If you're leasing, holding out in this credit market could raise your payment. Money Factor is rising fast. June was .0007, July was .00163. Now at .00280, and credit is tightening fast.
How much longer is that MF available from Honda? I wouldn't wait for the next lease "special". Work down the price before that date and bite.
Your EX deal for 12k/36k is $356 a month (tax included?). Our July EX-L for 12k/36k leased at $344 a month without tax.
Price doesn't seem to be dropping much with Honda loan/lease, but interest rate hikes really hurt a payment.
I was hoping you would be able to post the new lease numbers for an EXL in FL for 36 months, 12k miles. I understand Honda has extended the 2.9% 60 month loan offer and I would like to make the comparison. If there is a difference between an EXL and EXL RES I would like to know that info as well.
Here's the information that you're looking for, tambaydriver. Honda Finance's current buy rate lease money factor for a 36 month lease of a 2009 Honda Odyssey EX-L without the entertainment system or navigation with 12,000 miles per year are .00270 and 56%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The money factor for an otherwise identical lease of an EX-L with RES is the same, but the residual value is 55%.
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The local paper has an ad today for a 48 month/12,000 miles per year lease on an '08 EX-L with "no security deposit" and "$0 down" for $269 per month. This is supposedly an AHFC lease. No other figures are provided in the ad.
I noticed your current lease rates for the 2009. My question is, what is the current buy rate lease money factor for a 36 month lease of a 2008 Honda Odyssey EX-L with RES no NAVI and also for comparison to an EX-L with RES AND NAVI for 12K mi/year. (Chicago, IL) Is it the same as quoted above? (.00270 mf - 55% resid?)
I've never understood the concern about whether a destination charge is included - it's part of the price of every vehicle. Maybe that game is played elsewhere, but not around here.
Will have to check this out in person but the ad said no payment 'til '09, sugguesting a 1st payment at drive-off is not required. As an AHFC lease, it seems unlikely that there's any acquisition fee (although I could well be wrong).
There are many games that dealer will surprise you when you get there. Double-dip on the destination charge is one of it. Example is Boch Honda in MA. Can be some kind of fees that rarely people heard of. Read the fine prints and always prepare for the worst.
".... $0 down on cash or trade ...." means this offer is good only with NO TRADE-IN. if you have trade-in they won't honr the special deal.
Went to the store and they said the price in the ad was a misprint and should have been $369 per month rather than $269 (and had signs to that effect posted in the showroom).
Going into the dealership today....anyone have the current MF and Residual? (12k/year). I saw on another site the September numbers are/were, .0027 & 52%..is this still accurate?
Hi slhouse1. Honda is no longer providing support on leases of the 2008 Odyssey. As a result, if you want to lease one right now, you will have to use Honda Finance's standard lease program. Its current buy rate lease money factor and residual value for a 36 month lease of a 2008 Odyssey EX-L with the entertainment system but without navigation with 12,000 miles per year are .00290 and 52%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The addition of navigation reduces this van's residual value to 50%.
When negotiating your lease on this truck, make sure to take advantage of the $3,500 dealer cash that is available on the '08 Odyssey.
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Thanks Car_man. The dealer did quote those rates, one said MF was .0030 w/o the security deposit, one quoted .0029 and waived it.
Tax question for you Tax experts. I'm currently in a lease - using it as a trade. It is valued more than the current lease on the Odyssey. One dealer says no tax, one dealer says full tax, another dealer says only tax on the difference in the two (5K spread). What's the skinny? (Illinois lease - we pay tax on FULL sale price like TX) yay. We're talking $2500 difference here.
A reporter is interested in talking with owners of a 2008 or 2009 Honda Odyssey who are also parents. If you are interested in commenting on your experience, please reply to jwahl@edmunds.com no later than Monday, November 3, 2008 and include your city and state of residence, the model year of your vehicle and the age of your child/ren.
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This is what local dealer is advertising 2008 Odyssey (model RL3828EW)for $239.00 per month for 36 months with $1,999 Drive Off CostThis Program Can Be Used in conjunction with: HP-642A "2008 Odyssey $2,500 Dealer Cash"
Is this a good deal? Does this mean I can use $2500 to pay $1999 drive off cost? Thanks for any help.
The methodology for how sales tax is calculated varies from state to state. Where I live, sales tax is only charges on the difference between the value of one's trade and the selling price of the new vehicle. I'm not sure how this works in Illinois, but you may be able to find out at one of the following sites:
Wouldn't you have to purchase your existing leased vehicle before you could use it as trade? Or does the lease company sell to the dealership directly? Otherwise, that sale alone would have tax charged, right? Illinois car dealers are exempt on their buys, but you must pay it.
Sorry I wasn't clear. You would have to purchase the lease vehicle before using it as a trade. Essentially, the selling dealer is "purchasing" the vehicle (for the lease payoff) and giving a "trade" allowance. I don't think LFS (Lexus Financial) cares where the payoff comes from. The bonus on that is the dealer is exempt from Sales Tax on the lease payoff.
Either way, it all worked out as I had hoped. Thanks to all for your responses.
. 08 oddysey touring w/pax MSRP: $41,280.00 Internet price: $33,102.58, out the door same fees as above.
Please let me know what i should be paying for a 36 month lease, 0 down. i was told .003 money factor and $21359 residual. they didn't include acquisition either.
I have approval for these amounts plus letter stating no security deposit.
Hi honmom. Let's crunch some numbers and work up a payment for you. According to my calculations, if you were to lease a 2008 Honda Odyssey Touring with PAX that has an MSRP of $41,280 and a selling price of $33,102.58 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment would be around $523, assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. If you were to lease with only 12,000 miles per year, this van's payment would drop to around $502.
I cannot work up a lease payment on the 2009 Odyssey that you described because I do not know its MSRP. Both the MSRP and selling price are necessary for the calculation. If you let me know what it is, I'll work up a lease on it for you.
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I just found the formula on Edmunds .com and will try to figure on my own. I will see if it matches what you say. When you say pre-tax do you mean before tax and I should pay tax up front, and on what number?
Here is the latest and greatest quote with msrp. I am sure we are in the super credit tier. Note: we have pre-approval and waiver of security deposit.
09 Oddysey touring no pax. msrp $40,405
36 months 12,000 miles per year $563.05/month with tax included.
The total due at signing is $1,018.05, includes the first payment, registration/ plates for 3 years ($262.50), NJ tire tax ($7.5) and the document.fee ($185).
The lease is based on a selling price of $36,250. includes destination and delivery fee.
You're very welcome, honmom. FYI, you're in luck Honda just made an unscheduled enhancement to the Odyssey's lease program yesterday. Its buy rate lease money factor for a 36 month lease of it is now .00161.
As far as sales tax goes, the method for calculating it varies from state to state. If you tell me what state you are in, I should be able to give you an idea of how it is calculated in your area or at least point you in the right direction.
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I live in eastern iowa, and have been emailing various dealers in the region trying to find a good deal on an Ody lease.
I've got a credit score in the 700s (729 TU). Just curious what a good deal on a lease would be for an 08 EXL-RES for 36mo, 12k. Assume $0 down, 5% tax on full purchase price.
If anyone has any input, I would greatly appreciate.
Potamkin Honda Miami made me a 36 mo lease offer with the new money factor .00161 RV 52% MSRP $41,075
$549 plus tax
Cap cost $37,105 Bank Fee $595
Cash at signing: $549 1st mo $699 dealer fee $595 bank fee $99 doc fee $23 electronic filing fee to the State? $6.50 disposal fee $1.50 lemon law book plus TTL
I was able to have them take off the doc fee. I had them throw in mudguards, sunroof wind deflector and cargo board. They have agreed to $545 mo plus tax and will have the car waiting for me tomorrow.
The only thing is that I don't think I should have to pay cash for the bank fee $595 if it is already included in the cap cost.
The bank fee has been added to the cap cost to calculate the mo lease pmt. It seems to me that if thats the case then why do I have to pay it upfront. WouIdn't that be considered double dipping?
In this case ... yes double dipping ... exactly like Boch Honda's floor manager does on destination charges ... Ad says : special price is 'how much $$$ off MSRP' which includes the dest chg (last item in the window sticker), then on the upfront money down upon signing, he put the dest chg there AGAIN. You have to protest and they will take it away easily because they know what they are doing ...
thanks. I'm going over there right now to get the car but I'll only leave there with the car if they take the $595 off the cash due at signing. It's enough they are getting the $699.
I mentioned the bank fee was already included in the lease payment and the manger said that is the way they have to do the calculation. What I was planning on doing is asking them to add all the cash due at signing to the cap so I can sign and drive. That detail will prove the $595 is in there twice. oops!
I'm sure they have other things up their sleeve to charge me when I go to sign such as disposition fee and purchase option. Those are the other 2 things I will have to argue.
The cap cost without the bank fee is $285 below invoice. That means his profit is $699 - $285 less the cost of the accessories. Not much. except for the holdback of 2% of of the sales price or a little less than $800. So I have a feeling it's not going to be easy.
I currently lease a Honda Odyssey and the 3 year lease is about to come to an end. The mini van is in relatively good condition - just some minor scratches and normal wear and tear. I'm considering on leasing another Odyssey EXL 2009 with DVD and Navi. The dealer (in Long Island - NY) quoted me $550/month, 12K and 36 months. Do you think this is a good deal? What is the current money factor and residual being offered for this car? They kept persisting that I consider the 2008 model, but I wasn't interested as I wanted to just focus on the 2009. Should I get any discount for being a previous customer (the Long Island dealer didn't mention anything to me)? Any suggestions will be helpful. Thanks.
Jeffrey, I think this is on the higher end. be sure to get a few quotes. was the quote all inclusive, tax, fees etc? i am leasing an 09 Odyssey touring for $560, 1000 down, 12000, 36months which included first payment, motor vehicle and doc. the money factor is .00161 and the residual is $21395. if your car is in good condition they can buy from honda an resell. i think they definitely should give you a break. my first dealer didn't with me and now i am with a new one.
car-man can tell you best though, i'm no expert.right car-man?
my dealer said residuals are changing as of nov 3rd, today, not to the buyers advantage he said.
I got this deal...and not sure if its a good one at all. I need your advice please....mom to triplets and i need a good deal and not someone taking advantage of me.
down payment 2500 monthly lease 395 42 months 12,000 miles a year
Hi Jeffrey. Honda is scheduled to publish its new November incentives some time today. I have not seen them yet, but I suspect that its buy rate lease money factor for the 2009 Odyssey will be the same as the enhanced one that it introduced at the end of October, .00161 for consumers who qualify for its "Super Preferred" credit tier.
The easiest way to analyze the deal that you were quoted would be to take a look at this van's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without knowing what the selling price is, it is difficult to tell how much of a discount you are being given. Let us know what this number is and I am sure that either myself or another knowledgeable community member will be happy to give you their opinion on it.
I don't believe that Honda is offering any special incentives for loyal customers on the '09 Odyssey right now.
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Hi kathyz24. Wow triplets, huh? I have two that are different ages and that is tough enough, I can't imagine three at the same time . No wonder you need a minivan.
The best way to get a good deal on a leased vehicle is to negotiate as low a selling price as possible on the vehicle that you want and then have the dealer calculate your monthly payment using its buy rate lease money factor.
You should be able to get an idea of how much you will have to pay for an 2008 Odyssey right now by hopping on over to the "Honda Odyssey Prices Paid and Buying Experience". If I was in the market for this vehicle right now, I personally would shoot for a couple hundred dollars over dealer invoice minus any available cash incentives. You can look up the dealer invoice price over in the New Vehicle Pricing section of Edmunds.com.
I don't know what Honda's November cash incentive on the '08 Odyssey is, but last month Honda was providing $3,500 on it. Chances are that it is the same this month, but you can check back with me in a day or two to confirm.
The same goes for the money factor. Last month, Honda Finance's buy rate for a 36 month lease of an '08 Odyssey was .00290 for consumers who qualify for its top credit tier and pay a security deposit at lease signing.
That's about it. Let me know if you have any questions.
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You're very welcome, honmom. I have confirmed that Honda is offering 1.9% to 3.9% special financing or a special lease featuring a money factor .00161 (for consumers who qualify for its top credit tier) on the 2009 Odyssey in November.
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Thanks for the responses. Does anyone know the residual percentage being offered on the 2009 Honda EXL with Navi and DVD? Also, since my lease is up (on January 2) for my 2006 Honda Odyssey (35k miles, great condition, Navi, DVD system, etc.) which carries a residual of $20,735, shouldn't the dealer give me a discount if they are picking up the car? The Kelly Blue Book value for the 2006 is $24,610. Thanks again for all the help.
You're welcome, jeffrey0707. This van's residual value varies based upon how long you lease it for and what mileage allowance you need. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Odyssey EX-L with the entertainment system, navigation, and 15,000 miles per year are .00161 and 47%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.
Don't count on getting any money from the dealer just because you believe it might be worth a little more than its lease-end purchase option price. Unfortunately, the values of used vehicles have fallen precipitously over the past several months. Most price guides are currently overestimating what vehicles are really worth in the real world.
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Car_Man thanks again for your help. I just got back from the dealer. I was amazed to find out that residual for the 2009 EXL with 12k for 36months was only 50%. My 2006 had a residual of 59% with the same lease terms. Even with negotiating the price down to $34,600 (EXL with nav and dvd) with a money factor of .00161 (was .00275 in 2006) for a lease of 36 months and 12k miles per year - the lease pymt per month came out to $543.65 (before tax and bank fees of $595 and dmv of $145). My lease payment for my 2006 with tax included was $533. I can't see myself paying an extra $55/month (with tax) for the same car (as there haven't been many changes since 2006). Do you have any suggestions? Is there another SUV or mini van that has a higher residual (close to 60%) than the Odyssey?
No problem, jeffrey0707. I don't blame you for not wanting to pay $550 per month. That's a lot of money for a minivan. There aren't that many minivans left on the market, but the 2009 Toyota Sienna and 2009 Volkswagen Routan's current lease programs appear to be a little better than the 2009 Odyssey's right now.
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Actually, it would be approx. $585/month if I don't pay the tax upfront. That is a lot of money for a minivan that hasn't changed much from 2006 for which I was paying $533/month with tax included in the lease payment. Given that the residual is so low for the Odyssey, outside of the Sienna and Routon, do you know of any other family vehicles that have better lease terms? We might consider a practical SUV if that leases better. I've heard the BMW X3 has a residual of 60% which could be leased for significantly less than $500/month. I'll also look into the Toyota and VW that you recommended.
Do you know if the 0.00161 is nationwide? We're in Raleigh and the first pass money factor we got was closer to 0.00200. We should qualify for top tier.
How much should I expect to pay with nothing out of my pocket to start. 36 months, 15000 miles per year. I was offered $473 per month including 8.25% california tax. Is this a good deal? any help is appreciated.
What is the take on the current national offer for the EX-L lease? Is it a good deal? I have always purchased my cars and just started looking in to leasing.
Taken from Honda's website:
$389.00 per month for 36 months. $2,999.00 total due at signing
FEATURED SPECIAL LEASE: Closed-end lease for 2009 Odyssey EX-L Automatic Transmission (Model RL3869JW) for $389.00 per month for 36 months with a $2,015.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,999.00 total due at lease signing (includes first month's payment, with no security deposit, AHFC upfront acquisition fee and capitalized cost reduction; 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. 11/20/2008 through 1/5/2009, to approved lessees by American Honda Finance Corp. Closed end lease for 2009 Odyssey EX-L Automatic Transmission vehicles (Model RL3869JW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $33,725.00 (includes destination) less the capitalized cost reduction (which may be paid by the suggested dealer contribution) resulting in actual net capitalized cost $29,505.51. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $14,004.00. Option to purchase at lease end $17,199.75. 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.
Hi yoyo77777. At lease signing, Honda Finance charges your first month's payment, a security deposit equivalent to this payment rounded up to the nearest $25 increment (unless it is waived), a $595 acquisition fee, and any capitalized cost reduction that you choose to make (ideally this should be $0).
It would be easier for us to evaluate the deal that you were quoted if you were able to provide us with this van's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, one has to back into the approximate selling price to tell how much of a dealer discount they are being given and see if there is any room left to negotiate. Let us know what this number is and I am sure that either myself or another knowledgeable community member will give you their opinion.
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Just so you know, right now Honda is offering $3500 deal cash back on the 2008 models. The money factor is quite a bit higher on the 08 (.00310) vs the 09 (.00101) but the cash back still made quite an impact on the payment. I just negotiated an EXL RES w/out navi, $0 out of pocket, 36 month, only 12,000 ($19 more for 15k) and my payment will be around $460. Drawback...2009 EXL w/out touring comes with auto hatch opening, but this feature was only available on touring models in prior models.
Comments
If you're leasing, holding out in this credit market could raise your payment.
Money Factor is rising fast. June was .0007, July was .00163. Now at .00280, and credit is tightening fast.
How much longer is that MF available from Honda? I wouldn't wait for the next lease "special". Work down the price before that date and bite.
Your EX deal for 12k/36k is $356 a month (tax included?).
Our July EX-L for 12k/36k leased at $344 a month without tax.
Price doesn't seem to be dropping much with Honda loan/lease, but interest rate hikes really hurt a payment.
I was hoping you would be able to post the new lease numbers for an EXL in FL for 36 months, 12k miles. I understand Honda has extended the 2.9% 60 month loan offer and I would like to make the comparison. If there is a difference between an EXL and EXL RES I would like to know that info as well.
Thanks in advance.
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Good deal?
1st payment $269, T&L and aqu fee $595
Check on the excess mile fee and % residual after lease also.
I noticed your current lease rates for the 2009. My question is, what is the current buy rate lease money factor for a 36 month lease of a 2008 Honda Odyssey EX-L with RES no NAVI and also for comparison to an EX-L with RES AND NAVI for 12K mi/year. (Chicago, IL) Is it the same as quoted above? (.00270 mf - 55% resid?)
Thank you in advance.
Will have to check this out in person but the ad said no payment 'til '09, sugguesting a 1st payment at drive-off is not required. As an AHFC lease, it seems unlikely that there's any acquisition fee (although I could well be wrong).
It can be rolled into the CAP cost (which I recommend), but it's always there..
regards,
kyfdx
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".... $0 down on cash or trade ...." means this offer is good only with NO TRADE-IN. if you have trade-in they won't honr the special deal.
Went to the store and they said the price in the ad was a misprint and should have been $369 per month rather than $269 (and had signs to that effect posted in the showroom).
http://forums.roadfly.com/forums/financing/9072143-1.html
Thanks for any help.
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When negotiating your lease on this truck, make sure to take advantage of the $3,500 dealer cash that is available on the '08 Odyssey.
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Tax question for you Tax experts. I'm currently in a lease - using it as a trade. It is valued more than the current lease on the Odyssey. One dealer says no tax, one dealer says full tax, another dealer says only tax on the difference in the two (5K spread). What's the skinny? (Illinois lease - we pay tax on FULL sale price like TX) yay. We're talking $2500 difference here.
TIA.
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2008 Odyssey (model RL3828EW)for $239.00 per month for 36 months with $1,999 Drive Off CostThis Program Can Be Used in conjunction with: HP-642A "2008 Odyssey $2,500 Dealer Cash"
Is this a good deal? Does this mean I can use $2500 to pay $1999 drive off cost?
Thanks for any help.
The methodology for how sales tax is calculated varies from state to state. Where I live, sales tax is only charges on the difference between the value of one's trade and the selling price of the new vehicle. I'm not sure how this works in Illinois, but you may be able to find out at one of the following sites:
CyberDrive Illinois
or
Illinois Department of Revenue
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I don't understand that part of your post.
Wouldn't you have to purchase your existing leased vehicle before you could use it as trade? Or does the lease company sell to the dealership directly? Otherwise, that sale alone would have tax charged, right? Illinois car dealers are exempt on their buys, but you must pay it.
Either way, it all worked out as I had hoped. Thanks to all for your responses.
Received these out the door prices.
09 oddysey touring without pax:
$36,434.83
sales tax 7% 2550.44
tire tax 7.50
reg/plates 354.00 (estimated)
online processing 6.00
documentation 219.00
Out-the-door: $39,571.77
.
08 oddysey touring w/pax
MSRP: $41,280.00
Internet price: $33,102.58, out the door same fees as above.
Please let me know what i should be paying for a 36 month lease, 0 down. i was told .003 money factor and $21359 residual. they didn't include acquisition either.
I have approval for these amounts plus letter stating no security deposit.
I really appreciate your help!
I cannot work up a lease payment on the 2009 Odyssey that you described because I do not know its MSRP. Both the MSRP and selling price are necessary for the calculation. If you let me know what it is, I'll work up a lease on it for you.
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I just found the formula on Edmunds .com and will try to figure on my own. I will see if it matches what you say. When you say pre-tax do you mean before tax and I should pay tax up front, and on what number?
Here is the latest and greatest quote with msrp. I am sure we are in the super credit tier. Note: we have pre-approval and waiver of security deposit.
09 Oddysey touring no pax.
msrp $40,405
36 months 12,000 miles per year
$563.05/month with tax included.
The total due at signing is $1,018.05, includes the first payment, registration/ plates for 3 years ($262.50), NJ tire tax ($7.5) and the document.fee ($185).
The lease is based on a selling price of $36,250. includes destination and delivery fee.
As far as sales tax goes, the method for calculating it varies from state to state. If you tell me what state you are in, I should be able to give you an idea of how it is calculated in your area or at least point you in the right direction.
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I live in eastern iowa, and have been emailing various dealers in the region trying to find a good deal on an Ody lease.
I've got a credit score in the 700s (729 TU). Just curious what a good deal on a lease would be for an 08 EXL-RES for 36mo, 12k. Assume $0 down, 5% tax on full purchase price.
If anyone has any input, I would greatly appreciate.
Thanks!
Potamkin Honda Miami made me a 36 mo lease offer with the new money factor .00161 RV 52% MSRP $41,075
$549 plus tax
Cap cost $37,105
Bank Fee $595
Cash at signing:
$549 1st mo
$699 dealer fee
$595 bank fee
$99 doc fee
$23 electronic filing fee to the State?
$6.50 disposal fee
$1.50 lemon law book
plus TTL
I was able to have them take off the doc fee. I had them throw in mudguards, sunroof wind deflector and cargo board. They have agreed to $545 mo plus tax and will have the car waiting for me tomorrow.
The only thing is that I don't think I should have to pay cash for the bank fee $595 if it is already included in the cap cost.
Am I right?
$595 is aquisition fee ... standard fee in auto leasing. you don't pay upfront only If dealer built it into the lease and spread out for 3 years.
I mentioned the bank fee was already included in the lease payment and the manger said that is the way they have to do the calculation. What I was planning on doing is asking them to add all the cash due at signing to the cap so I can sign and drive. That detail will prove the $595 is in there twice. oops!
I'm sure they have other things up their sleeve to charge me when I go to sign such as disposition fee and purchase option. Those are the other 2 things I will have to argue.
The cap cost without the bank fee is $285 below invoice. That means his profit is $699 - $285 less the cost of the accessories. Not much. except for the holdback of 2% of of the sales price or a little less than $800. So I have a feeling it's not going to be easy.
I'll let you know what happens.
car-man can tell you best though, i'm no expert.right car-man?
my dealer said residuals are changing as of nov 3rd, today, not to the buyers advantage he said.
down payment 2500
monthly lease 395
42 months
12,000 miles a year
should i take it??
thanks!
The easiest way to analyze the deal that you were quoted would be to take a look at this van's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without knowing what the selling price is, it is difficult to tell how much of a discount you are being given. Let us know what this number is and I am sure that either myself or another knowledgeable community member will be happy to give you their opinion on it.
I don't believe that Honda is offering any special incentives for loyal customers on the '09 Odyssey right now.
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The best way to get a good deal on a leased vehicle is to negotiate as low a selling price as possible on the vehicle that you want and then have the dealer calculate your monthly payment using its buy rate lease money factor.
You should be able to get an idea of how much you will have to pay for an 2008 Odyssey right now by hopping on over to the "Honda Odyssey Prices Paid and Buying Experience". If I was in the market for this vehicle right now, I personally would shoot for a couple hundred dollars over dealer invoice minus any available cash incentives. You can look up the dealer invoice price over in the New Vehicle Pricing section of Edmunds.com.
I don't know what Honda's November cash incentive on the '08 Odyssey is, but last month Honda was providing $3,500 on it. Chances are that it is the same this month, but you can check back with me in a day or two to confirm.
The same goes for the money factor. Last month, Honda Finance's buy rate for a 36 month lease of an '08 Odyssey was .00290 for consumers who qualify for its top credit tier and pay a security deposit at lease signing.
That's about it. Let me know if you have any questions.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Where can we find the November incentives for Honda? Is it published somewhere?
Car_man
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Prices Paid: Buying & Leasing Experiences Forum
Don't count on getting any money from the dealer just because you believe it might be worth a little more than its lease-end purchase option price. Unfortunately, the values of used vehicles have fallen precipitously over the past several months. Most price guides are currently overestimating what vehicles are really worth in the real world.
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,
Allan
36 months, 15000 miles per year.
I was offered $473 per month including 8.25% california tax.
Is this a good deal?
any help is appreciated.
Is it a good deal? I have always purchased my cars and just started looking in to leasing.
Taken from Honda's website:
$389.00 per month for 36 months. $2,999.00 total due at signing
FEATURED SPECIAL LEASE: Closed-end lease for 2009 Odyssey EX-L Automatic Transmission (Model RL3869JW) for $389.00 per month for 36 months with a $2,015.00 capitalized cost reduction available to customers who qualify for the AHFC Super Preferred credit tier. Other rates/tiers are available under this offer. $2,999.00 total due at lease signing (includes first month's payment, with no security deposit, AHFC upfront acquisition fee and capitalized cost reduction; 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. 11/20/2008 through 1/5/2009, to approved lessees by American Honda Finance Corp. Closed end lease for 2009 Odyssey EX-L Automatic Transmission vehicles (Model RL3869JW), for well qualified lessees. Not all lessees will qualify. Higher lease rates apply for lessees with lower credit ratings. MSRP $33,725.00 (includes destination) less the capitalized cost reduction (which may be paid by the suggested dealer contribution) resulting in actual net capitalized cost $29,505.51. Dealer contribution may vary and could affect actual lease payment. Taxes, license, title fees, options and insurance extra. Total monthly payments $14,004.00. Option to purchase at lease end $17,199.75. 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.
It would be easier for us to evaluate the deal that you were quoted if you were able to provide us with this van's selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number, one has to back into the approximate selling price to tell how much of a dealer discount they are being given and see if there is any room left to negotiate. Let us know what this number is and I am sure that either myself or another knowledgeable community member will give you their opinion.
Car_man
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Prices Paid: Buying & Leasing Experiences Forum