I've been wanting to change my minivan (2002 Odyssey EX with DVD) for a new minivan with less cabin noise. I really liked the new Odyssey. I have 47K miles on my old van, but the appraisal for a trade in came back at 10K ( I had a minor frontal collision last year). The car is in showroom condition.
The dealer offered me a Honda lease for 297/month for 36 month lease for 12K per year after the trade in . The residual is 17,900.
Does this sound like a good deal? If not, what would be a reasonable target price.
Hello again Car_man, So far, everything seems quiet and I haven't seen anything on the lease deals for Honda Odysseys this month. I'm still wanting to find a good lease deal on an 07, even a leftover 06 somewhere. Do you know if any lease deals are coming to the Alabama area? For that matter, we'd happily go over to Georgia or Tennessee to purchase if they have a good lease program going on. Any opinion would be appreciated. Thanx, Matt
I live in South Florida. A dealer has been calling and made the following offer to me on a 2007 Odyssey EX-L RES No NAV). This is a 36 month lease with me paying inceptions only. 12K miles per year (though I think I may want to go for 15K miles). Our credit rating is very good at somewhere around 840.
Selling price lease is based on: $30,699 Residiual (54%) $17,976 Money Factor 0.00140
Payment not including tax $439.00
Does anyone think I can do better? Please give me your opinion. Thanks
i just closed my deal in South Florida for an EXL-RES. I do not know if it is a great deal, but it seems competitive with what I have seen on this forum.
$423 per month including tax 12K/36mo $795 (first month, tag, tax)
What are the different lease options for a Honda Odyssey? The dealership had a brochure for some kind of "leadership purchase program." It sounded like a smart buy type of loan. Anybody have any details? They quoted a rate of 4.17. According to the sales guy, this program is different and doesn't have a traditional money factor.
This is what I'm quoted. Odyssey EX-L RES for 29,800 OTD, 36 months, 15k miles. I'm in Arkansas but registering in Texas.
Hey cbsprings. The capitalized cost reduction that you mentioned is essentially a down payment that you the lessee are making to reduce the amount that you are financing on your lease. It will reduce your vehicle's monthly payment, but it actually is not your best interest not to make any sort of cap cost reduction when leasing. Consumers who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. You would be better off going with no cap cost reduction, even though it will increase your monthly payment a little bit.
Honda Finance charges a $595 acquisition fee on every vehicle that it leases. Individual dealers do not have the authority to waive this charge. Part of it is used to provide gap insurance on your lease.
$750 under invoice is an excellent selling price for a lease of an '07 Odyssey. You can look up this van's invoice price in the following section of this site to make sure that the price that you were quoted is really $750 over it: Edmunds.com - New Vehicle Pricing.
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Hi Jeff. I believe that the special .00140 lease money factor that Honda is providing on the 2007 Odyssey for "Super Preferred" customers who pay a security deposit at lease signing is now available nationally through September 4th.
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Hi foxmeister. Honda Finance's current 36 month residual value for the 2007 Odyssey EX-L with navigation, the entertainment system, and 15,000 miles per year is indeed 51%. Dealers do not have the ability to alter banks' published residual values. The selling price and money factor that you were quoted for the Odyssey that you want look great to me.
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Hi tlponds. If you haven't leased your Odyssey yet, you're in luck. I believe that the special .00140 money factor that Honda was providing on it in certain areas last month is now available nationally. Honda Finance's money factors and residual values for the Odyssey are scheduled to run through September 4th. It is very possible that its residual values for the Odyssey will drop slightly in September. It is difficult to say whether Honda will lower this model's money factor to make up for the lower resid.
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Hello mom2nandp. Consumers need to have a credit score of 710 or higher to qualify for Honda Finance's "Super Preferred" credit tier. I believe that its "Preferred" tier is for consumers who have scores between 709 and 660. I don't know Honda Finance's exact "Preferred" tier money factor for the 2007 Odyssey right now, but if I had to make an educated guess, I would say that it is probably around .00200 to .00210.
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Hi allison5. $5,000 is a lot to be upside down on your vehicle. Do you really need to get something new right now? You would be better off waiting until you are less upside down to get something new. I don't think that leasing will make getting out of your current vehicle any less expensive. In fact, there is a good chance that you will not be able to roll all of your negative equity into your new vehicle. If that is the case, then you will have to pay the amount that you can't roll into it at lease signing.
I am not personally all that familiar with the various trim levels of the Odyssey, but I am sure that someone in the following discussion will be happy to give you their opinion on the difference between the ride of the Touring and the EX-L: "Honda Odyssey: Prices Paid & Buying Experience".
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Hi dvolcansek. The best way to get a good deal on a lease of a new Odyssey is to negotiate the lowest possible selling price. The dealer invoice price for a 2007 Honda Odyssey EX-L without navigation or the entertainment system is $28,754. I personally would shoot for $500 over that, or around $29,250. Once you arrive at a selling price that you are comfortable with, have the dealer calculate your monthly payment using Honda Finance's current buy rate lease money factor of .00140 (for "Super Preferred" tier customers who pay a security deposit at lease signing).
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Here's the information that you're looking for, ev12. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda Odyssey Touring without navigation or touring with 15,000 miles per year are .00140 and 53%, assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.
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Hi rmurthy. 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 what this van's selling price is 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.
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Congratulations on your new Odyssey, skee. You never mentioned its selling price in your post. This number will help me to evaluate your deal. Let me know what it is and I'll tell you what I think.
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Hi Matt. Honda is running a national special lease program on the 2007 Odyssey this month. Honda Finance's current buy rate lease money factor for it is .00140 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.
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Greetings davidwilp. The dealer invoice price for a 2007 Honda Odyssey EX-L with the entertainment system but without navigation is $30,200. That puts the selling price that you were quoted at $499 over invoice, which is a pretty good deal. Furthermore, the money factor that you are being given is right in line with Honda Finance's buy rate for this van. If you like the Odyssey, I personally don't see any reason not to pull the trigger on this deal.
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Just picked up an LX for $23,500 + TTL - $329 under invoice. This leads me to believe that there is some volume bonuses for the '07s before the '08s hit the showrooms in the next few weeks. Only other explanation would be that the dealer got into Holdback, but it doesn't really matter, as my wife and I are stoked about our new Nimbus Gray Metallic family truckster.
I agree that 5,000 is alot to be upside down. However what I have noticed so far as well as heard about in forums is that if I keep waiting then of course the miles keep on adding on. I tried to get out of it last year at this time and then I was upside down like 9000 but I would get more than I will get now for the vehicle. Don't you agree that the longer I wait yes I will be less upside down but also get less for the car? Right?
My car now has almost 60,000 miles on it and their are numerous little rattles etc that need to get looked into. So now I need to either fix that or get out of the car now.
Assuming an MSRP of $39690 (touring+Nav) and a negotiated price of $35983, what would the terms of a honda lease look like in Texas on a 36 month lease and Super Preferred Credit?
Here's what I know based on 12,000 miles per year: Money factor = .00140 Upfront acq fee = $595 Other fees up front = Not sure, but I think all sales tax is due up front in Texas on a lease Residual = ?
I am negotiating a lease that I want to do tomorrow. There is a $599.95 charge for "Fees & Ins" that is being added to the lease price. What is this? It is not acquisition fee. Can I negotiate that? If not can the Acquisition fee and this fee be paid up front?
I have pasted the proposal from the dealer below. Please give advise. Thanks, David
MSRP 33,290.00 Low MSRP 0.00 MRM 0.00 Con Van Residual 0.00 Residual (Base) 52.00 Residual (Bump) % 0.00 Residual (Bump) $ 0.00 Additional Miles Adj. (0.00) Odometer Over Adj. (0.00) Total Residual 17,310.80 Dealer Options 0.00 Factory Options 0.00 Purchase Option 17,310.80 Capitalized Cost Breakdown
Vehicle Cost 30,299.00 Markup -804.00 Option Price 0.00 Total Selling Price 29,495.00 Acquisition Fee 595.00 Fees & Insurance 599.95 Dealer Rebate 0.00 - Cap Reduction (Cash) 0.00 - Trade In 0.00 - Customer Rebate 0.00 Total Capital Reduction 0.00 Capital Cost 30,689.95 Capped Taxes 0.00 Total Capital Cost: 30,689.95 Tax Breakdown
Type Amt Rate Paid Cashdown 3.99 6.0000 Upfront Mileage Information
Allowed Miles Per Year 15,000 Mileage Program 15,000 Add. Purchased Miles per Yr 0.00 Additional Miles Chrg 0.10 Total Mileage Chrg 0.00 Total Mileage Allowed 45,000 Excess Mileage Chrg 0.20 Odometer 0 Trade Information
Total Gross Trade 0.00 Total Owed Trade 0.00 Total ACV Trade 0.00 Maximum Advance Information
Max Advance $ 43,872.00 Max Advance % 130.00 Miscellaneous Information
About to sign a lease for a 2007 EXL w/Nav & DVD. Very good price but wondering if there are any incentives (dealer cash) coming this Wednesday, August 1. Thanks
Had the best buying/leasing (I leased) experience. This guy I dealt with was from Maroone Honda in Hollywood Florida. He was straight up from the beginning. I contacted him via internet. Not once did he say "well you have to come in and we can talk about it". Did all the negotiating via email. Then I just went in and signed. Gave me a great price up front and then worked a little more with me.
This was the best experience I have had in getting a car.
Is this a great deal? I think it's decent, just leased a Honda Odyssey 07 EX, 0 down, 15k/36mos, $379/mo, inc 6% sales tax(michigan). $402 out of pocket. Did this on the last day of July.
Hi, I'm starting my search for an 07 Ody RES+NAV which will replace my lease on an 05 of the same. I'm in the Cinci-Dayton, OH area and would like to know what would be a good deal, especially since I'm a return cutomer. My lease is up in Oct, but I'm closing in on my 45,000 miles (need 15k/yr) and was hoping I could get one before I go too much over. Any info would be appreciated. Thanks!
Thanks for taking time to read this. I have a 2004 Honda Odyssey EX and the lease ends November, 07', lease with Honda Fin. Services (HFS). My wife backed into fence and scratched the back bumper so I took the car in to get estimate on repair. While I was there at the Honda dealership, I discussed with salesperson their special on a new HFS lease for a 07’ Odyssey. The dealer took the 04’van to have it “looked at” and to my amazement the sales person returned offering 14k as a trade in. The balance at the end of the lease is 18k. With my current lease, it contains $1500 coverage for excessive wear and the van is in good shape. Also, van is under the allowable mileage for the lease.
1.) I thought I could get into a new lease and pay the three months remaining on the existing lease. Is that just not an option?
2.) If I wait until the end of the lease, I thought I only had to return the van in good condition. Am I to expect this same kind of offer at the dealership?
I would have thought HFS would have wanted my business. I have never been late on a payment and my credit is good.
from what i know about this process, Honda financing is absorbing some of lease costs by offering higher than actual residual. Granted according to all measures, you van is worth more than 14k but it is hard to imagine it will be worth 18k end of the year. Regardless, you need to do what is financially viable. You could just wait until end of your lease and then walk away and at that time get a replacement. By that time, you could even get a deal on 2008. Do the math on the damage and see if this is the way to go.
Wonderful forum. This has been very helpful in our search for our next vehicle.
Just wondering if the quotes I received from the dealer look good. I had quoted an EX and an EXL (no NAV, no RES). 36 months 15,000/year. $0 cap cost reduction. .0014 money factor. Residual: 55%EX 54%EXL. Selling price is invoice for both. EX came out at $390/month. EXL at $428/month. Both include tax at 6% (Michigan). My gut tells me this is a good deal in that the money factor is only .0014 and the selling price at invoice.
I just leased an EX Odyssey, 0 Down, 15k/36 mos, $379/mo inc tax. In Michigan. Forget about residual and all that other BS, just get down to the actual numbers, then you know you have a good deal, if no one else is willing to match it. If the profit margin is low, then most dealers aren't willing to beat this offer. When Honda Bloomfield, who claims they'll "beat any deal", and didn't when I told them this quote. So I know it's a good deal.
Having a hard time determining whether the $2000 can be combined with the .0014 MF. Anyone know? If not, is the standard Honda lease generally better than independent banks. The .0029 MF seems high...
I just joined carspace for the first time, and I see very helpful comments posted. Could someone help me with figuring out the best deal I can get on a 36 month lease @ 12k miles/yr on a 07 Odyssey Touring w/RES and NAV as a resident of Henderson in Nevada (tax rate 7.75%)? I saw some comments made by Car_Man about money factor at 1.4% for some states in the month of June; would this apply to Nevada? With the summer sale going on now for Honda, will I be getting a better deal than that? I also saw on Edmunds.com that Honda is offering $2000 market support to dealers; would this help me negotiate better price? Assuming no money down, what would be my monthly payment for this new vehicle.
I have a trade-in 05 Odyssey without RES and NAV at 45K miles in excellent cond, and I expect to get around $20,000 from the dealer. If I apply my trade-in to this new vehicle lease, what should I expect to pay on my above desired lease program? Thank you!!
Greeting Epha - Did you ever get an answer on your question because I am looking to purchase the same vehicle and conditions (except that I live in Henderson, NV) as the one you posted. I could really use some advise on this. If you already pulled the trigger, how much did you ended up paying? Thanks!!
here in NY that is not the case. I got a response from two dealers who said that you cannot use the rebate and the special lease money factor together.
I'm also looking for any help with detailed numbers on this model. Looks like the $2000 dealer cash is NOT compatible with low MF. bummer. Can someone confirm the special MF for "Preferred" credit (I'm 700)? Is Residual .54 or .53 for 12K? I'm in Northern Cal.
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Comments
I've been wanting to change my minivan (2002 Odyssey EX with DVD) for a new minivan with less cabin noise. I really liked the new Odyssey. I have 47K miles on my old van, but the appraisal for a trade in came back at 10K ( I had a minor frontal collision last year). The car is in showroom condition.
The dealer offered me a Honda lease for 297/month for 36 month lease for 12K per year after the trade in . The residual is 17,900.
Does this sound like a good deal? If not, what would be a reasonable target price.
I just leased a 2007 Honda Odyssey EX-L (No dvd or nav). Did I get a good deal? Black with Ivory.
$2200 total out of Pocket
36 months
15K miles
$365.00 which includes tax in NJ.
Please let me know. Thanks.
So far, everything seems quiet and I haven't seen anything on the lease deals for Honda Odysseys this month. I'm still wanting to find a good lease deal on an 07, even a leftover 06 somewhere. Do you know if any lease deals are coming to the Alabama area? For that matter, we'd happily go over to Georgia or Tennessee to purchase if they have a good lease program going on.
Any opinion would be appreciated.
Thanx, Matt
I am in FL and getting quotes for a EX-L with DVD in the $410-$420 (plus tax) range. This is for a 2007 36month/12K miles lease.
Selling price lease is based on: $30,699
Residiual (54%) $17,976
Money Factor 0.00140
Payment not including tax $439.00
Does anyone think I can do better? Please give me your opinion.
Thanks
$423 per month including tax
12K/36mo
$795 (first month, tag, tax)
This is what I'm quoted. Odyssey EX-L RES for 29,800 OTD, 36 months, 15k miles. I'm in Arkansas but registering in Texas.
Thanks!
Honda Finance charges a $595 acquisition fee on every vehicle that it leases. Individual dealers do not have the authority to waive this charge. Part of it is used to provide gap insurance on your lease.
$750 under invoice is an excellent selling price for a lease of an '07 Odyssey. You can look up this van's invoice price in the following section of this site to make sure that the price that you were quoted is really $750 over it: Edmunds.com - New Vehicle Pricing.
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I am not personally all that familiar with the various trim levels of the Odyssey, but I am sure that someone in the following discussion will be happy to give you their opinion on the difference between the ride of the Touring and the EX-L: "Honda Odyssey: Prices Paid & Buying Experience".
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36 mo.
12K
$425 out of pocket
$381/mo. includes 6% sales tax.
My car now has almost 60,000 miles on it and their are numerous little rattles etc that need to get looked into. So now I need to either fix that or get out of the car now.
Here's what I know based on 12,000 miles per year:
Money factor = .00140
Upfront acq fee = $595
Other fees up front = Not sure, but I think all sales tax is due up front in Texas on a lease
Residual = ?
Thanks
I have pasted the proposal from the dealer below. Please give advise.
Thanks,
David
DEALER DISCLOSURE
Automobile: New 2007 HONDA ODYSSEY * 5d Wgn EX-L w/ RES w/AC , Automatic , Odom: 0 , Stock No: RL3877JW
Vehicle Cost: 30,299.00 MSRP: 33,290.00 Term: 36
State: Florida County: BROWARD City: Lease Type: Monthly
Lender: Honda Super Preferred, 15,000, Acq: CAP, Sec: 0,Special,National Region
Money Due at Inception
1st Month Payment 465.17
Security Deposits 0.00
Acquisition Fee 0.00
Fees & Insurance 193.50
Upfront Taxes 3.99
Cap Reduction (Cash) 0.00
Total Out of Pocket 662.66
Gross Trade 0.00
Owed Trade 0.00
Customer Rebate 0.00
Last Payment 0.00
Total Initial Charges 662.66
Payment Information
Base Payment 438.84
Monthly (6.0000) 26.33
Final Payment 465.17
Profit
Markup -804.00
Option Profit 0.00
Acquisition Fee Profit 0.00
Trade Profit 0.00
Tax Credit Profit 0.00
Tax Credit Fee 0.00
Back End (100.00%) 0.00
Total Profit -804.00
Rate Information
Retention Rate 0.00140
Reserve Rate 0.00000
Disclosed Rate 0.00140
Residual Information
MSRP 33,290.00
Low MSRP 0.00
MRM 0.00
Con Van Residual 0.00
Residual (Base) 52.00
Residual (Bump) % 0.00
Residual (Bump) $ 0.00
Additional Miles Adj. (0.00)
Odometer Over Adj. (0.00)
Total Residual 17,310.80
Dealer Options 0.00
Factory Options 0.00
Purchase Option 17,310.80
Capitalized Cost Breakdown
Vehicle Cost 30,299.00
Markup -804.00
Option Price 0.00
Total Selling Price 29,495.00
Acquisition Fee 595.00
Fees & Insurance 599.95
Dealer Rebate 0.00
- Cap Reduction (Cash) 0.00
- Trade In 0.00
- Customer Rebate 0.00
Total Capital Reduction 0.00
Capital Cost 30,689.95
Capped Taxes 0.00
Total Capital Cost: 30,689.95
Tax Breakdown
Type Amt Rate Paid
Cashdown 3.99 6.0000 Upfront
Mileage Information
Allowed Miles Per Year 15,000
Mileage Program 15,000
Add. Purchased Miles per Yr 0.00
Additional Miles Chrg 0.10
Total Mileage Chrg 0.00
Total Mileage Allowed 45,000
Excess Mileage Chrg 0.20
Odometer 0
Trade Information
Total Gross Trade 0.00
Total Owed Trade 0.00
Total ACV Trade 0.00
Maximum Advance Information
Max Advance $ 43,872.00
Max Advance % 130.00
Miscellaneous Information
Tax Credit Amount 0.00
Max. Reserve Rate 0.00000
Fee Breakdown
License 125.00
Document 599.95
Rental Surcharge 60.00
Tire Fee 5.00
Battery Fee 1.50
MVWEA (Lemon Law) 2.00
He was straight up from the beginning. I contacted him via internet. Not once did he say "well you have to come in and we can talk about it". Did all the negotiating via email. Then I just went in and signed. Gave me a great price up front and then worked a little more with me.
This was the best experience I have had in getting a car.
07 Odyssey EX-L with RES
12k / 36 month lease
$1600 at signing (includes 1st month's payment)
$419 / month - tax included.
1.) I thought I could get into a new lease and pay the three months remaining on the existing lease. Is that just not an option?
2.) If I wait until the end of the lease, I thought I only had to return the van in good condition. Am I to expect this same kind of offer at the dealership?
I would have thought HFS would have wanted my business. I have never been late on a payment and my credit is good.
Man, I hate the car buying experience. :confuse:
Thank you,
Mark
Just wondering if the quotes I received from the dealer look good. I had quoted an EX and an EXL (no NAV, no RES). 36 months 15,000/year. $0 cap cost reduction. .0014 money factor. Residual: 55%EX 54%EXL. Selling price is invoice for both. EX came out at $390/month. EXL at $428/month. Both include tax at 6% (Michigan). My gut tells me this is a good deal in that the money factor is only .0014 and the selling price at invoice.
Any input would be appreciated.
Thanks!
I have a trade-in 05 Odyssey without RES and NAV at 45K miles in excellent cond, and I expect to get around $20,000 from the dealer. If I apply my trade-in to this new vehicle lease, what should I expect to pay on my above desired lease program? Thank you!!
-Fletch