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2013 and earlier-Honda Odyssey Lease Questions

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Comments

  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi d_nyholm. The money factors are usually the same model-wide (though there is occasionally an exception to this) and the residual values usually vary.

    Honda Finance's December buy rate lease money factor and residual value for a 36-month lease of a 2013 Odyssey Touring with 12,000 miles per year are .00155 and 52% for consumers who qualify for its top credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings kssod1. Happy New Year! Here's the information that you're looking for. Honda Finance's December buy rate lease money factor and residual value for a 36-month lease of a 2013 Odyssey Touring Elite with 15,000 miles per year are .00155 and 50% for consumers who qualify for its top aka "Super Preferred" credit tier.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Jake. The selling price that you were quoted appears to be below dealer invoice, which is an excellent deal.

    Let's work up a payment on this van for you. According to my calculations, if you were to lease a 2013 Odyssey EX-L with RES that has an MSRP of $37,655 and a capitalized cost of $35,430 through Honda Finance right now for 36-months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $506.

    Car_man
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  • la_guy55la_guy55 Member Posts: 1
    Car_Man, Can you give me a reality check? I am looking at an Odyssey EX-L with Navigation in Southern California. The dealer quoted me an MSRP of $38650 and a sale price of $36995. He said the residual is $20,495, and with my lease trade in adding $65/month, and $2,000 down, he quoted me a monthly payment of $688/mo. I thought that was outlandish. How does your calculation compare? Thanks.
  • d_nyholmd_nyholm Member Posts: 80
    Just to share my deal. I leased a 2013 Odyssey EX-L with RES today. The selling price was 33,993 through Costco (including destination) and the lease worked out to $365.22 not including tax. I paid the taxes and standard fees up front but put nothing down to lower the cap cost. The lease was not through Honda as their residual was not competitive and made the payment almost into the $500's. I leased through Bethpage Federal Credit union and they were offering a 60% residual and .00127 money factor on a 39 month lease. I think that Honda's was 52% residual and .00125 money factor for a comparable lease. All in all I am very happy as we were planning on financing the car as leasing seemed unfavorable. Hope this can help someone get into a lease when they were in the same predicament as me.

    Unfortunately, i do not know if anyone and everyone can lease through BFCU as they do require membership, but it may be something to look into.
  • adb280zadb280z Member Posts: 11
    Feel like a dummy, dealership near my (north NJ) had a 2012 Odyssey EX-L with Nav for $339 with $1200 due at signing and didn't jump on it because my wife didn't want white. Deal ended on the 2nd and they won't do the deal now, of course I had managed to talk my wife into the white one. I can't find a comparable deal now and I hate to pay more once I've seen a better deal.
  • daved5daved5 Member Posts: 3
    Have an offer for 2013 EX
    36 months @15k a year
    $50 down
    $435 a moth (tax included)
    Turning in end of lease 2010 EX
  • gasngo26543gasngo26543 Member Posts: 1
    Never do a single pay lease when you are paying with cash. That defeats the entire process of leasing. With leasing you want to treat your car payment like a utility bill, pay it as you use it.

    I can understand if you are going from owning your car and want to start leasing, I think their is a sales tax benefit in some states. I also believe with Honda single pay leases, you get a much reduced money factor.

    Try to sell your current car yourself and you will be further ahead.

    Good Luck
  • dylrexdylrex Member Posts: 111
    Sounds a little high. What is the cap cost? Are you trading in your current vehicle or has the lease ended and you're turning it in and getting into a new one?
    I was able to get some positive equity out of my Odyssey when I traded it in early. I used that equity to reduce the cap cost. I've got a '12 EX-L RES for $399 a month, including tax.
  • adb280zadb280z Member Posts: 11
    Any money out of pocket on that lease?
  • dylrexdylrex Member Posts: 111
    Just first months payment.
  • daved5daved5 Member Posts: 3
    Sorry, that $50 was suppose to be $500 down, I am trading in end of lease EX with 37k on it, I was allowed 45k, there should be equity in car, payoff is $16.2k, not sure cap cost.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi la_guy55. Nearly $700 per month for an Odyssey is indeed outlandish :) .

    Car_man
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  • adb280zadb280z Member Posts: 11
    I'm in the spot, got a 2010 Odyssey EX about to be off lease and I'm not having a lot of luck getting a good deal. That price would definitely work for me.
  • daved5daved5 Member Posts: 3
    I asked about 2012 model and was told I would do better with 2013 right now.
  • canowpscanowps Member Posts: 16
    Hi Car_man, I always check here to start my car research. Thank you for all your hard work.

    Looking at leasing a Touring or Touring Elite. I was hoping to confirm an equivalent interest of 1.3% or 1.54% for a 36 mo lease that I found online (both are listed) good through 03/04/13. Also wondering what the residual is for 10k mi/yr for the Elite and Touring.
  • dylrexdylrex Member Posts: 111
    You can use the below link for comparison purposes. According to their site, you can get a 2013 Odyssey EX with 15k per year for $363 a month before taxes.
    http://www.weymouthhonda.com/lease/?&code=RL5H4DEW&lmileage=15
  • canowpscanowps Member Posts: 16
    Thanks for the link. I wish all dealers spelled out leases this easily.

    Looks like residual for a Touring or Touring Elite at 12k mi/yr is 51% with a money factor of 0.00064.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome canowps.

    Honda finance's January buy rate lease money factor and residual value for a 36-month lease of a 2013 Odyssey Touring with 10,000 miles per year are .00064 and 52% for consumers who qualify for its top credit tier.

    The numbers for the Touring Elite are exactly the same.

    There is a $500 cash incentive on both of these vans right now.

    A money factor of .00064 is equivalent to an interest rate of around 1.54%.

    Car_man
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  • zheckszhecks Member Posts: 50
    edited February 2013
    Car_man,

    Is the lease rate (2013 Odyssey Touring Elite) money factor / residual value for 36-month lease the same for the month of February (0.00064 and 52%)?

    Need a mini-van in 2 weeks. As always, this is the place I check before buying any cars.

    Also, I live in CA, I see some out of state dealers are discount the 2013 by $5000. can I expect the same in So. CA?

    thanks...zhecks
  • dacarmondacarmon Member Posts: 35
    Hi Car_man,

    Thanks for all the info - your service is great!

    What is Honda Finance's February buy rate lease money factor and residual value for a 36-month lease of a 2013 Odyssey EX for both 12K & 15K miles per year in Florida?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Yes, zhecks, as of right now (and in the world of incentives everything is usually subject to change) Honda's February lease program is exactly the same as its January program was.

    Southern California is a very competitive market. I don't see why you wouldn't be able to get as good a deal there as someone would in any other part of the country.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome and thank you dacarmon.

    Honda Finance's buy rate lease money factor and residual value for a 36-month lease of a 2013 Odyssey EX with 15,000 miles per year are .00064 and 55% for consumers who qualify for its top credit tier.

    The residual value for a lease with 12,000 miles per year would be 2% higher.

    Car_man
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  • bmar1bmar1 Member Posts: 3
    CArman,

    What about an EX-L with navi.
    12k/36 months.
    Whats resid and money factor

    Thanks!!
  • philterphilter Member Posts: 2
    I figured I'd share some real world numbers for anyone shopping around. I really can't say for sure how good or bad I did, I'll defer to you guys on that :)

    I turned in my 2010 EX-L lease with one payment remaining, the dealer absorbed the last payment.

    I got a 2013 EX-L, no navi or dvd. 12k miles/yr.
    I put down $2200 including taxes and my payment is $389/month.

    On my 2010 EX-L I put down about the same and I was paying $372/month.

    I don't know if I got the best deal around, but I didn't have to haggle very hard and I feel comfortable where I ended up. Hope this helps others shopping around.
  • gbuschgbusch Member Posts: 2
    Hi everyone:

    I am new to both this site and to leasing and am hoping for some guidance. We're looking to lease a 2013 Odyssey EX-L, 12k miles a year, no money down. I have an 04 Acura TSX as a trade in with 170k miles on it (a ton, I know, but it is what it is). The best lease deal I've been quoted so far is $384/month for 36 months with the Acura as trade in to cover tax, title, etc., plus I'd owe the first month's payment at signing. Is this a good deal? Again, I've always bought, not leased cars, so I have no idea how to compare. I do not want to sell the Acura on my own, as I don't want to deal with the hassle and I know I'm taking a hit by trading it in, but I just want to know how this overall deal looks to someone more educated than me. Thanks so much in advance! -Greg
  • paperboycccpaperboyccc Member Posts: 93
    You need to post:
    MSRP
    Selling Price
    Money Factor
    Residual
    Detailed Fees

    Do you have a carmax near you or a dealer that will buy your Acura? Try to get a quote from them to make sure you are getting maximum value for your trade-in
  • gbuschgbusch Member Posts: 2
    Thanks. I'm working on getting those numbers from the dealer and will post them when I have them. Unfortunately, I do not have a carmax nearby.
  • dacarmondacarmon Member Posts: 35
    Thanks Car_man! Do any of the figures change by going to the EX-L (no navi or rear entertainment system)?

    Also - going to be checking out the Nissan Quest - so will be posting questions in the lease forum there as well.
  • oddy2012oddy2012 Member Posts: 6
    Finally got my odyssey, picked up a 2013 Base EX-L in bay area for $30750 plus fees. Lease was for 36month 12K/year, payment came out to be $393/month with $750 drive off fee.
  • canowpscanowps Member Posts: 16
    Been researching off and on for a Touring or Touring Elite for the last month. Best I could find was about 11% off MSRP. Discovered True Price from searching on cars.com which is supposed to be a no haggle price. This morning Honda of Serramonte listed their Touring and Touring Elite's for 14% off. Went in asking for the $38,491 price, 0.00064 money factor and 51% residual on a 12k mi/yr, 36mo lease and got it. Amazingly painless. Went for the Elite because the deal I got was what I was hoping to get for a Touring. No surprises or pushy add-on sales in the finance room either.
  • paperboycccpaperboyccc Member Posts: 93
    Do you mind sharing your cash due at signing & monthly payment before tax? I'd guess around $530/mo with no money down.
  • canowpscanowps Member Posts: 16
    $530.36/mo including 8.5% sales tax, $489.94 pre-tax. Just under $1210.21 paid at signing. $0 cap cost reduction, first payment, thus fees of $679.85.
  • paperboycccpaperboyccc Member Posts: 93
    thank you
  • cinnamongirlcinnamongirl Member Posts: 3
    My lease is ending in 21 days.

    Park Honda quoted me $359 a month for 12k mile/36 month lease $0 down. That does not include taxes.

    I have a 2010 EX to turn in with 29k miles. My payment is $339 with taxes and that includes one month roll over payment from previous car.

    Can I negotiate at all, since the car has lower miles than anticipated? Park is saying they don't set the prices, Honda does.

    Thanks
  • dylrexdylrex Member Posts: 111
    That sounds high. You definitely can negotiate. Are you just turning the car in or trading it in? I'd tell them you have another dealership willing to give you some positive equity for it. You don't have to turn it in there.
    I had an '07 Odyssey that I traded in a few months early for a '10 and because the vehicle was in such good condition, I asked for $1k in positive equity that I used to reduce the cap cost on the new one. I could have asked them to cut me a check and pocketed that but decided to use it to reduce my cap cost. Ended up in an EXL-RES for $399 a month, tax included.
    Good luck!
  • cinnamongirlcinnamongirl Member Posts: 3
    edited March 2013
    I got a quote from another dealer and it's the same dollar. They told me they are giving me a $1,500 discount. Which I find interesting, since my first quote had no such discount and was the same money! :mad:

    I Am thinking no one wants my van. It has some dings, but Honda has said no excessive wear and it's 7k miles less than what it should be. Someone is going to make money on this car and it's not me.

    Everyone seems to be getting a deal on this forum. Maybe there are no deals to be had in Ohio.

    My next step is to see if HFS will let me extend my lease.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi bmar1. Through March 4th, Honda Finance's buy rate lease money factor and residual value for a 36-month lease of a 2013 Odyssey EX-L with navigation and 12,000 miles per year are .00064 and 53% for consumers who qualify for its top credit tier.

    When negotiating your deal on this van, make sure to take advantage of the $1,500 dealer cash that is currently available on it.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    edited March 2013
    You're very welcome dacarmon. The money factors for the EX and EX-L are the same, but the residual values for the EX-L are 3% lower.

    This drop in residual values is partially offset by an increase in the dealer cash that is available on this van from $1,000 on the EX to $1,500 on the EX-L.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi cinnamongirl. A $1,500 discount on the Odyssey is terrible if the dealer is not subtracting the dealer cash that is available on this model from that.

    Car_man
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  • joeconsumer1joeconsumer1 Member Posts: 18
    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.
  • indianheadindianhead Member Posts: 3
    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 Member Posts: 38,514
    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
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  • jlumsjlums Member Posts: 7
    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 Member Posts: 3
    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 Member Posts: 7
    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 Member 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 Member Posts: 44
    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 Member Posts: 80
    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 Member Posts: 44
    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?
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