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2013 and earlier-Honda Odyssey Lease Questions

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Comments

  • dlee300zdlee300z Posts: 8
    What does everyone think of this deal. A touring for only $429 a month? WOW!!

    2008 Odyssey Touring with DVD RES & Navi Featured Special Lease
    $429.00 per month for 36 months. $2,999.00 total due at signing.
    Includes down payment. with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
    Show Details
    FEATURED SPECIAL LEASE: Closed-end lease for 2008 Odyssey Touring with DVD RES & Navi, Automatic Transmission (Model RL3898KW) for $429.00 per month for 36 months with a $1,975.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,999.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee and capitalized cost reduction, with no security deposit. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify.

    Subject to limited availability. 03/04/2008 through 04/30/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2008 Odyssey Touring with DVD RES & Navi, Automatic Transmission vehicles (Model RL3898KW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $40,645.00 (includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $35,809.43. Dealer contribution
  • berkut027berkut027 Posts: 22
    Definitely not a good deal, in my opinion. You should be able to lease a 2008 Touring at invoice without any trouble, maybe more like $500 or $1000 under if you are a good negotiator or catch a dealer at an opportune time (end of month, lots of inventory in stock, etc.). Invoice on this car is $36,214 + $635 destination = $36,849. You're paying $1975 in cap cost reduction, so the net cap cost at invoice would be $34,874. This lease has the net cap cost at $35,809.43 which works out to $935 over invoice.

    I leased my Touring in January, when the market was a bit less favorable to buyers than it is today, and got mine for (effectively) $200 under invoice. (I paid $500 over invoice, but they gave me about $700 over market value on my trade-in, so my effective net was $200 under invoice.) This is in Seattle, which is not a very favorable region for buyers--CA, OH, NC, Wash, DC and FL seem much better. I'd expect almost anyone could lease a Touring right at invoice today, without heavy negotiating.

    Finally, be careful about thinking of this as "a Touring for $429 a month." This is a Touring for $429 a month before taxes, title and fees and after a $1975 cap cost reduction (essentially a cash down-payment). You can lease a Touring for $1 a month if you are willing to pony up $36,000+ in cap cost reduction. So all the ads you see from Honda and other manufacturers touting what seem like attractive lease payments should be carefully examined for the amount of cap cost reduction you are making--it's trivial to come up with outrageously good lease payments if you are putting in a big cap cost reduction. There are also taxes, title and fees to be paid on top of $1975 cap cost reduction + $429/month lease payments.

    And this is a more minor point, but you should be able to roll the $595 acquisition fee into the lease payments rather than paying it all upfront. No real difference in $ paid, but at the very low money factor Honda is offering, it makes sense to "capitalize" (or roll into the monthly lease payments) as much as you can rather than paying for fees like this in cash upfront. This is a slightly sneaky tactic used to make those monthly lease payments look smaller.
  • delta737hdelta737h Posts: 603
    I'm from Ohio where taxes are levied against the total payments and collected upfront. Because the cost of money is low, I opted to roll in (i.e., capitalize) all my initial costs except tile/reg fees. Described below would be my offer if I were to lease an '08 Odyssey Touring...

    2008 Honda Odyssey Touring Lease Proposal

    Retail Pricing Information

    Base MSRP 2008Honda Odyssey Touring…...… 40,010.00
    Destination Charge…………….…………….…… 635.00
    MSRP………………………..…………….…..…… 40,645.00

    Selling Price

    Agreed Upon Value………………………….……… 34,821.36

    Amounts Financed (Capitalized)

    1st Month’s Payment……………………………… 459.00
    AHFC Acquisition Fee…………………………… 595.00
    Medina Sales Tax @6.50% x 430.06 x 35..….. 978.39

    Capitalized Costs

    Gross Capitalized Cost……………….……… 36,853.75
    Capitalized Cost Reduction………………. 0.00
    Adjusted Capitalized Cost…………………… 36,853.75

    Residual Data

    Residual Factor………………….…………. 0.55
    Residual Value (Residual Factor × MSRP) . 22,354.75

    Cost of Money/Term

    Money Factor……………….……….…… 0.00095
    Term (months)………………….………… 36

    Lease Payment Itemization

    Base Monthly Lease Payment…….… 459.00
    Taxable Monthly Lease Payment…….. 430.06

    Estimated Charges Payable at Lease Origination

    License, Title, Registration Fees…….. 125.00
    Amount Due at Lease Signing..…..… 125.00

    Fund Provider: AHFC
    GAP Coverage: Included
    Annual Mileage Allowance: 12k
    Disposition Fee: None
    Excess Mileage Charge: $0.20 per mile
    Reg. M Disclosure: NA

    There's just one problem... I'm using the MF/residual factor from Honda's special lease offer and have deducted the $2k manufacturer to dealer cash incentive from the invoice price. My guess is that if I want Honda's subvented MF, I'll have to agree to the terms set forth in their lease promotion that you described. Essentially, they're selling this vehicle for 37,804 (35,809 + 1995) or about 955 over invoice.
  • matcatmatcat Posts: 1
    Yesterday I entered into a lease for a 2008 Honda Odyssey EXL with RES for 510 per month tax included. 1,800 down 12,000 miles per year. The leasing agent stated that honda does not lease their vehicles for less than MSRP due to the fact that their money factor is so low (0.00095 ie 2.28%).
    I have seen other lower numbers on here and I was concerned that I was "taken". Using edmunds Lease calculator I felt originally ok with the deal. If I was taken how long do I have to re-negotiate or am I screwed?
  • berkut027berkut027 Posts: 22
    Honda dealers certainly lease Odysseys for less than MSRP. They may not be willing to go under invoice, but that's up to the dealer, not Honda.
  • shoop05shoop05 Posts: 3
    I leased a 2008 EXL on Saturday for $150 below INVOICE! You did pay too much, if the dealer has any kind of return policy, I'd take it back and go shopping for a better deal. You don't have to look very hard to find a dealer willing to get you close to invoice, then if you push a little harder you can get them to go below invoice.
  • cbspringscbsprings Posts: 11
    I am in Maryland about 20 miles from Rockville, MD. I am looking for a reputable dealer that someone can recommend to lease a EX-L w/DVD.
    I am turning in my 04 EX-RES since I can't re-new the lease. What is the best deal someone has gotten in this area? Can you include the best negotiated price, residual value and money factor. I want to put ZERO down ! I am looking for 15,000 per year for 2 or 3 years. Please be sure to include destination charges. I don't need to pay a security deposit. Thanks in advance!
  • lexinterlexinter Posts: 2
    hey, it seems like its a great deal. which dealer? i been looking around but closest is $385 plus tax without navi and 12000/yr.
  • js76js76 Posts: 4
    Of all the lease deals I read about I don't see any negative equity situations and so for all of the many honda dealers that I have communicated with (GA, AL, FL)...NO ONE wants to give me close to trade-in value on my Nissan van. they quote me around 5K negative equity and I want to lease an EX Honda Odyssey. Any feedback or advice. PLEASE!!!!!

    Had the van for sale in autotrader, local papers for 6 months....
  • noochsnoochs Posts: 1
    I am about to pull the Trigger in Central New Jersey on and EXL with RES + NAVI as soon as tomorrow morning. Please let me know if this is a good deal.

    $2400 out of pocket including first months payment.

    $405 a month including taxes 12,000 miles/36 Months
  • 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.
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