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2014 Honda Odyssey Lease Questions

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  • MichaellMichaell ColoradoPosts: 5,135

    @ryan2014 said: So now thinking of leasing from Florida or South Carolina, if I get a better deal. What do you think..?

    I am aware that the taxes wont change and I have to pay the sales tax on the sale price etc for Georgia, but wondering if there are any troubles in the future to expect ? Like any law against leasing in a different state, future maintenance( can I have it maintained at local dealer) etc..!!

    Other than the taxes, there shouldn't be any major issues I'm aware of. All Honda dealers are required to perform warranty work, regardless of where you got the car. Now, you may not get preferential treatment (loaner cars, good appointment times, etc.) but they can't simply refuse the work.

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  • drkewldrkewl Posts: 2
    Looking to lease a honda odyssey touring trim level in Virginia. What is a reasonable lease deal we should expect for 3/10-12k miles? Thank you in advance for any help/guidance!
  • MichaellMichaell ColoradoPosts: 5,135

    @drkewl said: Looking to lease a honda odyssey touring trim level in Virginia. What is a reasonable lease deal we should expect for 3/10-12k miles? Thank you in advance for any help/guidance!

    Residual is 51% for 12k. Honda doesn't offer 10k leases.

    MF is .00055 andvthere is $1500 lease cash available.

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  • drkewldrkewl Posts: 2
    null
    How much off of msrp should we expect to get after negotiation? ( I guess car cost plus fees equals cap cost) ?? Thank you again for your help
  • kyfdxkyfdx Posts: 28,733

    @drkewl said: null How much off of msrp should we expect to get after negotiation? ( I guess car cost plus fees equals cap cost) ?? Thank you again for your help

    Check the Odyssey Prices Paid discussion, here:
    http://forums.edmunds.com/discussion/16768/honda/x/2014-honda-odyssey-prices-paid-and-buying-experience#latest

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  • soccerdad23soccerdad23 Posts: 1

    Got a quote for a 2014 Touring in Greater Los Angeles area for $0 down, $513.59/month before taxes. MSRP 42710, Selling price 37500, Net Cap 39116.56 with a money factor of 0.00055. Is that what everyone else is getting around here? I'm still looking at roughly $560/month after taxes. Am I missing something, or does this still feel a little high?

  • MichaellMichaell ColoradoPosts: 5,135

    @soccerdad23 said: Got a quote for a 2014 Touring in Greater Los Angeles area for $0 down, $513.59/month before taxes. MSRP 42710, Selling price 37500, Net Cap 39116.56 with a money factor of 0.00055. Is that what everyone else is getting around here? I'm still looking at roughly $560/month after taxes. Am I missing something, or does this still feel a little high?

    The poor residual on the Touring trim level is what's hurting you. Only 49% for 36 month, 15K per year lease. What lease term and miles per year are you wanting?

    With your MSRP, selling price and MF, I calculate a pre-tax payment of $538.27 for 36 months.

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  • samcacprsamcacpr Posts: 7

    Hi

    Looking to lease this week an Odyssey EX or EXL in Central Florida Area.

    Any advise?

    Thanks

  • MichaellMichaell ColoradoPosts: 5,135

    @samcacpr said: Hi

    Looking to lease this week an Odyssey EX or EXL in Central Florida Area.

    Any advise?

    Thanks

    Negotiate your best price. What lease term and how many miles per year are you looking for?

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  • mochlamochla Posts: 5

    @j_michael said: The govenor signed the bill. According to the text of the bill, it reads to me that it would become effective 7/1/14. However, the link above says it will not become effective until 1/1/15. I too am in a dilemma over this.

    Yes, just saw this also and am confused. Bill goes into effect 1/1/15 but the Bill itself refers to cars leased on 7/1/14 and later. If I can find out additional information, I will post back here. The car dealership I got those quotes from is Valley Honda in Aurora located on Ogden Ave (Rt. 34)

  • lino9671lino9671 Posts: 3

    Hello All! I am currently leasing a 2012 Honda Odyssey EX-L no navi or entertainment package for $363 a month 3 year 12k a year in miles. I am turning it in shortly. I got a price today for the same car (2014 EX-L) for $369. $1700 down dmv fees,tax,registration,documentation,etc. My question is........ can anyone else share what they are paying? I live in Central N.J. The dealer at first said he quoted me for an EX and made a mistake but will honor the price. Seems like a game he is playing. Thanks! By the way, money factor and residual would be appreciated.

  • fingot1fingot1 Posts: 6

    Can I please get the rates on a 2014 odyssey ex and ex-l 36 months/ 12k miles / and any lease cash?

  • MichaellMichaell ColoradoPosts: 5,135

    @fingot1 said: Can I please get the rates on a 2014 odyssey ex and ex-l 36 months/ 12k miles / and any lease cash?

    56% and .00055.

    $1000 lease cash on the EX; $1500 on the EX-L

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  • samcacprsamcacpr Posts: 7

    Hi

    They offer me for EX-L $2,000 cash due and monthly payment of $493 is this good?

  • samcacprsamcacpr Posts: 7

    This is for 12,000 miles and 36 months lease

  • MichaellMichaell ColoradoPosts: 5,135

    @samcacpr said: Hi

    They offer me for EX-L $2,000 cash due and monthly payment of $493 is this good? This is for 12,000 miles and 36 months lease

    What is the MSRP and selling price? With that information, we should be able to help determine if this is a fair deal.

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  • samcacprsamcacpr Posts: 7

    Hi

    MSRP = $36,455

    Selling Price = $35,608.01

  • MichaellMichaell ColoradoPosts: 5,135

    @samcacpr said: Hi

    MSRP = $36,455

    Selling Price = $35,608.01

    Using this information with the MF of .00055 and a residual of 56%, I get a pre-tax payment of $452.85. 9% tax takes me to $493.60.

    Do you know if your selling price includes the $1500 lease cash from Honda?

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  • samcacprsamcacpr Posts: 7

    The quote have this

    Vehicle Price = $36,455.00 Discount = $2,343.99

                Total $34,111.01
    

    Appearance Protection = $499.00 Propack = $699.00 Theft Protection = $299.00

    Vehicle Selling Price = $35,608.01

  • samcacprsamcacpr Posts: 7

    The numbers are good or bad

    Can I get better numbers?

  • MichaellMichaell ColoradoPosts: 5,135

    @samcacpr said: The quote have this

    Vehicle Price = $36,455.00 Discount = $2,343.99
    Total $34,111.01

    Appearance Protection = $499.00 Propack = $699.00 Theft Protection = $299.00

    Vehicle Selling Price = $35,608.01

    The appearance protection, propack and theft protection are pure profit makers for the dealer. You should ask for a unit that doesn't have them installed, or find a different dealer who doesn't inflate the price with these unnecessary add ons.

    And, the discount does not tell me if the $1500 lease cash is included or not. You should use the shopping tools at the top of the page to get the invoice price of the Odyssey, then use that as the starting point for your negotiations. Your goal is to get to a selling price of invoice minus the $1500 lease cash.

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  • doovdoov Posts: 2

    Looking to lease a 2014 odyssey EXL w/ RES in SE Michigan. Started with the National deal...EXL (NO RES, 36 mon/12k for $299 with $3499 down) and working my way from there.

    Looking for 36 month 15K lease on EXL w/ RES.
    MSRP $38,055 Sale Price $33007 Fees $247(doc fee, E filing, license title) MI sales tax 6% Residual 54% (20.549.70) They haven't told me the money factor.
    They have offered me $320 per month with $4299.38 at closing including all taxes and acquisition fees, etc. it sounds like(have to confirm that tomorrow). Please advise.

  • kyfdxkyfdx Posts: 28,733

    @doov said: Looking to lease a 2014 odyssey EXL w/ RES in SE Michigan. Started with the National deal...EXL (NO RES, 36 mon/12k for $299 with $3499 down) and working my way from there.

    Looking for 36 month 15K lease on EXL w/ RES.
    MSRP $38,055 Sale Price $33007 Fees $247(doc fee, E filing, license title) MI sales tax 6% Residual 54% (20.549.70) They haven't told me the money factor.
    They have offered me $320 per month with $4299.38 at closing including all taxes and acquisition fees, etc. it sounds like(have to confirm that tomorrow). Please advise.

    .00055 MF and 52% residual. $1500 lease cash. The EX-L w/RES residual is 2% lower than the EX-L, which adds a lot to the lease cost. (higher MSRP, lower % residual). If they are showing you 54%, I'd say they are quoting you 12K/yr, instead of 15K. (or, quoting numbers for the EX-L without RES)

    Assuming sales price, plus $595 acq.fee and $3500 CAP cost reduction, I get a payment of $293/mo + tax. That's about $10/mo. less than your quote, but I don't know the breakdown exactly of the $4300 due.

    Just because the ad shows $3500 down doesn't mean you have to do that.. (and, I wouldn't). Keep the $3500 in your pocket and have them add it to the CAP cost (or, not subtract it, to be accurate). That will add about $100/mo. to your pre-tax payment, but it will also give you a clear representation of the cost of your lease.

    Oh yeah.. check that residual percentage.

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  • doovdoov Posts: 2

    Thank you. Yes, you are correct that the residual for 36month/15K lease is 52%( $19788.60). They were quoting me 36/12k originally. Total Cap Cost as written is $30,106.12 (Sale price $33007 + $595 acquisition - $3637 cap reduction). The rest of the $4300 down is (first month payment $332, fees/insurance $247, taxes $231.69). The monthly payment is $314.04 before tax/ $332.88 after taxes (first month included so only 35 payments). They list the MF on their documents as the 0.00055. Does that change your base calculations from $293/month?

    They are also covering ~$450 (~3000 miles @$0.15/mile) in mile overage on my current lease separately(which is why I am going with the higher 15 K this time as we plan to do more driving this time around and don't want to have to worry about it or skimp).

    I don't mind paying more upfront and save on the interest anyway. so am fine with more upfront.

    One additional question, I have explored the idea of a single lease payment to further save on interest, given that interest rates are so low for the money I have sitting around and higher on their financing certainly. He used different formulas, but apparently(and I have to compare all the numbers as he went through it really fast which always makes me suspicious), the total one lease payment is $15072.98 out the door, while the total of the above deal payments are 35 x 332.88 +$4299 out the door = 16,099.80 for a net savings of about $1000 over the course of the lease. I have found a lot less online about single lease payments, but the theory of saving on the interest payments makes logical sense, although I have read there are risks if the car is stolen, totalled, etc. Any thoughts about this?

  • kyfdxkyfdx Posts: 28,733

    The problem with One-Pay on this vehicle, is the money factor is very low to start with. When they calculate a One-Pay lease, they substitute a lower money factor, calculate the lease as a normal lease, then add up the resulting (lower) payments.

    The normal discount for One-Pay on a Honda lease is .00080. But, with the base money factor on the Odyssey only being .00055, they can only take it down to .00001, for a discount of .00054. So, $28-$30/mo. pretax is about all you can save. If it had a higher money factor, the savings would be closer to $40-$45/mo.

    If you have $16K sitting around in a money market fund earning 0.01% interest, and that isn't your emergency fund, then it's a reasonable use of your money. But, if not, then I'd just stick with the regular lease (and, roll that $3500 into the lease payment).

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  • johnrobbins2johnrobbins2 Posts: 3

    Felt slightly shafted yesterday trying to get a lease on a EX-L w/RES. Started with the Touring, but the price was too high. Since they had my "number" from that point, they stuck around that for the EX-L w/RES ($370 /month - $3k down not including 1st month). They didn't have the car on the lot so nothing is in stone yet, and I'm looking to see if I can get a better deal with a fresh start at a new dealership. Any tips on starting with the EX-L National Deal then bumping to the EX-L w/RES or should I start with the EX-L w/RES and try to just work that route alone?

    Appreciate the advice!

  • kyfdxkyfdx Posts: 28,733

    If you want the EX-L with RES, then the residual is 2% lower than than the EX-L. That, plus an MSRP that is $1600 higher. All other numbers and incentives are the same.

    EX-L with RES will be $50-$55 per month more than the EX-L, given the same parameters.. If you want to use the advertised deal as a barometer, then that's your delta. You might as well negotiate for the vehicle you want, from the start. Springing it on them later will not change those numbers.

    Personally, I couldn't stomach paying $1800-$2000 extra over the life of a lease, for a $1600 MSRP option.. but, maybe that's just me.. :)

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  • johnrobbins2johnrobbins2 Posts: 3

    haha thanks for the quick response kyfdx. This is our first lease so it's all so new and overwhelming! We have twin girls who are going to be using the RES quite a bit over the next 3 years so it's worth it this time around!

    I'll take that advice though with starting on the actual vehicle.

    Last question, I've been doing a ton of reading and trying to estimate how much each factor in leasing actually affects the monthly payments. I only have about $3500 MAX for the down payment. Any advice on dropping that for a slightly higher monthly payment (any initial cash saved out of my pocket is extremely helpful)? When we bought our house there was a fine line on moving the interest rate vs down payment and how it helped us get everything sorted out. I figure car buying isn't any different, just not sure where that line is! :smile:

  • kyfdxkyfdx Posts: 28,733

    Sure... the dealer doesn't care about your downpayment. Advertised leases are structured with hefty cash upfront, so the can advertise a lower lease payment. Every $1000 adds or subtracts about $28/$30 per month, pretax from the lease payment... So, if it's structured with $3500 upfront, rolling that into the lease will add about $98-$105 per month to the payment.

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