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How about for an 07 vs. an 08 model year ?
I know that residuals drive the lease payments to a large degree. Are they likely to decrease from month to month? Is there an advantage to leasing today vs later in December ?
I have a lease ending at the end of January on an 04 EX, and I'm just trying to determine if it makes sense to close a new lease now vs. later.
Thanks in advance for any insight anyone may have.
selling price $27341
$804.00 drive off, no security deposit.
51% residual value
.002800 (to waive security dep)
36 months
12k per year -
$265.63 inc 8.25% tax
how does that sound?
I'm guessing that you had a trade-in which reduced your capitalized cost, and resulting monthly payment.
thank you for catching that.
let's go through those numbers again
2007 EX-L w/ RES
selling price $27341
$804.00 drive off, no security deposit.
51% residual value
.002800 (to waive security dep)
36 months
12k per year -
$465.63 inc 8.25% tax
Here are the numbers for a 2008
2008 EX-L w/ RES
selling price $31552
$860.00 drive off, no security deposit.
57% residual value
unsure on the money factor
36 months
12k per year -
$495.00 inc 8.25% tax
Do you think it could get better closer to xmas?
as for getting better deals later on, i don't know. for now i'm going to hold on making a move as the deals don't seem to be that great.
EXL no RES 2007
36months/12K miles
$393 plus tax (7.75% Corona CA)
$715 to drive off (that included 1st month & license fee).
price 26,600
I like this van already, only thing I realize that there is not aux jack/mp3 support for 2007.
Keep in mind that insurance and taxes will be a little more on the 08 vs the 07... not just the lease payments.
Can you tell me the current residuals for an 07 EX and EX-L? I'm trying to work a 36 month lease deal on one of the few remaining 07's. Any other pertinent info would be excellent.
Thanks,
Stikman
Thank you for your response...If anyone else can help I would appreciate it...
- I am getting Ody EX 08 for 399(tax incl) for 36m/15k miles/ zero down (no even 1st month payment)...Is it good?
I am debating whether I should spend that kind of money or go for TC /Dodge caravan 08 models for a 27 month lease. What is the competitive rate for leasing those minivans?
I have not driven them but their reliability seems to be an issue; we drive 70 miles a day and we live in NE ohio where winters are sometimes little bit harsh. We dont have much leeway at work and hence reliability and maint...
Thanks!
Ody vs. T&C - no comparison. T&C might be cheaper but you will spend more on maintenannce and gas, and more time at the service dept. You can't get more reliable than a Honda.
70 miles/day for work would translate roughly to 17K per year and 51K after 3 years. You may want to buy one instead.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
My opinion: These residuals strike me as being low, especially compared to the 61% residual I got about 15 months ago on a new GMC Yukon XL Denali. Surely the Odyssey is going to have comparably better resale value than the Yukon. Clearly, GMC was giving a lot of lease support on the Yukon, but I'd still expect the Odyssey residual to be more attractive.
Appreciate your help. -- Berkut
A post on another Ody forum is suggesting a $1000 factory-to-dealer rebate is now in effect in California, down from $2500, but the poster mentioned that a dealer quoted him $1000 under invoice on a 2008 Touring without PAX, which is about $1000 under the best deals reported from the past few days, which were generally right around invoice. Something doesn't add up there. There was some question about whether the old $2500 incentive applied to the 2008s (it certainly did on the 2007s). So perhaps the post is incorrect about the previous $2500 incentive applying to 2008s?
Anyway, good to see that the lower money factors are back. Any clarity on the latest lease offers, factory-to-dealer incentives, and how this compares to what was available prior to yesterday would be appreciated. I'm still shopping for a 2008 Touring without PAX--am finding it hard to find the Mocha Metallic color that my wife favors. We're in Seattle.
My wife is interested in the 08 Odyssey EX-L. We went to a dealership this weekend and the money factor given to me was .00113 and the residual is around 57% for a 3 yr/12k lease. Can you confirm these numbers? If so, could you tell me if my calculations below are correct?
MSRP: $32,210
Sales price: $28,810 (including Destination charges)
Down payment $2,500 (not my idea but my wife wants certain payments)
Payments: $329.07 month
Residual: $18,359
The dealership I visited gave me higher numbers than posted. However, I was able to find a better selling pricing at another dealership near by. Just need to confirm my numbers.
Thanks a lot for your help.
08 Odyssey EX Cloth
MSRP: 29,595
Cap Cost: 26,965
Cap Cost Reduction: 0
Residual: 17,757 (60%)
MF: .00228
36 Months/ 12k
Payments: 387.13 (tax included)
Registration, Doc Fee, Acquisition Fee total $1050.
Residual Value % = 58.00%
Residual Value = $18,681.80
Net Cap Cost = $27,373.00
Deprication = $8,691.20
Monthly Depriciation = $241.42
Money Factor = 0.11%
Money Factor Payment = $52.04
Pretax Lease Payment = $293.46
Tax Rate = 3.00%
Total Lease Payment = $302.27
I used a OTD price of $29,873 (which is your $28K number with things like acquisition fee added in, tag and doc fee). I also used 3% tax rate, not sure what yours is.
I’m looking forward to lease a 2008 EX-L with RES. Can anyone help me (yes Car man, you may be the one!!!) to calculate how much more will be my monthly payment if I include the NAV?
Let’s assume I paid invoice and my total out of pocket at sign is $2.000 for a 36 month 12K miles in Florida (6% tax)
Thanks a lot for this invaluable information and help!!!
Let’s assume this scenario
$33,810 MSRP
$29,690 Sales Price (Includes destination charge)
$ 1,930 Tax (Florida)
$ 200 Tag / Title
$ 55 Doc. Fee
1) What should I use as my Base Capitalized Cost?
2) What should I use as my Adjusted Capitalized Cost?
3) Any down payment should be subtracted from the Adjusted Capitalized Cost?
Thanks a lot!!!
1) What should I use as my Base Capitalized Cost?
The selling price
2) What should I use as my Adjusted Capitalized Cost?
Selling price + $595 acquisition fee
3) Any down payment should be subtracted from the Adjusted Capitalized Cost?
Yes, if it is actually a capitalized cost reduction... Don't subtract money due upfront for 1st payment, security deposit, title fees, etc..
Once you have a payment, apply the Florida tax rate to the payment amount.
Hope that helps,
kyfdx
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You use net cap cost to figure the cost of the lease payments along with the lease term, residual and money factor.
Where P = monthly payment, C = net cap cost, R = residual, T = term in months, and M = money factor.
P = ((C-R) / T) + ((C+R) * M)
The current lease promo on the Ody LX is 0.00113 and 59% residual. So if you look at the LX the MSRP is $23,370, the net cap (for this deal) is $23,370, and the residual is $15,632 . The term is 36 months.
So using the formula:
P = (($23,370 - $15,632) / 36) + ($23,370 + $15,632) * 0.00113)
which should result in a payment of $259 per month.
In your case, I don't know what the residual and MF numbers are for the Ody you are looking at. Once you get them, you take your purchase price and add the $595 lease acquisition fee (bank fee), the tags, dealers, fees, etc then take off any money you are putting down at signing - this can include cash or trade equity. This is your net cap cost. You run the numbers and get the payment. A security deposit is also required unless you are a current AHFC lease holder or pay a higher MF to have it waived. This the payment rounded up to the nearest $25 increment. So if your payment comes out $301 then your deposit is $325. If you choose to roll that into the lease, you adjust the cap cost and refigure the payment.
One thing to note, as far as I know Florida taxes a lease on the monthly payment and no tax is paid up front. So you would calculate your payment w/o tax then add the correct amount to the payment to get your actual net payment. The rate varies by city/county so you have to account for that.
Dennis
a) MSRP $32,210 57% = $19,272
b) Base capitalized Cost Selling price $29,690 57% = $16,923
EX-L / RES Money factor is 0.00228 with 57% residual.
I’m planning in $2,000 total out of pocket at sign in.
Always from MSRP
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You state in one place "$33,810 MSRP $29,690 Sales price" and now you say $32,210 MSRP - the MSRP on an 08 EX-L DVD RES is $34,445 including destination.
I will assume you are talking about an 08 EX-L DVD RES, so 57% of MSRP is $19,633.65. If I plug this into a lease calc along with $29,690 (what you said your selling price was including destination) and 36 months and the 0.00228 MF you state then I get $391.80 per month plus tax with the $595 bank fee, security deposit, first month's payment, and TTL due at signing.
Note that your sale price is well under the $31,246 invoice price. There is $1,000 in dealer money on the 08 Ody but Edmunds notes "Dealer Cash cannot be combined with the 2008 Odyssey special AHFC lease/purchase plan". So if you get the cheap lease deal the dealer does not get the $1,000 cash. Now your 0.00228 MF is not what I would call "real cheap" but it is below the standard lease rate of 0.00270 or 0.00275 that Honda gets for standard rates. So I would assume your dealer would not get the $1,000 cash if you lease so your selling price could be higher.
Dennis
Here is what I got.
MSRP: 29555
Cap Cost: 28127 (includes everything-all fees,1st pyment, etc, nothing due at signing..sign and drive)
Residual: 17437
MF: 00113
36 months/12k
Payments: $378.38 (tax included)
I am also looking to see if this is a good deal. To me it looks like they are not
giving you the correct MF. I think .00113 is the advertised special.
They don't show a special for the EX, so I don't know if the rates are the same or not. In the past, they have been - but that is no guarantee.
If this is the correct rate, then it is a pretty good one (2.71% effective). The only other variable is the price. You show your cap cost with everything rolled in, what are you paying for the van including destination and any dealer fees? $26,864 is invoice and that would be a nice number to pay, if you can. Less is super, more not so good.
Dennis
That is what I am trying to understand. He gave me a leasing cost of 27,187
which included 1st pymt,doc fee, and lic fee. He told me the sale price on the
van was $26,000 plus the fees gave us the $27,187. We also opted for the Tint and splash option (We live in Arizona and you have to have dark tinted windows to survive). I had quotes from at least 6 different dealers and they all came in about $20-60 more per month.........Just trying to figure out if I should go with it.
Thanks for responding.
but for you californians is 777 down and 451 a month competitive for an ex-l, color of my choice, with RES? thanks..i could go into the price and money factor but for a lease it is basically how much are you putting down and what is the monthly payment in terms of comparison of offers, no?
thanks in advance
Dennis
yeah..i dont need it this month per say as my lease on 2005 toyota sienna still has a little time and i was curious if next month would have more support but i walked into the dealership just to "do some research" and the ball got rolling..so if i get a good price this month i dont mind jumping on it since i am sure i can use the miles eventually.
well it seems this is the best that is happening right now...keep us posted on what your northern cali deal looks like. thanks