Hi CTRoll. Honda's current lease program for the Odyssey isn't bad. Having said this, savvy consumers are usually able to beat manufacturers' advertised lease payments by negotiating a lower selling price than the one that the ad was based upon. Shoot for a selling price of around dealer invoice and then have the dealer calculate your van's monthly payment using its buy rate lease money factor of .00161 (assuming that you qualify for Honda Finance's top credit tier).
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The dealer just quoted me the following for a 2009 EXL: $540 with Nav and DVD, and $475 with no Nav and DVD. This is a sign and drive (that is, no money down except first month and DMV charges), the taxes and other fees are built into the lease payments, the lease is for 36 months with 12K miles. No disposition fee or other junk fees at termination. Lease is through Honda Financing not some unknown bank. The dealer informs me that they are losing $500 after the holdback. Apparently, they "don't want to lose me as a customer," so they are willing to lose the $500. Based on your knowledge, are they telling me the truth or is there additional opportunity for a lower lease payment? Thanks for your help.
I have a rapidly maturing Ody lease (mid Jan) and have several questions about that part of it. I'll be getting a new one so once I get closer I'll post again asking RV and MF for whatever year and version of an Ody we decide on...
Inspection pre turn-in - should I detail the car before the inspection or should I show it to the inspector in "worst case" condition? If they see it looking bad and tell me what to fix, would they then look harder at it?
Hi jeffrey0707. While it's nice that the dealer is supposedly willing to lose $500 on this deal to keep you as a customer if I was working on this deal, I personally would want proof. Make sure to find out the exact selling price that you are being charged for this Odyssey. Once you know, stop back and share it with us. I am sure that either myself or another knowledgeable community member will gladly share their thoughts on it with you.
Also, make sure that the dealer is using Honda Finance's current .00161 (top credit tier) buy rate lease money factor to calculate your van's monthly payment.
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Hi Squirrel. I have leased several Hondas in the past and I have always found Honda Finance's inspectors (it uses an independent inspection company) to be fairly lenient when evaluating the lease-end condition of vehicles. It wouldn't hurt to go over your car quickly and clean it up yourself before the inspection, but I wouldn't waste the money to have it professionally detailed.
Honda Finance is not currently providing any special cash incentives on leases to loyal customers.
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Lease Experts, I need your feedback on the recent quote I got. Didn't get all the details though. (This offer is from a dealer in MD state). 2009 EX-L with DVD and Navigation, 36 months Lease.
MSRP: $37525 Negotiated Price: Didn't ask. (maybe around 33.5+tax+accessories) Total Initial Payment Check(All inclusive, no details): $3000 Monthly Payment: $463.84 Money Factor: Not provided. (The new lower one, provided by Honda) Residual: 49% End of Lease Buy Option:$18387.25 Miles: Not provided (I am assuming 12K).
Pls advise if it's a reasonable offer. I am not really looking for the 'lowest'. All responses appreciated. Thanks in advance.
Hi upendrak. the dealer invoice price of a 2009 Honda Odyssey EX-L with navigation and the entertainment system is $34,049. It sounds as though the selling price that you are able to negotiate is lower than that. If so, this is an excellent deal.
Just make sure that the dealer that you are working with uses Honda Finance's current buy rate lease money factor of .00101 (for customers who qualify for its top credit tier) to calculate your monthly payment and you're in business.
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I got the 2009 lease for 36 months for EXL at $365/month plus tax with $3,000 down for drive off which includes first month and tax and license. The MSRP is $34,000. Is this a good price? Please help.
Every New 09 Odyssey EXL Lease $368/Month With MSRP of $33,725. based on 12,000 miles/year, .20/mile excess; based on ZERO cash or trade down. Security deposit waived. $368x36, 51% res. Price excludes taxes, documentation, title, and registration fees; prices include all customer rebates, promotions and incentives to dealer. Lease #152937
Holiday greetings! When you see this, would you mind posting several permutations of current lease terms for the Odyssey? I'm going to get one in the next week but given tight inventory of 08s, I'm not sure what I'll end up with, so rather than come back each time, if you are willing to post various options, I can cook the numbers from there...
Anyway, would greatly appreciate MF and RVs for both 2008 and 2009 Ody EXL three ways: (1)plain, (2)with RES only and (3)with RES and Nav.
I'm planning on 36 month w/ 15K per, but if you don't mind posting the numbers for other terms and mileages, that would be helpful.
Last but no way least, is the $3500 cash still avail till Jan 2 on 08 Ody's?
I got a quote on 09 EX lease selling price $26950, residual $16510, monthly payment $365 + $595 bank fee, $250 doc and $300 registration. Do you guys think this is fair?
My current lease expires in mid Feb. Any comment to skip the year end deal and wait for the new promotions?
I've been looking at leasing an EX-L and am trying to get my monthly payments inside $400/month. So far non of dealers I spoke to were willing to negotiate beyond the current lease deal from Honda (about $480/month, $0 down). Today one called back and said Honda issued new incentives and they can go down to $425/month.
Does anyone know any details for the new incentives? Or are they giving up their dealer holdbacks to sell? I don't see them moving a lot of cars and even Honda is going to have to give bigger incentives than they historically have been.
Elephant, getting an Ody EXL under $400/month for a lease w/ no money up front is going to be a tall order unless the new incentives today are quite large. Even Honda's advertised lease at $389 month is without taxes, so almost certainly your actual payment will be over $400 - for ex., that $389 for me would be $419/month with tax. That deal also calls for 2999 up front, of which 595 is the acq. fee, 147 is misc fees and a "down payment" of ~$2257. Now, that deal still includes about a grand in profit for the dealer, so you could negotiate the selling price of the vehicle lower but I doubt you'll get to a payment of $400.
For example, using the residual and money factor in the advertised lease, cooking the acq. fee into the lease and using as the selling price of the van invoice minus the $1250 incentive from this past weekend (so zero dealer profit on the sale, excluding floorplan/holdback money), the monthly payment is still just over $400 NET of taxes and for me, would be $436 with tax. And that's with paying a security deposit up front. If you want a true no-money-down deal and not pay a sec. dep., the dealer will probably bump the money factor to .00111, raising the net payment to about $410 without tax.
As to the dealers not moving cars: yes, yesterday's news on national car sales was atrocious, even for Honda (down ~35% over the previous Dec.). However, there are some other things at play. Dec. Honda sales were up about 10,000 vehicles sold over November, a trend that seems to hold true across other mfgs also. As well, I just bought a new Ody last night and my store was humming - my guy had sold 11 cars personally in January already, and it was only the 5th. They are one of the top 50 Honda stores nationally in volume, but still, some cars are selling.
If you can lease the EXL in Mass then check out Boch Honda > Promotion > Month ...
Sign & Drive with ZERO out of pocket, 368/mo before tax. Every New 2009 Honda Odyssey EXL MSRP $33,725 Lease for only $368/Month Lease requires approved credit; based on 12,000 miles/year, .20/mile excess; Lease based on ZERO cash or trade down. Security deposit waived. $368x36, 51% res. Price excludes taxes, documentation, title, and registration fees; prices include all customer rebates, promotions and incentives to dealer. Lease #152937
squirreljam, Appreciate the feedback. You answered my question about the $1250 incentive over the weekend. I guess I missed the train on it. Do you think they'll still honor the deal? I also see they did not replace the just expired incentives with new ones. Or there's more coming?
I'm reluctant to make a deal now and find out in a month or so there's a better deal out there.
Elephant, on the "prices paid" forum, someone posted that the $1250 trunk money was extended today, so if you're ready to pull the trigger, you should be able to get that money. The same person also mentioned that there is a possibility that the incentive may included waiving destination ($670). Not sure about that but if you can wait a few days to save an extra six hundy, Car_Man or someone else might be able to shed some light on that.
Apparently not in Michigan. We called the dealer and he said yesterday, the 5th, was it. I did see that Honda has put the Odyssey LX lease back on the website. Hopefully the dealer will call back tomorrow.
Its useful to know these incentives up front before we go into the dealer as they'll never willingly give them up. Amazing as they're sitting on a lot of inventory and you'd think they'd want to make a deal.
Appreciate all your feedback on this forum. Regards
Happy Holidays to you as well, Squirrel. They're all over now, back to work . Here's the information that you're looking for.
Honda Finance's new January buy rate lease money factor and residual value for a 36 month lease of a base 2009 Odyssey EX-L with 15,000 miles per year are .00250 and 48%, respectively. The money factor for an EX-L with RES drops is the same, but the resid drops by one point to 47%. The resid for an EX-L with RES and Nav is two points lower at 46%.
Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2008 Odyssey EX-L with 15,000 miles per year are a much less attractive .00310 and 43%. Again the resid drops by one point for RES and two points for RES and Nav.
Honda is currently providing $1,250 dealer cash on the '09 Odyssey and $3,500 on the '08 Odyssey. Make sure to take this cash into account when negotiating the capitalized cost for your lease.
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Hi glit922. I'm not sure if that is an attractive payment for this van off of the top of my head. The best way to evaluate a lease is to look at the selling price that it is based upon. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Let us know what your Odyssey's selling price was and I am sure that either myself or another knowledgeable community member will be happy to give you their opinion on it.
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Hi Mir. A selling price that's that far below dealer invoice must be taking the dealer cash into account. I'm surprised that the TMV for this vehicle is that low. If I was in the market for a 2008 Odyssey right now, I personally would shoot for a selling price of around $3,500 below dealer invoice (taking the cash into account).
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Hi Car_Man, would you know what the residual value and money factor would be for a 2009 Touring no PAX, 36 months, 15K miles? My dealer quoted me 0.0025 money factor and 45% residual. However, his initial quote was "less than 0.002" money factor. I think he's playing games so I would like to verify his numbers. Thanks in advance.
I am looking to lease a 2009 Odyssey EX-L with NAV & RES in Los Angeles area. Just got a quote from a dealer - $37,675 MSRP, $32,702 INTERNET PRICE. I haven't told the salesman that I want to lease the car yet.
Is this a good starting price to start negotiating with? Anyone has the money factor and residual out there? I am looking for 36months, 12K/year.
Just want to share the numbers I got today trying to lease a 09 Odyssey EX-L with NAV and RES.
Went to 2 dealers today. Of course, when they hear that you are leasing the car, they just want to focus on how much you want to pay per month. Anyway, the first dealer (in Monrovia) quoted me $560 on 38mo/12K with $970 drive off (includes first month and doc fees). The money factor was 0.0025 and residual 48%. I back calculated the cap cost to be somewhere around $32850. I didn't think it was good enough so I told him I would think about it. The guy was pretty professional and said if I changed my mind to give him a call.
The second dealer (in El Monte) sucked. I asked for the guy whom I have been communicating through email. He came out to greet me and seemed friendly. Then we started talking a bit about the van and I told him what I want to pay monthly. He wrote down the numbers and then left. Five minutes later he came back with some guy who says he can take me to their lot to find the color I want, and he will take over after that. I said ok. So off we went, saw the van, decided on a color and then came back to the dealership. He wrote down some info for credit check and then five minutes later he came back with another guy to handle the negotiation. I was not happy being handed off like that. Anyway, this guy came in with some ridiculous numbers, like $600/mo with $6500 for my trade-in (I left out the trade-in at first dealer because their quote was too low). I calculated the cap cost to be more than the MSRP! I was like, "yo, you've gotta be kidding." I felt really insulted. Anyway, we went back and forth a few times, his best price was $589 for 39 mo/12K with $1000 drive off. I was pretty disgusted with how I was treated so I walked out.
Well, I hope tomorrow is a better day. Got a couple more dealers to hit...
Greetings jrm005. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2009 Odyssey EX with 12,000 miles per year are .00250 and 51%, respectively for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. The numbers for an otherwise identical lease of an '09 Odyssey EX-L are .00250 and 48%.
If you want to lower your payment slightly, you can stretch your lease out to 39 months. Honda Finance's money factors for 39 month leases of this van are exactly the same, but its residual values are 1% lower.
When negotiating the capitalized cost for your lease, make sure to take the $1,250 dealer cash that is currently available on this model into account.
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Hi YBM667. Unfortunately, the numbers that the dealer quoted you for this van look about right. Honda's lease program on it right now just isn't that compelling. The $1,250 dealer cash that is available on the Odyssey at least partially makes up for its bad money factor and residual value.
I was talking about this with someone the other day. There are still some decent leases around out there, but one has to look harder for them than they used to. The days of completely unrealistically high residual values and absurdly low money factors seem to have come to an end.
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Hi Michael. If I was in the market for an '09 Odyssey in an area that has a high level of competition, like Los Angeles, right now I personally would shoot for a selling price that's fairly close to dealer invoice minus the $1,250 dealer cash that Honda is currently providing on it. You can look up the exact dealer invoice price of the van that you want over in the New Vehicle Pricing section of Edmunds.com.
As far as this model's current lease program goes, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2009 Odyssey EX-L with Navigation and the entertainment system with 12,000 miles per year are .00250 and 48%, respectively.
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All. I'm in the same predicament regarding the money factor for a 36 month lease. I live in Boston and have been to several dealers. The money factor has been consistent across the board at .0025. Negotiating a low purchase prices has been the easy part -- it's the money factor that is preventing me from pulling the trigger.
At this point I'm considering the Chrysler Town & Country as an alternative because of the incentive packages. Anybody have any insight into what March will bring from a money factor perspective for the Oydessy 09.
Hi! New here and am wondering how does this sound: 2009 EX with $3500 down, 12K mi $350/mo for 39 months (this is the drive away price, includes all fees) and includes the $1250 marketing support off the dealer's INVOICE price making the final price about $26,500. The deal was more attractive 6 months ago and I'm kicking myself, why is Honda's money factor so high now given the current economic climate? Should I pull the trigger on this deal or wait until March or later.... Toyota can't do better either. Please advise. Thanks!!!
New to the forum. I am grateful for any insight. There is a national program to lease a 2009 Honda LX for the following:
2,9999.00 Down 299.00 monthly 39 month lease 2,105 capitalized cost reduction 12,000 miles per year
I am wondering if, or how, I can do better. Ideally, I would like to get into an EX-L for the same terms. I live in Oregon and have identified about 10 honda dealers that I can negotiate with but have not contacted them yet. Is this possible, or am I dreaming?
Was wondering the same thing myself! If you can can get an EXL for that deal I'll drive to Oregon from the East Coast to get it.... So my dealer is kicking in another $1000 below INVOICE for EX (no leather, no NAV, no DVD), and am almost ready to sign. Need to know if this is a good deal, someone??? Money factor is .0025
Drove a Chrysler T&C today and they are offering TONS of rebates (Chrysler no longer leases); employee pricing, etc... but vehicle is not as nice as the Honda for sure. They offer a really nice 36,000 mi bumper to bumper warranty with free towing and a lifetime powertrain warranty.
Now, I'm also curious about the federal economic stimulus package that may contain a tax break for new car buyers and am now thinking of buying vs. leasing! Too much to think about.....please help!
Hi DevilPuncher. Savvy consumers who live in an area that has a decent level of competition are almost always able to get a better deal than manufacturers' official advertised lease payments by negotiating a lower selling price than the one that was used to calculate them.
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Car man: what about $2K below invoice? Is that good? Is the EXL w/o NAV/RES worth the $3700 more in MSRP over EX model?... I don't really need leather, but the power liftgate is a nice feature... Finally, is it realistic to shave any more off the invoice price?? Thanks!
Car Man, thank you for your advice. So if I understand correctly, I should really be negotiating the selling price of the EX-L I am wanting to lease. If so, what is an aggresive but realistic figure I should try to get these dealers down to for an EX-L in the leasing realm? What about an EX?
Wow, I just looked and the national offer is now 2999 down and 259 a month for an LX. Perhaps I can get somebody to give me an EX or an EX-L for 2999 and 299.
True, it is better than last month but still not as good as what they are offering on the Pilot. If Honda offered the same money factor for the Odyssey as they do for Pilot, the payments would be about $40 less. financing amount $40,000 x difference in money factor 0.001 = $40 /month
I made the mistake of getting a Town and Country after my Odyessy lease was up. They gave me thousands of dollars worth of discounts, plus the T & C was loaded with everything DVD,NAVI, Sat. Radio leather and so on. The only problem is that the T & C is the biggest piece of garbage I have ever had the displeasure of driving. Between no pick up, loud road noise and now there is a banging from the rear everytime you turn not to mention all the little things that have gone wrong. I am just glad my lease is almost up so I can get rid of it.
Hi salesdoll. Honda is providing $2,250 dealer cash on the 2009 Odyssey in February. So, $2,000 below invoice is really equivalent to $250 over invoice...which is still a very good deal. If I was in the market for an '09 Odyssey, I personally wouldn't have any problem with paying $250 over.
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You're very welcome, DevilPuncher. Yes, negotiating the selling price of the vehicle that you want is the easiest way to make sure that you are getting a good deal. If I was in the market for a 2009 Odyssey right now, I personally would shoot for a selling price of right around dealer invoice, possibly a couple hundred over, minus the $2,250 dealer cash that Honda is currently providing on it.
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Thanks, Car_man! That makes me feel good especially for a first time leasing experience. But what exactly do you mean that it's really $250 over inv? Is it b/c the mfr not the dealer is kicking in the discount? My sales guy acts like this is the deal of the century, but I want to maximize my power as a buyer and get the best deal. I really want to sqeeze him! (Who doesn't?) Two other competitors are close but not as close. Can I ask for another $1000 just for kicks? Walk out and let him sweat a day or two? Also, since President's Day is around the corner, should I expect any added discount or is the February lease deal the deal? Thank you so much! salesdoll
I am about to lease an EX-L w/RES & Navi. I got an internet quote, and got the dealer I've been working with to match it. $30,040 ($30,710 with destination charge). That's considering invoice of $33,468, $2,250 in dealer cash, and I suppose another $1200 in their eagerness to sell in this economy.
Monthly payment (with $0 down) on a 39 month lease is $541 (47% residual, 0.0025 money factor, 12K miles/year). Does this sound like a good deal?
Also... I am trying to decide on 36 vs 39 vs 48 month lease. 36 has a 48% residual, 39 is at 47%. Money factor is 0.0025 on both. Anyone know what the residual and MF are on a 48 month?
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$540 with Nav and DVD, and
$475 with no Nav and DVD.
This is a sign and drive (that is, no money down except first month and DMV charges), the taxes and other fees are built into the lease payments, the lease is for 36 months with 12K miles. No disposition fee or other junk fees at termination. Lease is through Honda Financing not some unknown bank. The dealer informs me that they are losing $500 after the holdback. Apparently, they "don't want to lose me as a customer," so they are willing to lose the $500. Based on your knowledge, are they telling me the truth or is there additional opportunity for a lower lease payment? Thanks for your help.
I have a rapidly maturing Ody lease (mid Jan) and have several questions about that part of it. I'll be getting a new one so once I get closer I'll post again asking RV and MF for whatever year and version of an Ody we decide on...
Inspection pre turn-in - should I detail the car before the inspection or should I show it to the inspector in "worst case" condition? If they see it looking bad and tell me what to fix, would they then look harder at it?
Is there any loyalty program at AHFC?
Thanks a ton,
Squirrel
Also, make sure that the dealer is using Honda Finance's current .00161 (top credit tier) buy rate lease money factor to calculate your van's monthly payment.
Car_man
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Honda Finance is not currently providing any special cash incentives on leases to loyal customers.
Car_man
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I need your feedback on the recent quote I got. Didn't get all the details though.
(This offer is from a dealer in MD state).
2009 EX-L with DVD and Navigation, 36 months Lease.
MSRP: $37525
Negotiated Price: Didn't ask. (maybe around 33.5+tax+accessories)
Total Initial Payment Check(All inclusive, no details): $3000
Monthly Payment: $463.84
Money Factor: Not provided. (The new lower one, provided by Honda)
Residual: 49%
End of Lease Buy Option:$18387.25
Miles: Not provided (I am assuming 12K).
Pls advise if it's a reasonable offer. I am not really looking for the 'lowest'.
All responses appreciated.
Thanks in advance.
Just make sure that the dealer that you are working with uses Honda Finance's current buy rate lease money factor of .00101 (for customers who qualify for its top credit tier) to calculate your monthly payment and you're in business.
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I got the 2009 lease for 36 months for EXL at $365/month plus tax with $3,000 down for drive off which includes first month and tax and license. The MSRP is $34,000. Is this a good price? Please help.
Every New 09 Odyssey EXL
Lease $368/Month
With MSRP of $33,725. based on 12,000 miles/year, .20/mile excess; based on ZERO cash or trade down. Security deposit waived. $368x36, 51% res. Price excludes taxes, documentation, title, and registration fees; prices include all customer rebates, promotions and incentives to dealer. Lease #152937
Holiday greetings! When you see this, would you mind posting several permutations of current lease terms for the Odyssey? I'm going to get one in the next week but given tight inventory of 08s, I'm not sure what I'll end up with, so rather than come back each time, if you are willing to post various options, I can cook the numbers from there...
Anyway, would greatly appreciate MF and RVs for both 2008 and 2009 Ody EXL three ways: (1)plain, (2)with RES only and (3)with RES and Nav.
I'm planning on 36 month w/ 15K per, but if you don't mind posting the numbers for other terms and mileages, that would be helpful.
Last but no way least, is the $3500 cash still avail till Jan 2 on 08 Ody's?
Thanks, and Happy New Year,
Squirrel
It seems like a pretty good deal.
Edited: never mind - found it on the web - Boch Honda. Not too far from me either.
We just leased a 2009 Odyssey EXL with DVD player.
12k mileage lease for 36 months. Paid No money down except for $700 to cover tax tags and first month payment.
The payment comes to $527 per month.
Is this a good deal for the lease?
selling price $26950, residual $16510, monthly payment $365 + $595 bank fee, $250 doc and $300 registration. Do you guys think this is fair?
My current lease expires in mid Feb. Any comment to skip the year end deal and wait for the new promotions?
Does anyone know any details for the new incentives? Or are they giving up their dealer holdbacks to sell? I don't see them moving a lot of cars and even Honda is going to have to give bigger incentives than they historically have been.
For example, using the residual and money factor in the advertised lease, cooking the acq. fee into the lease and using as the selling price of the van invoice minus the $1250 incentive from this past weekend (so zero dealer profit on the sale, excluding floorplan/holdback money), the monthly payment is still just over $400 NET of taxes and for me, would be $436 with tax. And that's with paying a security deposit up front. If you want a true no-money-down deal and not pay a sec. dep., the dealer will probably bump the money factor to .00111, raising the net payment to about $410 without tax.
As to the dealers not moving cars: yes, yesterday's news on national car sales was atrocious, even for Honda (down ~35% over the previous Dec.). However, there are some other things at play. Dec. Honda sales were up about 10,000 vehicles sold over November, a trend that seems to hold true across other mfgs also. As well, I just bought a new Ody last night and my store was humming - my guy had sold 11 cars personally in January already, and it was only the 5th. They are one of the top 50 Honda stores nationally in volume, but still, some cars are selling.
If you can lease the EXL in Mass then check out Boch Honda > Promotion > Month ...
Sign & Drive with ZERO out of pocket, 368/mo before tax.
Every New 2009 Honda Odyssey EXL MSRP $33,725
Lease for only $368/Month
Lease requires approved credit; based on 12,000 miles/year, .20/mile excess; Lease based on ZERO cash or trade down.
Security deposit waived. $368x36, 51% res. Price excludes taxes, documentation, title, and registration fees; prices include all customer rebates, promotions and incentives to dealer. Lease #152937
Appreciate the feedback. You answered my question about the $1250 incentive over the weekend. I guess I missed the train on it. Do you think they'll still honor the deal? I also see they did not replace the just expired incentives with new ones. Or there's more coming?
I'm reluctant to make a deal now and find out in a month or so there's a better deal out there.
Regards
Its useful to know these incentives up front before we go into the dealer as they'll never willingly give them up. Amazing as they're sitting on a lot of inventory and you'd think they'd want to make a deal.
Appreciate all your feedback on this forum.
Regards
Honda Finance's new January buy rate lease money factor and residual value for a 36 month lease of a base 2009 Odyssey EX-L with 15,000 miles per year are .00250 and 48%, respectively. The money factor for an EX-L with RES drops is the same, but the resid drops by one point to 47%. The resid for an EX-L with RES and Nav is two points lower at 46%.
Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2008 Odyssey EX-L with 15,000 miles per year are a much less attractive .00310 and 43%. Again the resid drops by one point for RES and two points for RES and Nav.
Honda is currently providing $1,250 dealer cash on the '09 Odyssey and $3,500 on the '08 Odyssey. Make sure to take this cash into account when negotiating the capitalized cost for your lease.
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MSRP: $40,680 Invoice: $36,884 TMV:$31,743
Is this reasonable? Does it include the $3500 Dealer cash for '08s
Mir
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EX 12K miles - Money Factor? Residual? Term?
EX-L 12K miles - Money Factor? Residual? Term?
Thanks in advance!!
I am looking to lease a 2009 Odyssey EX-L with NAV & RES in Los Angeles area. Just got a quote from a dealer - $37,675 MSRP, $32,702 INTERNET PRICE. I haven't told the salesman that I want to lease the car yet.
Is this a good starting price to start negotiating with? Anyone has the money factor and residual out there? I am looking for 36months, 12K/year.
Thanks for the help.
Michael
Higher money factor, lower residuals
Went to 2 dealers today. Of course, when they hear that you are leasing the car, they just want to focus on how much you want to pay per month. Anyway, the first dealer (in Monrovia) quoted me $560 on 38mo/12K with $970 drive off (includes first month and doc fees). The money factor was 0.0025 and residual 48%. I back calculated the cap cost to be somewhere around $32850. I didn't think it was good enough so I told him I would think about it. The guy was pretty professional and said if I changed my mind to give him a call.
The second dealer (in El Monte) sucked. I asked for the guy whom I have been communicating through email. He came out to greet me and seemed friendly. Then we started talking a bit about the van and I told him what I want to pay monthly. He wrote down the numbers and then left. Five minutes later he came back with some guy who says he can take me to their lot to find the color I want, and he will take over after that. I said ok. So off we went, saw the van, decided on a color and then came back to the dealership. He wrote down some info for credit check and then five minutes later he came back with another guy to handle the negotiation. I was not happy being handed off like that. Anyway, this guy came in with some ridiculous numbers, like $600/mo with $6500 for my trade-in (I left out the trade-in at first dealer because their quote was too low). I calculated the cap cost to be more than the MSRP! I was like, "yo, you've gotta be kidding." I felt really insulted. Anyway, we went back and forth a few times, his best price was $589 for 39 mo/12K with $1000 drive off. I was pretty disgusted with how I was treated so I walked out.
Well, I hope tomorrow is a better day. Got a couple more dealers to hit...
Michael
If you want to lower your payment slightly, you can stretch your lease out to 39 months. Honda Finance's money factors for 39 month leases of this van are exactly the same, but its residual values are 1% lower.
When negotiating the capitalized cost for your lease, make sure to take the $1,250 dealer cash that is currently available on this model into account.
Car_man
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I was talking about this with someone the other day. There are still some decent leases around out there, but one has to look harder for them than they used to. The days of completely unrealistically high residual values and absurdly low money factors seem to have come to an end.
Car_man
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As far as this model's current lease program goes, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2009 Odyssey EX-L with Navigation and the entertainment system with 12,000 miles per year are .00250 and 48%, respectively.
Car_man
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At this point I'm considering the Chrysler Town & Country as an alternative because of the incentive packages. Anybody have any insight into what March will bring from a money factor perspective for the Oydessy 09.
2,9999.00 Down
299.00 monthly
39 month lease
2,105 capitalized cost reduction
12,000 miles per year
I am wondering if, or how, I can do better. Ideally, I would like to get into an EX-L for the same terms. I live in Oregon and have identified about 10 honda dealers that I can negotiate with but have not contacted them yet. Is this possible, or am I dreaming?
Drove a Chrysler T&C today and they are offering TONS of rebates (Chrysler no longer leases); employee pricing, etc... but vehicle is not as nice as the Honda for sure. They offer a really nice 36,000 mi bumper to bumper warranty with free towing and a lifetime powertrain warranty.
Now, I'm also curious about the federal economic stimulus package that may contain a tax break for new car buyers and am now thinking of buying vs. leasing! Too much to think about.....please help!
http://news.yahoo.com/s/ap/20090204/ap_on_go_co/congress_stimulus_66
Car_man
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If Honda offered the same money factor for the Odyssey as they do for Pilot, the payments would be about $40 less.
financing amount $40,000 x difference in money factor 0.001 = $40 /month
Pilot MF : 0.0015
Ody MF: 0.0025
Car_man
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Car_man
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Monthly payment (with $0 down) on a 39 month lease is $541 (47% residual, 0.0025 money factor, 12K miles/year). Does this sound like a good deal?
Also... I am trying to decide on 36 vs 39 vs 48 month lease. 36 has a 48% residual, 39 is at 47%. Money factor is 0.0025 on both. Anyone know what the residual and MF are on a 48 month?