Options

2013 and earlier-Honda Odyssey Lease Questions

1303133353659

Comments

  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're right, elephant22. Honda Finance's current money factor on the 2009 Odyssey, .00250, definitely is not anything to write home about. At least Honda is currently providing a sold $2,500 dealer cash on it. The 36 month, 12k residual for a base '09 Odyssey EX-L is 49%.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • tazzy8tazzy8 Member Posts: 6
    Can anyone let me know if this is a good deal?

    price of vehicle $27,964
    0 down $492.84
    1000 down includes first payment $459.63
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hellooooooo mrscute. According to my calculations, if you were to lease a 2009 Honda Odyssey EX without leather, DVD, or navigation that has an MSRP of $30,125 and a selling price of $26,500 through Honda Finance right now for 36 months with 15,000 miles per year, its zero down, pre-tax monthly payment would be around $422. Wow, that's not cheap. The payment is high enough that I just double checked my calculations.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi newsuvbuyer. Through May 4th, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2009 Odyssey Touring with 15,000 miles per year are .00250 and 44%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    You are correct, the $2,500 dealer cash is still available on this model.

    Unfortunately, I doubt that you are going to have much luck getting the dealer to take your current Odyssey back eight months before your lease's scheduled end date. It will likely be very expensive for you to get out of your lease this early.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ale. Be very careful with Boch's advertised lease payment. Those guys are notorious for advertising "bait and switch" leases where there is only one specific unit available at the advertised price (if the unit ever even really existed).

    The best way to get a good deal on a leased vehicle is to negotiate as low a selling price as possible on it and then have the dealer calculate your monthly payment using its buy rate lease money factor. Let's see what a cheap lease payment would be on the van that you are interested in. According to my calculations, if you were to lease a 2009 Odyssey LX that has an MSRP of $27,025 and a selling price of $22,060 ($500 over dealer invoice minus the $2,500 dealer cash) through Honda Finance right now for 36 months with 12,000 miles per year, its zero down, pre-tax monthly payment would be around $313.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings tradermom. Let's work up a payment on an '09 Odyssey EX-L with DVD and see what we come up with. According to my calculations if you were to lease an '09 Odyssey EX-L with DVD that has an MSRP of $35,425 and a selling price of $30,151 ($500 over invoice minus the $2,500 dealer cash) through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $475. Even right at dealer invoice this van's payment is still around $459 before tax. I don't think that you will be able to get the EX-L with DVD for around $400 per month like you were hoping.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi new_bee. Cool user id :) . Honda's current lease program is scheduled to run through May 4th. It is difficult to say what its program will look like after that. In the past one might have been able to make a reasonable guess, but things are so different today that it's anyone's guess. I have no idea if auto sales will get better or worse. I have no idea whether more companies will lose their appetite for leasing than already have, etc...

    If I had to make an educated guess, I would say that Honda's May lease program will be at least as attractive as its current one, if not better. Again though it is impossible to say what will happen for certain in today's environment.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • daknitsdaknits Member Posts: 8
    Carman ... I have been following the forum for a few weeks and have been seeing deals for $475-$520 for the EX-L, and I'm starting to doubt my deal. I'd really like your opinion. I thought I did all my research, but it looks like I have a higher payment than most.

    I am in Miami, Florida. I leased the EX-L with Navi and RES with wheel and rim protection and wheel locks for a total of $565 a month including tax, for 36 months, 12,000 miles/year, and $1200 down.

    What do you think?
  • sjtashsjtash Member Posts: 27
    On the radio this morning while listening to a news broadcast, I heard Honda employees will be asekd to take time off from work without pay to help the auto maker through these difficult times.

    I am hopeful this will lead to better deals on the Odyssey (lower money factors and increased cash) in April. However, from February to March there was little or no change in the money factor and a slight increase in cash.

    This is just my thoughts; and should not be misconstrued as advice on an automobile purchase.
  • genekim1genekim1 Member Posts: 2
    Hi Carman,

    I am getting EX-L with no RES, no NAV for $27,500 before tax. No downpayment and $460 per month AFTER tax. Is this decent? I am not even expecting to get the best in town deal, but just don't want to be paying too much. I am in CA. Thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi daknits. I personally would have passed on the wheel protection. I would be happy to give you my opinion on this deal. Do you happen to know what your van's selling price is? If not, then how about its payment before tax? Either one of those will help me out.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I like Honda. The fact that they don't have any a la carte options makes my life so much easier :). The dealer invoice price of a base 2009 Odyssey EX-L is $30,705. If one subtracts the $2,500 dealer cash that Honda is providing on this van from that, it drops to $28,205. The selling price that you were quoted is even lower than that, so you are getting a very good deal. Just make sure that the dealer uses Honda Finance's current buy rate of .00250 (for Super Preferred tier customers) to calculate your monthly payment and you're in business.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • gbcbdgbcbd Member Posts: 3
    I was just quoted $29,651 (before tax) for 09 EX-L w/ RES. No downpayment and $459/mo for 36 mo, 12K miles per yr. Taxes, title, DMV fees are $2620 and due at signing. Is this a good deal for the NYC area? :confuse:
  • daknitsdaknits Member Posts: 8
    The "agreed upon value of the vehicle" was $31,590.96. The aquisition fee and other fees totalled $944 for a total gross capitalized cost of $32,534.96. Does this help? Thanks, Car_Man!!!!!

    (I leased the EX-L with Navi and RES with wheel and rim protection and wheel locks for a total of $565 a month including tax, for 36 months, 12,000 miles/year, and $1200 down. I live in Miami, FL, and we have a 7% tax).
  • michaelmomichaelmo Member Posts: 1
    Please help Car Man!

    I am trading in (before my lease term expires) a 2007 Odyssey EX-L RES with 38,000 miles. I'd like to lease a new 2009 Odyssey EX-L RES for 36 months - 15,000 miles per year. What should I expect my new lease payment to be and what purchase price should I negotiate for? The payoff on the current lease is $21,103. I am looking for an OTD monthly payment with no money due at signing (except for the first months payment). The sales tax is 3% in Virginia.

    Any help/suggestions would be greatly appreciated... thanks!
  • new_beenew_bee Member Posts: 6
    Any one .... (especially Car Man)
    I have decided to lease the Odyssey EX 2009
    any one with currently lease this vehicle
    Pls give me monthly payment with tax included already
    I am looking little or no DP

    tks so much....

    New.............Beeeeeeeeeeeeeeeeeeeeeeeeeeeeeee :shades:
  • daknitsdaknits Member Posts: 8
    ****Car_Man ... here's the info you asked for before evaluating my deal ....

    The "agreed upon value of the vehicle" was $31,590.96. The aquisition fee and other fees totalled $944 for a total gross capitalized cost of $32,534.96. Does this help? Thanks, Car_Man!!!!!

    (I leased the EX-L with Navi and RES with wheel and rim protection and wheel locks for a total of $565 a month including tax, for 36 months, 12,000 miles/year, and $1200 down. I live in Miami, FL, and we have a 7% tax).
  • jb2ujb2u Member Posts: 19
    I have two local dealerships (in NJ) with a 2009 Black/Black Honda Odyssey Touring (no PAX) in inventory with similar deals, the slightly better of which is as follows - is this a good deal or what am I not seeing between the lines?

    27mth lease, 15k miles, $1500 out of pocket, for $755.00/mth
    or
    36mth lease, 15k miles, $1500 out of pocket, for $658.00/mth

    Note, three accessories are also included in the above: all season matts, cargo board (to cover trunk well) and 3rd row sunshades... as our two older kids will be back there after the twins arrive this month!

    The selling price is noted to be around $35000 - but last rounds of negotiation between dealers focused on simply cutting the monthly rate so I am not certain of current price it is based on.

    Appreciate a quick reply as we are looking to make a deal this Saturday -- assuming there is a deal here (!?)
  • pov55441pov55441 Member Posts: 5
    Hi Car Man and Forum Readers. I plan on leasing a new EX in the next 2-3 months in the Minneapolis area. I would like to add on RES and rear back-up sensors, but I don't know what those two add-ons would do to my cost. Can anyone please help me with an estimate as well as monthly payment?!? I also have perfect credit and will put $0 down, 12K, and 36mo.

    On a related note, we are about to turn in an EXL so I know that the leather is another option. Bottom line, we don't need the leather and are hopefully looking to save a few bucks by just going with the EX. THANK YOU!!
  • mrthnmanmrthnman Member Posts: 26
    what deal did you end up getting ?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi michaelmo. The MSRP and dealer invoice price of a 2009 Honda Odyssey EX-L RES are $35,425 and $32,151, respectively. If we subtracts the $2,500 dealer cash that is currently available on this model from the invoice price and then adds back a $500 dealer profit we arrive at an estimated selling price of $30,151.

    Using these prices, I estimate that this van's 36 month, 15,000 mile per year, zero down, pre-tax monthly payment would be around $492.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Bee. Let's work up a sample lease payment on this van and see what we come up with. The MSRP and dealer invoice price of a base 2009 Honda Odyssey EX are $30,125 and $27,362, respectively. If we subtracts the $2,500 dealer cash that is currently available on this model from the invoice price and then adds back a $500 dealer profit we arrive at an estimated selling price of $25,362.

    Using these prices, I estimate that this van's 36 month, 15,000 mile per year, zero down, pre-tax monthly payment would be around $388.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Thanks for the additional information daknits. The dealer invoice price of a 2009 Odyssey EX-L with RES & Nav is $34,139. If one subtracts the available $2,500 dealer cash from that it drops to $31,639.

    The selling price that you were quoted appears to be right around dealer invoice minus the available incentives. That is a very good deal. Just make sure that the dealer is using Honda Finance's current buy rate lease money factor of .00250 (assuming that you qualify for its top credit tier) to calculate your monthly payment and you're in business.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • youngtyoungt Member Posts: 10
    Looking to lease an '09.

    This is the best I could do with no money down and paying all taxes/fees upfront:

    36mnth - 12K m/yr
    EXL - $419/month
    EXL-RES $455

    I am really disapointed on the EXL-RES price. On my current '06 EXL-RES I am paying $428 and if memory serves me correctly I could have leased the '06 EXL for $390 a month. But then again I think the residual was actually 60! Now it is 49!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi pov55441. Let's work up a sample lease payment on the van that you described and see what we come up with. The MSRP and dealer invoice price of a 2009 Honda Odyssey EX-L with RES but without navigation are $35,425 and $32,151, respectively. If we subtract the $2,500 dealer cash that is currently available on this model from that and adds $500 back we come up with a target selling price of around $30,151.

    According to my calculations, the 36 month, 12,000 mile per year, zero down, pre-tax monthly payment for the vehicle described above would be around $475 for consumers who qualify for Honda Finance's top aka "Super Preferred" credit tier.

    I based these calculations on the EX-L because the RES is not available on the base EX model. If you are able to find an EX with an entertainment system it was dealer installed. I am not sure if Honda Finance will allow the residualization of such a dealer installed option. There is a good chance that it won't. If that is the case then you would have to pay for its entire cost over the duration of your lease.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey youngt. The unfortunate reality of leasing is that in most cases vehicles will be more expensive to lease today than they were several years ago.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • youngtyoungt Member Posts: 10
    True Car_man - I am actually paying less for the '09 than I did for the '06 but the lease payment is higher. I blame that strictly on the residual drop because I think the money factor is a little better than in '06. Three years ago I convinced the misses to lease now I can't convince her to finance! Maybe she likes the idea of getting a new car every 3 years ? I know I do.
  • bhunt100bhunt100 Member Posts: 1
    I live in Minneapolis,MN.

    Offer from sales person was:

    09 Odyssey EXL w/RES no nav
    MSRP - 35,425
    Sale Price - 29,750
    Trade - 5500 (2001 Odyssey with 108K miles)

    Using the trade down which covers first payment, tax, and license payment on the 36 months 36k lease is 359.89. With the 36 month and 45k it is 379.76.

    Residual on the 36k lease is 17,358.25 and on the 45k is 16,649.75.
    Looks like Blue Book invoice price is $32K.

    Thanks!!
  • javyhdzjavyhdz Member Posts: 2
    In Austin Texas in howdy honda:

    09 Honda Odyssey EXL AT (IN STOCK ONLY) $30,705.00

    36 months

    15K mi per year

    $0 down

    First Payment at signing

    $559.00 per month
    _____________________________________________________

    Thank you and if possible can I get help getting the monthly payment estimate of a

    09 Odyssey EX-L/ with and without RES
    36 Months
    15K Miles
    No Down Payment

    Thank you so much for your time and help.
  • pov55441pov55441 Member Posts: 5
    Thanks for getting back to me CarMan. I sincerely appreciate it. I do, however, need to ask a follow up question for you or any others with an opinion.

    I'm not the brightest bulb when it comes to understanding all the financials involved with leasing. But in your opinion, is it necessarily a bad thing to have the RES (or any other option) added as dealer installed if Honda Finance won't residualize the option? How should I weigh the pros and cons of something like this? Thanks for your advise!
  • bigdadi118bigdadi118 Member Posts: 1,207
    If the Honda DVD is 1,800 installed by dealer, it'll be spread out in your lease in 36 month. That is extra 50/month for that. Why not just install aftermarket DVD about 50% of 1,800?
  • jayriderjayrider Member Posts: 3,602
    As long as you uninstall it before you turn it in -- should be no problem. Hopefully no holes in the interior to deal with. Remember this car is not yours. You are renting it from honda.
  • bigdadi118bigdadi118 Member Posts: 1,207
    Instead overhanged from ceiling, there are many options on how not to damage the interior; buy handhelds DVD player to each kid(s) so no fighting of what to watch; install dvd player under seat then monitor(s) behind front headrest.
  • radkeksradkeks Member Posts: 6
    CarMan,

    This is our scenario, too. Leasing EXL-dvd. Our best offer is $1,500 down and $492/36mo 12K. Looks like we can do better compared to your calculations.(??) The only difference I see is that you quote a pre-tax monthly payment. I believe ours is OTD including tax. Is our deal atttractive?

    Also, do you believe the dealer cash back ending Thrusday will be replaced by something better? Or should we heed to the pressure to get this finished up this week with current incentives?

    Thanks so much. You are the greatest for answering all our questions.
  • sjtashsjtash Member Posts: 27
    Carman,

    Have the incentives, MF, residuals, etc. for an Odyssey EX-L w/ RES changed for May?

    Thanks for all your help!
  • radkeksradkeks Member Posts: 6
    I would like to know, too! Please. :)
  • sueespontesueesponte Member Posts: 10
    How is $410/mo (plus tax) for an Odyssey EX-L on a 36 month lease, 12K miles per year, $0 down? Should we keep shopping?

    Thanks!
  • pov55441pov55441 Member Posts: 5
    Hi Car Man! I'm still deciding between two models...the EX and the EXL+RES. I received quotes for $24,961 and $29,750 respectively. These include destination costs.

    The dealer gave me monthly payment quotes of $415 for the EX and $534 for the EXL RES. Both situations have $0 down, 12K miles, 36 mo, and assume a .00250 money factor.

    I asked if they could quote me on a 48 month lease for the EXL RES in an effort to get my payment down in the low $400's, but they came back saying that a 4yr lease on the EXL RES would increase the money factor and my payment substantially. They neglected to let me know what that would be. So they simply quoted me on the 36 mo.

    So 3 questions....

    1) On the EX scenario, is that a good deal? You had previously worked up some estimated payments for other people and your figures were in the $380 range. What am I missing.

    2) On the EXL RES scenario, also curious if that's a good deal. Your estimates have an estimated lease payment of about $475 per month.

    3) Also on the EXL RES scenario, what money factor should I assume for a 48 month lease at 12K miles. I will qualify for Honda's super tier credit, but according to my dealer, .00250 isn't an option for 48 months. Can you help work up a payment here?

    I live in MN where the tax rate is 6.5%. Thanks for your help!
  • sueespontesueesponte Member Posts: 10
    POV,

    For some reason I'm having trouble making sense of the numbers you quoted (not your fault).

    An EX-L + RES has an MSRP of $35,425. Assuming you're going through Honda Finance, a sales price of $29,750 would give you a monthly fee of $470.94 (or $501.55 with 6.5% tax) on a 36mo, 12K mi/yr lease with $0 down and a .0025 money factor. That's A LOT less than what your dealer is quoting you.

    How much are they telling you is due at signing? All I'm paying is first month, bank fee and DMC. Your dealer has to be building a lot more into their pricing than they're telling you. Maybe the bank fee and some advertising fees, too?

    As far as I can tell, something just doesn't make sense in what they're telling you.
  • pov55441pov55441 Member Posts: 5
    I totally agree. Something isn't quite right. This is from the last email I received from them. Keep in mind these are 36 mo with a .00250 money factor. I'm so confused!!!

    "For money down I used the standard 1st payment and plate fee.
    EX Odyssey: Payment: $414.74/month with $886.74 due at signing. Total Tax $919.99, plates $371.00.

    EXL-RES Odyssey: Payment: $534.25/month with $1,072.25 due at signing. Total Tax $1,196.07, plates $437.00."

    Thanks for your help!!
  • ilanailana Member Posts: 25
    The quote I got from the delear is for 2009 EX-L

    Internet price $26,984
    MSRP33,155
    Docs 199
    I would pay inception fees and tax (8.35)
    The payment would be 427 a month.

    I am coming out from a honda lease now so I should be in the tier 1.

    Is this a good deal can I do better on the price.

    I also quoted for EX the lowest I got was 23,161
    Thanks
  • sueespontesueesponte Member Posts: 10
    Well, for what its worth, today I got a quote on an EX-L for:

    $430/mo (which includes 6% tax)
    $1130 due at signing (which includes 1st month, bank fee and DMV)
    36 months
    12K mi/yr
    .00250 money factor

    Good luck!! Try sending an email to a few other dealers to shop your quote around. It never hurts to create a little competition.
  • sueespontesueesponte Member Posts: 10
    Seems like a pretty good deal but how much are the "inception fees" and what is that "doc fee" that they're charging you? You shouldn't be paying an acquisition fee if you're coming out of another Honda lease. It also looks like you'd be paying the destination up front since at $33,155 it isn't being factored into the monthly fee. Nothing wrong with that but you can have it built into the monthly fee if you'd like.
  • sjtashsjtash Member Posts: 27
    What is the agreed upon price used to calculate the lease payment? And where are you located? The best I could get is $463 pre-tax.
  • maddavmaddav Member Posts: 1
    Hello,

    I was just quoted for the 2009 EX the below monthly payment. Is this considered a good deal? My intention is to buy the car at the end of the lease, is this the best route and how do I negotiate this lower (if possible)?

    The Odyssey EX is $25,775.00 thats the selling price with $3,000 out of pocket your payments will be $357.61 a month at 6%. Thats not including motor vehicles fee. with $5,000 your payment would be $287.93
    The motor vehicle fee is $299.50 and the lease price for you to buy would be $15,665.00
    Thanks in advance
  • cav25cav25 Member Posts: 2
    Carman or anyone else who can assist -
    I'm looking for the residuals and money factors on the LX and EX for 36 months, 12k miles.

    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome pov55441. It really is not a good idea to have a dealer-installed option that cannot be residualized added to your vehicle. If you choose to do so, you will have to pay for the full cost of the option over the course of your lease. For example, if the RES costs $1,500 then you would have to spread out that full cost evenly over the course of a 36 month lease, adding $41.67 to the payment every month. Ouch.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi radkeks. I would be happy to give you my opinion of your deal, but it would be easier for me to do so if you were able to provide me with this van's selling price. Either that or its monthly payment before tax. Let me know what either of these numbers are and I'll tell you what I think.

    The dealer cash that is currently available on the 2009 Odyssey is exactly the same as it was in April, $2,500.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here's the information that you're looking for, sjtash. 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 RES but without navigation with 15,000 miles per year are .00250 and 46%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier. You never mentioned how long you want to lease for or what mileage allowance you need, so I had to make some assumptions. Let me know if you want something different.

    When negotiating your lease, make sure to take advantage of the $2,500 dealer cash that is currently available on this model.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey radkeks. Please see my previous post for the information that you're looking for. Good luck and make sure to stop back and let us know how everything turns out.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
This discussion has been closed.