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2013 and earlier-Honda Odyssey Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome lookin41. Thanks for the kind words.

    You may be able to get the dealer to work with you to get some of the equity out of your current Odyssey without you having to purchase it yourself and trade it in. The willingness to do this and the price that you will get will very from dealer to dealer.

    Honda Finance's March buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX with 15,000 miles per year are .00187 and 62%, respectively for consumers who qualify for its top credit tier.

    The numbers for an otherwise identical lease of a 2011 Odyssey EX-L w/RES are .00187 and 58%.

    Car_man
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  • lookin41lookin41 Member Posts: 5
    Thanks Car_man.

    Sorry I did not include the lease terms in my post. I plan to lease for 12k miles.

    Will the residuals on those two vehicles change with 12k miles instead of 15k (2011 EX and 2011 EX-L w/RES)?
  • rmarianormariano Member Posts: 2
    Hello all,
    I currently have 6 months left on my 2008 odyssey exl res. The dealer is willing to buy my lease out and give me a new lease on a 2011 exl res for $430 mo(with taxes included) 3yr/36k. NO money out of pocket.

    Any thoughts?
  • new13new13 Member Posts: 5
    I have a 2008 exl odyssey that was hit about a month ago. (the other driver is at fault) The damage is just under 8K. My lease is up in a few weeks. I spoke with a dealer yesterday who was not willing to do much and told me that if Honda took the car back as a lease turn in - they would not have to disclose this damage - I find that hard to believe. The res. value is 19K +. Any suggestions on how to proceed next? Thank you.
  • dwynnedwynne Member Posts: 4,018
    You have to be careful or the dealer will just accept your old car as a return. You can sell it to any licensed dealer, like Carmax, then walk away with cash and go lease your new car. I would get quotes from several dealers to buy your car then see what the Honda dealer will offer for it.
  • dwynnedwynne Member Posts: 4,018
    I don't really understand your question and your comment about the dealer "doing much" for you. Are you wanting to buy the car off of lease it, turn it it, or what?

    Did you get the car repaired using a quality body shop? If so, it should pass your pre-lease turn in inspection fine and you just turn it in and walk away. If you have not had it repaired, what are you waiting for? Their fault so they pay. If you turn it in with $8k in damages you will have to pay Honda for the damage.

    I think the dealer only has to disclose any damage done while they had possession of it. So even if they see the damage before it is fixed, it is up to the customer to spot it later (if they can). So on a trade in, the dealer can spot repairs and use carfax/autocheck to discount your trade, but then sell the car later without mentioning the problems they knew about and discounted on trade - as long as they didn't wreck the car themselves.
  • new13new13 Member Posts: 5
    thanks for your feedback. I am turning in the lease and want to lease a 2011. my car has been repaired and I was hoping to use it towards the new lease terms. I keep hearing how much damage has been done to my car and how it's value is decreased as a result of the accident from the dealer. If I just turn it in, they will buy from Honda and sell at a profit. I want that profit to work for me.

    suggestions?
  • gene00gene00 Member Posts: 115
    My immediate thoughts are that car dealers aren't in the habit of doing customers favors. They've run the numbers and can make a greater profit by buying you out and getting you into a new lease than by making you finish your current lease. None of this matters to you if you feel you are getting a good deal. Maybe your current vehicle has unusually low miles on it and they can sell it for a good price. That could mean, though, that you could have equity in the car at the end of the lease and use it for a cap cost reduction on a new lease in 6 months. You'd have to talk to the dealer (or maybe a few of them) to see how they would handle that scenario.
  • dwynnedwynne Member Posts: 4,018
    Call right away and get your pre-lease turn in inspection done. Make sure there are no surprises and they are happy with the repair work. Your fall back plan is to just turn the car in and be done with it. If there is going to be anyrhing owed at turn in, you need to know now so you can fix the probvlem or factor that in to your choices.

    What is the lease buy out w/o tax? What is the current edmunds and KBB TRADE in number for the car with miles and condition factored in? If not much, then you are pretty much stuck. Most dealers will give auction money for a used car (since they can get one there, why buy yours for more?). If Ody prices are strong and demand is strong on the used market, then you may can get more.

    Then shop the car around at other dealers - carmax, auto nation, Honda dealers, etc and see what they will pay you for it. If they catch the accident damage and don't want your car or offer you below buy out for, then your are pretty much stuck. If you take it to Carmax you will get a free Carfax out of the deal since they will pull one. If not, buy Carfax and autocheck on your car and see what is listed. You may get this info free from the dealers when shopping your car. If the accident is listed, then again you are probably stuck.

    In most states tax applies if you buy your car off of lease, so paying tax then trying to make enough to cover buy out plus taxes really cuts into your profit. Plus I would be honor bound to disclose the accident since you know about it and it happened while in your possession - so there goes the sale (likely).

    If there is enough difference you may be able to get a dealer to buy it from you off lease to make a little money even with the repairs, but in this case I would just be happy to turn it in and not have to pay and move on to your new car.
  • tollman3tollman3 Member Posts: 3
    just received the following from a local Honda Dealership. 2011 Honda Odyssey EXL lease quote and it seems to good to be true.
    Selling price $32,900
    Residual $21,400
    $434 payment
    $0 downpayment
    they are using .00187

    what am I missing?
  • scdgoofyscdgoofy Member Posts: 40
    tollman3 - I just finished a lease on Saturday in Southern California for an EX-L without nav or RES. It looks to me like the price you're getting is basically invoice ($31,985.19) plus lease acquisition ($595) plus advertising fee ($330). Your finance rate (0.00187) and residual (61%) seem correct. You didn't say if the $434 included tax or not, but based on the numbers you have, a lease without tax should be $418.

    I don't know what part of the country you're in, but in So Cal, that is a good deal. I got mine for about $500 over invoice and am paying $478 a month (which includes our lovely 9.75% tax!).

    On the surface, it looks like a good deal! Good luck...

    -Steve
  • peruggiaperuggia Member Posts: 6
    Hello all just picked up a new EX-L NAVI. Msrp $37230 negotiated a $34092 cap cost. With 1st month and tags it ended up being $490 a month with $650 due at signing. Good luck out there and thanks car man for the advice.
  • dbagdadidbagdadi Member Posts: 12
    Steve and tollman3 (et all),

    If the negotiated (cap cost) price is $ 32,900 and the residual value is $ 21,400, doesn't that equate to a 65% residual value?

    The March residual value as per carman for a 12k, 36 month EX-L is 60%.

    What am I missing?
  • tollman3tollman3 Member Posts: 3
    i am in Milwaukee, WI, tax is 5.6%. the way I understand it, $434 is the final monthly price including tax.
  • scdgoofyscdgoofy Member Posts: 40
    dbagdadi - The residual is based on the MSRP, not the cap cost.
    -Steve
  • scdgoofyscdgoofy Member Posts: 40
    tollman - Hmmm... using 5.6% tax, the program I'm using to calculate the lease payment shows $442.09, including tax. (Which is still a great deal, in my opinion.) Just get an out the door quote in email from the dealership and you're all set!
  • phcophco Member Posts: 3
    Anyone with a 08 or 09 EX-L lease that will be up in the next few months would like to sell their lease? I'm interested in assuming a lease on an EX-L that hasn't been in an accident and will work with you on your lease equity.
  • phcophco Member Posts: 3
    What model is your 08 Odyssey? Would you be interested in selling your lease?
  • lookin41lookin41 Member Posts: 5
    It is a 2008 EX and there is no lease to sell - it matures this month :) . Also, I would rather trade it into a dealer to get a cap cost reduction so that I can offset the sales tax (in Texas the sales tax is calculated as the difference between the trade and the new vehicle).

    Something else I ran across, and I'm not sure if this is offered outside of Texas. When I leased my 2008 three years ago I got a 5% reduction in sales tax, lowering my tax from 6.25% to 1.25%. Back in 2008 I was told it was quota-based. The dealer that mentioned it this year did not indicate if it was quota-based, only that the incentive exists because their sales tax rate was so much lower than mine in the numbers for a new lease.

    So anyone looking to lease in Texas should ask their dealer about this incentive.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem lookin41. The residual values for leases with only 12,000 miles per year are 2% higher than the 15k residuals.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi rmariano. Why do you want to get out of your lease so early? Unless Honda is running some sort of early lease termination program that I am not aware of you are hampering your ability to get the best possible deal on your new Odyssey by getting out of your new one so early.

    I can still evaluate this deal if you would like, but it would be much easier for me to do so if you were to provide me with this van's selling price first.

    Car_man
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  • tollman3tollman3 Member Posts: 3
    another deal just offered from Ill dealership $425.96 per month 61% res val, .00177 money factor, due at signing, first month, plates and soc fee ($156)
    not sure about leasing from Ill dealership when I live in WI. not sure if there are any other taxes
  • jbm160jbm160 Member Posts: 19
    Hi Car_Man,
    Can you confirm for me the March money factor and residual value for a 2011 Touring model, 12K/yr lease? I didn't see where you listed this one anywhere for March, and I wasn't sure if it had changed from February. It appears to me that the RV was 60%, and it looks like the top tier money factor should be 0.00187. Is that correct? TIA for your help!
    Bartley
  • dirtydumpdirtydump Member Posts: 11
    I need some advice. I am leasing a 2008 EX-L. The maturity date is August 2011. I think I got a pretty good deal on it and I’m considering keeping the car. Cap cost was $26,250. My payments are 317.92 plus tax. Purchase option at end of the lease is $18,084. Current payoff is $19,152. I’ve got almost 20k miles on the car so I’m way under my allotted 12k/year.

    I want advice on the pros and cons of extending the lease vs. buying the car outright. What is the financial difference? I would have to take out a car loan. Are there any other considerations?

    If I do decide to buy the car outright does timing make a difference? Is there any reason to wait till the end of the lease? Is it possible to negotiate the payoff price?

    I'm a little hesitant to take out an auto-loan cause I want to buy a house later this year (september/october) and I've heard that it's not good to open up new lines of credit before buying a house. My credit is tier 1.

    Any advice/info would be greatly appreciated. Thanks.
  • dwynnedwynne Member Posts: 4,018
    Take it to Carmax (if there is one local) or a couple of Honda dealers and see what they will give you to buy your cream puff Ody. Anything you get them to pay over buy out is profit for you. That is one way to get rid of it.

    If the lease is with Honda you can buy it direct from them or via any Honda dealer (if you want financing with Honda). Honda is supposed to discount the car $500 if you go via a dealer, so that they can make that for handling the sale for you (at full price).

    I have never extended a lease, but never thought it made any sense if for more than a month or two.

    The days of negotiating buy out are pretty much over and once they find out you have 20k on the clock you can really forget about it.

    What is the MF on your lease? You bank or credit union's refinance or used care rate? If you lease rate is a lot lower then just pay the lease and buy at the end. My wife's 2008 Pilot was < 1% effective rate on the lease, so you would not want to buy that early.

    If you have strong credit and earning to spending ratio then having a new car lease or loan on your credit will not make much difference. If not, then it will - but what are you going to do without any car?
  • seindoubleseindouble Member Posts: 2
    I am in the market for a 2011 EXL with RES and have received the below pricing- $475/month with $475 total out of pocket (first month's payment) for 12K miles per month and 36 months. The money factor is .00187 with 60% residual.

    Can I do better?

    Thanks in advance.
  • phcophco Member Posts: 3
    Compare the lease rate (money factor x 2400) to the rate you would pay for auto loan. If the lease rate is better, see if they will allow you to extend your lease and reduce the residual.

    You could use your "equity" in the vehicle for cap cost reduction for a new 2011 lease.
  • dirtydumpdirtydump Member Posts: 11
    dwynne and phco, thanks for the replies.

    money factor 0.00163
    0.00163 x 2400 = 3.912
    So does this mean I need a car loan with a rate less than 3.912%?
  • dwynnedwynne Member Posts: 4,018
    Just as a guide to help decide buy it now or at lease end, then yes if your buy out rate is around that rate then it is probably a wash. To be honest, this late in the lease there is not much interest to be paid - nor much more to be paid on an early buy out loan.

    Figure the payment on today's buyout plus tax and end of lease buyout plus tax using your bank or credit unions best used or refinance rate. The difference in payments times term of loan is the extra you pay to buy out now.

    Then take the number of payments left on the lease plus tax. This is how much you pay to stay in the lease. Compare this to the extra money of buying now calculated above. Now you know to the penny how much or little you will save with either option.
  • rmarianormariano Member Posts: 2
    Thanks for your reply car man.
    I wanted to get of my lease because they were offering me a lower payment than my current lease. 0 down, paid my first months payment and my last payment on the older lease.
    My gross cap cost is $35085
    My adj cap cost is $32588
    Money factor is .0137
    Redsidual value $22098
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'd be happy to Bartley. Honda Finance's March 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 .00187 and 58%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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  • lochinkoplochinkop Member Posts: 1
    1. I see that there is currently a $0 down, $380/month, 36mo/12,000mi offer for the Odyssey LX. However, I'm interested to know if there's typically a "best time of year" to initiate a lease a new Odyssey LX?

    2. I know this somewhat off the Odyssey-topic, but we currently lease a '10 CR-V LX 4WD (began the lease in 12/09). We are right on target with approx. 15,750miles (lease is 36/12,000). Monthly Payment: $270, Current payoff: approx. $18,500, Matures: Dec. 2012.

    How long should we wait to have a decent amount of equity in the CRV in order to "trade" it for an Odyssey?

    Thanks!

    P.S. I live in Boston but would travel as far as the NYC area for a great deal
  • jvb33jvb33 Member Posts: 1
    Hello Car man, do you know what the April rates for Money factor & residual for an EXL RES Odyssey?

    Thank You
  • jtbaerjtbaer Member Posts: 16
    Car_man -

    #1) Could you please provide the Residual and MF for April on a 2011 EX-L with AND without RES for a 36month lease with 12k miles a year?

    #2) If you buy your car at the end of the lease do you just buy it for the residual value?

    Thanks so much in advance

    Jeff
  • xdawg12xdawg12 Member Posts: 10
    Just did this deal last week on a Honda Odyssey Touring in Pompano Beach, Florida.

    36mo/12K miles

    Cap Cost - $39,400

    Money Factor - .00177

    Residual - 58%

    $649 down (Included first payment, tags, title, etc.)

    $575 per month including 6% FL Sales Tax

    Note: Finding a Touring model in South Florida proved to be a difficult task. Dealers never had more than one or two on the lot and were not interested in providing any discounts. One dealer had a Touring Elite on the lot and was charging a $5,000 "Limited Availability" fee on top of the MSRP. We did this deal on the last day of March with the only dealer that was willing to work with us even a little bit.
  • taraftaraf Member Posts: 1
    Can you please let me know the name of the dealership and any other information. Is this for 12k miles and what fees does the down payment include or breakdown. Is that monthly fee with taxes?

    Thanks!
  • buckeye_90buckeye_90 Member Posts: 4
    Does anyone know the April residual % and money factor for an Odyssey EXL with RES. 12K miles per year. 36 months.

    Thanks!
  • mjksrmjksr Member Posts: 4
    Just about to start a new Odyssey EX-L with RES lease. What a difference in cost!! The payments for the 2008 model with no money (except for DMV & 1st payment) down came to $417, NJ tax included. Quotes that I'm seeing now are starting at $100 more per month. The money factor back then was .00077, which certainly made it cheaper. But the dealers are claiming a high demand as well. The quotes are reflecting pricing very close to the MSRP.
    Edmunds shows the TMV (true market value) for this model to be $33,920. What does the recent buyer/ leaser find to be the TMV?
    Also does anyone know what the current 60 month financing rate is for this vehicle?
  • mjksrmjksr Member Posts: 4
    residual- $22,098
    MF .00187
  • mjksrmjksr Member Posts: 4
    $475/ month seems good. I assume this includes sales tax.
    MF and Residual are standard.
    Would you mind telling me which dealer offered this price?
    THanks
  • buckeye_90buckeye_90 Member Posts: 4
    Thank you!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hello jvb33. Honda Finance's April buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX-L RES with 15,000 miles per year are .00187 and 58%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Jeff. Please see my previous post for the RES numbers. The residual for a non-RES is 1% higher. The residual values for leases with 12,000 miles per year are 2% higher.

    Unless the bank is willing to negotiate with you, then yes you would have to pay your vehicle's residual value to purchase it at lease-end.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • melvinshmelvinsh Member Posts: 19
    I was about to returned my 2008 Touring at residual of $22340. Honda Financial not willing to deal, so I started to do some research. I found out the fair market value is at $26-28,000. Trade-in is at $22,000 to 25,000. Long story short, I did the autotrader.com quote and brought my car to Honda dealer and asked to trade my car for $25,000, instead of return it at the end of lease. Honda dealer took my car as trade, and gave me the difference as drive off cost toward my 2011 Touring.

    So, my lease: Neg. Price: $39,000, $3000 down, $480/month for 35 months with 12000 miles, MF: .00187, residual at 58%. There are only 2 dealer with white Touring in 80 mile radius. First dealer did not even want to drop the MSRP saying white Touring is very rare....
  • dwynnedwynne Member Posts: 4,018
    I have done that many times at lease end when my car's value exceeded buy out. Sell it to a dealer (like Carmax) or through a dealer (getting hard to do) or trade it in. There are some lease banks that will not accept 3rd party buy outs, but not many of those as most will take any dealer's money.

    Congratulations on your deal.
  • wehrlewehrle Member Posts: 4
    Can u tell me what dealer that is. I'm in the mkt for the same veh. Got a quote yest for $471 month w/$2000 down and thaought it wasn't bad. Guess I gotta keep shopping. Thanks, Rich
  • wehrlewehrle Member Posts: 4
    Carbone Honda in Yorkville NY has a white Touring...sticker is $41
  • wehrlewehrle Member Posts: 4
    Sounds like a good deal. Can u tell me what dealer that was. I went yest and priced an EXL-RES....was $471 with $2000 down....said residual was 62%...unknown cost factor. Does that price seem high?
    Thanks, Rich NY
  • brickyarddogbrickyarddog Member Posts: 38
    Thanks for posting this. I've never been in this situation before, but after reading this and checking, I'm in a similar situation with our 2008 EX-L RES. Autotrader is currently about $2K above my residual.

    Awesome!
  • seindoubleseindouble Member Posts: 2
    I actually ended up getting 469/mo- for 12K/36 months including 6% CT tax-only paying registration and first month out of pocket. I had a few dealers close to this but ended up buying from Greenwich Honda- they were great and close to home as well- very easy buying experience!
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