2013 and earlier-Honda Odyssey Lease Questions

CarMan@Edmunds

Hi spazmanrules. You're right, the money factor that you were quoted for the Odyssey that you're interested in is strange. Honda's special regional lease money factor of .00158 is not currently available in Georgia, but the money factor that you were quoted is not in line with Honda Finance's buy rate money factor of .00280 either. Perhaps the dealer that you are working with is running your lease through an independent bank.

Honda is not currently providing any lease support on the 2007 Odyssey in your state. Instead of lease support, it is offering 0.9% financing on it for up to 3 years and 3.9% for 4 to 5 years. Honda's standard lease program for this van varies by term and mileage allowance. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda Odyssey EX-L with DVD and with 15,000 miles per year in Georgia are .00280 and 53%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

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CarMan@Edmunds

Hi bigguyny. I would be happy to use Honda's current lease program for the 2007 Odyssey to estimate what the monthly payment should be like on the specific vehicle that you are interested in. However, in order for me to do so I need some additional information from you first, including its full MSRP and how long you want to lease it for. Let me know and I'll crunch some numbers for you.

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CarMan@Edmunds

Hey Nick. A $3,000 discount off of MSRP is a good selling price for a 2007 Odyssey. You probably would have better off leasing this vehicle without making any sort of down payment (you run the risk of losing it if your it is totaled), but making one is not the end of the world. As long as the dealer that you got your Odyssey from used its buy rate lease money factor to calculate your monthly payment, they probably did because money factor markups seem to be pretty rare on Hondas, then you got a good deal.

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CarMan@Edmunds

Hi shinbone1. I'm glad that you enjoy this forum so much. You're in luck, Southern California is one of the areas that Honda is running a special lease program on the 2007 Odyssey in. If I was in the market for this vehicle in your area right now, I would shoot for a selling price of around $500 over dealer invoice and then have the dealer that I was working with calculate my monthly payment using Honda Finance's special buy rate lease money factor of .00158 (for consumers who qualify for its "Super Preferred" credit tier).

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thinker01

Car_man - looking for numbers for a lease in Arkansas on a 2007 Odyssey EX with an MSRP of 29,290 and a selling price of 26,000. Would like to know both 12k and 15k miles per year numbers for 36 months. Thanks.

dpreisser

I was quoted a purchase price of $32299(incl. destination) from a dealer in Livermore, CA. It is the best price I've found in the Bay Area. Do you think they would honor this price in negotiating a lease? Are there any lease deals for Odysseys in Northern CA right now? How do I calculate the residual value on this model? Thanks for your help!

comer98

Hello all! I see a several posts regarding March Mfs and Residuals for states with special lease rates right now. Anyone have details on current data for 36/12k EX-L in the state of NE? Thanks!

yakmi01

I would like to get some help if possible

I am looking at leasing an 07 EX-L with RES at a price of $29,441.00 for 36 Months 12K a Year with Zero Down. What should I look for on a Lease Cost per month in NY and is there anything more I could do on the Price?

mrchili

Thanks for getting back to me Car_man. Looks like I still need some help though. Wife says forget the EX-L (don't need video, sunroof, and leather) so now I'm thinking about the EX....are the MF and Residual the same as the EX-L....assuming a 3yr 12k lease ???

appreciate any input

noahsdad

what are the current honda finance lease buy rates for the odyssey ex-L with nav/dvd in maryand. I guess I also want to know the residual at 3/36

thank you

sss2

What are the current residual value & money factor for an '07 EX-L in NC? 36 month/12,000 miles/year.

mrchili

Well thanks to this site I think I did pretty good...should pick up wife's minivan this week (they had to go find a silver pearl metallic they claimed they had). Final numbers for the 2007 EX for 36mo's, 12k year are as follows. . .

MF .00158 Residual= 58% (56% + 2% mileage allowance)

MSRP - $29290 ($595 Des charge included)

Sale px - $26449.5 ($595 Des charge included)

Fee down pyt= 843.4 ($262.5 title + $195 Doc + $7.5 NJ tire + $378.40 1st pyt)

Final pyt= $378.40 (included NJ sales tax in pyt)

I think I did pretty well considering it's only $8.50 over invoice.

Thanks for the help Car_man

beinish

It's time to give up on our 01 Ody and get a 2007. My wife has a business now so it seems that leasing is the right way to go. I've never leased before so I'm trying to get up to speed quickly.

Anyway, a No. NJ dealer offered us the 2007 RES/NAV for $32,000 (incl destination chg.), which is about invoice.(MSRP = 34895) My sense is that I should be getting soemthing under invoice by maybe $300.
He then quoted the following fees ($1646)
which included 1st mo lease, gap insurance,
bank/lease fees (595)
doc fees (185)
NJ registration 3 years (241)

Is this par for the course?
He quoted a money factor of .00158 and residual value of 54%, 12k miles/year, The bank fee sounded like it could be all fluff. Is this something that dealers charge what they can get away with, and I should get down by $500, or is it truly something that renters have to pay.
BTW, he says total we will end up paying $466/mo, but I don't think tax was mentioned in that price.
(I'm also having him do up prices for the Touring model, but I'm still torn on whether to spring for the extra money for the tires and the auto-hatch. BTW HE SAYS THE TOURING HAS A LOWER RESIDUAL VALUE - that sounded odd to me. Is there a good source for residual value percentages?)

many many thanks.

- Bob

Many thanks to all!!!

3kings3

Car_Man - Time to turn in my 03 EXL with DVD b/c lease is up. I had a 3 year 15k miles lease with no money down at $395 a month. This was with a dealer in GA. Now I want to get an 07 ELX with DVD and Nav and the same dealer is saying the closest that they can get is $550 a month. I expect to pay a little more than I did b/c of the upgrade with the NAV, but not that much. What money factor should I expect in either AL or GA and what should I expect the lowest payment range to be on this van?

Thanks,

3kings3

maizie

I leased a 2004 Odyssey Ex-res for $223.00 a month here in Florida. I put $1000.oo down plus first months lease payment. I have been shopping a lot and can't get anywhere even close. The sticker price 3 years ago on the van was around 27,000. I can't even get the LX, which has a current invoice of 23,000. I really don't know why the payments are so much higher. If you find out anything let me know.

maizie

I can get a Ford Expediton XLT for $18,800. It has 53,000 miles on it. It has a sunroof, leather and seats eight. I have never purchased a vehicle with this many miles on it. The trade in value on this is $15,500. My question is, is this worth the risk? never owned a Ford before. I worry about this not making it the 5 years I have to pay the car loan. I only put around 12,000 miles a year on a vehicle.

lunchbox2

Hi, Reading this is a great help. I've got more work to do, but I have been quoted $395.00/month 36 months/12k miles with only fees due, about $450 at signing for an EX model. I'm in Wisconsin, don't know the actual selling price yet or what money factor they are using. Any suggestions would be greatly appreciated. My lease is up May 1 so I'm kind of pressed.

Thanks, Lunchbox2

lunchbox2

Same deal with me, we leased our 04 when the new model had come out so they were doing good lease deals, that's why they were so cheap, to get rid of the old models. The best I've done right now is $390 w/ $450 in fees due at signing. 36 month/12k per year. Good luck!

andykirby

I went to the dealer during their "Mega Sale". The 36 month lease he quoted me on a Ex-L with DVD was $399/month with $1,000 total out of pocket. He said it was based on $700 over invoice (the MSRP was 33,200). When I countered with 350, he came back and said that monthly rate would require $3,600. He blamed the increase on the changing "residual", which didn't make any sense at all. I didn't have the time to get his numbers, but was curious if this is consistent with what dealers are quoting for this model. Thanks

amark2

Just finalized a deal in NJ.. what do you think?

I wont even post all the MSRP, selling price etc...
Here is the bottom line that I wound up with....

'07 ODYSSEY EX-L 36month/15K.
900 TOTAL due at signing.
420 per month which includes tax.

jplavalle

Hi,

Did that have the nav or dvd? I am looking to go to Kay Honda in Eatontown, where did you go? I have an 04 quest that we loved, but the residuals are so bad on the Nissan, that they want almost 600 A month 0 down, nuts. thanks.

amark2

It does not have DVD/or NAV. I came out of an 04 Odyssey and the pricing and leasing on the '07 are no where as good. I compared prices and have leased many vehicles before and this was the best I could get after weeks of negotiations. It was a dealer in North West NJ.

jplavalle

i went there today and the best they would do on an ex-l with dvd and nav was 572 a month with 0 down, and that was me paying the inception fees and stuff (approx 1k) upfront.
That was more than I hoped to spend, will see what happens cause I left the dealership as I wasn't ready to lease today.

amark2

If I added the DVD player it would basically be 450 a month(including tax) instead of the 420 with 900 at signing. Again mine was for 15K also. I dont know what addding the Nav does to price

CarMan@Edmunds

Hello thinker01. Unfortunately your state, Arkansas, is one of the areas that Honda is providing special financing rates on the 2007 Odyssey instead of special lease money factors. you can finance this van through Honda Finance right now at 0.9% for up to 3 years and 3.9% for 4 to 5 years. If you want to lease it through Honda Finance, you will have to use its standard lease program. Its current buy rate lease money factor and residual value for a 36 month lease of a base 2007 Odyssey EX with 15,000 miles per year in your area are .00280 and 56%, respectively for consumers who pay a security deposit at lease signing and qualify for its "Super Preferred" credit tier. If you were to lease with only 12,000 miles per year, its residual value would be 2% higher.

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CarMan@Edmunds

Hi dpreisser. I don't see why the dealer that quoted you this price wouldn't honor it on a lease. The only time that there would be a difference in the price of a leased vehicle and the price of one that was financed or paid for with cash is if there was a cash incentive on it that was not compatible with its special lease program. Honda is not currently providing any dealer cash on the 2007 Odyssey, so this shouldn't be an issue.

Unfortunately, Honda is only running a special lease program on the '07 Odyssey in Southern California right now. In Northern California, it is offering 0.9% financing for up to 3 years and 3.9% for 4 to 5 years on it instead of a special lease.

Vehicles' residual values are based upon a percentage of their full MSRPs, including destination charges and any options that can be residualized. Honda Finance's residual values vary by term and mileage allowance. If you tell me how long you want to lease this van for and how many miles per year you need to drive it, I can tell you what its residual value percentage currently is.

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CarMan@Edmunds

Hello comer98. Unfortunately Nebraska is one of the states that has the aforementioned special financing offer instead of a special lease on the 2007 Odyssey right now. As a result, if you were to lease this van through Honda Finance, you would have to use its standard lease program. Honda Finance's current buy rate standard lease money factor and residual value for a 36 month lease of a 2007 Honda Odyssey EX-L without navigation or the entertainment system with 12,000 miles per year are .00280 and 57%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

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CarMan@Edmunds

Hi yakmi01. Let's work up a lease payment on this van and see what we come up with. The MSRP of a 2007 Honda Odyssey EX-L with the rear entertainment system, but without navigation is $33,290. Using this MSRP and the selling price that you mentioned in your post, $29,441 (which is very attractive), I estimate that this van's 36 month, 12,000 mile per year, zero down, pre-tax monthly payment in your area should currently be around $385. I used a money factor of .00158 to calculate this payment. It assumes that you qualify for Honda Finance's "Super Preferred" credit tier and pay a security deposit at lease signing. If you do, make sure that the dealer uses this factor to calculate your lease payment.

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CarMan@Edmunds

Hi noahsdad. Unfortunately, Maryland is one of the states that has the aforementioned special financing program instead of the special lease promotion. That means that if you were to lease this van through Honda Finance in your area right now, you would have to use its standard lease program. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Odyssey EX-L with DVD and navigation and 12,000 miles per year in your area are currently .00280 and 54%, respectively.

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aspec

Need your help.
In (OLD BRIDGE
)NJ looking for 2007 EX 0 down lease. need the lowest monthly PAYMENT.
THANKS,
AV

aspec

Need your help. what is the best approach?
In (OLD BRIDGE
)NJ looking for 2007 EX 0 down lease. need the lowest monthly payment.
THANKS,
AV

CarMan@Edmunds

Hi sss2. Unfortunately North Carolina is one of the states that Honda has special financing rates instead of a special lease program on this model. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda Odyssey EX-L without DVD or navigation with 12,000 miles per year in North Carolina are .00280 and 57%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

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CarMan@Edmunds

You're very welcome, mrchili. Congratulations on your new van. Thanks for letting us all know how everything turned out.

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CarMan@Edmunds

Hi Bob. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

A selling price of right around dealer invoice is a very good deal on a 2007 Odyssey. The money factor that you were quoted is right in line with Honda Finance's current special lease program for your area as well. this looks like a great deal to me. Check out the aforementioned articles just to see exactly how leasing works, but you are on the right track.

All banks that lease vehicles to consumers charge an acquisition aka bank fee. Honda Finance charges one of $595. You can either pay it at lease signing or add it to your van's capitalized cost to include it in your payment, but the dealer cannot waive it.

Honda Finance's current 36 month, 12,000 mile per year residual value for an '07 Odyssey EX-L with DVD and Nav is 54%. The residual for an otherwise identical lease of an Odyssey EX-L Touring with DVD and Nav is 55%. As you can see, the Touring model's residual value is not lower.

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CarMan@Edmunds

Hi 3kings3. The reason why the Odyssey is so much more expensive to lease now than when you leased yours several years ago, other than the fact that you are interested in a more expensive version, is that the special lease program that Honda is running on this van is not available in Alabama or Georgia. As a result, if you want to lease an '07 Odyssey in your area, you will have to use Honda Finance's standard lease program. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Odyssey EX-L with DVD and Navigation with 15,000 miles per year in your area are .00280 and 52%, respectively.

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CarMan@Edmunds

Hi maizie. Fortunately, Florida is one of the areas that Honda is running a special lease promotion on the 2007 Odyssey right now. Apparently even with the current special lease money factor that is available in your neck of the woods the Odyssey's current lease program is not as attractive as it was when you leased your last one several years ago.

I can work up a sample lease payment on the same van that you have right now to see how much it would cost you to lease today. According to my calculations, if you were to lease a 2007 Honda Odyssey EX-L with the rear entertainment system but without navigation through Honda Finance for 3 years with 12,000 miles per year in your area right now your zero down, pre-tax monthly payment would be around $422 assuming a selling price of $500 over invoice, that you pay a security deposit at lease signing, and that you qualify for Honda Finance's "Super Preferred" credit tier. This is a lot more than you are currently paying, but better than the quote that you recently got.

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CarMan@Edmunds

Hello Lunchbox2. I'm glad that you find this discussion so helpful. You definitely need to find out exactly what this vehicle's full MSRP and selling price are. It is your right as a consumer to know this information. Without knowing what the selling price is, it is difficult to tell if there is an room left to negotiate. The closer your van's selling price is to dealer invoice, the lower your monthly payment will be.

Fortunately, Wisconsin is one of the states that Honda's current special lease program on the '07 Odyssey is available in. That means that you can take advantage of a special money factor of .00158 on this model if you pay a security deposit at lease signing and qualify for Honda Finance's "Super Preferred" credit tier. Make sure that this is the factor that the dealer you are working with uses to calculate your van's monthly payment.

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m4rketsense

I just started looking at the Odyssey and all this info has been very helpful. I've gotten one payment quote back from a dealer via e-mail and wanted to get feedback on the payment amount. He just sent me the payment and I have not yet requested the cap cost, etc. that it is based on. I'm in Michigan and the quotes were:
Honda Odyssey EX
36m, 12k, no cap cost reduction: $377/mo., $609 total due
35m, 15k, no cap cost reduction: $393/mo., $624 total due

Do those prices look in line with what I should expect?

aspec

Mrchili,
I am looking for a similar deal; please let me know where did you find the MF 0.00158. The best that was quoted was 0.0038.
Thanks

mrchili

Hey aspec,

I'm also in O.B. N.J. and I went to David Michael on rt9 in Freehold. Dealt with salesman Willy. . .He tried the usual sales stuff. . ."we're not gonna make anything on this deal" and "why don't we just give you the car for free". . .but I stood my ground even when he refused to knock off an additional $130 bucks towards my last car pyt on a CTS I had ending. In the end, $8 above invoice, I was happy. As far as the MF being .00158, that's the rate for high credit score rating I believe, so if you have a good credit rate and their trying to give you another MF, confront them.

Good luck

jumpinjack1

I have not read any posts relating to leases in Indiana. The figures that I am reading seem lower than I have been quoted.

What should our lease be on 36 mos 15K a year? We should qualify for the best rates.

Sell price we were quoted at is 30,600 MSRP 33,290. Any info would be helpful.

johnmx

BTW, to qualify for the Top Tier Rate your credit score needs to be above 720.

aspec

Thank you mrchili and the other members of this forum.
I was able to get a great deal because of your helpful advices.

rprettitore

Looking into a 2007 EX-L with Nav and DVD. Got a quote from a local dealer for $3900 down and $593 a month. Seems way to high. What should I be looking at paying for down and monthly payments?

Please help

beinish

That's crazy. I just got $461/mo 36k miles/3yrs, with about $1500 down. In New Jersey which has the favorable Honda lease finance deal going on.

coupedncal

The quoted rate is even higher than terms of an outright purchase. At Honda's current finance terms, the monthly payment for an EX-L is about low $500 for a five year purchase loan.

yakmi01

Best Quote I got was $428.93 Zero Down EX-L With RES Only taxes and tags out of pocket. I went with the Chevy Tahoe but I thought this was a good deal. Oh Yeah 15K Per Year 39 Months.

coupedncal

Would you happen to remember what was the residual after 39 months ? If it is close to 55%, wouldn't it be better to purchase the same by putting just a bit more towards monthly payments and own the car outright? I don't have anything against leasing but the way I see it, the math in favor of leasing rarely adds up. In my book, leasing is justified only when it is being subsidized through low low money factor and or cap reduction through rebates.

tahoe524

I'm considering leasing an 07 Odyssey EXL w/RES only. I'm in the NY metro area so I can take advantage of any deals in NY, NJ or CT.

Can you share any incentives/speacial rates that are in effect nowadays?

Thanks.

yakmi01

No I don't have that sorry. I prefer to lease so I can turn the car over every 3 years. In that timeframe there is no way to pay off a car like this with a similar monthly payment and the value of these things at the end of 3 years is next to nothing.