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2014 Honda Odyssey Lease Questions

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  • ucfphi225ucfphi225 Posts: 18
    edited April 11

    @Michaell@Edmunds said:

    $38,055 MSRP

    Although, now I'm starting to reconsider the RES package and just go with the EX-L. I believe that may save me about $30-40 a month.

  • MichaellMichaell ColoradoPosts: 5,135

    @ucfphi225 said:

    OK, plugging in all your numbers (52% residual & .00055 MF) I get a pre-tax payment of $340 for the EX-L with RES.

    The residuals for the EX-L are 2 points higher, so you will save some money there.

    Also note there is $1500 lease cash on the Odyssey; make sure that is taken into account with your selling price.

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  • ucfphi225ucfphi225 Posts: 18

    @Michaell@Edmunds said:

    Ok, thank you very much. That's a significant difference. Looks like I'll have to work on it a little more. I'm almost positive the $1500 was factored in, as well as the $500 flex cash, which was described to me this way: Honda gives the dealership $30k to do with as they see fit, but with a max of $500 per vehicle. So the first 60 cars that month get the promotion.

    Did your mark of $340 include the down payment I mentioned earlier? Or is that a sign/drive price?

  • MichaellMichaell ColoradoPosts: 5,135

    @ucfphi225 said: Did your mark of $340 include the down payment I mentioned earlier? Or is that a sign/drive price?

    That was a payment without any money down - using the MSRP and selling prices you provided.

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  • soleampsoleamp Posts: 5

    I have been working with a dealer over email trying to get a deal worked out before I go in on Monday to lease an EX (36/12k in FL). I believe we are down to $28,900 for the net cap. He is telling we it is $1700 down but I only owe $700 because of flex cash. Also telling me the payment is $316 before tax, which seems high to me from calculations I have done. Can you tell what the difference between lease and flex cash is? Any advice on what I am missing would be greatly appreciated. This is my first time leasing!

  • kyfdxkyfdx Posts: 28,743

    @soleamp said: I have been working with a dealer over email trying to get a deal worked out before I go in on Monday to lease an EX (36/12k in FL). I believe we are down to $28,900 for the net cap. He is telling we it is $1700 down but I only owe $700 because of flex cash. Also telling me the payment is $316 before tax, which seems high to me from calculations I have done. Can you tell what the difference between lease and flex cash is? Any advice on what I am missing would be greatly appreciated. This is my first time leasing!

    Flex cash is a Honda-to-dealer program to incentivize sales.. It isn't always available, as sometimes dealers run out of it, before the end of the month.

    I can't really comment on your payment without all the variables, but $316/mo.+ tax with $700 due at signing can't be a bad deal... :)

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  • 40mogul40mogul Posts: 8

    @Michaell@Edmunds said: Be aware that Illinois, unlike most states, taxes the entire value of the car, not just the depreciated value or payment amount. This will substantially increase your lease payment.

    The price quoted is a sell price quoted on email to me. The sales person then came back with the following on a lease.

    Internet Price- $41,223* Monthly Lease Payment- $673.74 per month

    Monthly Lease Terms include: - 36 months / 15,000 miles per year - $0 Down Payment - No Trade-In Vehicle - 36 Equal Monthly Payments - First Monthly Payment of $673.74 Due At Signing - All Fees, Charges and Taxes are Included

  • MichaellMichaell ColoradoPosts: 5,135

    @40mogul said: The price quoted is a sell price quoted on email to me. The sales person then came back with the following on a lease.

    Internet Price- $41,223* Monthly Lease Payment- $673.74 per month

    Monthly Lease Terms include: - 36 months / 15,000 miles per year - $0 Down Payment - No Trade-In Vehicle - 36 Equal Monthly Payments - First Monthly Payment of $673.74 Due At Signing - All Fees, Charges and Taxes are Included

    OK, so we've got the selling price. What is the MSRP? We'll need both to calculate the lease payment and figure out if you've got a good deal or not.

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  • 40mogul40mogul Posts: 8

    @Michaell@Edmunds said: OK, so we've got the selling price. What is the MSRP? We'll need both to calculate the lease payment and figure out if you've got a good deal or not.

    MSRP according to them is $45,846

    TrueCar estimates a payment under $600 so I don't understand the disconnect.

    Thanks!

  • MichaellMichaell ColoradoPosts: 5,135

    @40mogul said: Thanks!

    Using an MSRP of $45,846 and a selling price of $41,223, MF of .00055 and a residual value of 49%, I get a pre-tax payment of $556.10.

    However, Illinois taxes the entire purchase price in a lease, so the selling price increases to $44,933.07 (9% tax?) and that raises the monthly payment to $661.19.

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  • 40mogul40mogul Posts: 8

    @Michaell@Edmunds said: However, Illinois taxes the entire purchase price in a lease, so the selling price increases to $44,933.07 (9% tax?) and that raises the monthly payment to $661.19.

    Yikes. Would a down payment help me with the IL situation?

  • MichaellMichaell ColoradoPosts: 5,135

    @40mogul said: Would a down payment help me with the IL situation?

    It would, but it's not something I recommend. If the car is stolen or totaled, you would be out the down payment money.

    Other models of the Odyssey have slightly better residuals, so you could save money there (as well as a lower MSRP and selling price).

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  • 40mogul40mogul Posts: 8

    @Michaell@Edmunds said:

    Ok got it. By the way, in Lake County(Chicago burbs) I think the tax is 7%. Can you model another one for me since I may need to move to a Touring now. MSRP $42,170 Sale Price $38,200 15k miles/year $0 Down 36 months

    Thanks

  • MichaellMichaell ColoradoPosts: 5,135

    @40mogul said: Ok got it. By the way, in Lake County(Chicago burbs) I think the tax is 7%. Can you model another one for me since I may need to move to a Touring now. MSRP $42,170 Sale Price $38,200 15k miles/year $0 Down 36 months Thanks

    I spoke too soon, the residual for the Touring is the same as for the Touring Elite - 49% for 15K miles.

    Using your MSRP and selling price (plus 7% tax added in) I get a payment of $592.79/mo for 36 months.

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  • 40mogul40mogul Posts: 8

    @Michaell@Edmunds said: Using your MSRP and selling price (plus 7% tax added in) I get a payment of $592.79/mo for 36 months.

    Just to clarify - The $592 estimate is for the Touring...not Touring Elite, correct?

  • MichaellMichaell ColoradoPosts: 5,135

    @40mogul said: Just to clarify - The $592 estimate is for the Touring...not Touring Elite, correct?

    Correct. I took your selling price, added 7% to it for sales tax, and ran the lease numbers like normal.

    Oops, one small correction. Used the wrong MF. New pmt for Touring is $595.25. Sorry.

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  • j_michaelj_michael Posts: 9

    @40mogul said: Would a down payment help me with the IL situation?

    If you can wait until July, the IL situation may resolve itself. There is a bill sitting on the governor's desk waiting to be signed. It is HB 2317. Look it up. As I understand it, this would make the tax applied to your monthly payment instead of the tax applied to the full value of the car and then divided by the number of monthly payments. This would essentially save you about half of the taxes over the life of your lease. Assuming the governor signs the bill (it passed the house and the senate overwelmingly), then I think it is supposed to to into effect 7/1. My fingers are crossed that my 2003 Volvo holds on that long.

  • 40mogul40mogul Posts: 8

    @j_michael said: If you can wait until July, the IL situation may resolve itself. There is a bill sitting on the governor's desk waiting to be signed. It is HB 2317. Look it up. As I understand it, this would make the tax applied to your monthly payment instead of the tax applied to the full value of the car and then divided by the number of monthly payments. This would essentially save you about half of the taxes over the life of your lease. Assuming the governor signs the bill (it passed the house and the senate overwelmingly), then I think it is supposed to to into effect 7/1. My fingers are crossed that my 2003 Volvo holds on that long.

    Wish I could. Current car lease up in a week. Would this change the payment down the road if I do a lease now?

  • 40mogul40mogul Posts: 8

    @Michaell@Edmunds said: Oops, one small correction. Used the wrong MF. New pmt for Touring is $595.25. Sorry.

    So once the selling price is established it just comes down to the MF and Residual %?

    In this case I'm assuming both the Touring and Touring Elite are 49% Residual and MF: 0.00055 plus the tax situation?

    Trying to prepare for the fun negotiation!

    Thanks

  • MichaellMichaell ColoradoPosts: 5,135

    @40mogul said: So once the selling price is established it just comes down to the MF and Residual %?

    In this case I'm assuming both the Touring and Touring Elite are 49% Residual and MF: 0.00055 plus the tax situation?

    Trying to prepare for the fun negotiation! Thanks

    Correct on the MF and residual.

    As far as the IL tax situation is concerned, I would guess that any contract signed before 1 July would be subject to the current tax regulations.

    If the bill is signed by the governor, I think there would be fewer leases written between now and when the new laws go into effect.

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  • j_michaelj_michael Posts: 9

    @40mogul said: Would this change the payment down the road if I do a lease now?

    Any chance you go month to month on your current lease to see what happens?

    My understanding is that the new tax treatment will be only for leases written on or after 7/1. I have reached out to the sponsor of the bill, but have been unable to start a dialog about it.

    Good Luck!

  • kyfdxkyfdx Posts: 28,743

    @40mogul said:

    Thanks

    Keep in mind that the Touring Elite doesn't get the $1500 lease cash.

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  • ucfphi225ucfphi225 Posts: 18
    edited April 16

    Just left the dealership (I'm in Florida) was offered the following on an EX-L, with the following breakdown:

    MF: .00055 Res.: 56%

    MSRP: $36,544

    Selling Price: $31,406.10

    Acquisition Fee: $595

    Inception Fee (capped): $912.54

    Final Capital Cost: $32,913.64

    Monthly payment: $376.52 + 22.59 (6%) = $399.11

    12k miles for 36 months (35 payments)

    Sign and Drive with no money down or out of pocket; however, the dealership will put $500 down for me. Problem is, the $500 AND the current $1500 lease incentive is factored in to that Selling Price. I think that should give me some more wiggle room. Am I correct in thinking that the incentives should not be negotiated in to the final selling price, because it benefits the DEALER, not the seller? I know people in my area have walked out with the same car for pretty much $30k.

    Are the inception fees negotiable at all? I assume those are the tag/title etc.

  • zedmzedm Posts: 6

    Hi Moderator,

    Minivan shopping - Appreciate it very much if you could provide residual and money factor for an EX-L with NAV . This is in Los Angeles. Please also confirm if the $1500 lease cash and the other $500 flex cash is available in this geography.

    Thanks in advance

  • MichaellMichaell ColoradoPosts: 5,135

    @ucfphi225 said: Just left the dealership (I'm in Florida) was offered the following on an EX-L, with the following breakdown:

    MF: .00055 Res.: 56%

    MSRP: $36,544

    Selling Price: $31,406.10

    Acquisition Fee: $595

    Inception Fee (capped): $912.54

    Final Capital Cost: $32,913.64

    Monthly payment: $376.52 + 22.59 (6%) = $399.11

    12k miles for 36 months (35 payments)

    Sign and Drive with no money down or out of pocket; however, the dealership will put $500 down for me. Problem is, the $500 AND the current $1500 lease incentive is factored in to that Selling Price. I think that should give me some more wiggle room. Am I correct in thinking that the incentives should not be negotiated in to the final selling price, because it benefits the DEALER, not the seller? I know people in my area have walked out with the same car for pretty much $30k.

    Are the inception fees negotiable at all? I assume those are the tag/title etc.

    When I plug in your numbers, I get a pre-tax payment of $375.25 and a post-tax (6%) payment of $397.76 - pretty close to the numbers you reference.

    One thing to note is that the dealer fees in Florida can be quite high - as much as $699. You should make every effort to negotiate your selling price to offset that fee.

    And yes, I would try to get the best selling price before the dealer contribution and lease cash. You may have to work with multiple Honda dealers to get the best price. Check the "Odyssey Prices Paid" forum for information on selling prices around the country that you can use for reference.

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  • MichaellMichaell ColoradoPosts: 5,135

    @zedm said: Hi Moderator,

    Minivan shopping - Appreciate it very much if you could provide residual and money factor for an EX-L with NAV . This is in Los Angeles. Please also confirm if the $1500 lease cash and the other $500 flex cash is available in this geography.

    Thanks in advance

    What is the lease term and how many miles per year?

    I can confirm the $1500 lease cash is available for the EX-L with NAV. MF is .00055.

    As far as the flex cash goes, that's something the dealer has to offer, but only in limited amounts each month. They may or may not have any left to offer you. All you can do is ask.

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  • zedmzedm Posts: 6
    Hi Michael,

    The lease term is 12k and 36 months for the ex-l with nav
  • kyfdxkyfdx Posts: 28,743

    @zedm said: Hi Michael,
    The lease term is 12k and 36 months for the ex-l with nav

    .00055 MF and 54% residual. The $1500 lease cash is nationwide

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  • foxlm22foxlm22 Posts: 3

    Hi all, I'm very new to leasing and was just about to go to the dealer to sign for a car I negotiated and found this awesome site. I'm leasing a Honda Odyssey EX-L. It'll be $2000.00 down with a $351.00 per month payment. The purchase price of the car is $31,073 and it's a 15K lease. Is this a good deal or should I ask for more?

  • MichaellMichaell ColoradoPosts: 5,135
    edited April 16

    @foxlm22 said: Hi all, I'm very new to leasing and was just about to go to the dealer to sign for a car I negotiated and found this awesome site. I'm leasing a Honda Odyssey EX-L. It'll be $2000.00 down with a $351.00 per month payment. The purchase price of the car is $31,073 and it's a 15K lease. Is this a good deal or should I ask for more?

    We need a bit more information before we can comment. What is the MSRP (sticker price) of the van you are leasing? How long is the lease term in months? Is the $2000 all a down payment, or does some of that cover the inception fees from the dealer?

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