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2014 Honda Odyssey Lease Questions

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  • MichaellMichaell ColoradoPosts: 3,789

    @mantis802 said: Could you please give your thoughts…live in Indianapolis, Indiana. Left dealership today with a quote on a 36 month (12k miles/yr) lease for 2014 EX-L RES. MSRP 38,055, sale price 34,958. Quoted lease payment of 478/mo with 0 money down and 1st payment + doc fees due at signing. Any thoughts, does this sound reasonable?

    54% residual and .00055 MF. Does your sale price include the $1500 lease cash?

    With your numbers, I get a pre-tax payment of $430.76.

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  • mantis802mantis802 Posts: 2

    Yes this includes the lease cash. Thanks for your reply.

  • ssa3ssa3 Posts: 3

    What should be my lease payment. If: MSRP: $38,455 RV: 54% Selling Price: $33,065 Term: 36 Months MF: 00055 Tax Rate: 8%

    I came up with $400.95 ($371.25 + $29.70). Is this correct?

  • MichaellMichaell ColoradoPosts: 3,789

    @ssa3 said: What should be my lease payment. If: MSRP: $38,455 RV: 54% Selling Price: $33,065 Term: 36 Months MF: 00055 Tax Rate: 8%

    I came up with $400.95 ($371.25 + $29.70). Is this correct?

    That matches up with my calculations.

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  • ssa3ssa3 Posts: 3

    Thank You!

  • primoinsprimoins Posts: 0

    Honda Odyssey Elite $45,000 MSRP in California.

    $1500 cash back incentive. I think for my lease trade in.

    51% residual

    .00055 MF

    Should I put down payment? What would be a great Cap Cost?

    One dealer wants 1000 down and 560 a month @ 36 months?

    Can I get a better deal? What sort of deal should I be negotiating?

    Thanks for your reply

  • kyfdxkyfdx Posts: 28,034

    @primoins said: Honda Odyssey Elite $45,000 MSRP in California.

    $1500 cash back incentive. I think for my lease trade in.

    51% residual

    .00055 MF

    Should I put down payment? What would be a great Cap Cost?

    One dealer wants 1000 down and 560 a month @ 36 months?

    Can I get a better deal? What sort of deal should I be negotiating?

    Thanks for your reply

    With 51% residual, it's a 36mo, 12K/yr lease, right?

    The $1500 is lease cash from Honda on this model. It has nothing to do with your trade. What you need to know (or negotiate) is the selling price of the vehicle. You wouldn't want to give the dealer MSRP minus that $1500.

    You can check this discussion to see what others are paying:
    http://forums.edmunds.com/discussion/16768/honda/x/2014-honda-odyssey-prices-paid-and-buying-experience#latest

    The $1500 on the Elite is not available on a purchase... though.

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  • kert491kert491 Posts: 1

    I don't understand what "Lease cash" is. I saw it advertised as an incentive, but it doesn't make much sense to me. Do they only give a cash incentive if you choose to lease and not buy? Why would they do that?

    Also, is it possible to negotiate the purchase price after the lease is up? I figure they should be willing to bargain a good price for when the lease is up, so you will be more likely to buy it.

  • MichaellMichaell ColoradoPosts: 3,789

    @kert491 said: I don't understand what "Lease cash" is. I saw it advertised as an incentive, but it doesn't make much sense to me. Do they only give a cash incentive if you choose to lease and not buy? Why would they do that?

    Lease cash is like a rebate, but only valid on leases. There may be other incentives that are available only when you purchase - they are mutually exclusive.

    Also, is it possible to negotiate the purchase price after the lease is up? I figure they should be willing to bargain a good price for when the lease is up, so you will be more likely to buy it.

    Not usually able to negotiate the residual value - the only time I bought out a lease (VW), I was able to secure a slightly better than market interest rate from VW Finance. They were not willing to change the buyout value.

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  • chopper20chopper20 Posts: 3

    First lease attempt! Can someone give me an opinion on: 2014 Ody Touring, 36 months 12k miles/year. $3100 from 2011 Ody equity trade. Vehicle price $42710, $5667.82 "preferred customer discount", Selling price of $37042.18. OTD price $35,771.13 monthly payment including tax $429.18? I have a feeling there is more for me to learn on the lease thing, buying is easy...

  • MichaellMichaell ColoradoPosts: 3,789

    @chopper20 said: First lease attempt! Can someone give me an opinion on: 2014 Ody Touring, 36 months 12k miles/year. $3100 from 2011 Ody equity trade. Vehicle price $42710, $5667.82 "preferred customer discount", Selling price of $37042.18. OTD price $35,771.13 monthly payment including tax $429.18? I have a feeling there is more for me to learn on the lease thing, buying is easy...

    Is the $3100 trade equity being used as down payment? Using your supplied MSRP and OTD price along with the 36/12 residual of 51% and the base MF of .00055, I calculate a pre-tax payment of $420.24. Your quote of $429.18 with tax seems pretty good.

    The only moving parts in a lease are the negotiated selling price and the MF.

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  • chopper20chopper20 Posts: 3

    Thank you so much for the quick answer. They are giving me 21k for a trade in value on my 2011 and the pay off is $17900. It looks like they are using the net $3100 as a down payment.

  • chopper20chopper20 Posts: 3

    The residual is 51% and MF is .00045

  • MichaellMichaell ColoradoPosts: 3,789

    @chopper20 said: The residual is 51% and MF is .00045

    I confirm both the MF and residual for the Odyssey Touring. Your payment of $429/mo is quite good given the MSRP of $42K.

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