2013 and earlier-Honda Odyssey Lease Questions

rugratnc

I am a current Odyssey owner and am trading it in for the cash and leasing a new one. Here is the deal I have negotiated:

Sales Price - $30,600
Acquisition Fee - $595
CAP Reduction - $242
Adjusted CAP Cost - $30,953

I plan on putting $1,000 down which will be applied as follows:

$382.74 - First Payment
$242 - CAP Reduction
$7.26 - CAP Reduction Tax
$69.00 - DMV
$299 - Document Fees

So with $1,000 down and super preferred money factor rate (.00113), it brings my monthly payment to $382.74 which includes 3% tax. The pre-tax rate is $371.59. I feel this is the best possible deal that I can get. I am not trading in my vehicle at this dealer so this is considered a straight deal.

rugratnc

Oh - the above numbers are based upon 12,000 miles per year and a 36 month lease. The residual is 19,634.

timmy1b

Rugratnc -

that looks like a similar deal to what me and the nole got in South Florida. Ours was for a 2008 EX-L w/RES, $1000 down for 12k miles per year.

$368 pretax or $390 after tax (6% Florida). I think that is going to be as good as it gets.

rugratnc

timmy1b - Thanks. I did some further negotiation and am now at $378 after tax or $367 pre-tax. I believe I could have gotten to $375 at another dealer, but really like the dealer I am working with. So I plan on closing the deal tomorrow.

cclcal

Sale Price of $26885
There is an offer for $275/month + tax
36 months 12K miles/ year
$2699 due at signing.
0 security deposit

Fairly decent deal?

thanks

I don't know the money factor or the residual % since the dealer wants me to go in 1st and they are quite busy there. But I have zero intention on buying the car after the lease anyways.

kball2

Hello Car Man. I am in the market for a 2008 Odyssey EX-L w/RES and I am looking for a little guidance. I see several people have been able to negotiate a purchase price below invoice - this is quite surprising to me since in the past my experience has been that Honda dealers typically do not go that deep on the price. You mention the $2,000 dealer cash - is that something that Honda has offered to their dealers for all Odyssey models? From all the posts I have read and your previous comments it appears I should be able to get the following:

MSRP - $34,445
Term: 36 months / 12k
Purchase Price - Invoice + $500
Money factor - .00113

What residual % should I expect - 57%?

Any guidance on acquisition fees, doc fees, security deposit?

I am thinking I may try to get this vehicle before the new programs come out.

I am very familiar with how leases are calculated and live in Ohio.

Any help would be greatly appreciated.

Thanks!

std_grade

I have a current lease on a 2004 Odyssey that is coming to an end in June of this year (~3 months away) and will be leasing a new one. Here is the deal I have negotiated:

Sales Price - $31136
Acquisition Fee - $595
Milage allowance: 15,000/year

I am not putting any money down, and they are paying the last three payments on my current lease (so writing me a check for ~$881). With an assumed money factor rate (.00113), my monthly payment will be ~$499 including tax.

I will have to keep the current Odssey and turn it in come June, thus I will have to pay insurance on it (~$300 extra for the three months).

Looking at other posts am I paying too much per month?? It appears to be ~$100 more than others - what am I missing? Should I try to negotiate more (if so - what should I ask about)? The salesperson said that their manager would not do the $2000 dealer cash as that is for purchases only - not for leases (that is where the dealer paying my last 3 months came in - they stated rather than doing the cash back they would work it in that way).

Thanks

kball2

I am trying to work a deal on a 2008 Odyssey EX-L w/RES and the dealer is telling me that the $2,000 in dealer cash can not be used on a lease. Can anyone confirm whether this is true? My current deal is pretty good - $403 per month (before tax) for 36 months / 12k. Total of $500 due up front - 1st months payment ($427 with tax) and a fee that has not been explained to me yet.

Thanks

std_grade

That is what the Dealer told me as well - but as I indicated in the post above yours, they are paying the last 3 payments (totaling ~$1400) of my current lease. For our deal it was going to be ~$480 per month with 12k per year - but with our current lease we are at 47,000 miles with 3 months to go - so we chose to go with $499 per month with 15k per year. If you plan on doing much traveling I would recommend seeing how much the difference would be to up the miles.

scottinky

2008 Odyssey EX-L w/RES for $421 per month, tax included with
NO MONEY DOWN. Do they have some room to move a little bit on this.
I am selling my Armada for a 4K loss to get something more MPG friendly.

scottinky

i need to update my post. first dealer needs first months payment and doc fees,
so about $800 OOP, another dealer I called is at $400 per month with nothing out
of pocket, NOTHING, all taxes, but that incentive expires tonight. damn it.

nsxracer

I was quoted $372 for that lease with approximately $1500 cash up front for taxes, dmv and first month's payment. I was also told that I could not play with that $2000 in dealer cash for a lease but managed to get $800 of it anyway.

std_grade

Well took receipt tonight of a 2008 EX-L with RES with some changes from what I described above - not sure if it was a mistake, please let me know

Nothing out of pocket
agreed value of Odyssey = $33,390.00 [(which broke out as follows: $31,136 ( base price) + $1475.64 (to pay off last 3 months of current lease) + $587.37 (1st month + title and reg. fees) + 190.99 (that I'm not sure what it was for - dealers pocket?)
Residual Value = $18,944.75
36 month lease
15000 miles per year
monthly payment = $518.87

Based on what others have posted I think it might have been a bad decision (or for those that are still looking an example of what a bad deal looks like) and should have walked away (but wife was impatient and wanted deal done - plus we had all 3 of our kids with us).

Please send me comments or let me know your opinion - I would really like to know for the next time I have to lease/purchase a car/van.

Thank you,

allnew3

Finally closed the deal on Saturday since I was unwilling to risk the MF going up for March. Sat home for 3 hours on the phone and through e-mail negotiating with 3 local dealers and arrived at the following:

2008 EX-L for 36 months and 12,000/year
$1,200 down and $384/month (includes 7% Tax)

Based on the posts here it's not rock bottom, but the best I could negotiate for central NJ. It appears there is still a strong market for these vehicles in this region.

watii

Yes, you got hosed. But not as bad as you might think. The payoff makes sense, but adding a payment back in means you are paying it twice. They should have just run the numbers and used 35 payments. They are always going to stick you with something. But all things considered it's not bad. You got an awesome new car, that you won't have to worry about and your family will love. As long as you can afford the payment its a good enough deal. No regrets. If you were paying 499 would you feel awesomely better, probably not. Roll on and don't look back, enjoy the ride.

jahiraheta

Just offered an 08 EX-L w/RES - 2499 down and 357.88 per month (incl. tax) - 36 month lease and 15k miles per year.

Is that a good deal ?

jahiraheta

sorry my first time here and I think I made a mistake - if RES is rear entertainment I erred - I thought it was the rear camera for backing up

rest is OK

hondatonascar

So what happens to the national offers? Some thought Hond would continue them but they are gone. Is there a period of evaluation and then they may repost the same or better special offers. Or do you think we are out of luck until April maybe.

Any ideas on what residual $ or money factor to use on a 08 EX-L wRES, 3yr,36m?

And is $500 under invoice(incl Dest charge) the target? Jokers around here are still $1500 over with inventory galore.

kyfdx

They probably haven't changed... Give them a day or two to update the website... It happens at the first of every month...

lonestar98

in this market? don't worry, incentives, like ahnold, they'll be back. my contacts at dealerships aren't in yet, but once they are back i should have the new numbers.

lonestar98

okay, so the factory to dealer purchase incentives have remained the same. i'm still searching on the lease info.

hondatonascar

Great, so the special continues on the lease as well after checking the Honda site just now. Or did the money factor get lowered? I was using EX-L numbers so I am not sure if this offer has changed any of the variables. The numbers I am using show a residual of 58% off MSRP to get the $15,367.10 in the ad. The only way to get $259 a month is to use a .00095 money factor(2.28%). It must have been a long day so I will step away now and let the experts just tell me what the deal shows for real.

lonestar98

you are correct sir. residual values have dropped and so has the march lease money factor to keep everything as it was.

wilash

Here is what I was quoted:

2008 Odyssey EX-L with Nav and Rear DVD
MSRP - 36400
Adjusted price - 32842
Down payment including 1st month - 895
Dealer fee- 994
Total sell price - 33162
36 month payment 471.00 includes tax

Good Deal?

Andyboy1974

I am looking at this exact vehicle and I live in S. Florida. 2008 EX-L w/RES. Can you guys let me know the dealer and salesperson you worked with to get $378/mo.? I would really appreciate it. Please e-mail me at boetsch1 (at) yahoo dot com if you are not comfortable posting the name. I'd really appreciate it.

hondatonascar

Using the current lease offer is this a good deal?

MF=.00095
Residual=58% ($19,978.10 based on MSRP of $34,445)
$0 down, 3yr/36mi
Net Cap=$31,000 (inlcudes dest, acquisition)

$354.59 monthly before tax

Paying 1st month + tag title, etc. = about $500or so OTD

scottinky

i dont see how you guys are doing it. I am going to sign today for $421

Andyboy1974

What dealer are you getting this from? Seems too good to be true.

hondatonascar

There is always tax involved in the payments posted here so take that into consideration. I have read all of the posts on here going back a year. One thing is for sure is that there are few constants other than residual % and money factor.

One concern I see in working with sales is that some may quote you a cap cost but do not include the standard $595 acquisition fee. It's not like you can't plug their cap cost into the equation and see they are not quoting you the right number.

And when someone here states that $500 over invoice is a good target it is never clear if that had the $595 in it. There is also the $635 destiniation charge in that invoice price.

bobtnj

I would also like to know where you got this deal. If you don't mind please email Dealer and contact info to bobtnj@aol.com.

Advance thanks.

jbm160

From what I've read, the $2000 marketing support to the dealer does not apply on leases using the special money factor (0.00095). However, a couple of posts, such as by nsxracer, suggest that dealers are getting some additional factory support even on leases. Nsxracer, did you get $800 below invoice and holdback? In other words, do you know the $800 came from an incentive, or did they just cough up their holdback? Also, does anybody know if the factory to dealer incentive details have changed from February to March?

I'm considering an '08 Touring lease, and I'm curious what the lowest capitalized cost is that people have gotten on this model. Geographic location would also be helpful. Thanks!

Andyboy1974

If right now there was a South Florida dealer offering what you said they offered you, I'd sign and drive today:

MF=.00095
Residual=58% ($19,978.10 based on MSRP of $34,445)
$0 down, 3yr/36mi
Net Cap=$31,000 (inlcudes dest, acquisition)

$354.59 monthly before tax

Paying 1st month + tag title, etc. = about $500or so OTD

E-mail me: boetsch1@yahoo.com

cr40

I am also in South Florida and would like to find a similar deal. I am looking at the same vehicle but also need the navigation package. Did anyone email you dealer info. directly? I have requested some preliminary Internet quotes from three different dealers. They are much higher. Additiionally, one of the dealers is way out of line compared to the other two. I have not started negotiating yet, but want to be prepared. If you have any info re. the deals mentioned, please provide me with it. Thanks

Andyboy1974

I had good luck and good pricing from Laura Clinton at Pompano Honda. They seem to match what the best offers are right now for leases.

I think Honda has way too much inventory on the Odyssey right now, and they should be offering better financing incentives. The Toyota Sienna is beating them up with the Consumer Reports effect, since the Odyssey is no longer the top dog in that publication, and I know many like-minded people that would ordinarily go with the Odyssey, who are now following the lead of Consumer Reports. Dollar for dollar you can get a better equipped Sienna than what Honda has going, and at better financing. Honda dropped the ball. And now they have to pick it up. Even though the Odyssey might ride nicer than the Sienna, I think most folks think the Sienna looks nicer and the better pricing and financing are the clincher.

I hear the NAV in the Odyssey is horrible. Save the bucks and buy a Garmin.

cr40

Thank for the info, especially on the navi. Did you get the posted deal at Pompano Honda? If not, what kind of deal did you get, if you don't mind me asking.

bobtnj

I got this quote from Laurie Clinton at Pompano Honda yesterday, good until April 30th.

008 Odyssey EXL w/RES

36 months /12,000 miles per year

$1,000 Due At Signing

$379.72 + sales tax

lexinter

I want to lease 2008 odyssey exl w/ res. What is the besy deal out there for a ca resident? Is it cheaper to lease 2007 model?

shoop05

I just negotiated this deal in Michigan:

08 EXL
36 months/12,000 miles a yr
$2500 down

$299 a month total payment (this includes taxes of 6%)

The dealer was really willing to deal on this to move the vehicle.

cr40

2008 Honda Odyssey EXL

With approved credit and $1,000 due at signing
$383 per month including sales tax
36 months with 15k miles per year

This is the deal I have been offered at this time after a week and a half of negotiations with several dealers here in South Florida. Do you think this is a decent deal? I welcome any input.

Thanks

lenovo

Does it have NAVI? I was quoted in Southern Cal.:

EX-L / RES / NAVI / 36 months / 15,000 / yr.

$782.01 (out of the door - includes 1st month payment)

$429.56 / month (tax is already included 8.125%)

cr40, if your includes NAVI, I think is a good deal... Anyone think the deal I was offered is a great deal?

dlee300z

What does everyone think of this deal. A touring for only $429 a month? WOW!!

2008 Odyssey Touring with DVD RES & Navi Featured Special Lease
$429.00 per month for 36 months. $2,999.00 total due at signing.
Includes down payment. with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.
Show Details
FEATURED SPECIAL LEASE: Closed-end lease for 2008 Odyssey Touring with DVD RES & Navi, Automatic Transmission (Model RL3898KW) for $429.00 per month for 36 months with a $1,975.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,999.00 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.

Subject to limited availability. 03/04/2008 through 04/30/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2008 Odyssey Touring with DVD RES & Navi, Automatic Transmission vehicles (Model RL3898KW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $40,645.00 (includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $35,809.43. Dealer contribution

berkut027

Definitely not a good deal, in my opinion. You should be able to lease a 2008 Touring at invoice without any trouble, maybe more like $500 or $1000 under if you are a good negotiator or catch a dealer at an opportune time (end of month, lots of inventory in stock, etc.). Invoice on this car is $36,214 + $635 destination = $36,849. You're paying $1975 in cap cost reduction, so the net cap cost at invoice would be $34,874. This lease has the net cap cost at $35,809.43 which works out to $935 over invoice.

I leased my Touring in January, when the market was a bit less favorable to buyers than it is today, and got mine for (effectively) $200 under invoice. (I paid $500 over invoice, but they gave me about $700 over market value on my trade-in, so my effective net was $200 under invoice.) This is in Seattle, which is not a very favorable region for buyers--CA, OH, NC, Wash, DC and FL seem much better. I'd expect almost anyone could lease a Touring right at invoice today, without heavy negotiating.

Finally, be careful about thinking of this as "a Touring for $429 a month." This is a Touring for $429 a month before taxes, title and fees and after a $1975 cap cost reduction (essentially a cash down-payment). You can lease a Touring for $1 a month if you are willing to pony up $36,000+ in cap cost reduction. So all the ads you see from Honda and other manufacturers touting what seem like attractive lease payments should be carefully examined for the amount of cap cost reduction you are making--it's trivial to come up with outrageously good lease payments if you are putting in a big cap cost reduction. There are also taxes, title and fees to be paid on top of $1975 cap cost reduction + $429/month lease payments.

And this is a more minor point, but you should be able to roll the $595 acquisition fee into the lease payments rather than paying it all upfront. No real difference in $ paid, but at the very low money factor Honda is offering, it makes sense to "capitalize" (or roll into the monthly lease payments) as much as you can rather than paying for fees like this in cash upfront. This is a slightly sneaky tactic used to make those monthly lease payments look smaller.

delta737h

I'm from Ohio where taxes are levied against the total payments and collected upfront. Because the cost of money is low, I opted to roll in (i.e., capitalize) all my initial costs except tile/reg fees. Described below would be my offer if I were to lease an '08 Odyssey Touring...

2008 Honda Odyssey Touring Lease Proposal

Retail Pricing Information

Base MSRP 2008Honda Odyssey Touring…...… 40,010.00
Destination Charge…………….…………….…… 635.00
MSRP………………………..…………….…..…… 40,645.00

Selling Price

Agreed Upon Value………………………….……… 34,821.36

Amounts Financed (Capitalized)

1st Month’s Payment……………………………… 459.00
AHFC Acquisition Fee…………………………… 595.00
Medina Sales Tax @6.50% x 430.06 x 35..….. 978.39

Capitalized Costs

Gross Capitalized Cost……………….……… 36,853.75
Capitalized Cost Reduction………………. 0.00
Adjusted Capitalized Cost…………………… 36,853.75

Residual Data

Residual Factor………………….…………. 0.55
Residual Value (Residual Factor × MSRP) . 22,354.75

Cost of Money/Term

Money Factor……………….……….…… 0.00095
Term (months)………………….………… 36

Lease Payment Itemization

Base Monthly Lease Payment…….… 459.00
Taxable Monthly Lease Payment…….. 430.06

Estimated Charges Payable at Lease Origination

License, Title, Registration Fees…….. 125.00
Amount Due at Lease Signing..…..… 125.00

Fund Provider: AHFC
GAP Coverage: Included
Annual Mileage Allowance: 12k
Disposition Fee: None
Excess Mileage Charge: $0.20 per mile
Reg. M Disclosure: NA

There's just one problem... I'm using the MF/residual factor from Honda's special lease offer and have deducted the $2k manufacturer to dealer cash incentive from the invoice price. My guess is that if I want Honda's subvented MF, I'll have to agree to the terms set forth in their lease promotion that you described. Essentially, they're selling this vehicle for 37,804 (35,809 + 1995) or about 955 over invoice.

matcat

Yesterday I entered into a lease for a 2008 Honda Odyssey EXL with RES for 510 per month tax included. 1,800 down 12,000 miles per year. The leasing agent stated that honda does not lease their vehicles for less than MSRP due to the fact that their money factor is so low (0.00095 ie 2.28%).
I have seen other lower numbers on here and I was concerned that I was "taken". Using edmunds Lease calculator I felt originally ok with the deal. If I was taken how long do I have to re-negotiate or am I screwed?

berkut027

Honda dealers certainly lease Odysseys for less than MSRP. They may not be willing to go under invoice, but that's up to the dealer, not Honda.

shoop05

I leased a 2008 EXL on Saturday for $150 below INVOICE! You did pay too much, if the dealer has any kind of return policy, I'd take it back and go shopping for a better deal. You don't have to look very hard to find a dealer willing to get you close to invoice, then if you push a little harder you can get them to go below invoice.

cbsprings

I am in Maryland about 20 miles from Rockville, MD. I am looking for a reputable dealer that someone can recommend to lease a EX-L w/DVD.
I am turning in my 04 EX-RES since I can't re-new the lease. What is the best deal someone has gotten in this area? Can you include the best negotiated price, residual value and money factor. I want to put ZERO down ! I am looking for 15,000 per year for 2 or 3 years. Please be sure to include destination charges. I don't need to pay a security deposit. Thanks in advance!

lexinter

hey, it seems like its a great deal. which dealer? i been looking around but closest is $385 plus tax without navi and 12000/yr.

js76

Of all the lease deals I read about I don't see any negative equity situations and so for all of the many honda dealers that I have communicated with (GA, AL, FL)...NO ONE wants to give me close to trade-in value on my Nissan van. they quote me around 5K negative equity and I want to lease an EX Honda Odyssey. Any feedback or advice. PLEASE!!!!!

Had the van for sale in autotrader, local papers for 6 months....

noochs

I am about to pull the Trigger in Central New Jersey on and EXL with RES + NAVI as soon as tomorrow morning. Please let me know if this is a good deal.

$2400 out of pocket including first months payment.

$405 a month including taxes 12,000 miles/36 Months