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On a personal note, I pulled the trigger today and got a EX-L no nav no dvd for 550 drive off and 342 a month (317 plus tax). I am very happy with my deal and I love my van. I can't believe I have a van. It's my first van and it is sweeeeeet!!! Woohoo!!! Now I gotta get me a Lexus ISF to compensate for the old man factor.
Good luck everyone!
What would a good payment for thses terms if this one is not acceptable please!
They offered....$355 a month for 3 years and 15 K a year...that includes the taxes and fees
I look forward to your comments. Thank you!
My sister is now using the same dealer/sales person to get an Accord and they offered the lowest price around. If you want his contact info to see how he fares vs. your deal, shoot me an email to dvcbwvfans at yahoo dot com
Scott
Wow, good price. How did you get them to sell so cheap? Looks like the sell price was $26270, is that right? Or is the MF lower now?
Hope the folks looking are having success. Here is the deal I just did on a 2008 Honda Odessey EX-L (no res, no nav).
Sign and drive (35 payments only) 341.34 per month.(inclues NC tax of 3%) = total lease cost of $11,946
Here is the breakdown.
Gross Capitalized Cost - 27331 which includes:
1st month payment (341.34), Tag (69), Doc Fee (399) and Bank Fee (595), Wheel Locks and Mud Guards
Out of pocket = ZERO
I think this may be the best so far on the board. Comments welcome.
Thanks
YH
The only thing that bugged me a little was that they originally quoted me 500 drive off, but switched it to 600 when I got there. When I got pissed, they said they would split the difference. I didn't want to lose that deal so I paid the 550. haha... 50 bucks. I got the black one and it had 50 miles on it, but no big deal. It's a lease.
I went to Fry's to look at DVD players and there was a very nice 15.4 inch Clarion for a grand, but there were a lot of nice cheaper options too. The rep at Frys told me two hundred for a custom installation. However, I still got to persuade my wife that we really need one. The other, less practical option I was thinking about was to get a smal LCD (26-32in) and get that custom installed but that may be more expensive and I have no idea where it would go. Like I said though, that is probably not the most practical option but how sweet would a 26-32 inch 1080p LCD be in the back of your Ody. Nah... not worth it.
They tried to increase the price by about $800 for a number of accessories they had on the car (Wheel locks, edge guards, tray liner, all season floor mats, and something else that was useless). I asked them to also add the cross bars. Eventually they agreed to include all of this for 31K but I certainly didn't feel like this was a good deal but they were pretty firm on this was as low as they would go.
Then came the Lease discussion. The first offer was for payments of $590 before tax and before tax only fees upfront. After digging through the deatils and many iterations I finally got them down to $449/mo before tax with $2K upfront ($800 fees and $1200 cap cost reduction). Based on what I've read here I'm not comfortable this is a good deal. Here's the details as I understand them.
MSRP - 36,480
Cap Cost after upfront payment - 29,900
Residual Value - .50
Term - 36 months
MF - .00265
My reasoning for not being comforable with this: First, I qualified for 7.25% through Costco on a loan so I know I should be able to get a decent rate. 5 years ago I leased an Xterra and had a .00158 MF and my credit qualifications were much worse so I think I should be able to get a better money factor. Second, I've read repeatedly of people getting .52 to .55 residual value so I think I'm getting short changed there. Third, I also have been hearing of people getting prices of close to 29K so feel like I'm overpaying.
So two questions I'm hoping to get help with. How should I feel about this deal? Am I getting a decent deal or would I be over paying? Second, Can anyone provide some pieces I can use to try to argue this down further. Some tangible things I can refer to as reasons I should get a better deal rather that I just have heard of people getting a better deal.
I'm already thinking of asking them to remove all accessories and buying them after market. I can find them cheaper online anyway. But that will only reduce my payments a little and doesn't change the overall value of the deal.
Thanks in advance for your thoughts.
What I did was -
1) Use donkeypunch method to get quotes on selling price (I sent about 20 emails)
2) After getting price quotes I asked them that I may be interested in leasing and if they could send me a lease quote
3) Get all the info in one email (MSRP, cap cost, residual (% and dollar amount), money factor, monthly payments (base and tax), drive off, and whatever else you want in your vehicle).
4) Get the two/three/four best quotes and restate in your words exactly what they are offering and ask them if you are correct. Then ask if they have your color and trim on their lot. Ask how many miles it has and any other questions you have about that particular vehicle.
5) Say that you are driving from an hour away and you don't want to be disappointed (or any surprises)
6) Print email and take it to the dealership and be ready to walk as soon as you get there if they try any funny biz.
I was fortunate enough to speak with two "honest" salespeople (is that a contradiction?) at two different dealers. I never gave out my phone number and did everything by email. (If you do the donkeypunch method you got to put in a phone number on the form but you can just put 206 555 5555 or whatever).
Try to be as sure as you can that the salesperson knows what you want and knows what you expect. I don't know any lines you can say to negotiate a lower price but other dealer quotes is always good leverage (and a good plan b as well).
Good luck and I hope you get the deal your're lookin for.
Thanks in advance
"If you are looking to purchase, we will sell you the 08 Odyssey at $25,788 including destination. If you are looking to lease the selling price is $26,707. Reason why the price is higher than the purchase price it’s because we can not use the dealer cash back money on Odyssey Special lease money factor from Honda."
Great prices, sounds like a no nonsense dealership. Use that quote to get the price lower elsewhere. That may be the bottom but don't forget they often try to make up for low prices with dealer fees and or dealer options.
Much appreciated.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
I am also looking for an 2008 Honda Odyssey EX-L (no res, no nav) in NC and it looks like you got a good deal. What dealership did you get this deal from?
Thanks
BY
Is that something the dealer can play around with?
I signed the paperwork already, but they haven't located the car yet or officially approved the lease with Honda yet.
They are gave me a quote of a lease factor of .003290, and 52 percent residual, 36 months. This was under the Honda Loyalty Program with a 560 Beacon Score. Shameful I know, but my debt to income ratio is high due to 3 mortgages. Anyway, after some research, it looks like it's the residual for 60 months. Can they do that?
They told me the 2500 didn't apply toward lease financing. Is that true? Can I back out at this point after signing the paperwork, even without having received the car? They did give me a loaner.
Thanks Toby
http://www.boch.com/bochhtml/bochhonda/pages/promotions.aspx
does anyone know if the new $3500 dealer incentive applies to leases?
what should i look for in a lease besides money factor?
invoice minus 3% dealer holdback?
plus dealer incentive?
EX-L
MSRP: 32845
Price: 26590
MF: .00280
Residual: 53%
Adj Res: 17497.85
Doc fee: 379.00
ACQ Fee: 595
Tax rate: 8.25%
Out of pocket: $0 (except for first payment)
Payment: 389.59 + Tax ~435 OTD
For EX
MSRP: 29595
Price: 23595
MF: .00280
Residual: 54%
Adj Res: $15981.30
Doc fee: 379.00
ACQ Fee: 595
Tax rate: 8.25%
Out of pocket: $0 (except for first payment)
Payment: 352.31 + Tax ~375 OTD
Haven't decided if the EX-L is worth the extra $$ seems insignificant, but with the three kids you have to cut where you can. I'm still going to see what else I can do with these numbers.
Yes and yes if you can get all that (inv-hold-incent=happy). I've been told (but don't believe them) that the holdback is 2%.
Don't pay the doc fee.
The residual was 55% on an EX-L last week. Honda may have revised that too.
OK, now I see your "no money down" is really the first payment. That $389 payment on the EX-L seems like your paying the ACQ fee up front. Otherwise your numbers say the monthly payment is $405 (+ sales tax).
I actually forwarded these deals to a friend who is a broker and he contacted a big dealership for me in Denver. He basically came back and said that the dealership isn't making much if anything on this deal. I was back there yesterday and they actually got in another 08 EX. I am sure they need to move these things for 2009s and really don't won't to think about them anymore.
0 dwn u pay TTL.
Boch Honda deal is not as good. you pay acq. $595, plus first pmt, docs etc wrks about $1500.00 plus they want you make double trip to Mass. if u out of state.
to many variables.
About 2 trips - I think you can save the 2nd trip if setting up auto hauler to deliver the car from Boch to you. I know there is one at Canton, MA (search online)... about 15 mins from Boch.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Thanks in advance!
Thanks
Frank
If you need any other info just let me know.
Thanks again
Frank
I received a faxed document with the breakdown of each item and it is pretty straightforward. My calculations coincide with the dealer's as long as everything stays the same. What area are you in that you are trying to lease?
If you need anything else just let me know.
42 months
15K miles a year
$320 down
$320/month
Is this a deal?
Thanks
YH
PLEASE HELP!!!!!!!!
Is this a good deal????? he says incentives from august are gone!
should i sign on the dotted line?
EX-L with DVD and NAV
Help!
Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2008 Honda Odyssey LX with 15,000 miles per year are .00270 and 52%, 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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I see that you are considering making a $2,000 down payment on your lease. This really is not a good idea. I always advise consumers not to make capitalized cost reductions on leases. Those who make them risk losing part or all of them if their vehicle is totaled.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
You should definitely get the agreed upon price for the EX. Here in CO the MSRP on the EX was $29595. My quoted money factor on the EX was .00280, residual 54% (adjusted residual $15981). Basically got 6,000 off MSRP. for a price of 23595. My payments would have been ~370-375/month. I sat on this for awhile and then decided to buy. I'm signing the papers tonight. It just seems like with all of the incentives on board right now, it was a better situation to buy. Plus, I don't drive a lot and I didn't want to turn in a lease that may have only had 20,000 miles on it after 3 years. I wouldn't have come out ahead on that one. With ~20-25% off MSRP (depending on where you live), it seems better in regards to the consensus that your car depreciates as soon as you drive it off the lot. Just my 2 cents.
Good luck.
I would definitely work with another dealer. If a dealer can't give you the price of the car, MF, residual, etc. then get the heck out of there. You need to deal with someone that is more upfront than that. Even if you ended up with a good deal from them, just make sure that the relationship wouldn't continue on that note (i.e. servicing, warranty issues, recalls, etc)
Even if I got a couple of bucks off the price from someone else, I just felt like dealing with my current dealer. It's closer to home, the salesman seems to be super nice and very low pressure. I needed a dealer I also felt good about with servicing needs.
2008 Touring No Pax
36 mo/12 or 15k/year
Have any of the numbers come out for 2009 leases? I'd probably go with the EX-L w/Nav maybe Ent since the bluetooth and lift gate are coming with that allegedly.
Cheers,
Marinite
The sale price of the Odyssey is $22,974.00, Money Factor on 36 months is 0.00280 and on 48 months is 0.00265 and Residual on 36 months is $15,389.40 and on 48 months is $13,021.80. Monthly payments are $333 for 48 months w/ $333 down or $356 for 36 months w/ $356 down.
Is this a good deal or should we hold out?