2014 Honda Odyssey Lease Questions

Michaell

ym9787 said:

We just leased a 2014 Odyssey EX-L from Honda and I'm wondering how good our deal was. MSRP was 36,455 / Residual at 53% $19321.15 / sale price 32,000 / we put 2K down (hadn't yet read all your warnings on not putting money down) / 15K miles per year for 36 months / taxes and fees came out to $2410.5 (including a maintenance package for $695). our total monthly payment is $353.12. For some reason, I woke up this morning feeling like they got the better of us

As noted, putting money down is not something we recommend.

However, if you're comfortable with the selling price - almost $4500 off sticker - then you did OK.

Next time, come see us before you sign anything

ntripp

Help! I'm trying to lease a 2015 Honda Odyssey EX-L with RES and I'm lost and the salesman knows it. I don't know any of the numbers you guys have mentioned. The only thing I know it that they want me to put down $2000...I now see that's not a good thing...and they have my payments at $408.  Another dealership in my town won't go any lower than $470 for the same van. But I see you guys getting $350. Is $400 a crazy price?  And how do I get out of the money down? Help! I'm on my own with this and like I said, the salesman totally knows it. 

ntripp

Also can I lease a LX and have them install the DVD? Someone said it cancels the warranty. Is that true? And if I go down to the LX how low should my payment go? 

Michaell

ntripp said:

Help! I'm trying to lease a 2015 Honda Odyssey EX-L with RES and I'm lost and the salesman knows it. I don't know any of the numbers you guys have mentioned. The only thing I know it that they want me to put down $2000...I now see that's not a good thing...and they have my payments at $408.  Another dealership in my town won't go any lower than $470 for the same van. But I see you guys getting $350. Is $400 a crazy price?  And how do I get out of the money down? Help! I'm on my own with this and like I said, the salesman totally knows it. 

First, head over to the "Honda Odyssey Prices Paid" discussion to see what folks are paying. The goal is for you to establish the best selling price - this, more than anything, will help keep your lease payment low.

And, as you've noted, putting money down on a lease is something we don't recommend - if the car is stolen or totaled, you are out the money.

If you can provide the MSRP and negotiated selling price, we can model a payment for you.

ntripp

Ok so they are saying that the MSRP was 37000 ( can't remember exact) and they are selling it to me for $32000. It's the Ex-L and they re installing a DVD so it's not factory installed but will have the DVD. And the $2000 includes all the taxes, registrations and first month payment. Is this good? I tried asking for all the things you guys listed on here but this is the only information I could get them to tell me. And the payment is $415. I feel like that's high but I just never spend that much on a car in general. 

ntripp

Oh and they originally told me this payment was for 3yr/15 miles but yesterday told me it's only 12k miles. Plus this is on a 2015. I need a van because of my family size plus I have a daycare and my other van was totaled and they know I'm desperate. So I think I'm being taken advantaged of. 

Michaell

ntripp said:

Ok so they are saying that the MSRP was 37000 ( can't remember exact) and they are selling it to me for $32000. It's the Ex-L and they re installing a DVD so it's not factory installed but will have the DVD. And the $2000 includes all the taxes, registrations and first month payment. Is this good? I tried asking for all the things you guys listed on here but this is the only information I could get them to tell me. And the payment is $415. I feel like that's high but I just never spend that much on a car in general. 

If the $2000 is for up front costs, then that's not too bad.

36/15 residiual value is 56% for the EX-L; 58% for 12K miles per year.

MF for 2015 Odyssey is .00136.

With an MSRP of $37K and a selling price of $32K, your pre-tax payment for 36/15 works out to $340.27/mo.

What state is this? Taxes are figured differently for a lease based on where you live.

$415 does seem high.

GHTech

Hi!

Just keeping our options open. We have a 2012 Touring on lease, that has 1 more year to go. Was considering the 2014 Touring Elite due to all the added safety features, etc. My dealer has 4 TE's on their lot at the moment.

What is the residual value of the 2014 Touring Elite?
When the calculations were done at the dealer, the money factor was 0.00049. Is this correct, and if so, when might it next change? When we got the 2012 (in Sep 2012) the MF was 0.00032, and got the Touring for $35,772.

Thanks in advance,

Emil

ntripp

I'm in Upstate NY. How do my payments go from $340 for 15k to what they are trying to tell me is $415 for 12k? Where is all the money going? And how do I get that changed? I called another dealership today and they said I was getting a great deal and they couldn't match it. So what's wrong with this picture. Help 

Michaell

GHTech said:

Hi!

Just keeping our options open. We have a 2012 Touring on lease, that has 1 more year to go. Was considering the 2014 Touring Elite due to all the added safety features, etc. My dealer has 4 TE's on their lot at the moment.

What is the residual value of the 2014 Touring Elite?
When the calculations were done at the dealer, the money factor was 0.00049. Is this correct, and if so, when might it next change? When we got the 2012 (in Sep 2012) the MF was 0.00032, and got the Touring for $35,772.

Thanks in advance,

Emil

You didn't mention the lease terms, so I'll assume 36/15 - Touring Elite RV is 48%.

MF for all 2014 Odyssey's is .00049 and $1500 lease cash.

The numbers are good through 9/30.

GHTech

Hi!

Sorry, we want to stay with the 36 months/ 12K miles.

Emil

Michaell

GHTech said:

Hi!

Sorry, we want to stay with the 36 months/ 12K miles.

Emil

Add 2% to the residual for 12K miles.

GHTech

Thanks Michaell! Guess I will check back after 9/30.

ntripp

I have a dealership that has actually shown their numbers. I have an offer for a 2015 EXL plus they are installing a DVD. ....the cost is $31900 with a $595Acquisition fee. Doc fees of $75...cap fees of $72...and a residual of 56%.... With a monthly payment at $399. Does this sound right and where is the lease cash? Should that be listed somewhere? And is this a good deal? Thx       

Michaell

ntripp said:

I have a dealership that has actually shown their numbers. I have an offer for a 2015 EXL plus they are installing a DVD. ....the cost is $31900 with a $595Acquisition fee. Doc fees of $75...cap fees of $72...and a residual of 56%.... With a monthly payment at $399. Does this sound right and where is the lease cash? Should that be listed somewhere? And is this a good deal? Thx       

We would need to know the MSRP, lease term and miles per year to fully evaluate the deal.

ntripp

MSRP is $36,605. The term is 3yr and 15k miles a yr.

Michaell

ntripp said:

MSRP is $36,605. The term is 3yr and 15k miles a yr.

If I use the MSRP of $36,605, a selling price of $31,900, the 36/15 residual of 56% for the EX-L and the 2015 Odyssey MF of .00136, I calculate a pre-tax payment of $387.96.

ntripp

Ok thanks. And what about the $500 lease cash? Should I see that somewhere too? 

Michaell

ntripp said:

Ok thanks. And what about the $500 lease cash? Should I see that somewhere too? 

That is probably being accounted for in your $31,900 selling price.

GHTech

Hi Michaell!

Would you know what the new MF is for the 2014 Odyssey's is as of today?

Thanks,

Emil

ntripp

Thanks Michaell

Michaell

GHTech said:

Hi Michaell!

Would you know what the new MF is for the 2014 Odyssey's is as of today?

Thanks,

Emil

The Honda numbers are good through 11/3 ... scroll back through the last 20-30 posts to see what it is.

GHTech

Michaell said:

You didn't mention the lease terms, so I'll assume 36/15 - Touring Elite RV is 48%.

MF for all 2014 Odyssey's is .00049 and $1500 lease cash.

The numbers are good through 9/30.

Hi Michaell!

Just wanted to check because you mentioned that it is good through 9/30 in response to my recent inquiry. I know the lease cash is till Nov, but was wondering if the MF has changed after the 9/30 date.

Regards,

Emil

Michaell

GHTech said:

Michaell said:

You didn't mention the lease terms, so I'll assume 36/15 - Touring Elite RV is 48%.

MF for all 2014 Odyssey's is .00049 and $1500 lease cash.

The numbers are good through 9/30.

Hi Michaell!

Just wanted to check because you mentioned that it is good through 9/30 in response to my recent inquiry. I know the lease cash is till Nov, but was wondering if the MF has changed after the 9/30 date.

Regards,

Emil

I went back and checked -- the Honda numbers are good until 11/3.

GHTech

Thanks Michaell!

ntripp

So I signed the deal today. I feel pretty good about it. Thanks for all the help. I never would have known what to do, 

Michaell

ntripp said:

So I signed the deal today. I feel pretty good about it. Thanks for all the help. I never would have known what to do, 

Congratulations! The joy of ownership will last long after the financial details are forgtten.

ronald2009

Hi, I have this offer on 2014 Exl w/Navigation. MSRP: $38,455 Selling price: $33,100 + $595 Acquisition, Doc fee $75. Monthly lease for 12k/36 is $435 including taxess. only 1st month upfront.  Is this a good deal on 2014? Thanks.

Michaell

ronald2009 said:

Hi, I have this offer on 2014 Exl w/Navigation. MSRP: $38,455 Selling price: $33,100 + $595 Acquisition, Doc fee $75. Monthly lease for 12k/36 is $435 including taxess. only 1st month upfront.  Is this a good deal on 2014? Thanks.

With your MSRP and net cap cost, along with the 36/12 residual of 53% and base MF of .00049, I get a pre-tax payment of $398.45.

$435/mo seems about right depending on the tax rate where you live.

ronald2009

Thank you, Michaell. I am in NY 8.625% tax so $435 is a good price or I can negotiate a bit more considering 2014?

Michaell

ronald2009 said:

Thank you, Michaell. I am in NY 8.625% tax so $435 is a good price or I can negotiate a bit more considering 2014?

I'm not in the market for a minivan so cannot comment on what makes a good selling price -- use the pricing tools at the top of the page or check the "Odyssey Prices Paid" discussion.

With your tax rate I get a payment of $432.81/mo, so $435 seems about right.

julies5

We are trying to lease a 2014 Honda Odyssey, either the Touring or Touring Elite. We got an email quote for the Touring Elite for $38,000 which is lower than my researched fair purchase price of $40,800. In any case, I am having trouble figuring out my monthly payment if we put nothing down and lease 36/15,000. any advice is welcome. Would be be better off trying to get a 2015?

Michaell

julies5 said:

We are trying to lease a 2014 Honda Odyssey, either the Touring or Touring Elite. We got an email quote for the Touring Elite for $38,000 which is lower than my researched fair purchase price of $40,800. In any case, I am having trouble figuring out my monthly payment if we put nothing down and lease 36/15,000. any advice is welcome. Would be be better off trying to get a 2015?

What is the MSRP?

snapm

Hello,

What is the MF and Residual for a 2014 EX-L for 36Mo/12K miles. Did it change from last month?

Michaell

snapm said:

Hello,

What is the MF and Residual for a 2014 EX-L for 36Mo/12K miles. Did it change from last month?

53% but no special lease MF ... which I take to mean that the base MF of around .00200 will be in play. $1250 dealer cash.

kert491

I'm trying to figure out how the MF and Residual work. I assume that the lease price is the negotiated price - Residual / Number of months. What I don't understand is whether the residual is based on the MSRP or the negotiated price.

Also, how do you know what the MF is between 2014 and 2015, and are they different now.

kyfdx

kert491 said:

I'm trying to figure out how the MF and Residual work. I assume that the lease price is the negotiated price - Residual / Number of months. What I don't understand is whether the residual is based on the MSRP or the negotiated price.

Also, how do you know what the MF is between 2014 and 2015, and are they different now.

Residual is a percentage of MSRP.

The money factor numbers are confidential information. 2015 is .00066

I don't show any MF numbers for 2014 models. Makes me wonder if they are still viable to lease.

ken117

Calculating a lease payment is simple.

As an example:

MSPR $30,000
Residual 60% or $18,000 ($30,000 X .60)
Captialized Cost: Selling price, including acquisition fee, plus any added costs or less any downpayment (not recommeded). For example $27,000 + $1,000 (tax etc) = $28,000
Money Factor .0009
Term 36 months

To compute the lease payment using this example:

($28,000 - $18,000)/36 months = $277.78
($28,000 +$18000) x .0009 = $41.40

In this example, the lease payment would be approximately $319.18 ($277.78 + $41.40)

This formula can be used for any lease, just plug in the real numbers.

Anyone considering a lease should have an excell program for these computations on a computer or tablet. Having this at the dealer can assure the dealer does not act in a mischevious manner. Just plug in the real numbers and the leasee will know the correct lease payment before spending some quality time with the dealer's top sales person in the F&I box.

aaa

Can you please post for Honda Odyssey EX-L (no NAV no RES) 12K/36 months - 2014 and 2015 Residual and MF (New Jersey)
Thanks!

Michaell

aaa said:

Can you please post for Honda Odyssey EX-L (no NAV no RES) 12K/36 months - 2014 and 2015 Residual and MF (New Jersey)
Thanks!

No 2014 MF exist for the Odyssey - may be too exxpensive to lease.

2015 - .00066 MF and 55%

lata1

Today I had a quote for 2015 EXL with RES , lease 12/36
MSRP 38.996 , selling price 35.743 with 0 down payment
I live in Arkansas
monthly payment 504 $
Even the formal Honda website calculate a payment of 460
I know this is high , but what would be a good number for such deal ?

Michaell

lata1 said:

Today I had a quote for 2015 EXL with RES , lease 12/36
MSRP 38.996 , selling price 35.743 with 0 down payment
I live in Arkansas
monthly payment 504 $
Even the formal Honda website calculate a payment of 460
I know this is high , but what would be a good number for such deal ?

.00066 and 55% for 36/12 on the EX-L with RES.

Using your MSRP and selling price, I get a payment of $434.83+tax

I don't know how Arkansas structures sales tax for leases, but $460 seems more reasonable than $504

onesix88

I received the following quote in Los Angeles county for a 2015 Odyssey EX-L (no RES/Navi)-

$500 drive off
$390/month with tax

Details I got are below but numbers don't seem to add up?
$ 31587.52 selling price
$ 20893.35 residual
.00066 money factor
stock # 25438 or 25371

Can you help confirm if the dealer added some padding in the monthly payment?

kyfdx

onesix88 said:

I received the following quote in Los Angeles county for a 2015 Odyssey EX-L (no RES/Navi)-

$500 drive off
$390/month with tax

Details I got are below but numbers don't seem to add up?
$ 31587.52 selling price
$ 20893.35 residual
.00066 money factor
stock # 25438 or 25371

Can you help confirm if the dealer added some padding in the monthly payment?

Need the MSRP to calculate a lease payment.

Also:
Length of lease and mileage allowance
Tax rate

onesix88

sorry - MSRP is 36,655 according to their website and 36 mths, 12k/year

kyfdx

onesix88 said:

I received the following quote in Los Angeles county for a 2015 Odyssey EX-L (no RES/Navi)-

$500 drive off
$390/month with tax

Details I got are below but numbers don't seem to add up?
$ 31587.52 selling price
$ 20893.35 residual
.00066 money factor
stock # 25438 or 25371

Can you help confirm if the dealer added some padding in the monthly payment?

onesix88 said:

sorry - MSRP is 36,655 according to their website and 36 mths, 12k/year

You have to add $595 acquisition fee and probably $400 for title/registration fees..
.00066 MF and 57% residual

That gives a payment of $360/mo.+tax.. If your tax rate is 8.5% that puts you right at $390.

That's a pretty good deal, I think.

onesix88

Thanks! The dealer ended up mentioning that the selling price did not include fees, etc but wanted to confirm.

drjeetpatel

looking at a 2015 Odyssey EX-L with RES in Monroe, Louisiana; what is the MF & Residual for 36months/15k miles per year

Michaell

drjeetpatel said:

looking at a 2015 Odyssey EX-L with RES in Monroe, Louisiana; what is the MF & Residual for 36months/15k miles per year

53% and .00066. $1000 lease cash.

jimsnaps

Guys,

I just leased a 2015 Odyssey in VA. I noticed when I got home on the bill of sale that the capitalized cost included sales tax....Is that right? I mean I have to pay the sales tax directly in VA, does this mean I'm effectively paying it twice?

- Jim