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Honda Pilot Lease Questions

1994 messages,  Last post on Sep 06, 2008 at 2:15 PM

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What is this discussion about? Honda Pilot, Car Leasing, SUV

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#1662 of 1994 MF Issues at Honda of Bowie (MD) by rgustafs Feb 29, 2008 (4:36 pm)
I got them down to a great price on an EX-L with Nav: $29,895 (with running boards and rear splash guards installed). This price was confirmed good on a leased vehicle. I was then told if I came over tonight they could take another $500 off the price.   I didn't feel like driving all the way to Bowie unless I knew we could make the deal. I asked for them to check with the finance people for a good breakdown on an AHFC lease since I qualify for super preferred and am a current customer in good standing. I wanted numbers for a 36mo/10K lease. This is what they sent me.   36 months payments $553.26 money factor .00355 Residual 51% MSRP $36,280   Um, WTH? They must be on drugs. I replied with the correct MF of .0003, and I was told I was incorrect. THANK GOODNESS I did not drive to Bowie.   Jerks.
#1663 of 1994 2008 Pilot SE 4WD by shar7 Mar 01, 2008 (3:03 pm)
Hi all, I have spent a lot of time reading thru your posts.... very informative and helpful. I am a college instructor and one of the units I teach is auto buying. I like to bring "real life" experiences to the classroom and this site certainly helps! Having just brought home a newly leased Pilot, I am hoping that I got a decent deal:   2008 Pilot SE 4WD Cherry Pearl   MSRP = $33,360 3 yr/36K miles Tier one money factor: .0003 (.72% interest rate) Resid Val = 54% ($18,160) Monthly Pymts = $378.24 includes 8.25% sales tax & $595 acq fee Paid upfront = $482 for first paymt, lic fees   What I'm curious about is this: upon visiting edmunds.com, I found that the TMV is $28,462 for this vehicle. So I went to the dealership, insisting on this price for my lease. The salesman said that I was looking at a "buy" price, which includes certain incentives ($3500 cash to dealer) that are not combinable with lease deals. He said that he couldn't possibly come down to what I was asking, and at the deal he gave me he was only making $400. I am wondering if this is true-- Is the BUY price sometimes going to be cheaper than the LEASE price? A few years ago, we were able to use the GM rebate of $3500 for my husbands Saturn as a cap cost reduction, but is dealer cash different? THANKS in advance... your feedback will be very useful to both myselft AND my students! shar Replies to this message: regdunlap (Mar 01, 2008 5:03 pm) shar7 (Mar 01, 2008 5:17 pm) dwynne (Mar 01, 2008 5:56 pm)
#1664 of 1994 Re: 2008 Pilot SE 4WD [shar7] by regdunlap Mar 01, 2008 (5:03 pm)
Replying to: shar7 (Mar 01, 2008 3:03 pm) SHAR7   Great idea to teach this "real world" topic. Where do you teach? Replies to this message: shar7 (Mar 01, 2008 5:17 pm)
#1665 of 1994 Re: Pilot Lease - Please Advise [k_grote] by shar7 Mar 01, 2008 (5:14 pm)
Replying to: k_grote (Feb 29, 2008 6:49 am) Having just gone through negotiations for the exact same pilot, I would say your offer is fantastic. The absolute best we could find was $378/mo including 8.25% sales tax. I put down $480 for 1st pymt and lic fees. They told me that the invoice price I was asking for ($28,400) was not available for lease deals... said they could not possibly base the lease on that price, b/c that was a BUY ONLY price. Also said that prices will vary from region to region as manf varies incentives based on location. Someone please advise, b/c if I've been lied to, I will raise holy H... As for your offer of $335... jump on it fast. BTW, where are you located, and what's the sales tax in your area?
#1666 of 1994 Re: 2008 Pilot SE 4WD [regdunlap] by shar7 Mar 01, 2008 (5:17 pm)
Replying to: regdunlap (Mar 01, 2008 5:03 pm) Yes, Great subject to teach ... but very complicated, I spend more time trying to understand all this stuff and sort thru truths and myths before taking it to the classroom. I teach in Rochester NY.
#1667 of 1994 Re: Feb dealer figures [Car_man] by shar7 Mar 01, 2008 (5:23 pm)
Replying to: Car_man (Feb 26, 2008 4:53 am) Hi Car man... I knew about the $3500 dealer cash, but the salesman said it was not combinable with leases. Is this only b/c we leased thru Honda? How else would you be able to set up a lease (you mentioned an independent bank... he never said this was an option for us)? We got $1200 under invoice, and that was the lowest they would go. Replies to this message: dwynne (Mar 01, 2008 6:02 pm) shar7 (Mar 01, 2008 6:52 pm)
#1668 of 1994 Re: 2008 Pilot SE 4WD [shar7] by dwynne Mar 01, 2008 (5:56 pm)
Replying to: shar7 (Mar 01, 2008 3:03 pm) That is correct, they are currently giving dealers $3,500 on SOLD Pilots but less ($1k or $1.5k depending on who you ask) for LEASED Pilots. The leases are so cheap and insane MFs that you sort of see the point.   When the buy incentives was $2.5k and the lease $1k I ran the numbers and it worked out cheaper to lease, then buy than to just buy (it depends a lot on the rates you use for the loans, however). With the $3,50 buy incentive it is cheaper to just buy if you want to end up owning the Pilot. Some states has 2.9% for 60 months for a few days this month and this could be combined with the $3,500 dealer incentive - makes for a white hot deal.   The lease deals are still attractive to me because in 3 years you can decide to buy and keep the Pilot or move on to something else. If gas is $5 a gallon and the Pilot resale is terrible, then you just turn it in and get something else. Most folks like driving a new vehicle every few years, but they buy and then get ripped on their trade every time. If they checked into leasing, for sure and these low rates, they would see they could drive new cars all the time and save money. Someone that buys and drives the car until it is worn out, of course, need to be buying up front.   Dennis
#1669 of 1994 Re: Feb dealer figures [shar7] by dwynne Mar 01, 2008 (6:02 pm)
Replying to: shar7 (Mar 01, 2008 5:23 pm) The AHFC lease is at 0.3% or 0.7% effective rate. If you did a 3rd party lease you would be looking at 5.25% or more. You would also be looking at much more real world residuals, like 46% or so. You would have to run the numbers to see, but I would think you would find that paying $2,500 more but having a higher residual and nearly no interest nets you a lower payment.   Dennis Replies to this message: shar7 (Mar 01, 2008 6:52 pm)
#1670 of 1994 Re: Feb dealer figures [dwynne] by shar7 Mar 01, 2008 (6:52 pm)
Replying to: dwynne (Mar 01, 2008 6:02 pm) Wow, just ran those numbers (5.5% interest rate and 46% resid) and came up with $474+ per month. I guess I am better off leasing thru Honda, even if paying $2500 more. I was just really curious how the person a few posts back (who leased the same model as me) ended up with $335/mo. Seems too good to be true, made me question the deal I made!! Thanks Dennis.
#1671 of 1994 Business Lease Info by mattnday Mar 02, 2008 (9:27 am)
CarMan - I have been out shopping Pilot's and Ridgelines for a week now.   The info in this site has been invaluable. Here is my question:   Does Honda have a seperate Business Lease Rate(I have heard yes and no from different dealers) and is there a 25000 mile cap on Honda Leases?   Basically I need 30000 miles per year and I am getting different info from every dealer.   Please advise as the dealer who is willing to go $1000 below invoice(He is also 2 hours from me) is saying Honda wont except those terms. While my local dealers who are $1000 more all say that we can do prepaid mile with no issue.   Thanks in advance.

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