2013 and earlier-Honda Odyssey Lease Questions

CarMan@Edmunds

Welcome back, squirreljam. How do you like our new digs? It's bigger, I can tell you that :surprise: . Let's take a look at the lease program that you're interested in. If you were to lease a 2006 Honda Odyssey EX-L without navigation or the DVD system through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00265 and 59%, respectively assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit. It's difficult to say what Honda's february numbers will be like, but given the fact that it has not had any sort of lease support on the Odyssey in a while I don't expect it to introduce any in the near future. Since it just published new residual values, I don't see them changing next month either. Honda Finance might revise its standard lease money factor slightly though (most likely upwards if it does anything at all).

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CarMan@Edmunds

Hey krisandchet. You are absolutely right about the Odyssey's lease program, it's not nearly as attractive right now as it was when you leased your last van a couple of years ago. At the time, Honda was trying to unload leftover Odyssey models to make room for the redesigned 2005 model and they were running aggressive lease specials on it. Honda is not providing any sort of lease money factor support on this van right now, and its residual values aren't as attractive as when you leased. As a result, it will cost a lot more than you are currently paying to lease a similar model to the one that you have now. Honda's lease money factors normally do not vary by region and I don't believe that they do right now.

If you were to lease a 2006 Honda Odyssey EX-L with DVD but without navigation through Honda Finance right now for 24 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00380 and 64%, respectively. As you can see, this money factor is even worse than the one that you mentioned. The better .00265 money factor is only available for 36 to 39 month leases.

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bdc9475

Honda Odyssey EX
MSRP 28945
Sale Price 26550
12,000 miles per year
Due at signing $500- includes first months payment and tags
$415 mo, (included tax) for $36 mo.
or
$393 mo, (including tax) for $42 mo.

Also, I will likely be purchasing the vehicle at the end of lease.

Please let me know if you need anything else to determine if this is good or bad. Thanks

bdc9475

Car_Man:

Could you give me the moneyfactor and residual for a Odyssey EX. In PA, 15,000 miles per year, for 36 months. no deposit. MSRP 28945, Sales Price $26000.
Thank you

love2driveinct

Like you and dad23, we are also in the same position and leased our 04 Ody EX-L w/DVD in April of 2004. But to be honest with you, we knew that it was an incredible deal and we knew exactly why. Also, one of the reasons why we leased for only 24 months is because of all the big changes in the minivan market in general, especially with seating flexibility.

You are probably already getting paperwork from AHFC about the end-of-lease procedures. Check it carefully -- if you have really good credit you may have received a letter that allows you to extend your lease on a month-to-month basis, no strings attached. We received ours last week and I called AHFC to check it out -- it is definitely worth considering when a comparable 06 costs hundreds more a month!

All that being said, I have to chuckle because we are actually considering an 06 Acura MDX as a replacement for our minivan. The lease rates on the Ody's are so steep right now that it looks like we can get a fully loaded MDX for less.

Good luck with your decision.

[Deleted User]

We figured it was a good deal too as they were getting ready to introduce the redesign, plus with it being a short-term lease, if our needs changed after a few years, we wouldn't be "stuck" so to speak in something that wouldn't work for us. We've looked at a few other vehicles, but with three 2-year-olds, we keep coming back to the minivans. We might consider going month to month also, but we're hoping they'll come out with something good before then. The MDX would be a very nice replacement, if only it had more room for us!

tgrayson

Any chance the Odyssey lease rates will come down in the near future?

[Deleted User]

In talking with out local dealer yesterday, he thought they might be doing something in the next few months. I'm not sure what that's based on, but he did mention that they were sitting on over 70 right now, which he said is not normal for them to have in inventory at one time, so we'll see.

girosc

I'm looking for any info on Q1 or early Q2 lease specials on 05 or 06 Odyssey EX in Tennessee. Anyone have any help?

CarMan@Edmunds

Hi bdc9475. The selling price that you were quoted for this van looks very attractive to me. I believe that it is less than $500 over dealer invoice. Let's work up a lease payment on it using the prices that you mentioned and Honda's actual lease program and see what we come up with. According to my calculations, if you were to lease a base 2006 Honda Odyssey EX with an MSRP of $28,945 and a selling price of $26,550 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $357. The payment for an otherwise identical 42 month lease should be around $341. If you were to have your van's security deposit waived, like it appears you are doing, it would increase these lease payments to $362 and $346. These payments are lower than the ones that you mentioned, but they don't include sales tax. You may want to ask your dealer for your pre-tax payment to compare them with. If your pre-tax payment is higher, perhaps the dealer that you are working with is marking-up your vehicle's money factor. Another possible reason for the difference is Honda Finance's $595 lease acquisition fee. Honda charges it on every deal, but you never mentioned it. If you are having this fee rolled into your van's capitalized cost, it would make your lease payment increase.

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CarMan@Edmunds

Hey bdc9475. If you were to lease a base 2006 Honda Odyssey EX through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00265 and 60%, respectively.

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CarMan@Edmunds

Hi girosc. Honda is not currently offering any sort of lease support on the Odyssey, nor has it in quite some time. It is difficult to predict what automakers will do with their future incentives, but I would not be surprised if Honda did introduce some sort of lease special on the Odyssey in the next couple of months. Odyssey inventory levels seem to be rising and for the first time in a while Honda is advertising a lease payment on the Odyssey. It just introduced this advertised payment yesterday and while it is based upon Honda's standard lease program it may be a sign that demand for the Odyssey has softened a little bit. Please feel free to check back with me in a month or two and I'll be happy to give you an update on whether Honda actually does enhance this model's lease program.

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pktrckt

Hi Car_man, I'm following you, how cool is it to have a stalker? Anyways I posted this in the chrysler minivan area but saw you were active over here and it is relative to this board...anyways here is what I posted...


Hi Everyone, I am looking to lease a minivan for minimal use, like 8000-10000 miles a year. It needs no amenities and I don't care about make or model. I qualify for top tier credit levels and of course will put nothing down. I am posting in the Chrysler board because they are selling the base model for $15000 in my local area, San Jose. How do the other minivans stack up based on residuals, incentives, money factors? I'd love to get a Toyota, Nissan or Mazda over a DC make but can survive if it is that much better of a deal.

I've done searches on the message boards and can find little information on residuals and money factors except for Hondas. I will be leasing only, absolutely not buying.

A breakdown of minivans residual, mf's and incentives would rock. I don't care about miles so as long as I can do a relative comparison I'm happy. I know you live and breathe these boards Car_man so I'm hoping you are up to the challenge!

bdc9475

Car_man :
Thank you.

bdc9475

Car_Man:

In a previous post you said "Odyssey inventory levels seem to be rising and for the first time in a while Honda is advertising a lease payment on the Odyssey. It just introduced this advertised payment yesterday and while it is based upon Honda's standard lease program it may be a sign that demand for the Odyssey has softened a little bit".

Where have you seen this? What is Honda's standard lease program? Can better deals be obtained, by negotiating with local dealers? Thanks

krisandchet

I've been calling some of the local Honda dealers, and they too are impressed by the $213/mo lease payment we negotiated back in April of 2004 on our Odyssey EX, but despite my best haggling, I don't think we'll get anything close on the 2006 Odyssey. We may extend our lease for another year (we did get the letter from Honda finance with the offer). Maybe in another year things will have cooled down a bit!!

I thought we had it bad with 2 two years olds and a 4 year old...isn't it fun buckling 3 kids into car seats...especially that one seat in the back. We definitely need all of the room as well!!

Good luck also!!

jsevenseven

Car Man,
I am looking for the money factor and residual for a Honda Odyssey Touring w/NAV&DVD. I would like 12,000 miles per year for 36 months. Thanks,

jsdtx

I am about three months away from the lease end, and I have received the extension letter. My payments are $189 for 15K because in Texas, dealers get to use tax credits for turned in cars and Honda was applying it to Odysseys in 2004.

Something to think about before extending. Between the 30K and 45K, you will go out of warranty, you will probably need new tires, and probably a brake job. So the extra six months or a year could be much more costly than the lease payment. Other thoughts?

fsudreyer

Car-man, I saw that honda has a 309 lease rate on the ex odyssey. does this move over to the RES ex as well. If so, what would the payment be for the 36 month lease at invoice ($29,700 incl destination) with as little down as possible? thanks in advance for the information.

hondafan8

Great site, hopefully great timing on my part.

We are getting a 2006 Odyssey, debating on whether to get EX or EX-L.

My question is what are the lease factors and residual values for these vehicles and how can I figure out approximate lease payments.

One dealer said they will drop the price of the EX to $26,400 and the EX-L to $28,000.

We are looking for a 36 month lease, 12k per year, zero down. Our tax rate is 6.25%.

Thanks for the help.

koren

i just lease exl with nav and res for 461 month with 2760 due lease signing what great dealer never any pressire from them guys,just great service and honest deal from the begining to the end of deal they never givme any BS,i recomend anyone looking to lease odyssey go see them ....

theflush

I also received the letter from Honda offering to extend the current terms of my lease on my 2004 Odyssey. I am curious about the terms of the new offer and specifically what the new residual value will be at the end of the extended lease and how will miles over 24K on the current lease be handled. I guesstimate I will have 30K miles when the lease expires. I will call and ask about the offer eventually, but was wondering if anyone else had called already.

I also wonder what all the 2004 Odysseys coming off lease in the next few months will do to the value of used 04 Odysseys. Will there be a sudden surge in supply of 04's that could cause a drop in the retail prices of used 04's? Will it become better to turn in my current leased Odyssey and look for another used 04 instead of buying my current one or extending the lease on it?

Thanks,

Jim

[Deleted User]

I'm anxious to hear what others have to say about your post Jim, we're in the same boat, lease up in April. We received our letter too but haven't called because I'm ready for something new anyway! From what I've been able to gather so far, our residual is around $22K and right now the market in our area is pegging our vehicle, EX Cloth W/ DVD and less than 18K miles, around $18-19K on trade, so obvious better for us to just turn over the keys. We've really enjoyed the van, but are looking into the Sienna as well, especially with better money factors than Honda has to offer right now. Good Luck!

chipsnsalsa

I did a 24mo 15k/year lease back on the '04 model. The lease expires in June. After receiving my packet in the mail, I called Honda Financial to see what my options were regarding a lease extension. They told me that I could extend it for another 12 or 24 months with the same mileage and monthly payment agreement that I currently have. During the extention period, the lease would be considered month to month (meaning I could end it at anytime without being obligated to the remaining # months). Not a bad alternative considering the payment I have on this is so much lower compared to the Sienna or Odyssey payments that we had recently researched for '06 models. However, I am not sure if it is a good idea in my situation since I will be hitting the 36K end of warranty threshold about 4-5 months into a 12 month extention. Still some time to think about it...
I really wonder if there will be any incentives just around the corner (for either Odyssey or Sienna) considering so many people will be coming off lease within the next few months. I figure it would be beneficial to gain us back as a return leasee or buyer. Good luck!

jpnewt

The Odyssey money factor for 36 months will be .00265 plus a .00010 icrease to waive security. This is a Super Preferred rate which is subject to credit approval. Your Residual will be 62% at 12k miles on the EX. An EXL will have a 61% Residual and same money factor. The numbers are pretty acurate but I'm wondering why they will sell the EX for a few Hundred over invoice and a few hundred under invoice for the EXL?

rldev

Has there been a big change in the money factor and/or residual for the Oddy Touring w/Nav from Jan to Feb? I am looking for a 36 month 12K lease. The vehicle was about $50 a month cheaper when I was shopping it. Am I to to believe there are people out there that would drop $660 a month on a Honda Minivan? Thanks for answering. I just want to be aware of what is going on. I figured I would wait till the end of the month in hopes the financials will work to my advantage. One Honda manager agreed with me as he didn't think it could possibly go higher. I just don't see Oddy Tourings flying off the shleves at this price point:) Maybe I'm wrong:(

CarMan@Edmunds

Wow my very own stalker! Now I know that I've made it. Thanks pktrckt . I believe that I already responded to the identical message that you posted over in the lease discussion for the Chrysler Town & Country. Please check there for my response and let me know if you have any other questions. Thanks.

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CarMan@Edmunds

You're very welcome, bdc9475.

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CarMan@Edmunds

Hi bdc9475. It's just something that I've picked up on by speaking with a number of people across the country, both consumers and dealers. My theory about a new advertised lease using Honda's standard lease program being a precursor to the introduction of a special lease program was right on the money with the Honda CR-V. At the same time that Honda introduced its advertised lease on the Odyssey, it introduced a standard advertised lease on the CR-V. On Friday, Honda enhanced its CR-V lease program. While there is no guarantee that this will happen with the Odyssey as well, there certainly is a decent chance that it will. Honda Finance's current buy rate standard lease money factor for a 36 month lease by a consumer who pays a security deposit and qualifies for its "Super Preferred" credit tier is .00265.

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rldev

What is "Super Preffered" credit? Will a 750 credit score do?

CarMan@Edmunds

Here you go, jsevenseven. If you were to lease a 2006 Honda Odyssey Touring with both the navigation and DVD options through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00265 and 56%, respectively.

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CarMan@Edmunds

Hello fsudreyer. Honda's lease program on the Odyssey EX with the rear entertainment system will be higher than than the payment for a lease of an EX without this option would be because the additional option will increase the price of the van and lower its residual value because it does not retain its value well. I'd be happy to estimate what the lease payment should be like on the exact van that you are interested in for you. However, in order for me to do so I need you to provide me with its MSRP.

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CarMan@Edmunds

I'm glad that you enjoy this discussion so much, hondafan8. I can give you an idea of what this model's current lease program is like. If you were to lease a 2006 Honda Odyssey EX through Honda Finance right now for 36 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00265 and 62%, respectively. The numbers for an otherwise identical lease of an '06 Odyssey EX-L without navigation or the entertainment system are .00265 and 61%. You can plug these numbers, along with the MSRP and selling price of the van that you want into the formula that is outlined in the following article to see what your lease payment should be: Calculate Your Own Lease Payment.

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CarMan@Edmunds

Unfortunately the answer to your question, rldev, is no. Honda has not enhanced its lease money factor on the Odyssey for the month of February. It is still fairly expensive to lease right now.

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CarMan@Edmunds

You absolutely should qualify for this credit tier, rldev. I forget the exact score that consumers need to qualify for Honda Finance's "Super Preferred" tier, but I believe that it is something like over 730. You should be in good shape with a score of 750.

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hartt

Hi CarMan.

Can you please provide me with the MF and Residual for a 3yr/45k lease on this vehicle? I wasn't able to find them posted in any of the previous messages. I'm not sure I want a van but it seems so practical if you have children. Thanks for the help.

rldev

My question was more of did Honda make it less attractive for Feb as opposed to the month before? I ask because I had significantly better lease offers in Jan.

jsevenseven

Thanks Car Man. BTW which version of the odyssey has the highest residual. Would an EX-L with NAV/DVD have a higher residual?

[Deleted User]

I'm not Car Man but what I was told last week was, EX-L DVD was 59% on a 36 mo/12K miles lease while EX-L DVD/NAV for same term was only 57%.

sirius2

My Odyssey EX lease is over at the end of May. My residual is $17,700. The van is in great shape and the miles should be around 36K. So far we're happy with the van. Would it be a financial mistake to buy it from AHFC? Would there be any advantage into leasing another one? It looks like the prices have gone up several thousand dollars since I got this one. Thanks,

sirius2

Where did everybody go? Watching the Olympics?

19965

Our lease is up in July and we have received some information from Honda, not an extension offer as of yet. Basically, it's a nice enough van but I'm tired of making the payment. We had a some neg. equity added into our offer so the pmt. is a bit high.

It has just under 14k miles on it with it leased for 30k. I can't imagine it would have more then 16k by July. I think it would be a great asset to any Honda Dealership to have on it's lot. It's certainly worth more than the residual at this point, possibly even more than the pay-off. What do you guys think? I was thinking I might be able to turn it in April or May instead of waiting until June. Thanks for your help.

chipsnsalsa

19965,
Our 24mo lease expires on our Odyssey EX-RES at end of June. Over the last few weeks, we have tested the waters by looking at some of the '06 minivans (Odyssey, Sienna, and even a Kia!) to get a feel for what kind of $ we are looking at spending. So far each place was willing to hand us a check for the remaining four months payments(approx $1200). Of course, this impacted how much off of MSRP they were willing to come down, but it all might equal out... So, you might not have to deal with a traditional 'trade-in' scenario. But, based on how you describe the low miles, you just might get a trade in value greater than your current payoff figure.
As for the dealer wanting to cover the reminder of my payments, this might be OK, but I was also worried that this was just some form of 'smoke and mirrors' so they could play with the numbers more. Not sure if any of this helps you, but it is what I had experienced from local dealers so far in the Raleigh, NC area.

sirius2

My understanding is that under-mileage vehicles advantage goes to the dealer. Usually the lease guides recommend buying the vehicle if the residual is at the market value. Frankly, I don't see much advantage to turning in a vehicle early, especially if you need transportation and are replacing it with another vehicle.

[Deleted User]

Just wondering if anyone knows if Honda would "certify" our 04 EX-RES if we decide to buy it after the lease is up. It would still have another year left on the factory warranty, and in our case another 19,000 miles. Or would it be better to turn it in and find one that was certified for the warranty?

19965

The advantage would be to my finances. I'm tired of the payment. I'm not much concerned if it's more of an advantage of the dealer since I already mentioned that. Kudos to them and lucky [non-permissible content removed] that buys it for way too much. :P I'm really just wondering if it's possible to turn it in early and save myself $800 - $1200. Thanks.

sirius2

Well then you answered your own question.

nifer76

My lease is up end of april. Don't know if it is money wise to buy or turn it in. KBB says it retails for 26,000 BO is 21,000. I have to disagree w/ KBB because we could have bought it back in 04 for 24,000. I know cars don't appreciate. LOL The door has damage and the entire door needs to be replaced. This damage is considered excessive wear and tear. We also would need to finance most of the buy out and interest rates are higher for lease buy out than buying new. I guess what I am asking is there anybody who has bought out their lease or should I just turn it in? Would you get the door fixed on your own or just pay any fees at the end? I was told that Honda gives 1,500 for wear and tear anybody heard of this?

19965

Actually I don't have an answer yet. CAN I turn it in early? Is it "allowed"? Beyond that, are there penalties for doing so?

19965

I'm fairly certain you haven't been paying for $3k in depreciation over the last two years. I believe the selling price was a little over $28k. Surely that KBB number is for a mint condition vehicle.

Also Honda does allow for three separate $500 wear and tear claims, totally $1500. Do you have an estimate for the repair of the door yet? It would be wise to get one so you know where you stand.

I guess if I were you, I'd eat the cost of the door and be done with the van. How's your mileage?

I hope that helps some.