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2013 and earlier-Honda Odyssey Lease Questions

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Comments

  • dylrexdylrex Posts: 59
    edited July 2012
    Hi Car_Man.

    I see Honda increased the dealer cash this month to $1,250.

    Can you please tell me the buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey EXL-RES with 15,000 miles per year?
    Thank you!!
  • brycalbrycal Posts: 3
    I was quioted $340+ tax for a 36mo/12k lease on an EX, nothing out of pocket. The nationally advertised deal on an LX is $310. Do you think it is realistic to get the EX for the nationally advertised LX price of $310 - how much cushion is usually built into these advertised deals?
  • jfn1000jfn1000 Posts: 22
    Yes, it just may be. I'm in Mass. and Weymouth Honda iffers it at a no haggle $311 including Mass 6.25% sales tax with a total of $657 due at signing. Pretty good deal for those that don't like to haggle!
  • Including the 8.25 sales tax in the Bay Area (Ugh!) and including everything for a three year lease on my no RES or NAV, dark cherry colored 2012 EX-L Odyssey, I paid $14872.23 in a "one pay lease payment" on June 28, 2012

    I like the car very much, but am wondering how I faired. I've never done the lease thing before. Can you let me know?
  • ok, I got quoted $398 for a 15k 3 yr lease with $2500 down on a EX-l RES.

    Is anyone getting better? Because with tax, its almost $450.

    Does anyone have experience doing the Costco thing?
  • awinnerawinner Posts: 22
    edited July 2012
    I'm in a 2010 Odyssey now...allegedly the dealership has an exchange program going on. Our current lease is not up til April 2013, but they said they would take back our old Odyssey and take care of payments (9x455.00) and put us in a 2012 Odyssey EX-L with RES. $458/month including tax (what we are currently paying on our lease), with 0 down / 0 drive off / 0 due at signing, with 12,000 miles years for 36 months. Metallic/Truffle. Please let me know as I want to do this by Tuesday as our next payment is due on Thursday.
  • Got same offer. Traded in 2010 Odyssey EX with 25500 miles on it in for 2012 Topaz/Truffle EX with roof rack. They paid last 9x$365 payments remaining and let me out the door for $325+$20 for taxes a month = total monthly payment $345 with zero down, no out of pocket.
  • sgtssgts Posts: 2
    Not certain we got the best deal, but we are comfortable with it, but I'd love to hear feedback. It was definitelya whole new car buying experience.

    Honda oddy ex-l with res. Everything 36 k/36 mo, taxes, random dealer fees for $15,000- at some point during the negotiations I lost track of many of the specifics (horrible I know) ... We got max value for our trade 28,000, we owed 8,000 and they wrote us a check for $5,000. We decided to do a one pay lease.
  • scottcarascottcara Posts: 8
    Before I sign, wanted to determine the deal is good or not with this team's guidance.

    EX-L w/RES 0/0/0 Silver
    15K/yr 3 YR
    MSRP $38,058
    SP $34,014

    $498/Month
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hey dylrex. Sorry for the delay in my response, I was away on vacation.

    You're absolutely right about the dealer cash.

    Honda Finance's July buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey EXL-RES with 15,000 miles per year are .00063 and 52%, respectively for consumers who qualify for its "Super Preferred" credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • sgtssgts Posts: 2
    Jut leased for the first time, and I'm geting an uneasy feeling about everything. As stated previously. They said they would give us $28000 for our trade, we owed 8,000, they would cut us a check for $5000- after we did a one pay of the $15,000. AFTER going through all our paperwork again, I realize I have nothing in writing that says how much they were giving us for our truck (it does say they are taking the $15,000 from the truck) and nothing showing the amount they need to pay off and to who (now I know we filled out the paperwork stating the pay off information) BUT, we personally have nothing stating these two things, am I just over thinking it?
  • btw01btw01 Posts: 2
    Hi Car Man,

    Can you tell me what the August money factor and residual % is for the 2012 Odyssey EXL w/ RES on a 12k 36month lease for top credit rating, please?

    These factors are set by Honda, correct? I also understand they still have the $1,250 dealer cash for August as well, correct?

    Thanks,
    Brad
  • btw01btw01 Posts: 2
    When calculating the lease price, one of the factors is the residual value which is calculated as a % of MSRP set by Honda. My question is that when you add on options such as splash guards, roof rails, doorsill garnish, etc., does this increase the MSRP value that the residual % is applied against?
  • kyfdxkyfdx Posts: 31,120
    Nope..

    MODERATOR
    Prices Paid, Lease Questions, SUVs

  • delta737hdelta737h Posts: 603
    edited August 2012
    btw01,

    Usually after market add-ons or dealer adds are not fully residualized if at all. Fund providers know that dealers inflate the cost of add-ons and so they don't allow the add-ons to be fully residualized. For instance, if a dealer-installed moon-roof retails at $2,000, the fund provider may only allow $1,200 of that amount to be residualized. So, $1,200 would be added to the MSRP to arrive at the adjusted MSRP and the residual value would be computed based on this adjusted MSRP using the prevailing residual rate.

    Hope this helps.

    John
    TheAutoLeaseGeek
  • klockboyklockboy Posts: 26
    Hello:

    Can I please get MF and Residual Value on a Touring Elite. Lease will be for 36 months with 15K/Year.

    Thank You for this great service you provide.

    Best,
    Tom
  • Trying to get some feedback I just sold my 2006 Sienna that was bought for $38K. I sold it for $10K and didn't pay any finance charges. I figured the $28K depreciation over 6 years at 13,500 miles per year driven (car had 81K miles) works out to be about $388/mo in usage costs.

    If I lease, I would be paying $498/month for 36 months at 15K.

    If I buy the Odyssey at $34K, put down $10K and finance $24K, the 0.9% rate will give me a payment of about $400/mo.

    Aren't we always better off financing than leasing? What am I missing? The interest rate on the $ in the bank being left vs. 0 down on the lease is marginal when they are only giving 1% on savings.
  • gene00gene00 Posts: 113
    edited August 2012
    You didn't say how many years you'd be financing the car if you bought it, is your $400/mo payment also for 36 months?

    5 years of ownership is about the break even point for lease vs purchase, over that a purchase usually wins. Since interest rates for purchases are currently so low (if you qualify for the .9% vs something like 3.2 % for leasing), if you can get it around $31k, I like the idea of the purchase. Plus get the longest offered extended warranty (before you hit 6k on the odometer) from one of the national discount honda dealers, and drive your car for as many years as you can stand (lets say 7 or more), you are way ahead of the lease.

    On the other hand, if you'll want a new one when the 2016's come out, by all means lease it.
  • Thanks Gene, I appreciate those comments. My thought was regardless of the payment in financing it is cheaper to finance always rather than lease...Even if I wanted to sell the car I should be able to do better than the residual value in every case right?

    Selling the 2012 Ody in 2016 would still net me a better value if I hold title, right?
  • robrothrobroth Posts: 26
    edited August 2012
    There is no ALWAYS.... whether it's 'always better to purchase than lease' or 'always can sell for more than the residual'. It's a case by case thing and nobody has a crystal ball to know what a vehicle will be worth at the end of a lease. I can tell you in the case of my wife's 2008 Pilot, we came out WAY ahead leasing. 0.7% interest on the lease vs 3%+ buying and I sold it at the end of the lease for $7K over residual. Even if you wanted to buy, it literally would have been cheaper to lease for 3 years then buy with the 0.7%. Even if you had cash, banks were paying out more than that in interest.

    I then leased a 2011 Odyssey for my wife. I have absolutely no idea how this one will turn out. There are no absolutes in lease vs buy, you need to evaluate each case and even then you can only guess how much the vehicle will have depreciated by the lease end.
  • Thank you very much. I need some advice on final lease figures.

    $498/Mo EX-L w/Res 0/0/0 15K/36Mo or
    $549/Mo Touring 0/0/0 15K/36Mo

    Is the Touring worth $51 more per month?
  • mrthnmanmrthnman Posts: 20
    I'm in the market too ...what does 0/0/0 mean , no first month payment ? sales tax included ? which dealer gave you this quote ?
  • robrothrobroth Posts: 26
    is it worth $51 more a month? $1800 over the lease lifetime? Only you know if it's worth it to you. Look at the extras you get with the Touring and decide if they are worth $1800 out of your pocket. I got the touring for my wife as I felt the extra options were something that would make her life easier with the kids and for long family trips. I thought the Elite was overkill, split screen TV with one DVD for each kid is kind of ridiculous, but having the "rear entertainment system" has been a life saver on more than one occasion.
  • Hi hoping someone can help. EX-L no nav, no res. MSRP is 35.8k.

    I'm pretty close to buying.

    The deal is 32,700 (w/Destination) then subtract the $1,250 cash.

    That feels like a decent deal to me - below invoice before incentives.

    But what I can't figure out, is that people are getting pricing much lower - like 31,500 before incentive.

    I think there is only 700 in holdback on the van + 350 in HDAG. I think I'm giving them a profit of about 600 bucks - that is fair.

    Most of the really low prices that I have seen are in states with sales tax (oregon is not).

    Does anyone know if dealerships go lower in states with sales tax?

    Any other advice - if I'm within $200 bucks of a great deal, that is fine.

    But I don't want to be $1,000 off.

    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Greetings Brad. Honda Finance's August buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey EX-L with RES and 12,000 miles per year are .00063 and 54%, respectively for consumers who qualify for its top credit tier.

    The buy rate is the lowest possible money factor that the dealer can use to calculate your lease payment, but dealers are sometimes allowed to mark vehicle's money factors up to add additional back-end profit to deals. Honda dealers aren't notorious for doing this like say BMW dealers are, but it's still something to keep an eye on.

    Yes, Honda is currently providing $1,250 dealer cash on this van that you should take into account during your negotiations.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    You're very welcome, Tom. Thanks for the recognition. Honda Finance's August 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 .00063 and 50%, respectively for consumers who qualify for its top credit tier.

    When negotiating your deal, make sure to take advantage of the $1,250 dealer cash that is currently available on this van.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi jacobbbeam. A selling price of under dealer invoice minus the available dealer cash is a very good deal on a leased Odyssey. Just make sure that the dealer is using Honda Finance's buy rate lease money factor of .00063 (top credit tier) to calculate your payment and you're in business.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • klockboyklockboy Posts: 26
    Thanks Car_Man.

    Truly the best place on the internet to get relevant information regarding the purchase of a car. An invaluable resource.

    Tom
  • brycalbrycal Posts: 3
    I am looking to lease an Odyssey EX in Main Line/Chester Couty Philadelphia area. Has anyone recently purchased/leased in this area and can you recommend a dealer?

    Bryan
  • eraweraw Posts: 1
    Looking to lease EXL in the RI area (but willing to travel to nearby CT, MA or lower NH). Looking for any recent lease deals in this area.
    This will be our first lease and have found this forum to be invaluable in helping to understand negotiating a lease. A few questions: 1. For those who have recently negotiated, how did you use the 1250 dealer cash incentive in your negotiations? Did you bring up the dealer incentive once you almost agreed on a final price? 2. We are seriously considering carwoo to use for the negotiations. For those who have used carwoo (or any type of internet sales), is it advantageous to mention you are looking at a lease before or after you negotiate price?
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