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2013 and earlier-Honda Odyssey Lease Questions

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  • There is a new 'special' on Honda's web site as follows. Is this rate could be applied to Lease thru AHFC?

    =======================================================

    2008 Odyssey Special AHFC A.P.R. Financing
    0.9% APR for 24 - 36 months or 2.9% APR for 37 - 60 months
    For well-qualified buyers.

    Special AHFC A.P.R. financing available on all new 2008 Odyssey models. 0.9% APR financing for 24-36 months or 2.9% APR financing for 37-60 months available to customers who qualify for the AHFC Super Preferred credit tier. Example for 2008 Odyssey: 0.9% for 36 months financing at $28.16 a month for every $1,000.00 financed. Dealers set actual vehicle sales prices. See participating dealers for details. For well qualified buyers. Not all buyers may qualify. Higher rates apply for buyers with lower credit ratings.
  • mig42mig42 Posts: 7
    I plan to start shopping this weekend for the 2008 Odyssey EX-L with DVD RES in NJ(07040) area. This will be my 1st time shopping for a lease so I'd love some advice from you seasoned pros out there. I've done a bit of reading so far on the leasing tip guides but I've alot more I still need to read. In the meantime maybe you guys could share how you worked the dealership to get a good deal.. How did u start negotiations? how did u phrase things etc when u were trying to get the selling price down? And also if you are also in NJ where did u get your best deal from?

    I'm looking for a 36m lease, 12000 miles, with $2000 down approx.
    Thanks!
  • vinjvinjvinjvinj Posts: 4
    I'm from CT and am looking to buy a honda odyssey this weekend as well. Maybe we'll get a better price if we buy it together. You can contact me at odyssey at easyalpha.com
  • irgirg Posts: 197
    I was quoted a lease for an '08 Odyssey EX for $368/mo, 36 months, 12k/year, $0 down, just first month's payment and fees (for a total of $440). Even NYS taxes are included in this. Not exactly sure what the actual price of the van is, I used the TMV price of $26,282 which they would match for financing, but said it would be a little higher for the lease. Don't have exact numbers, yet. But just looking at these numbers, is this a pretty good lease? It's only $9 more than my Toyota XLE (base) was 3 years ago that I got from Fitzmall. Thanks.
  • onequionequi Posts: 28
    honda lease deals are so funny, and poor of those that actually take it without negotiating 1 penny. everything in life is negotiable including a lease. dont waste your time looking at marketing deals, that is just to attract the average joe, but we here are smarter right, right? contact the internet manager directly with your terms, not theirs. use edmunds lowest numbers as a starting point and go from there, remember they work for you! for instance the best deal I have seen now in SouthFLA has been 08 Odyssey EX-L for $372.35 + 7% Florida tax, zero out of pocket during sign, ture sign n drive. (my goal, $368.00 including tax) another deal I got same 0 out of pocket and i mean ZERO (ZILCH) was for EX-L /RES for $395 + 7% tax. Not bad, but I want better, specially since experts are predicting for 2008 to be the worse year ever for the automobile industry. New month new specials....hassle your salesman people, make enemies not friends-salesman are not your friends EVER! do all your negotiation through email/phone just go to the dealer to sign. always go to a dealer that you know you will not work with to test drive your car so you are ready to go with color, interior, all and they cannot hook you by saying come in for a test drive, I already did! get back to me when you are ready to deal with my pricing, my plan! you are the boss, harass them with under the ball park deals that you know yourself that are impossible, show them you know about Base Cap Cost, Residual Values, Money Factors ask for them-they can't deny of telling you. the above were calculated with a .00095 monay factor. That special for the Odyssey Touring for $429 with $2K+ at sign in is a joke DONT fall for that. what ever money you put down on a lease is in their pockets, you will be there donkey.. WORK the numbers, dont look at the sales-MAKE YOUR OWN!
  • onequionequi Posts: 28
    forgot to mention this excelent blog that I have been inputing myself lately, check it out before you lease. use the lease calculator under resources. read the following post: It's criminal how dealers mask rates by pitching monthly payments. http://ridewithg.blogspot.com/
  • onequionequi Posts: 28
    IRG...looks good but I think you can get this deal for $328 ball park + NY taxes for the plain EX. Remember the EX model has the highest residual value of all oddyssey's so they should be able to work in a little more without putting anything down due at signing. use these numbers and email another dealer and have them beat it. dont give them any milk money, let them get it through the average joe walking in.
  • irgirg Posts: 197
    Thanks! Your blog has been interesting. The $368 I got was email/over the phone, not what Honda is offering (unless that's the same deal?). I'm sure I can do a little better. You mentioned $328, but with NYS taxes, it comes to about $356, so not far off my quote. Actually I am waiting to see what quote I will get on a Sienna LE package #2 and alloys; pretty much the same van as an Odyssey EX. The Sienna is cheaper to buy, and I think may have a slightly higher residual. The Toyota salesperson I visited last week suggested a 10k miles/year lease would be cheaper than 12k. Honda said it made no difference. I only have 17k on my Sienna after 3 years. Who knows what the future will hold.

    Once I get the Toyota numbers, than I will compare against a few other regional dealers, and see where I come out ahead. I heard on the radio that Toyota's sales are down 10% this year, Honda down 4%, worse (of course) for the Big 3. Should be a very good time to buy or lease. You're right, we (consumer) should be in the driver's seat.
  • irgirg Posts: 197
    Actually I was just looking at Honda's lease on the lower LX; $259 and $2500 down. Divide that by 36, and you get a lease of $328/month and tax. So factor in 8% NYS tax and add another $26/month for $354. So my quote today of $368 on the EX model with taxes included is actually not bad at all. Not that it can't get better, but for $14 more a month, I would rather have the EX. If I could get it for around $350 though, i would be happy. Still curious to see where the Sienna will be. Last time I did this, the Sienna just leased better than the Odyssey, enough to be significant enough for me to go with the Toyota. I'll be surprised if this doesn't happen again.
  • onequionequi Posts: 28
    It's actually not my blog but someone very wise that i happen to come accross while building my research and knows what he is talking about, hard to come accross these days. if you travel like you say you do, there is an actual name for 10K a year which is called a Low Milage Lease. ussually given by the big boys, like Lexus, Acura, Mercedes, etc so you wont travel their cars so much and they can actually make more on them when you turn the in. If so, you might want to inquire just like that about a low milage lease program with Toyota or Honda. The Sienna was name top of the mini van list by consumer reports in 2008, i personally dont like the fact that rugs on a toyota are an extra, any little thing on a toyota is an extra, so they are very hard to calculate and negotiate. with Honda the EX, bam you have your list, EXL includes all this, etc. you know what you are going to get so you can educate yourself better and do your homework. I was trying to calculate the above based on floating numbers, trying to come close to what I recently got for the EX which was $349 including 7% FLA tax. zero out of pocket. I need to get something in May but I started doing my homework early but if you are leasing for the first time, give it a little- it wont be like the housing market but it will be a big impact of deals they will have to come up with to bring you in.
  • irgirg Posts: 197
    Actually this will be my 5th lease, wow. Just realized that. You're right in that Sienna has more options and packages, than Honda. However I think they've simplified it more. The Sienna LE, has just 3 options, one very overpriced one, and the a #2 (dual sliding doors, power seat, something else) and #1 (1 power door, everything else the same). The only other option are alloy wheels. So when I compared the Sienna LE to a Odyssey EX, they pretty much had the same features. The Sienna is about $700 less, not much difference.

    I'll inquire about a low mileage lease. I also have a separate set of rims and snow tires for the Sienna that would be nice to use on the new van. Not sure whether they would fit on an Odyssey or not. Not the deciding factor though. I read quite a few complaints about MPG on the Odyssey on this site, in the owners comments. Consumer Reports listed the Sienna and Odyssey as the same, with a real world combined of 19 mpg. We've found our Sienna has been 19.1 so they're right on track. I really wish the mpg was a bit better.
  • onequionequi Posts: 28
    the perfect mini van for me would be 8 passenger, 4 cylinder but it does not exist. how much more power do you really need if you are carrying your kids and/or family. you're very right about the mpg, there is no escape..honda's have the cylinder bolony thing where it turns off some cylinders while in traffic then you use all 6 when you really need them but you would have to go to an EX-L model for this and to be sincere, this just improves about 2 or 3 mpg which it aint much considering the difference in price. the EXL also does include the "leather" and a rear view camera on the rear view mirror for when backing up (pretty neat). some other additives here and there. if you are concious about gas consuption then stay away from the Sienna AWD as it too gulps a little more gas than the 2WD and not to mention higher insurance premium for the AWD. i now have a honda pilot 2005, 6 cyl with 255hp..$53-$60 to fill it up with standard gas and get get 15 miles to the galon at most in the city....plus my wife has a lead foot which does not improve our chances of getting any break on the wallet anytime soon. family is grown, we need to go with the minivan, and although the Sienna has some more conviniences here and there, nothing drives better than the odyssey. decisions, decisions....
  • irish10irish10 Posts: 7
    After reading the last couple pages regarding lease deals, I thought I would offer my two cents. I recently leased an 08 EX for $332/mo (includes MI 6% tax). That's essentially zero down (first payment only). That's a 3yr/36K mile lease. onegui had a great post above. This guy has it right, work on your own terms, not theirs. Be patient and walk away if need be. And for god sakes, DO NOT put money down on a lease!! If you wreck the car, you've just pissed away your "down payment". Insurance might cover the remainder of the lease, but whatever you put down in advance, you just lost. You're better off sticking that down payment in a separate account and drawing off it monthly to supplement your payment. Definitely do your negotiations over the net/phone rather than in person. They love having you come in there and making you wait hours in an effort to wear you down. The internet is a wonderful tool, use it to your advantage.
  • irgirg Posts: 197
    I was considering a Pilot, but the mpg was a turnoff. The awd is nice though. Plus there is a new version coming out. I have a Subaru for myself, and that's all I need for now. I checked out the new Toyota Highlander, and came away unimpressed. Nice vehicle if you have 2 kids. We have 3. The back seat is not split, just a single seat. And there is almost no storage behind it. I had the dealer take it out, about ready for a test drive, and then I realized, reality is, this won't work, so don't even bother. I walked away.

    The Sienna is a bit more powerful than the Odyssey now, not that it matters at all. The reliabilty of the Sienaa is better, just read CR today. Ody gets an average rating, surprising kind of. Sienna gets the #1 pick now. I've heard the Ody is a bit more sporting, but it is still a minivan, and I don't drive it 90% of the time anyway. I want safety, reliabilty, decent mileage, good storage for kids and crap. These 2 vans mostly deliver on that front. I should probably look at the new Grand Caravan SXT, but I haven't and probably won't. I think Chrysler is in real trouble. I almost wonder if they'll be around 5 years from now.

    I looked at a couple of the crossovers, the GM triplets (Outlook, Acadia, ) look appealing, even CR likes them. But I have no local dealer, which is strange (small college town). Only Chevy is here, and they don't offer one of these CUVs yet.

    Actually finding and leasing an affordable and fun family vehicle has been really challenging. I don't really love any of my choices. Minivans, are well, vans. I need 3 rows of seats to keep the harmony, so that rules out a lot. I don't need a big SUV, nothing truck like at least. So only the GM crossovers are appealing, and they aren't really inexpensive, at least for my wallet. Ford has nothing. Nissan still has the 1 piece bench seat in their van, pass. VW has nothing for me, and their reliabilty stinks. I did love my old little Jetta GLX. That was a fast, fun little car.

    What's left? (no dealers within 50 miles for Mazda, Saturn, Mitsu, can't afford anything high end)...
  • irgirg Posts: 197
    Thanks Irish, that is a very good lease deal. Means I can do better. I will, I'm just warming up! I don't intend on putting anything down either.
  • irgirg Posts: 197
    So I have my second quote now on an EX, $358/month, $10 less than the local offer. Nothing down, except 1st month, and $140 DMV fees. Price quoted is $26,895, residual of 58%, financing of 2.47%. I just got a quote for an EX Leather w/RES, and that is $434/month. I don't need/want leather, and I have a portable DVD, so i think I'll stick with the EX. The Residual is a little better on the regular EX too, surprising. I think I can still do better than $358, but that is actually less than my current '05 Sienna lease. I'm getting there...
  • 36month
    12K miles/year

    $14000.00 one pay lease upfornt

    Averages out to $388.88 / month

    $14K broke down like this:

    Traded - 04 Accord LX (34K miles with no balance owed) Dealer Gave me $10,500
    Wrote check for $3500.00

    See em in 3 years!
  • irgirg Posts: 197
    What happens if the van is stolen or in a crash? Does insurance pay you back the $14000 you paid up front?
  • No actually the gap is coverered by Honda. Here's a cut and paste from Honda financial services

    What happens if my vehicle is stolen or "totaled" in an accident?
    In these cases, your lease may be terminated early. Please contact Customer Service as soon as possible to notify us and discuss the next steps. But rest assured - our leases include gap coverage (Total Loss Protection) to protect you against unnecessary expense.

    Gap assurance (Total Loss Protection)
    Although you may intend to keep a vehicle for the full term of a lease, an accident or theft could cause early termination. Most auto insurance policies pay the average market value of the car, which may be considerably less than the remaining lease obligation. Leases from Honda Financial Services include "gap" protection to cover this difference in the event of such a loss. This is a very desirable feature to look for in your lease.
  • To simplify, or be more correct the GAP insurance does not really apply when it's prepaid, as there is no upside down sitiation.

    However, when a vehicle is totaled or stolen the leasor is not obligated to make any more payments and the contract ends on the occurance date, therefore, in a prepaid scenario (at least where honda or accura is concerned) the pro-rated amount is returned to you.

    For example if the vehicle was lost after month 6, they would refund 30 payments (assuming a 36 month lease).

    The only downside I know of (besides using up your possible capital) is that nothing would be refunded to you if you droped off the vehicle early and walked away. (early termination).

    In regards to keeping the capital and trying to invest it, I think I saved a good $1500.00 or more in the deal, (The paperwork actually showed the dealer paying $2400.00 on one of the lines) I wanted to be rid of auto payments, and don't really know of a risk free investment that would return the $1500.00. It's not like one can invest the capital long-term because it would need to be drawn from it each month to make payments. Heck, by month 6 $2550.00 or so (assuming $425.00 / month with $0 down) would have been spent on lease payments anyway, constantly detracting from the capital.

    Going prepaid also skipped virtually all the negotiation process in that I basically stated "I think it's fair that I pay you 14K up front to drive the vehicle for 3 years". "I don't care how you write up as long as I only have to give you 14K and the residual is correct." I actually felt like I shorted myself because that's exactly what I said and they took it (maybe my accord was worth more?). Chrysler wanted $13,900 for the scenarion for the T & C signature series but I went with the more reliable Odessey EXL RES + NAV.
  • onequionequi Posts: 28
    with all do respect, thanks to people like familyman5 is how dealers are able to respectfully give you a fair price if you negotiate like a pro and don't give in. if you go to this same dealer they will give you what you want since they just made their next 3 month pocket fees and more. you just wrtoe them a check for $3500 and gave them a car as well, wow. there is nothing else to say.
  • onequionequi Posts: 28
    IRQ:: everything looks good but have them go down on the financing, go directly to honda financial and inquire there as it should be 2.28% money factor of .00095. it could of even gove down to 2.27% after the feds last cut. so they are still getting you there. that seems about right for the rest from and yes the residual on the ex is higher now cause in 60 months the EX will keep its value about 2 points higher then their counterparts with more options. what happens is that after the "60" months the ex can actually be sold to the move average family seeking a more simple solution with out all the highcost gizmos which tend to depreciate more after so long. DONT give up and keep your cash in your pocket.
  • jv99jv99 Posts: 1
    I've been reading through your posts for a few weeks now - trying to learn as much as I can. To think I was actually considering putting money down on a lease!

    Anyway, it seems the best I've been able to get is $475/month with $0 down for an EX-L with RES and NAV. Does this sound right? It seems everyone else can get down into the threes with their payments. Can someone tell me what a fair payment on this van should be? Is $475 a fair deal? How much better can I do?

    Thanks so much for the help.
  • chenffchenff Posts: 3
    Hi could you share which dealer you went to? I am in the market for an Odyssey as well but properly a lower trim. Thanks.
  • chenffchenff Posts: 3
    This is a great deal. Which dealer is this? Thanks.
  • 3skaters3skaters Posts: 2
    Have two deals in Western NY.
    Odyssey Ex-L-Res,
    4000 down, 325 month includes NYS tax (8%) 36 months all fees

    same deal no $ down
    436.11 a month

    Is it good
    Will cost $15,700 to drive no matter what I do. Told this is based of a price of 31,400ish, Did/will I get taken?
  • matsangmatsang Posts: 6
    Is the residual value lower for the EX-L when you add RES? I was told the RV on the EX-L was 57%. What is the current residual value for the EX-L with RES?
  • irgirg Posts: 197
    I wouldn't put $4,000 down, as others have mentioned. Keep the $4,000 in a money market account or something. Yes, Honda has GAP insurance included, so if your car is stolen or wrecked, they pay off your remaining payments. But what happens to the $4,000 you put down? They don't refund that at all, I don't believe. So take the higher payment, and keep the $4,000. I got a quote on an EXL-Res and that was pretty close to what I got.

    So I leased an EX this weekend. Nothing down, other than first month and plate transfer/dmv fees. $350/month plus I got them to pay off my last month lease on my Sienna (did not roll it into the new lease). And they're taking of my snow tires/wheels on my Sienna for free, and delivering them with the new Ody today, dealer is about an hour away. So overall, I'm pretty happy with the deal I got. I'm sure I might have gotten a little more off if I had walked out, but I felt the deal was fair overall. My Sienna although low miles, did have a little damage to the bumper, so they'll have to fix that, not a b ig deal though.

    I definitely like the driving feel of the Ody better than the Sienna.

    Considering my payments are almost exactly the same as my '05, I have to say that inflation has not kept pace when it comes to leasing, at least that's what it feels like to me. Plus, I got a better/safer van then I had before (the '05 Sienna had only front airbags, no traction control) and it looks better too (subjective). The only thing I lost was a power tailgate, but not a big deal. The EX can also seat 8, whereas my Sienna was a 7 seater.

    It seems like the Ody is a better lease right now. I even looked at Fitzmall where I leased before, and they were quoting me about $350, but I needed to have taxes included up front. And a local dealer quoted me $393/mo on a LE. Go Honda!
  • I was just quoted

    $430 per month + tax with 0 Down for a touring 3yr/36k miles does this look any good or should i continue looking?
  • jbm160jbm160 Posts: 16
    I think that's a very good deal; in fact I'll be surprised if it doesn't change when you go to sign the papers. The only way I can get that payment on my calculator (with 56% residual, not sure if that's correct) is to plug in a sales price w/ destination of just over $35,600 and no dealer doc fee which is unusual. That would leave the dealer less than $200 profit with holdback.

    I just picked up a Touring in Atlanta at Gwinnett Place Honda and here were my final numbers on a 15K/yr lease (53% residual):
    Sales price w/ dest.: $36,189 (includes splash guards, moonroof visor, supposedly "Protection Package" although no rubber mats)
    Doc fee: $399 (seemed about average for SE dealers I dealt with)
    AHFC lease acquisition fee: $595 (I don't think you can get out of this)
    Monthly charge: $490 + tax

    If you can get your deal and they have the color you want then I'd do it; I don't think you're going to see anything cheaper than that! Good luck!
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