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Honda Pilot Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings r3p. The offer that you were sent in that e-mail sounds unrealistically low to me. There's definitely some sort of catch.

    Since you are new to leasing, you definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'm glad that you've found this discussion so helpful, s1simps.

    Honda Finance's October buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX-L RES 2WD with 15,000 miles per year are .00181 and 53%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The residual value for a lease with only 12,000 miles per year would be 2% higher.

    Car_man
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  • danf1222danf1222 Member Posts: 11
    Car Man, was just quoted 516 month x 36 months for 2011 Pilot EXL4WD w/12000 miles. No money down. This number was calculated at invoice + $500. My calculations came to 499, but I was told that there was a $595 bank fee that could not be waived. Does this sound reasonable?
  • budsdadbudsdad Member Posts: 54
    When do the November numbers come out? Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi danf1222. $500 over dealer invoice is a very good selling price for a 2011 Pilot.

    What you heard about Honda Finance's acquisition fee is correct. It cannot be waived, you can either pay it at lease signing or roll it into your truck's capitalized cost.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi budsdad. Honda is scheduled to introduce its new November programs later on today. Please feel free to post a reminder in this discussion for me and I'll gladly fill you in on the details of the new program when I get them.

    Car_man
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  • budsdadbudsdad Member Posts: 54
    I am new to leasing and could not find solid numbers to compare with so I used the 1.9% purchase financing from Honda. I would be interested in the October lease numbers to see if I made the correct choice. I would also be interested in the November numbers to see the trends in rates. Thanks
  • arob1arob1 Member Posts: 67
    Hi Car_man,

    What would be the Nov residual and MF for Pilot EX 2WD(36/12000 miles).

    Thank you
    .
  • jessekacjessekac Member Posts: 6
    Anyone have these yet? Honda is offering no money down at closing for the rest of the year. Might be time to make a move...
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    There's nothing wrong with financing at 1.9%, budsdad. That is Honda Finance's special rate on the 2011 Pilot for November as well, so you didn't miss out on any sort of enhancement.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go, arob1. Honda Finance's November buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX 2WD with 12,000 miles per year are .00139 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jessekac. Honda is providing lease support on the 2011 Pilot, but not on the 2010 model any longer. If you really want to lease one at this point, you probably would be better off going with a '11.

    You can scroll back through the past several posts to see what the current program is like on this truck.

    Good luck and let us know if you have any other questions.

    Car_man
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  • robrothrobroth Member Posts: 33
    My lease is up in Feb on my wife's 2008 Pilot EX-L w/nav. The residual on it is $18,700. According to edmunds, the trade-in value on it is 24,000. I recently received a voicemail from my dealer saying they'd love to take it back and get me into a new vehicle. I called back and left them a message saying I'm not interested in a new vehicle, but would they be interested in buying it for $24K and have not heard back. If a dealership is interested in doing this, am I going to have to go through the headaches of getting a loan, buying the vehicle at the end of the lease, then selling it to the dealership (who may back out), or will the dealership if interested have some way of making this process easy?
  • arob1arob1 Member Posts: 67
    edited November 2010
    Thank you car_man. I leased the same car for $425/month with $0 down. Sign and drive. It also came with Cargo tray, Tinted Front Windows,Door edge guards,Wheel locks,Fender wheel trim,Hand painted pin stripes,Nitogen upgrade in tires, all included in that price. How did I do ?
  • ayalakayayalakay Member Posts: 23
    Hi Car_Man, and thanks. Sorry to be a pest, but have these numbers changed at all for November? (looking for 2011 EX 4WD/12K) Have there been any rumors of a really fantastic leasing inventive coming soon, say by year end, or in January? (because I don't have to re-lease right now... happy to wait!)

    Last question: how likely do you think it is that the dealer will actually let me use the equity in my '08 VP towards the '11? (roughly $4K)

    Meeting with the salesman this weekend...would like to have my plan in hand...

    Thanks for your time and advice! ;)
  • jrossfljrossfl Member Posts: 1
    Just got back from the dealer and was quoted the following for a 2011 Honda Pilot EX-L. For some reason I feel like something is matching up based on what I've read here:

    Market Value: 34,775
    Sale Price: 31,032
    Term: 36 months
    Money Factor: .001390
    Res Value: 56%
    Taxes: 6.5%
    Dealer Fees: $902
    Down payment: $0
    Monthly payment: $483

    According to other posts it seems like the residual from Honda finance should be 57%. I could be entering something wrong, but I feel like the monthly payment is just a tad high. I'm in FL if that makes a difference. Thoughts?
  • robrothrobroth Member Posts: 33
    "It also came with Cargo tray, Tinted Front Windows,Door edge guards,Wheel locks,Fender wheel trim,Hand painted pin stripes,Nitogen upgrade in tires, all included in that price. How did I do ? "

    Nitrogen upgrade??? for real???
  • arob1arob1 Member Posts: 67
    yes, I was told they use Nitrogen so tire pressure does not fluctuate with temperature change
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Not a problem, ayalakay. Honda Finance's October 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 .00139 and 58%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    This program is supposedly going to run through the end of the year. I doubt that Honda's January program will be any better than its current one, but it's difficult to say for certain what will happen.

    Car_man
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  • stevz13stevz13 Member Posts: 7
    edited November 2010
    I am very close to leasing a 2011 EX-L with Navigation. Unfortunately we had a fallout with the salesman becasue of his reluctance to answer my questions honestly. To make a long story short the sales manager intervened and has offered me $475 mos for 36 months, 2k down for 12k miles. Just wondering what the residual and money factor are on this model.
    Thanks
  • hockeysb11hockeysb11 Member Posts: 2
    I was quoted 482.22 for 36 months and 470.34 for 42 months w 595 bank fee and 1st month at closing.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi stevz13. I certainly can understand your frustration with not being given straight answers to your questions. Dealing with the wrong type of salesperson can be frustrating.

    Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX-L with Navigation and 12,000 miles per year are .00139 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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  • jpnutjpnut Member Posts: 2
    Hi guys, new to the forum. Got quoted $446 +tax for 4WD EX. 36 months. 12k miles/yr. 280 due at signing. 35 monthly payments. Seems like your offers are way better. Here in Cincy.
  • jpnutjpnut Member Posts: 2
    Hi Jesse, thanks for the post! I was considering doing my business in NJ. This was very helpful. I wonder in two months if much has changed at all concerning the pricing you got?!
  • mariasmarias Member Posts: 15
    edited November 2010
    I have a 2008 Honda Pilot exl-res with less than 29,000 miles. The lease is up on 12/27, last payment is on 11/27 and buyout is $17,290. I am looking to trade it in for a 2011 Touring, with nav and dvd. List is about $40,000.00. What should I be looking to pay for a 36 month lease 12k per year. I just received a notice from one of the local dealers that they will pay "up to 70%" of the original MSRP, but have not checked it out yet.
  • ayalakayayalakay Member Posts: 23
    Hi again,

    I had a brief conversation with my dealer about the next Pilot and mentioned the equity I have in my current model. He pretty much scoffed at me and said they have to 'recondition' my car before they can sell it for 'trade in value'. I have checked various places and it looks like I should have anywhere from $2-6K in equity! But he made it sound like I'll get nothing, and should be glad they'll even take it off my hands.

    (I love the car and it only has 25K miles on it... if I didn't hate the color I might even buy it and be done with leasing - I really detest this whole process.)

    Anyway, the question is, what happens to that roughly $1,500 in 'forgiveness' for wear and tear that is covered by Honda under my lease? If my dealer spends, say, $1,000 to clean the one back seat that has a water spot, touch up a tiny ding, and put on a set of tires, do they bill Honda for it? Or do they just get a check from Honda for the entire $1,500? If that's the case, shouldn't I then be able to force the equity issue since the cost of their 'reconditioning' is already covered?

    any insights would be appreciated...
  • kyfdxkyfdx Moderator Posts: 236,570
    The car doesn't belong to the dealer, it belongs to Honda Finance...

    Honda doesn't give anyone $1500 or a portion to recondition the car... The cars generally go to auction, as is... If your dealer happens to buy the car from Honda, then he'll pay wholesale (which would be adjusted for any major items, like those covered by the $1500).

    There really is no "$1500" in actual cash... It's a phantom amount that Honda Finance would forgive, if you actually ran up those charges...

    The dealer's argument is that even if they get the car for way less than you think it's worth, there isn't that much profit in it, once they recondition it, etc... They may be right, or they may not want to share that profit with you.. The only way you'll know is to shop your deal around, letting the other Honda dealers know that you want to unlock some of that supposed equity to save money on your next deal...

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  • ayalakayayalakay Member Posts: 23
    Ah, I get it... thanks for clearing that up for me! (the battle begins... )
    ;)
  • mariasmarias Member Posts: 15
    I just returned from Braman Honda in Miami. I had one payment left on my 2008 Honda Pilot exl-RES, 28,925 miles, with tow package, front bumper lower garnish, tubular running boards and cross rails. I was able to trade it in, using the equity (buyout was $17,728) to get a fully loaded Touring (without the running boards or cross bars) in a 36 month leasing deal of $1,000 down (which included the first months payment) and $463 per month ($499 per month with taxes) They said that they would give me $21,000 for the old car, using a portion of that to buyout the car from AHF, using the excess equity to pay down the new car. Money
    Factor was .00139 and residual value was 52%.
  • dk101dk101 Member Posts: 3
    Hi Car man,

    Could you please give me the current money factor and residual value for a 2011 Honda Pilot, 2WD, EX-L, with 12k miles, and 36 months? And, how does this change with 15k miles?

    Also, what is your sense about which models have the higher residual percents? is it the entry-level models, or the top of the line models with all the bells and whistles? Does this roughly track real-world value at lease end?

    Thanks in advance for your advice! I'm so glad I found this forum -- it really makes this whole process a lot more transparent.

    DK
  • robrothrobroth Member Posts: 33
    kyfdx, please let us know how you do. i'm in the same position. ayalakay, i dont know the rest of the details of your new purchase, but that doesn't seem like you got much of a deal to me.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'd be happy to help you out, DK.

    Honda Finance's November buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX-L 2WD with 15,000 miles per year are .00139 and 54%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The residual value for a lease with only 12,000 miles per year is 2% higher.

    While this can vary from vehicle to vehicle, typically the less equipment a vehicle has, the better its residual values are.

    Car_man
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  • mjt5mjt5 Member Posts: 13
    Hi Car man,

    Could you please give me the current December money factor and residual value for a 2011 Honda Pilot, 4WD, EX-L RES with 12k miles and 36 months through Honda Financial Services?

    Thanks so much in advance for your response!
  • tex18tex18 Member Posts: 82
    What did you pay as the negotiated price? Are EX no leather still going for $27,500?
  • luvmypilot3luvmypilot3 Member Posts: 6
    I just got my new 2011 Pilot EX-L. This is my 3rd Pilot that I've leased. I paid 33200.00, res value 57% 20733.75, and money factor .00129. That is with zero down, zero first payment. My payments are 472.13 including tax for 36 months and 12000 miles. (It's really only 35 months though, since the first payment is zero.)
    Here's the best part: My 2008 Pilot EX-L was worth more than my res value of 18062.00, so I got a check back for over 5000.00!
    I had to work for this deal. My local Honda dealer wouldn't budge on giving me what I wanted for my '08 Pilot. They would only go to 22500.00. I searched online for other Honda dealers within 50 miles of me and started making calls and searching dealer inventories. Here is what I found MOST helpful: If you want the most for your trade/buyout, search dealer inventories for like mileage and year cars. See what they are selling them for and how many they have. The dealer I ended up going to, had no '08 Pilots on the lot. When I called them, the used car manager jumped on a deal. I only had to drive about 40 minutes away for an extra 1000.00! (I went to Fayette Honda in Uniontown, PA)
    I hope this helps more people get good deals. Good luck all :D
  • ayalakayayalakay Member Posts: 23
    Thanks for the tip! I just checked my dealer's page and they have 5 2008's, only one VP, with ~11K more miles than mine... and they are asking $22500 for it! So I was right that mine would technically be worth more. (Thanks for the additional ammo!)
    ;)
  • tex18tex18 Member Posts: 82
    Arob1, what did you pay for your EX 2WD? Or anyone else can chime in, whats the best price out there now for a EX 2WD? Cheaper the price, cheaper the lease.
  • sprinkler13sprinkler13 Member Posts: 452
    Hey Car Man....I was wondering if you could post the December finance numbers for a Pilot EX-L AWD. Looking for 36 or 39 month lease with 12-15k miles per year. Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'd be happy to help you out, mjt5. Honda Finance's December buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX-L 4WD with RES and 12,000 miles per year are .00139 and 56%, respectively.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi sprinkler13. See my previous post for this truck's money factor. The residual value for a lease of this truck without the RES is 2% higher.

    Dropping to 12,000 miles per year raises vehicles' residual values by 2%.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi sprinkler13. See my previous post for this truck's money factor. The residual value for a lease of this truck without the RES is 2% higher.

    Dropping to 12,000 miles per year raises vehicles' residual values by 2%.

    Car_man
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  • lease36or42lease36or42 Member Posts: 6
    Hi Everyone,

    just looking for advice on the lease offers made to me.
    2011 EX-L 4WD

    36 mth / 12,000 / negotiated sales price of $32,308
    $2,000 down
    $475 per month
    $20,733 residual
    money factor .00255

    are these #'s correct for that payment, using Edmund's calculators, I receive a lower monthly payment...he did mention a $595 acquistion fee.

    other option:
    42 mth / 12,000 / negotiated sales price of $32,308
    $2,000 down
    $438 month
    $20,006 residual
    money factor .00245

    again, I receive different payment amounts when I run the calculators then what the dealer provides me.
    thanks
  • robrothrobroth Member Posts: 33
    You need to ask him how he came up with that # rather than us. Is there sales tax? Is there a trade in? What is their documentation fee? Title and registration fee? Did he add in the optional additional warranty that you probably don't want? The $595 lease fee is what AHFC charges for a lease, it's non-negotiable and doesn't go to the dealership.
  • lease36or42lease36or42 Member Posts: 6
    I will ask them specifically how they arrive at the numbers, because the calculators don't show that. I just want to make sure I know what figures/fees should be used and what should not, like you said about the warranty fee.

    No trade in, earlier in the process I was told $171 for title and registration fees when purchasing, so I assume that is the same.

    where should the tax show up? It's in the monthly payment, correct? And what is the amount used for PA - is it 6% still for lease or is there a different number to use?

    because of my credit scores, does that raise my money factor? I noticed another lease posted here was .001xxx
  • lisalou29lisalou29 Member Posts: 2
    The lease on my 2008 Honda Pilot EXL-Res is up in Feb. (2 payments left) and I have a new deal that I am wondering about...
    Can you tell me if these are good numbers?

    2011 Pilot EXL-Res
    $2800 down (Includes first payment)
    $425 a month for 36 months.
    Residual at end of lease is $21,100.

    Dealer is stating that the Sticker price is $37,975, We are paying $34,325 ($37.300 with tax) and the Dealer Invoice is $34,715.

    Thanks for your help!
  • mariasmarias Member Posts: 15
    On Nov 23, I traded my 2008 Pilot EXL-RES, with 28.8m miles in on a fully loaded Pilot Touring. They picked up the last month lease payment. Price on the Touring MSRP was over $40k when you included the dealer paint protection and door protectors. (OK so I told them I did not consider that a real cost). I put $1,000 down, which included first month payment. Payments are $466 a month and with tax $499/month. Residual is $20,579. I paid $500 out of pocket (part of the $1,000) towards the inception fees and the trade in from the 2008 pilot covered the rest and more. I am really impressed by the 2011 Touring.
  • thenewlewthenewlew Member Posts: 10
    Car Man,

    Would the numbers be the same for the 2WD version?

    Thanks
  • cbarrscbarrs Member Posts: 27
    hi Carman,

    Can you post MF and residual rates for touring, 36mo/10K?

    Thanks
  • e120711e120711 Member Posts: 4
    36months,
    12,000
    RV-57% of MSRP
    MF-0.00139
    I hope this will help.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey thenewlew. Honda Finance's December buy rate lease money factor and residual value for a 36 month lease of a 2011 Pilot EX-L 2WD with RES and 12,000 miles per year are .00139 and 55%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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