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Honda Pilot Lease Questions

2588 messages,  Last post on Nov 22, 2009 at 6:04 PM

You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx

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


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#2019 of 2588
Re: Good lease on Honda Pilot EX? [fred25] by jessedylan
Oct 12, 2008 (11:45 am)
Reply

Replying to: fred25 (Oct 12, 2008 11:37 am)

I told them I wanted to hold off, and now they want to lower the down payment. I think if everything else was the same, only $1,200 down instead of $3,600, I think I would probably do it.
#2020 of 2588
Re: Good lease on Honda Pilot EX? [jessedylan] by fred25
Oct 12, 2008 (6:05 pm)
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Replying to: jessedylan (Oct 12, 2008 11:45 am)

It seems that they are willing to work with you. Inquire how much lower they are willing to go? if the deal seems to make sense to you and you truly feel that's the best you can do - they pull the trigger - and Congrats.
 
However, if your gut feeling says that you might be able to go a bit lower - just wait they will contact you again.
#2021 of 2588
Good lease on a 2009 Honda Pilot EXL? by ny14337
Oct 12, 2008 (7:31 pm)
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I was at a Honda dealer yesterday on Long Island, NY for a test drive of a 2009 Honda Pilot EXL. I really liked the car so I sat down for a bit to talk to the salesperson about a 36 month lease. I'm looking to pay tax, title, DMV fees, etc...(which he said would be approx. $2600), but no other downpayment. He told me the best he can do is $499 a month for a 36 month lease at 12,000 miles per year. That is considerably more than I wanted to pay. I have until February to get a new car so I'm willing to wait if the price is going to come down. Should I expect to do better than what they offered me? Sorry I dont have the price the dealer was working from, but I never saw the working numbers. Only the $499 written on the paper.
 
Thanks for any help!
#2022 of 2588
Re: Good lease on a 2009 Honda Pilot EXL? [ny14337] by iamknott
Oct 14, 2008 (10:55 am)
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Replying to: ny14337 (Oct 12, 2008 7:31 pm)

ny14337,
 
Without all the numbers, it is difficult to comment on your deal. I don't know anything about NY taxes on leases, but the number you quote ($2600) for "tax, title, DMV fees, etc." seems pretty high to me. Wouldn't the tax be included in each month's payment and not paid up front? I suspect that the dealer has included a downpayment in that $2600. I am hoping that slowing sales will lead to some better lease incentives from Honda's finance company in the near future.
#2023 of 2588
Re: Good lease on a 2009 Honda Pilot EXL? [iamknott] by ny14337
Oct 14, 2008 (2:25 pm)
Reply

Replying to: iamknott (Oct 14, 2008 10:55 am)

Thanks for your reply. The number the dealer was using to figure out the lease was $31,878. The tax in NY is 8.5%. I'm not sure if this helps or not. Thanks!
#2024 of 2588
Re: Good lease on a 2009 Honda Pilot EXL? [ny14337] by iamknott
Oct 15, 2008 (11:39 am)
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Replying to: ny14337 (Oct 14, 2008 2:25 pm)

$31,878 is amazingly close to the invoice price of an EXL AWD without NAV or RES. The question is, how did he get to that number? Was there a downpayment ("capital cost reduction") involved? You really need to get the dealer to itemize every amount in the calculation, including residual (should be around 52%), money factor (.00147), fees, taxes, etc. Does the $499/mo include sales tax? If so, it's not a bad deal, if it does not include a downpayment.
#2025 of 2588
Re: Good lease on a 2009 Honda Pilot EXL? [iamknott] by ny14337
Oct 15, 2008 (7:45 pm)
Reply

Replying to: iamknott (Oct 15, 2008 11:39 am)

I told the dealer that the only money that I wanted to pay out of pocket was to cover the taxes, bank fees, motor vehicle fees, etc... I believe he said that that would mean I would have to come up with approx. $2600 and that my monthly payment would be $499 for 36 months. I asked him what number he was using to figure out the lease and I believe he said it was either $31898 or $31878. He mentioned that the dealership was making $900 on the deal. If I'm correct, I think that the invoice on the car is $31878. Maybe they are getting money from Honda for moving the Pilots? He never mentioned what the money factor or residual value for the vehicle was.
#2026 of 2588
Re: Good lease on a 2009 Honda Pilot EXL? [ny14337] by Car_man HOST
Oct 16, 2008 (3:34 am)
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Replying to: ny14337 (Oct 15, 2008 7:45 pm)

$499 per month for a Honda Pilot is absurdly expensive. Honda really goofed when they made this truck's MSRP so high. I was looking at one at the dealer the other day, it was cloth with no sunroof, and it had an MSRP of almost $33,000. I realize that no one pays full MSRP, probably closer to dealer invoice, and that there is a supported lease program, but still come on Honda. The Pilot is approaching M-Class territory with this sort of payment.
 
I am going to be in the market to lease a new SUV early next year and unless Honda makes some significant improvement to its lease program for the Pilot, I will likely find myself in a Toyota 4Runner or Highlander.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
#2027 of 2588
Re: Good lease on a 2009 Honda Pilot EXL? [Car_man] by iamknott
Oct 16, 2008 (2:31 pm)
Reply

Replying to: Car_man (Oct 16, 2008 3:34 am)

Geez, Car Man, that's a little harsh. I think we can all agree that car prices are high and that Honda Finance is not offering the best incentives on the Pilot right now, but "absurdly high" is overdoing it a little. We are talking about an EX-L AWD here, with an MSRP of $35,195. Here are the MSRPs of some other makes (comparably equipped, to the best of my knowledge):
 
Mercedes ML350: $48,695
Acura MDX: $41,550
Toyota 4 Runner: $40,654
Toyota Highlander: $38,590
 
I don't know what kind of lease deals these brands are offering, but at least from the starting point of the MSRP, the Pilot EX-L is not overpriced. I would also point out that its owner satisfaction ratings are the equal to the above, plus it runs on regular gas.
#2028 of 2588
Re: Good lease on a 2009 Honda Pilot EXL? [iamknott] by Car_man HOST
Oct 16, 2008 (2:51 pm)
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Replying to: iamknott (Oct 16, 2008 2:31 pm)

I see where you're coming from, iamknott. I probably was a little harsh . My problem with the Pilot is that I would probably be in one right now if Honda had an attractive lease payment on it. The payments that are available on it are way out of whack. Take a look at the current advertised payments for the models that we have mentioned:
 
$409/36 mo. w/ $2,995 down for a 2009 Pilot 2WD EX-L
$349/36 mo. w/$3,690 down for a 2008 4Runner SR5 V6 2WD
$289/36 mo. w/$2,710 down for a 2008 4Runner SR5 V6 2WD
$599/33 mo. w/$3,050 down for a 2009 ML350 AWD
 
I realize that the Pilot is newer and bigger than the 4Runner and Highlander, but for the difference in payment for me going with one of the Toyotas is a no-brainer.
 
Granted I got a better deal than most people probably will, but I'm leasing an ML350 for $450/month with nothing down right now.
 
To me, the Pilot lease payment is just not in line with what it should be right now. Perhaps Honda will ultimately be forced to improve it some. It was better back in August when Honda was advertising $299 per month for 42 months with $1,105 down.
 
Oh well. It's all about supply and demand. If Honda sells enough Pilots at this price point, good for them. If not, they will have to either cut production or increase their support.
 
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

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