By accessing this website, you acknowledge that Edmunds and its third party business partners may use cookies, pixels, and similar technologies to collect information about you and your interactions with the website as described in our
Privacy Statement, and you agree that your use of the website is subject to our
Visitor Agreement.
Comments
Wanted to get your input. I probably don't have all the info...so feel free to ask for more. I am buying through the COSTCO Auto Buying Program. Paying $500 over invoice. I am turning in an '04 Odyssey with approx. 8,000 over in mileage for a bill of about $1200. Therefore, I am paying $1700 over invoice. I am putting $1500 down (from a reimbursement from the extended warranty through Honda that I didn't use). My taxes are being rolled into my payments (and in NY, taxes are 8.5% - or close to that). Therefore, payment + taxes + mileage overage...payment is $450. What are your thoughts? My initial thoughts are that it is a fair price.
You should specify on your new lease that you want 15k miles per year unless your driving habits have changed. That will drop the residual by 1 or 2% but you get 45k rather than 36k for the 3 years. If you go over, they charge $0.20 per mile (since your MSRP is over $30k) so the extra 9k miles would cost you $1,800 should you turn in your new van with 45k on it. In contrast, the drop in residual might be $688.90 (2%). By dropping the residual and getting lower miles, you would have to pay interest and tax on the extra $689, but no way is that going to be more than the $1,800 bill you would run up if you run the miles over on the 36k lease. You payments will be more, but you won't have as much to worry about and will not have to roll in you over miles penalty into the next lease (again).
Dennis
can you please post the residual and MF for the 36 months/12k miles for '08 EX-L with RES & NAV and also Touring w/o PAX.
Any cash back/incentives???
thank
gregg
Amount due at lease signing: $3972.00
Capitalized cost reduction: 2970.79
Sales tax on amount paid in cash: 245.09
Advance monthly payment: 419.66
Initial title fees/CA tire fees: 8.75
Initial regustration fees: 251
Document preparation fee: 45
Optional DMV electronic filing fee: 28
Sales tax on doc fee: 3.71 (total 3972.00)
Gross capitalized cost 29,353.74
Capitlaized cost reduction 2970.79(-)
Adjusted capitalized cost 26382.95
Residual value 15897(-)
Depreciation and any amortized amounts 10485.95
Rent charge 3470.40(+)
Total of base payments 13956.35
Lease payments 36(divided)
Base monthly payment 387.68
Monthly sales tax 31.98(+)
Monthly payment 419.66
Agreed upon value of vehicle as equipment at lease signing 28758.74
Acquisition fee 595(+)
Gross capitalized cost 29353.74
Mileage restriction is 12,000 per year (15 cents per mile).
* At signing, the sales person told me that the lease price is same for everyone. That's why there was no negotiation. He did not ask me what price I want and I did not tell hime the desired price. Furthermore, they did not tell me the money factor and interest rate. When I asked about APR, they said that there is no APR. I asked again what is interest rate. They said that there is no interest rate. They did not menttion money factor or relationship between money factor and interest rate. Now they are saying that it is not requirement to say those things ('sue us if you can"). They are offering free engine oil change for three years. Do you think just accepting it is best way? I'd like to cancel the contract. If that is not a way, I want to change it into finance (with same original money down (about 4000) and same monthly payment (419) with 4.9 % APR for 5 years; the price would be about 24000). They say that contract change is impossible. But, becuase the sales person only said that only the lease price is fixed, thus if we change it to finance, that lease price will not apply. Furthermore, there is no change for the money in and out. On the contrary, I will pay 419 (about) for 2 years more.
Actually I think this is fraud. I did not know about lease (lease factor and that the price can be negotiated because the sales person said like that). Because my car was in Honda's garage at that time for total loss (accident) and my insurace contract does not provide rent car, I needed a car. And at that thime (12/24) the sales person was so kind I tried to help him. I did not know that to help him would result in big waste of time, money and energy (stress). Furthermore, the car's right sliding door did open to the full extent from the beginning (I found it right before I started driving home). So I put the car in the Honda for about a week from the beginning(12/27/07 because almost service men went home at that 12/24 afternoon).
This is my first lease experiece. How should I handle this? Please help me.
My initial capitalized cost reduction(2970.79)+Advance single payment(387.68) is 34.40% higher than now going national featured plan beginning January 3rd (2499*134.40%=3358.67). Monthly payment (387.68, 35 times) is 49.68% higher than now going national featured plan beginning Jnauary 3rd (259). I requested adjustment according to January plan but they refused for the reason that January they have incentive but on December sales there is no incentive. So, I said that I will pay for the incentive amount but they again refused because Honda Finance will not allow it. But after that I called Honda Finace and Honda Finance says that if dealer resubmits, it will be OK.
Thank you.
Residual Value 19,050
money factor .00113
36 months 12,000 miles a year
monthly payment $363
due at signing tax, title and first month $1600
Gap insurance included
I got this deal at Atlantic Honda in Long Island NY
Really good experience and friendly staff - no used car dealer tactics (unlike paragon honda in NYC)
Interest used is 3.11%
One offer is 442.83
36 mos/15k per year
just inception fees down of $1197
$20044 buy out
Another is for 479 with buyout of 19k. A third is for 430.
Trying to ensure lowest price - we will not be buying the car. Any considerations we should be aware of and tips on bringing the price down? Also assuming we see a rate cut of .5 points, is there any sens in waiting a few weeks for a better offer? We are also a member of Costco - not sure if they can facilitate a better rate. Any experience with this?
36 months @15000 miles/year for $451.26 with$1648.26 due at signing. Residual is $19461.60 The Odyssey incls. DVD, Navigation and Back up sensors.
I am trying to understand if the above is a good offer as I got another quote for 442 with inception fees of 1197 and buyout of 20k. Not a large difference, except for the higher inception fees and the provider of the first offer said that they couldn't understand how a dealer could offer the lease for 442 and that they must not be using Honda finance, Any insight is appreciated as making a decision in the next couple of days. Thanks.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
I'm sure you're right re: the accuracy of Yukon vs. Odyssey residual values. No way the Yukon is going to hold 61% of its value after 36 months. But that's one of the benefits of leasing--if the OEM gets it wrong on the high side (as GMC has), the lessee benefits from lower lease payments and can just walk away at lease end (or negotiate the buyout price down if you really want to keep the car). It shifts the depreciation risk to the OEM and is one of the reasons I've starting leasing cars after many years of buying.
-- Berkut
Using this lease program, an MSRP of $32,210, and a capitalized cost of $28,810 I estimate that this van's zero down, pre-tax monthly payment should be around $344. I wouldn't put that $2,500 down if I was leasing this vehicle, but if that's what your wife wants to do you might have to just go with it
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Honda is providing a $1,000 dealer cash incentive on the 2008 Odyssey right now, but this incentive is not compatible with the above special lease program.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Unfortunately, I highly doubt that a rate cut by the federal reserve at the next meeting will have any impact upon Honda Finance's lease program for the Odyssey in the near future.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
2008 Honda Odyssey Touring without Pax
36 Month Lease
12,000 miles per year
Cap Cost: $40340.00
Residual: 56%
Selling price: $1500 behind invoice plus $595.00 Acquisition fee
Money Factor: .00113 (super preferred credit)
$300.00 per month (includes tax)
$12,000.00 Due at signing
Cannot put 20% of adjusted cap cost down
Your actual is:
$387.33 per month plus tax
$8226.80 Due at signing
Thoughts on the above?
Honda dealer is offering at invoice, 36K miles. MSRP at 34445, selling
price at invoice of around 31K. Money factor of 1.7%, $1100 down, and
payment of $620. Is it worth it to trade a 2 month old SUV? I came up with
$542 on a lease calculator. I know I have neg, but I am going for a cheaper
vehicle. I am currently paying $588 on the Nissan with 15k per year.
if money is an object, get yourself and EX-L without NAV, and spend $500
on a Garmin.
Excellent calculation. Dealer offered me zero down $385 per month for the EX-L with the entertainment system but NO navigation. We settled at $375 today and I'm very pleased.
My question is will I have more negotiating ability to try to trade in now (my intention is to lease again) or wait until the lease ends in 8/08?
Thanks!!!
the loaded includes splash guards and cross bars which is what we have on our 2006 touring with paxs that I cant stand!! darn those pax tires!!! is this price and lease a good deal? how do i get them to take my current touring which I own or am I best selling it myself?
any comments appreciated. thanks!
1) What is your current payoff?
2) What is your car really worth on trade? (I figure about $16k, based on KBB trade value.)
3) What is your residual (lease-end) value?
4) How much, if any, negative equity are you willing to absorb (i.e,, write a check for or roll in to your next lease)?
5) Your balance of payments is about $3,000 ($495 x 6). Is this more or less than your (presumably) negative equity.
6) What is the cost of your excess mileage should you keep the car until lease end? At your current mileage pace and 20 cents per extra mile, it should end up around $1,100.
7) Embrace the Zen of excess miles. Leases are designed to "pay for what you use". You used the miles, so go ahead and pay for them. Spread over the cost of the lease, $1,100 / 36 is about $30/month.
8) Is there a screaming lease deal out there right now? Will a better one come down the pike this summer?
Once you have answered those eight questions, you can do a cost-benefit analysis of whether it's better to trade now or ride it out. I hope this helps.
Just sell the '06 to the highest bidder. Most "book" numbers for this model are high by alot (the price we pay for heavy discounts on new ones). It's tough to sell a late model car privately so price it aggressively. If there's a Carmax near you, get a number from them too.
The other thing you could do is take that down payment money and de-PAX your '06 via buying new wheels and conventional tires.
I noticed your post above quoting
2008 Honda Odyssey EX-L with the entertainment system but NO navigation that has an MSRP of $34,445 and a selling price of $31,247 (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 $381
My local dealers are quoting me $398/mo before tax on the same model. The are using the same selling price but they say w/ the $595 acq fee, there is no way to get to $381 w/ zero down. Any thoughts?
I think your problem is that they are using the invoice price. Somewhere in these lease discussion pages is the formula the dealers use to calculate the monthly payment, and I found it very useful to me in my negotiations. If I plug your invoice price into the formula, the payment comes out to be $398 (assuming a money factor of .001130). However, the dealers can go below the invoice price. For the $381, our dealer used a price of $30,700. Another dealer was even a little lower, using a price of $30,500. The formula helps you make sure they aren't adding any other fees or using too high of a cost or money factor. In your case, however, it seems like you just need to negotiate the price down. Dealers are advertising sales prices of $29,770 in our area, so they can definitely go lower than invoice.
Hope that helps!
i will look for the calculator you mentioned as it seems it would be useful.
enjoy your new van!
Your drive off cost does sound a little high. Our fees were $168 plus first month payment.
I found the number of the formula posting for the lease formula. It is a reply to colo232(posted Jan. 11, 2008) under the Honda Odyssey Lease section. I think it is posting #906. Good luck. We just picked up our van yesterday in Ocean Mist, and we love it!
first mo pymnt = 380 +tx = 412
registration = 268
doc fee = 55
tire fee 8.75
that comes to $743.75.
I don't know what the other $16 are going...Not really a big deal for me.
The thing I am trying to decide is if I should act now or wait just a bit. I extended my Odyssey lease a couple of years ago, so I'm on a month to month at this point. I've only got a couple of months left now and I don't want to wait to the last second. However, I've seen no signs that the automotive biz is picking up, so perhaps these deals or better will be showing up? I see that Odyssey sales were down 21.7% when comparing January 08 to January 07. It would seem to me that Honda needs to either keep up the lease promotions or perhaps improve them.
Since I'm a current lease holder, I thought maybe Honda would throw a bone my way, like waiving the acq. fee or something? I wonder, has anyone received special offers from Honda finance?
Decisions, decisions.
Iam in NJ iam looking to lease an oddyssey exl res. Please guide me in getting the best deal.
Iam looking to close the deal with ina week.
thanks
raj
If you look up the donkey punch method for buying a car, it has a very helpful method that should also apply to leasing. I'm sorry that I don't know the exact post, but you can search for it, I believe in the buying a Honda Odyssey forum.
Several posters have suggested first negotiating the purchase price, using the donkey punch method. I wish I had done that, and I would advise you to do it that way. After you successfully negotiate the purchase price, then tell them you changed your mind and want to lease the car, and that you want them to use that price to calculate the lease. They will give you a monthly lease payment, but I can virtually guarantee that they won't use the price you negotiated to figure the lease. To counteract that problem, you will then need to use the lease formula to determine what price they are using and to make sure they aren't just increasing the money factor or their fees as a way of increasing their profit without increasing the price you negotiated. I'm sorry that I threw away my copy of the post with the lease formula, but you can find it in the Honda Odyssey lease section. I believe I also referenced it in this line of postings. If you can't find it, send me another message, and I will see if I can find it. It is really easy to understand and critically important to know in order to get the best deal. All of the dealers use the same formula.
Hope that is helpful! We were only successful in negotiating a price of $30,500 and a money factor that equates to about 2.7% on the EXLres. While that money factor is good, and our dealers fees were low, I think you could do a little better on the price, given that people have been buying it for less, according to this forum. However, since you are in New Jersey, your prices may be a bit higher than here in the Chicago area.
We just leased the same from VIP Honda in N Plainfield. They were very helpful and fair. You should have them on your list. The general sales manager, Phillip is very nice and low pressure.
Rhynes
Could you please let us know what is the deal you have got? That will be useful while we talk to him.
Currently i have the following offers:
1.Open Road Honda ; 2300$ due at signing which includes first month payment and $382 per month for 36 months.
2. Princeton Honda: $2500 due at signing which includes first month payment and $ 370 per month for 36 months.
3. Honda at Rt22 Bridgewater $ 1700 which includes first month payment and $382 per month for 36 months.
Please share your information which is helpful in getting the best deal.
Thanks
Raj
I have sent an email to you. Let me know the dealers who will give the best deal.
Thanks
Raj
$0 down $403 per month. Send me an email and I'll get you the specifics. Let's be real, you'll service your new car at whatever dealer is closest to you. All you want right now is to buy the car at the lowst possible price.
Rhynes
I stay in south brunswick let me know the details
Thanks
raj
I am in the same boat but looking for the EX-L no RES. Any pricing details you can share or is eveything with RES? I am located in the same general vicinity as well (Flemington).
Steve
Please look at my previous messages, i have signed today at autosport honda bridgewater, iam thinking i got the best deal $1800(with first month payment) and 380 per month.
Raj
Not sure if I should be asking this but, I am looking to do exactly what you did with the EX-L. I also am in Chicago and would like to know which dealer you used? I will also need to decide if I should trade in my 2002 Odyssey or try to sell it on my own.
I have signed at autosport honda in bridgewater nj. usually better to do separately.
Thanks
raj
I've been through the process, I've done the calculations.. but in theory.. If I know upfront that I'm not going to purchase the vehicle at the end of the lease, does it really matter what 'price' I get the car for?
My goal is always the lowest monthly payment with zero down.. If I can get that, does price really matter?
I was offerred an 08 EX-L RES for 359/mo, fees, motor vehicle etc extra. This is 70.00 less per month than I'm paying on my 05 Odyssey that I got a great deal on, at the time.
Am I missing something or should I sign the papers and run?
12,000 miles/year, 36 mos., EX-L RES, $1800 up front (includes 1st mos payment, tax, registration, acquisition fee) and $380 per month including taxes? Am I missing anything?
Wow, if this deal is with 0 down payment, it seems to be a great price, who's your dealer?