Honda Odyssey lease pull-ahead offer - need advice

justmeplus3justmeplus3 Member Posts: 6
edited August 2014 in Honda

Hello, I am currently in the last 8 months or so of my 3 year leased 2012 Honda Odyssey. I pay $226 a month, 8 payments remaining, 15,000 miles a year. (I traded in a Honda CRV, and got a great deal, thanks to this forum :smile: ) My payoff amount is $21,790. I am well under the miles and the car is in good shape. I just recieved an email from the dealer I worked with, offering to put me in a new Odyssey, for around the same amount I am currently paying. I would like to entertain this idea, but I want to make sure it is a good deal. My plan was to just turn in the van and possibly lease again. I really wouldn't mind getting out early since I will need new tires this winter, and I was stressing about turning the van in anyhow, being charged for things, etc.

What kind of research do I need to do before talking to the dealer, what questions should I ask? I find it hard to believe that they could put me in a new van for the same payment, but I really want to consider doing this. Thanks for your help.

Answers

  • steverstever Guest Posts: 52,454
    edited August 2014

    I bet the dealer can do just that (keep your payments close to what you are paying).

    Some things to remember - dealers put buyer info into their callback system and market to them periodically. If you had purchased the Odyssey, your email would have said something like "we need good used cars" - it's an effective way to get people to visit the dealership and lots of those people buy new. The dealer gets to sell or lease a new car, maybe earn some bonus money from Honda and gets a late model used car to put on the lot (and supposedly that's really where the profits are).

    My point is to make sure you understand the dealer's motives - nothing wrong with trying to lease you a new car, but you'll have to do the numbers. Same lease term (or is it for 39 months?), are there any unusual fees, etc.

    If the money pencils out for you, enjoy the new ride.

    And enjoy not spending half a grand on new tires. :)

    Early Car Lease-Return Deals

  • justmeplus3justmeplus3 Member Posts: 6

    Thanks a lot, I will be meeting with the dealer tomorrow morning to chat. Another question, a month after I got this van, I was caught in a horrible hail storm Long story short, there was over $7,000 in damage that was repaired. You would never know by looking at the van. I am assuming this will show up on my carfax report, since it was reported to insurance. What kind of impact will this have on my deal? I know this is either going to hurt me now or hurt me later when I go to turn the vehicle in.

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaMember Posts: 64,482

    If the van was properly repaired I don't think it affects the residual value at all--that is locked into your contract. It might affect your equity, though---that's a good question---because that's based on a "blue book" value, not a contract. So it's open to some interpretation in other words.

  • steverstever Guest Posts: 52,454

    Shifty's right - if your van is worth more than the residual, then you would be in a stronger position to have the numbers pencil out in your favor. The repair may ding the book value (or give the dealer an excuse to ding it).

  • justmeplus3justmeplus3 Member Posts: 6

    My residual value is $18,725. The Edmonds value for dealer retail is $24,283, in clean condition (which I would say it is), Certified used price of $25,522. I am assuming this helps me? I appreciate your feedback, I will be dragging my 3 children to the dealership tomorrow, so I hope this is worth my while and I am not taken advantage of. My mileage is 29,207 and the lease if for 15,000 year, up in March.

  • steverstever Guest Posts: 52,454
    edited August 2014

    Well, dealers only use the books when the numbers are to their advantage. Your dealer may tell you they can only give you an auction or wholesale price.

    It does sound like you have room to work with though. You can call us toll free from the dealer too if you want to talk to someone here about your deal:

    1-855-782-4711 8am - 5pm (Pacific) 7days a week (or click the Live Help link up in the top right corner of the page).

    Good luck!

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