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2013 and earlier-Honda Odyssey Lease Questions

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Comments

  • Yes Honda has, joeyg. Honda Finance's February buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX-L RES with 12,000 miles per year are .00190 and 62%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi,

    I was just quoted $408/month for 36months on a 2011 EX-L. That includes NJ taxes only. The upfront costs are as follows:
    $595.00 Bank Fee.
    249.00 Documention Fee
    408.00 1st Months Payment
    302.50 Motor Vehicle Fees
    7.50 Tire Tax.

    Is that a good deal or is there room for further negotiation?
    Thanks!
  • Anyone have advice regarding this?
  • jacknibbs,

    if you add up all of your out-of-pocket costs listed above it comes out to $1565. Add that to your remaining 35 payments of $408 each and divide the new total by 36 to get your real monthly cost = $440.14.

    I'd say that you did better than riztake who took a 2011 EX-L for $458/month with no money out of pocket from the PA dealer!

    I don't know if there's room for negotiation since lease programs differ by country regions. I live in FL and I haven't been quoted anything better than either one of you folks.
  • Riztaze's deal was for an EX-L with RES for 458/month. According to couple people, RES option is about $30-35 per month. So ideally I guess I should be looking at $420-425/month for an EX-L with no money up front. Will work on it and see if I can get any dealers to come that low.
  • Just signed my deal Saturday for a 2011 EX-L $0 Sign and Drive for $410 a month. The reason being is that I have a 2008 EX-L due off lease March 1st. The payoff combined with the low mileage enticed the dealer to purchaase the vehicle with two week left. Some of the equity built up in the van so he will see additional profit when he sells the used 2008 EX-L which they gave me some of the benefit on my new lease. The lowest price before this option I had received was $439 a month.
  • Jacknibbs,

    Who was the dealer that gave you that lease deal?
  • Was originally offered that from DCH Paramus Honda but almost every dealer in the area is willing to match that deal.
  • gene00gene00 Posts: 113
    The $249 documentation fee is saying "give me 249 dollars to print out the contract". It should always be negotiated away in a car deal. Same for getting a mortgage. You could offer up $1 for their ink costs if you're feeling generous.
  • Car_man,

    Can you please post buy rate and residual for a 36mos lease, 12k miles per year lease on a 2011 Honda Odyssey Touring? Thanks.
  • I just got my van last night (Lansing,MI), this is the deal I worked on for two weeks. Using other dealerships (internet reps) as a way to work it down from orig 498/month (nothing out of pocket - except my old lease).

    EX-L w/RES:

    -They bought my lease (2008 w/35500 miles, great cond.) and payed last payment ($365). They bought it at $2000 over the buyout price, which was placed in the deal for my new one, whiched helped bring down the cost.

    -No money down (I mean nothing out of pocket), they payed my first month.

    -398.83/month
  • I think I know how ristaze did it. Its very possible, economically. You bargain for the LX promotion applied to the EX-L RES.

    Going in tomorrow to try to cut a deal for the EX-L w. RES. I worked out what I think is a good deal ahead of time. I think this is a reasonable deal that any dealer would accept- what do you think:

    purchase price $34,000.00
    acquisition fees $595.00
    document fee $249.00
    title $60.00
    registration $84.00
    net cap cost $34,988.00
    residual value (66.00%) $22,440.00
    depreciation $12,548.00
    money factor 0.001285
    term (months) 36
    monthly base $348.56
    monthly finance charge $73.79
    taxes $29.56
    monthly pymt $451.92

    Some wiggle room on the doc fees of course- and NJ DMV fees can double if they make you register all 3 yrs in advance.

    Money factor and residual are wildcards. They could push it higher than 451/mo. But no money down.

    I have an in at the dealer. I think I can pull it off if I offer to take delivery asap.
  • Where are you getting that residual and MF value from? I believe the residual on EX-L w/RES is 63% and the MF is .0018. If you can pull off a higher residual and lower MF, that would be an amazing deal.
  • Well, that didn't quite pan out the way I hoped. While I managed to get the sales price down to $34,900, they did not budge on the MF and residual. MF is .00190 and residual is 62% of MSRP, $36,830.

    So, bottom line, I managed to get it for $513/mo. no money down. After they applied my trade in, ($4000) my payment is $398/mo. for the EX-L RES. I am happy with that result since my trade is is 8 1/2 yrs. old and was due for about $1500 worth of maintence in the next 6 months.

    Since the demand is high for Odysseys, they aren't inclined to deal. They can't keep them on their lot, and and usually have a wait. I took delivery today of the only EX-L RES they had. I live in Southern NJ, outside Philadelphia.

    They said if I was buying an Accord, they would have bent over backwards and gave it away. So there are some major deals to be had with Accords.

    But I have to say the EX-L is an amazing car. Easily worth the money @ $500/mo. This coming from a cheap bastid who drove his last car for 8 1/2 yrs!
  • Money Factor and Residual are set by the finance company, not the dealer, and as such can not be negotiated.

    If the dealer marks up the money factor, you have some bargaining room to get down to the buy rate if your credit score supports it.
  • I am trying to negotiate the best lease deal on a 2011 Odyssey EX-L with RES.
    I am in NYS. MSRP is 36,830. Selling Price: 33,500. Lease would be 453 month for 36 months,
    with 1,000 out of pocket (which covers first payment)

    I tried to work the dealer down on the payment, as I would like to keep it closer to 425, they said they couldnt do anymore. I just got a quote from a dealer out of state, not too far though. Exact same van, but selling price is 32,692. Lease payments 428.76 with 761 due at signing.

    My question is, should I present this quote to the dealer I was working with or because its from an out of state dealer, would it be pointless?
  • dwynnedwynne Posts: 4,018
    I would ask the closer dealer to match the selling price. If they will not, is it work $800 to make the round trip to get the out of state van? Probably is. Just make sure MF, fees, taxes, etc are the same - just a lower negotiated price.
  • dwynnedwynne Posts: 4,018
    Does anyone have the MF and residual for an EX-L with NO RES or NAVI?

    Thanks,
    Dennis
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    edited February 2011
    Hello midnightblue. Honda Finance's February buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey Touring with 12,000 miles per year are .00190 and 60%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hey Dennis. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX-L with 15,000 miles per year are .00190 and 61%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Do you know what the February MF and resid % for 12,000 mile lease for 2011 Odyssey Touring Elite?
  • dwynnedwynne Posts: 4,018
    Thanks car_man,

    I assume that the ex-l would lease for 36/12k for 0.00190 and 63%? You quoted 36/15k for 0.0090 and 61%.

    Thanks
  • midnightbluemidnightblue Posts: 22
    edited February 2011
    Thanks Car_man! That matches what the dealer gave me. Picking the car up on Monday.

    36mos lease / 12K miles per year

    2011 Honda Odyssey Touring
    MSRP $41,535
    Capitalized Cost $38,300
    Acquisition Fee $595
    MF .00190
    Residual 60%
    $509.42 monthly payment (pre-tax, +9% for PA)
    $173.95 tag transfer/title fees
  • scdgoofyscdgoofy Posts: 22
    CarMan,
    Welcome to March! I'm looking to pull the trigger on a '11 Odyssey EX-L w/ nav lease within the next week. Do you have Honda's rates and residuals for March? Looking at 36 months, 12k miles.
    In in Southern California.
    Thanks so much!
    -Steve
  • shockerxshockerx Posts: 4
    Just signed for our Touring on the 28th.
    36 mo / 15k per year
    $37,695 total cap cost
    $863 at signing for fees and first months payment
    $538 per month

    Paying $1 less per month than for our 2008 Touring and I had to put $2500k down on that one.
  • peruggiaperuggia Posts: 6
    Hello all, I am being told that the money factor for March is now 0.00187, and the residual has dropped from 63% to 60% for the EX-L with navigation. Does any one if this is true. I am getting quoted from a dealer in Philadelphia a cap cost price of $34092 for this vehicle. Lease price is $1500 down, and $467 a month including the outrageous 9% lease tax in Pa. This a 36 mos. 12k/yr lease. Any feedback would be appreciated.
  • dwynnedwynne Posts: 4,018
    The dealer can't change the residual, so unless they told you wrong that is what it is. The MF can be marked up by the dealer for extra profit and/or you did not qualify for the top tier rate (or they did not quote you the top rate). Feb Ody sales were up 17.9% compared with last Feb, and YTD is up 28% over the first 2 months of 2010. So I see no reason for Honda to offer discounted lease deals on the Ody right now...
  • lookin41lookin41 Posts: 5
    Hi Car_man and kyfdx:

    I wanted to first thank you for hosting this forum and for all of the help you provide - this in an indispensable resource for leasing a vehicle and is very much appreciated.

    I have a 2008 Odyssey that is maturing this month and I'm going to be leasing a 2011. Because of low mileage and the condition of our 2008 we have around $2,245 equity when comparing the purchase option to the current trade-in (according to the Edmunds trade-in appraiser). How exactly does that work with a dealer? Will the dealer give me that equity when I turn in the 2008 toward a 2011 lease or would I actually have to do a purchase and then trade it in (I hope not)?

    Also, could you post the March residual and money factor for the following two 2011 Odysseys? And are there any marketing or lease support programs that you know of for March (probably not due to strong sales but I thought I would ask)?

    - EX
    - EX-L w/RES

    Thanks again for all the assistance you provide!
  • Any equity on trade can be used as cap cost reduction. No need to purchase. I had same situation last week with about $1200 equity on our low mileage 08 Odyssey Touring. Don't expect to get what Edmunds says your car is worth however. We chose to use our equity to cover inceptions and the balance as cap reduction. Our 08 had 54% residual and the 11 leased at 60% so I don't expect any upside when this lease comes up.

    Any +1 on your remarks about Car_man. He provides tremendous value and his time and dedication are most appreciated.
  • tolcorptolcorp Posts: 6
    Hi,
    I am new on this forums. I am looking at the EX-L with Navi. What is the best deal you have seen or gotten for this? 36/12K.
    The dealer I went to yesterday offered me $425 + taxes, fees,dmv, etc
    I did not get a chance to find out how much it would be if I only paid 1st payment + dmv

    Any suggestions would be really appreciated.
This discussion has been closed.