My 2022 Honda Passport Trailsport HPD is ending in Mid February with no possibility of extension (I’m already on my second lease extension) and I’m significantly over my mileage. I’m looking to trade in for a 2026 Honda Passport Trailsport or 2026 Honda Passport Trailsport Elite. Right now my dealer is offering me 649/m for a 12K / 39 month lease provided I put 6K down plus the first month on a Trailsport Elite. And he says that it is 62% of the MSRP of 54,355. But he won’t provide the money factor or residual. So I’m at a loss if this is a reasonable deal or not.
No not good.
Go to the Wiki here and learn how to calc a target lease payment/DAS before you do anything. From your post you are RIPE to leave thousands on the table as the dealer is drooling all over you.
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Welcome.
We strongly advise not engaging a dealer until you have a good command of where the market is and know exactly how much to offer for a car (and making offers is how the most effective shoppers here approach a transaction, rather than simply asking for a price and then trying to “negotiate”).
You don’t need a dealer to tell you the MF or the RV, you can get those for yourself (along with current incentives) from RateFindr (if you’re a Super Supporter here), or by posting a request in the deal forum at Edmunds for your target vehicle.
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What is the buyout price from Honda Financial on your existing car?
Regarding the trim level… Elite is the only way…heated steering wheel should be standard on every car, silly honda.
Try posting your best attempt at the CALC.
Become a supporter here for access to the lease MF/residuals or go over to Edmunds and ask.
the trade in allowance they quoted me was 26,500 and I have a payoff amount of 29.850.
Any what did carmax say they would give you?
Carmax will give me 23,585. Edmunds says it has a trade in value of 26,030 and a private sale value of 27,581.
One of the other things I do when evaluating a deal is to check the SIGNED section to see what percent off MSRP others are getting. However, I don’t see any Passports, which makes me thing they don’t lease very well in general.
You could also check the market place to see what brokers are offering to get an idea if your deal is close…
https://forum.leasehackr.com/tags/c/marketplace/northeast/15/honda
Make sure you are getting all the rebates you are eligible for.
The last missing piece is the MF.
Once you have that, you can put your deal together using the CALC.
Edmunds had a MF of 0.0275 as of today. They just responded to me.
So put it all in to the CALC and post it.
I’d look at other options besides the Passport honestly. Honda dealers “know what they got” with the new Passport so it’s not even worth your time trying to haggle with them. The lease terms aren’t great, and the dealers aren’t moving much, if any off msrp.
edit: If you’re stuck on Honda- there’s plenty of ‘25 Pilot Trailsports still around. It has a 360 camera and heated steering wheel for less money than the elite.
How much will you owe in mileage overage if you just ground it vs eating the negative equity.
$4,800. ~24,000 miles over at 0.20 per mile.
Without the 6K down I’m looking at a lease off $827.
With the 6K down, I’m looking at a lease payment of $646.
I don’t see the loyalty/conquest incentive listed in your calculator.
I’m seeing 8% dealer discount from brokers.
Does that include your two lease extensions? You get extra miles when you extend. If that’s your overage on your original term then you should reconsider if leasing is the best path for you going forward.
Just test drove the 2026 Honda Passport Trailsport. It’s actually pretty nice and very roomy. Although I do feel the engine is a little underpowered for the weight and size. Dealer was only willing to give $2k off MSRP and lease is not a good deal.