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2013 and earlier-Honda Odyssey Lease Questions

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  • Hi, Car_man -

    Your insight is the best. Could you update us on "post March 4th" incentives available and lease rates on a 2013 Odyssey EX-L w/RES? Specifically, is there still $1,500 dealer cash? What is the residual and money factor on a 36 month/10,000 mile/yr lease? Thanks so much for leveling the playing field.
  • On Honda's website they offer a lease for $259 per month with $2999 down or $330 per month with $0 down. For well qualified, not including tax, title and dealer fees.
    I have read some postings where dealers wanted as much as, over $600 per month for a lease.
    In the real world, what might I expect to pay for a bare bones 2013 Ody LX, out the door with all fees etc. included?
    I know that it would vary from dealer to dealer but I'm looking for a realistic average number.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Thanks joeconsumer1 :). I heard that Honda is providing $1,000 dealer cash on the 2013 Odyssey in March.

    Honda Finance's March buy rate lease money factor and residual value for a 36-month lease of a 2013 Odyssey EX-L with RES and 10,000 miles per year are .00048 and 53% for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • jlumsjlums Posts: 5
    Hi Car_Man,

    I'm looking at a 2013 Odyssey w/ RES lease for 36 month and 12k miles/year.

    What should I expect to pay with a 700 credit score?

    Thanks!!!!
  • lac1594281lac1594281 Posts: 1
    edited March 2013
    I am looking at leases on a '13 odyssey exl and have never leased before. Is this a good deal?

    $324/mo for 36 mos 12,000 miles per year with $1000 down and $1944 due at signing (which includes the $1000 down) Residual value $18696 and money factor .000048. There is no sales tax.

    I am also confused...I asked about buying more miles and they said it is $0.10 per mile or I can go up to a 15,000 mile per year lease for $344 per month. It seems cheaper to buy the miles than go with the 15,000 mile per year lease. What am I missing here?
  • jlumsjlums Posts: 5
    I picked up a 2013 Honda Odyssey w/ Rear Entertainment for 36 month lease with 12k miles per year. Monthly payment of $399 with no money down. I hope this helps you out.

    Also, I recommend using carwoo.com it gets all the local dealers to compete for your business.
  • tballertballer Posts: 19
    I am looking to lease a Honda Odyssey EXL with nav. What elements of the deal can I negotiate? Is the residual or money factor negotiable? Or am I limited to price?

    I'm in Cleveland Ohio.

    Anyone have a rough approx. on monthly payments?

    Thanks in advance.
  • kidlkcfkidlkcf Posts: 22
    I've been getting quotes from several dealers in and around my city within 100 miles of me. I just got was seems to be an unbelievable deal compared to many others I've received. Here it is:

    For EXL (no NAV or Entertainment), 12,000/yr, 36 mos. $1534.06 total down, $331.02/mo. He's says it's based on the following:

    MSRP: $36,055
    Selling price: $31,006

    My calculations on this lease with the .00048 money factor and 53% residual come out with a much higher monthly payment. $370. What am I missing? I don't want to call him on it b/c it seems like such a great deal. He has spelled out everything except for the money factor and residual value he used.

    The up front fees are a little high and include a $499 doc fee and $35 reduction tax (doesn't that mean I'm paying some cap cost reduction here?)

    Please tell me what you think of this deal, and if I'm missing something.
  • d_nyholmd_nyholm Posts: 73
    I got a similar deal and it was because it was not through Honda financial. My leasing company had the residual at 60% as opposed to Hondas 51 or so. My payment ended up to 361 for an exl with RES so I think your deal is right in line with mine, but I put 0 down. Sounds like you do have some cap cost reduction in there. I would ask him to calculate it with zero down and see where you end up, I am thinking about 350.
  • kidlkcfkidlkcf Posts: 22
    d_nyholm: Thank you so much for posting this. So, I've leased with Honda Financial for the last 9 years. They are great about wear and tear allowance and such. I'm not so sure going through a different leasing company is a good idea. This worries me. Do you have experience with this? Anyone else know about this?
  • d_nyholmd_nyholm Posts: 73
    I do not have experience with different companies. The company we used was a local credit union that we were a member of and they always have competitive rates and good customer service. I guess I will find out in 3 years or so how it all works out. I am turning in another car late November with Infiniti Financial and I am worried about their damage allowance as my sister leased through them previously and ended up paying about 500 for a small dent in the rear quarter panel that dent doctors fixed.
  • tballertballer Posts: 19
    Price $32,961

    Cleveland, Ohio

    This was the first offer I received. How much room might I have to negotiate?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi tballer. The main negotiable aspect of a lease is the vehicle's selling price. The lower your vehicle's selling price is, the lower your lease payment will be.

    Another thing to keep an eye on is the money factor. Dealers cannot lower banks' buy rate lease money factors on vehicles, but they can from time to time mark them up to add additional hidden, back-end profit to deals. Honda Finance's current buy rate for the 2013 Odyssey is .00048 for consumers who qualify for its top credit tier. Make sure that the dealer uses this factor to calculate your vehicle's payment.

    The residual value is not negotiable.

    Let's work up a sample payment on this van for you and see what we come up with. The 2013 Honda Odyssey EX-L with Navigation has an MSRP of $38,055 and dealer invoice price of $34,858. Let's say that you are able to negotiate a selling price of $500 over invoice minus the available $1,500 dealer cash on this model. According to my calculations, those prices would result in a 36-month, 15,000 mile per year, zero down, pre-tax monthly payment of around $417.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • tballertballer Posts: 19
    Thanks. Does $34,858 include destination charges? Sounds like 32,961 is a good offer.

    Appreciate the advice!
  • kidlkcfkidlkcf Posts: 22
    I just got off the phone with this dealer and he says they are using Honda Financial and that the deal still stands as it is. He is going to send me the work up of the numbers. I just don't get it how he's gotten to this low payment with Honda Finance? I'm leery.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Yes, tballer, the prices that I mentioned in my post include destination.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • tballer- I live in Cleveland and just leased an EX-L (no nav or res) on Saturday for $320 a month. I think I got a great deal, but up for debate. I put $1k down and had a trade in for 2k. So 3k down in total. Residual value was $19,109 (53%) and money factor was 0.00048. Dealer cash was $750. 36 month lease with 12k miles a year.

    Neither the residual or money factor was negotiable. Net cap cost is what you can negotiate down.

    Hope this is helpful.
  • n4roninn4ronin Posts: 14
    I was quoted 29798 for EX-L and 31258 for EX-L with RES. Can I do better? I need to add 830 for freight 189 for processing and TTL. Dealer gave me lease payments roughly equaling $446 with 0 down. I am in VA. Does that sound right for a EX-L with RES? $446 seems kind of high. Much help appreciated.
  • kidlkcfkidlkcf Posts: 22
    Here's what I found out about my deal (in NC).
    Sales price: $30,007
    MSRP: $36,055
    Lease through Honda
    They are using a money factor of .00038 and residual of 53%
    Only inception fees up front - $1534(includes $499 doc fee and first month's payment)
    Monthly payment including taxes: $331.02

    Again, this is for a 36 mo lease, 12,000/yr for EXL (no NAV or Entertainment).

    I spoke to another dealer that is pretty competitive, and he said he couldn't match it. He also said he doesn't understand how they come out with such low payments. I calculated them, and they are accurate from my end.
  • n4roninn4ronin Posts: 14
    Did the money factor change? I thought it was .00048
  • kidlkcfkidlkcf Posts: 22
    I didn't know the money factor until they sent me the paperwork. .00038 is the money factor. Not sure how they can do this, if Honda's money factor is .00048.
  • tballertballer Posts: 19
    Thanks. Can you tell me the vehicle price?
  • They didn't provide a final price to me, but my net cap cost was $29,784.25. That includes tax, title, etc. I did put $3,000 down so that would need to be factored in. Sorry I don't have a final price, but with the lease negotiation I was more concentrated on hitting a monthly price point.
  • Update
    Dealership bought my van! got EX for $336 per month No money down. That's less than my previous payment. Honda Financial Services gave the dealership money for the deal at least according to my paperwork.
  • yotomayotoma Posts: 1
    Hi,
    I've been quoted for 36 mo/12,000 EX here in Honolulu:
    $340.00 base + Tax (16.02/mo) = $356.02 for 35 months.
    PLUS $386 Reg., $245 Doc, 11.54 Doc tax ($642.74) out of pocket due on delivery.
    Dealer pays first month.

    $29,868 Adj Capitalized Cost
    $18,286 Residual Value
    $13,459 Total Payments by end of lease.

    Is this something I should jump on? I have 1 day at most, so any/all quick replies are appreciated.
    What am I missing here?
  • benji123benji123 Posts: 61
    Just got this offer on a Touring:

    $488 at signing (reg only), $459 + tax per month for 36 months (12,000 miles per).

    This is a very-good to great deal, right?

    Thanks!
  • mrthnmanmrthnman Posts: 20
    wow ...excellent ...what dealer is that from ?
  • joenyc111joenyc111 Posts: 28
    Excellent deal if it is real.
  • d_nyholmd_nyholm Posts: 73
    Seems to be OK, though I think you can do better. For example, I leased a exl with res for 364 per month with just paying tax up front for 39 months 12k miles. The touring is only a few thousand more, so I would expect the payment to be about 440-450 or so using $27 for each $1000 leased.
  • dc_driverdc_driver Posts: 712
    Actually the Touring is about $4500 more than the EX-L w/RES.
This discussion has been closed.