2013 and earlier-Honda Odyssey Lease Questions

aspec

In N.J. I went to David Michael on rt9 in Freehold. Dealt with salesman name James K, based on a recommendation from someone from this forum (thank you again). I did my research beforehand and got the best deal in NJ on an EX lease. I was extremely surprise on the no hassle treatment that I received from that salesperson and the office. I highly recommend them to any one!!

robwhln3

Hi,

I have been given a price of $398.00 a month for a 3 year lease, 15,000 Miles/yr. with $2200.00 down (incl my Trade-In. THis was for an 07 Odyssey EX-l w/ DVD no Navi.

Trade-In info is 2003 VW Jetta GLS 1.8T, Standard Trans, Leather Int, Monsoon sound, 17" wheels. approx 34,000 miles.

My location is Connecticut - Courtney Honda

I would greatly appreciate any input. Thanks!

jplavalle

Would you tell me what the terms were? I am going to head out there next week, Kay in Eatonton started at 0 down and $670 a month for an exl with dvd/res, that was 0 out of pocket so tax and all fees were rolled in, that was total msrp, after a lot of talk, they came down to 559 and they threw in the back up sensors, but I had to pay almost 1k in inception fees, I think that is still WAY too high, anyone else have actualy numbers from Kay Honda in NJ or David Micahael or Open Road ??

all my prices were for 36 month lease btw...

aspec

800$ at inception that includes first month payment.

Carman - can you please tell me if the protective care (seats ++ interior) offered by the dealer is worth the investment for a leased car?

jplavalle

What is your monthly payment? How many months?

rprettitore

In NJ go to DCH Academy Honda. Great to work with and don't play typical car salesmen games. I got $0 down, $480 per month and they are paying 1 remaining month on my current lease. I got the EX-L w/ Nav, DVD, Luggage Rack and Rubber floor mats.

aspec

393$ * 36 mnth
800$ at inceprion including first paymnet

robwhln3

Thanks for all the help..............

I ended up paying $2200 (Inc my Trade-In) down.

$370.00 a month 36 Months, 15,000 miles a year. Odyssey EX no Leather, No NAV (It's hard to get lost in the Tri State Area....), No DVD (Don't our kids watch enough TV anyways?)

Gross Cap Cost - $27,632.08
Residual Val @ end - $16402.40

tahoe524

Just wanted to say thanks to all who replied. I love this forum.

azcarguy3

Looking at leasing either the 2007 EX-L with NAV & DVD or the touring. Does anyone know what residual Honda or anyone else uses for a 24 and 36 month lease? Any ideas on the money factor too? 15,000 miles per year...

Thanks in advance -

ejshap

i have all the numbers - but for NY

srinookala

I came across this at a dealer site, is this an attractive lease option?

$279.00 per month for 36 months*

MSRP $26,240.00 (includes destination) less the capitalized cost reduction (which may be paid by the suggested dealer contribution) resulting in actual net capitalized cost $23,084.61. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $10,044.00. Option to purchase at lease end $15,219.20.

pasell3

Carman or anyone else...

We test drove an EX-L with no Navi and RES today and loved it. MSRP is 35,500 and offering 29,800. We want to lease and the terms are 12,000/year 36 mos for $474 which includes RI sales tax of 7%. It's a true sign and drive, ZERO down at signing.

Am I getting a good deal here in the state of RI.

Does anyone know if in May there might be better incentives and deals from Honda? It's between the Honda Odyssey or Toyota Sienna, but the Sienna was more, packages were confusing...drove a little better but I liked the fit and finish of the Odyssey better. Any help is appreciated.

pasell3

I am looking at a lease of a Odyssey EX-L with RES, No Navi. I live in RI, 7% sales tax.

MSRP 33,850
Selling: $28,650

15,000/year 36 mos, total due at signing: $500
Monthly payments of $455.

Does this sound reasonable? I shopped 7 dealers and this was the best offer that I received. PLEASE opinions are appreciated.

jplavalle

That selling price is like $2,000 BELOW invoice, so if that is the price you are getting that you are gettin a good deal, looks like with 54% residual on that, you are paying 7% interest. Is there a rebate of some type in RI ?

shaliloglu

Hello:
Can anyone tell me if there is a way to not pay for excess milage on a Honha Odyssey. Honda lease office told us NO but wanted to check to see if others have any suggestions. thanks for your time.
Sal

comer98

Hey Car_man...Looks like NE has lease support on the 07 Odyssey. What would be the current residuals and MFs for an EX and EX-L (no nav, no res) for 12k at 24 and 36 months. I would like a shorter deal, but that depends on the terms you provide. Any help is greatly appreciated. Thanks!

jacknibbs

I just started looking for lease deals since it will suit me better than buying. I wish I had more time for research but need a new vehicle within 10 days or so.
I know new deals just came out so I wanted to get an idea of what to look for.
I have one quote so far for an EXL with no other options. Zero down for 12k/36 mos. for $389/mo and with 2k down for $319/mo plus taxes.
Do those sound like reasonable rates? Also, what should I be asking the dealers when I request a quote?

PS these forums are an excellent resource. Will be spending some time here

pasell3

jplavalle,

Here were the FINAL numbers.

Odyssey EX-L with RES and No Navi:

MSRP: $33,625
Selling Price: $29,120

I put down $455, which is simply the 1st month payment. That was all I put down.

15,000 miles/year and 36 mos. Final Payment: $455/month

I researched and researched and I found that this was the 100% best deal I could get, and might get moving forward. I'm not sure what they are offering in May, but I talked to people and was told that I should not pass this up.

I forget the money factor on this...you asked about residual which if I recall, is 57%.

According to my paperwork, at the end of the 36 mos, it indicates that I could buy my vehicle for $17,650.

1gianni1

Hi All,

Here is the quote I got from dealer in Monrovia, CA. EX-L w/ Navi $ DVD.

$31,750
Money factor: .00140
Monthly comes out to $508 total

Is that good deal? Seems like the monthly payment is quite high.

jplavalle

That sounds like a really good deal to me, I am going out tomorrow actually to start hunting down my deal. Good Luck!!

jacknibbs

Just got a new quote.
EX-L No RES or NAv, 12k miles for 36 months, $3000 up front and $329/month.
I think that sounds like a good deal. Rate is .0014 and residual on the car is 56%
I am willing to pay $3k upfront because I want to keep my monthly payments low.
Anything else I should know about or find out about? Anyone else been offered a better deal in NJ?

aavital

Carman

Here is the final deal i negotiated - not sure what is missing and why the dealership's numbers diff then mine.

EXL MSRP: 31690
Final Price: 29253
Cap Reduction: 550
Residual: 56% - Honda Lease
MF: .0014 - Honda Lease
Term: 36 Mos
Total Month: $360 (Excluding Tax)

What am i missing?

Thanks

stevebainu

I am looking to lease a 2007 Odyssey EX. Does anyone know if Honda offers a pre-paid lease, similar to a GMAC SmartLease?

Also, are the money factors and residuals posted here recently good for the entire country? I live in the San Francisco Bay Area.

Thanks!

CarMan@Edmunds

Hi jumpinjack1. Indiana is one of the states that Honda's current special lease program for the Odyssey is available in. If you were to lease a 2007 Honda Odyssey EX-L with the RES through Honda Finance for 36 months with 15,000 miles per year in your area right now, its buy rate lease money factor and residual value would be .00140 and 52%, respectively assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. I would be happy to use this lease program to estimate what your monthly payment should be, but in order for me to do so I need you to provide me with this van's full MSRP, in addition to the selling price that you already mentioned.

Car_man
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CarMan@Edmunds

Hi tahoe524. The special regional lease program that Honda is running on the 2007 Odyssey is available in all three states that you mentioned. That means that if you were to lease this van through Honda Finance in your area right now, its buy rate lease money factor would be .00140 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

If you opt to finance this van instead of lease it, you can do so through Honda Finance at 2.9% for up to 3 years or 4.9% for 4 to 5 years. Honda is also providing $500 dealer cash on this model that can be used in conjunction with the 2.9% to 4.9% special financing rate, but not the special lease program.

Car_man
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CarMan@Edmunds

You're in luck, azcarguy3. Arizona is one of the states that Honda's current special lease program for the 2007 Odyssey is available in. If you were to lease a 2007 Honda Odyssey EX-L with navigation & DVD through Honda Finance in your state right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value would be .00140 and 58%, respectively if you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The numbers for an otherwise identical 36 month lease are .00140 and 51%.

Car_man
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CarMan@Edmunds

Hi srinookala. Even though you came across this advertisement on a dealer's site, it looks a lot like Honda's current official advertised lease for the Odyssey. Like most manufacturers' advertised leases, I suspect that this deal leaves a little meat on the bone so to speak. It makes sense if one thinks about it. Dealers would be pretty annoyed if their manufacturer advertised the thinnest possible deal on a vehicle. Shop around and negotiate the lowest possible selling price for the Odyssey you want. The close you can get to dealer invoice, the better. Then have the dealer that you are working with use this van's buy rate lease money factor to calculate your monthly payment.

Car_man
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tahoe524

Thanks so much. You numbers jive with what I am hearing from dealers. The key for me is the selling price it's all based on.

CarMan@Edmunds

Hi pasell3. The MSRP for a 2007 Honda Odyssey EX-L without navigation or the entertainment system is only $31,690. This van's MSRP doesn't approach $35,500 until both of those options are added to it, so something is off with the numbers that you mentioned. You can look up the MSRP and dealer invoice price of the exact Odyssey that you want by visiting the following section of this site: Edmunds.com - New Vehicle Pricing. Try to negotiate a selling price that is as close to dealer invoice as possible. Once you arrive at a selling price that you are comfortable with, have the dealer that gives it to you calculate your van's monthly payment using Honda Finance's special buy rate lease money factor of .00140 (this is a regional lease program that is available in RI) and you're in business.

Car_man
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CarMan@Edmunds

Hello Sal. The only way to avoid paying an excess mileage penalty on a leased vehicle that you have gone over your allowance on is to purchase it at lease-end. If you return your leased vehicle you will have to pay a penalty for any excess wear and tear and excess mileage that it has.

Car_man
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CarMan@Edmunds

Hey comer98. You're right, Honda's special regional lease program on the 2007 Odyssey is available in Nebraska. Honda Finance's current 24 month buy rate lease money factor and residual value for a 2007 Honda Odyssey EX with 12,000 miles per year are .00140 and 64%, respectively. The numbers for an otherwise identical 36 month lease are .00140 and 55%. The money factors for the Odyssey EX-L without navigation or RES are the same, but its 24 and 36 month, 12k residuals are 62% and 54%.

Car_man
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CarMan@Edmunds

I'm glad that you find the Edmunds.com forums so helpful, jacknibbs. You never mentioned the selling price or MSRP of the Odyssey that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this van's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to give you my opinion of this deal if you let me know what these numbers are. In addition to finding out this van's MSRP and selling price, make sure to ask the dealer what money factor they are using to calculate any lease payment that they quote you.

Car_man
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CarMan@Edmunds

Hi 1gianni1. The money factor that you were quoted is right in line with Honda's special factor for your area. This is a good thing. The selling price that you were quoted, $31,750, would be below invoice on an '07 Odyssey EX-L with navigation & DVD. If it is correct, this is an excellent deal. You never mentioned how long this lease is or what mileage allowance you are getting, but if this is a 24 month lease, you're right the monthly payment that you were quoted does look a little too high unless you are talking about a lease with no acquisition fee or security deposit due at signing.

Car_man
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CarMan@Edmunds

Hey jacknibbs. The money factor that you were quoted looks great. Do you know what the MSRP and selling price of this van are? If not, you really should find out. They will show you how much of a discount you are getting on it. Let me know what they are ant I'll tell you what I think.

Car_man
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CarMan@Edmunds

Hello aavital. The dealer invoice price of a 2007 Honda Odyssey EX-L without navigation or DVD is $28,754. The price that you were quoted for this van is right around $500 over invoice, which is a good deal. Furthermore, the money factor that you were quoted is right in line with Honda Finance's special regional factor for this model. If you like the van, I personally don't see any reason not to pull the trigger on this deal.

Car_man
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CarMan@Edmunds

Hi stevebainu. I have never seen any mention of anyone doing a pre-paid lease through Honda Finance. I suspect, but am not 100% positive, that it does not offer this type of program. Unfortunately, the special regional .00140 lease money factor that you have seen mentioned in this discussion is currently available in Southern California, but not Northern California. As a result, if you were to lease an '07 Odyssey through Honda Finance right now, you would have to use its standard lease money factor. By using the standard lease program, at least you can use the $750 dealer cash that is currently available on the '07 Odyssey to help you negotiate a low capitalized cost. This dealer cash is not compatible with the special lease program.

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jplavalle

Car_man or anyone else.
Can you tell me what the residuals should be on a touring with NAV & RES in NJ? Here is what I was quoted, just want to see if this is right.

MSRP - 39690
SELLING - 35582
0 Down
55% residual
.00291 money factor
36 months
payment with tax = 588

** Note, I used the edmunds calculator and put the 55% residual in myself and went to the dealer and after about an hour of nonsensical haggling they came up with this. They claimed that the money factor was higher because there is 750 in dealer cash on this model. Any thoughts on this deal?

pasell3

I think I said that the MSRP on the van I was quoted was higher than it was. Here is how it finally broke out.

I cannot remember right now the MSRP but will get it off the window sticker in the new van.

Final Sell Price was $28,900. This is for an EX-L WITH DVD but NO Navi.

I am leasing: money down was $455 for 1st month payment.

I am in RI with 7% sales tax.

15,000miles/year 36 mos

Final Monthly Lease Price: $455/month

After shopping at 4 different dealerships, Boch Honda in Norwood MA is where we ended up. I think this was a very good deal based on what I read here and the offers I was given.

Only thing I would have done differently was to get the Touring Model with NO Navi...

peko

I'm in the market to lease an EX-L no nav and no dvd for 36 months, 12K miles. I was offered a purchase price $28,000 which includes destination charge. It's below the invoice price of $28,754 because of $750 Cash to Dealer incentive. I'm being told that bank fee is $595. I checked Honda.com website for regional offer and it notes $1625 capitalized cost reduction and the best interest rate is 0.9% thru American Honda Financial Corp. Firt, I want to check with you guys out there if this is true. If its true, I went online to Leaseguide.com and used the lease calculator to figure out my cost. With MSRP $31,690, Base Cap Cost (negotiated price) $28,000, Cost Added to Lease $595 (bank fee), Cap Cost Reduction $1625, Residual Value at 56%, Money Factor .00038 and Sales Tax 8.65% (NYC) and I get a Monthly Payment $296.84 including tax. Can anyone confirm this? Thanks!!!

jacknibbs

Hey carman,
Thanks for the replies. I was in a hurry to get this done since I was replacing a totaled car.
Here is the final deal I got.
MSRP 31690
Sell price 28000 (I'm pretty sure, I can check on the contract if things don't add up)
Upfront 3000 (I wanted to keep montly payments low)
Came out to 328.60/month including taxes/registration etc.
The 3000 upfront includes first month's payment.
I think I got a good deal, maybe not the best but I was in a time crunch
If this is good deal and anyone in the NJ/NY area wants to know the dealer, let me know. I actually got couple of dealers to match it.
I actually got $399/month including taxes and nothing upfront as well.

cgjacobs

I would appreciate it if you could give me the names of the dealers that you contacted. Also, was your lease payment based on 12K or 15K miles.

Thanks

mdeuce

Hi pasell3. I'm heading to Boch Honda tomorrow, your info is very helpful. Did you find out the MSRP yet? Also, what did they use for the residual and do you know what the residual is for 12,000miles/year 36 mos.? What did they use for the money factor?

Any help would be appreciated!

aavital

Thanks for the reply - they have an assignment fee of 595, is this a hard cost item? also the lease offer shows an total cash equity of $1697 - any idea what it is?

Thanks

nadarashdan

Hey everyone, not sure if I got a good deal or not or to accept it or not. I got a deal after alot of bargainging for an ;07 Odyssey for a 36 month lease for about 370/month (includes taxes and fees), 600 down (includes first car payment and license fees) the other factors are:

Money Factor-.00140

Residual-$16,695.30

Price of the car -$26,253

my email is nadarashdan@yahoo.com

pasell3

mdeuce:

The MSRP was $33,450
Sell Price $28,900

Residual Value at end of lease was $17,600

I am not sure what they do for the 12,000 mile deal.

I talked to Richard Fafford but negotiated the deal with the leasing manager, Keith (cannot remember the last name).

Hope that helps..

jcolb88

Hey Car Man, or anyone who can answer this question,

Is the residual value based on the MSRP or the price that you negotiate to buy the car?

Thank you for your input.

kyfdx

MSRP..

jcolb88

Thanks for the quick response kyfdx!!
Ok, so with that being said, can you tell me what I'm missing here?
I was quoted a lease payment of $459 per month for a 2007 Odyssey EXL with a DVD. The MSRP is $33290 and he quoted me a sale price of $29,149. The lease is based on 12K miles for 3 years. The residual is 54% with a money factor of .00140. The sales tax in PA is 9% on a lease.

When I calculated the lease using the formula from leaseguide.com, I came up with a figure of $409.82. So what am I missing?

kyfdx

If you add in the $595 acquisition fee, I get $429/mo. including tax..

Another $30/mo.? Must be some other added charges, or something is being marked up..

That is assuming your residual and MF numbers are correct.. I don't have that information..

regards,
kyfdx