2016 Honda Odyssey Lease Questions

abc_lease1

adams798 said:

abc_lease1 said:

Just signed lease for EX-L in NJ for the same deal that a friend got:

36 months/ 10K
$355 due at signing (1st month)
35 more payments of 355 per month
no extra fees, they had to fit them within those 355 per month

Wow that seems really low...what dealer is that? I am in CT and the best I can get on a EX is $365 w/first month due including tax.

Paul Miller in West Caldwell, NJ

Initially they were like - this is way off, but then asked what color I wanted.

carm1235

Michaell said:

When I'm going to dealers with the negotiated price I want they all want to make me believe that I can' get a below invoice price and the lease cash and my trade in equity all on the same deal. Im looking to get somewhere between the bottom two prices shown here for the Odyssey SE. http://tellmethebest.com/honda.html Everything I've seen on this board makes me think it is reasonable. Am I right or am I missing something? Thanks Carm

Dealers, plural? I'm sure their price quote includes the lease cash already. Equity should be treated separately. Can't help you with prices from other websites.

Thanks Michaell

amyw2

Looking for advice
Is this a good deal?
term: 36 months
Res: 56
Cash down: 376
3 years 12k
376 a month
EX-L
MSRP 36,950
Cap Cost: 31, 500
Thanks

Michaell

amyw2 said:

Looking for advice
Is this a good deal?
term: 36 months
Res: 56
Cash down: 376
3 years 12k
376 a month
EX-L
MSRP 36,950
Cap Cost: 31, 500
Thanks

.00041 and 56%.

With your prices, I get $247/mo before tax.

What state and tax rate is this?

Are you paying the fees up front, or adding them into the lease?

amyw2

MA tax is 796.68 and dealer state fees 555 so total cost 32,851.68-sorry should have included that the first time

amyw2

I have never leased before so I have no clue if I am getting a good deal. The only thing I am paying up front is the 376.

Michaell

amyw2 said:

MA tax is 796.68 and dealer state fees 555 so total cost 32,851.68-sorry should have included that the first time

amyw2 said:

I have never leased before so I have no clue if I am getting a good deal. The only thing I am paying up front is the 376.

With the new total cost, I get $360/mo.

What payment are you being quoted?

You are getting a pretty good discount from sticker, which is the biggest driver to a good lease payment.

amyw2

Thanks for the quick reply!

scoutsout

HI
Looking for some help with a lease on a 2016 Odyssey EX-L no nav or res. Getting all kinds of quotes from dealers with prices and varying residuals too which i find odd. I am mainly interested in a 24 month lease so the timing would work to trade in for a 2nd year redesigned odyssey. Ive had a dealer tell me the .00041 mf is only good on 36 month leases, any truth to this?

To recap i'd like to see money factors and residuals for a 24 and 36 month lease please. 12k miles per year. Lowest price that i have received from any dealer is $31990, most are around the $32500 mark and all assure me that there's absolutely no way they can go any lower! Im in WA state. Thanks!!

scoutsout

Also, on a side note, if I am trading a vehicle to break even i.e owe $10k on vehicle and dealer offers $10k, is there any sales tax credit for this? I've asked a couple dealers and had one tell me no (unless there is equity) and another tell me that i would only be taxed on the difference i.e sales price $20k, trade in worth $10k, only pay tax on the $10k difference.
This is a car that I am financing and originally paid all the sales tax upfront.

Thanks!

Michaell

scoutsout said:

HI
Looking for some help with a lease on a 2016 Odyssey EX-L no nav or res. Getting all kinds of quotes from dealers with prices and varying residuals too which i find odd. I am mainly interested in a 24 month lease so the timing would work to trade in for a 2nd year redesigned odyssey. Ive had a dealer tell me the .00041 mf is only good on 36 month leases, any truth to this?

To recap i'd like to see money factors and residuals for a 24 and 36 month lease please. 12k miles per year. Lowest price that i have received from any dealer is $31990, most are around the $32500 mark and all assure me that there's absolutely no way they can go any lower! Im in WA state. Thanks!!

scoutsout said:

Also, on a side note, if I am trading a vehicle to break even i.e owe $10k on vehicle and dealer offers $10k, is there any sales tax credit for this? I've asked a couple dealers and had one tell me no (unless there is equity) and another tell me that i would only be taxed on the difference i.e sales price $20k, trade in worth $10k, only pay tax on the $10k difference.
This is a car that I am financing and originally paid all the sales tax upfront.

Thanks!

The lease numbers on the Odyssey EX-L are .00041 and 62% (24/12) or 56% (36/12). There is also $1750 total lease cash available as well.

I don't know how WA handles tax credits on a leased vehicle. Remember, you aren't the owner of the lease; the bank is. You should check with the state department of revenue to see what they say. I wouldn't trust what the dealers tell you.

ecutrav

I'm interested in a 2016 Odyssey Touring and Touring Elite. What is the lease cash on each and where can I find documentation of lease cash offers?

Michaell

ecutrav said:

I'm interested in a 2016 Odyssey Touring and Touring Elite. What is the lease cash on each and where can I find documentation of lease cash offers?

Lease cash is $1750, but you won't see it published anywhere. It's a factory to dealer incentive, that the dealer can pass along to the customer.

Use the knowledge when negotiating your best price.

njodyshopper16

kyfdx said:

Ask your 2016 Odyssey lease questions here!

We are shopping for Odyssey. Can someone post lease numbers for EX and SE in NJ?

kyfdx

njodyshopper16 said:

kyfdx said:

Ask your 2016 Odyssey lease questions here!

We are shopping for Odyssey. Can someone post lease numbers for EX and SE in NJ?

Term and mileage?

njodyshopper16

kyfdx said:

njodyshopper16 said:

kyfdx said:

Ask your 2016 Odyssey lease questions here!

We are shopping for Odyssey. Can someone post lease numbers for EX and SE in NJ?

Term and mileage?

36/12

Michaell

njodyshopper16 said:

kyfdx said:

njodyshopper16 said:

kyfdx said:

Ask your 2016 Odyssey lease questions here!

We are shopping for Odyssey. Can someone post lease numbers for EX and SE in NJ?

Term and mileage?

36/12

.00041 and 56% for both. $1250 total lease cash available

milehigh01

Hello all. I am looking at leasing an Ody SE within the next week in the Denver CO area. What are the current leasing deals and mf? Thanks!

kyfdx

milehigh01 said:

Hello all. I am looking at leasing an Ody SE within the next week in the Denver CO area. What are the current leasing deals and mf? Thanks!

.00041 MF and 54% residual for 36/15. $1250 lease cash

milehigh01

kyfdx said:

milehigh01 said:

Hello all. I am looking at leasing an Ody SE within the next week in the Denver CO area. What are the current leasing deals and mf? Thanks!

.00041 MF and 54% residual for 36/15. $1250 lease cash

Thanks for the help!!

narcwolf

Hi there. I am looking to lease Odyssey EX-L (with or without Navi) within the next couple of weeks in MD. What are the current deals (if any)? MF and residual? Thank you for your help!

narcwolf

considering 36/12 and 36/15. Thank you once again.

Michaell

narcwolf said:

Hi there. I am looking to lease Odyssey EX-L (with or without Navi) within the next couple of weeks in MD. What are the current deals (if any)? MF and residual? Thank you for your help!

narcwolf said:

considering 36/12 and 36/15. Thank you once again.

36/15 numbers are .00041 and 54%. $1750 total lease cash.

Add 2% for 12K

dcho101

I signed on an EX-L in North Jersey this past Saturday

MSRP: 36,950
Sale Price: $30,750
36mo/12k lease

kyfdx

dcho101 said:

I signed on an EX-L in North Jersey this past Saturday

MSRP: 36,950
Sale Price: $30,750
36mo/12k lease

Congrats on the new ride!

ezew

I've done a few leases, but can someone clarify what a "sign and drive" entails or what is it that's more beneficial to a regular lease?

Also, Honda doesn't allow even one security deposit? TIA

kyfdx

ezew said:

I've done a few leases, but can someone clarify what a "sign and drive" entails or what is it that's more beneficial to a regular lease?

Also, Honda doesn't allow even one security deposit? TIA

The definition of "Sign and Drive" is that you pay nothing at lease signing.

In the Honda program, Sign and Drive comes with a lower money factor, but the dealer is required to contribute the first payment, so that may affect the selling price they offer. (versus a non-S&D deal).

It's basically a marketing plan, without any real financial benefit to the customer. If it's me, I forget about it, and just concentrate on making a normal lease deal.

Why do you want to make a security deposit?

ezew

kyfdx said:

ezew said:

I've done a few leases, but can someone clarify what a "sign and drive" entails or what is it that's more beneficial to a regular lease?

Also, Honda doesn't allow even one security deposit? TIA

The definition of "Sign and Drive" is that you pay nothing at lease signing.

In the Honda program, Sign and Drive comes with a lower money factor, but the dealer is required to contribute the first payment, so that may affect the selling price they offer. (versus a non-S&D deal).

It's basically a marketing plan, without any real financial benefit to the customer. If it's me, I forget about it, and just concentrate on making a normal lease deal.

Why do you want to make a security deposit?

Thanks for the explanation! I figured it was a marketing gimmick if anything.

So I reached out to a few dealers about the best selling price on a 2016 EX-L w/REV and got the below:

MSRP = 38,550
Selling Price = 32,989

Converting this into a 36/12 lease request I'm getting $360.17 pre tax.. is this a decent deal?

I've always wondered if dealers have more an incentive on giving better selling price on straight sales instead of leases, so I never mention lease first.

I asked about security deposit because I've made them with Infiniti and BMW (refunded at end of lease) to drop the MF, thus the lease price.

Michaell

ezew said:

kyfdx said:

ezew said:

I've done a few leases, but can someone clarify what a "sign and drive" entails or what is it that's more beneficial to a regular lease?

Also, Honda doesn't allow even one security deposit? TIA

The definition of "Sign and Drive" is that you pay nothing at lease signing.

In the Honda program, Sign and Drive comes with a lower money factor, but the dealer is required to contribute the first payment, so that may affect the selling price they offer. (versus a non-S&D deal).

It's basically a marketing plan, without any real financial benefit to the customer. If it's me, I forget about it, and just concentrate on making a normal lease deal.

Why do you want to make a security deposit?

Thanks for the explanation! I figured it was a marketing gimmick if anything.

So I reached out to a few dealers about the best selling price on a 2016 EX-L w/REV and got the below:

MSRP = 38,550
Selling Price = 32,989

Converting this into a 36/12 lease request I'm getting $360.17 pre tax.. is this a decent deal?

I've always wondered if dealers have more an incentive on giving better selling price on straight sales instead of leases, so I never mention lease first.

I asked about security deposit because I've made them with Infiniti and BMW (refunded at end of lease) to drop the MF, thus the lease price.

Yes, there are often incentives that apply only to a purchase. However, in the case of Honda, there are also incentives that are only applicable to a lease. Why not be transparent with the dealer about your intentions? You can still negotiate your best selling price, then apply all the relevant incentives.

Honda does not offer a multiple security deposit program.

mkarthi02

dcho101 said:

I signed on an EX-L in North Jersey this past Saturday

MSRP: 36,950
Sale Price: $30,750
36mo/12k lease

would you mind in providing the dealer name? i am looking for Odyssey EX-L in north jersey area.

njodyshopper16

I signed a lease Friday on EX in NJ. What do you think?
MSRP 33450
Sale price 28100
Capital cost 29300
MF 0.00041
Residual 18752 or 56%
Monthly payment $335 (including tax)

Michaell

njodyshopper16 said:

I signed a lease Friday on EX in NJ. What do you think?
MSRP 33450
Sale price 28100
Capital cost 29300
MF 0.00041
Residual 18752 or 56%
Monthly payment $335 (including tax)

Solid deal. Congrats and enjoy the new Odyssey!

jdagn

Hi, I apologize if this info was already posted, I didn't see it in recent posts here. What are the numbers for a 24 month/12k lease on a Touring Elite or Touring?

Also, I qualify for the $1000 loyalty incentive and the $1750 Touring/TE lease incentive. When I am negotiating the sale price, am I factoring *both* of those numbers in already? OR do I get the lowest sale price I can negotiate and then after that tell them I have an 07 Ody, so please take another $1000 off of that? Sorry it has been a while since I have shopped for a car.

Thank you for your help!

Michaell

jdagn said:

Hi, I apologize if this info was already posted, I didn't see it in recent posts here. What are the numbers for a 24 month/12k lease on a Touring Elite or Touring?

Also, I qualify for the $1000 loyalty incentive and the $1750 Touring/TE lease incentive. When I am negotiating the sale price, am I factoring *both* of those numbers in already? OR do I get the lowest sale price I can negotiate and then after that tell them I have an 07 Ody, so please take another $1000 off of that? Sorry it has been a while since I have shopped for a car.

Thank you for your help!

.00041 and 57% for either trim, 24/12.

I would negotiate the lowest price you can, before adding in any incentives.

mkarthi02

njodyshopper16 said:

I signed a lease Friday on EX in NJ. What do you think?
MSRP 33450
Sale price 28100
Capital cost 29300
MF 0.00041
Residual 18752 or 56%
Monthly payment $335 (including tax)

can you please share the dealer name?

aghane01

First time poster and wanted to say what a great resource this is!

I'd like to ask about the $1,250/$1,750 lease cash that has been discussed here...the only info I was able to find online was $500 College Grad and $500 Military discount and two reps at dealers have said the same thing. So is there any link someone would be able to share that I can use as concrete proof so I can take that in to the dealer? TIA!

njodyshopper16

aghane01 said:

First time poster and wanted to say what a great resource this is!

I'd like to ask about the $1,250/$1,750 lease cash that has been discussed here...the only info I was able to find online was $500 College Grad and $500 Military discount and two reps at dealers have said the same thing. So is there any link someone would be able to share that I can use as concrete proof so I can take that in to the dealer? TIA!

Leash cash details can't be found anywhere as they are manufacture rebates to dealer. It's up to the dealer to factor in that and offer rock bottom price. But as a buyer, you should be aware of that. When I was at the dealer, manager has logged into their system and showed me the leash cash details. For EX model, it states $1000 not $1,250

Consiglieri

Leased an Odyssey EX-L in MD.

MSRP: 36,950
Sale Price: 29,715.76
36/12 lease w/everything including MD sales tax on entire price rolled in (1st payment only down): 356 per month

kyfdx

njodyshopper16 said:

aghane01 said:

First time poster and wanted to say what a great resource this is!

I'd like to ask about the $1,250/$1,750 lease cash that has been discussed here...the only info I was able to find online was $500 College Grad and $500 Military discount and two reps at dealers have said the same thing. So is there any link someone would be able to share that I can use as concrete proof so I can take that in to the dealer? TIA!

Leash cash details can't be found anywhere as they are manufacture rebates to dealer. It's up to the dealer to factor in that and offer rock bottom price. But as a buyer, you should be aware of that. When I was at the dealer, manager has logged into their system and showed me the leash cash details. For EX model, it states $1000 not $1,250

Agree with most of this.

However, the total lease cash is $1250/$1750 depending on model. (bonus lease cash of $250/$500)

kyfdx

Consiglieri said:

Leased an Odyssey EX-L in MD.

MSRP: 36,950
Sale Price: 29,715.76
36/12 lease w/everything including MD sales tax on entire price rolled in (1st payment only down): 356 per month

Great deal!

luvn2oxfrd

We are looking to lease a '16 Odyssey SE in the Philadelphia/New Jersey area.

I've called 5 dealers and the best offer was $29,979 with $836 in fees. Am I delusional to think I can do better?

Michaell

luvn2oxfrd said:

We are looking to lease a '16 Odyssey SE in the Philadelphia/New Jersey area.

I've called 5 dealers and the best offer was $29,979 with $836 in fees. Am I delusional to think I can do better?

Have you checked the Odyssey Prices Paid forum? Lots of expert advice and comparative prices to be found there.

luvn2oxfrd

Yes. The moderator of that thread actually bumped my post to here

Michaell

luvn2oxfrd said:

Yes. The moderator of that thread actually bumped my post to here

Right - I did see that.

So, there are two parts to a lease - the selling price and the lease terms.

The MF on the Odyssey is .00038, and the 36/15 residual for the SE is 54%.

With the MSRP and selling price, we can calculate what the lease payment will be.

luvn2oxfrd

Thank you for walking me through it. I based my calculations on a 36/12 lease with a MF of 0.00041 and a residual of 56%. Based on a sale price of $29,979, I got a payment of $340.08, inclusive of 7% nj sales tax. Dealer is telling me that the payment is $343 with $836 fees due at signing. 

Michaell

luvn2oxfrd said:

Thank you for walking me through it. I based my calculations on a 36/12 lease with a MF of 0.00041 and a residual of 56%. Based on a sale price of $29,979, I got a payment of $340.08, inclusive of 7% nj sales tax. Dealer is telling me that the payment is $343 with $836 fees due at signing. 

Instead of the sale price, find out the adjusted cap cost .. this will be the amount to use in the lease calculation and will include any taxes and fees you are not paying for up front.

And ... in the end $3 isn't really that big of a difference. Just over $100 for the entire lease.

luvn2oxfrd

Oh, no, I'm not quibbling over the $3.  My original question was whether I can do better than the $29,979 sale price or if that was an unreasonable hope on my part. . 

Michaell

luvn2oxfrd said:

Oh, no, I'm not quibbling over the $3.  My original question was whether I can do better than the $29,979 sale price or if that was an unreasonable hope on my part. . 

Which is why I referred you back to the prices paid discussion. By reading through the last page or so of posts, you should get an idea what others have been able to negotiate. Lots of great help to be found there, too.

Westgirl

I am considering 2016 Honda Odyssey EX-L. What are the MF rates, residuals and current incentives?

Michaell

Westgirl said:

I am considering 2016 Honda Odyssey EX-L. What are the MF rates, residuals and current incentives?

.00041 MF and 54% for 36/15. $1750 total lease cash.