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2013 and earlier-Honda Odyssey Lease Questions

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Comments

  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi disneygirl. The lease money factor that you were quoted to lease this van is right in line with Honda Finance's current lease program for it. This is a good sign because it means that the dealer that you are working with is being straightforward with you on that aspect of your deal.

    You never mentioned the selling price or MSRP of the van 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 this van's selling price 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 on the deal that you are getting on this Odyssey if you let me know what these numbers are.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi queensody. In order to figure out what your lease payment should be like on this van, you need to know its full MSRP (with the destination charge added in) and its approximate selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. You should be able to get a good idea of what sort of price you will have to pay for this Odyssey by visiting the following very active discussion: "Honda Odyssey: Prices Paid & Buying Experience". Once you have an idea of what sort of price you will have to pay, let me know and I can estimate what your van's lease payment will be like for you using Honda's actual lease program.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Unfortunately, sesarj, what your dealer told you is absolutely correct. Honda Finance raised its standard lease money factors on November 2nd. Its new standard factors are in line with the ones that you were quoted.

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  • sesarjsesarj Member Posts: 34
    At least he's giving me the correct number. Thanks for the help. As soon as they can locate the car we have a deal at $100 over invoice. EX-L w/DVD 29746.
  • queensodyqueensody Member Posts: 3
    Thank you for the advice Car_man.
    The MSRP with dest is about 39,250.
    Can you provide 2 estimates. 1 at MSRP + Dest and 1 at 38k.

    Thanks again.
  • andrewlondonandrewlondon Member Posts: 1
    I was quoted sale price of 35700 with a 562 lease for 36 months 12,000 miles with 1500 down. What do you think?

    What do people think about aftermarket Nav and/or DVD?

    Keep up the great work.
  • parasutparasut Member Posts: 2
    I am looking for the same car in LA. Have you found a good deal?
  • parasutparasut Member Posts: 2
    Hello Car man. I am looking for a Honda Odysser EX-L w/DVD
    with a capitalized cost of $30,450 through Honda finance for 36 months 12,000 miles. This will be my 3rd Odyssey and I have excellent credit history. Thank you very much for your help
  • gmarga56gmarga56 Member Posts: 17
    Finding a wealth of information on these boards - Thanks all.

    After reading the posts I decided to email a dozen dealers in my area looking for an 06' EXL w/ RES. Two actually replied next day (Sunday, so I guess understandable; we'll see tomorrow) one with a price at 35k then dropped to 33k so I simply told her both her prices are over MSRP, call me when youre serious, etc. The next dealer called and after explaining I didnt want to play around, ready to do the deal like now... came back with her "negotiable price" or as she said "the price you can walk in the door with" at $29696 without any haggling. I was pleasantly surprised (although didnt show it) and told her that maybe we could work something out. I also told her i didnt want any bait and switch games etc. after we spoke about possibly furthering the deal. Now I have a few questions/concerns...
    1. Is that price right out of the box a bit low? According to edmunds invoice is only $550 less than that price. And she implied there was maybe a bit of room in that being that she cant haggle over the phone..
    2. If this price is true, When I show up - is there anything I should watch out for so i dont get had? I dont want this to be "lets get the sucker in and then take him for a ride"...
    3. Now I was able to calculate a price (and please correct me if I am wrong) for a 36 mo lease - MSRP 32395, Cap cost 29696, 62% residual, a .00275 money factor, and 8.5% sales tax in NY for $438.20, nothing down, taxes in, etc. Am I way off base? Dealer says dest. is included and this is the "negotiable price" just plus tax and tags. She said the "negotiable price" twice. Is this a red flag?

    Please let me know if I am missing anything in the picture, any red flags, and what would be the best steps to take next. Much thanks in advance for responses!!
  • peepeyepeepeye Member Posts: 1
    I also live in NY (LOng Island) and am looking for the same car. The quotes I received ranged from 32,000 (laughable) to $29,690. If true, your quote sounds good. Just watch out for unneccesary add ons or unusually high document fees. Be firm because although the ODY is a great vehicle, I think all of the dealers are feeling the pinch of the Employee pricing programs from last summer and the current FORD/GM promotions. I have been checking ODY inventories in the LI/NYC area and I find that there are plenty cars to go around. Good luck and please let know how you made out as I will buy in the next month. if you got a great deal and weren't cheated please post the name of the dealer.
  • oddman1oddman1 Member Posts: 3
    I have "built" a spreadsheet that I use for leasing and based on your numbers, that's exactly the monthly payment I come up with. Sounds to me like "negotiable price" is one that can move down if you push. Watch out for acquisition (up front) fee and disposition (back end) fee. I would negotiate that price (CAP cost)first to lick that part of the leasing equation in. Residual and interest rate are negotiable too. Maybe ask dealer to "shop" leasing companies for you to see different residuals and rates.
  • oddman1oddman1 Member Posts: 3
    God info. How do you check inventories in a given area? Do you go to each dealer's web site?
  • gmarga56gmarga56 Member Posts: 17
    Much thanks oddman - will make sure whn i go.
  • gmarga56gmarga56 Member Posts: 17
    From this site I went to the list of dealers in my area and expressed an interest in the said vehicle. Many dealers responded via email and a few called. If you go to the dealers area, there are links to send an email requesting what you are looking for. I said that I was ready to go tomorrow if the price was right and right now I'm down to two dealers. Will probably be going this weekend. as far as inventory goes, that doesnt seem to be a problem, Both dealers said they could get the vehicle in the colors i wanted in a day or two if they didnt have them in stock. I think Honda is just churning them out so fast. Will kepp all updated and thanksfor the responses.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome, sesarj. $100 over invoice for an Odyssey sounds like a great deal to me. Good luck.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    No problem, queensody. Let's work up a couple of lease payments on this van for you and see what we come up with. According to my calculations, if you were to lease a 2006 Honda Odyssey Touring with navigation with an MSRP of $39,250 and no discount through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around a whopping $612.39. If the selling price for an otherwise identical lease was reduced to $38,000, the payment would drop to around $575.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi andrewlondon. It would be a big help if you would provide me with the full MSRP of this van. Not only will it show me how much of a discount you are being given on it, it will also help me to estimate what its lease payment should be using Honda Finance's actual lease program.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi parasut. It would be much easier for me to calculate this vehicle's lease payment if you you would provide me with its full MSRP (including the destination charge).

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I'm glad that you have found this discussion so informative, gmarga56. The selling price that you were quoted sounds like a good deal to me. $500 over invoice is a fairly low opening bid by a dealer, but I have seen tons of community members get an Odyssey for around this price lately so it definitely is realistic. The lease money factor that you mentioned ie correct. Using the prices that you mentioned in your post, I came up with a zero down, pre-tax monthly payment of around $404, so the payment that you estimated (including tax) looks about right to me. I don't necessarily think that the fact that the dealer indicated the price that you were quoted is negotiable is a problem. Perhaps you can get an even better deal than this, like right around dealer invoice.

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  • queensodyqueensody Member Posts: 3
    Thank you for all your help Car_man.
    This forum has been an excellent source of info.
    I picked up my new '06 touring with navi today from South Shore Honda. It was $580 with tax included and 0 down for 36 months with 12K year. I paid first month, $595.00 acquisition and $60 DMV.

    Thanks again.
  • dpfoddpfod Member Posts: 7
    Hello Car_man -

    I'm interested in the money factor and the residual on the Touring as well as the EX-L. Both with Nav & RES. I'm working my way down to $500 over invoice for either model: Leasing for 36, 39, or 42 (lowest payment) 12K per year. If the price spread is around $50 a month I'll go for the Touring.

    I'm in Los Angeles if that helps.

    Thanks!
  • gmarga56gmarga56 Member Posts: 17
    After emailing ll the dealers, I received a bunch of responses, many blanket emails - One was from Hillside Honda in queens, advertising a 3 day sale - many models all listed in the email - the Ody EXL w/ REs was tagged at $28,197!! Called up, asked for the sales manager and said if i took the day off to pick up this car and do the deal, there better had be no bs. Bottom line is, I went in - luckily they had the color I wanted in stock and that was the price - $28,197 - tax and tags - thats it. So if any advice from me - send out a ton of emails - tell dealers to email you various specials, be ready to make a move by the next day or two and youre in... - Kudos Hillside Honda!!
  • dpfoddpfod Member Posts: 7
    Hi Car_man -

    Would you please post the current residuals for a 36month lease/12K per year on both the Touring with Nav and the EX-L with Nav & Res?

    Thanks!
  • mrmom17mrmom17 Member Posts: 8
    I was at Autoway Honda in Clearwater,FL today trying to get the EX-L w/o RES or NAV and was with the Finance Manager when the deal fell through. He told me that the Honda Odyssey Money Factor was ".00342" and was non-negotiable. This already after getting them to come down on Cap Cost and up on Trade-In, seeming like a good deal in the making. I didn't think this was right since the Money Factor (I thought) seemed to be similar to an interest rate and APR's are affected by one's credit history. I have excellent credit and told him that other places I read said that the Money Factors are decided on one's credit. He again told me "NO, this IS the Honda Odyssey's Money Factor. This is what the Sales Manager told me." I was surprised by that statement since he is supposed to be the Finance Manager. Well, enough rambling. Who is right on this matter and what should the Money Factor be? Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome queensody. I'm glad that you have found this discussion to informative. Congratulations on your new Odyssey and thanks for taking the time to stop back and let us all know how everything turned out. Enjoy!

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    $500 over invoice is a good deal for this vehicle, dpfod. If you were to lease a 2006 Honda Odyssey Touring with navigation & RES through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00265 and 58%, respectively. The numbers for an otherwise identical lease of an '06 Odyssey EX-L with navigation and RES should be .00265 and 59%. These money factors assume that you qualify for Honda Finance's top credit tier and pay a security deposit. The 39 month lease programs for these vans should be .00265 / 54% for the Touring and .00265 / 55% for the EX-L. The 42 month numbers should be .00250 / 54% for the Touring and .00250 / 55% for the EX-L.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mrmom17. Honda Finance's lease money factor for the Odyssey absolutely depends upon what your credit score is like. If you qualify for Honda's top credit tier, its current buy rate lease money factor for a 36 month lease of the '06 Odyssey is .00265 with the payment of a security deposit. As you can see, this number is significantly lower than the one that you were quoted. It is possible that the dealer that you are working with is attempting to mark-up Honda's base lease money factor for this van to add additional back-end profit to your deal.

    Car_man
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  • mrmom17mrmom17 Member Posts: 8
    Thanks for the information Car_man. I am sure they were trying to make their money at my expense. I am still looking to lease an Odyssey and am currently trying to find the best deal in my area. Sending out several emails to different dealers as many of the other forum users have recommended. Hopefully I can get a great deal too.
  • brianparkbrianpark Member Posts: 1
    Hello Car Man ,
    I'm looking to lease a 2006 honda odyssey EX-L with RES, I have never leased before so i need some professional advice .I would like for you to help me figure out what i should be able to get as a good deal.
    I want to lease it for 42 months with 15k per year mileage
    the one i am currently looking at is 32945.00 msrp , i got the sale price down to 29100.00 when originally dealing on this .
    What i am looking to see is what my monthly payment should be ? i can put money down if needed .

    Thank you for a wonderful site to help out, please reply asap since i am looking to buy before Christmas.
  • skiiiii664skiiiii664 Member Posts: 16
    I live in the Tampa Bay area and just leased an
    Odyssey EX-L.
    I put $0 down , 36 months, 16,000 miles per year. The payment including tax and everything is $445 per month.

    I got their top tier lease price because my beacon score was very high.

    It came with a few extras including a molded/shaped liner made of some sort of rubber for the very back area behind the back seat. Also has burlwood kit on the dash and doors that supposedly costs $499. It actually looks pretty nice.

    I thought that price was a pretty good deal.

    Best of all, they took my wife out of her Nissan Altima lease and saved us big time . She had 3 months left on the lease (approx. $1000). She would have been over on mileage by approx. 8000 miles @ .20 cents per mile (approx. $1600) and the damage/wear and tear to her car (approx. $1500- $2000).

    I am basing the wear and tear from experience with our first Altima lease back . The first time we turned in her first Nissan Altima on lease, they sent us a bill for over $1900. Nissans leases are the worst, they allow no allowance for normal wear and tear and they charge for every little flaw to the car.

    Anyway, I wanted to share that experience because I thought others should know about it so perhaps they can benefit from this info.

    Also, the dealership was not bad at all to deal with. I thought it was going to be like a root canal but it was not.
  • bigbutrbigbutr Member Posts: 111
    Wife really likes the new Oddy, and I have to say I'm pretty impressed as well with all of the bells and whistles.
    The first go-around with the finance guy left me incredulous. They wanted $640 a month for 48 months. :surprise:
    Let me add we're trading our 03 Oddy EX-L with RES and I think they were giving me next to nothing on the trade to come up with that.
    After coming home and doing research, I went back with these figures:
    $32,500 selling price (includes mud guards and auto mirror)
    $17,500 trade-in (KBB is $16,775, Edmunds is 18000, so it's about halfway.
    Payoff of 03: $19,213
    On the Honda website, a 36 month, 15000 mile yearly allowance comes up with $628 a month before taxes and with 650 security deposit and first payment due at signing. :)
    That is a much better figure, but still seems high especially since I read in an earlier post where the high-end touring model is $612 a month before taxes.
    Can you help me out here. We're not wanting to pay security deposit, but can probably swing first payment.
    Thanks and Merry Christmas,
    Steve
    Panama City
  • bigbutrbigbutr Member Posts: 111
    This is a follow-up to my earlier post.
    Guess the dealership was in a mood to deal. Got pretty much everything we asked for. Good price on the van, good deal on the trade and the payment we wanted.
    After all was said and done, we got it at $639 a month for 36 months and 15000 miles a year. Probably could have done a little better, but hey, it's cheaper than what we were paying on our purchased 03 Odyssey and we got more stuff.
    Overall, we're pleased with the deal.
  • jeffrey0707jeffrey0707 Member Posts: 7
    A New York - Long Island dealer has offered me a 2006 Honda EX-L Odyssey with Navigation and DVD Entertainment for $33,000. I would like to know if any of you think this is a good deal. In addition, does anyone know the money factor and residual value? I saw somewhere on this forum a money factor .00265 and a residual of 59%. Using Edmunds' lease calculator with this money factor and residual, it provides for lease payments of $360 with $6,000 down, 12,000 miles and 36 months. However, when I use the lease calculator on Honda's website it reflects approx. $452/month (it doesn't disclose the money factor or residual value on the Honda website). In addition, does anyone advantages/disadvantages between the basic lease or smart buy? Thanks for all of your help. Have a great holiday.
  • sfioresfiore Member Posts: 1
    Car Man,
    I just signed the lease contract for a 2005 Honda Odyssey EX-L, with no additional options. I have a few questions to determine if I recieved honest treatment and as well determine if I recieved a good deal. I leased the van in Mass. Terms were 36 months with a residual of .63 and a lease rate of .00265 based on our very good credit. Monthly payments are $386 which includes tax.

    1) The agreed upon price of the van was $28,259 which includes destination. However, when I went to sign the paperwork, the dealer told me that Honda Leasing charges $595 for processing the paperwork. As a result, on the final paperwork, my gross capitalized cost was listed at $28,854 ($595 plus the purchase prices of $28,259). Is this a real charge or was the dealer just making up a fake cost and thereby effectively changing my negotiated price?

    2) The milage overage after 12000 miles was listed on the initial purchase agreement with the sales rep at $.15/mile over. However when we went the the finance manager, the price was listed at $.20/mile over. They told me it was human error on the sales rep, and Honda requires it to be $.20 per mile on a vehicle with a MSRP over $30,000 and $.15 per mile on a vehicle with a MSRP under $30,000. Was this a real statement or did the Finance manager take advantage of the situation?

    3) The .00265 was uplifted to .00275 for some reason I can't remember. Is this a logical uplift of 10 basis points or just dealer profit?

    4) On the "Estimated Fees and Taxes during the lease term", the finance manager stated that the $1900 was the estimated excise tax we would pay to the town/state. Is this correct or will I be getting another bill from Honda Finance for $1900.

    I appreciate any help in answering these questions.
  • jeffrey0707jeffrey0707 Member Posts: 7
    Sfiore:

    As a fellow customer that just signed a purchase agreement with a Honda dealer today, I can help you with some of your questions.

    1) Based on my purchase agreement and other quotes I received from Honda dealers I can assure you that the American Honda lease fee is $595.
    2) I don't know.
    3) The change in money factors usually happen at month end. I also have good credit and the dealers quoted me .00275 for 36 months.
    4) My taxes are embedded in my lease (appears to be similar to your situation).

    Now I have a question:
    The dealer is currently trying to find my 2006 Odyssey EXL R/N, so I only have a purchse agreement at this time. Currently, the dealer has quoted me a monthly lease payment of $533.58 for 36 months at 12,000 miles/year no money down. The dealer used the following to caluculate this payment (they gave me the screen print out): price $32,173, money factor .00275, gov't fees $67.50, lease acq fee $595, residual $20,735.55, tax rate 8.625%. The problem I have is when I plug these variables in Edmunds' lease calculator I get $525.13. The dealer can't explain the difference and it's not large enough to break the deal. However, I am curious if any one knows the reason for the difference.

    Thanks.
  • jlkhjlkh Member Posts: 28
    Need to know residual & money factor for 36mo/15K year
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jlkh. Here is the information that you are looking for. If you were to lease a 2006 Honda Odyssey Touring with both the DVD and navigation systems though Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00265 and 48%, respectively assuming that you qualify for its top credit tier and pay a security deposit.

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  • jrp1jrp1 Member Posts: 2
    HEY: cliff1371
    Where is that dealer in Springfield, MA? Would like to give him a call.
  • andy505andy505 Member Posts: 1
    Hi All,

    I've never leased before, but we're looking at leasing the Odyssey EX-L w/RES for 36 months. I've done some on-line research and appreciate the info I've seen on this forum related to money factors and residual values. I have a few questions:

    1) To what extent are miles negotiable? We average a little over 15k/year. I saw an earlier post that indicated a 16k/year allotment. I've heard of people returning leases when they get close to their cap, but I'm sure that's bad in some way.

    2) Prior leasers: how stringent are the "wear and tear" inspections? Is turn-in at the end of a lease painful?

    Thanks!
  • skiiiii664skiiiii664 Member Posts: 16
    Hi-
    I was the one who posted about getting 16k miles per year.
    Basically all you are doing is buying extra miles up front as opposed to on the back end. Up front the cost was .10 cents per mile and on the back end it would be .20 cents per mile. I dont know if the price per mile is negotiable although I can tell you that when I got the lease contract, the back end cost per mile was a blank line that was filled in. I also know that Honda publishes the rates (and dont quote me exactly on this) as if the MSRP is over $30k, the back end cost is .20 cents per mile.

    As far as the wear and tear inspections from Honda, they do allow $1500.00 which is a lot more than I can say for Nissan.
    Get a copy of the Honda Lease and read the back because they clearly spell it out.
    Expect them to scrutinize the car as a worst case scenario.

    What I will say is that when you do go to turn in the leased vehicle, if you go for another Honda, make the dealership put it in writing that you if you get a bill from Honda for wear and tear, they will pay it for you. Believe it or not, the Nissan dealer did that for my wife when turning in her first Nissan in order to get us to lease another Nissan from them. We got a bill for $1900.00 and the dealership paid it.
    When we just leased the new Odyssey , they took her Nissan in as a trade in and there was no lease back to mess with Nissan on.

    And I assure you Nissan would have pounded us on her overage in mileage, wear and tear (my wife drives into things like trash cans etc and dings up her vehicles) and we actually traded in her leased Nissan 3 months early before her lease ended.

    Good Luck- I love the Odyssey .
  • robinmk2robinmk2 Member Posts: 1
    I'm looking to lease a 2006 Honda Odyssey EX cloth with no money down. 36 month and I'd LIKE 20,000k/year. I drive a lot.

    I've read your How to lease document and went into the dealership, test drove the car, know I love it. But when he gave me the paper to sign that says I will make a deal TODAY if the price is right, I got scared and said no and left. I'm nervous that I will be talked into something I don't want. I know what I DO want, and I'd like to pay around $375/month. Is this possible with the above??

    Please any advice that would make me feel more confident on this would be great.

    Thanks RobinMK2
  • toleartolear Member Posts: 7
    Carman,

    What is the January '06 money factor and residual for
    the Odyssey '06 EX-L? My credit is excellent.

    Planet Honda in Union N.J quoted a money factor of .0026
    & a residual of 57% for a 42 month lease.

    I would also like to know if there is any other source I
    can reference for this information besides the Carman?

    Thanks for your help!
  • toleartolear Member Posts: 7
    Carman,

    Is the NJ Sales Tax for a lease the following steps:

    Step 1. Cap.cost minus residual = depreciation
    Step 2. Depreciation multiplied by the sales tax rate = total tax
    Step 3. Total tax divided by number of lease months = monthly tax.
    Step 4.Pre-tax payment is added to monthly tax.

    It appears if you just apply a factor, such as 1.06 (NJ tax),to the pre-tax payment the payment may be $ 5 or greater. I believe the dealers use the 4 steps.

    Thanks!
  • squirreljamsquirreljam Member Posts: 71
    Car_Man - been a while since I've asked any questions of you, they've changed the place around since I was last here! Anyway, it's now time for another cycle of cars for the wife and me - So, 2 questions:

    Would you mind sharing the MF and Res. for an Ody EX-L, no nav, no DVD, for 36 months with 15K per, in St Louis MO? I know you'll only have the Jan #s but using that non-existant crystal ball, do you see any major changes for Feb?

    Thanks a ton,
    Squirrel
  • krisandchetkrisandchet Member Posts: 3
    Hi Car Man:
    Here's my story...we leased a 2004 Odyssey EX(no leather, but with DVD) April of 2004 (24 mo lease and 12K mi/yr).

    At that time the MSRP was $28,230 (including Dest fee of $490 and adding DVD for $750); the negotiated Cap Cost was $24,436. Our down payment was $944 (paid the Acq fee of $595, first month's pmt of $215.78, as well as tax, title and $50 serv fee). The residual value was 73%, with a very LOW negotiated money factor of .00096 (converts to only 2.304% APR). The lease was thru AHFC.

    We are now interested in turning in the 2004 Odyssey, and leasing a 2006 Odyssey EXL with DVD. All of the messages I've read thus far have said that the money factor is now around .00265 (converts to APR of around 6.36%). Did I just get the deal of the year when we leased our Odyssey in 2004(we do have top of top of the line credit rating), or has the money factor increased by that much?? Our payments were only $215/month, and I just about fell over when reading about other individuals making payments of $400 plus on the 2006 Odyssey!!

    We live near Milwaukee, WI...does the money factor change according to where you live?? Also, what is the residual value on a 2006 Odyssey EXL with DVD over 24 months? According to my new calculations, we can lease a 2006 Odyssey EXL with DVD for around $318/month (MSRP of $32,395; Cap Cost of $29,696, including $550 Dest. fee; 24 month residual rate of 73% and really low money factor of .00096).

    Thanks for your help!!
  • [Deleted User][Deleted User] ColoradoPosts: 0
    We are in the same situation as you, althoug we didn't put any money down so we are at $249/mo on the 24 month lease. We'd like to get a new one too, but the payment would be in the $400/month range as you've read here.

    We did get killer deals since the new design was coming out for 2005 and they were trying to dump as many old ones as possible, even the 24 month lease is not something Honda usually promotes. Ours runs through April so just waiting to see what happens with residuals and money factors until then, maybe they'll improve before then.

    Good Luck!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome andy505. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    Consumers can't just turn in their leased vehicles once they approach their mileage limit and walk away for free. It almost always costs money to get out of leases before their scheduled end dates. The highest mileage allowance that most banks, including Honda Finance, publish residual values for is 15,000 miles per year. You definitely can lease an Odyssey with 16,000 miles per year. In order to do so you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.

    I have leased several vehicles through Honda Finance in the past and I must say that they are extremely fair when evaluating vehicles for excess wear and tear at lease-end. They us an independent inspection company, that in my opinion is almost too lenient :surprise: when evaluating the condition of vehicles that are being turned in. Don't let worries about the lease-end inspection process deter you from leasing an Odyssey.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi robinmk2. That old "I will make a deal today if the price is right" paper is nothing but a worthless piece of paper that shady dealerships try to get you to sign to make you feel committed to make a deal. It doesn't mean anything, but if you felt uncomfortable you were right to walk away. We should be able to figure out how much it should cost you to lease the van that you are interested in together if you would like. I just need you to tell me its full MSRP and selling price. You can find the MSRP by visiting the following section of this site: Edmunds.com - New Vehicle Pricing. You should be able to get an idea of what sort of price you should pay by visiting the following discussion: "Honda Odyssey: Prices Paid & Buying Experience". Always remember that the selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi tolear. According to the latest information that I have seen, if you were to lease a 2006 Honda Odyssey EX-L through Honda Finance right now for 42 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00250 and 57%, assuming that you qualify for its top credit tier and pay a security deposit. If you opt to have your van's deposit waived, the money factor would increase .00010 to the .00260 that you were quoted. Unfortunately, I am not aware of any other accurate source for this sort of information that is available to consumers.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    That's a good question, tolear. I believe that New Jersey only charges sales tax on the depreciation portion of leases, but I am not positive that this is the case. You may be able to find out exactly how it is done in your state by visiting one of the following links: New Jersey Motor Vehicle Commission or NJ Taxation.

    Car_man
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