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2014 Honda Odyssey Lease Questions

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  • vipulrvipulr Member Posts: 1

    A dealer in NY offering LX at $179.75 per month, no down. Any thoughts ?

    http://www.hillsidehonda.com/2014-honda-odyssey-specials.htm

  • kyfdxkyfdx Moderator Posts: 235,175

    @vipulr said:
    A dealer in NY offering LX at $179.75 per month, no down. Any thoughts ?

    http://www.hillsidehonda.com/2014-honda-odyssey-specials.htm

    I'd be worried that it isn't a Honda Finance lease. Also, who pays destnation upfront? Weird.

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  • zoe55zoe55 Member Posts: 6

    My friend just got a lease with 0.00055 money factor in NorCal (not just quote but already took delivery) but almost all other dealers offered 0.00170. Can this be possible? Or is there a new incentive for NorCal?

    Car in question is: Odyssey Touring Elite; 36-mo lease & 12K miles/year.

  • kyfdxkyfdx Moderator Posts: 235,175

    @zoe55 said:
    My friend just got a lease with 0.00055 money factor in NorCal (not just quote but already took delivery) but almost all other dealers offered 0.00170. Can this be possible? Or is there a new incentive for NorCal?

    Car in question is: Odyssey Touring Elite; 36-mo lease & 12K miles/year.

    Honda splits California, but I don't know where the split is.. If they had a mid-month update, we most likely won't get the information.

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  • chuchumouthchuchumouth Member Posts: 4
    edited March 2014
    Hi All, just want to share my numbers here.

    Just sign my lease for my first minivan in life the 2014 Odyssey EX-L with Rear Entertainment System today in Boston. Very excited as it is very well equipped and fully loaded.

    Sign and Drive lease (Due at signing is $0 out of my pocket to pickup the new car, all fees, taxes, registration and the 1st payment all rolled-in), 35 payments left, 12K miles/year for 3 years.

    MSRP: $38055
    Sale Price: $32111
    Residual: $20549 (54%)
    MF: 0.00055
    Before Tax: $381
    With 6% Tax: $405
    I think I got a good deal, do you agree?
  • MichaellMichaell Moderator Posts: 240,057

    @chuchumouth said:
    Hi All, just want to share my numbers here.

    Just sign my lease for my first minivan in life the 2014 Odyssey EX-L with Rear Entertainment System today in Boston. Very excited as it is very well equipped and fully loaded.

    Sign and Drive lease (Due at signing is $0 out of my pocket to pickup the new car, all fees, taxes, registration and the 1st payment all rolled-in), 35 payments left, 12K miles/year for 3 years.

    MSRP: $38055
    Sale Price: $32111
    Residual: $20549 (54%)
    MF: 0.00055
    Before Tax: $381
    With 6% Tax: $405
    I think I got a good deal, do you agree?

    $405/mo with $0 out of pocket on a $38K vehicle is pretty good. Enjoy your new Odyssey!

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  • teabonesteakteabonesteak Member Posts: 1
    @zoe55

    how much did your friend pay for the elite lease?
  • searchinginsdsearchinginsd Member Posts: 21

    Looking for lease MF & residual information on 2014 Honda Odyssey EX-L. MSRP ~$36k. 36 Months/30k if available.

  • MichaellMichaell Moderator Posts: 240,057

    @searchinginsd said:
    Looking for lease MF & residual information on 2014 Honda Odyssey EX-L. MSRP ~$36k. 36 Months/30k if available.

    Does not look like Honda supports 10K mpy leases. For 12K and 36 months, the residual is 45%.

    What state do you live in? Honda has two different sets of MF.

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  • searchinginsdsearchinginsd Member Posts: 21

    @Michaell@Edmunds said:
    What state do you live in? Honda has two different sets of MF.

    South Dakota. So the residual value is 55%?

  • MichaellMichaell Moderator Posts: 240,057

    @searchinginsd said:
    South Dakota. So the residual value is 55%?

    The MF is .00055. Lease cash of $1500. Residual of 45%.

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  • soleampsoleamp Member Posts: 5

    Can you give me the MF and Residual for Florida? Thanks.

  • MichaellMichaell Moderator Posts: 240,057

    @soleamp said:
    Can you give me the MF and Residual for Florida? Thanks.

    What lease term and how many miles per year?

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  • soleampsoleamp Member Posts: 5

    @Michaell@Edmunds said:
    What lease term and how many miles per year?

    36 month with either 12 or 15k per year.

  • MichaellMichaell Moderator Posts: 240,057

    @soleamp said:

    You did not mention with trim level, so the numbers below are for the EX-L (without Nav or RES)

    36 month/12K - .00055 and 56%

    36 month/15K - .00055 and 54%

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  • h22a1h22a1 Member Posts: 10

    What is the MF and residual for this month for an EX-L 3yr 12k?

  • kyfdxkyfdx Moderator Posts: 235,175

    @h22a1 said:
    What is the MF and residual for this month for an EX-L 3yr 12k?

    The MF is either .00055 or .00160, depending on your state.

    The residual is 56%, and there is $1500 lease cash available.

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  • 40mogul40mogul Member Posts: 8

    Hi
    I'm looking to lease a 2014 Touring Elite and received an internet quote from a dealer in the Chicago area for $41,223. Ultimately I want to do a lease with these terms.
    36 months
    15k miles/year
    Little to zero down.

    Not a complete rookie on leasing but really don't know how to figure out what is a good deal with the above info.

    Any help appreciated!

  • MichaellMichaell Moderator Posts: 240,057

    @40mogul said:
    Hi
    I'm looking to lease a 2014 Touring Elite and received an internet quote from a dealer in the Chicago area for $41,223. Ultimately I want to do a lease with these terms.
    36 months
    15k miles/year
    Little to zero down.

    Not a complete rookie on leasing but really don't know how to figure out what is a good deal with the above info.

    Any help appreciated!

    Is the $41,223 the MSRP or the selling price? We'll need to know both to calculate a payment.

    Be aware that Illinois, unlike most states, taxes the entire value of the car, not just the depreciated value or payment amount. This will substantially increase your lease payment.

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  • soleampsoleamp Member Posts: 5
    edited April 2014

    @Michaell@Edmunds said:You did not mention with trim level, so the numbers below are for the EX-L (without Nav or RES)

    36 month/12K - .00055 and 56%
    36 month/15K - .00055 and 54%

    Sorry, I am looking at the EX, not the EX-L. Does that change things?

  • kyfdxkyfdx Moderator Posts: 235,175

    Same numbers for the EX

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  • soleampsoleamp Member Posts: 5
    What lease cash is available this month on EX in Florida?
  • j_michaelj_michael Member Posts: 9

    Interested in EX-L (No Nav, No RES)
    Located in Illinois
    What is the MF and residual for 36mo/ 12k and 15k?
    Any special dealer cash offers I should be aware of?

    Can anyone point me to an "intro to leasing" discussion?

  • kyfdxkyfdx Moderator Posts: 235,175

    @soleamp said:
    What lease cash is available this month on EX in Florida?

    $1000

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  • kyfdxkyfdx Moderator Posts: 235,175

    @j_michael said:
    Interested in EX-L (No Nav, No RES)
    Located in Illinois
    What is the MF and residual for 36mo/ 12k and 15k?
    Any special dealer cash offers I should be aware of?

    Can anyone point me to an "intro to leasing" discussion?

    .00055 MF and 56%/54% residual. $1500 lease cash.

    Leasing is rough in Illinois, because you pay sales tax on the full price of the vehicle. Hard to make a case for leasing there, in my opinion.

    Edmunds has quite a few articles on leasing. You can find them, here:

    http://www.edmunds.com/car-leasing/

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  • j_michaelj_michael Member Posts: 9

    Looks like IL being a wasteland for leases may change soon:
    http://www.jdsupra.com/legalnews/illinois-passes-car-lease-tax-legislatio-34534/

    Fingers crossed.

  • kyfdxkyfdx Moderator Posts: 235,175

    That would be awesome.. GA just went the other direction..

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  • ucfphi225ucfphi225 Member Posts: 18

    Looking at a EX-L w/ RES. Initial "offer" that the dealer is looking to get (prior to credit approval) is $373 ($397 after 6% tax in Florida) per month. This is with a total of about $1400 due at signing, which includes first month, tax, tag, etc. This could change up or down (I'm guessing not down) depending on credit approval.

    What do you guys think of this starting point?

  • MichaellMichaell Moderator Posts: 240,057

    @ucfphi225 said:
    Looking at a EX-L w/ RES. Initial "offer" that the dealer is looking to get (prior to credit approval) is $373 ($397 after 6% tax in Florida) per month. This is with a total of about $1400 due at signing, which includes first month, tax, tag, etc. This could change up or down (I'm guessing not down) depending on credit approval.

    What do you guys think of this starting point?

    What is the MSRP and selling price? Lease term and miles per year?

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  • comer98comer98 Member Posts: 23

    @kyfdx can you confirm the MF and Residual on a 2014 EX-L, 36 mos 12k lease in Nebraska? Is it 56% and .00055? Also is the $1500 lease cash available here? Thanks

  • ucfphi225ucfphi225 Member Posts: 18
    edited April 2014

    @Michaell@Edmunds said:
    What is the MSRP and selling price? Lease term and miles per year?

    Not sure what the selling price ends up being right now, but the term is 36 months, 12k miles.

    And I just got notice that my approval came through, so that quote is now a hard offer. It includes $500 in "flex-cash" that the dealership is offering.

  • kyfdxkyfdx Moderator Posts: 235,175

    @comer98 said:
    kyfdx can you confirm the MF and Residual on a 2014 EX-L, 36 mos 12k lease in Nebraska? Is it 56% and .00055? Also is the $1500 lease cash available here? Thanks

    Nebraska is in Region B, and I don't think they get the .00055 MF. The EX-L 36mo, 12K/yr residual is 56%. And, the $1500 lease cash should still be good.

    I'm not positive, but I think the MF for Region B is .00160, which is a huge difference.

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  • comer98comer98 Member Posts: 23

    @kyfdx@Edmunds said:
    Nebraska is in Region B, and I don't think they get the .00055 MF. The EX-L 36mo, 12K/yr residual is 56%. And, the $1500 lease cash should still be good.

    >

    I'm not positive, but I think the MF for Region B is .00160, which is a huge difference.

    Thanks for your help. I backed into the MF based on Honda's advertised lease on the LX in our area and got right around .00055 on the first payment due at signing offer and .00045 for the no payment at signing offer, so I think that we are benefiting from the lower MFs.

    Dealer quote was indicative of the lower MF as well, initial quote was $390/mth with $0 down and first payment due. I figure this is about $900 profit to the dealer assuming lease cash and acquisition are rolled into the deal which is not as good as it should be, so I will keep working them.

    Thanks so much for your input into these forums. They have been an awesome resource over the years to understand and get the best deals possible.

  • foxb11foxb11 Member Posts: 29

    I am currently leasing a 2011 Odyssey EX-L. My lease is up in May, and I plan to lease a 2014 Odyssey EX-L. I live in LA. Reading the past few months of comments, it appears that the current MF is .00055. Do you know when the MF will change to something higher, i.e. is .00055 part of a promotion that will be ending soon? I'd prefer to wait until my lease is just about up but would be willing to turn it in a month early if it meant capitalizing on a significantly lower MF.

  • kyfdxkyfdx Moderator Posts: 235,175

    @foxb11 said:
    I am currently leasing a 2011 Odyssey EX-L. My lease is up in May, and I plan to lease a 2014 Odyssey EX-L. I live in LA. Reading the past few months of comments, it appears that the current MF is .00055. Do you know when the MF will change to something higher, i.e. is .00055 part of a promotion that will be ending soon? I'd prefer to wait until my lease is just about up but would be willing to turn it in a month early if it meant capitalizing on a significantly lower MF.

    The money factors and residuals are scheduled to be good through May 12th. There is also the $1500 lease cash. Where it goes after that is just a guess.

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  • foxb11foxb11 Member Posts: 29
    edited April 2014

    @kyfdx@Edmunds said: The money factors and residuals are scheduled to be good through May 12th. There is also the $1500 lease cash. Where it goes after that is just a guess.

    >

    Thanks. Question about the lease cash: does it drop the negotiated price of the vehicle, or does it go towards the down payment?

  • kyfdxkyfdx Moderator Posts: 235,175

    @foxb11 said:
    Thanks. Question about the lease cash: does it drop the negotiated price of the vehicle, or does it go towards the down payment?

    It's a dealer incentive, so you have to account for it in your negotiated price... So, if you think invoice is a fair price, you should negotiate for invoice minus $1500.

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  • MichaellMichaell Moderator Posts: 240,057

    @ucfphi225 said:
    Not sure what the selling price ends up being right now, but the term is 36 months, 12k miles.
    And I just got notice that my approval came through, so that quote is now a hard offer. It includes $500 in "flex-cash" that the dealership is offering.

    The selling price is important as that determines how much of the payment is based on depreciation.

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  • ucfphi225ucfphi225 Member Posts: 18

    @Michaell@Edmunds said:
    The selling price is important as that determines how much of the payment is based on depreciation.

    The selling price was locked in by TrueCar at $32,865 from what it appears.

  • MichaellMichaell Moderator Posts: 240,057

    @ucfphi225 said:
    The selling price was locked in by TrueCar at $32,865 from what it appears.

    And the MSRP?

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  • ucfphi225ucfphi225 Member Posts: 18
    edited April 2014

    $38,055 MSRP

    Although, now I'm starting to reconsider the RES package and just go with the EX-L. I believe that may save me about $30-40 a month.

  • MichaellMichaell Moderator Posts: 240,057

    @ucfphi225 said:

    OK, plugging in all your numbers (52% residual & .00055 MF) I get a pre-tax payment of $340 for the EX-L with RES.

    The residuals for the EX-L are 2 points higher, so you will save some money there.

    Also note there is $1500 lease cash on the Odyssey; make sure that is taken into account with your selling price.

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  • ucfphi225ucfphi225 Member Posts: 18

    Ok, thank you very much. That's a significant difference. Looks like I'll have to work on it a little more. I'm almost positive the $1500 was factored in, as well as the $500 flex cash, which was described to me this way: Honda gives the dealership $30k to do with as they see fit, but with a max of $500 per vehicle. So the first 60 cars that month get the promotion.

    Did your mark of $340 include the down payment I mentioned earlier? Or is that a sign/drive price?

  • MichaellMichaell Moderator Posts: 240,057

    @ucfphi225 said:
    Did your mark of $340 include the down payment I mentioned earlier? Or is that a sign/drive price?

    That was a payment without any money down - using the MSRP and selling prices you provided.

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  • soleampsoleamp Member Posts: 5

    I have been working with a dealer over email trying to get a deal worked out before I go in on Monday to lease an EX (36/12k in FL). I believe we are down to $28,900 for the net cap. He is telling we it is $1700 down but I only owe $700 because of flex cash. Also telling me the payment is $316 before tax, which seems high to me from calculations I have done. Can you tell what the difference between lease and flex cash is? Any advice on what I am missing would be greatly appreciated. This is my first time leasing!

  • kyfdxkyfdx Moderator Posts: 235,175

    @soleamp said:
    I have been working with a dealer over email trying to get a deal worked out before I go in on Monday to lease an EX (36/12k in FL). I believe we are down to $28,900 for the net cap. He is telling we it is $1700 down but I only owe $700 because of flex cash. Also telling me the payment is $316 before tax, which seems high to me from calculations I have done. Can you tell what the difference between lease and flex cash is? Any advice on what I am missing would be greatly appreciated. This is my first time leasing!

    Flex cash is a Honda-to-dealer program to incentivize sales.. It isn't always available, as sometimes dealers run out of it, before the end of the month.

    I can't really comment on your payment without all the variables, but $316/mo.+ tax with $700 due at signing can't be a bad deal... :)

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  • 40mogul40mogul Member Posts: 8

    @Michaell@Edmunds said:
    Be aware that Illinois, unlike most states, taxes the entire value of the car, not just the depreciated value or payment amount. This will substantially increase your lease payment.

    The price quoted is a sell price quoted on email to me. The sales person then came back with the following on a lease.

    Internet Price- $41,223*
    Monthly Lease Payment- $673.74 per month

    Monthly Lease Terms include:
    - 36 months / 15,000 miles per year
    - $0 Down Payment
    - No Trade-In Vehicle
    - 36 Equal Monthly Payments
    - First Monthly Payment of $673.74 Due At Signing
    - All Fees, Charges and Taxes are Included

  • MichaellMichaell Moderator Posts: 240,057

    @40mogul said:
    The price quoted is a sell price quoted on email to me. The sales person then came back with the following on a lease.

    Internet Price- $41,223* Monthly Lease Payment- $673.74 per month

    Monthly Lease Terms include: - 36 months / 15,000 miles per year - $0 Down Payment - No Trade-In Vehicle - 36 Equal Monthly Payments - First Monthly Payment of $673.74 Due At Signing - All Fees, Charges and Taxes are Included

    OK, so we've got the selling price. What is the MSRP? We'll need both to calculate the lease payment and figure out if you've got a good deal or not.

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  • 40mogul40mogul Member Posts: 8

    @Michaell@Edmunds said:
    OK, so we've got the selling price. What is the MSRP? We'll need both to calculate the lease

    payment and figure out if you've got a good deal or not.

    MSRP according to them is $45,846

    TrueCar estimates a payment under $600 so I don't understand the disconnect.

    Thanks!

  • MichaellMichaell Moderator Posts: 240,057

    @40mogul said:
    Thanks!

    Using an MSRP of $45,846 and a selling price of $41,223, MF of .00055 and a residual value of 49%, I get a pre-tax payment of $556.10.

    However, Illinois taxes the entire purchase price in a lease, so the selling price increases to $44,933.07 (9% tax?) and that raises the monthly payment to $661.19.

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