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

scottryscottry Posts: 28
edited March 2015 in Honda
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?

Answers

  • kyfdxkyfdx Posts: 119,936
    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?

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • scottryscottry Posts: 28
    MSRP = $38,255
    CAP COST = Not provided
    Residual = $21,040.25 or 55%
  • MichaellMichaell ColoradoPosts: 110,441
    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.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • scottryscottry Posts: 28
    Michaell - I will inquire and let you know. Thanks
  • scottryscottry Posts: 28
    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
  • MichaellMichaell ColoradoPosts: 110,441
    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.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • scottryscottry Posts: 28
    Could it be that they are assuming my last payment on my old 2012 Odyssey of $485?
  • scottryscottry Posts: 28
    Is a 55% residual ok? based on the fact that they are assuming my last payment on my old lease of $485?
  • MichaellMichaell ColoradoPosts: 110,441
    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.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • scottryscottry Posts: 28
    Hey Michaell - what's your final thoughts on the quote?
  • scottryscottry Posts: 28
    Thanks so much for all of your input
  • scottryscottry Posts: 28
    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.
  • MichaellMichaell ColoradoPosts: 110,441
    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.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • scottryscottry Posts: 28
    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
  • MichaellMichaell ColoradoPosts: 110,441
    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.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • scottryscottry Posts: 28
    So to confirm, the money factor should NOT be 0.00056 but instead it should be 0.00046?
  • scottryscottry Posts: 28
    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?
  • MichaellMichaell ColoradoPosts: 110,441
    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.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • scottryscottry Posts: 28
    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?
  • MichaellMichaell ColoradoPosts: 110,441
    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...

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • scottryscottry Posts: 28
    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
  • MichaellMichaell ColoradoPosts: 110,441
    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.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • scottryscottry Posts: 28
    Thanks Michaell ... You have been very helpful. Have a great day
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