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2013 and earlier-Honda Odyssey Lease Questions
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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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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)?
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?
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.
suggestions?
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.
Selling price $32,900
Residual $21,400
$434 payment
$0 downpayment
they are using .00187
what am I missing?
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
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?
-Steve
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.
Car_man
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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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not sure about leasing from Ill dealership when I live in WI. not sure if there are any other taxes
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
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.
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?
Can I do better?
Thanks in advance.
You could use your "equity" in the vehicle for cap cost reduction for a new 2011 lease.
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%?
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.
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
Car_man
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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
Thank You
#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
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.
Thanks!
Thanks!
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?
MF .00187
MF and Residual are standard.
Would you mind telling me which dealer offered this price?
THanks
Car_man
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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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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....
Congratulations on your deal.
Thanks, Rich NY
Awesome!