2013 and earlier-Honda Odyssey Lease Questions

CarMan@Edmunds

Hi ocregister. Unfortunately, the special financing rate that you saw advertised on Honda's website is not available on leases. Honda Finance's special buy rate lease money factor for the 2008 Odyssey is currently .00095. This is equivalent to an interest rate of around 2.28%.

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CarMan@Edmunds

Welcome mig42. In my experience, the best way to negotiate a good deal on a leased vehicle is to shop around and negotiate as low a selling price as possible on the model that you want. If I was in the market for a 2008 Honda Odyssey in an area that has a decent level of competition right now, I personally would shoot for a selling price of around $500 or so over dealer invoice.

After you have negotiated a selling price that you are comfortable with, have the dealer calculate your van's monthly payment using its buy rate lease money factor. Honda Finance's current buy rate for a 36 month lease of an '08 Odyssey is .00095 for consumers who qualify for its top credit tier and pay a security deposit at lease signing. It is important to check exactly what factor the dealer is using to calculate your payment because dealers are often allowed to mark up vehicles' factors to add additional hidden back-end profit to deals.

That's basically it. Not too bad, right? The selling price and money factor are the two main profit centers for dealers on leased vehicles. As long as you make sure that those two numbers are reasonable, you should be in good shape. Good luck in your quest for a new Odyssey and let us know if you have any other questions.

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CarMan@Edmunds

Hi 3skaters. I see that you are considering making a $4,000 down payment on the Odyssey that you want to lease. I always advise consumers not to make large down payments on leased vehicles. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. You would be better off going with a zero down lease, even though it means that your monthly payment will be slightly higher.

Let's take a look at the selling price that you were quoted for this van. The dealer invoice price of a 2008 Honda Odyssey EX-L with the entertainment system, but without navigation is currently $31,247. The selling price that you mentioned in your post is only $150 over this, which is an outstanding deal. Just make sure that the dealer is using Honda Finance's current buy rate lease money factor of .00095 (for consumers who qualify for its top credit tier and pay a security deposit at lease signing) to calculate your monthly payment and you're all set.

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CarMan@Edmunds

Yes, matsang, the addition of the rear entertainment system has a negative impact upon the Odyssey's residual values. Honda Finance's residual values for vehicles that are equipped with the RES option are 1% lower than models that do not have it. The residuals for vehicles that have both RES and navigation are 3% lower than the resids for base models.

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CarMan@Edmunds

Hi onequi. This vehicle's lease program varies by term and mileage allowance. You never mentioned what either of these variables are, so for now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Odyssey EX-L with the RES but without navigation with 15,000 miles per year are .00095 and 54%, respectively for consumers who qualify for its top credit tier and pay a security deposit at lease signing.

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CarMan@Edmunds

Hi chenff. You never mentioned the selling price of the Odyssey that you are interested in leasing. This is an important number 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 the price of the van that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of the vehicle that they want to lease is that it is necessary to calculate its lease payment. I am sure that someone here will gladly give you their opinion of this deal if you let us know what the selling price is.

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CarMan@Edmunds

Welcome pa98. I see that you are considering making a down payment on your lease. I always advise consumers not to make large down payments on leased vehicles. Those who make them risk losing them if their vehicle is totaled in an accident or stolen and never recovered. Even though it means that your monthly payment will be a little higher, you would be better off going with a zero down lease.

The money factor that you mentioned is great. It is right in line with Honda Finance's current buy rate for this model. You never mentioned this vehicle's selling price though. This is a very important number to know. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. If I was in the market for an Odyssey right now, I personally would shoot for a selling price of a couple hundred dollars over dealer invoice. The dealer invoice price of an '08 Odyssey LX is currently $24,063. So negotiate a selling price that is as close as possible to that and you're all set.

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CarMan@Edmunds

Hi dbman007. RES is short for Rear Entertainment System.

The best way to get a good deal on a leased vehicle is to negotiate as low a selling price as possible. You never mentioned what this van's exact selling price is, so let's work up a sample lease payment on it for you to give you an idea of what sort of payment to shoot for. According to my calculations, if you were to lease a 2008 Honda Odyssey EX-L without RES or navigation that has an MSRP of $32,845 and a selling price of $30,301 ($500 over dealer 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 $369 assuming that you qualify for its top credit tier and pay a security deposit at lease signing. It is difficult to compare this payment to the one that you mentioned because you used a capitalized cost reduction to arrive at yours, but it is not a good idea to put money down when leasing anyhow.

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ra1211

We are going to lease a 2008 Odyssey EX-L w/RES and got the price down to 28730.00. I thought that was a good price, but the lease payment they came back with was $439 for a 3 year 36,000 mile lease with zero out of pocket. I have gotten a lot of quotes and this seems to be the lowest. Does the monthly payment sound right based on the price they gave me? I am not very good at doing the math and wanted to see if you guys thought this was ok to go with.

Thanks

matsang

We just leased a 2008 Odyssey EX-L with RES for $391.00/ per month (pre-tax)
3yrs 36,000/ month. Did we do okay?

cambrea

I leased EX-L (no RES, no NAV) last weekend.

Sale price including destination: $28,982 (before $200 price match discount)
36 months, 15K mile/year.
Money Factor: 0.00095
Acq Fee: 595
No security deposit
No trade-in
No downpayment

Total Drive-Off: $480 (including first month payment, tax, etc.)
Monthly : $375 (indluding 7.75% tax, 35 payments)

CarMan@Edmunds

Hi chinomonkey. All of the deals that you mentioned look outstanding. Not only is the dealer using Honda Finance's best money factor to calculate these payments, but they are based upon selling prices that are below dealer invoice.

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CarMan@Edmunds

Here you go, passat_mx. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Odyssey LX with 12,000 miles per year are .00095 and 58%, respectively for consumers who qualify for its top credit tier and pay a security deposit at lease signing. I do not believe that Honda is currently providing any cash incentives on leases of this model.

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CarMan@Edmunds

Hi ra1211. The dealer can't be using a selling price of $28,730 to calculate your van's lease payment. That price is several thousand dollars below dealer invoice. The only way to get there would be to use the $2,000 dealer cash that Honda is currently providing on the '08 Odyssey, but this cash is not compatible with Honda Finance's special lease program. A selling price $28,730 on a 36 month lease of an '08 Odyssey EX-L w/RES would result in a lease payment of only $308.

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CarMan@Edmunds

Hello matsang. A lease payment of $391 per month for a 36 month lease of a 2008 Honda Odyssey EX-L w/RES and 12,000 miles per year definitely is a good deal. The dealer probably used Honda Finance's buy rate lease money factor and a selling price of around $400 over dealer invoice to arrive at this payment.

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CarMan@Edmunds

Congratulations on getting your new Odyssey, cambrea. Thanks for taking the time to share the details of your lease with everyone. Real world examples like this are always extremely helpful for others who are in the market for similar vehicles. Enjoy your new ride.

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chinomonkey

Congrats Cambrea,

You did better than me. My EXL was $29,152 which was $1000 under invoice, using the Honda $1000 to dealer incentives on leasing deals. I also had a trade in of 2001 Audi Allroad for $10,000 which I am allowing them chance to make $$$ on. But You got $1,200 off invoice than 15K miles per year and a monthly payment of $375! Did the dealer use the residual other than the 57% which is listed by American Honda?

I guess if I add in the free rubber mats, You paid $648 less than me....My calculation is I paid $200 more on invoice, - $200 for the rubber mats my dealer threw in, + $648 on 3K milage adjustment = $648 I would have paid more.

Great Job! I learned there is always more room to negotiated!

cdb1397

Was quoted the following by a SoCal dealer:

Invoice ($33,378) less holdback ($800) for cap cost of $32,578

(dealer says this is all they can do as there's no dealer cash incentive when using the .00095 special money factor)

RV=54%
MF=.00095
Acq Fee of $595
(Dealer says this is non-negotiable, although I don't understand why Honda Fin. needs $600 to push paper from the dealer to the finance company)

36mo/12mi

Pmt would be $442/mo.

Where would there be room (and best liklihood) for further negotiation in the above? Or can I just push for free oil change coupons and floor mats at this point?

varunku

Anyone lease a odyessy for 24 m/ 12k ? I would need the vehicle only for two years. Is it going to be a lot more expensive compared to 36 month lease ?

dmiller21

Using the info I gathered on this sight I leased an Odyssey EXL with RES for 356.93. I traded in my Pontiac Aztec and got 3000 for it and I was able to negotiate to a price about 500 below invoice. I also added the Honda Centinel protection which cover the car up through the 45,000 miles. In the end I will pay 372/ month for the next 35 months. There was no security and my trade in cover all closing costs and first months payment. Feel like I got a pretty good deal. Definately helps to go into dealer with all info about residuals and money factor, etc., Thanks

scushing

EX-L with RES, no NAV

Middletown Honda, New York

36 months, 12K mile/year

Money Factor: 0.00095

Nothing out of pocket

455 month

Seems correct to me. What do you guys think?

onequi

OUCH!!!!!! anything under $395 including taxes sounds more reasonable.

sybr19

Is this deal GREAT, GOOD, BAD or UGLY

08 Odyssey EX-L (No RES, No NAV)
Accessories Added: (Fog Lights, Moonroof Visor, Splash Guards)

Negotiated Price: $31,508
(Includes $350 Over Invoice Price of ($29,166), Dest. Charge ($635), Aqu Fee (595), and $762 Accessory Charge)

Residual Value: $18,835
Money Factor: .00095

Paying First month, all taxes, title and DMV fees and plate transfer up front. (Approx. $1681)

Monthly Payment: $399

Should I take it? Or can I do better...Thanks!

onequi

AHH sory, it includes RES....$425 including taxes should be your target. the difference they will just put in their pockets....

onequi

where r u located, how much are taxes, 40%? (Fog Lights, Moonroof Visor, Splash Guards) = JOKE!!! ask for them to remove all that and their cheap leverage will go away, do you really need $150 worth of accesories(let them tell you they are worth more) turn into $30 a month for 36 months? dont pay anything up front. I got similar in South Florida, 0 out of pocket, 0 at sign in, -true sign n drive, $395 a month including taxes for an 08 EX-L 36/12. as it stands right now you will pay $446 a month (estimating your $399 includes taxes, if not the 446 will be more like $460 a month!!) OUCH!!!!!!

sybr19

I'm in the Syracuse NY area.

The $399/month is straight pay...I was planning on paying all the taxes up front...8%

If I put no money down at all and keep my accessories, the payment comes out to be $430/month which was verified by the lease calculator that I use:

http://www.leaseguide.com/calc.htm

onequi

using the Honda $1000 to dealer incentives on leasing deals. where is this information available?

cdb1397

Dealer told me you can get $1000 dealer cash on a lease OR the special 0.0095% money factor, but not both. with the $1,000 dealer cash, money factor goes up to 0.02 something %.

If anyone has been able to get dealer cash on a lease AND the 0.0095% MF, please post!

onequi

Just ADD gas!! DONE DEAL! finalized my Odyssey deal this weekend, 2008
EX-L model. 0 out of pocket, 0 at sign out, $392 a month including 7% FL sales tax, 36 month, 12K miles. Everything took 45 minutes. In n out! Free scheduled Oil changes n Tire rotation for the lease term.

neutrino

We are going to lease an Odyssey on Saturday. We would really like to get an RES but the quote seems high in my opinion. Does this quote for RES seem to high or do you think they could come down a bit.

Here are the quotes we got

- EX cloth is NOT available in black

- EX = $349/mo + tax ($458 due at delivery)

- EX-L = $394/mo + tax ($505 due at delivery)

- EX-L RES = $421/mo + tax ($520 due at delivery)

- EX-L Navi = $463/mo + tax ($544 due at delivery)



All leases are calculated at 36 months – 45,000 miles. All sale prices used were $100 over dealer invoice.

gforce11

Hey Onequi!
Waddup buddy! Did you get your Odyssey yet? let me know what deal you got on it.
I'm still working on my list, but I'm about to narrow it down in the coming weeks.

-G

onequi

Just ADD gas!! DONE DEAL! finalized my Odyssey deal this weekend, 2008
EX-L model. 0 out of pocket, 0 at sign out, $392 a month including 7% FL sales tax, 36 month, 12K miles. Everything took 45 minutes. In n out! Free scheduled Oil changes n Tire rotation for the lease term.

gforce11

VERY NICE!! Can't beat $0 drive-off and still under $400 bucks a month. All u gotta do now is put on some racing stripes! :P haha I'm kidding, its a lease after all.

hock3yfan

I am just starting to look at Odysseys and I came across a lease deal for an 08 Odyssey EX

$259/month 36month lease
$1816 due at signing
price of $26,239

assuming 6% tax that puts the payment around 275/month

is that a good deal? I have been focusingon other cars but it really sounds interesting the more I look at the Odyssey.

thanks

oh...also what is this EX RES I keep seeing...I cant figure out what it means

kyfdx

RES

Rear Entertainment System

(aka DVD player)

seta

Onequi,
I have a deal worked out for a touring at 547/mo sign and drive, but wouldn't mind that deal. I'm also in FL; would you mind sharing the dealer's name? Also did you get the RES?

onequi

OUCH that is like a mortgage payment. With PAX (run flats) or Without? Before we get you to a dealer with a respected internet manager, answer me these questions.

pax?
36 month?
12 or 15K?

where in florida?

based on Edmunds numbers and 56% residual, at .00095 money factor you should be at $473.51 sign n drive. they are telling you sign n drive but for that amount you are really putting $2660 down based on my monthly total.

we are one step closer....dont give in, they are taking your hair on this one.,

passat_mx

Don't know about the EX-L, but dissecting the numbers for the lease on the LX posted on the Honda site, it looks to me like there's gotta be some support being provided by the manufacturer:

The terms of the lease (from the honda website):

$259.00 per month for 36 months
$2,499.00 total due at lease signing
MSRP $26,495.00 (includes destination) less the capitalized cost reduction resulting in actual net capitalized cost $23,366.29.
Dealer contribution may vary and could affect actual lease payment.
Taxes, license, title fees, options and insurance extra.
Total monthly payments $9,324.00.
Option to purchase at lease end $15,367.10.

Breaking down the numbers, we have:

$2,499.00 total due at signing, distributed as 1,645.00 cap cost reduction + 595.00 Bank fee + 259.00 First payment.

MSRP = 26,495.00 (includes destination)
(-)Dealer Contribution + Honda Incentive(?) = 1,483.71 ***
(-)Customer Cap Cost Reduction = 1,645.00
(=) Net Cap Cost = 23,366.29

Res = 15,367.10 (58%)
Term = 36 mo
Money factor = 0.00095

Montly Depreciation = (23,366.29 - 15,367.10) / 36 = 222.20
(+) Montly Interest = (23,366.29 + 15,367.10) * 0.00095 = 36.80
(=) Total Montly = 259.00

***I would seriously doubt dealers would be willing to take a hit of $1,483.71 all by themselves as a starting point of negotiations. Honda most probably is shouldering part of it ($1,000 dealer cash sounds about right to me).

onequi

I called Honda Financial and they told me it's up to the dealer to issue that manufacturer incentive, meaning that it is available for lease at least $1000, apr up to $4500 + - . so back to the money down, well it's just extra pocket cash for the salesman. from my shopping experience in FLorida, with 7% tax.

EX- you should be able to get for no more than $349 including tax, 0 out of pocket! 58%
EX-L = $392 including tax. 57% residual
EX-L /RES =$419 including tax. 56%
Tour no PAX:= did not inquire for myself but i calculated some numbers prior for someone without any pushing of the numbers. 56%

onequi

you are still giving money up front. ... that is the dealers interest.

dp1795

onequi - wow, should I be $100 more and $1100 out of pocket for this?
I'm in South Florida as well. Got this internet deal right now.

2008 Odyssey EX-L with NAV and RES
36 month, 12K miles.
-$490/month (including FL taxes)
+ Due at pickup:
1st month payment $490
Acquisition Fee: $595 (rep said all dealers have to pay this?)

No free oil change/tires :-(

Free oil change/tire rotation is nice savings as well, this would be awesome.
I really like the 45 min, in n out, howd you do this? Mind hinting at dealer location?

This board is great, thanks!
( I gotta move fast, next few days, but found this board just now and hate throwing money away, figured I post what )

onequi

DON't throw you're money away!!!! give me a few......

I'm inquiring some pricing for you direct, if it meets my expectations I will forward the info to you. CHECK BACK AFTER 4PM EST.

Acquisition Fee: $595 (rep said all dealers have to pay this?) Correct, the dealer should pay if they want your business NOT YOU....

onequi

email me at yahoo for details later today.

onequi

2008 Odyssey EX-L with NAV and RES
36 month, 12K miles.
0 out of pocket, true sign n drive.
$428 + tax.

no nonsense salesman, in and out in 45 minutes with excellent credit over 750.

$458 a month including florida taxes! 0 down, 0 out of pocket! no hiddne cost... this is now, no joke-just got a response with internet sales manager that worked my deal....email me for contact information ( onequi at yahoo ).c 0m. make sure to specify edmunds chat/odyssey in subject so you wont get discarded. my help, referal is free and genuiene. We need to stick together to stop SHARK attacks. best,

alexeyk

I'm on the market for exl 15K/year 36 month. here is the best lease quote so far.

MSRP: $32,845.00
Term: 36
Rate: 0.00095
Cap Cost: $29,098.00
Accessories $0.00
F&I Products $0.00
Acquisition Fee: $595.00
Sales Tax: $0.00
Gross Cap Cost: $29,693.00
Cap Cost Reduction: $0.00
Adjusted Cap Cost: $29,693.00
Monthly Rent: $45.37
Monthly Depreciation: $323.01
Base Payment: $368.38
Monthly Sales Tax: $32.23
First Payment: $400.61
Drive Off
Cap Cost Reduction: $0.00
F&I Products: $0.00
Security Deposit: $0.00
Doc Prep Fee: $45.00
CA Tire fee: $8.75
CA County Fee: $10.00
California New Vehicle Licensing Fee: $243.00
Sales Tax Paid Up Front: $3.94
First Payment: $400.61
Total Drive Off Amount: $711.30

gforce11

Dude, you're like the Odyssey expert here. Haahaa. Btw, for anyone that doesn't know, Onequi knows his Odyssey deals, so be sure to tip him on your way out the door.

ppp49489

i was reading this forum and the deal that onequi replied to dp1795 is great. i am also looking for a good lease offer here in michigan, $0 out of pocket if possible.
do you think i can get this deal here in michigan? we are looking into getting one by this week. my wife wants the chrysler t&c, because of their current lease incentives, but personally, i prefer the odyssey.

any help is greatly appreciated.

alexeyk

Got our 08 EXL over the weekend. 738 drive off with 396$ per month.
36 month with 15K miles per year.

mgb6410

Thank you all for such wonderful information. I have had my previous Odyssey since 2000 and it is time for a new one. I have rcvd a fairly competitive price for a 08 EXL Nav/RES - $30,500 - standard purchase. However, the lease quote seems off.

36mo/12yr
$32,500 purchase price
19,690 (54% residual)
.00095 Money factor

$5,000 trade in of 2000 Ody w/nav (fair condition)

$365/mo complete

or a Touring for $420/mo (w/trade-in)

I asked if he was considering the trade-in when he calculated and he confirmed - yes. Seemed high to me - am I wrong?? Thanks.

dbman007

Hi Folks,
I have been offered the following lease for Odyssey 2008 EX-L

Down payment : $638
Monthly : $355 (including tax 8.75%)
12K/36 months
They also included 3 years of oil change.

Is this a good price. Any info is highly appreciated.
TIA.