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2013 and earlier-Honda Odyssey Lease Questions

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Comments

  • peruggiaperuggia Posts: 6
    Tolcorp,

    I stated a few days ago. I got an offer from Sloane Honda in Philly, for an EX-L with Navi. The msrp was 37230, the cap cost was 34092. With just first month and tax and tags the monthly payment was 490. That includes Pa's 9 percent lease tax. I hope this helps.
  • tolcorptolcorp Posts: 6
    Thanks. Do you know if that is one of the best deals around?

    So from my calculations. $425 + 1st mos, taxes n fees comes out to about $2500 (in NY). So if i rolled that in and only paid 1st mos +DMV, it should be around $490 as well.
  • tolcorptolcorp Posts: 6
    ristaze, can you share the name of the honda dealer you got this deal from?
  • drakaruladrakarula Posts: 12
    I was offered a deal on a Touring for 36 months 12k per year of 543 per month with only first month and Dmv out of pocket with Honda. NYS tax in the payment. Does this sound good?
  • We just leased (also in NY) a 2011 EX-L with RES. I am pretty sure the MSRP
    is the same for the RES or the NAV. We were able to get it for 428 month
    with 1200 down. I found an online price for the same vehicle and used that to negotiate my price.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hi brooksie18. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey Touring Elite with 12,000 miles per year are .00187 and 58%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX-L with 12,000 miles per year are .00187 and 61%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're very welcome midnightblue. Make sure to stop back and let us know how you like your new ride.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Thanks Steve. Thanks goodness it's here...it means that all of this darn snow is almost gone :).

    Honda Finance's March buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX-L with Navigation and 12,000 miles per year are .00187 and 60%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    Hey peruggia. What you were told about the Odyssey's lease program is correct.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    You're very welcome lookin41. Thanks for the kind words.

    You may be able to get the dealer to work with you to get some of the equity out of your current Odyssey without you having to purchase it yourself and trade it in. The willingness to do this and the price that you will get will very from dealer to dealer.

    Honda Finance's March buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX with 15,000 miles per year are .00187 and 62%, respectively for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of a 2011 Odyssey EX-L w/RES are .00187 and 58%.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • lookin41lookin41 Posts: 5
    Thanks Car_man.

    Sorry I did not include the lease terms in my post. I plan to lease for 12k miles.

    Will the residuals on those two vehicles change with 12k miles instead of 15k (2011 EX and 2011 EX-L w/RES)?
  • rmarianormariano Posts: 2
    Hello all,
    I currently have 6 months left on my 2008 odyssey exl res. The dealer is willing to buy my lease out and give me a new lease on a 2011 exl res for $430 mo(with taxes included) 3yr/36k. NO money out of pocket.

    Any thoughts?
  • new13new13 Posts: 5
    I have a 2008 exl odyssey that was hit about a month ago. (the other driver is at fault) The damage is just under 8K. My lease is up in a few weeks. I spoke with a dealer yesterday who was not willing to do much and told me that if Honda took the car back as a lease turn in - they would not have to disclose this damage - I find that hard to believe. The res. value is 19K +. Any suggestions on how to proceed next? Thank you.
  • dwynnedwynne Posts: 4,018
    You have to be careful or the dealer will just accept your old car as a return. You can sell it to any licensed dealer, like Carmax, then walk away with cash and go lease your new car. I would get quotes from several dealers to buy your car then see what the Honda dealer will offer for it.
  • dwynnedwynne Posts: 4,018
    I don't really understand your question and your comment about the dealer "doing much" for you. Are you wanting to buy the car off of lease it, turn it it, or what?

    Did you get the car repaired using a quality body shop? If so, it should pass your pre-lease turn in inspection fine and you just turn it in and walk away. If you have not had it repaired, what are you waiting for? Their fault so they pay. If you turn it in with $8k in damages you will have to pay Honda for the damage.

    I think the dealer only has to disclose any damage done while they had possession of it. So even if they see the damage before it is fixed, it is up to the customer to spot it later (if they can). So on a trade in, the dealer can spot repairs and use carfax/autocheck to discount your trade, but then sell the car later without mentioning the problems they knew about and discounted on trade - as long as they didn't wreck the car themselves.
  • new13new13 Posts: 5
    thanks for your feedback. I am turning in the lease and want to lease a 2011. my car has been repaired and I was hoping to use it towards the new lease terms. I keep hearing how much damage has been done to my car and how it's value is decreased as a result of the accident from the dealer. If I just turn it in, they will buy from Honda and sell at a profit. I want that profit to work for me.

    suggestions?
  • gene00gene00 Posts: 113
    My immediate thoughts are that car dealers aren't in the habit of doing customers favors. They've run the numbers and can make a greater profit by buying you out and getting you into a new lease than by making you finish your current lease. None of this matters to you if you feel you are getting a good deal. Maybe your current vehicle has unusually low miles on it and they can sell it for a good price. That could mean, though, that you could have equity in the car at the end of the lease and use it for a cap cost reduction on a new lease in 6 months. You'd have to talk to the dealer (or maybe a few of them) to see how they would handle that scenario.
  • dwynnedwynne Posts: 4,018
    Call right away and get your pre-lease turn in inspection done. Make sure there are no surprises and they are happy with the repair work. Your fall back plan is to just turn the car in and be done with it. If there is going to be anyrhing owed at turn in, you need to know now so you can fix the probvlem or factor that in to your choices.

    What is the lease buy out w/o tax? What is the current edmunds and KBB TRADE in number for the car with miles and condition factored in? If not much, then you are pretty much stuck. Most dealers will give auction money for a used car (since they can get one there, why buy yours for more?). If Ody prices are strong and demand is strong on the used market, then you may can get more.

    Then shop the car around at other dealers - carmax, auto nation, Honda dealers, etc and see what they will pay you for it. If they catch the accident damage and don't want your car or offer you below buy out for, then your are pretty much stuck. If you take it to Carmax you will get a free Carfax out of the deal since they will pull one. If not, buy Carfax and autocheck on your car and see what is listed. You may get this info free from the dealers when shopping your car. If the accident is listed, then again you are probably stuck.

    In most states tax applies if you buy your car off of lease, so paying tax then trying to make enough to cover buy out plus taxes really cuts into your profit. Plus I would be honor bound to disclose the accident since you know about it and it happened while in your possession - so there goes the sale (likely).

    If there is enough difference you may be able to get a dealer to buy it from you off lease to make a little money even with the repairs, but in this case I would just be happy to turn it in and not have to pay and move on to your new car.
  • tollman3tollman3 Posts: 3
    just received the following from a local Honda Dealership. 2011 Honda Odyssey EXL lease quote and it seems to good to be true.
    Selling price $32,900
    Residual $21,400
    $434 payment
    $0 downpayment
    they are using .00187

    what am I missing?
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