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Comments
Honda Finance's current buy rate lease money factor for the 2009 Pilot is .00147, which is equivalent to an interest rate of around 3.5%.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
The quote I received above with a $433 payment has a 0.0011 MF or I think that translates to 2.64%. This is what the two competing dealers quoted me here in Michigan. Much better than 0.00147...
In addition to this new, improved money factor Honda added $1,250 dealer cash on leases of the '09 Pilot. Make sure to take this into account during your negotiations.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Great news about the reduced MF and dealer cash for leases. I am still undecided between leasing and purchasing. I realize this is the lease board, but the purchase board did not have any updates.
Did Honda start offering any dealer cash for the 2009 Pilot with these newly improved incentives? Any change in the interest rate for purcahae?
Thanks
Also, can someone help me out. My current lease expires 11/25/08 and I will be leasing a new 2009 Honda Pilot EX-L with RES. Should I go ahead and do it now as you've stated that there is some dealer cash available and a lowered MF rate or should I wait and see if Honda has a Thanksgiving sale?
I see a lot of emails talking about money factor, price, residual, etc. Since I know exactly what car I want, does any of these items matter? Why don't I simply ask each Honda dealer what their lowest monthly payment is and their out the door price? Even if I go to 5 different Honda dealers, isn't the only thing that matters the out the door price and the monthly lease fee? Forgive my ignorance but why should I find out what all of these different items are? And please let me know the best process to get the lowest price? When I email several dealers, what should my question look like? I live in New Jersey and can lease a vehicle from Pennsylvania or New Jersey. Thanks
Should we wait till closer to our lease end?
What do you think we would be able to get a 2009 EX-L lease with 15K for 36 months at?
Thank you.
Others might do this better, but I will take a shot at answering some of your questions.
Leasing is a complex transaction. Each dealer approaches the "sale" differently. To say this as nicely as possible, some are more straightforward and transparent than others. If you concentrate only on the monthly payment, they will notice that and gear their sales presentation accordingly. The salesman can quote you any monthly payment you want. Only later, in your meeting with the "finance guy" will you learn about the fees, capital cost reductions, etc. which will be necessary to get you that low monthly payment. You should ask for an itemized listing of all fees, payments, taxes, down payments, sales price of the car, etc. in the early stage so that you can compare the offers of more than one dealer and save yourself a lot of time. Once you have a detailed offer, you concentrate on negotiating any factor that affects the monthly payment, with the added benefit that you will sound like you know what you are talking about.
In my experience, most dealers do not want to quote you a price via e-mail. They want to get you into the dealership where they can play all the psychological sales games. Therefore, it may take several tries. You should begin by telling them which model and options you are interested in, how long the lease term should be, how many miles per year you intend to drive, and how large of a down payment you would be willing to make, if any. You should request a listing of all fees, the money factor, residual, etc. and ask for their best offer. You will soon learn who really wants to lease you a car.
2009 EX-L 4WD ( no RES )
$1500.00 down
$423.00 a month for the next 35 months all taxes & fees are included in the payment.
RT 23 Honda in NJ
I probably left some money on the table, but everybody's got to eat.
2006 EX-L 4WD (no RES)
Blue and Gray interior
12/36
No Down - Just $750 total at closing to incl. 1st month
$433 OTD/month
Another dealer in Michian (30min drive) called before claiming they can beat this (payment would hve been in the $420s I believe) - But they wanted me to go there in person before they can commit, I stuck with the above...get free oil changes with scheduled service.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
The selling price and money factor enable you to figure out what the lowest possible lease payment is for the exact model that you want. If you know what sort of payment a lease at $500 or less over invoice comes out to you know what payment to shoot for in your negotiations.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Can you review this information and let me know if this is a good deal??? I'd appreciate any advice.
Selling Price: 27,506.77
MF: .00110
Residual : $17,620
I'm in IL so I pay the sales tax of 7.5%.
$398 for 36 months, no money down except the 1st months payment, doc fee, and plate fees due at signing
To me it sounds like a good deal, but you guys are the experts! Thank you!
2K down
12K miles per year
$315 per month
$19K buyout
I have almost 54K miles on my vehicle so I am forced to buy it
2009 Pilot EX-L RES (DVD) AWD on a three year 36,000 mile lease for $752.39 out of pocket which represents the first payment and $177.65 Tag/Title and you can have the Pilot for 35 more payments of $519.00/month and that includes tax. The purchase option and the end of term is $18,732.50.
Ideally, I want to pay less than $430/mo. ttl. Would appreciate dealer leads, suggestions. Thanks
Can you or someone else please post what residual % is used for these calcs currently on 2009 Pilot EXL 4WD? Also do I then multiply it by the MSRP or MSRP plus destination to get the residual amount?
Most the dealers here in Indianapolis seem to be quoting right at invoice - 1250 lease cash with the .0011 MF but the Payments are closer 445 - 450 plus tax. One thing I have to check is whether the 450 is with the aq fee rolled into the payment (I probalby wouldn't mind paying the first payment plus aq fee at signing to get the lower monthly payment.
Psychologically, the 420 sounds so much better.
I would also think with the economy the way it is and lots of these sitting on their lots they should be able to go a few hundred below invoice to start considering the 1200 or so of hold back on these? Does that make sense?
Thanks!
So, on a $35K car, that's $700, divided by 36 payments = $19.44/mo.+ tax.. It will work out to slightly less than that, because of the lower residual, but $20/mo. is a good rough estimate..
regards,
kyfdx
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$1500.00 down
$423.00 a month for the next 35 months all taxes & fees are included in the payment.
RT 23 Honda in NJ
Hi Pilotnoob,
Specifically who did you work with? That is a very good deal, much better than I have been getting with other dealerships in NJ!
should the residual for all models be 52%...we were given 48%
what is the $1250 lease cash all about???
So basically 450 a month
We're about to sign on a 2009 Touring Edition with DVD and running boards. We're putting $0. First payment is first month, taxes and tags. Our monthly is $535. The dealership is covering our last month payment on our Volvo ($562).
Is this a fair deal? Any insight would be great!
Thanks.
Make: 2009 Honda
Model: Pilot EX-L 4WD
(price includes tax and fees)
---------
36months 15,000miles
$2500 Down
36months @ $429
This included the $1250 dealer cash and the .0011 MF.
I haven't gotten any other quotes from actual dealers that beat this, however obviously people on the board are getting better deals (even from the same dealership- like pilotnoob).
Silly question, but how to you ask a dealer to drop the price based on a deal you saw on a message board?
Thank you!
$437 per month ( tx inc) x 36months
$1000 down includes:
$68 cap cost reduction
$437 1st month payment
$450 registration fee
$45 doc fee
Total monthly Lease payments = 15,732
Total Payments for Lease = 16,295
Agreed upon value of Vehicle : $30,458
Cap Cost 32,098
Est Res Value 18,291
Adjusted Cap Cost 32,030
36 mos. based on 12,000 mile/year, .20/mile excess,
MSRP of $35,830, 51% residual (18,274) lease end.
good for the month but limited choice
there should be standard aquisition fee 595.00
http://www.boch.com/bochhtml/bochhonda/pages/HondaSpecials.aspx
Has anyone tried to use a car buying program such as Costco or BJ's have?
I think that they may come in at invoice, but be sure to ask for the $1250.00 dealer cash that is available.
New 2009 Honda Pilot LX 4WD.......cash purchase = $26,800, tax @ 7% is $1,876.00, tags, title, registration and state doc fee are $143.50 for a total sale price of $28,819.50.
Lease using 0 down, 12,000 miles per year, 36 months x $383.31
Includes gap insurance, no disposition fee at the end, and $1,500 toward excess wear and tear at the end of the lease.
Residual value is $15,231.15
Money factor is .0011.
first off carsdirect.com for a price quote is a great start.
secondly,these boards are excellent place to find out about incentives and cashbacks etc.. (we are going to wait til late nov. to dec for a price reduction and incentives)
thirdly a wonderful teaching site on how to buy/lease a car and not get the "shaft" is http://www.carbuyingtips.com/ it is a lot of reading but the top ten scams run by a salesman is mindbending! also take the time to read the 2 sections How To Buy New Cars and Buy Cars Online
lastly route 23 honda , townehyundai in denville and Joyce honda in denville all pulled "stunts" on me please please please do your research before going in! i am currently researching sussex honda and some dealers in bergan county and parts of northeastern Pa.
good luck everyone here getting the vehicle for the price we want and need.
Deal I am quoted is:
Honda 2009 EX-L AWD Pilot from Potamkin Honda in NYC
$437 per month (including NY tax) x 36months
Cap Cost 32,098
Est Res Value 18,291
Adjusted Cap Cost 32,030
Out of pocket:
$68 cap cost reduction - can any one explain this please?
$437 1st month payment
$450 registration fee - is there standard fee? Can dealers "play" these #s?
$45 doc fee
Total: $1,000 - I think $450 registration fees is a bit high...
I can wait another month or two to get the car for a better deal (at around $400), otherwise $10 - $15 a month will not make a difference and I'd rather get it now.
Thanks all.
The $1,250 is a cash incentive that Honda is providing to dealers on '09 Pilots that are leased through Honda Finance right now. Dealers can try to pocket this incentive or they can pass it on to the consumer. Taking advantage of this cash, if you are in an area that has a decent level of competition you should be able to negotiate a capitalized cost that's below dealer invoice without much trouble.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
It is always tough to predict what manufacturers will do with their future incentives programs. The market for new vehicles certainly is tough right now. It wouldn't surprise me if Honda enhanced its lease program on the Pilot in January, but keep in mind though that its residual values will likely fall at the beginning of the year as well, offsetting much of any money factor enhancement.
In answer to your other questions, your state's DMV's registration fee is probably standard. I doubt that the dealer would try to pad it, but if you'd like you probably can find out more information on by by visiting the New York Department of Motor Vehicles site.
A capitalized cost reduction is really just a fancy name for a down payment that reduces the amount you are financing on your lease. It appears as though the dealer is charging you a minuscule cap cost reduction just to round off the amount due at signing to an even grand.
As a side note, the $45 doc fee that this dealer is charging you is extremely low. That's impressive because many dealerships try to pad the profit in deals by charging doc fees of several hundred dollars.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I want to be thorough in my negotiating the lease terms plus I am not rushing as I still have one month to go with my Murano, though the Honda dealership had offered to take it away. So theoretically, if Honda does not change lease program on Pilot, in Jan 2nd the residual value of Pilot 09 will drop a bit, and if MF stays the same at .0011 the lease payments could go down? Correct? Can you approximate the amount of residual decline in the begining of 09 on Pilot? I just want to see if waiting makes sense number wise. Can you also suggest a good and simple lease calculator so I can plug the numbers myself? What about the documentation fees of $450? Doesn't it seem high to you? Can I negotiate it?
Thanks much for your time and reply.
I think Edmunds is one of the best places to get enlightened and skilled at purchasing a car.
Thanks.
thanks again
thanks
2009 Pilot EX-L (no res), Cleveland Ohio, 7.75% sales tax.
MSRP = $35800
Invoice = $32500
Sell = $32500 - $1250 (rebate) - $250 (extra discount) = $31,000
Down pmt = $550 (includes all fees)
Pmt = $481 per mo including tax for a 36 mo lease.
The salesman is a friend of the family and stated this is the lowest he can possibly go. After reading other posts I am thinking its still $30-$40 a month high.
Thoughts?
MSRP: $36,795.00
INV...: $33,324.00
Running Board (different kinds) is option, 50% of list price is the invoice roughly.
i think your family friend can do better :-) here is a breakdown from my spreadsheet based on your numbers:
Step 1: Calculate the Capitalized Cost
Vehicle Selling Price: $31,000
Down-payment $0
Total: $31,000
Step 2: Calculate Vehicle's Residual Value
MSRP: $35,800
Residual: 51%
Total: $18,258
Step 3: Determine Vehicle's Total Depreciation
Residual - Cap Cost: $12,742
Step 4: Determine Vehicle's Monthly Depreciation
Lease Term in Months: 36
Total: $354
Step 5: Determine Interest Charges
Money Factor: 0.00110
Total: 54
Step 6: Calculate Monthly Payment
Total Pre-tax Monthly Payments $408
Sales Tax Rate: 7.75%
Taxes per month: $32
Monthly Payments+Tax: $440
Hope that helps
Dannyhashovav
Also, Are fees like (Doc, License, CVR) these figured into the whole Capital Cost of the car?? Or should they be added at the end???
Maybe I should just pay those up front, and be sure not to get double charged.
Anyone know what a CVR Filing fee is??
Thank you!
3 yr/36,000 miles
$1,000 out the door
$488 per month lease
Base invoice = $33,979
Vehic price = $32,529
ACQ Fee = $595
Cash Reduc = $289
Net Cap Cost = $32,834
Resid % (book) = 48%
Resid % (net) = 50%
Resid $ (net) = $18,732
Frt-End Profit = -$1,750 (it appears to be a negative)
Reserve Profit = $200
Total Profit = -$1,550 (it appears to be a negative)
DMV Fees = $186.45
Initial Payment = $1,000
Can I do much better than this? An extra $5 here and there aren't going to make a huge difference and not worth the extra time. Thanks
Below are the most recent terms from the dealer. They still seam high so I'm curious whether anyone has any insight.
$37,465.00 - MSRP
$32,812.00 - Selling Price
$900.00 - Down Payment
$17,983.20 - Residual 48%
15,000 - miles per year
$482.17 + 7.75% tax = $519.54 per month for 36 months