2013 and earlier-Honda Odyssey Lease Questions

helpme15

Hi Peko, thanks a lot.
I'm a girl and don't know anything about cars....as you can imagine the dealers are trying to give me radicoulous prices. I'll be prepared. One question? Why are you paying bank fee? What is it?

peko

Bank fee or Acquisition fee are the same. It's a fee that the bank charges to do fiancing. Mostly likely and should be thru American Honda Finance. This fee is set at $595 and is not different from dealer to dealer. Good Luck!

hamfast

Here's the dealer's quote (Dix Honda, State College, PA) for an '07 LX:
MSPR: 26240.00
Selling Price: $24279
Acquisition Fee: $595
Cap. Cost: $24874.00
Residual: 57%
Money Factor: 0.002850
Cash Down: $0
Trade In: $0
Mileage: 12K/yr.
Lease Term: 36 months
Sales Tax: 6%
Lease Tax: 3% (a PA thing, I think)

The monthly payment breaks down to:
Monthly Depr: $275.48
Service Charge: $113.52
So, plus tax, total monthly is: $424.01.

What do you think?
They've been pretty easy to deal with, but it would be good to get some feedback on their offer.

Thanks

nadarashdan

Honestly, I don't think that is a great deal especially for an LX!. . . I just leased a 2007 EX Odyssey this weekend for a deal of 370/month with NOTHING down except for first payment and fees. Do you have to pay tax on the FULL car or just as you go monthly? I didn't have to pay tax for the full price, just for the leasing amount of time, not the residual value. Also, I don't have to pay a lease tax. But it just doesn't sound like a good deal for an LX. Im in Cleveland, Ohio and that was a good deal for an EX - most were offering 400-420 but most were willing to go down to 370 after some pushing. Also, if you have good credit, the money factor should be 0.0014 until July 2! If you need anymore help email me at nadarashdan@yahoo.com - did lots of research and can offer insight!

binky0213

Hi I leased a EX-L with RES in mid-May. I put down $2500 total which included all the fees and the first month payment, etc. and I pay $365/month. So I don't really think that's such a great deal! If I had wanted an EX it would have been $320 with just the usual expected fees when leasing! Doesn't Honda have their LX special still going on?

cgjacobs

Does anyone know whether the money factors and residual rates tend to improve as you get closer to the end of the model year. I am considering leasing an EXL now but am wondering whether waiting a month would improve my price. I currently have $433 a month for an EXL with $500 out of pocket.

Thanks

kidlkcf

I'm looking to lease a 2007 Honda Odyssey EX. A sales person just told me that, if I wait til July, Aug or Sept, the residual value of the 2007 Odyssey will go down.

I'm trying to weigh ending my lease now on my current car with 3 payments left, and taking advantage of the current residual value and money factor, or waiting until August. The dealerships aren't willing to pay all of my lease payments and give me a good lease payment now. So, it seems like it's in my best interest to wait until my lease is up, or close to it.

Does this make sense?

hartt

Hi Car_man.
I posted earlier this month looking for the MF and residual on a 3yr/45K mile lease for both the EX and EX-L/RES.
Any info yet?
Thanks for all you do.

TBH

CarMan@Edmunds

Hi jpmnova. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Odyssey EX without leather, navigation, or the entertainment system with 12,000 miles per year in New York are .00140 and 57%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. You don't want to lease this van for any longer than 36 months, because that it the longest term that its special money factor is available for. If you were to lease it for 48 or 60 months, its money factor would more than double. The $750 dealer cash is not compatible with the aforementioned special lease money factor. It can only be used on leases in states that do not have the special program.

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CarMan@Edmunds

Hello nadarashdan. It is difficult for me to back into this van's selling price by looking at the numbers that you posted. You really should just ask the dealer that you are working with what its full MSRP and selling price are. You are entitled to this information. If the dealer won't tell you what these numbers are, find a different dealer to work with. Once you have the numbers, let us know what they are and we can tell you want we think of your deal. To give you a reference point, a 36 month lease of a 2007 Honda Odyssey EX without leather, navigation, or the entertainment system has an MSRP of $29,290 and a dealer invoice price of $26,585. If you were to lease this van through Honda Finance at $500 over invoice for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $350, assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. So, $370 per month including sales tax and all fees looks pretty good to me.

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CarMan@Edmunds

Hi its_a_dry_heat. I like your user id . You can look up the dealer invoice price of the van that you are interested in by visiting the following section of this site: Edmunds.com - New Vehicle Pricing.

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CarMan@Edmunds

Hi bigman32. The best way to evaluate this deal is to look at the MSRP and selling price of the van that you leased. If you provide me with these numbers I would be happy to tell you what I think.

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CarMan@Edmunds

Hey westtx. I am sorry to say that Texas is not one of the states that Honda's current special regional lease on the 2007 Odyssey is available in.

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CarMan@Edmunds

No problem, westtx. If you were to lease a 2007 Honda Odyssey EX without leather, navigation, or the entertainment system through Honda Finance in your area right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00275 and 55%, respectively if you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The numbers for an otherwise identical 48 month lease are .00255 and 46%. Since the special money factor is not available in your area, you can use the $750 dealer cash that's available on the '07 Odyssey to negotiate a low selling price for the van that you want.

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CarMan@Edmunds

Hi hartt. Honda is running a special regional lease program on the 2007 Odyssey right now. The special .00140 money factor is only available on it in certain states. The money factor in the states that don't have this program would be Honda Finance's standard factor of .00275 (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 cbsprings. Consumers can lease any vehicle that they want without making any sort of down payment. Of course, if you go with a zero down lease, the monthly payment for the Odyssey that you saw advertised for $279 per month would increase. Let's work up a zero down lease on a 2007 Odyssey LX and see what sort of payment we come up with. According to my calculations, if you were to lease an '07 Odyssey LX that has an MSRP of $26,240 and a selling price of $23,829 ($500 over invoice) through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $316, assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. This is a lot more than you are paying for your Odyssey now, but still less than $400 per month.

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CarMan@Edmunds

Hey hartt. Honda's special lease money factor of .00140 is available in the state that you have listed as your home in your profile. the higher .00275 money factor is only used in states that are not eligible for the special, enhanced promotion.

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CarMan@Edmunds

Wow, bbecker1, $1,000 under invoice is an amazing selling price. You got the dealer to use the buy rate special lease money factor on your deal, too. You did a great job negotiating your deal. Thanks for taking the time to share it with us. Enjoy your new ride!

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CarMan@Edmunds

Hi matt2324. Unfortunately, the special regional lease program that Honda is running on the Odyssey is not currently available in Alabama. That's why the lease payment quotes you have been seeing are so high. It is difficult to say whether Honda will expand its special program for this model to your area. I highly doubt that it will do anything with its lease program for this van in your area until its new incentives are introduced on July 6th.

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CarMan@Edmunds

Hi cgjacobs. Honda's special lease program for the Odyssey is pretty good right now. It is difficult to say whether it will enhance its lease program on the model for the month of July. Last year its lease program for this model was basically the same in July as it was in June and it actually was worse in August. If I was in the market for an Odyssey right now and I lived in a state that the special lease program was available in, I personally would just lease one now rather than waiting for an enhancement that may never happen.

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beethoven1290

In my Honda Odyssey I love to listen to Beethoven radio WCCC-AM 1290 here in Connecticut. When i'm not in my car or not in CT i love listening to it online. It makes my day go so much smoother. My Honda Odyssey has roughly 80,000 miles and all 80,000 have been listening to Beethoven Radio.
http://www.beethoven.com/
You'll love it and so will your car.

cbsprings

CARMAN,
Can you turn these figures into a lease deal for me?
Thanks in advance

2007 Honda Odyssey EX-L RES with Leather & DVD

$ 28,295.00 Internet Discounted Price of Vehicle
$ 595.00 Factory originating destination/freight charge
$ 100.00 Processing Fee
$ 1,414.75 5% MD Sales Tax
$ 270.00 Tags, Title and MD Registration

$ 30,079.75 Total Guaranteed "on the road" Price assuming Maryland residence Registration & Tax)

CarMan@Edmunds

Hi kidlkcf. Honda Finance's current residual values are scheduled to run through I believe July 5th. While it is in the best interest of the salesperson that you spoke with to create a sense of urgency to get you to purchase a vehicle from him or her as soon as possible, they do have a point. I suspect that its residual value for the '07 Odyssey will drop by a point or two when Honda Finance publishes its new July lease program. The question is whether Honda will enhance this model's money factor to offset the residual drop like automakers often do. It is difficult to say what exactly will happen, but if I personally was in your situation there's no way that I would waste the final three payments on my current lease to maybe save a couple of dollars per month on my new lease. Again though, it is difficult to say what exactly will happen with the Odyssey's lease program.

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CarMan@Edmunds

I would be happy to work up a lease payment on this van for you, cbsprings. According to my calculations, if you were to lease a 2007 Honda Odyssey EX-L with the entertainment system but without navigation that has an MSRP of $33,290 and a capitalized cost of $30,079.75 through Honda Finance in Maryland right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $422. If you were to lease with only 12,000 miles per year, this van's payment would drop to around $404.

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cbsprings

Thanks Carman,
Now the dealer is saying it would be $750.00 more for this deal since I told him I was going to lease the EX-L RES instead of buy it. I guess he was throwing in the 750.00 rebate to dealer. Is Maryland in on the special leasing program?
What should the cost factor and residual be for MD? Do I have to pay a lease tax in MD and how do you figure that? Do I have to pay the full state registration tax on the MSRP or the final negotiated price of the vehicle? Do they include this in my lease payment?
Thanks for answering my posts!

96gator

I wanted to thank the message board for all the information that helped in my quest for a lease deal. I have been negotiating for 2 months via email with several dealers in my area. I was searching for an EXL-RES and was standing firm at my offer of $400 tax included and inceptions down. I had several dealers say no and I was about to up my offer in a few weeks. Finally a dealer said yes if I come in right away. I made him put the deal in writing via email since I did not want them to change the deal when I got to the showroom. Needless to say I got to the showroom and they said that the manager misunderstood the salesman and could not honor that deal. After a half hour of yelling and showing them the email the dealer called their regional manager for approval. Here is the detail on the lease. Good luck in your search.

2007 Honda Odyssey EXL-RES
Gross Cap Cost - 29184.57
Adjusted Cap Cost - 29184.57
Residual Value - 54% (17976.60)
Lease Payments - 36
Miles - 12,000
Base Payment - 377.36
Tax - 22.64
Total Monthly - $400.00
Money Factor - .0014

Inceptions
$400 first payment
$71.51 title fees
$185.85 registration fees
$341.94 dealer fees

Total Inceptions - $1000.00

cbsprings

What state do you live in? I am looking at the same kind of van upgrading from an 04. What is the dealership name? Is that a monthly lease tax (22.64) that you pay in states with tax? What is it based on?
Coming from a lease deal in NH I didn't pay any taxes on the lease of the van to the dealership or state! We have sales tax here in MD. What are the dealer fees for? One of the dealers here says I have to pay freight of 595.00 in addition to the quoted price. I thought that was in the price of the car. So far I got a price of 29050 plus tax, tags, freight and $100 processing with a lease factor of .00150 and residual for 3 yrs, (45,000 miles) is 52% (on the EX-Leather DVD). Does this sound like a good deal and what should my payment be? Sorry for all the questions but this can be nerve racking!!

96gator

I live in FL and we have a 6% sales tax which accounts for the 22.64 + base price for a total of $400. I found this sites calculator helpful when trying to determine the deal. http://www.leaseguide.com/calc.htm. Ask the dealer to give you all the information to plug into this calculator. I thinkg the only number you are missing is the MSRP. I couldn't really tell you what dealer fees are and I only needed 12K miles per year so my residual was higher. But at the end of the day, it helps to have time to shop. There are many Honda dealers out there so a few of them telling you to hit the road is not a bad thing.

cbsprings

Thanks for the info. I have the MSRP I will plug it in to that calculator the only thing I still am confused about is why do I have to pay the freight on top of the car price?
By the way, I like your name. My husband's name is Gator and we will be in Florida for the 4th of July!
Thanks again

96gator

I think those fees are negotiable. Instead of arguing about individual fees, I basically told them that I wanted to pay $400 tax included and inceptions for a 36 month/12K mile lease on a EXL-RES. By studying this board I knew that what i was asking was just under the deals that most people were posting. When they sent back the details on their offers I matched the money factors, residuals, caps costs, etc to the board posting to verify that the deal was in line. Hope that helps. I found a sticking point since I had a lot of dealers that agreed to $410 tax included and inceptions, but none of them wanted to do $400.

ifsandbuts

I have been quoted a sales price of $25,990 for an EX in Tulsa, OK. Carman, is that enough info for you to give me an idea of the payments on a 36-months, 12,000 miles lease? I have never leased before and am sort of overwhelmed by the option, but since I have traded in my last 3 cars at 43 years old, I thought I should at least compare!
Thanks!

kidlkcf

Thank you, Car_man. I appreciate your detailed response. It sounds like I should at least wait until July or August.

ifsandbuts

Sorry, I meant I traded in at 3 years, not 43!

cbsprings

Carman,
I got this quote and as I told you I was looking for 0 down 45k/3yrs. This is what I got from a MD dealer. I don't understand the cap cost reduction as an addition in my column or the acquisition fee (gap insurance). I thought Honda included Gap for free. The dealer says he is giving me this for 750.00 below invoice. Can you tell me if something seems wrong here. Why would I have to come up with 4,367 down! Also my selling dealer in NH told me if I return my car to him he will give me some of the equity in my car towards my cap cost reduction. I'm not sure how this works. Is that a good idea? Here's the MD figures as written from the salesperson:
For compairison purposes I structured the lease as it appears for the Lease special.
36 Month Lease w/ 15,000 miles per year
$33,290 msrp

28,854 Sale price
595 destination
Our stock Odysseys have the following accessories:
395 door edge guards, fender well trim, pin striping
295 Splash Guards front and rear
195 Security Wheel locks
30,334 Total
.00140 Lease factor
52% residual
384.11 monthly payment

595 Acq Fee
384 First payment
1620 cap cost reduction
1521 state sales tax
247 Tag /title
100 Processing
4,367 Out of pocket money down
Also he said I could buy the ad-ons at his cost or he could remove them. What are those worth?

Thanks again for all your help! I really need to figure this out

jeffschu

Hi Car_man,

Is North Carolina one of the states in which I can get a MF of .00140 or do I have to use Honda's base MF?

Thanks,
Jeff

foxmeister

I have been offered invoice price - $32,187 - for an EX-L with navigation and rear entertainment system that I will lease. For a 36 month lease the dealer is quoting a money factor of 0.0014 and residual of 51%. This generally seems in line with what I am seeing on the board, but the residual appears on the low side. Thoughts?

tlponds

CARMAN,
I live in Northern California and want to lease an '07 Odyssey. I am getting great pricing from the internet sales manager at my local dealer but am wanting to wait for a better money factor than the Honda standard. Southern CA has a promo now but it's not good up here. Two questions...
#1 Does anyone have any thoughts on Honda coming out with a 4th of July special lease program? Should I wait?
#2 If I wait longer for the better money factor will it be offset by a lower residual the may take effect as the year goes on?
Thanks in advance for your input.

kisyntym

going wednesday to see dealer advertising $199 a month for 24 month lease.
Tax and tags extra.
Can anyone clue me in to what will burst my buble?
SHe said no cap cost reduction. I have a credit score of 705

kisyntym

can anyone tell me if you lease a car, do you pay tax on the price of the car or just the time you lease it? example 249*24 months =5976 In ny 8.25%=493.02 or would you pay tax on the price of the car example 23000 car 8.25 tax =1897.50

Thank you

mom2nandp

We are currently trying to lease a Honda Odyssey LX or EX. In the process we learned that we are not considered "super-preferred" by the Honda credit people. We are "preferred", which is the 2nd credit tier.

There are lots of advertised rates for "super-preferred" customers, but it's hard to get information about other credit tiers. We feel we are being jacked around by the salespeople. Anyone know how much of an increase we should expect at the next credit tier?

Thank you.

hondaford

tiponds
Where are you in norcal? dealers talked to? I am here too, and little seems to be applicable to our area.

allison5

My first question: We are upside down about 5,000 on the car that we plan on getting rid of to get the Odyessy. Is it better to lease the new one or buy it? Someone told me that it is less expensive to lease it especially when you are upside down on old car. I do not know much about leasing vehicles.

Another question is I just test drove the touring model in the Odyessy, in the past I have always driven the EX.L. For some reason the seats were much more comfy for my back and it rode smoother/quieter. Is this true? The seats looked like the same leather but I definatly noticed a difference in comfiness!! Thanks a head of time

allison5

I have two questions. One is I am turning in a car that I still owe about 5,000 dollars on. I am wondering if it will be cheaper to lease new vehicle than buy one since I am upside down on my old car? I do not know much about leasing but this is what someone told me.

Also I just finished test driving touring model after I have driven EX.L several times. What a difference.!!! Is that just me or is it really true. The seats were much more comfy even though the leather seems to be the same, I fooled around with the positioning alot and it seemed to be really much better. Also it seemed to ride nicer/quieter. Thanks ahead of time. I wish I would of tried driving touring model a long time ago.

tlponds

I live in Santa Rosa. About 1 hour north of SF. So far I've only talked to Manly Honda. I've been in touch with their internet sales manager and he has been very helpful. However he has no info on wether or not a better than standard lease rate will be coming this year.

dvolcansek

I am in NC and am looking to lease an EX-L. The dealer quoted me 30,400 sale price and a lease price of $$430/mo no money down for 36 months. The residual is 57%. This model does not have the dvd or nav systems. Where can I start to negeotiate? ANy help is appreciated.

ev12

Car man,

I am looking for the residual value for an 07' Touring
without nav, for 36mos/15K.

Thanks

kidlkcf

Last night we leased a 2007 Odyssey EX(no leather, no extra options) for $25,717 including destination charges.

Our monthly is payment including taxes: $333
Inceptions: 1393, which includes first month payment, doc fee, bank fee, Title/Registration, and Tire Tax.

I have been shopping around via email for the last few weeks. Planet Honda in Union, NJ gave me the best offer a couple of days ago. Joyce Honda was willing to match the offer, however, they didn't have the color car I wanted. Joyce Honda was by far the best about responding promptly to all my emails, and they even broke down all the inception fees to me, which seemed quite fair. DCH Paramus was also responsive, but their price was too high, and they wouldn't negotiate. Several dealers I contacted didn't give me complete information and then didn't respond to my request for more details, or they just couldn't match the price.

The worst experience I had was with Metro Honda in Jersey City. I'd like to report them to the better business bureau. They did a bait and switch on me. They lured me with an email saying: "we promise to better the deal of any other franchised dealership's Internet price on any new in-stock vehicle by at least $500 - $1,000 in additional savings! The competitor's price must be documented with a written agreement (provided upon request)
from a currently franchised Honda dealer located within 50 miles of Metro Honda, and the agreement must be dated within 10 days of the date you visit Metro Honda. The agreement must show the specific vehicle quoted by vehicle identification number and the vehicle must be in the competitor's available inventory."

The sales person told me all I needed was the email quote for proof(not an agreement). He refused to quote me a price over the phone, and insisted I come in to get the deal. I fell for it, and went to the dealership in the morning. They claimed to beat my offer by giving me a selling price $500 less than Joyce Honda's offer(25,500), but then jacked up the payments well beyond what they should have been. I told them their payments were way off, but they disagreed. They said they just couldn't go that low. We walked and went to Planet Honda. I strongly advise anyone from going to this dealership. They will trick you!!! What I learned was never to go to a dealership without a firm price. Everyone else had no problem giving me a price, whether it was on the phone or on email.

In the end, I think we did just fine. Thank you to the forum for help.

dvolcansek

I am in NC and am looking to lease an EX-L. The dealer quoted me 30,400 sale price and a lease price of $$430/mo no money down for 36 months. The residual is 57%. This model does not have the dvd or nav systems. Where can I start to negotiate? any help is appreciated.

skee

can you please tell us how many months was this lease?

kidlkcf

I'm so sorry I left that information out. The lease is for 36 mos, 12K miles/year.