2013 and earlier-Honda Odyssey Lease Questions

globalsaloon

UPDATE: 367.42 per mo with 3000. trade in for EX-L with RES Dark Cherry Pearl pending them finding the car before 4/1

jibjabjobu

Can you give the details of this lease? What were the terms; selling price and residual to be specific? I'm shopping at the same place.

Thanks.

delta737h

songbird54,

Although not explicitly stated, there is sufficient information provided in all AHFC website's lease promo ads to compute the money factor and residual factor as follows...

Res Factor = Residual Value / MSRP

Money Factor = [Pmt - (Net CapCost - Res Val) / Term] / (Net CapCost + Res Val.)

Hope this helps.

John

CarMan@Edmunds

Hey songbird54. Honda's money factors for sign and drive leases are actually .00010 lower than its normal money factors. The slight drop in money factors was put there to help dealers pay for the waiver of vehicles' first month's payments through this offer.

Honda Finance's "Super Preferred" money factor for the 2010 Odyssey sign and drive offer is .00092. .00167 sounds a little high for a "Preferred" tier lease, but that's just a guess on my part because I haven't seen Honda Finance's specific factor for that credit tier.

Car_man
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songbird54

Thank you Car man and John for the replies.

As far as I can tell, the interest almost doubles for "preferred tier" but I guess that is the price for not having the best credit.

I will advise my niece not to lease unless she falls into the preferred tier. It just seems to be the best way to go.

yeek

Does 367.42 per mo include sales tax? If so, how much is sales tax in your state?

Thanks.

yeek

Did $310 month include VA state sales tax? What % is that tax?

Thanks

lasvegasrph

If anyone can give me a contact or dealer's name in Las Vegas, NV or Southern California (or even Northern Arizona) to get a good LEASE for a Odyssey, please let me know! Who should I contact???

Anyone had a fantastic deal near me?

hotlanta2

This is a great deal and would like to duplicate. I'm looking for either EXL RES or EXl RES and NAV.

You obviously spent some time researching/negotiating this deal.

Please send me dealership name, and any other information you can provide.

Very helpful.

Thanks

crf

In southern california. I recommend Hoen Honda in Carlsbad. Ask for sales manager Ron. Just leased an EX Odyssey. He was competitive from the get go. No pressure and his sales team were very helpful and pleasant to work with. Will recommend them to anyone and if getting another another honda will call them first. By the way I spoke to many other dealers and liked them best.

prahcharov

I am in Phoenix, AZ, and am looking to lease a Honda Odyssey EX-L with dvd system. Anyone out there leased one recently? Anyone got a figure of what I should be paying?
Your help is much appreciated.
Cheers!
Steve

lasvegasrph

Try the HOGAN method at your various dealers in the Phoenix area, Flagstaff, Tempe, Tucson, etc. See who will give you the best quote. It will take probably 1 week of phone calls and emails to find the best deal out there.

prahcharov

I'm guessing the HOGAN method is just playing one dealer against the others and driving down the price? Is this correct?

THANK YOU!

Steve

lasvegasrph

In a nut shell, that is correct. Start outside your area and work in. Your goal is to get your home town dealer to "beat" the best deal and you buy from them.

hotlanta2

This is a great deal primarily due to the high residual. It is typically 53%. Please let me know what dealership you used and any other pertinenet information you can provide.

Thanks

CarMan@Edmunds

You're very welcome, songbird54.

Car_man
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lrome

Hello everyone,

I'm looking to lease another Odyssey. Need to downsize from an EX-L which I love to an EX because need to save a little. Here are the numbers I received from the dealer that I leased my current Odyssey with here in South Florida (lease expires this month). The salesman has been very upfront and answered my questions pertaining to the following numbers. Other dealers that I have been contacting refuse to answer questions about the money factor, MSRP, and residuals etc.

MSRP $30,615 (Not sure if this includes destination charge)
Cap cost $28,229
Residual $17,757 (I think that is 58% but not sure)
Money Factor .00102

36 months
12,000
0 out of pocket
337,81 plus tax which is 6% in Florida

This does not include the positive equity of about 1000.00 which one dealer offered me as a trade in so that should bring the payment down further.

Any advice would be greatly appreciated.

jfn1000

I have just leased a 2010 EX with MSRP of $30,615 in Slate Green based on the Big Deal Event with 0 down, 0 Sec, 0 1st payment and 0 at signing, all fees (acquisition @$595, doc@$299, title & registration @$125) rolled into lease cost resulting in 35 payments of $298 + ma sales tax @6.25% for a total of $318. month. Money factor on mine was .00092, residual $17757, suggesting a total cap cost of $26,786, I had several dealers willing to do the deal at this price although it took some work to get there.

lexusguy1

Dealer Name please?

lasvegasrph

I would say there is more "wiggle room" there in that deal......well.....A LOT MORE room...............see below:

Look up the INVOICE price of a 2010 EX, then SUBTRACT $1,250 from that price. THAT price will be your TARGET price. If you can get a dealer to get within $300 to $500 of that price.........you are doing good.

***The $1250 is factory to dealer cash

lrome

thanks for the advice....that is a very good deal....congratulations. I will definitely use your numbers to see if I can negotiate further. Good news though... at least I think it is good newsI ....I just came from Carmax who offered to give me 20,000 to buy out my Honda EXL lease. The buyout is 18,000 so i pocket 2000.00. ...and to think that if I hadn't gone there I would have just turned the car in or gone with the equity offered by the dealer which was not even half. again thank you for your help

lrome

thanks for the advice...I'll continue negotiating tomorrow with this in mind. Edmunds is the best.

satishm

Got a final quote today on a 2010 Cherry Red Pearl w/ Ivory interior:
Through USAA car buying service. (Sign up, its free and you don't have to be in the armed forces.)

MF: 0.00102 (with a 780+ fico score and a Honda financial svcs retention rate)
MSRP: $41465 (no options other than touring w/ dest fees)
Cap Cost: $36,270
Residual: 51% + 2% "bump" (have no idea what that means)
Terms: 32Mo/12K Miles
Inception fees: $920
Monthly: $490 + Tax.

Walked away (actually signed and then canceled same day). Got a better deal:

MSRP: $41465 (no options other than 2010 Touring w/ dest fees)
Cap Cost: $35,980
MF: 0.00092
Terms: 36Mo/12K Miles
Inception fees: $830
Monthly: $458 + Tax

Will sign tomorrow and will report back on actual deal signed. Please let me know if there is a better deal out there. www.truecar.com does not seem to think there is.

THX!

lrome

What is included in the inception fees? Does that include destination fee. doc fees, etc. When you sign would you let me know which dealer you used. Good luck.

satishm

Inception fees were 1st month payment + tags + dealer "fees". Dest charges are included in cap cost. Other than these inception fees, there were no other costs.

jfn1000

I did that lease from Herb Chambers in Westborough MA. Several others including Atamian in Tewksbury and Boch in Norwood were down at the same cost as well. Good luck.

kidlkcf

Can you or someone else explain the last part of your post about the positive equity? My lease is up in 2 months-I owe 2 payments. Are you saying if your car is in excellent condition and low mileage, the dealer would give you something towards the new lease? If so, does this only work at lease end?

kidlkcf

Jfn1000: Just curious about what kind of work it took to get this deal? Did you do it all on email/phone? I'm looking for the same car in NJ.

sososo

I worked backwards based on your statement. I think I got a good deal. Can you comment?

"Look up the INVOICE price of a 2010 EX, then SUBTRACT $1,250 from that price. THAT price will be your TARGET price. If you can get a dealer to get within $300 to $500 of that price.........you are doing good.

***The $1250 is factory to dealer cash "

FOR EX-L no res/nav
I got quoted 405.88 monthly (includes tax) for 15,000 miles 595 bank fee + tax + first month at signing.
MSRP: 33,405
Invoice: 30,260
Target: 29,010
Actual Cap: 29,410 (based on monthly fee of 405.88)
Residual: 17,704.65 (since paid for 15,000 miles instead of 12,000)
Depreciation: 11,705.35
Monthly Depreciation: 325.15
interest charges: 47.65 (monthly based on assumed money factor of .00102)

Did I do this right and is 850 less than invoice a good target?

Thanks for the help.

lasvegasrph

If you look at the selling price (actual cap cost) = $29,410
That is about $400 over invoice

All of your numbers do not include the destination fee of $710 which is part of the MSRP and must be paid. (MSRP is $34115)

Its looking pretty good. Remember, at 15,000 miles/yr.......the residual value of the Odyssey goes down (vs a 12,000 mile/yr residual value).

Do you really need 15,000 miles/yr or 45,000 miles total for 36 months? If so, then ok. If not, then go with the 12,000 mile/yr lease and your payment should be lower.

That monthly payment looks pretty good, since it includes tax. Good job!

sososo

Thanks for responding! My monthly payment would be 385 without the extra miles. Does it hurt me if my residual value is less at the end of the lease? Other than the fact that Im paying more per month?

lasvegasrph

First of all, thank you DESERT HONDA of Las Vegas!! What a GREAT dealership!

We just picked up our 2010 Honda Odyssey EX (MSRP $30,615) in Alabaster Silver with Grey interior. Here are the details:

MSRP $30,615
Selling Price $26,394.20 (this is INVOICE (-$1250) (-$550 of the hold back))
Honda Bank AQ Fee $595
Dealer DOC Fee $399
NV Title/License Fee $125
Money Factor 0.00092
Residual Value $17,757 (58%)
***Dealer threw in FREE WINDOW TINT for front 2 windows ($75 value) ***
-----------------------------------------------------
Monthly payment = $309.40 + tax (8.1%) = $335

We did a 36 month LEASE, 12,000 miles/yr, with $0 due at drive-off (sign/drive). Not one penny down, or out of pocket.

***This deal took time, patience, and alot of talking to SEVERAL dealers.

Good luck to everyone out there working on a deal........we got lucky here, this dealer only had 2 of the EX models left.......no more on the way!!!!!!!

hotlanta2

I think that I received a fair deal although not the best on an Odyssey Touring. I was just looking for a lease payment so price was a bit less important to me. I ended up with Odyssey 2010 Touring with several extras (cross bar, wheel locks, trunk tray, and mud guards), which brought MSRP up to +/-42,200.

The lease is as follows:
Sign and Drive (0 DOWN AND 0 FEES AT CLOSING) ALSO, THE DEALER PAID MY FIRST PAYMENT
36 month lease (I pay 35 months)
Pmt: $483.60 +tax
Purchase price (including all fes $37,419 actual car cost 36,824)
Residual 21,976.

Fair deal?

lasvegasrph

If you are happy with your new vehicle.......that is what is most important!

Did you know that when you LEASE or BUY, you can always negotiate the "selling price" from the MSRP? So, PRICE is important when leasing too. From the looks of it...........you got about $5,000 off MSRP. Very good.

I think your deal was fair........there was some room to negotiate down, but not much (maybe $500.00). Enjoy your new Odyssey!!!!

dylrex

Hello Car_man.

Our Odyssey lease is ending in June and we're considering another. We're looking at either the EX-RES or EX-L-RES. Can you please provide the money factor and residual on a 3 year lease with 15k miles a year on both models?
Thank you very much.

dumbbuyer

Looking to lease in Vegas also. Would you give me the name of the salesperson that gave you the deal? Did the negations take long?

Thanks

anand76

I got following lease deals on Honda Odyssey 2010 (12k miles per year) after 1700 down payment for TTT in maryland.

LX - 292 per month - 36 months
EX with RES - 369 per month - 36 months
EX-L with RES - 420 per month - 36 months

Is this a good deal ?

dylrex

Did you ever get an answer to your question about the equity. I'm in the same position as you. Lease ends in 2 months and would love to have some equity to throw at a new lease. Let me know.
Thanks!

lasvegasrph

Hello there!! Well, according to Edmunds.com rules for the forum.......I cannot post the salesperson name. BUT.......I can tell you to do these 2 simple things:

1) Go to Zag.com and use the "buy a car" tab. Once you put in your zipcode and build the exact Honda you are interested in, you will see the "best price" available in Las Vegas.......and one or two dealers in California.

2) Email the dealers (all of them) thru Zag.com when prompted to do so. All the dealers will contact you, via email or phone. Look for a response from Desert Honda Internet Manager/Zag.com representative.......that is who I dealt with.

All-in-all, it was quick/easy/painless thru Zag.com & Desert Honda. I had the dealer MATCH the price in California, which was about $500 less.

cjkbme2w

For the current advertised Honda lease, how low should I target for the Net Cap Cost, which is $25,389.35 in the deal, assuming I am in the highest credit tier.
What lease calculator do people use once you have all the key numbers? I am in DE, but can easily go to NJ, PA or MD for the best deal. Thanks.

Subject to limited availability.From April 1, 2010 through May 3, 2010, to approved lessees by Honda Financial Services.Closed end lease for 2010 Odyssey 5 Speed Automatic LX (Model RL3H2AEW), for well qualified lessees.Not all lessees will qualify.Higher lease rates apply for lessees with lower credit ratings.MSRP $27,515.00 (includes destination).Net capitalized cost $25,389.35. Net capitalized cost includes $595 acquisition fee.Dealer contribution may vary and could affect actual lease payment.Taxes, license, title fees, options and insurance extra.Total monthly payments $10,500.00. Option to purchase at lease end $15,958.70. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12000 miles/year.See dealer for complete details.

yeek

The zero, zero, zero deal.

EX-L with nothing extra.

35 payments of $366 a month plus sales tax

Seems like a great deal to me. Should I do it?

Thanks

anand76

Hello Yeek,

Can you please send me the dealer details who is offering this price i.e. EX-L for $366 a month plus sales tax of 35 payments.

Planning to lease the car this week. Any assistance is highly appreciated

Thanks in Advance

lasvegasrph

Good deal?? That is an AMAZING DEAL. Lease it now........don't wait. Hope the dealer doesn't try to back out of that offer, or try any funny business when you go back to sign.

I worked about 7 different dealers against each other, the best offer for an EX-L lease was $0 due at drive-off and $405/mo. + tax.
***I had ONE dealer at $380/mo. + tax with $800 due at signing.

At $366/mo. + tax (zero,zero,zero) that is a STEAL OF A DEAL.

CarMan@Edmunds

I'd be happy to help you out, dylrex. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX with RES and 15,000 miles per year are .00092 and 55%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

The numbers for an otherwise identical lease of an Odyssey EX-L with RES are .00092 and 52%.

When negotiating your lease on this van, make sure to take the $1,250 dealer cash that is currently available on it into account.

Car_man
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CarMan@Edmunds

Hi anand76. The easiest way for us to tell how good these deals are and in turn if there is any room left to negotiate is to take a look at the selling prices that these leases are based upon. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. I personally would never lease a new vehicle without knowing how much the dealer was charging me for it.

Let us know what these numbers are and I'm sure that either myself or another helpful community member will tell you what they think.

Car_man
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CarMan@Edmunds

Hi cjkbme2w. If I was in the market for this van right now, I personally would shoot for a selling price of $500 over dealer invoice minus the $1,250 dealer cash that is currently available on it. That puts the target selling price for a 2010 Odyssey LX at around $24,256. Using this payment as the van's capitalized cost will shave a little off of the advertised payment.

Car_man
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imgdoc

I was offered the following in New England

2010 Honda Odyssey EX
36 Month Lease w/ 12,000 Miles Per Year

$17,756.70 Residual Value (58%)
Monthly Payment = $262 w/ $1,800 trade equity down

Is this good!

lasvegasrph

I would say it is very good. Get it ASAP.

The $1800 down as a trade in, buys down your payment about $50/mo. over a 36 month lease:

So........$262 + $50 = $312/mo. + tax (if you did $0 down/sign & drive)

All-in-all, I think you are right around a great deal. I was able to get to $309/mo + tax ($0 down, sign & drive, no money due at signing) and I know for sure, the dealer made almost no money on my deal.

bgiese

I'm thinking of getting a 2010 EX-L. Have 10 months left on current lease (2008 Odyssey EX).

Stopped by dealer to see what kind of deal might be available. I figure that I have about $2,000-$3,000 in equity in current 2008. (Payoff is $19,800 but only has 29,500 miles and is in excellent condition).

Dealer appraises my van at $19,000. Negative $800 equity. Tells me he can do the $0 dollar deal on the EX-L with RES for $499 a month. I just smiled and said no thanks.

By the time I had gotten home he had called and offered me $19,800 for my trade. I still think it's worth at least $23,000. I haven't called them back, yet. People have told me that KBB is a little high on trade-in figures, but I don't see how my 2008 could be valued at less than $20,000.

I'm hoping to get the EX-L with RES for under $450 a month. I hope that I have enough equity in my current lease to get that deal somewhere.

rashidk

I have been offered a monthly lease for a 2010 Odyssey EX'L with RES, no NAV for 415/month with 1400 due at signing for 36 months at 12k/yr (all taxes inclusive). I did not know of this site until after I committed to the dealership and put down 500 dollars. Now that I am here, I am getting the feel that I may have done better. Can someone here please advice on what is the best price I can coerce out of a dealership for the above model? and if it truly is significantly different, is there any way I can get my 500 dollars back and take my business elsewhere if need be. I would greatly appreciate any and all input. Thank you; oh and btw, I live in CT.