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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Many many many ....thanks to you for your prompt and accurate responses!
After lot of homework, i negotiated a 36 month lease with 12K miles/yr with a SoCal Honda dealer on a 2009 Honda Pilot Touring 2WD without DVD (see full details below).
The dealer has a black car with running boards+lights and protection pack (cargo tray, wheel locks and mudguards) on his inventory. The sticker price of the accessories is $1100, and i'm estimating the street price at approx $690 (bernardiparts.com); and the MSRP at approx $950 ($784 boards + $84 cargo tray + $81 wheel locks - he could not show me where the extra mudguards are - they look same on all the Pilots on his lot, irrespective of "protection pack").
The dealer wants to add $30 to the monthly lease payment, by adding $400 to the MSRP, and $1100 to the total cap cost, saying that Honda allows maximum $400 to be included as residualized "hard add". I refused to buy the car, unless he adds the same amount of $400 to both MSRP and cap cost, or unless he removes the accessories and gives me the negotiated lease on the base car. Neither of those options were acceptable to him. I asked him to bring a car from another dealer without any pre-installed options. He said he will try find it tomorrow, but also said that most dealers in southern california pre-install the protection pack, and i would likely have to pay for that (approx $300).
So here's my questions:
1) Do i have a good deal on the base car, with correct residual etc?
2) Am i doing the right thing by insisting that he either sell the car without the accessories, or add the same $400 on both the MSRP and cap cost?
3) If the dealer cannot find me a car tomorrow without additional accessories, how should i approach the situation, other than paying up or starting the painful process at another dealer?
Thanks for your help!
Full Details:
36 month with 12K miles/yr lease on a 2009 Honda Pilot Touring 2WD (without the DVD), and with no additional accessories.
MSRP $37565
Invoice $34327 (33324 + 670 destination + 333 HDAG fee)
Down Payment $3000 ($2797 towards cap cost reduction, rest tax)
Total Cap Cost $30125 (Invoice + $595 assignment fee - $2000 discount - $2797 down payment)
Residual $17280 (46%)
Money Factor 0.00151
35 Monthly Payments of $459 ($428 + 0.0725% tax)
Drive off Payment of $799 ($459 first month pymt + $272 registration + $55 dealer doc fee + $9 "other" fee + $4 tax)
Pilot EXL AWD (no NAV or RES)
36 months
12k year
Thanks!
Did you get the EX or the EXL?
Would you be willing to give the name of the sales guy you dealt with so that I can ask for the same deal?
Thanks Sushiman.
I'm leaning towards buying it - I love the vehicle, and by financing through my credit union, I could keep the payment around the same ($360) and own it outright in a few years, as opposed to leasing a similar '09 and paying probably $100 more a month, and then facing the same dilemma again in a few years...
Anyway, I have a couple of questions, which, if answered, will help me make my final decision! :-)
The brochure mentions getting a (non-negotiable) "payoff quote" from AHFC... my questions are:
Is the "payoff quote" different from the residual value? Will AHFC factor in things like the economic recession, current sales prices on similar '06 Pilots, etc. in determining the "payoff quote" figure? Is it truly "non-negotiable"?
Thanks in advance for any help or insight!
My guess is your car is worth less than the buyout, unless you reduced the capitalized cost on your current lease by putting a large amount down or a trade-in.
I don't know how this would work, but your best option may be to discuss with the dealer that you want to turn it in and then buy it from them. Realizing the market value is lower? I would call Honda and make an offer..but with 5 months to go you have plenty of time to wait.
What is the new incentive, residual and money factor for the above mentioned car for a 36 month/15,000 mile lease.
Thank you in advance...
g-
I personally try to avoid leasing a vehicle with any options that cannot be residualized. Adding them really rubs me the wrong way because one has to pay for the entire cost and then give the vehicle back. Yuck.
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 selling price that you were quoted for the Pilot that you are interested in looks great. It appears to be below dealer invoice minus the available $1,500 dealer cash. One change that I would make though would be to eliminate the capitalized cost reduction that you are paying. I always advise consumers not to make any sort of cap cost reduction when leasing. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your truck's monthly payment will be a little higher, you will be better off going with a zero down lease.
The money factor that you were quoted looks great as well. It is right in line with Honda Finance's buy rate for consumers who qualify for its top credit tier.
Other than the option package issue, this looks like a very good deal.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
When negotiating your lease on this truck, make sure to take advantage of the $1,500 dealer cash that Honda is currently providing on it.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
My lowest price so far on an EX-L is 408 a month w/ 2500 do @ signing. The finance manager said that a new program is coming out on Monday and to wait b/c "It can't be worse than this" Do you know anything of this?
Is this a fair quote for 39 months 12k a year? Please advise (all comments and suggestions will help)
Needing a Pilot
EXL, $2000 total out of pocket, 36 months, 15k per year
$419 a month
Your deal is very close to this one. I think you can probably save a little $ on the down payment. Shoot for $2000 down - then I would say you got a good deal.
I am reading that when shopping for a vehicle to lease it is best to negotiate the price first to get the lowest cap cost. They say the worst thing to do is to indicate the monthly payment you want up front. So my question is, if I am not planning on buying at lease term should I care how they get to my ideal payment? I understand how they can manipulate the numbers to meet my payment request, but does it really matter as long as they meet my needs for payment, mileage and term length and I get the vehicle I want?
Thanks in advance!
Do you think I can get a better deal with less $ out of pocket?
1. Subscribe to the Prices paid for the vehicle you are looking at. Go back, read the last 30 days of posts and monitor going forward. See what others are paying for your make and model. I tend to discount "great deals" on people who had trade-ins. Since the numbers could have been manipulated.
2. Go to Edmunds TMV service and price out your vehicle. Use this as another guide.
3. Post a message to Car_man - ask him the residual value and money factor (top tier credit) for the exact make, model and trim you are looking for, including options. Also, let him know if you are looking at 12K or 15K miles per year and the term of the lease, example 36 months.
4. Learn how to calculate a lease payment OR use a website calculator such as edmunds. Once you know all the variables MSRP, selling price, money factor, residual - you will know what your monthly payment is or should be. It is not that complicated.
5. Now, start negotiating the price of the vehicle. The lower the price the lower the lease payment.
I have already spoken with the salesperson at my local dealer, and it looks like everything is exactly the same as January. So our gamble paid off, and we saved ourselves the 600 or so bucks by waiting.
Of course, just to complicate things, I am now getting phone calls directly from AHFC regarding lease of a new MDX -- seems as though they are offering some special $1500 off deal, don't have details yet -- which could possibly bring the prices on comparably-equipped Pilot & MDX models within $40 of each other. Makes the decision a little harder!
Still think we're going with the Pilot, though... my practical side has taken over -- I want all that extra storage in the console, the doors, above the glove compartment, and in the cargo area. Not to mention room for one more of my kids' friends.
Looking for current lease factor & residual values to compute lease payments for the following models for 36 months:
EXL (AWD) w/rear entertainment 12K & 15K
Touring (AWD) w/rear entertainment 12K & 15K
My 5 year old MDX is all paid off so looking to go shopping .
I have an MDX right now, so my warranty is actually much longer. But that is a good point nonetheless.
That's why mine on the MDX, for the third row, are still in there original plastic in the trunk comparment. At least for the past 5 years my kids have been too short to need them .
these are wonderful prices. in the metro detroit area i'm getting quoted 478-489 which includes taxes and fees. do you mind sharing which MI dealer you are speaking to. it may be worth a drive.
thanks
also if anyone knows the current residual and MF for a 2009 pilot ex-L 4WD 39mos 15K i would appreciate it.
If I use the .00151 money factor provided by CarMan (Thanks CarMan!), I back into a capitalized cost that suggests they are selling at more than $4000 below invoice.
Is there more dealer cash now? Has the money factor dropped to almost zero? Or is this just a limited quantity offer designed to gain traffic for this dealer?
Thanks so much for always roaming the boards and posting your excellent info - especially the all important financial drivers!
As "imt" asked above, I too would love to know the current Honda Financial money factor & residual values for a couple of different Pilot models/configs.
Touring (AWD) with Navi on both a 3yr 12K & 15K mileage
Touring (AWD) without Navi on both a 3yr 12K & 15K mileage
Would those numbers change much with 39 month & 48 month leases?
And do you know if Honda is offering any kid of customer loyalty incentives right now (I'm coming out of a Honda Accord lease)? So any type of incentive (loyalty or otherwise) would be great to know about when working down the final selling price.
Thanks a million!!!!!
i am located in lake county illinois.
Today I was offered the following lease deal, nothing down
39 mos, 12k per year
Vehicle price 33225.65 tax $2327.55
Residual 49%
money factor .00151
Payment - $492.44
first/doc and plates only $812.09 out of pocket
Can I do better, has anyone been offered anything else lower or is this really the best Im gonna do. My thought is that with presidents day coming up there might be some more dealer support offered this week. Thanks in advance
A. Horrible
B. Below Average, could have done better
C. Fair Deal
D. Above Average
E. Great Deal
Thanks!
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.
A. Horrible
B. Below Average, could have done better
C. Fair Deal
D. Above Average
E. Great Deal
Thanks!
$1000 down (including fees etc). 12k miles per year, 39 months, $431 per month (including all taxes)
am in VA quote from NC.
Should I go for it, or negotiate more?
Thanks
Pilot Touring (in Bali Blue w/gray lthr, for those who are curious)
39 months, 15K/yr
MF .00151
RV 46%
Cap Cost: 35,243
Cash Down: 1,032 (first pmt, reg/title, doc fee)
Monthly Payment: $522.14 ($553.47 incl 6% tax)
If possible, we'll do a sign & drive, which would bump the payment up to around $583 (incl tax).
I'll let you know how it goes!
This is a nice deal. This deal is very close to best it can be on this car. I am in IL too and have a similar deal offer on a EXL + RES. I am at $495/ month @ 39 month 12k lease including 8% tax and only $495 out of pocket. Price includes running boards & all weather mats. The mf is .00151. Selling price is $31,900 after all incentives. In order for my dealer to get to this price they are including a tax credit from another deal.
It looks like I will bite on this deal! Good luck.
I really wanted the Bali Blue; the dealer has looked in six states and cannot find one for me.
Then I said I'd consider the Formal Black. No luck. None to be found.
No Mocha Metallic (third choice).
Now we're on to Dark Cherry Pearl (my fourth choice, only because hubby's Ridgeline is that color). Still waiting to hear.
I hate to be so picky, but... I want to like the color of the car I drive every day. Is that too much to ask? I mean, if this were the deal of the century (see my previous post, it's not) I might be more flexible on color.
Interestingly enough... if I want the Touring w/Navi AND RES, I can get my first choice for color. And spend $50 more a month!
Do you happen to know what your residual value / boyout at lease end would be for this Pilot? I am considering leasing the same exact one (w/o mats) and I may buy it at lease end. If they are selling it for $31,900 I think you are being offered a good price on the car.
based on 12,000 miles/year, .20/mile excess;
Zero cash or trade down plus tax & fees. Security deposit wavied.
$198 x 39mo,
51% res.Price excludes taxes, title, and registration fees;
prices include all customer rebates, promotions, and incentives to dealer.
exterior color = black MSRP: 29,965
* Zero cash or trade down MEANS NO TRADE-IN
MSRP - $32,665.00
Agreed upon Value - $27,817.94
Residual Value - $16,005.85
If there are any other important number I can provide them, please let me know.
Thanks