2013 and earlier-Honda Odyssey Lease Questions

CarMan@Edmunds

You're very welcome, jchernov.

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CarMan@Edmunds

Hi niteflyerz. Most of the posts that you saw touting such an attractive lease payment on this car were probably made in December when Honda was running a very attractive lease program on it. I suspect that Honda introduced a special lease on the Odyssey to help give its annual sales totals a boost before the end of the year. Honda has since pulled the plug on the Odyssey's special lease program. Unfortunately, it will cost much more to lease one right now than it did last month.

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CarMan@Edmunds

Hi lubgray1. Hopefully you have a child who was putting coins in your CD player and it wasn't you . Unfortunately, Honda Finance probably requires lessees to replace broken radios with an OEM unit rather than a cheap aftermarket one.

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theking

Leased for $414.99 for 36mo/36 k miles...including mass sales tax...paid up front $250 cap reduction plus reg fees and first month payment ! Give me some feedback ! Would have sold me van for $26,000 and he used this figure in setting up lease.

claude618

Greetings,

I'm interested in leasing a 2007 Odyssey EX-L DVD (no nav) and I'm browsing what is available to me now. In doing so, I heard that President's weekend is a big weekend for lease deals. So the questions is, do I wait?

Current offer: At a high level I was told I could get a deal (including taxes) for under $400 with no money down (36 mo / 12k). From what I am seeing, I'm not sure deals get too much better than that. Am I wrong? Do I pounce or wait? How low have they historically gotten?

Thanks!

Claude

coupedncal

I am in similar shoes except we are looking for an EX-L with no DVD or RES. First choice is to lease at an attractive lease rate. Only difference is all lease rates we have been quoted are close to $500 (with A+ credit and capitalized cost of about $600 below invoice). Not sure how you have been quoted close to $400 on a more expensive trim. If you find out more, could you share the numbers ?

claude618

Hmmmm.... I'll have to go in and get the details. If he does end up being able to do it within this range, I'll post here. Thanks.

peekay1

Car_Man:

Thanks in advance for your time, the Edmund forums have been a tremendous negotiating tool for me, and I have bought 3 cars in the past based on the research here, and am confident I got the best deal possible.

Can I get the following information:

Money Factor and residual values for 36 month and 48 month leases on 2007 Odyssey EX-L RES and the same for 2007 Odyssey EX-L RES w/NAV?

Thanks again!!

jskt

Hi
The lease on our 03 Odyssey is up in June. We will be about 15000 miles over the mileage allowance. At .15 per mile we will owe $2250 at turn in. Do not want to buy the vehicle, looking to lease a CR-V. any negotiating tips to avoid paying the overage? Could we go to a different dealer and see what they will do?

Thanks for any help!

panmax

You might be able to negotiate a reduction of 2%-4% of miles driven because of a class action lawsuit. Some Hondas from 2002-2006 had inaccurate odometers which measured 2-4% more miles than actually traveled. There is a proposed settlement. http://www.odosettlementinfo.com/

Here is another discussion about odometers. Remember, speedometer measures speed. Odometer measures distance. Only the odometer is an issue with your miles driven. http://townhall-talk.edmunds.com/direct/view/.f10dd8f

I would not want an old Odyssey either. Transmission and door problems and poor gas mileage. Don't need such a big car these days.

claude618

Thanks for the info! Turns out (as I suspected thanks to this board) my sales rep was giving me ballpark figures for an old lease deal. He didn't even come CLOSE to the range he initially told me when he finally worked through the figures.

Looks like I'll be waiting for presidents day weekend. This appears to the be the WRONG time to be leasing an Odyssey or a Sienna.

I didn't even try to start serious negotiations. Just for a laugh here is what he started with:

Trim: Odyssey EX-L RES (no nav)
Cap cost: 31,137
Risidual: 18,309
Money factor: .00285

Thanks,

Claude

coupedncal

Thanks for your feedback. Is it standard practice to have good deals out around president's day ? We can also wait this out until we can pick up a better deal.

claude618

Greetings,

Today I see a new regional lease promotion posted for Odysseys on the Honda site:

http://automobiles.honda.com/tools/current_offers.asp?Function=new

The details of the deal call out the LX model, but the fine print suggested to me that it would apply to any trim (e.g., caveats referring to a MSRP being above 30k). I'm looking for an EX-L DVD. So my questions are these:

1. What is the money factor they are now offering?

2. They mention a cap cost reduction for those who qualify with good credit. I assume this means that AFTER I negotiate my best price, they subtract that value from the cap cost for qualified applicants. So, that should have no impact on the negotiations for the best price. Correct?

3. This is my first attempt at a new vehicle purchase (or lease) and it seems to me that people tend to negotiate to below invoice. Any thoughts as to how to best convince my rep that I know that he should sell it to me at that price?

Thanks,

Claude

claude618

Greetings,

Regarding the lease offer from honda at: http://automobiles.honda.com/tools/current_offers.asp?Function=new

I'm getting different numbers than the dealer and I'm trying to figure out why.

Here is what I'm working with for a 2007 Odyssey EX-L RES:

MSRP: 33,290

Residual: 18,309

Cap cost: 30,000 (what I assume I can negotiate)

Cap cost reduction: 1,625 (This is in the offer details for those who qualify for the AHFC Super Preferred credit)

Down: 875 (I was told the 1625 came out of the amount down so 875 is 2,500 - 1,625 based on how I interpret the offer)

Adjusted cap cost: 27,500

Money factor: .00158 (what my rep told me the new rate was.. woo hoo!)

NY Tax: 8%

Using the lease calculator ( http://www.leaseguide.com/calc.htm ) I get a value of 353.89 per month for a 36 month/12k lease (For cap cost reductions I had put in 875 as down payment and 1625 in 'Other').

Can anybody tell me if these ball park numbers seem correct or if I'm doing something way wrong? Should I be able to lease a 2007 EX-L RES for around this price in NY based on these values? Thanks!

Claude

dawnrinchicago

This site seems great and I have a lot of research to do. I'm looking to lease an EX-L DVD or better by July. I realize I just missed Honda's great lease deal in December. Is there historically a good time of the year to lease Hondas or an Odyssey in particular?

Thanks!
Dawn

ajgabby

Car_Man,
I have a 2004 EXL-RES lease that is due next month. I am 15,000 miles over and have to pay .15 per mile I just came back from a dealer in NJ. They offered to pay the last payment of 335 and put me in a 2007 EXL w/ DVD for 495, w/o DVD 455 tax included for both, with 2400.00 down, 1500 miles a yr. The selling price was 31444.(odd number), 1000 below MSRP. Started asking questions about what numbers they were using to come to these figures and I got the run around and answer that my current lease is upside down, too complicated to explain. Seems they were more interested in how much of a monthly payment I was willing to pay, so I got up and left. Do these figures given sound like a fair deal at all. Can you give me any advise what would be a fair deal.

Thanks for the help
AJ

usair

anyone has the feb lease rate for odys. Will presidents day have good lease rate?

CarMan@Edmunds

Hi peekay1. I'm glad that you find these forums so informative. Honda is running a special regional lease program on the Odyssey right now in sixteen states. So, in order for me to give you an accurate idea of what this van's lease program is like, I need you tell me what state you are in. Let me know and I'll give you the lease program that's available on this model in your area. Talk to you soon.

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CarMan@Edmunds

Hi jskt. I am sorry to say that the only way to avoid paying an excess mileage penalty on your lease is to purchase your Odyssey at lease-end. It sounds like you really don't want to keep your van, but this may still be an option if you believe that you will lose less money by purchasing your Odyssey and trading it in than you would have to pay as a penalty. You really won't be able to negotiate away your excess mileage penalty because this fee is levied by the bank that you are leasing through and dealers do not have the authority to waive any of it. Even if a dealer says that they are paying part or all of this fee for you, they are really just eating into the discount that you would be able to negotiate on your next car or truck to pay it off.

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P.S. make sure to check out panmax's reply to your post. They have some interesting information about a possible way for you to negotiate away part of your mileage penalty.

CarMan@Edmunds

Wow, interesting information, panmax. I was not aware of this odometer problem. Thanks for sharing this useful info!

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CarMan@Edmunds

Hey Claude. Yes, the special regional lease program that is available on the 2007 Odyssey is available on every trim level, not just the model that is being advertised. The special money factor that is associated with this program is .00158 for consumers who qualify for Honda Finance's "Super Preferred" credit tier.

Honda is not providing any cash incentives on the 2007 Odyssey right now. Negotiate the lowest selling price that you can on the model that you want, just as if you were paying cash for or financing it. Any down payment that you want to make would then be subtracted from that price. It is actually in your best interest not to make any sort of down payment when leasing though. Consumers who make capitalized cost reductions on leased vehicles risk losing them if their vehicle is totaled in an accident or stolen and never recovered.

Below invoice is a pretty aggressive price for a new Odyssey. I'm not saying that it can't be done, but you are more likely to be able to negotiate a price of $500 over invoice or so.

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sss2

My '04 Odyssey lease is due in April and I'm planning on leasing an '07 EX-L or EX-L RES. How long does the special regional program run and is NC one of the participating states? Also, my local dealer said that I would be better off turning in my leased van a little early to avoid disposition fees and the excessive wear and tear review. He said that by trading it in a month early, I can avoid those charges. Is he just trying to make this months quota or is there some truth to that?

dsatelt

I am working on a 2007 Odyssey EX-L and wondered what the residual value and money factors are for a 12k and 15k lease. I'd like to be able to calc diff options using the calculators at Car Lease Guide based on my best deal. I am in Columbus, OH. Thank you!

CarMan@Edmunds

Hi Dawn. While you did miss out on the great lease offer that Honda was offering on the 2007 Odyssey in December, in late January it reintroduced a special lease program on it in certain states. If you tell me what state you are in I would be happy to tell you if it is one that this special lease program is available in.

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CarMan@Edmunds

Hi usair. I have seen Honda's February lease program for the Odyssey, but in order for me to give you an idea of what it is like I need you to tell me exactly what trim level you want, how long you want to lease it for, and what mileage allowance you need. Let me know and I will be happy to fill you in on the latest program info for the exact van that you want.

I don't anticipate Honda enhancing its special lease program on the 2007 Odyssey for President's Day, but anything is possible.

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CarMan@Edmunds

Hi sss2. Honda's current special regional lease program on the 2007 Odyssey is not available in North Carolina. It is currently scheduled to run through February 28th. It is difficult to say if Honda will introduce a special lease program on this model in your state in March or April, but at least you aren't risking missing out on something special by waiting until the scheduled end of your current lease to get something new.

As far excess wear and tear penalties go, I have always found Honda Finance to be fairly lenient when evaluating the lease-end condition of vehicles. Your Odyssey would have to be really messed up to get hit with one. Furthermore, most banks that charge disposition fees on leased vehicles waive them for consumers who lease another vehicle through them. It sounds to me like the dealer you spoke with was just trying to create a false sense of urgency to lock you into a new lease as soon as possible.

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CarMan@Edmunds

Here's the information that you're looking for, dsatelt. Fortunately, the special lease program that Honda is running on the 2007 Odyssey in select states is available in Ohio. Honda Finance's current buy rate lease money factor for a 36 month lease of a 2007 Odyssey EX-L with 15,000 miles per year in your area are .00158 and 55%, respectively. Its money factor for an otherwise identical lease with only 12,000 miles per year would be the same, but its residual value would be 2% higher.

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conger14

I want to get an 07 Odyssey EX-L with rear DVD. I have been reading through these posts and as I understand it, this is how it plays out.

MSRP is 33290.00
Money factor is .00158
Residual value is 55%
I am interested in 36 months.
Sales Tax in NY is 8.25%
Mileage is 15k

How can I calculate my monthly payments?

kyfdx

You are missing one variable...

Selling price...

conger14

selling price is 31036

kyfdx

You can find the formula here:

How Do I Calculate Monthly Lease Payments?

Using your numbers, I calculate about $469/mo. including tax... Your due at signing would include the 1st payment, a security deposit, acquisition fee, and government title/license fees (approx. $1800-$2000).

Hope that helps,
kyfdx

irish10

Car_Man,

Can you tell me if the .00158 money factor is available in Michigan and Indiana for the Odyssey?

Thanks

dawnrinchicago

I'm in Illinois and Michigan. Is the special lease program being offered in either state?

Thanks,
Dawn

dawnrinchicago

Special regional lease program is available for these states:
CT, DE, FL, IN, KY, MA, MI, MN, NH, NJ, NY, OH, PA, RI, SD, WI
Through 2/28/07

Details at:

http://automobiles.honda.com/tools/current_offers.asp?Function=new&ModelName=Ody- ssey

wu8

Hello,
I am in market for lease of an EXL with DVD/RES. Have a few questions.

1. What is best current MF and residual for a 15K/3 yr lease on this vehicle.

2. With Honda's special regional lease program, is this based on the buyer's leasing address? I live in OH and want to pickup this car in either MD or VA (unless I can find a better deal in OH). Another words, will the dealer in MD/VA lease me the car using current lease program if I live in OH?

Thanks!

mrchili

Hey Car man,

This is a quote that a dealer offered me in NJ....

2007 Odyssey EXL DVD MSRP $32,695.00 special internet direct price is only $28,795.00

36 months 12k with 0 Down and FEES ONLY..
Your payments are 399+ tax a month.
Moneyfacter : 00158
Residual : 55%
Capcost : 18,309.50
Adjust Capcost : 27735

Does this look right or can I do better????
Does Honda offer any special lease deals on this model ??

Thanks

mrchili

P.S. fees only =

MV & Reg $262.50
1st pyt $399.00
Doc Fee $129.00
Bk Fee $595.00
NJ Tire $7.50

Total - $1393.00 up front

spazmanrules

I am trying to research the lease of a 2007 Honda Odyssey EX-L with DVD. The quotes that I have received involve a selling price of $29,600, a money factor of .002160 and a residual of 43%. These numbers do not seem to track other postings, but it may have to do with me being in Georgia.

I am trying to find out if these figures are reasonable for Georgia and if you know if there will be any 'leasing specials' for Georgia in the near future.

bigguyny

I was told by the dealer that the price of the car is 31499 without tax or other charges. With no money down my payment is $469 a month.(12,000 miles) It dosen't sound right to me. I live in NY and I have perfect credit. Any Help?

nick_88

I wish I read these boards before I bought but....I just signed a deal in ny for leasing a 2007 Odyssey EX-L (no dvd or Nav) for $400/mo 36mo 15K miles. The sticker on the car was 31,700 but they were offering 3,000 off, so 28,700.

28,700 + tax/fees 2700, less 3,000 down (28,400 total) leasing at $400mo 36mo 15K mi. Does this sound like a decent deal?

To be honest and the reason saying - "I wish I read these boards first" is because I do not know what the final sell price was....all i know is payments are $400/mo. w/ 3k due at signing.

bigguyny

I have made my last payment on my 2004 Honda Odyessy, I am interested in getting into a 2007 EXL w/Navi & RES. Should I go to the dealer a day or two before the end of this month to try to get the best deal I can? Or should I wait until March 1st to see if there are any new deals from Honda? I have to return my current lease by March 17. Also I already have a couple of quotes. I have $469 a month with no money down and I have $399 with 2500 down. All with 12,000 miles

esteeze

If it were me, I would probably go ahead and try to get something before the end of this month. There may not be the same incentives available next month, AND you'll be more pressed for time to ink a deal then; both of which will give you less leverage with dealers.

I'm facing the same thing with the lease end on my 04 Ody coming up at the end of January next year. I'm thinking that I'll try to take advantage of year-end deal in December 07.

marcmadej

You may want to bring you 2004 to Carmax and have them appraise the value which they would purchase it. I have sold 3 cars to Carmax, and they consistently gave me more than any dealer would. Depending upon the quote, you could potentially purchase the 04 from Honda and sell it to Carmax, and be in a better situation.

jrg1111

Where did you find this internet deal?

mrchili

it's not really an internet deal, just a dealer that I emailed through edmunds requesting a quote. Their calling it a direct internet price because I inquired through the internet.

Hey Car-man, any input on my previous email??

Looks like I'm gonna have to wait till March to see what deals they offer now.

shinbone1

bigguyny,
I'm also considering an '07 EXL w/ Nav and RES. Here in So. Cal. msrp is $35,490 / invoice is $32,013. I haven't seen any news paper adds listing lease specials out here nor have I attempted to get a quote yet. I am curious to find out if you got one of the above listed deals. I would definitely get one if I could one for $2k down, $399 per mo. and 15k miles per year for a two or three year term.

By the way, GREAT forum - glad I found this before making my move.

Thanks to all for all of the good info.

CarMan@Edmunds

Hi irish10. Yes, Honda's special regional lease money factor for the 2007 Odyssey is currently available in Michigan and Indiana.

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CarMan@Edmunds

Hey Dawn. Wow, that's funny that makes two consecutive posts from different community members inquiring if Honda's special regional lease program for the 2007 Odyssey is available in Michigan or Indiana. You and irish10 should hang out. In answer to your question, yes the regional special lease program for the '07 Odyssey is available in Michigan and Indiana.

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CarMan@Edmunds

Hello wu8. Honda's special regional lease program for the 2007 Odyssey is available in your home state of Ohio, but it is not available in Maryland or Virginia. Why do you want to get your car in those states instead of where you live? I am not sure if a MD or VA dealer can get you the lease program because you are an OH resident. You may be able to take advantage of the program if you plan on registering your vehicle in Ohio, but purchasing out of state makes this deal more complicated than it normally would be.

In Ohio, Honda's special regional buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda Odyssey EX-L with the RES but without navigation and with 15,000 miles per year are .00158 and 53%, respectively.

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CarMan@Edmunds

Hi mrchili. The money factor that you were quoted for this van is right in line with Honda Finance's special buy rate money factor for it in your area. This is always a good sign. As far as the price that you were quoted goes, I believe that the Odyssey EX-L with the entertainment system has a spread of a little over $3,200 between its full MSRP and its dealer invoice price. You were quoted a whopping discount of $3,900 on the unit that you are interested in. This looks like a very good deal to me. If you like the vehicle, I personally don't see any reason not to go for it.

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