2013 and earlier-Honda Odyssey Lease Questions

bigdadi118

I think they got $335.00 is for 12K mi/yr & before tax.
Assume your 15K mi/yr is $20.00/mo more then it'll be $355.00 + 8.5% tax(NYtax?) = $385.20

kohyuta

I negotiated a lease deal that involved $0.15/mile overage fee on 5/26. The dealer comes back a week later saying AHFC rejected the lease and I had to take $0.20/mile overage. I negotiated more mileage/year for a tiny bit more per month and signed a new lease on 6/12. I now realize that though the new lease has a start date of 6/12, the starting odometer reading was unchanged at 5 miles (the actual mileage 5/26). The actual mileage on 6/12 was closer to 400 miles. Am I being shorted 395 miles on my new lease, and should I bring it to the dealer's attention? Thanks in advance!

For the record...
Odyssey EXL+RES
18,000 miles/yr
$4000 down
$355/month OTD
We had negative equity on our trade-in.

librat873

Working right now on one, have 2300 down includes all and 349 a moth for EX-L with DVD

carterrand

which dealership made this offer? thanks

sesarj

Is there a chart of the leasing programs? I am looking at an EXL wDVD and NAV or a touring. We only need 10k miles. I was hoping to see the residuals and base rate MF for 10k and 12k for each model.

aljerr

I agreed to a lease deal today for a 2008 EXL no DVD or NAV. 36 months-15,000 mile per year. $690 down which includes first payment and registration and monthly payments of $380. No other fees. Is that a good deal? I have not signed anything yet.

thezedd

Not too bad. Yesterday, I picked up an EX-L like yours (no NAV or RES), 36/15K for $370/month, $392 (1st month, tags) due at signing. Tax rate where I am is 6%. I had to bounce a few dealers off eachother to get that price in the color I wanted (Ocean Mist). One thing I found out was that the residual on this lease was 56%, not 54% as Car Man had quoted in an earlier post. I didn't find this out until I was at the dealer and had negotiated the monthly payment based on what I felt was a very good cap cost ($28414) and a 54% residual. This had the effect of raising the residual amount and allowing the dealer to back calculate a cap cost that was about $500 higher while keeping the $370 payment (more money in his pocket). Overall, I'm pretty satisfied. The vehicle itself is very nice... I turned in an 2005 Pilot EX that was at the end of its lease.

Zed

aljerr

In New Jersey, I believe that the tax rate is 7%, so I guess that makes up for the $10 difference in the monthly payment.

robertse

We went into the dealership today because of the commercial advertising a $259/mo lease for 36mo. We are trading in a 2003 Explorer, which they offered us $1200 less than pay off. Figuring in this overage and adjustment to 15K miles/yr, our offers were as follows:

$323/mo with $2500 down without a trade in
$362/mo with $2500 down with the trade in.

Both have tax (NC), tags and doc fees rolled in (~$1,300). Is this a deal or no?

Thanks for your help.

chud2001

robertse,

not really....
this sounds like the advertised deal with factors ( trade in, 15kmi, etc ) figured in...
advertised deals are usually mediocre at best.

you should be able to get those payments without the $2500 down.
usually (not always), the sales profit is the cash they want from you.

fyi, $1300 over 36mo is about $40/mo
negative $1200 ( for 03 explorer doesn't sound right) for trade-in also about $37/mo (15k instead of 12k would cost about $20/mo (this is based on additional 2% depreciation)

It's a good idea to ask about money factor (0.00077 for tier 1), residual (55% for 15k mi) , and purchase price (I think the LX is going for around 21k but you can check for your self).

Good luck and in this economy, time is on your side.
Also tell them you are also considering Sienna, Caravan, etc...

At some price point, honda will lose sales to "lesser" car companies and they know that.

Joe.

tishn

Hi All,
I'm thinking of leasing an Odyssey EX-L. I'd like 12K a year for 36 mos with no money down. If I negotiate a price on the car of 27,100...what would the lease work out to be? Monthly payment plus taxes (state tax is 6% here- PA). I know the factor and residual are governed by Honda (HFC) but I don't know how to figure what the bottom line with be. Any help is GREATLY appreciated. Tks!

jpappas

Just keep in mind that PA charges an additional 3% on top of the 6 or 7% sales tax (depending on county)

tishn

Ouch! I didn't know about the additional 3%. What's that for? Thanks for the info

thezedd

Actually, in NJ (where I lived before GA and had leased several cars) you must pay the tax up front, so it is not included in your monthly payment at all. This led to a situation where I paid the NJ state tax on a lease at inception, then got dinged monthly by GA state tax ON TOP of my previously agreed on payment. However, about a month after I turned in the vehicle, I got a check back from Honda for the overage.

chbar

I'm in the market for an EX. So far the best quote is $322 per month - 36 months, 12k miles per year - price includes tax (7% I think) - at signing just need to pay 1st month payment and Motor Vehicle fees (about $350). $18 more per month for 15k miles? Any thoughts? I need this quick!

carterrand

this is probably the best deal I have seen, but would be really surprised if it included tax. can you confirm? also, are you getting any options? can you tell me which dealership?

chud2001

chbar,

not bad but seen better.
happy hunting.

jpappas

I think they classify the 3% as lease use tax

nbhog

I have negotiated 08 Odyssey EX-L(Res) lease deal yesterday and details are:

Monthly Payment : $ 313.00 + tax (5.6%)
36 Months/ 36 K Miles
2000 + 1st month payment + Documents + Tittle fees

Is this a good deal. I am new to this blog and any inputs/suggestions to confirm this lease deal will be appreciated.
Thanks, :shades:

aljerr

True--but the dealer financed the tax by rolling it into the monthly payment. The $380 per month payment includes the tax.

mike2555

I am interested in the EX-L no res or navigation. Can anybody please tell me what the current MF and Residual Value are for this car with 12,000 miles per year. Thanks

gforce11

I'm kind of confused...so you took delivery on 5/26 or 6/12? and the paperwork says "6/12"?

jpappas

Based on your #'s i ran them through the lease calculator at leaseguide.com

I came up with 301.22/mo which includes PA 9% lease tax. You'd probably owe are $650 at signing to handle first payments, taxes, dmv fees, blah blah. Again im just giving you an estimate based on the #'s you provided. I don't know if $27,100 is realistic. Was the selling price quoted to you by a dealer?

kohyuta

I took delivery on 5/26 with an odometer reading of 5, then the dealer called and said I had to sign a new lease because AHFC rejected the first lease because of incorrect mileage overage fee. So on 6/12 I went back and signed a new lease with new parameters, but the new lease still listed the odometer reading as 5 miles vs. the actual odometer reading that day (which was closer to 400).

I was able to get the dealer to pay for tags and title, which pretty much pays for the mileage difference between 5/26 & 6/12 based on $0.20/mile. Due to the general attitude and incompetence we encountered, I do not recommend Classic Honda of Streetsboro, OH, and don't plan on going back there again.

CarMan@Edmunds

Hey Zed. Honda Finance's current residual value for a 36 month lease of a 2008 Honda Odyssey LX with 15,000 miles per year is 55%.

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CarMan@Edmunds

Chinomonkey, the way that I interpret Honda's current program is that it is providing a $2,000 cash incentive on vehicles that are financed through Honda Finance using its 0.9%-2.9% special offer and $1,000 on models that are leased through Honda Finance.

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CarMan@Edmunds

Hi chinomonkey. Please see my previous post. Thanks.

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CarMan@Edmunds

Hey phaltraz. The money factor and residual value that you were quoted are right on the money. The reason why the residual value for this model looks a little low is that it is equipped with both navigation and the entertainment system. Neither of these options retain their value well, and as a result they drag down the van's resids.

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CarMan@Edmunds

Hi sesarj. Honda Finance leases vehicles with 12,000 miles per year, but I do not believe that it offers a 10,000 mile per year option. It wouldn't hurt to double check that this is the case with a dealer though. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of an '08 Odyssey EX-L with DVD, Navigation, and 12,000 miles per year are .00077 and 53%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

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pkg

I have a 2006 EX-L (paid for and has 32K miles) and would like to trade it in and lease a new EX-L.
Would like to know
1. What is a good price for the trade in?
2. What is a good price for the lease - looking for 36mos/12K mile lease?

Thanks

phaltraz

Thanks for the confirmation Car_man. Here is the best lease deal I've found. How does ti look to you?

Lease on an Odyssey EX-L with RES and NAV in Silver Pearl Color.
36 months 15,000 miles per year.

MSRP = 36480.00
Invoice Price = 33413.32
Sale Price includes destination and dealer added options = 31713.00
Down payment = 0 DOWN/2500.00 DOWN
Capitalized Cost = 31713.00

Residual Value % = 18604.80
Money Factor = 0.00077

Sales Tax = 7.75%

Monthly payment including tax = $477.00 WITH 0 DOWN
$400.00 WITH $2500.0

Thanks

psjoiner

I just leased an EX (with just the usual dealer installed junk - cargo liner, pinstripes, etc.).

$289 month + tax
$800 down

Airport Honda in Knoxville, TN

jent516

Hi Car Man (and everyone):

I am about to lease a Touring and wanted to run these number by you all before we sign anything. This is our first minivan (leaving a Volvo XC90):

MSRP: $40, 680
Price: $37,385
Money Factor: .00077
Residual: $21,967.20 (so 58.75%)

36 months, I am in PA (9%), $696 down (this is 1st payment and tags), $535.15/month inclusive.

The dealer told us this is $500 over invoice.

Thoughts? Do you think we can negotiate this down a bit more? Perhaps to $100 over invoice?

Ideas for what programs may be like after July 7th? (We made our last payment on the Volvo but have it until the 25th of July)

Thanks!

Jen

docmri

Got new EX today .

289/m + tax (6.5%) = 307/month
ZERO DOWN.
due at signing was first month and tags (total of $307+$246)

Thanks for info that helped me get this great deal!

in southern FL

Dan

jpappas

How many miles on that Touring lease?

jent516

sorry, forgot that! 12,000/year

emilt

Here's the deal I got in NYC:
'09 Touring (no PAX)
36mo / 12K / AHFC lease
MSRP: $37520.93
Price: $35,444.16
Residual: $21,948.30 (58.5%)
Money Factor: 0.00115
Monthly Payment: $478.36
Downpayment: $0
First Payment: $603 ($478+NYDMV fees)

So it looks like you can do better.

jent516

emlit -- your msrp seems very low for this vehicle. Isn't the msrp fixed by Honda? I'm just not sure how you got that number, which would obviously make the payment lower. Also, what is the tax rate in NY?

Thanks!

emilt

Copied the MSRP off the lease agreement but I could have made a mistake. I will double check tomorrow. I know it's counterintuitive but all other things being equal (sales $, money factor, residual %) higher MSRP would actually lower your payment by raising residual value since it's calculated using MSRP and not on sales price. The only thing I am not sure about is whether 2K support would be reflected in MSRP. If that's the case the number I posted would be off by about 1K if you trust Edmunds.
I think the tax rate where I am is 8.75%. I will check that too and post.

CarMan@Edmunds

You're very welcome, phaltraz. The two main profit centers for dealers, your vehicle's selling price and its money factor look great. If you like the van, I personally don't see any reason not to pull the trigger on this deal.

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CarMan@Edmunds

Congratulations on getting your new Odyssey, Dan. I'm glad that you found this discussion helpful. Make sure to stop by the Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with others. Enjoy your new ride!

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carterrand

Carman, are there any new programs for July which would make a difference on a 36 month lease on an EX-L (no nav, no res) with 12K miles/ year? What is the best deal you have seen? Thanks

chud2001

Here is the skinny on what I think is going on....

1. Real dealer cost based on info thus far appear to be
LX 19k, EX 22k, EX-L 26k - check Boch Honda per previous posts
2. 09 model will arrive in next 4-6 weeks.
3. Auto sales down big and even bigger for trucks, suvs, AND MINIVANS.
4. More cars being delivered every week to the dealers.
5. A re-deisgn of Ody expected for 2010 model (available next year)

All this tells me there is NO need to rush to the dealership.
Only think about buying if the deal is too good to pass up.
Even then, the incentives will only get better for minivans, yes even for Ody.

Share your thoughts....

radres

I just took delivery on a 2008 Odyssey EXL (no RES or nav) in Durham, NC. I sent e-mails to 4 dealerships specifying $0 drive off, 36 mths, 12K/yr. Received offers that ranged from $361 to $422 per month. I ended up going with a dealership that provided great customer service and matched the lowest offer. Here are the details...

MRSP: $32880 (includes destination)
Net Cap Cost: $29724 (essentially the sale price since I had nothing down and no trade. This figure is not as low as Edmunds TMV indicates people get on sales, but the dealership only gets $1000 for leases instead of $2000 for sales)
Residual (56%): $18412
MF: Qualified for super preferred 0.00077 (translates to 1.85% APR)
Monthly payment before taxes = $351.27
Monthly payment after NC 3% taxes = $361.80
The dealer paid the first months payment and all tags, title, registration, and document fees (roughly $847). One might argue that these were just rolled into the net cap cost, but I'm not sure how much lower the dealership would have gone on the sale price if I had volunteered to pay all the fees up front.

I will say that you should definitely ask for all of the factors necessary to calculate the monthly payment yourself. Just make sure you know all the details, such as whether you will be paying the 1st months payment and all fees at delivery or if it will be rolled into the capitalized cost. You should also be aware that they may quote you a sale price, but this is not the value used for the lease calculation. I found that the dealer's monthly payment was between $10 and $20 higher than what I was getting when calculating the payment which reflected some money shuffling on their part, but we finally reached an agreement and I'm sure they are still making a profit.

jent516

We are now down to $489/month for the same car, same numbers as before. We are ready to pull the trigger on Monday. I am excited!

bigdadi118

Your original post is Monthly Payment: $478.36 which is cheaper than $489/month you just posted?

chbar

I believe the car was delivered from a dealership in Edison (and plates were around $250, not $350) I arranged the lease thru a leasing broker called Maven Motors in Brooklyn.

tommybny

Hey car man--

I'm in NJ. I was just offered the following deal:

Odyssey EX-L no nav/dvd
Total all in $29,886.20 with T/T/R

dp 5,000
Monthly $238

RV 18393.22
factor.00077

Any thoughts?

bbatelli

Just wanted to make sure that I made a good deal last night in NJ.

2008 Odyssey EX-L w/RES no NAV
Lease: $414 per month (includes tax)
Tax: 7%
$0 down
Fees: $889 (included MV and other state taxes)

After tough negotiations, I was able to get the dealer to pay 2 monthly payments out of three on my 2005 Acura MDX. I paid the third, which works out to $9 a month on the lease.

So all in all the total was $405, including tax.

bbatelli

Tommybny,

Assuming this is a lease. I just received the following in NJ


2008 Odyssey EX-L w/RES no NAV
Lease: $414 per month (includes tax)
Tax: 7%
$0 down
Fees: $889 (included MV and other state taxes)

After tough negotiations, I was able to get the dealer to pay 2 monthly payments out of three on my 2005 Acura MDX. I paid the third, which works out to $9 a month on the lease.

So all in all the total was $405, including tax.

Might want to check it out.