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Wow, if this deal is with 0 down payment, it seems to be a great price, who's your dealer?
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Yep thats true, today when i signed up all the documentation, now the dealer is telling me that due to insuffcient credit history he is keeping me into preferred customer which tops up the payment up $30, Iam considering to buy the vehicle instead of leasing it.
Thanks
raj
I'm replacing a 2005 Odyssey Touring with a lease expiring at the end of the month (19k balance)
I just got a couple of offerings from the Phoenix AZ area, pretty close both.
$1747 due at signing and $438 for 36 months, this includes tax
or
$1747 due at signing and $440 for 36 months, also includes tax
Any comments about this deal, I want to sign this weekend.
i'm out here in california, so i don't know that it would apply to you in chicago, but most dealers i contacts were in the same range. for example, anderson honda in palo alto. i'm going to be refreshing my quotes soon, just to see where the prices are.
FEATURED SPECIAL LEASE: Closed-end lease for 2008 Odyssey LX Automatic Transmission (Model RL3828EW) for $259.00 per month for 36 months with a $1,645.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,499.00 total due at lease signing (includes first month's payment, AHFC upfront acquisition fee and capitalized cost reduction; with no security deposit. Total net capitalized cost and base monthly payment does not include tax, license, title, registration, documentation fees, options, insurance and the like). Not all buyers may qualify
Is it possible to negotiate the price or the down payment??
Thanks,
Anthony
Inv $ 31247
Resid 57%
MF .00113 (2.71%)
Total Cap Cost $ 30197
Payment: $350 / month before taxes
36months 12k miles/year
First payment + $125 doc fee out of pocket
Does this sound like a good deal?
In the upstate NY area looking to lease a 2008 Odyssey EX-L with RES. Sat down with a dealer today who provided the following:
36 mths, 12,000 miles/yr
MRSP = $34445
Net cap = $31247 (invoice)
57% residual = $19633.65
MF = 0.00123
$0 down, but pay $689 for 1st mth, title, etc.
So with the above numbers, they came up with a monthly payment of $438.98; however, using the equation I've seen on this forum:
P = [(c-r)/t] + [(c+r) *m]
I get a monthly payment of $385. The salesman had no explanation for the $100 discrepancy and said my formula is wrong. What gives?
Also, does anyone know why the residual is calculated from the MRSP instead of the net cap? I'm not complaining since it lowers the monthly payment, but it doesn't make sense to me.
Thanks,
RadRes
Joe negotiates a price of $31K for his Odyssey..
Bill negotiates a price of $32K for an identical Odyssey..
Joe and Bill's Odysseys will be worth the same amount at lease end.. If you don't use MSRP, you would have two different residuals..
Payment discrepancy: Are you sure your net cap figure includes everything? Taxes and acquisition fee?
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As for taxes, are they based on the negotiated price minus residual? Otherwise you pay taxes on a large chunk of vehicle time that you won't be using.
Thanks,
RadRes
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I have a quote from a local Atlanta dealer for a no money down, 36 month, 12K mile lease of $338. This is for an Odyssey EX (no leather, RES or NAV). Just sign and drive and make 35 payments of $338, tax included.
This seems like a good deal, what do you all think?
Thanks much.
2008 Odyssey LX, 36 month lease, 12,000 miles, $324/month including taxes with $563.24 due at signing. OR, with $1690 down, $290 a month including taxes. Residual value $15,343.
What do you think. Sounds too low of payment IMO based on other quotes but ??
Thanks!
This was by far the best deal I could have gotten. All other metro Atlanta dealers wanted ~$380 for those lease terms.
36 months 36 k miles
Works out to a total cap cost about $31000
Payments around 372/ month
please keep us posted on what you find out!
Back to the site to prepare in leasing an 08.
I leased an '04 EX-Res for 24mos/30K miles in 4/04. Then I went ahead and extended for another 24mos/30K. Just had the turn-in inspection and the van is in decent shape with just over 36k only in miles.(1st time lease and I thought we would be drivind around more..live and learn)
So I now get Honda's preliminary excess&wear statement. No charge for E&W Use but the letter indicates a miles overage charge obviously based on the >30K miles @ 15 cents for >$1000. Lease extension agreement clearly states that I can total 60K miles at the equvivalent of 30K miles in the original lease peiod and then another 30K during the extension period. Extension period clearly defined as the 24 mos following the original lease period.
Question #1 - I will call Honda Monday to discuss the error in miles overage but I want to make sure I am understanding it correctly. Since I didn't go over 60K by a long shot I should have no miles charge, right?
Question #2 - Given the $1500 E&W allowance(3 no greater $500 each) the inspection revealed nothing more than bumps and bruises and estimated cost to repair must have brought in the $0 E&W charge. Other than me discussing with Honda that I owe nothing for miles, will there be any change in the $0(given nothing else changes on the van prior to turn-in)? What is the Settlement Invoice and can charges be added after I turn the van in? Who adds the charges if I turn the van in?
I figure I owe nothing on turn-in. Am I assuming incorrectly?
Question #3: What are the currect residual % and money factors I should use when I get the 08 Ex-L w/RES at $0 down for 3/36? 2nd time around I want to feel better prepared walking in and out and this site has taught me plenty.
Thanks for you input.
Tony
just to be clear, what are they offering as a drive off? you should be around 700-800 drive off and then 375-400/mo before tax.
Thanks and I will keep you posted. I do have the paperwork on the class action allowing for lapproxiamte +5% in allowed miles because of the odometer readings. I shouldn't need it but I'll keep it handy.
for example, out here in cali you can get an ex-l w/ res for 745 to 760 drive off (incl first mo payment, doc fee, tax, title, tire fee) and then 35 payments of 375 to 400/mo plus tax.
so, add up all those numbers and you get a total cost. add up all of your numbers and then compare and see what number you get. that will give you an idea of how well you're doing. just make sure you've got all your fees in there. for example here is cali they can't charge outrageous doc fees.
$499/month with total $1500 out of pocket. 36 months, 12000 miles/year. He said he gave it to me at almost $1000 below invoice.
2008 Odessey Touring Fully Loaded
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The offer that you pasted into your post is Honda's official advertised lease for the 2008 Odyssey. Manufacturers advertised payments are usually pretty good deals, but they usually leave a little meat on the bone so to speak. It makes sense if one thinks about it. Dealers would be pretty annoyed if automakers advertised an amazing deal on a vehicle that cuts out most of their profit. Savvy consumers who live in areas that have a decent level of competition and shop around are usually able to beat manufacturers' advertised payments. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Shop around with a few Honda dealers in your area for the lowest possible selling price. Once you have arrived at a price that you are comfortable with, have the dealer calculate your lease payment using Honda Finance's buy rate lease money factor of .00113 (for customers who qualify for its top credit tier and pay a security deposit at signing) and you're all set.
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Car_man
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Prices Paid: Buying & Leasing Experiences Forum
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In short, the best way to get a good deal on a leased vehicle is to negotiate as low a selling price as possible and then have the dealer calculate your monthly payment using the vehicle's buy rate lease money factor. If I was in the market for a 2008 Honda Odyssey right now, I personally would shoot for a selling price of $500 over dealer invoice on a lease. You can look up the invoice price of the exact model that you want in the new vehicle pricing section of Edmunds.com. Honda Finance's current buy rate lease money factor for a 36 month lease of any 2008 Odyssey is currently .00113 for consumers who qualify for its top credit tier and pay a security deposit at lease signing.
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I would appreciate any insight from this very knowledgeable base of members as to the "fairness" of these numbers. No haggling has been done yet and this was a first offer received by email after a personal visit to the dealership.
Thank you all in advance for your assistance and guidance.
On the 2008 Odyssey EXL RES,
Selling Price is : $ 29,500
12000 Miles 36 Months lease
398/ Month with 1st month, MV, and taxes up front.
18000 Miles 36 Months lease
442/ Month with 1st month, MV and taxes up front.
Dealer #2 just emailed me the following for the same criteria:
$29,247 (internet only special)
$385/mo
$427/mo
2008 Honda odyssey exl dvd
American honda lease
$1500.00 wear and tear waiver
msrp $34,445
Lease price $31,247
36 months
12k a year
.15 a miles overage
no money down
Just paying sales tax,dmv,and first payment totaling $1531.00
when you leave here you will have 35 payments leftover
36 months at $371.04
res value $19,050.10
keeping everything the same i ran the lease for 18k a year
no money down
Just paying sales tax,dmvfees,and first paymwnt totaling $1682.78
36 months
.15 a mile overage
$412.43 36 months
res value $17.493.00
Joel
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I am so used to buying versus leasing that I remain a bit confused as to the negotiation tactics of dealers for leasing. The "purchase price" quotes I was given could not be used as the price to calculate a lease. Every dealer insisted upon using the invoice price for lease rate calculations but would give a more attractive number for a purchase.
But thank you for confirming that the lease quote was fair.
MSRP = $32,845
Invoice = $29,801
Residual (58%) = $19,050
Money Factor = 0.00113
Lease Payment (pre-tax) = $353.84
Lease Payment (after-tax 7%) = $378.61
Upfront Costs = $378.61 (1st Payment) + $197 (Doc Fee)
One dealer has quoted the following:
$2,000 down (includes 1st Payment, Doc Fee, Not sure where the rest of the money (~$1400) is going since I would think the monthly payment would be around $335 per month if used to reduce the invoice price)
$378 per month
Second Dealer has quoted the following:
$1,000 down (includes 1st Payment, Doc Fee & Bank Fee ($595)
$386.61 per month
What is this bank fee? Should it be in there or is it covered under the Money Factor?
Also, If I were to put money down outside of the 1st month payment and Doc Fee doesn't this get subtracted from the Invoice Price thus reducing the monthly payment?
The dealer should be willing to give you numbers with the assignment fee and all other fees (possibly excluding tags) included in the capitalized cost of the lease. Putting down a big down-payment (also know as a capitalized cost reduction) on a lease is generally not a good idea (see Dissecting the Deal - How to Spot a Good Lease).
Honda's current money factor is very good--.00113=2.71% APR--I think you should generally try to minimize the down payment on all leases and especially so on a lease with a money factor this good. I believe some states require the dealer to collect the tags fee at purchase--others allow this to be rolled into the capitalized cost of the lease so you can truly drive the car off the lot for $0. I think it's more typical to pay the 1st month's lease payment plus the tags fee when you drive off--that's what I did.
It sounds like your expectation is that the dealers will lease you the car right at invoice. You should confirm that with them and be sure of the exact purchase price of the car before trying to figure out what all the add-on fees are.
Here are the terms on my lease, in case it is helpful to you. Note that you should be able to do better than the $500 over invoice I got--there were some other factors involved with a trade-in, and I'm in one of the areas of the country where dealers are not discounting Odysseys very much. This was also done a month ago--Odyssey market prices appear to be dropping approx. $500-$1000/month.
Sticker (incl. dest) $40,645.00
Invoice $36,214.00
Delta over invoice $500.00
Add-ons $276.00 2 wireless headsets, wheel locks, mud guards
Dest $635.00
Total purchase price $37,625.00
Doc fee $50.00
OTD $37,675.00
Assignment $595.00
Security deposit $0
Cap cost $38,270.00
Term 36
Residual % 56.0%
Residual $22,761.20
Depreciation fee $430.80
Money factor 0.00113
Equiv APR 2.71%
Finance fee $68.97
Total $499.77
Tax rate 9.20%
Total with tax $545.74
36 payments $19,646.77
Tags fee $199.25
Drive off $744.99
Only problem now is that I contacted about 7 dealers between the weekend and now requesting pricing on a lease and I got nothing back. Not sure what is going on. They all have that quick quote link and say they will get back to you in 24hrs. Being end of month and I was ready to move in 1-14 days it's a bit strange. Didn't really ask for anything other than 3/36, $0 down on an 08 EX-L RES. I figure to get by at $350-$380 before taxes depending on sales price. Should be OTD with 1st month payment and $150 in title, reg and plate. Similar to last deal. No extra costs. No sec deposit needed.
I expect to be at or below invoice at this point, right? $31,247
Thanks
Sorry I didnt get back to you sooner. Did you close the deal? Yes, that guy was great to deal with. I searched all over, and he was a funny guy and he was fair. He deals in Volume. Some people on this board are saying we are making up the prices or something like that??? huh? why would I/we do that.
For the record and I believe the nole fan (I am a cane) got almost the EXACT deal.
2008 Honda Odyssey EX-L W/RES. $390/Month INCLUDING taxes.
I put $1,000 down which covers the fees and 1st month.
36 mos - $412 per month - 18k mileage per year
"purchase price" $30,427
Out the door cash for sales tax, dmv fees and first payment totaling $1682.78
Plus they threw in 2 extra wireless headsets for free.
The offer for 12k mileage per year would have been $372/month.