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2014 Honda Odyssey Texas sales tax leasing question and partial lease quote

lookin41lookin41 Posts: 5
edited March 13 in Honda

Hi Everyone,

I got the following quote from a dealership in Austin, TX, for a 2014 Odyssey EX with cloth and no options:

  • Sales price - $28,997
  • Net cap cost - $29,155
  • Residual - 56%
  • Money Factor - .0017

There is a $2,500 cap cost reduction that the dealer says is from Honda - lease support maybe?

I am turning in a 2011 Odyssey EX and the dealer is NOT including any trade-in value for my 2011, so the sales tax is 6.25% of the sales price of the new vehicle. This is a different dealer than I usually use. My usual dealer has always included at least the residual value of my last two lease turn-ins in the sales tax calculation. In other words, in my last two Odyssey leases I have paid sales tax on the difference between the new vehicle's sales price and the trade-in allowance I was given for my turn in.

The new dealer is arguing with me that I am wrong but I have done two leases this way. Does anyone know which way is correct, or is this just the dealer's choice? It is really annoying that the sales guy and the sales manager are basically telling me that I don't know what I am talking about.

Also, can anyone confirm the lease support, residual and/or money factor I was offered? I know the March program just started last week but I am just curious if anyone has that info.

Thanks in advance for any help.

Comments

  • kyfdxkyfdx Posts: 29,179

    If it's a 36mo, 12K/yr lease, the residual is correct. I'm not certain of the money factor in Texas, but I'm pretty sure that Texas is not one of the states that has a "special" on the Odyssey.

    I see $1000 of lease cash. I'm not sure where the other $1500 is coming from, but it's entirely possible that there are regional or dealer incentives.

    As you probably already know, Texas sales taxes on leases can be onerous and confusing. Some captive finance companies have tax credits that they use to lower the tax for new lessees, but there doesn't seem to be any rhyme or reason to when and how those become available.

    I would shop the deal to other Honda dealers, and ask them if they can mitigate the tax situation, somehow.

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