2015 Odyssey EXL with Rear Entertainment System - Lease ... Is this a good deal???

scottry

I am in Miami Florida and I am have negotiated the following lease on a 2015 Honda Odyssey EXL - with Rear Entertainment System

2015 EXL with RES
$0 down, sign and drive, 1st payment not due until 30 days from signing
$475 per month (includes all taxes)
36 month lease
12,000
Dealer will pay last month's payment on old 2012 Odyssey lease of $485

Can anyone let me know if this sounds like a good deal?

kyfdx

scottry said:

I am in Miami Florida and I am have negotiated the following lease on a 2015 Honda Odyssey EXL - with Rear Entertainment System

2015 EXL with RES
$0 down, sign and drive, 1st payment not due until 30 days from signing
$475 per month (includes all taxes)
36 month lease
12,000
Dealer will pay last month's payment on old 2012 Odyssey lease of $485

Can anyone let me know if this sounds like a good deal?

What is the MSRP and selling price or CAP cost?

scottry

MSRP = $38,255
CAP COST = Not provided
Residual = $21,040.25 or 55%

Michaell

scottry said:

MSRP = $38,255
CAP COST = Not provided
Residual = $21,040.25 or 55%

Without knowing the cap cost, it's tough for us to fully comment on your lease.

scottry

Michaell - I will inquire and let you know. Thanks

scottry

Base MSRP = $38,255.00
Base Invoice = $35,269.77
Gross CAP COST = $33,334.66
Adjusted CAP COST = $35,963.87
Residual = $21,040.25
Factor = 0.00056
No money down
Term = 36 months
Miles = 12,000 miles
Monthly payment (includes 7% Florida sales taxes) = $477.72

Michaell

scottry said:

Base MSRP = $38,255.00
Base Invoice = $35,269.77
Gross CAP COST = $33,334.66
Adjusted CAP COST = $35,963.87
Residual = $21,040.25
Factor = 0.00056
No money down
Term = 36 months
Miles = 12,000 miles
Monthly payment (includes 7% Florida sales taxes) = $477.72

Hmmm ... using your numbers (your residual works out to 55%), I get $443.60 with tax.

There is about a $1000-1500 difference somewhere in the numbers you have versus the numbers the dealer is using.

scottry

Could it be that they are assuming my last payment on my old 2012 Odyssey of $485?

scottry

Is a 55% residual ok? based on the fact that they are assuming my last payment on my old lease of $485?

Michaell

scottry said:

Is a 55% residual ok? based on the fact that they are assuming my last payment on my old lease of $485?

I confirm the 55% residual for 36/12 on the EX-L with RES.

Yes, if the dealer is adding the $485 payment from your previous lease, that would account for some of the difference in payment.

scottry

Hey Michaell - what's your final thoughts on the quote?

scottry

Thanks so much for all of your input

scottry

Michaell - I think i've reconciled it ... The dealer is paying for my first month on my NEW lease of $477 (since its a sign and drive) and the last payment on my OLD lease of $485. That totals $962.

Michaell

scottry said:

Michaell - I think i've reconciled it ... The dealer is paying for my first month on my NEW lease of $477 (since its a sign and drive) and the last payment on my OLD lease of $485. That totals $962.

Is this a true $0 out of pocket 'sign and drive' lease? If so, the MF should be .0001 lower.

scottry

I believe it is a true "Sign and Drive" lease. I am defining it as such since I will have $0 out of pocket and my 1st payment will not be due for 30 days after I drive off the lot. Am I correct in defining it as a true Sign and Drive? Thanks

Michaell

scottry said:

I believe it is a true "Sign and Drive" lease. I am defining it as such since I will have $0 out of pocket and my 1st payment will not be due for 30 days after I drive off the lot. Am I correct in defining it as a true Sign and Drive? Thanks

Yes, that is correct ... $0 out of pocket a lease signing.

scottry

So to confirm, the money factor should NOT be 0.00056 but instead it should be 0.00046?

scottry

When quoting the 0.00046 money factor to the dealer, which SOURCE should I say I got this rate from? Is it an industry standard?

Michaell

scottry said:

So to confirm, the money factor should NOT be 0.00056 but instead it should be 0.00046?

Correct .. for sign and drive leases.

scottry said:

When quoting the 0.00046 money factor to the dealer, which SOURCE should I say I got this rate from? Is it an industry standard?

These numbers are from Honda Finance; rarely are they marked up by the dealer.

scottry

So to summarize our discussion:

* 55% residual on EXL with RES for 36 months, 12k miles is confirmed as ok
* The $1,000 difference appears to be the fact that they are making my last payment on my OLD lease and my first payment on my NEW lease
* The money factor needs to come down to 0.00046 (which I will negotiate). This will bring the payment down by $5 per month to $472/month

If I get the MF down and reduce the payments to $472/month, would you conclude that this is a good deal?

Michaell

scottry said:

So to summarize our discussion:

* 55% residual on EXL with RES for 36 months, 12k miles is confirmed as ok
* The $1,000 difference appears to be the fact that they are making my last payment on my OLD lease and my first payment on my NEW lease
* The money factor needs to come down to 0.00046 (which I will negotiate). This will bring the payment down by $5 per month to $472/month

If I get the MF down and reduce the payments to $472/month, would you conclude that this is a good deal?

If you are comfortable with the negotiated selling price, I don't see how you can get the payment any lower.

I don't make final decisions with other people's money...

scottry

Michaell - Thank you so much. What would you say would be lowest selling price that I could negotiate on the EXL with RES? Invoice? If so, could you tell me what that is so that I could target it? Thanks again

Michaell

scottry said:

Michaell - Thank you so much. What would you say would be lowest selling price that I could negotiate on the EXL with RES? Invoice? If so, could you tell me what that is so that I could target it? Thanks again

I don't track selling prices, so I can't help you there. There is a Honda Odyssey Prices Paid forum where you might get some help.

scottry

Thanks Michaell ... You have been very helpful. Have a great day