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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.
Car_man
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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.
Car_man
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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.
Car_man
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Car_man
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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
Car_man
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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.
Car_man
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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.
Car_man
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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.
Car_man
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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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Where can we find the November incentives for Honda? Is it published somewhere?
Car_man
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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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Car_man
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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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