Honda Pilot Lease Questions

CarMan@Edmunds

I'd be happy to cbarrs. Honda Finance's December buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot Touring 4WD with 12,000 miles per year are .00139 and 55%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

ayalakay

Hi gang,

Here's what I've been offered - all via email, nice and straightforward:

Selling price $29,918
36 months/12K
Residual 58%
MF .001390

Monthly payment $380.74

Total inception fees = $1932.65 including DMV fees, tire tax, NJ sales tax, doc fee

I believe the acquisition fee ($595) is being financed - couldn't I pay that up front and save on the monthly payments?

I haven't been able to get him to offer anything for the equity in my current '08. At this point I'd be happy with $1000! Maybe not possible since he hasn't seen it yet and is only taking my word for its condition and mileage?

I'm aiming for next week (Happy New Year to me! )

Comments, opinions?

Thanks!

lisalou29

That sounds like an okay deal but I was offered a little better on the EX...

303/month x 35 months, 2,800 down (including all fees and first months payment). Trading in my current 2008 EXL Res - they have a buyer so I don't pay the last 2 payments or the over mileage fees. Let me know if you want the dealers name on Long Island (might be too far for you to travel).

Also got a good quote from Garden State Honda.

jackomo

Ayalakay,

Is this price for a 2011 EX-L 4WD? That seems to be low or if not a very good offer.

87turbobuick

What are the December promo lease numbers for a 2011 Pilot LX (cheapest avail) for NY 35 months zero down & 15K/miles yr? I see the numbers for same Pilot with 12K miles/yr is $ 380/month xero dpwn.
Thanks

ayalakay

Jackomo, that's for an EX 4WD not the EX-L... If I could just squeeze another $900 off that price then my payment would be ~$350 which is where I want it, without putting any cash down of course! But this dealer won't budge. Should I go for it?

cmjindy1

Hi Car man,

Could you give me the current money factor and residual value for a 2011 Honda Pilot, 4WD, LX, with 12k miles, and 36 months?

Thanks

redman042

Need feedback on this lease offer:

2011 Pilot Touring 4WD
$380 mo incl tax
Down payment from trade in of my 2008 Pilot EX-L with Nav Clean 45k miles (I'm figuring they are allowing $4-5k for that)

I have excellent credit. I've run my own back calculations of this offer based on 0.00139 MF and 55% RV, which I understand to be pretty much set in stone for all Honda dealers, correct?

Also appreciate feedback on whether I can successfully translate this deal down to an EX-L with Nav 2WD if I want to save some money, and whether that would be a better deal overall. The perks of the Touring are not necessities.

charr131

Hi all, my current pilot lease (2008 EX-L 4wd w/RES) is up in Feb, so I'm beginning looking for a new deal. When I got my pilot 3 years ago, I got payments of $356 a month with nothing down (first months payment was $500 something with fees). Are the deals really THAT much worse now? I see people recently are paying $380 plus a month with several thousand down. Should I be looking at other manufacturers to start??

08hpilot

Thanks everybody. I was able to obtain $3,500 in equity from my 2008 Pilot EX-L 4WD while I leased a 2011 Pilot EX-L 4WD for $460 per month (12K miles per year for 36 months). I paid first month’s lease payment and DMV. Taxes included are 7.375%.

I had to work with a number of dealers to get this deal done. Many refused to pay any equity claiming that the car belonged to Honda Financial and not me. They lost! Any smart dealer knows that customers have an option to buy the car, pay sales tax, and then trade-in the vehicle for a much higher price. These dealers would work with you to save the sales tax in the process (dealers don’t have to pay sales tax). Good luck!

ayalakay

Hey gang, I ended up driving home with my new car yesterday.... very happy with my new Pilot! Nothing but improvements over my last one ('08-VP) EXCEPT for that strange glove box arrangement. They put in a row of cubbies above the actual box, which now seems to hang down quite a bit into the leg well. But, since I'll be doing most of the driving, who cares!

A BIG shout out to Autosport Honda in Bridgewater, NJ. No pressure, no gimmicks, no nonsense or upselling needless extras. Plus the plates and registration were already done so I do not have to make an additional trip. Worth the ride!

Good luck to everyone, and happy trails!

08hpilot

That’s true. 3 years ago Honda had heavy incentives to move the 2008 models in anticipation of the new re-designed 2009 models. Plus, the MSRPs of 2009 onwards trims are much higher than the corresponding 2008 trims (additional features, technology, etc.)

However, there is significant equity in 2008 Pilots -- difference between the trade-in value and the buyout price. You can transfer that equity into the new 2011 lease and bring the lease payments closer to your current lease payments.

tifighter

Did you end up getting any equity on your trade?

ayalakay

Regretfully, no... there seems to be a glut of my '08 model on most dealer lots in the area, and the answer I always got had to do with the 'wholesale' price. I would have had to be more proactive earlier on: purchased the car, paid the sales tax, and traded it in - then might have gotten a couple grand for it. Live n' learn, I guess!

mquattrochi

Hi,

Can anyone post the money factor and residual rates for 2011 Pilot EX-L W/Nav 4WD?

Thanks!

car103

I have a leased 2008 VP Pilot. The lease expires in a couple of months. I have only 28K miles on my pilot. When I return my Pilot, what are the things I have to look out for? Any input will be helpful. I am looking at returning my Pilot and leasing a new Pilot. Thanks.

CarMan@Edmunds

I'd be happy to help you out, cmjindy1. Through January 4th, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot LX 4WD with 12,000 miles per year are .00139 and 58%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

samir1010

Hey All,

I just saw Honda's new Lease deal on the pilot lx, $0 due at lease signing and $0 first month payment and $380 a month for 35 months. Here are some of the specifics.
MSRP $28,825.00
Net capitalized cost $28,214.57
Total Monthly Payments $13,300.00
Residual $16,718.50.

So my question is, can I negotiate the price of the car on this deal? I've bought several cars before and only leased 2 and negotiated the sales price of both of those but every Honda dealer I've spoken to has told me they can't budge off of this deal. Any advice from Carman or anyone else who has info on this deal would be greatly appreciated.

BrianC15

In both EX-L with RES and Touring, both with 4WD and 36 months/12,000 miles per year

Thanks! :confuse:

jackomo

I have been trying to get a 2011 Pilot EX-L 4WD in the Southern California area for a price of $32, 300.00 inclusive of transfers fees but no dealers are accepting this offer. Is anyone out there aware of any good dealers in the Souther California area you can reccommend?

joeyg

Car Man

Can you please post January MF and Residual (12,000 miles) for 4WD EX and 4WD EXL RES.

Thanks for all the great work you do to keep us informed.

CarMan@Edmunds

Hey samir1010. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Chances are that you will be able to negotiate a lower selling price than the one that was used to arrive at Honda's official advertised payment. If I was in the market for a Pilot, I personally would shoot for a selling price of around $500 over invoice.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Here you go BrianC15. Honda Finance's January buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX-L Touring 4WD with RES and 12,000 miles per year are .00145 and 53%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

You're very welcome, joeyg. Honda Finance's January buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX 4WD with 12,000 miles per year are .00145 and 58%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

The numbers for an otherwise identical lease of an '11 Pilot EX-L RES 4WD are .00145 and 55%.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

dk101

Hi Car_Man --

Any chance you have the current residual and money factor for the 2WD EX-L Pilot, 12000 miles per year? no RES or NAV.

Do you have any idea of whether it's better to buy now or wait a couple of months? I'm in no hurry.

Thanks!

bizhouse

Car_Man and other forum members:

A local (Albany, NY area) dealer is advertising the following deal:

2011 Honda Pilot 4WD EX-L automatic transmission.
$398 per month, 36 month lease, 12,000 miles per year and 15¢ per mile thereafter
MSRP $36,375.
$398 1st month payment plus $0 down payment in cash or trade equivalent. $0 security deposit. Total due at lease signing $398. Tax, title and registration additional. $595 acquisition fee.
Total payments of $14,328
Residual value $20,733.75.

Seems like a pretty good deal to me, no?

Looks like the residual value is 57%, can you confirm Car_man? Also, assuming the money factor is .00145, as stated in some previous posts, and with the other info provided, I would think it would be possible to "back-in" to what the actual selling price that they are basing the lease payment on is, correct? If so, could someone tell me how I can do that?

Thanks in advance!

car_dude

bizhouse,

It looks like a good deal.

I was offered similar deal, but dealer was going to buy my leased 2008 Pilot and use equity in it to lower my payments.

I was offered 2011 EX-L with NAV, 36m, 10K for $425 (that includes NY tax), $1300 due at signing (1st month, DMV and registration).

That's after good amount of negotiations between me and finance manager, and as returning customer.

Your deal looks better, because you got it without using equity from other car.

gman1957

Wow great deal. Can you share what dealership in New New York. Good luck with your new wheels.

CarMan@Edmunds

Hi dk101. Honda Finance's January buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX-L 2WD with 12,000 miles per year are .00145 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

This lease program is scheduled to run through the end of February. It's difficult to say what this vehicle's incentives will be like after that.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

bizhouse

gman - this deal is at Keeler in Latham, NY

dk101

Thanks very much Car_man!! I find it amazing that the dealers I've contacted refused to give me these numbers... I'm not going to lease a car without knowing the details...

Thanks for sharing!

CarMan@Edmunds

You're very welcome, dk101. I'm glad that I was able to help you out.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

mambo234

Hey, can any one tell me if we're gettong a good lease deal. Getting a 2011 EX-L for $352.03 a month for 36 month, 12000 milesa year with $5000 down. We're kind of freaked out being that we are putting $5000 down on a lease.

kyfdx

Then why put $5000 down?

mambo234

We signed the paper work but are hoping we can change the terms or cancel. We had originally went with the idea of purchase, versus lease. Then realized that when it comes to lease you try to negotiate payment versus total.

mambo234

I guess we were pretty naive to agree to put $5000 down, or is that an amout that is common?

kyfdx

It doesn't make a lot of difference to the dealer if you lease with $5000 upfront, or $500 upfront.. They get all the money upfront from the bank, either way.

But, it's easier to sell the low payment that results from the big upfront payment..

And... you weren't wrong to negotiate the price first... even with a lease, you want to do that.. Just don't be fooled by the low payment... Divide your $5000 by 36, then add it to the lease payment... That's the real cost of the lease.... Somewhere around $500/mo. You should decide if that works for you.

And, if you haven't taken delivery, yet.... they can always re-write the lease... with whatever amount you want to make upfront. I like to have my lease payments reflect the actual cost.. So, at most, your upfronts should include your lease payment + title/registration/plate fees, and a security deposit if required.

My last lease didn't require a security deposit, and my upfront was only $114 more than the actual lease payment.

Good luck with it!

mambo234

Thanks so much for the expaination. Hopefully we'll be able to renegotiate the terms.

joenavy

CarMan,
My first time on here. You provide some incredible info for all of us. I wanted to get more info on the numbers (money factor, residual, cost per mile) on the follow for a 4WD, 15,000/yr lease:
Option 1) Pilot LX
Option 2) Pilot EX
Option 3) Pilot EX-L

Does the EX have the best long-term value for the buck?
We are about to start negotiating with the local dealer to lease one of these types of vehicles. Unfortunately, we have to go with the 15,000/yr - seemed to work out best for us on our last vehicle.

THank you!

car_dude

Not a good idea.

If I were you I would avoid putting $5K down for a lease. I would rather go with higher monthly payments for the following reasons:

1) If your car gets into accident or is stolen - your lease will get canceled and you will lose your down payment. Assuming your down payment is spread out over 3 years and you total the car in year 1 - you will lose prorated portion of down payment for remaining 2 years.

2) Time value of money - $352 in 2 yrs is not the same as $352 today, it's worth less, your buying power decreases because of inflation. Plus you have opportunity cost, you can invest your $5k or even put it into interest bearing savings/CD account and earn return.

Same goes for the acquisition fees, I would roll all my fees into the payments, especially if money factor is low.

rubycera

Lease offer for a Honda Pilot EX-L 12,000/year $0 down excluding taxes, DMV for $434/month

Is this a good deal out here on Long Island?

eenyieb

I totally agree, my inside contact says no need to put that large amout down.... invest it. Obviously if you can afford to put 5K down on a lease or purchase you can afford another 100 per month without the money down..

CarMan@Edmunds

Welcome and Thanks joenavy.

Honda Finance's January buy rate lease money factor an residual value for a 36 month lease of a 2011 Pilot LX 4WD with 15,000 miles per year are .00145 and 56%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

The numbers for an otherwise identical lease of an EX 4WD are .00145 / 56%.

The numbers for the EX-L 4WD are .00145 and 55%.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

yoelmo

Ruby - Millenium Honda in Hempstead had an ad showing EX-L 12k/year $.20 add mile for $369mo 36mo $0 down + 895bank fee +780 dest fee.

dasayayin

Hello: I am about to sign in a deal for The Honda Pilot EX-L 2011, 15k miles a year For $427 a month for 36 months with $2439.00 down +DMV(not included) This covers My taxes, My first payment and Acq fee. Also I am returning a Honda Odyssey EX 2009 early which is due in November 2011 included in this deal.
Now the question is: Is this a good deal? Please tell me.

gman1957

Shop around you could do better.

karabas

I'm just curious, how is this even possible mathematically based on the current lease numbers? If you plug MF 0.00145, residual 57% and base cap $100 below dealer invoice at $32,920 into lease formula, you still get $472.72/m (www.leaseguide.com). It seems like something is missing in this scenario. May be it’s for people who turning in their old leased Pilots … Could someone knowledgeable explain that paradox?

snider00

Hi guys! I have been reading this forum for a while but this the first time i am posting something. I just leased a 2011 honda pilot EXL and i thought i should share the experience. I leased a 2008 honda pilot exl 4wd and I had a month left of my lease expiration. After reading this forum i learnt that my 08 pilot had an equity built up and i should be looking forward to use it. However so many people have been denied of equity here that i was a little skeptic about it. So i went to the same dealer and to my surprise the sales person actually initiated the equity talk as soon as i told them i want to lease an '11 pilot exl. I leased my 08 exl with 0 down 12k mi 36 mo for $354 a month and did not pay the first months payment and nothing else out of pocket. I had '29k mile when i traded it. They gave me $4000 in equity. I came home with the new 2011 pilot exl 4wd for $ 365 a month 12k mi 36 month. I do not have to pay first months payment and nothing else out of pocket. Only $11 more a month for a much improved and bigger vehicle. So did i get a good deal?

mattmy

Carman: Can you tell me the money factor and residual for an LX AWD 36/mo and 39/mo, with 12k miles per year? Also, do you know if Honda is offering lease cash or cash to dealer? Honda's website is advertising a lease on Pilot LX AWD sign & drive for $390/mo for 36/mo based on a net capitalized cost of $29,400.20 which includes destination and the acquisition fee. I'm wondering if this number is based on an average sale price or some incentive being offered to dealers. I've negotiated the sale price down on the car to $27,400 including destination but not the acquisition fee; I'm wondering if the dealer has some play to go lower. Thanks so much!

mattmy

Carman: Using the Edmunds lease calculator and the numbers on the Honda website, I figured the residual should be about 58% (MSRP 30,425 and residulal of 17,646.20). I wasn't sure if they were basing the payments on 35 payments or 36 payments (with the first payment part of the sale price), but based on 35 payents the money factor worked out to be around .00115 and based on 36 payments it worked out to be about .00135. Does that sound about right? Still not sure though whether the net capitalized cost on the website (29,400.20 incl destination, acquistion fee and maybe the 1st month) is based on some incentive to dealers, an average sale price, or dealer contribution.... Thanks again!