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Prices Paid: Buying & Leasing Experiences Honda Pilot Lease Questions
1994 messages, Last post on Sep 06, 2008 at 2:15 PM
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My wife and I picked up her new Pilot from Hennessy Honda in Woodstock, GA on Monday. Our deal was for the 2WD VP (in mocha metallic with saddle cloth, if it matters) for $23,923 including destination, plus dealer fee and $595 lease acquisition fee = $24,992.00 for our lease cap cost. We paid the first payment and local taxes ($80) up front and using the 0.00014 MF (0.33%) and 49% residual for 15k miles per year ($14,224.70) our base payment is $304.58 and $325.90 including 7% state tax. Security deposit was waived since we were current AHFC lessees, otherwise you could bump the MF up by 0.0001 and avoid the deposit. Invoice is shown as $25,630 so we paid $1,233 under invoice INCLUDING the dealer fees. Note that the MSRP is/was $29,030 but the actual window sticker may show $28,230 with the $800 "special value package discount". AHFC uses the $29,030 to figure the residual and NOT the actual window sticker MSRP on the bottom line. That makes it that much cheaper  . The promo lease on the Honda web page calls for a selling price of $25,079.09 plus whatever the dealer charges for doc and prep fees. My local dealers would honor the promo price but would not come off of it at all - and the charge $400 or so in doc fees, so our $24,397 was nearly $1,100 cheaper than any other deal. Well worth the drive to get the Pilot from Hennessy. Everything was pre-approved and done before we got there, so we just inspected the new Pilot, test drove it, signed the papers, and were ready to go. Our salesperson went out of her way to go over EVERYTHING on the new Pilot with my wife - for sure the most thorough delivery I have ever seen. She even set the clock to our time zone and set up some of my wife's favorite XM channels. We got 23.4 mpg on the trip back home and that included some idling while we played with various things on the car. Not bad for an EPA rated 22 mpg SUV. We considered the 2WD EX model, but in the end the extras (power seat, auto climate control, fog lights, etc) just were not worth the nearly $2k higher price (at invoice). Well actually, it would have been 51% of the nearly $2k price difference . VP includes XM while it is extra cost on the EX as well. My wife loves her Pilot and is very happy, and if my wife is happy then I am too . Dennis
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Replying to: eoreos (Jan 23, 2008 12:31 pm) The same hold true throughout the life of the lease. The insurance pays the bank off and you get nothing back. In this case it is a double no brainer since the rate is low, but the same idea would apply if you were doing an Accord at 0.00255 MF but you might pay the bank fee up front. With the cheap Pilot rates you could even do a "sign and drive" lease and roll taxes, tags, and first payment in if you wanted to. Higher payment, but nothing out of pocket. Dennis |
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Replying to: eoreos (Jan 23, 2008 12:07 pm)
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Replying to: jsdilops (Jan 23, 2008 2:39 pm) Dennis
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Replying to: dwynne (Jan 23, 2008 4:49 pm) I am contemplating the lease deal Honda has listed for the 2008 Honda Pilot 4WD VP. I have never leased before so please correct me if I am wrong. MSRP $30,430.00 (includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $25,305. Since they want me to put $1,145.00 down as capitalized cost reduction, am I correct in saying that the cost of the vehicle is $26450.49? I have not received any prices from dealers yet. However, the best price I have seen advertised by a dealer is $24,977. Should I expect a local dealer to honor that price even though I am using Honda's lease deal? Thank you, DaMan2
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Replying to: dwynne (Jan 23, 2008 12:54 pm) I got a extemely low MF on our Accord and rolled all costs into the deal, 100% sign and drive. I would be curious if you could get the same deal in the 4WD since it is advertised as the same payment by Honda. |
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Replying to: daman2 (Jan 23, 2008 11:18 pm) Pilot VP 4WD $30,430.00 MSRP $25,305.49 Net Cap Cost $16,432.20 Residual $ 54% Residual % $259.00 Payment 36 Term 0.00030 MF 0.72% MF as interest Invoice is supposed to be $26,895 so the net cap plus the suggested cap cost reduction is $26,450.49 which is $441 UNDER invoice. So if you contact dealers in your area you COULD just ask them if they honor the 4WD VP Pilot lease special and how much their doc or prep fee is. If they answer yes and $0 then you have a pretty good deal. You can pay the suggested amount (I would not) or pay less or nothing at signing. The less you pay the more the payment, but the interest rate is so cheap roll it all into the lease. Now, what you need to really do is find a dealer that will go beyond the deal as listed and price the Pilot to you for less. You still get the same MF and residual but your lower net cap cost means lower payments. Then the deal goes from real good to really hot. Dennis
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Replying to: piloti_sti (Jan 24, 2008 7:19 am) The 4WD has a different MF and residual and in the deal shown on Honda's page it nets to the same payment. In real world, your actual price will vary depending on how much or little you pay down and what deal you can get on the Pilot. In many areas 2WD SUVs don't sell well so the dealers may be willing to make less to move one. Unlike most SUVs, the Pilot 2WD is FRONT wheel drive so not having 4WD is not as big a deal (to me). You also get better MPGs city and highway with the 2WD model. If you live where 4WD is a must have, then just get the best price you can on the 4WD VP and plug the numbers into a lease calc and see how it works out. Where we live the 4WD would come in handy just a handful of days a year, but we could make do with the FWD. I have an xB "snow day car" that I put snow tires on each winter so we would probably take it if it got really bad anyway. My wife had some concern about the increase in gas consumption compared to the Accord so the FWD VP just made more sense to us. Even with the low rate (lower than the Accord lease from 3 years back) I didn't mind paying tax and first month at signing. Nothing wrong with a sign and drive, but I normally will pay first month at signing. I was looking at the lease contract and the "rent charge" (the interest part of the lease) is less than $200! Dennis
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Replying to: dwynne (Jan 24, 2008 8:21 am) I would like to get a dealer to agree to a price of $25,000 for a 08 Pilot 4WD VP. I have never leased before, but I think with the price of the Pilot at $25,000, MF at 0.00030, and residual at $16,432.20 I can get a lower payment without much out of pocket money. Thoughts?
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Replying to: daman2 (Jan 24, 2008 4:50 pm) You could get the best price, then say "Is that price good if I lease?" and if they say no, ask for the price they would do for the lease. >> I would like to get a dealer to agree to a price of $25,000 for a 08 Pilot 4WD VP I don't think your price is very realistic and I would be surprised if you could get any dealer to agree to it. The deal, as written calls for a selling price of $26,450.49 ($411 under invoice). Even if the dealer gave you that price and 100% of the hold back ($912) you would still not be at $25k. You can't just pick some number and say "sell it to me for this" that is dumb and the dealer will think you are foolish. There has to be some logic or reason behind your offer and having the dealer lose hundreds of dollars to lease you a car is not going to fly. I have seen a post that claimed there was a $1k incentive on these to lease (vs the $1,500 purchase) and that is probably true - so the deal as shown is $411 under invoice, with a $1k incentive the dealer still makes $589 plus hold back. So a realistic offer would be to get some of that $589 off the price, maybe even all of it. Most dealers will never deal into holdback unless they are really desperate or really high volume. Most dealers should do the deal with the $26.4k proposed number, which is a nice deal. You will have to find a high volume, deep discount dealer - or one with tons of VP 4WD Pilots sitting on the lot - if you want to do better. You can do the deal at that price with little or nothing due at signing, but your payment will be higher than the $259 shown. Dennis |
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