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Prices Paid: Buying & Leasing Experiences Honda Pilot Lease Questions
2588 messages, Last post on Nov 22, 2009 at 6:04 PM
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2009 Honda Pilot Ex model.with 4WD MSRP 32,765 Price after discount is 28,765 36 month lease, 2000 down payment 406$ monthly. 12,000 miles/year. money factor - .00151 Residula vaue 50% This is the first time trying tolease no sure how to reduce the monthly payment. Would appreciate inputs !
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Replying to: denniscc (Apr 10, 2009 11:09 am) If you can get a sale price of $31,000 and get a 72 month bank loan for $30,000 at 6.59% (average bank rate), your monthly payment would be $505. After 36 months you would owe $16,058.81 on a vehicle with a 36 month residual of $17,750. So you would be well over $1,500 in positive equity. WHY THROW AWAY $18,000 in lease payments??? |
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Replying to: docscott1 (Apr 11, 2009 4:31 pm) If the ad says $0 down or trade, that means the special is good only by taking NO TRADE, very tricky. I don't understand it as they can make more money with taking the trade-in, but that's what they told me before, no trade in order to take this special deal. |
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Replying to: abibala (Apr 11, 2009 5:16 pm) 1. more money down (not advised) 2. larger dealer discount 3. less annual mileage (although honda doesn't publish 10k annual mile leases) in your case, i'd wanna' see if the dealer(s) you're shopping will increase your discount, so you can put down less money. $2000 drive offs is kinda' high for a pilot. drives should be somewhere between $750-$1500 depending on dmv fees and whether or not you pay the lease acquisition fee upfront ($595), and/or if you're in one of those wacky states where you're forced to pay sales tax upfront. use that $1500 dealer cash to it's full advantage; meaning, try to get it all! god rule of thumb on 36 mo leases - for every $100 you get the dealer to knock off, assume ~$3/mo in savings on your payments. the key to an attractive lease would involve a high residual value (set by the bank), a low money factor (bank has a base rate, but dealer can mark up), and an aggressive selling price/capcost. in your case, the residual and money factor are as good as they can be. the selling price is very good, but definitely a little more money on the table tow work with. sometimes, 2 outta' 3 ain't bad. |
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Replying to: docscott1 (Apr 11, 2009 4:33 pm) Based on all my work - i would think I can get 470.. a mnth - its quite aggressive but i think doable.
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Replying to: charriman (Apr 13, 2009 2:35 pm) Also, the guy a few posts up said "Ways to lower your payment" and listed LARGER DEALER DISCOUNT as a tip. Good luck. These Honda dealers think their vehicles are made out of solid gold. Not much negotiating room at all. Best way to lower your payment is to shop a different brand OR BUY like I've been saying all along. Honda and leasing should not even be allowed in the same sentence. |
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| My 06 EX-L is due to return end of the month. Still runs/looks perfect, and economical too ($289/month nothing upfront). Was thinking about extending the lease but since no more warranty, I wanted to look around to see what else. Best 09 Pilot EX-L 2WD deal I seen so far is Boch in MA for $388 nothing down. Is that the case or has someone managed to find something cheaper? | |
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Replying to: docscott1 (Apr 11, 2009 4:33 pm) |
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I've never leased a car before. Know nothing about it. Scared. After searching all day for a certified pre-owned Pilot, we decided that leasing an 09 might be the way to go to keep the monthly in our budget. Our last stop of the day, we discussed with the sales manager $3000 down and $320/month with 15k miles annually. Sounds like a good deal to me....too good (they had $399 offer on the windshield). I'm hoping to finish this off tomorrow, but have no idea what to look for in the lease agreement. What should I look for in the contract...are there catches or concerns, or will it be pretty straight forward? I expect him to come back at $350/month. I've researched a bit tonight, but the money factor is new and confusing to me. Any help and/or solid advise would be greatly appreciated. Thanks, CP
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Replying to: freshy (Apr 18, 2009 8:43 pm) 1. The obvious, such as cost of the car, money factor, residual, etc.. You can cruise the rest of the forum to understand what these are. 2. Taxes. Are you getting taxed for the whole amount of the car? or just the monthly payment? Plus are the state/dealers fees clear and legit? 3. Allowances (mileage, damage, penalties). I just had Honda's inspector (they outsource to SGS) inspect my soon-to-return 06 Pilot. It still looks great (no dents or bodily damages), and even the inspector said so, but they are very severe with every nick/scratch. Just some chips/scratches on hood and near door handles came out to $1320!!!! A body/detailing shop could have easily fix this for $ 200 or less. Luckily it is still within the $1500 allowance from Honda. I can't help but think the high estimate is Honda's way of trying to extract more money from expiring leases, or a way of getting me to buy/continue leasing this, or another Honda vehicle (since they will often overlook penalties if I buy/lease another Honda). Anyhow good luck on your new lease. |
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