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2013 and earlier-Honda Odyssey Lease Questions

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Comments

  • d_nyholmd_nyholm Posts: 73
    I do not have experience with different companies. The company we used was a local credit union that we were a member of and they always have competitive rates and good customer service. I guess I will find out in 3 years or so how it all works out. I am turning in another car late November with Infiniti Financial and I am worried about their damage allowance as my sister leased through them previously and ended up paying about 500 for a small dent in the rear quarter panel that dent doctors fixed.
  • tballertballer Posts: 19
    Price $32,961

    Cleveland, Ohio

    This was the first offer I received. How much room might I have to negotiate?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi tballer. The main negotiable aspect of a lease is the vehicle's selling price. The lower your vehicle's selling price is, the lower your lease payment will be.

    Another thing to keep an eye on is the money factor. Dealers cannot lower banks' buy rate lease money factors on vehicles, but they can from time to time mark them up to add additional hidden, back-end profit to deals. Honda Finance's current buy rate for the 2013 Odyssey is .00048 for consumers who qualify for its top credit tier. Make sure that the dealer uses this factor to calculate your vehicle's payment.

    The residual value is not negotiable.

    Let's work up a sample payment on this van for you and see what we come up with. The 2013 Honda Odyssey EX-L with Navigation has an MSRP of $38,055 and dealer invoice price of $34,858. Let's say that you are able to negotiate a selling price of $500 over invoice minus the available $1,500 dealer cash on this model. According to my calculations, those prices would result in a 36-month, 15,000 mile per year, zero down, pre-tax monthly payment of around $417.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • tballertballer Posts: 19
    Thanks. Does $34,858 include destination charges? Sounds like 32,961 is a good offer.

    Appreciate the advice!
  • kidlkcfkidlkcf Posts: 22
    I just got off the phone with this dealer and he says they are using Honda Financial and that the deal still stands as it is. He is going to send me the work up of the numbers. I just don't get it how he's gotten to this low payment with Honda Finance? I'm leery.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Yes, tballer, the prices that I mentioned in my post include destination.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • tballer- I live in Cleveland and just leased an EX-L (no nav or res) on Saturday for $320 a month. I think I got a great deal, but up for debate. I put $1k down and had a trade in for 2k. So 3k down in total. Residual value was $19,109 (53%) and money factor was 0.00048. Dealer cash was $750. 36 month lease with 12k miles a year.

    Neither the residual or money factor was negotiable. Net cap cost is what you can negotiate down.

    Hope this is helpful.
  • n4roninn4ronin Posts: 14
    I was quoted 29798 for EX-L and 31258 for EX-L with RES. Can I do better? I need to add 830 for freight 189 for processing and TTL. Dealer gave me lease payments roughly equaling $446 with 0 down. I am in VA. Does that sound right for a EX-L with RES? $446 seems kind of high. Much help appreciated.
  • kidlkcfkidlkcf Posts: 22
    Here's what I found out about my deal (in NC).
    Sales price: $30,007
    MSRP: $36,055
    Lease through Honda
    They are using a money factor of .00038 and residual of 53%
    Only inception fees up front - $1534(includes $499 doc fee and first month's payment)
    Monthly payment including taxes: $331.02

    Again, this is for a 36 mo lease, 12,000/yr for EXL (no NAV or Entertainment).

    I spoke to another dealer that is pretty competitive, and he said he couldn't match it. He also said he doesn't understand how they come out with such low payments. I calculated them, and they are accurate from my end.
  • n4roninn4ronin Posts: 14
    Did the money factor change? I thought it was .00048
  • kidlkcfkidlkcf Posts: 22
    I didn't know the money factor until they sent me the paperwork. .00038 is the money factor. Not sure how they can do this, if Honda's money factor is .00048.
  • tballertballer Posts: 19
    Thanks. Can you tell me the vehicle price?
  • They didn't provide a final price to me, but my net cap cost was $29,784.25. That includes tax, title, etc. I did put $3,000 down so that would need to be factored in. Sorry I don't have a final price, but with the lease negotiation I was more concentrated on hitting a monthly price point.
  • Update
    Dealership bought my van! got EX for $336 per month No money down. That's less than my previous payment. Honda Financial Services gave the dealership money for the deal at least according to my paperwork.
  • yotomayotoma Posts: 1
    Hi,
    I've been quoted for 36 mo/12,000 EX here in Honolulu:
    $340.00 base + Tax (16.02/mo) = $356.02 for 35 months.
    PLUS $386 Reg., $245 Doc, 11.54 Doc tax ($642.74) out of pocket due on delivery.
    Dealer pays first month.

    $29,868 Adj Capitalized Cost
    $18,286 Residual Value
    $13,459 Total Payments by end of lease.

    Is this something I should jump on? I have 1 day at most, so any/all quick replies are appreciated.
    What am I missing here?
  • benji123benji123 Posts: 61
    Just got this offer on a Touring:

    $488 at signing (reg only), $459 + tax per month for 36 months (12,000 miles per).

    This is a very-good to great deal, right?

    Thanks!
  • mrthnmanmrthnman Posts: 20
    wow ...excellent ...what dealer is that from ?
  • joenyc111joenyc111 Posts: 28
    Excellent deal if it is real.
  • d_nyholmd_nyholm Posts: 73
    Seems to be OK, though I think you can do better. For example, I leased a exl with res for 364 per month with just paying tax up front for 39 months 12k miles. The touring is only a few thousand more, so I would expect the payment to be about 440-450 or so using $27 for each $1000 leased.
  • dc_driverdc_driver Posts: 712
    Actually the Touring is about $4500 more than the EX-L w/RES.
This discussion has been closed.