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2013 and earlier-Honda Odyssey Lease Questions

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Comments

  • d_nyholmd_nyholm Member Posts: 80
    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 Member 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 Member Posts: 38,514
    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 Member Posts: 19
    Thanks. Does $34,858 include destination charges? Sounds like 32,961 is a good offer.

    Appreciate the advice!
  • kidlkcfkidlkcf Member Posts: 44
    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 Member Posts: 38,514
    Yes, tballer, the prices that I mentioned in my post include destination.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • buckeyes26buckeyes26 Member Posts: 2
    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 Member 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 Member Posts: 44
    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 Member Posts: 14
    Did the money factor change? I thought it was .00048
  • kidlkcfkidlkcf Member Posts: 44
    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 Member Posts: 19
    Thanks. Can you tell me the vehicle price?
  • buckeyes26buckeyes26 Member Posts: 2
    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.
  • cinnamongirlcinnamongirl Member Posts: 3
    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 Member 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 Member Posts: 104
    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 Member Posts: 24
    wow ...excellent ...what dealer is that from ?
  • joenyc111joenyc111 Member Posts: 28
    Excellent deal if it is real.
  • d_nyholmd_nyholm Member Posts: 80
    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 Member Posts: 712
    Actually the Touring is about $4500 more than the EX-L w/RES.
  • sleejusasleejusa Member 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 Member Posts: 80
    Didn't realize it was 4500 more. Guess that makes it out to be a pretty solid deal!
  • benji123benji123 Member Posts: 104
    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 Member Posts: 24
    thats a great deal , what dealer did you get this at ?
  • benji123benji123 Member Posts: 104
    Honda of Downtown Los Angeles
  • chad75chad75 Member Posts: 107
    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 Member Posts: 38,514
    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
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    Prices Paid: Buying & Leasing Experiences Forum
  • pekopeko Member 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 Member 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 Member Posts: 107
    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 Member Posts: 107
    ... and they threw in our first oil change/service for free as part of the deal :)
  • joenyc111joenyc111 Member Posts: 28
    This sounds like a great deal. Congratulations.
    What was your MSRP? What is your state's sales tax rate?
  • iwannagr8leaseiwannagr8lease Member 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 Member Posts: 22
    What's the current money factor (MF) and residual % for 36 months and 12k/yr on the EX-L and the touring?
  • chad75chad75 Member Posts: 107
    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 Member 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 Member 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 Member Posts: 80
    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 Member Posts: 67
    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 Member 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 Member 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 Member Posts: 38,514
    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
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    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
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    Prices Paid: Buying & Leasing Experiences Forum
  • omahahahaomahahaha Member Posts: 6
    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 Member 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 Member 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.
  • safedhaathisafedhaathi Member Posts: 2
    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.
  • charles_guycharles_guy Member Posts: 55
    thanx!

    do you know if there was any flexcash in the deal?
  • wonderboy2012wonderboy2012 Member 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.
  • safedhaathisafedhaathi Member Posts: 2
    I think he used $500 in flex cash.
This discussion has been closed.