month each - inclusive of everything - 42 months, 12k/month, from a dealer in Boston metro area. MA Tax is 5%. I'm curious how good is this deal.

Thank you and happy holidays.

dave85

Just wondering if you took this deal and what dealership it was at. I had negotiated a similar deal several weeks ago but was waiting to make the move until after xmas. Now the dealer is telling me HFC has raised the money factors that were quoted the last time around. I was told these would be good until 1/3/06, so that's why I didn't rush it earlier.
Do you know what you got for a money factor?