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Discussion Starter · #1 ·
Hello
Today I went into Honda for my 3rd oil change, salesman came up to me and said “would you like to get out of your lease and purchase your pilot, your payments will drop $20 and next payment won't be for another 45 days.”
Would y’all have any advice for me, I would like to get out of the lease.
Buy out $30000
Residual $17500
Amount left $13400
 

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First of all, why would you want to get out of the lease? second of all, what was the sale price of the pilot that you've signed a lease for? thirdly, how much in lease payments have you paid thus far? add those payments you've already made to the buyout price and see if the number is more or less then what you can get a new or the same age pilot for. Simple math and common sense. The odds salesman was trying to screw you over again (first time he did when you signed the lease).
 

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Today I went into Honda for my 3rd oil change, salesman came up to me and said “would you like to get out of your lease and purchase your pilot, your payments will drop $20 and next payment won't be for another 45 days.”
Would y’all have any advice for me, I would like to get out of the lease.
Buy out $30000
Residual $17500
Amount left $13400
What year Pilot? Which trim level? AWD/4WD or FWD/2WD? Current mileage?
 

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What are the terms of the loan for the $30K buyout? The $20/ mo savings could end up costing a lot of money. For example, a loan for $30K for 6 years at 6% will cost you about $6K in interest. The $30K buyout offer includes the early termination fee on the lease. What is the early termination fee if you terminate the lease early? How long do you plan to keep the vehicle? If you don’t plan to keep it until the wheels fall off it’s best just to fulfill the lease terms and turn it in when the lease is done. However, if this is keeping you up at night, just terminate now, pay the early termination penalty and move on. What is motivating you to get out of the lease?
 

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2016 CRV Touring AWD, 2005 Pilot RIP.
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The way to lower payments is to stretch out the loan for longer. That's what he is doing. Probably what the GM at the dealer taught them this morning.

Third oil change, so probably around 20,000 miles. I'd have zero interest in doing that given the penalties for early termination on most leases. How much longer does yours have to go? There is a new MDX in the works, so probably a year or so after that will come a new Pilot.
 

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2020 Honda Passport Touring AWD Metallic Steel
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Gfmv16

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Daltongang
 

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Discussion Starter · #8 ·
The way to lower payments is to stretch out the loan for longer. That's what he is doing. Probably what the GM at the dealer taught them this morning.

Third oil change, so probably around 20,000 miles. I'd have zero interest in doing that given the penalties for early termination on most leases. How much longer does yours have to go? There is a new MDX in the works, so probably a year or so after that will come a new Pilot.
2 more years
 

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Discussion Starter · #9 ·
Hello
Today I went into Honda for my 3rd oil change, salesman came up to me and said “would you like to get out of your lease and purchase your pilot, your payments will drop $20 and next payment won't be for another 45 days.”
Would y’all have any advice for me, I would like to get out of the lease.
Buy out $30000
Residual $17500
Amount left $13400
2019 Honda Pilot LX
14000 miles
2 years left on lease
 

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I'm going to make assumptions here, because you provided incomplete information. You mentioned that you have 24 months left of the lease, and mentioned "amount left", which I'm making a SWAG is the remaining amount of your payments. That would put your lease payment at $558ish for a Pilot LX, which is nuts. They're wanting to "save you money" by lowering the monthly payment while also extending the term, which means your car will own you for the next 84 months or so rather than the other way around.

If you want to be immediately upside down to the tune of $10k or more, go for it. If you want to ever drive a different car and/or pay off this loan, then bad idea. My advice is to keep paying the lease, walk away from it when it's over, and hopefully make a better deal the next time.
 

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with 558/month he paid 6696 already. if the buyout is 30k then total would be 37k which is quite high for the LX. but, to each it's own
 

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I recently looked at leasing my wife’s next car. She loves her Volvo’s and Volvo’s xc60 leases are far better value than the one you bought for your lx....

The words of a dealer are never the same as the deal on paper.
Go to another dealer. just do you due diligence
 

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Discussion Starter · #14 ·
I'm going to make assumptions here, because you provided incomplete information. You mentioned that you have 24 months left of the lease, and mentioned "amount left", which I'm making a SWAG is the remaining amount of your payments. That would put your lease payment at $558ish for a Pilot LX, which is nuts. They're wanting to "save you money" by lowering the monthly payment while also extending the term, which means your car will own you for the next 84 months or so rather than the other way around.

If you want to be immediately upside down to the tune of $10k or more, go for it. If you want to ever drive a different car and/or pay off this loan, then bad idea. My advice is to keep paying the lease, walk away from it when it's over, and hopefully make a better deal the next time.
$479 a month
2000 down
 

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$479 a month
2000 down
For the lease? If so, you're paying more than many pay for an Elite. If your credit isn't great, stick it out, pay off the lease, let your credit improve, and you'll get a better deal next time. If you jump from this into a finance deal to save $20/month, you're going to pay a lot more through the life of the loan...probably. It's hard to communicate with you because you provide information in small pieces with no explanation.
 

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$479 a month
2000 down
Ouch! That’s a lot of money for that vehicle. The 19s has great incentives and I recall seeing a lease for just above or below $300 a month with $0 down on an lx. I’m lucky to be able to buy cash but the monthly payment was so cheap- it caught my eye to get for my teenager. I didn’t though...
 
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