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2013 and earlier-Honda Odyssey Lease Questions

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  • sleejusasleejusa Posts: 3
    Hi all, I've been looking to purchase a used odyssey, but recently started investigating leasing a new one. I've checked around, and so far the best deal I've been offered for a new EX is $310/mo total (including taxes), with absolutely zero due at signing. 36 month lease, 36,000 miles.

    We've previously been against leasing, but this seems like a pretty good deal, and we could always purchase it outright once the lease is up. Appreciate any opinions!
  • d_nyholmd_nyholm Posts: 73
    Didn't realize it was 4500 more. Guess that makes it out to be a pretty solid deal!
  • benji123benji123 Posts: 61
    Final deal numbers (closd yesterday) for 2013 Touring: $488.00 total due at signing, $451.38 + tax per month for 36 months, 12K per year. Thanks to all who posted for sharing deals -- helped me save a lot of money.
  • mrthnmanmrthnman Posts: 20
    thats a great deal , what dealer did you get this at ?
  • benji123benji123 Posts: 61
    Honda of Downtown Los Angeles
  • chad75chad75 Posts: 20
    CarMan,

    We are getting ready lease a Honda Odyssey EX-L (no options), Southwest Florida, ZIP 33901. Current FL lease offer here is $2,499 down (includes $595 acquisition fee), $329 per month for 36 months, 12k miles/year.

    Do you have the lease factors (money factor & residual) for the Odyssey EX-L in my area so I can crunch my own numbers? The deal seems good, but I'd prefer to get away with as little down as possible, and roll it into the monthly lease.

    Also, is it known if Honda offers 10k miles/year leases? We don't put that many miles on our cars annually.

    THANK YOU!! We hope to sign the paperwork this weekend, so I want to be prepared!
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi chad75. Honda Finance's April buy rate lease money factor and residual value for a 36-month lease of a 2013 Odyssey EX-L with 12,000 miles per year are .00048 and 53% for consumers who qualify for its top credit tier.

    Honda is currently providing a $2,200 cash incentive on leases of this van. Make sure to take it into account when negotiating your capitalized cost.

    I'm not sure if Honda Finance offers 10k leases, but if it does its residual value for that allowance would be 1% higher.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • pekopeko Posts: 15
    Hi Car Man,
    I've been reading your post for several years (every 3 years as lease ends) and you have helped tremendously to educate us to get the best deal as possibly...so thank you!!!

    I have three quick questions:
    Which month in general is the best time to lease? Odyssey?
    Honda currently has a lease offer for EXL. In my humble opinion, I don't think it's the best deal but a dealer told me today that's the best he can do. Is this the best deal?
    Which website would you recommend for the lease calculator? I've seen few out there but wanted to check with you.

    Again, Thank you!
  • pekopeko Posts: 15
    What type of offers are you receiving on EX-L?
    Where do you live?
    Down payment?
    Montly payment?
    Lease time frame?

    Thanks in advance.
  • chad75chad75 Posts: 20
    Thank you!

    We took delivery of our 2013 Odyssey EX-L, black with truffle leather (no nav. or rear ent.), from Crown Honda in Pinellas Park, Florida, last Saturday.

    We walked out paying only our first month's lease payment: $408.88/mo, 36 months, 12,000 miles/year. Total we'll be paying over entire lease is $14,719.68! Residual value $19,030 (give or take).

    I think we came out good on this deal! Any opinions?
  • chad75chad75 Posts: 20
    ... and they threw in our first oil change/service for free as part of the deal :)
  • joenyc111joenyc111 Posts: 28
    This sounds like a great deal. Congratulations.
    What was your MSRP? What is your state's sales tax rate?
  • iwannagr8leaseiwannagr8lease Posts: 42
    edited April 2013
    What makes 400+ sound like a great deal on an ex-l?

    We don't know the state's lease tax method, the capitalized cost, etc., etc.

    A quick look at weymouth's calculator shows a base payment (sans tax) of $335 with <700 inception (includes first month).
  • acehawkacehawk Posts: 20
    What's the current money factor (MF) and residual % for 36 months and 12k/yr on the EX-L and the touring?
  • chad75chad75 Posts: 20
    edited April 2013
    MSRP was the regular MSRP you find on the Honda website... what is it, about $35,955 plus delivery, for a total of $36,700, or something? Anyway, final "sale" price was about $30,600 after incentives and dealer contribution. Residual will be about $19,030 (53%). Dealer fee was $597, tax/title fees were another $300, give or take. I don't have the agreement right in front of me, but these figures are about right.

    Florida sales tax is 6.0% on every monthly payment. So my monthly payments are $385.74 plus tax, for a total of $408.88/mo. And I walked out paying only this, nothing else up front. I think the lease money factor in our area is 0.00048 (it's in a previous reply from CarMan).
  • andrea26andrea26 Posts: 2
    We are looking to lease the new odyssey but want to trade in my old one. I currently have a 2006 bought used with just over 100k miles its an exl without res or nav. They are offering me 2k below what I owe and I'm wondering can they come off the price of the new car as far as the April lease deal? Or give me more for my trade considering they are getting a 2200 incentive? I've read the terms of the lease deal and being the price of the odyssey exl it looks to be way under invoice. So I was wondering if they will still come down on that price?
  • kohyutakohyuta Posts: 16
    We're being offered an EX-L/RES 36 months 12k miles/yr for $350/month with $3400 out of pocket down. We're told that's with a sales price of $32550. Does this sound like a decent deal?

    Thanks in advance!
  • d_nyholmd_nyholm Posts: 73
    How much of that $3400 is cap cost reduction? The sale price sounds good but it seems like about $2000 or so of that would be cap cost reduction which would bring a $0 down lease above $400 a month which should be able to get a little better in my opinion.
  • zzmmmommyzzmmmommy Posts: 12
    I am looking to either lease a Sienna XLE or Odyssey - just curious what some lease deals are being offered. I have the Sienna now but my lease is up, so I am trying to decide which car to get next (either Sienna or Odyssey). This would be my 4th Sienna, I am going to see which car would give me a better deal. Any ideas?
  • andrea26andrea26 Posts: 2
    Update--- sold van to private buyer. Currently talking with two dealers on leasing exl. Current honda lease deal on exl with 2500 down. They haven't given me the cap cost but I have 19109.15 res with 00048 mf and 595 fee. They say it will be 30-35 more monthly for res. The base exl is 36055.
  • aahhaahh Posts: 3
    Test drive both and see what suits you well, compare your insurance rate. Everyone has their own preferences. I preferred Odyssey over Sienna for better engine, comfort ride, better gas mileage for the long term. It holds better resale value as well if you decide to upgrade it later.
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Thanks for being such a loyal visiter, peko. It's difficult to say what month will be the best to lease an Odyssey. Last year Honda significantly improved its lease program on the Odyssey in July, but its current lease program is already better than that one so it's tough to say whether that would happen again.

    If you're in an area that has a decent level of competition, you should be able to get a '13 Odyssey for a couple hundred dollars over dealer invoice minus the $1,700 dealer cash that is currently available on the EX-L. If you were able to get a price like that, you should be able to beat the advertised deal.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,515
    Hi acehawk. Honda Finance's April buy rate lease money factor and residual value for a 36-month lease of a 2013 Odyssey EX-L with 12,000 miles per year are .00048 and 53% for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of a '13 Odyssey Touring are .00048 and 50%.

    There is $1,700 dealer cash on both of those models.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • Hello all. Accidentally posted this in the buying forum so here it is in the correct forum. I just recently learned of this forum and don't know much about leasing. I've done the spreadsheet and I think I have a good offer but would appreciate any feedback. The terms are for a new 2013 EX-L w/RES, splash guards and door edge guards. 36 month lease for $349/month after $2,500 downpayment. No other dealer fees but tax, title and registration are on me. Buy-out at the end is $19,109.15. I believe this is a decent deal but want to make sure I'm not overlooking something. Thanks all!
  • aahhaahh Posts: 3
    edited April 2013
    I think you can do it better by shopping around at the dealers in the same area to see who will win your deal. Make sure you negotiate the selling price first, do it as low as you can as if you would to buy it instead of leasing it. Then mention you want to lease it base on that selling price, try to avoid putting any money down upfront. It helps to keep that money down in your pocket because in the event of any accidents or if it gets totaled, that cash you spent is gone. No money down upfront and first payment and tax/dealer fees is best option in my opinion.
  • omahahahaomahahaha Posts: 6
    edited April 2013
    Thanks for the reply and tip, aahh. Wife and I talked some more and decided we did not want to keep leasing or buy after this lease is over, so we requested quotes to purchase. I'll post my buy in the buying forum.
  • Just took delivery of odyssey EX-L with navigation. Leased it for 0 down and $435/month. Don't know if this is a good deal or not. Called at least 5 Honda dealers in Atlanta and the second best was $459.18/month. Wanted to post this if it helps.
  • thanx!

    do you know if there was any flexcash in the deal?
  • wonderboy2012wonderboy2012 Posts: 1
    edited April 2013
    I came across this thread a couple of days ago while searching on Odyssey deals.

    I spoke with a number of dealers in my area, but this is the deal we ended up with today on a 2013 EX-L stock - no nav or any additions apart from the splash guards and nitrogen and wheel locks. I made the dealer remove the other accessories they had added including the moonroof visor and upgraded mats and the rear tray.

    We ended up doing a deal today and came home with a Polished Metallic EX-L.

    36 month lease with the first month paid/15K miles a year with 0 down.

    Factor: 0.00048

    Price of the car $31,412.50

    Out the door total: $31,999.43

    Residual: $18,337.05

    Monthly Payment $415.78 including tax @ 3%

    $1000 flexcash involved to.

    Did l do good? I think l may have been able to get them down further but my local dealer wanted $37K for the same car, and the lease was over $550 a month.

    I hope this helps anyone else out there for comparison purposes, l'm in NC.
  • I think he used $500 in flex cash.
This discussion has been closed.