2013 and earlier-Honda Odyssey Lease Questions

dodgehappy

Can someone help me decide if this deal from the dealer for an 08 EX is worth doing via US Bank instead of AHFC?

Dealer says 48 month 12k per year EX lease thru US Bank would have following figures:
Residual 45%
Money Factor .00168
$2000 Honda incentive cash

He didnt tell me what AHFC would be on the 48 month for second tier down other then higher pymt per month.

geeves229

they are letting you use the $2000 dealer cash on a lease????? If so what area are you in because every honda dealer I contacted in NY gave my a quote for the car at invoice, but said there is no incentives right now for the lease.

I am not one to pry, but isn't leasing for 48 months kind of dicey??? your only going to have the factory warranty for 36, and then you will have to pay every repair for the last year of your lease.

dodgehappy

yes he said if we use US Bank for the lease it is outside financing so we get the 2000 bonus cash, plus we are at about 500 under invoice to start!

As for 48 month, I am also considering not going with it but the payment is about 50 per month cheaper doing this thru US Bank at 48 months then a 36 month lease with honda finance

kyfdx

1) You'll be out of warranty for 12 months...

2) More likely to need brakes and/or tires within the lease period.

3) AHFC is pretty generous with end of lease issues (Do they still cover $1500 in damages?).

4) AHFC leases include GAP insurance.

5) AHFC has a built-in incentive to treat you right.. they want you to buy another Honda. US Bank only has a relationship with the dealer.

6) The longer the lease, the more chance that your circumstances will change, and that you may not be able to live up to the lease terms..

I'd go back to the dealer, and tell them that I will only consider a 36 month lease with Honda Finance, and that they need to sharpen their pencil..

regards,
kyfdx
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dodgehappy

Thanks for the info kyfdx. I guess here will be my next question, If they are already 500 under invoice on the vehicle are they really going to sharpen their pencil past that? I was under the impression that a typical deal on an Odyssey would only get you to invoice or a couple of hundred over?

alexliu

JUST GOT BACK HOME FOR ME NEW LEASE 2008 EXL-RES CAP COST 28,647 DRIVE OFF 3,995 ,259+TAX(8.25%) FOR 23 MONTH,TOTAL PAYMENT $10,843.BANK OF WEST LEASE PROGRAM

kyfdx

You won't know until you ask.... We all know the invoice prices, holdbacks, etc, etc. on every car.. What we can't know is the dealership profit structure, the sales manager's pay plan, the month-to-date average gross, the new salesperson that needs one more unit to make his bonus, what side of the bed the GSM got up on that morning, etc, etc, etc..

You might be there on the day that $500 less profit means less to them than one more unit sold..

I haven't done the research on Odyssey pricing, but it looks like you have.. Just don't be afraid to let the dealer "lose" money on the sale..

regards,
kyfdx

kohyuta

Cap Cost: 29075.65
Residual: 18255.85
36 month/15k miles/$337 month out-the-door
$5500 down

Classic Honda, Streetsboro, OH

dodgehappy

So we may switch gears from an EX down to an LX- due to bad trade in value for our gas hog now. What should I be expecting for a best lease payment for 36 months 12k per year thru Honda Finance for an 08 LX? We would likely be at second tier down approval.

jtk152

dodgehappy, We leased our 2008 LX. The only 'cash' down was our ~$1800 trade-in allowance for our long since paid off 2001 Ford Windstar and ~$60 for tags. Lease payment is $276.43/mo for 36mo/36Kmi. It's going to be higher if your credit is the least bit shaky. That's the first thing AHMF will look at. IMO the LX is the best deal going. There't not many of them on the lots due to lower demand and the fact that Honda makes a ton more money selling the EX+ models. You can buy an LX for under $23K if that's the route you want to go. We are loving our LX. This is our first lease ever.

Joel

carterrand

Looking to lease an Ody for 36 months, with 12K/year, and have received a quote from my local dealer for $397/month (including tax) and $1519 total in fees. (including first month's payment) Do not yet know money factor or residual. Based on other forums, I'm thinking that this is not the best deal and was hoping for any insight as well as recommendations for dealers in the CT tri-state area.

yungjames808

Car Man,

I'm ready to lease an '08 Odyssey EX-L RES. We're looking to do a 36-month lease with 15,000 miles per year through AHFC. What would the residual value and money factor be for this lease? Also, I am pre-approved through AHFC as a return customer, but not sure if this by itself qualifies me for the super-preferred tier. What would the money factor be on the next credit tier down for the same lease?

Thanks in advance!

dodgehappy

I have been working on a deal for an EX with a local dealer. Money Factor for second tier down is .00129. I am guessing it should be the same or very close for the EX-L?

bigdadi118

Honda.com > Auto > Current Offer has the following 08 LX special lease, plus you can print out a certificate bring it to the dealer, choice of color also.

2008 Odyssey Featured Special Lease
$259.00 per month for 36 months. $2,499.00 total due at signing.
Includes down payment with no security deposit. Excludes taxes, titles and fees. For well-qualified buyers.

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.

Subject to limited availability. 5/1/2008 through 7/7/2008, to approved lessees by American Honda Finance Corp. Closed end lease for 2008 Odyssey LX Automatic Transmission vehicles (Model RL3828EW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. 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 $15,102.15. Lessee responsible for maintenance, excessive wear/tear and 15 cents/mi. over 12,000 miles/year for vehicles with MSRP less than $30,000, but for vehicles with MSRP of $30,000 or more, mileage cost is 20 cents/mi. over 12,000 miles/year. See dealer for complete details.

jtbaer

Hi -

Does anyone know the new lease terms for June for a 2008 Odyssey EX-L with 12k and 15k miles on a 36 month lease? Are there any dealer incentives on leased cars in June? Thanks so much for any info.

jperlin

Working on a lease for the EX-L RES and am looking to see whether it's common for dealer lease quote to be higher than the quote from the Edmunds.com lease worksheet / calculator.

I put in all of the information provided by the dealer into the lease worksheet on the Edmunds web site & the dealer quote is coming back about $25 per month higher than the monthly payment suggested through the Edmund's lease worksheet / calculator.

In my mind there are clearly some hidden costs that the dealer isn't telling us about or something different in the way that the lease worksheet calculates the monthly payment.

I'll be back at the dealer to negotiate tomorrow & am looking for and advice/suggestions or any information that might explain the difference in monthly amount between the dealership & the edmunds lease calculator if both are employing the same figures.

dodgehappy

Not sure on the Edmunds calculator but for my recent leasing experience I utilized the free lease calculator at Leaseguide.com. It was quoted exactly the same monthly payment as the dealer quoted me.

Just make sure when calculating your payment you know all the little goodies such as money factor, residual, msrp, cap cost, lisc/title/doc fees, and acquisition fee- plus anything else I may be missing.

emilt

Just got the quote for 08 Odyssey Touting (no PAX):

$485.00 / mo.
36mo. / 12K
1st payment & DMV down - approx. $800
taxes (NY), bank & dealer fees in payment

I don't know what price / residual / MF were used.

I think this is as good as I'll be able to get... all area dealers were in low $500's with just one willing to do $499 but only if I took the deal on the spot...

CarMan@Edmunds

Hi buckeye_90. The .00077 is right, but the residual value for a 36 month, 12,000 mile per year lease of this van is only 53%, not 55%.

Car_man
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CarMan@Edmunds

Apparently you aren't all that happy with your Dodge, dodgehappy, or else you wouldn't be getting a Honda . Honda Finance's buy rate lease money factor is .00077 for "Super Preferred" tier customers for all variants of the '08 Odyssey. Its residual values vary slightly by trim level though.

Car_man
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CarMan@Edmunds

HI lauster. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Odyssey Touring with 12,000 miles per year are .00077 and 54%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

Car_man
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CarMan@Edmunds

Here's the info that you're looking for, yungjames808. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Odyssey EX-L with the entertainment system and 15,000 miles per year, but without navigation are .00077 and 53%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The security deposit requirement is automatically waived for free for returning customers. I'm not sure what Honda Finance's money factor is for the next tier down from this.

Car_man
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CarMan@Edmunds

Here you go, jtbaer. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Odyssey EX-L without navigation or the entertainment system with 15,000 miles per year are .00077 and 54%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing (no deposit is required for returning AHFC lessees). The residual value for a lease with only 12,000 miles per year is 2% higher.

Honda is currently providing a $1,000 on leases of the '08 Odyssey. Make sure to take this cash into account when negotiating your van's selling price.

Car_man
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scottinky

wow, $5500 down. insane. for that much down, you should under under
$300 per month. you got hosed. :sick:

kohyuta

We had to make up for our trade. They were only giving $8500 for our 03 Ody, and we owed $10k. We wanted to keep our monthly payments down. First time leasing, so we may have gotten hosed.

Of course, now they're saying the $0.15/mile overage we stipulated won't work since Honda Financial won't do it (it has to be $0.20/mile). I wish they would've told me that 2 weeks ago when I was there. They want me to sign a new lease, so perhaps now is our 2nd chance.

wonderbread2

What do you think of the following lease terms. I don't have the specifics but its only available on a few select EX-L no RES or NAV.

$3800 Down
$169 + Tax Month for 24 Months.

Any input would be much appreciated. I don't know residual but assume with this deal that it will probably be upside down after 24 month term.

blyton

OK....Looking at leasing a Honda OdysseyEx-L ...very nice black with cream leather:) no navigation or dvd.
36 months
15,000 miles
$500 down ( no more...taxes rolled in, etc)

$389.27 a month payment.....

deal or no deal? what do you think?

My husband thinks I negotiated pretty well...

blyton

$169?

watii

In reading the explination of incentives for odyssey's here at edmunds I am confused by the $2000 if you don't finance with Honda and the $2000 if you do finance with Honda. Also why would you not be able to use the $2000 with the lease if you lease through Honda since the cash says may be used when financing through Honda, I'm cheap and my 04 lease will be up in the middle of August and I don't really want to buy it, but I am holding out til the last minute with all of these specials on the new ones. Advise or comments welcome,Thanks

docmri

Car Man,

What are the new MF's and RV's for an 2008 EX? Did they change 6/5 as one dealer told me they would?

Thanks

Dan

CarMan@Edmunds

Hi watii. Honda's special financing and special lease offers are two separate programs. $2,000 is compatible with its 0.9% to 2.9% special financing offer, but only $1,000 is compatible with its special lease promotion.

Car_man
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CarMan@Edmunds

Hi Dan. No, Honda's lease program didn't change on 6/5. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2008 Odyssey EX with 15,000 miles per year are .00077 and 55%, respectively. As I mentioned in my previous post, Honda is providing a $1,000 cash incentive that is compatible with this lease program.

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carterrand

Can anyone tell me what the mileage overage charge should be for a Honda Odyssey EX-L, (no res, no nav) 36 month lease? Also, does Honda charge a turn-in fee for their leases? For 12K/ year, quoted $355/ month (excluding tax) and $700 down. (total) Thanks

thezedd

Car Man,

I see in earlier posts that the Tier 1 AHFC rate is .00077 across all Odyssey trims. What is the current residual for the LX with 15K/yr?

Thx,
Zed

jtbaer

The best offer I have received for a 2008 EX-L 12k/36mo is $800 at signing with $350 monthly payments including taxes (NC) with 35 remaining payments. The other deal I have is $0 down with 35 payments of $375. I got this with little haggling. Hope that helps others who are looking for the same car.

chud2001

It looks like good price should be around MSRP less 6500 for LX and to 7500 EXL.
Do you agree?

thezedd

Can Man,

The Edmunds site does not show a difference in incentives between leasing and buying for the $2000 F2D incentive. It just says "Must be financed through AHFC". Where are you getting the $1000 for leases only?

Zed

chinomonkey

i believe it is $2000 marketing support for either lease or buy right now.

carterrand

sounds like a great deal - please confirm that the $350 is inclusive of NC taxes. also, do you know the residual and money factor for this deal and can you tell me which dealership made this offer?

chinomonkey

carman, just want to double maker sure, leasing a touring and no money down, with .00077 and .52 for 15,000 miles and monthly payment is $539.. took the $1,000 marketing support, but Edmunds says marketing support is $2000? But dealer says $2000 don't get the .00077 but rather .0025 so math says go with $1000 marketing support and .00077

what do you think?

cc

leasenewbie1

For an EX-L (no NAV or Res), the best deal I have found is:
1st month payment + 7% Tax + tag at signing (~$500), then $335/mo going forward. 36 mos & 12k/miles. Do I need to nail down other details? I didn't negotiate money factor or residual or ???, but thought as long as the 1st pymt and monthly pymts are the right amount and there are no other fees I'm ok, true?

Regarding the marketing support, is it $1000 or $2000? And should this be available to me when leasing above and beyond the deal they offered or will they say they figured that in already?

Also, will the markting support come in the form of lower payments or are they going to hand me a check?

I'm looking at signing as soon as possible so your advice is much appreciated because I'd like to avoid getting taken advantage of - gulp!

Thanks

argussupply

$335 is a really good monthly price on a EX-L lease. You are paying about $27,500 or $28,500 for the vehicle (depending on if your payment includes tax or not) which should include the portion of the dealers marketing support that they are willing to give to you. The $2000 in marketing support is given to the dealer for selling the vehicle and is not a rebate to you, so you will not receive a check.
Invoice on this vehicle is $29,836 so you are getting a good price and a really good lease rate. Take it and count yourself as a savvy shopper!

argussupply

It should be .10 per mile over. There is no turn-in fee.

carterrand

which dealership are you leasing from? thanks

kohyuta

I was told by AHFC that the overage charge depends on the MSRP of the vehicle. We negotiated $0.15/mile, but then AHFC rejected the lease because it had to be $0.20/mile since the MSRP of our EX-L/RES was > $30k. We ended up with...

36 months
18k miles/yr
$355/month OTD

We put $4k down, and had negative equity on our trade.

bhavinks

Hi, Can you specify which dealership. Thank you.

leasenewbie1

We did ink the lease tonight. $610 upfront (includes 1st pymt, tax, tag, etc) and then 35 pymts of $335 plus tax. We used the Edmunds quick quote functionality and then reached out to the other local dealers who didn't participate. We found several sales people who weren't straightforward, but a few that were. After a few rounds of back and forth, the best deals were all within a few dollars.

We're in South Florida and would highly recommend South Motors Honda, Holman Honda, Maroone Honda of Hollywood, or the dealer we bought at Potamkin Honda (North Miami Beach). Each of these dealers had a straightforward approach and a very good price.

Thanks to everyone on the board for the help. We Love our new ride!

phaltraz

Hey Car_man,

Do you know the Residual and Money factor for an EX-L with NAV and RES on 36 months and 15,000 miles?

Here is what I've been quoted:

Residual = 51% (Seems low to me!)
Money Factor = 0.00077

Thanks in advance.

blyton

2008 EX-L no dvd or nav
$607 out the door...nothing more, no plates, etc.
$389 month
36 month lease/15k miles

Thought this was a pretty good deal in western new york....no dealers can beat it, one will match, did 6 dealerships.....
now I see 335 above...ahhh?
How can this be? did we strike a bad deal, supposed to pick up today.

horacej

I just lease a touring:

$415 + tax
2000 down (includes first payment and fees)
36 mo w 12k mi/yr

Is this a good deal?