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2013 and earlier-Honda Odyssey Lease Questions

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Comments

  • coupedncalcoupedncal Posts: 252
    Couple of things. First of all, you need them to give you the selling price and all other details. You also need to provide sales tax in your area, etc so someone here could evaluate the lease for you. Also, do note there is no EX-L with Navi and DVD. It comes with either one or the other. So you are either looking at a touring model or the DVD is possibly after market. Just clarify this one to be sure dealer is not selling you something else.
  • friguy3friguy3 Posts: 8
    So yes, the EX-L they offered my wife was an after market DVD, I said no thank you. Thats why I went with the touring, and eventually the elite. I dont have the sales tax and all that in front of me sorry, havent signed yet (long story, its in a lot that they have to get it from on monday or tue) oh well. My wife started with close to 700/mo so now 610/mo I assume is good. thanks anyway...
  • coupedncalcoupedncal Posts: 252
    You probably are not looking for any more feedback from us but i will pass this info on just in case. Your best bet is to lock down on the price first and then put the price in one of the lease calculators like this one below and see if your payment matches what these calculators give you. If your numbers don't match, you can be sure they are charging you unreasonably high selling price or not offering you optimum money factor (interest rate) for increased profit.

    http://www.leaseguide.com/calc.htm

    Just my two cents.
  • cbeddycbeddy Posts: 1
    Any insight as to what the numbers might do in April? I know the Honda offer is good through the end of April, so I wondered if the money factor/residuals would stay the same through next month. Would like to take my time to work a deal instead of rushing to get something together in the next few days before the end of March.

    I'm new to leasing, so should my target sale price be similar to what others are paying to finance an EX-L?
  • bonefishpaulbonefishpaul Posts: 11
    edited March 2012
    Would anyone happen to know the residual values for a 36 mo. lease on an EX and EX-L with 15K miles? What about the money factor? Looking to do something this weekend if the numbers look good. Thanks :)
  • coupedncalcoupedncal Posts: 252
    I can tell you what the numbers are for 12k miles. 15k would be slightly lower.

    LX and EX are at 60% based on current honda special
    EX-L are at 57%
    EX-L Navi are 56%
  • jayfanjayfan Posts: 1
    i recently leased a touring model in CA 3yr/12K miles for 37,350 .00103 MF, and 54% residual. i put $0 down and got a monthly of $528. what do you think of these terms?
  • newodyleasernewodyleaser Posts: 1
    edited April 2012
    I used this site for research so figured I would contribute back to help others. Just leased a Black EX-L NAVI at 12k/year in Boston area. I think I got a really great deal (not sure what others think) using Carwoo and a really nice dealership:

    Sales Price: $32,452 (inc dest)
    Acquisition Fee: $595
    All Other Fees :$448 (includes reg, title, docs, inspection)
    Residual: 56% off the $37,685 MSRP = $21,103.60
    MF: .00103 (they made a mistake instead of using .00115...but they honored it)
    Sales tax in Mass is 6.25%
    I put $3000 down to reduce the cap cost

    Bottom line: After paying the fees, down payment and tax I basically walked out paying $3,635.50 with a monthly payment of $319.94. Honda picked up the first month and the dealership is covering my first oil change.

    Not bad, right? :-) The sales manager was fantastic - got what I was looking for and just made it a smooth transaction.
  • Car Man or Kyfdx,

    Can you please let me know the residual, money factor and if there are any promotions going on right now for a 2012 Touring Elite? Also, I have a 2009 Odyssey coming off of lease. I understand there is a $2K promo and another $1K promo or something like that?

    Thanks a bunch!
  • mpapajmpapaj Posts: 1
    I was offered $5500 for my trade in, $0 down, 36/mo @ 12K/miles per year = $440/month, 1st payment made by Honda. Good deal or do I need to provide more info?
    Also - I asked to up the mileage to 15K/yr and was quoted $469. Seems too high, so I countered with $450/mo and the dealer balked.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Sure unbrokenpete. Honda Finance's April buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey Touring Elite with 15,000 miles per year are .00115 and 52%, respectively for consumers who qualify for its top credit tier.

    Honda is currently providing a $500 dealer cash incentive on the '12 Odyssey plus it is waiving the first month's payment on leases of it. You should be able to negotiate a dealer discount on top of that.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hi -
    I am in Rochester, NY. I am looking to lease a new 2012 Odyssey, LX in Smokey Topaz. I have a 2006 Honda CRV EX to trade, with 106,000 miles and I owe $3,923. (this was a previous lease buyout from the same dealer I am working with for the Odyssey) Here is what they are telling me, and I will try my best to explain as I am still trying to wrap my arms around the terms:

    Cap Cost is $32,995
    (price of van at $32,455 plus $595 acq fee and $75 DMV fee)
    Cap Cost reduction of $4,874
    (they are offering me $9,800 allowance for my trade - minus what I owe and using a portion for taxes and "other fees" which they say total around $1,315.) I am confused here as the numbers don't seem to add up.
    Nothing out of my pocket, and Honda will pay the first payment.

    This is for a 15,000 mile a year lease. They say the residual value is $18,823. They are "throwing in" the cargo tray and all weather mats.

    Payments will be $312 a month for 36 (really 35) months. There is a good chance I will buy it out in the end.

    I think I need to negotiate the base price of the car, because they are charging me MSRP. I don't know how to do this, and I am a woman, single mom to three kids, including newborn twins - I just really feel like I am being taken for a ride. I am questioning them about the numbers and they seem very fuzzy about it all. I don't know what to do. I want the van, but I feel like I am not getting full value of my CRV, plus they are charging me full price for the van. I called another dealership and they said it was a good deal, but I am not convinced.

    The adverstised deal they are offering is $287 a month for the EX with a $12,000 mile 36 month close end lease. $1,500 trade or cash down, fees, first payment, taxes due at signing. Honda pays first payment.

    Any suggestions?? The current deal ends by Monday, and I want to make a decision today or tomorrow.

    Thank you for your help!
  • coupedncalcoupedncal Posts: 252
    First of all, these numbers match an EX and not an LX. Assuming that is what you are getting, here is what you need to do.

    (1) Start afresh. Do not follow through with this deal.
    (2) Go to cars.com and contact dealers in your area. The reason i prefer third party site is you can send a message to the dealer whereas from honda's website, you cannot send a message to the dealer and that puts the ball on dealers' court to play in their favor.
    (3) In the message, state you want an EX in the specific color and you are willing to pay xxx. The amount should be Invoice minus at a minumum $1000 to account for factory rebate. Others here have done much better than this but that will require negotiation skills.
    (4) In the message, do not mention trade or first payment credit. Just get them to agree on the price.
    (5) Once the price is agreed, mention your trade and tell them exactly what you want for it.
    (6) Once the trade is agreed, then mention that you want to lease and give them the money factor you want them to give you. Money factor is published here on this forum.

    It is approaching end of month so there will be extra incentive for dealers to meet your price. Don't stress over this and enjoy this experience. Remember, if you ever feel the dealer has the upper hand in the transaction, just start again with new dealer.

    Hope this helps.
  • It does, thanks. It is an EX, I made a typo. Can I ensure that cars.com won't contact the same dealer? Where on the forum can I find the money factor?

    And - for my trade, at what point do I mention that I owe money on it?? After they agree on a trade price for me?
  • coupedncalcoupedncal Posts: 252
    Cars.com actually work the same way as honda website. You pick the dealer to contact. Except as I stated, on cars.com you can actually type a message whereas on honda website, you can only provide your contact info. the message from cars.com goes to dealers' internet dept so you skip all the games that salespeople on the floor play. And you also can get a lower price this way as internet dept sells more cars and they expect to make less commission per car. That's what i have heard and this came to be true when we bought an Ody a month ago.

    As for trade, you should mention the loan balance once you have settled on the purchase price and you have moved on to trade pricing negotiation.

    Lastly, i am hopeful others here can chime in on money factor for April. Ours was bought in March so it won't be applicable any more.
  • Hi All

    This is the first time I am going to lease a car and try to do things correct.

    Here the details I have so far. I went to 2 dealership and there were difference between them, one told me $437 and the other $ 380 a month. Yesterday I found this forum and I hope someone can help me.

    I am looking for 2012 Odyssey EX-L with these terms:

    1. $5000 down payment
    2. 36 month lease & 12k/yr

    I would like to know how much should I be paying a month all included, I believe I need to know the fees, Money Factor and Residual value, the tax is 8.75%/

    I really appreciate is there anywhere online or someone can get me the information.

    Thanks again!

    if anyone has leased something like this, would you be kind enough to post up your figures?

    Thanks
  • coupedncalcoupedncal Posts: 252
    Your best bet is to negotiate a selling price first and find out money factor (interest rate) you will qualify for. Once you have that, go to this site and plug in your numbers to get your monthly payment.

    http://www.leaseguide.com/calc.htm

    Your payment should be within $5-$10 of what this site tells you. It likely won't be exact because dealer puts in misc charges that you don't find out about until the day of sale.. tire disposal fee, etc.
  • Thanks coupedncal. I will start as you mentioned.

    Thanks
  • dvsaxdvsax Posts: 1
    Offer was 525 0 down. Tradein is 07 Saturn aura ex w/115k, we owe 11400 still. Or 479 with 1000 down. This suppsed to be best deal they will do by Monday only. What you think?
  • Hi - just wanted to give you a big THANKS and an update...

    I bailed on the first dealer and started over. They gave me a hard time doing that, tried to come back and offer me $30,695 for the van, but then changed the allowance for my trade to $7,500!! That made the monthly payment exactly the same, but they tried to make it sound like they were discounting the van as a favor. AND - made me feel guilty for asking for the mats/tray!! "that is money out of our pockets that we are giving you, you won't find a better deal elsewhere, blah blah"

    Did exactly what you said to do, and this is what I ended up with:

    Odyssey EX with cargo tray and all weather mats
    Selling price of $29,000 (This was my initial offer to them, and I probably should have gone lower......but for my area I believe this is a great price)
    They gave me $10,000 for my CRV, paid off the $3900 I owed.
    Nothing out of my pocket - $226 a month, 36 months, 15K a year.
    No haggling at all, super nice dealer, and it was a fantastic experience.

    It still blows my mind how the other dealer treated me and how I ended up with the same exact van for $3,500 less and more money for my trade, and my payments are almost $100 less per month!! I used leaseguide.com, edmunds, and trucar for my reference numbers. I am very happy. Thanks again!!
  • This is what I finally got after hours of negotiation:

    MRSP: 37455, BASE CAPT COST: 32943, COST: 1927, CAP COST REDUCTION: 4677 (2750 for a 2001 ODYSSEY-EX VAN + down payment of the difference), ADJUSTED CAP COST: 29538, RESIDUAL: 20880, MONEY FACTOR: 0.00115, TERM 36 MO/12K, TAX: 8.75% (too bad)

    Monthly lease: 298.5 + TAX

    What do you think ? I believe I made a good deal for the EX-L with RES and just got it home

    Thanks everyone!
  • If you don't mind me asking, what was your credit score to get that rate? Are you Tier 1 or 2?

    Thanks
  • I don't know what is tier 1 or tier 2? but was 770 with Experian I think they used.
  • Thanks. I'm 720, so i hope i qualify for the same rate.
  • coupedncalcoupedncal Posts: 252
    As far as I know, all scores over 700 qualify as tier 1 and lowest interest rate applies. At least this is what my finance manager told me when we leased couple of months ago.
  • abinitioabinitio Posts: 3
    I got an offer from a local dealer. 1,500 out of pocket, 350 after tax / month. With the current 2009 Odyssey EX, I had 380 after tax / month with same out of pocket. Looks like a good deal for 2012. I'm in NJ and the tax rate is 7%. Can you guys give me an idea whether I should go for this deal? Or do i need to shop further?
  • dr_moreldr_morel Posts: 2
    Hi all

    Just posting the deal I think I'm going to take tomorrow...

    2012 Honda Odyssey EX-L w/ RES
    MSRP $37455
    My Price $33409 (sale sticker, TMV is 34712, USNews Avg price for my area is 34526)
    Fees $1303 (bank, processing, tax, title, license)
    Down payment $5000 (first payment taken out of this)
    Net cap cost $30016
    MF .00102 (was .00092, but got bumped when I had dealer pull out a $890 fee. Is that common?)
    Term 36mo/36k miles

    $333/mo $0 due at signing

    Also, selling a 2005 Prius with 121,300 miles and in fair condition (front bumper cracked, some dings and dents, everything else in top shape for a 2005) for $5775 cash in a private sale. Carmax offered $5500.

    Thoughts?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi justmeplus3. You're absolutely right, you need to negotiate this van's selling price. There's no reason to pay full MSRP for an Odyssey right now. Given the fact that Honda is giving dealers $750 dealer cash on this model right now, f I was in the market for one I personally would shoot for a selling price of right around dealer invoice, perhaps a bit under. You should shop around with a few dealers until you find one that is willing to meet that price.

    You can look up the exact invoice price of the van that you want over in the New Vehicle Pricing section of Edmunds.com. The invoice price of a 2012 Honda Odyssey LX is currently $26,786. So shoot for a selling price of around that or slightly less.

    Using Honda's current lease program, I estimate that a 2012 Odyssey LX that has an MSRP of $29,205 and a selling price of $26,700 would have a zero down, pre-tax monthly payment of around $308...assuming that you qualify for its top credit tier.

    You should treat your new vehicle and your trade-in as separate transactions. This just makes everything simpler and keeps the dealer from clouding up the deal. In fact, it would be in your best interest to have the dealer cut you a check for any equity that you have in your CR-V rather than using the proceeds from it as a down payment for your new lease. Consumers who make large down payments on leased vehicles risk losing part or all of the money that they put down if their vehicle is totaled in an accident or stolen and never recovered.

    I hope that this helps you out. I know from first-hand experience that car shopping with kids in tow is not an easy thing to do :). Good luck and please let us know if you have any other questions.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • helenc1helenc1 Posts: 4
    Hi, any advice for a 1st time lease... looking to lease a 2012 Odyssey EX-L in Miami, FL. Tax 7%. Just went to 1st dealer, offered $475+tax no down.

    I would really appreciate your help. :confuse:
  • dodgehappydodgehappy Posts: 118
    Hi Helenc1,

    I am just starting to work with dealers in the Ohio now on an EX-L lease. I have received quotes so far with 6.75% tax included and 0.00 out of pocket of:
    432.00
    447.00
    485.00

    Hopefully this will give you an idea of what is out there, though I’m not sure how FL deals may differ from Ohio deals but $475 plus tax sounds on the high end.
This discussion has been closed.