Long Island, NY. Honda Passport EX-L AWD. O down, taxes rolled in. 1st month payment and DMV due at signing. $452/month lease 12k miles 36 months. MSRP $39,530. Costco Pricing: $36,429. No dealer fees. Returning a 2017 CRV lease with 28k miles/36k allowed one month early. Is this a good deal?
I would check if you have some positive equity on your CRV that you are turning in first through Carvana or Vroom. With low miles you probably have some meat on the bones instead of just “turning” the car in.
Walper’s suggestion is excellent. Also, your payment looks high unless they are marking up the MF… confirm your MF on the Edmunds forum to confirm.
Sounds like pilot money
That’s way too high. I got a pilot for $327 a month with $2164 upfront which included taxes fees and first month. Check MF and incentives if there’s no loyalty $1k or cash to dealer on passport just get the pilot it’s the same thing only longer.
Thank you. I’m embarrassed to say I’m not sure what you mean by that. This is my first time leasing a car. My old lease my husband did but he is not here anymore and I don’t know what I’m doing exactly. I suspect the dealer is taking advantage of that.
Hey can you send me a message! I have programs and I would love to help you. We may have to book it in for next month but I’d love to privately review this deal with you.
Yes it definitely sounds like the dealer is taking advantage of that. I would be more than happy to assist here. Contrary to what the dealership would probably tell you, you are able to sell your lease and keep any profit from it if the numbers make sense.
For example, say your payoff/buyout (number to buy the car from your lender) is 15k, but carvana or vroom is offering you 18k, you can sell your car and pocket the $3k positive equity. I would suspect there is some positive equity in your situation with the low miles.
To check your offer from either Vroom or Carvana, simply go to carvana.com or vroom.com, and enter in your license plate or VIN number and the features of your car. After that you will get an instant offer that the company would pay you for your vehicle.
Compare this to your payoff/buyout (I think this is listed right on a Honda financial service bill) or call Honda and ask them for your buyout/payoff. This is a good starting point to see if it makes sense to reach out to either carvana or vroom to have them get the “dealer” payoff quote. Basically, the buyout price printed on your HFS is the buyout including sales tax. Dealers do not pay sales tax, but I know for Carvana at least, they have to pay the purchase option price of $350-395. If your personal buyout is less than what carvana/vroom is offering, you definitely have positive equity. Once you determine this you go with whichever company is offering the best price for your car and they will buy the car, and give you a check for any equity.
You could also try Car Max, or You could also ask the Honda dealership for an offer for what they would buy your car for separately from this lease deal and see what they offer if you. Just be sure to sell the vehicle as a separate transaction from anything doing with your new lease to make sure the dealer isn’t moving money around in their benefit.
In this situation, it sounds like the dealer knows this car is worth more than the buyout and will keep the profits/equity buy paying off the lease themselves, AND sell it as a certified pre owned Honda.
You need more than 60 days left with Carvana. Vroom is different.
Thank you very much. I financed with Teachers Federal so we didn’t go through Honda Financial. Will that make a difference?
Honda Financial has some
Good deals on leases the pilot right now. Much bigger vehicle and pricing is much better right now.
@El_Inca I wanted the Pilot to begin with but they quoted me $504 a month. Theres no way I could afford that. Im really disheartened. They see a women with 3 kids by herself and just try to totally screw me over.
Go to Honda.com and click on current specials and you will see current offers for pilots. Dealership don’t want to mention any special offers. It is crazy the games they still play. There is a loyalty offer on the ex-l for 279 a mo +ttl and 3399 at signing.
In the case with the teachers credit union, your payoff could be anything. I would reach out to them and get your payoff and go from there. For starters just to get an idea of what the Passport/Pilot is going for with little to no negotiations, you can download the RODO app and see what they are offering as a comparison. Not sure how taxes etc work in New York, but for example, the 2020 Passport Ex-L is being offered for $376 per month, 376 DAS for first month in S. FL (albeit FWD not AWD as you would need in NY)
Anyway you slice it, this deal sounds bad and unfortunately it does sound like they are trying to take advantage of you. This is definitely Pilot, even MDX money here.
I work at a honda dealer in ohio, shoot for $400 / mos all in taxes and fees $0 DAS for a solid deal
Why are you trying to get pricing in person at the dealership?
Determine what you target deal is and then reach out the dealerships via email. Don’t step a foot in the door until you already have the deal negotiated.
Thank you! Just to clarify I would be rolling the taxes in at that price and only thing out of pocket would be 1st month payment (400) and DMV fees?
I think that deal should be doable with absolutely no money down at signing. 65% residual on 3yr 10k, MF is .00107, $400 lease cash, aim for price of $35,855
Because clearly I don’t know what I’m doing. But I’m learning. Thank you for the feedback.
Thanks so much!! One more question and I am so sorry I if this seems like a stupid question, but when I email my offer do I include all of these details or just the price of $35,855? Thank you!!!