2013 and earlier-Honda Odyssey Lease Questions

CarMan@Edmunds

Hi tclanton. The dealer invoice price of a 2007 Honda Odyssey EX-L with the entertainment system, but without navigation is currently $30,240. As long as the dealer you are working with is using Honda Finance's buy rate lease money factor of .00121 (for top tier customers who pay a security deposit at lease signing) to calculate your monthly payment any price near dealer invoice is a good deal. A selling price of less than dealer invoice on a lease is an excellent deal.

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carmroe

Just returned a leased 2004 Odyssey EX-L RES with 19,998 in mileage, garage kept, with one ding in front hood from a football tip (requiring no paint to fix, smaller than the size of a quarter) and was told we get no discount as a bargaining tool towards my new lease of 2007. Does anyone know if this is true? Also not to thrilled with new lease amount. The 2004 was our first time ever leasing, so we were two idiots on that one, and only hope we got a decent deal this time. For years we purchased our cars in full and got stuck with lemons.(Chrysler) We LOVE Honda! P.S. in the 2004 Honda I had plastic runners so carpet looks like new and we do not SMOKE.

tclanton

I just spoke with the local saleman from this weekend and he is getting the exact money factor and residual for my proposed deal. I was incorrect on the selling price. The correct information is below:

MSRP: 33737
Selling price: 29453
Term: 36 months
Mileage: 15000 miles per year

Carman,

Is the $2000 manufacturer to dealer incentive available on the 2007 Honda Odyssey?

Can it be combined with the American Honda Financial money factor of 0.00121?

Thanks for your help?

Trey

mbrubake1

Thanks Carman for the update! Closed on this deal below--The dealership also added Roof Rack Rails + Window Rain Visors to close the deal at no cost----Seems like they really want to get these off the lot to make room for 2008-all our dealerships in the area just got full truckload shipments of 2007 Honda Odyssey Vans--------

Color--Slate Green Metallic

Have been reading alot on this forum--Below is the breakdown of the lease that was finally negotiated with our Honda Dealership. I did research on all aspects of this car and think pretty good deal--This is a 15K Per year - 36 Month lease---Any feedback--Protection Package and Fabric Protection added in by dealership for free--discont applied reflects this (Not sure why this was done) I do not plan on purchasing this car after lease --Honda Odyssey - EX

MSRP - $28,695
Freight - $595
Honda Protection Package (Guards/Locks/Tray) - $995
Appearance Fabric Protect - $249
Discount - (-3,824)
Total Selling Price- $26,710

I was showing invoice with freight $26,625

Money Factor - .00121 - 2.9%
Sales Tax - $2073
License- Reg - $76
Processing Fee - $399.50

Residual - 56% - $16,402.40

Payments - $393 (Including Tax)
Cash Due - $437 (First Month Payment + Tags)

15,000 Miles Per Year - 36 Months

sturner

Live in Central NJ. Been working with a local dealer who gave me this as his best lease deal. $2,500 total out of pocket, $500/month 36 month lease with 15,000 miles/year. My credit is not perfect but has me at Tier 2 thru Honda Finance. The van lists for nearly $37,000.

Can someone give me a little insight as to a good deal or not? Looking to pull the trigger this week. Thanks.

sirbuckbighorn

Leasing is the most expensive way to finance anything. Pay cash or do not buy.

missmoo

Hi!

I am looking into a 2007 Odyssey LX. The dealer faxed me an invoice showing:
$23,233.69 van
$595 destination &handling
$232.34 HDAG
$24,061.03 Total

The guy is also telling me that there is sa propack worth $351.13, but he said they would cover that. However, I think it is still included.

Lease worksheet is as follows:
4- price - 24600.00
6- term - 36
8- rate- .00131 (no deposit)
10- MSRP- 26240.00
11- residual- .56
17- ACQ fee- $595.00
21- cash- $2499.00
25- county rate- 7.25
govt fees $229.75
taxes $923.75
26- doc fee- $55.00
34-SEC DEP Upfrnt- Y
tot init pmt- 2499.00
adj residual- $14694.40

total payment $314.54

Can anyone help me know if this is a decent deal? I feel like I am paying them 2x for the $595 destination fee and if I have no deposit why is the cash due amount so high? What needs to go

This is in Chico, CA - Whittmeier dealer

Any help is greatly appreciated!

kisyntym

I am in NYC. On 8-31 I got a 2007 LX with $1500.00 total out of pocket. I am paying $329 including tax a month for 36 months, 12000 miles per year.

riverdog474

Been negotiating deal in West Palm Beach, FL. So far 2007 Odyssey with RES with $710 out the door (1st month and tags) is:
"A 2007 Honda Odyssey EX-L RES lease w $710 total out of pocket.

36 month lease w 12k miles per year is $443 per month including sales tax." Don't have the numbers for cap cost or residual or money factor yet. So far seems pretty resonable. Any thoughts?

riverdog474

volvomando,
That seems like a great price. What dealer did you use. I'm in the market for the same van
Thanks

mcgasket

Just picked up my EX-L with RES. I'm paying $445/mo. including Virginia sales tax for 36 mos/12k a year, 885 out of pocket (first month plus 450 security deposit). Here are how the numbers worked out:

30,000 sales price including destination charge (635) and dealer processing fee (329). I told them I wouldn't pay for the appearance package, which was 299 or thereabouts. I think this works out to about sixhundred below invoice, which is probably a break-even for the dealer because there is a 2% dealer holdback on MSRP for Odysseys right now. (This holdback is separate from the 2k factory to dealer holdback, which I read here on Edmunds is not available with the money factor below , and which every dealer confirmed. By the way, if you compare the 2.9% money factor to a very competitive bank rate of 5.5%, over three years the differenc is about... you guessed it, $2,000.)
money factor .00121 (2.9%)
residual .53 based on MSRP of 33something (sorry, I'm working from memory)-- residual value 17658
acquisition fee 595
total tax 951, tags 101 (2 year registration)

I feel pretty good about the deal. I got it by doing the price quotes through Edmunds for sale prices, and then making an offer to each dealer by email with the lease terms I wanted. This forum was really helpful in deciding what terms to offer and so I just wanted to pass on the benefit of my experience.

missmoo

With the help of this forum and "New Autos Inc." I got a better lease for my 07 Odyssey LX than at the dealers and no tricks or wasted time. If anyone else is interested in buying or leasing without all the hassle, definitely check them out. They are super-helpful and have competitive, if not the best prices. Good luck everyone!

riverdog474

Hello mcgasket,
Got the numbers from the dealer:
MSRP=$33,290.
Cap cost=$29,218.
Money Factor=.001210
Invoice=$30,339.32
Residual=$17,664.90
Payment with tax included (6%): $710 total out of pocket,36 month lease w 12k miles per year is $443 per month including sales tax
This is very similar to your lease, so it doesn't look bad
thanks for your input,
Riverdog474

barenstam

I did a search but couldn't find an answer.

What's with the $198 monthly lease on a new LX. The ad states 12,000 miles per year, $198 x 36 months, 56% residual, All leased as based on $3,288 or trade down, taxes, fees & first month payment. Security deposit waived.

Seems too good to be true. What am I missing?

TIA

horacej

What is the residual and current money factor for this vehicle? I was quoted $480/mo $4000 down 36mth 12k mi/yr, is that a good deal?

tclanton

I finally moved on the 2007 Odyssey EX-L w/ RES.

$33737 sticker price with dealer options
$800 out of pocket
$415 per month plus NC tax (3%)
$427 total payment
36 months
15,000 miles per year

I think I did the best I could do without more rebates or incentives. I used the 0.121 Money Factor through Honda instead of using the $2000 manufacturer to dealer cash.

Thanks for the great information from this forum. It was very helpful.

macsnjets

I posted this in the buying forum and then found this topic:
I'm about to pull the trigger on a lease on a 07 Odyssey EXL nav & res. I was quoted the following. Purchase price at 500 below invoice, somewhere around 31000, including destination, $1600 due at inception, $448 monthly payment including tax. While I didn't get into the details of money factor, I'm mostly concerned about the selling price of the vehicle. Being that its a lease and not a purchase, is it safe to say that the dealer will not receive the $2000 cash to dealer from Honda? That's what was explained to me. The inception fees break down to 595 bank fee, 300 doc fee, 198 tags, 448 1st mo payment, tire tax and some other stuff to make up the 1600.
I also think I fall into tier 2. What is the range of tier 2 and what money factor should I expect ?

Thanks for your help.

robby1234

This is an quote I got from a local dealer Maroone Honda of Miami - is there anything I should be concerned about? Is this a good deal or not?

Vehicle: 2007 HONDA ODYSSEY * 5d Wgn EX-L
Stock #:
VIN: AddChangeVIN
Miles: 0
PURCHASE OPTION
Vehicle Price: $31,730.00
Preferred Customer Discount: Edit Retail Price -$3,365.00

Selling Price: $28,365.00

Sales Tax (estimate): + $1,788.29
Tag/Registration Fees (estimate): + $260.00
Tire/Battery/MVWEA: + $8.50
Documentation Fee: + $599.95
Balance Due (estimate): $31,021.74
Edit Cash Deal
No Trade-In

LEASE OPTIONS - 15,000 Miles
Cash Due at Signing 24 months 36 months 48 months

$995 $527 $433 $450
$1,995 $482 $403 $426
$2,995 $437 $373 $402

THanks...

alfstinky1

Hi Carman, would you know the AHFC Oct. residual for a 12K lease on this 07 EX-L W/RES? I'm getting conflicting numbers from dealers. Thank you.

CarMan@Edmunds

Hi carmroe. The only time that one can use their leased vehicle to help them get a better deal on their next vehicle is when it is worth significantly more than its lease-end purchase option price on the open market. This is usually not the case. As a result, consumers usually just turn in their leased vehicles at the end of their terms and negotiate a new lease from scratch.

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marc27

I live in Philadephia. I've been asking local dealers for quotes on a 2007 odyssey ex-l without nav. So far the ebst quote I've gotten for a 36 month lease, 12000 miles/year and $1000 down is $403 a month. That just seems high to me. Looks like other people on this forum have gotten much better deals a few months ago. I would have thought that now that the 2008 have come out, the deals on the 2007 would get better not worse.

Has anyone else gotten a lease quote in the past month. Thanks

alfstinky1

Leased 07 EXL no RES/NAV today from DCH in Oldbridge N.J. 36 mo 12K 0 down $375 a month excluding taxes. I paid all taxes, fees, 1st month pmt (199 doc, 175 MV, 595 lease fee) up front. No sec deposit, paid .0028 money instead of .0027 if I had paid $400 sec deposit. Selling price incl dest was $26,171. If I had rolled the tax into the lease it would have been $405 a month. AHFC lease.

CarMan@Edmunds

Hi Trey. Honda is providing $2,000 dealer cash on the 2008 Odyssey in November, but it is no longer providing lease support on it. You can use this dealer cash to reduce the capitalized cost of Odyssey models that are leased through Honda Finance using its standard program.

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CarMan@Edmunds

You're very welcome, mbrubake1. Congratulations on getting your new Odyssey. Thanks for taking the time to stop back and share the details of your lease with everyone. Make sure to stop by the new Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others. Enjoy your new ride :shades: .

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CarMan@Edmunds

Hello sturner. The best way to tell if you are getting a good deal on a leased vehicle is to look at what its selling price is in relation to its MSRP. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without these numbers, it is difficult to tell how much of a discount you are being given. I would be happy to give you my opinion of this deal if you tell me what the selling price and MSRP are.

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CarMan@Edmunds

Hi sirbuckbighorn. Your statement that leasing is the most expensive way to finance anything is absolutely not true. There are many instances, most BMWs come to mind, where manufacturers are providing lease support but no other special promotions on a vehicle. Consumers who do not take advantage of special lease programs in these instances are leaving money on the table. There is an opportunity cost associated with paying cash for things. If one can lease a new vehicle at an interest rate that is equivalent to 1% and keep the money that they would have laid out for it if they had paid cash in the bank at 5% they come out ahead. It is difficult to generalize about whether or not leasing is a good deal. It will vary from model to model and even from month to month.

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CarMan@Edmunds

Hi missmoo. The money factor that you were quoted for the Odyssey lease that you are considering was right in line with Honda's October lease program for this model (it has subsequently pulled the plug on its lease support). The selling price that you were quoted looks reasonable to me, but you might be able to shave a couple hundred dollars off of it if you are in an area that has a decent level of competition and you shop around.

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CarMan@Edmunds

Congratulations on getting your new Odyssey, mcgasket. Thanks for helping others by sharing the details of your deal. Make sure to stop by the Dealer Ratings & Reviews discussion to share your thoughts on your recent dealer experience. Enjoy your new ride!

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CarMan@Edmunds

Hi barenstam. Honda's official advertised lease payment for the 2007 Odyssey in October was $279 per month. If you saw an advertisement for a $189 per month Odyssey lease, it was probably a dealer ad. I see that a large down payment is required to achieve this monthly payment. It really is not a good idea to make large down payments on leased vehicles. 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 much better off going with a zero down lease. I would be happy to work up a zero down lease on the Odyssey that you are interested in for you if you provide me with its full MSRP and approximate selling price.

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CarMan@Edmunds

Here's the information that you're looking for, horacej. Honda is no longer providing lease support on the 2007 Odyssey. As a result, if you want to lease one through Honda Finance you will have to use its standard lease program. Honda Finance's current buy rate lease money factor for 36 month leases is .00270 for consumers who qualify for its top credit tier and pay a security deposit at lease signing. Honda Finance's current 36 month, 12,000 mile per year residual value for the 2007 Odyssey Touring with RES and Navigation is 51%. The lack of lease support on this van is annoying, but at least it means that you can take advantage of the $2,000 dealer cash that is currently available on it. Make sure to use this cash to negotiate an attractive capitalized cost for your lease.

As far as the deal that you were quoted goes, $4,000 is way too much money to put down on a lease. I always advise consumers not to make down payments on leased vehicles. Those who make large down payments 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 a zero down lease.

It is difficult for me to say how good a deal this is without knowing the MSRP and selling price of the model that you want. Let me know what these numbers are and I'll tell you what I think.

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CarMan@Edmunds

Congratulations on getting your new Odyssey, tclanton. Thanks for taking the time to stop back and share the details of your lease with everyone. Don't forget to stop by the new Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with everyone. Enjoy your new van .

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CarMan@Edmunds

You are correct, macsnjets. The special lease program that Honda was running on the 2007 Odyssey in October was not compatible with its $2,000 dealer cash. As a result, the $500 under dealer invoice that you were quoted for a lease of this model last month was an excellent deal. In November, Honda pulled the plug on its lease support for the '07 Odyssey so now consumers can take advantage of the two grand.

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CarMan@Edmunds

Hi robby1234. The dealer invoice price of the Odyssey that you are interested in is $28,794, so the selling price that you are interested in is around $400 under invoice...which is a very good deal. Of course, this has all changed for the month of November. Honda is no longer providing lease support on the 2007 Odyssey. As a result, you will have to use its standard lease money factor to lease one through Honda Finance. On the plus side, you can use the $2,000 dealer cash that is available on this van to negotiate a much lower capitalized cost for your lease.

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CarMan@Edmunds

Hello alfstinky1. You never mentioned how long you want to lease, so for now I will assume that you are interested in a 36 month lease. Let me know if you want something different. In November, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda Odyssey EX-L with the Entertainment system and 12,000 miles per year are .00270 and 51%, respectively for consumers who qualify for its top credit tier and pay a security deposit at lease signing. When negotiating your lease on this van, make sure to take the $2,000 dealer cash that Honda is providing on it into account.

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CarMan@Edmunds

Hi marc27. The problem with leasing this late in the model year is that Honda is no longer providing lease support on the 2007 Odyssey. Not only that, but vehicles' residual values (which are used to calculate the depreciation portion of your lease) gradually decrease as the model year progresses. This late in the model year, the residual values of 2007 models have fallen to the point that in many instances it is actually less expensive to lease a 2008 model than it is to lease a leftover one.

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marc27

Car_man,

The same way that the residual is dropping, shouldn't the sale price be dropping as well?

aluecker

marc27, i'm also in the philly area (but the other side of the river.

the best quote i've gotten today on the 2007 odyssey ex-l with res is 28,199. i'm also trying to get a lease, but with the lease program over, the monthly payments are coming back high. i'm using the numbers carman is providing to negotiate.

the dealer that quoted me 28,199 is also quoting me $537 per month with $2,000 down. something's not right.

i'd love some more info about which dealer you're working with if you're willing to share.

thanks.

aluecker

carman -

clarification on the 07 lease details...

i've spoken to 3 dealers today and all are telling me that the res % is 49, not 51 as you are stating.

could you follow up on this and tell me where the discrepency might be?

thanks.

CarMan@Edmunds

You're right, marc27. Dealers are usually willing to provide larger discounts on vehicles at the end of the model year, but it's not like were talking about going from full MSRP at the beginning of the model year to several thousand dollars under at the end. Most dealers are willing to provide decent discounts on models like the Odyssey fairly early in the model year. The drop in residual values has much more impact upon vehicles' lease payments than the small price advantage that leasing at the end of the model year provides.

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CarMan@Edmunds

You're right, marc27. Dealers are usually willing to provide larger discounts on vehicles at the end of the model year, but it's not like were talking about going from full MSRP at the beginning of the model year to several thousand dollars under at the end. Most dealers are willing to provide decent discounts on models like the Odyssey fairly early in the model year. The drop in residual values has much more impact upon vehicles' lease payments than the small price advantage that leasing at the end of the model year provides.

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CarMan@Edmunds

Hey alueker. The 51% residual value that I mentioned earlier is definitely right for a 36 month lease of a base 2007 Honda Odyssey EX-L with 15,000 miles per year through Honda Finance right now. Perhaps you are interested in a different version of this van. The Touring model has different residual values. So do models that are equipped with the entertainment or navigation systems.

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aluecker

carman, thanks for that feedback...

here are the numbers that i am getting in NJ for an EX-L with RES.

selling price $28734.
$2,000 down, no security deposit.
49% residual value
.002800
36 months, 15k per year - $497/month

they told me that i could do a 48 month lease for $447/month.

how do those numbers look to you?

siggie1

My dealer told me that Honda has offered a lease special on 2008 Odysseys. I don't know if this is a national offer, or a regional one for South Florida. The money factor is 0.00228 for a 36 month lease. The special is good through Jan 2, 2008

daryey

what are they asking for a 2008 touring?? anyone hear good prices on purchasing the 2008 touring (non PAX)

fallsparky

i am picking my odyssey up Wed 11-21-07 750 down
39mth lease 379mth
sticker is 32,845
sells price 25,789
50% res
.00275 money factor.

got all paperwork signed an all

fallsparky

the dealership is crown honda Durham nc chapel hill they have one left its desert color. Can get that one for 372mth i had to dealer trade for mine thanks

rchelasani

I am looking for a Honda Odyssey EX-L with RES. The dealer is giving me the price $31,500. I think this too high can some one tell me the best price.

Dealer: BRAMAN HONDA, Laskworth Florida

dkot

I can tell you that I leased a 2007 honda ex-l w/ res, coral springs honda $172 oop 456 month all in including a tire program (36 mo 12, 000 mi. a year). This was @ 2 months ago. Hope that helps.

rchelasani

Thank you for the reply. What is $172 oop. You said your monthy payment is 456 and i believe this is your lease payment per month.

dkot

oop is total out of pocket when I signed and left the dealership. 456 was monthly lease payment including tax and @$5 a month b/c I bought tire protection.