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2013 and earlier-Honda Odyssey Lease Questions

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  • glebedinglebedin Member Posts: 15
    Just leased an 09 EXL with RES.

    $721 at signing, this includes 1st month and tag/title
    $509/month tax included (35 payments left)
    white/tan interior

    West Palm Beach.
    Negotiated price on the phone, the salesman brought the car to my house.
    I test drove it and inspected the interior.
    Paperwork took less than 15 minutes.
    It was a better deal to buy this car and hold for 3-5 years but the wife had other ideas.

    Last month in May best deal was floating around $550/month
  • elwood11elwood11 Member Posts: 6
    What SoCal dealer gave you that quote? Can you email to me at 442 at cox dot net? I'm in SoCal too and looking for plain EX-L (nor RES or NAV) to buy or lease...Thx
  • tareksolatareksola Member Posts: 1
    Hi all,

    First of all, I am new here, and I am extremely glad that I found this website and I wish I have found it before I leased my minivan. It has valuable information which helps in negotiating prices :).

    I recently closed a deal on an EX 2009 (base with very few accessories) lease in OR:
    $3000 down, and $320 per month for 35 months. (One payment included in the down payment)
    I have 12K/year .

    According to the deal,
    the Gross capitalized cost =$26120
    and Capitalized cost Reduction = $2461.35
    So Adjusted Capitalized cost = $23658.35
    The rent charge = $3539.35.

    I did negotiated with the dealership to get to the above deal, I think I did good, but I would like to confirm this here.

    One thing that worries me is that they told me the van has 198 miles!!!, I told them how come? and they said they are getting it from another dealer as they don't have it on stock and that other dealer is ~50 miles away, and they have some one drive it from there to my dealer. It sounded weird and I am planning today to call and tell them I will drive to the other dealer to get it myself.
    I am getting more concerned about the mileage now I don't know why....

    Any thoughts.

    Thanks

    tareksola
  • siamesessiameses Member Posts: 5
    Hi Carman,
    I am trying to find out how much the monthly payment would be for an EX-L with NAVI and RES. The price I am trying to negociate is 30.800 with 0 down, just the drive offs. And I want to know how much should I pay monthly for 12000 miles and 15000 miles lease. Can you please help me with this, thank you very much
  • pilot25pilot25 Member Posts: 24
    Hi Everyone.

    Is this a good deal?
    2009 Odyssey EX-L
    337 a month with 12k Miles, 36 months , zero down plus tax.

    Are destination and admin fees waivable?
    I am in NYC , I would most likely roll the tax into the months payment, Comes out to 374 with taxes.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey cfkid. The MSRPs of these vehicles are helpful, but the most important numbers are their selling prices. The MSRPs are set in stone, but the selling prices vary depending upon how good a deal you are able to negotiate. We really need to know the selling prices to give you an opinion of this deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi maytal. $2,700 under dealer invoice is an excellent selling price for a leased Honda Odyssey. I don't think that you are going to be able to get this van for any less than that. Just make sure that the dealer is using Honda Finance's current buy rate of .00250 to calculate your monthly payment and you're in business should you choose to go with this model.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey mrthnman. Let's work up a payment on this van and see what we come up with. According to my calculations, if you were to lease a 2009 Honda Odyssey Touring without PAX that has an MSRP of $41,215 and a selling price of $34,000 (which is an amazing $887 under dealer invoice minus all of the available incentives) through Honda Finance right now for 36 months with 12,000 miles per year, its zero down, pre-tax monthly payment would be around $550. Wow, that's a lot of money for a van, even with this amazing selling price.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi guaranteed. The easiest way for me to evaluate these two deals is to take a look at the selling price that they are based upon. This is a very important number for you as a consumer to know anyhow. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without this number it is difficult to tell how large a dealer discount you are bring given. Let us know what this van's selling price is and I'm sure that either myself or another knowledgeable community member will gladly let you know what they think.
    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    hi Maytal . The dealer invoice price of the Odyssey that you are interested in is $30,745. If one subtracts the available $1,500 dealer cash from that, it drops to around. Dealers have the ability to earn another $1,000 dealer cash from Honda. The selling price that you were quoted is lower than invoice minus all off the available cash incentives. This is an excellent deal.

    Car_man
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  • qcbookqcbook Member Posts: 1
    pilot25

    I am also in the NYC area looking for a 09 ex-l -- can you please tell me which dealer quoted you that price?

    thanks
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on getting your new Odyssey, glebedin. It sure sounds like you had a pleasant dealer experience. If you'd like to tell others about it in greater detail, you can do so over in the Dealer Ratings & Reviews section of this site.

    Enjoy your new ride!

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi siameses. I cam work up a lease payment on this van for you. According to my calculations, if you were to lease a 2009 Honda Odyssey EX-L with navigation & RES that has an MSRP of $37,665 and a selling price of $30,800 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, prre-tax monthly payment would be around $514...assuming that you qualify for its top aka "Super Preferred" credit tier. The payment for an otherwise identical lease with only 12,000 miles per year would drop to around $495.

    Car_man
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  • pilot25pilot25 Member Posts: 24
    I had posted my offer but the dealer apparently thought I was talking about the EX.
    He also said that the newspaper ad was from a different bank not Honda Financial. Is it better to go through Honda Financial and get the 1500 wear and tear, 12k miles, and roadside assistance? At the end of the lease will they nitpick over every little scratch from the other bank?
  • californialadycalifornialady Member Posts: 4
    I am looking for a lease for a 2009 Odyssey with Navi and Res.and I live in Southern California. I also want to lease with 0 down. Please let me know what kind of deal I can get.
  • californialadycalifornialady Member Posts: 4
    Hi car man,

    How do I get this deal on an Odyssey with 12,000 miles per year?
  • hcvianahcviana Member Posts: 22
    Currently considering a 36 month/15K mile lease on an Odyssey EX as follows:

    $850 down and $399/mo including 6% Florida tax.

    I understand the money factor and residual for this deal are .0025 and 50% respectively.

    The $399 corresponds to approximately $25,000 Total cap cost.

    Is this a good deal?

    The $2500 cash incentive supposedly expires tomorrow.
  • andy603andy603 Member Posts: 59
    Anybody have any lease quotes lately? looking for 2009 Touring for 36m x 12k.

    thx
  • hondabuyer8hondabuyer8 Member Posts: 6
    Shopping for an EX-L w/o RES or NAV, but would take one with it if I had to. Thought I'd share these two stories from (1) a NY dealer and (2) a NJ one.

    NY: Visited a dealer who quoted me "mid 500s" with zero down (we agree I'll pay bank fee, 1 month, tax, and reg) to lease a Pilot and said the Odyssey would be less "since it's a less expensive car". So, I return to lease the Ody and see what happens. they only have one with RES and he quoted me $750 per month "because the DVD adds $3700 to the price of the car" (!). When I take a minute to explain that he's 40% over what he said and his math on the DVD is insane, he comes back with 625 per month. I say, wow, that's a lot of price flexibility, why don't you get it down to what you said, mid 500s (yes, I know that is too high still) and walk and he chases after me out the door but I'm done.

    NJ: Same scenario, also a 36-month lease ZERO down. I get an email quote at 42 months (wrong), $520 per month [still too high but closer], "0 down + $1500 inception". I say, um, $1500 inception is not zero down and salesperson says, well, we're being honest because the bank might not approve your financing to get you to $520 so the $1500 reflects that!! I say try again I qualify for tier one financing and I get a new quote, still at 42 months but, I swear to the lord, the salesperson has divided $1500 by 42 and spread the it over the course of the lease plus 25cents per month so I'd actually be paying more. I move on and the quest for one honest car dealer continues.....
  • bigdadi118bigdadi118 Member Posts: 1,207
    It is NOT a good time to lease any Honda Odyssey, Pilot since currently no incentives and no lease specials offered by Honda.

    Lease an Acura MDX base is much cheaper now $499/mo. with incentive / lease special
    http://www.acura.com/tools/shopping/CurrentOffers.aspx?model=MDX&modelYear=2009
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi californialady. Unfortunately, Honda pulled the plug on its support on trucks for July, so it won't be possible to repeat any of the June deals that you see mentioned here right now. The best that you can do at this point is negotiate a selling price that's as close to dealer invoice as possible, without the aid of any cash incentives.

    Car_man
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  • andy603andy603 Member Posts: 59
    question Car Man- Im still a little confused. If you try to buy a car that has no apparent incentives, like the 2010 Pilot at the moment, at closest to invoice as possible, is the dealers profit only the diff btwn selling price and invoice? Or does the dealer have more margin somewhere else from say volume discounts or other incentives we can't see? For instance, I just got quote for 2010 Pilot with RES & NAV for $37, 750 +Doc. Thats only about $600 over invoice + 350 in doc for a total apparent profit of $1000. Once the dealer pays the salesperson a commission, that isn't much left over to keep the lights on. Believe me, I'm not socialist, but I do believe in fair profit and keeping people employed! Any clarification/insight appreciated!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Yes, andy603. If you purchase a vehicle that does not have any cash incentives available on it, the only profit on the deal is the difference between the vehicle's invoice price and its selling price plus whatever holdback money they get. You're right, there's not a lot of money in new vehicle sales. Most dealerships barely make a profit on their new vehicle operations. Things like used vehicle sales and service enable them to keep the lights on.

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  • andy603andy603 Member Posts: 59
    Anybody have any current matrix of various lease rates for 2009 Touring w/out PAX for 24 and 36m 10k and 12k miles (residuals and money factors too)

    thanks!
  • capriconcapricon Member Posts: 1
    Hi Carman,
    I am trying to find out how much the monthly payment would be for an EX-L with NAVI and RES. 12000 per year and 0 down

    We are located at North New Jersey
    Can you please help me with this, thank you very much
  • mrthnmanmrthnman Member Posts: 24
    you need to give carman the msrp & the selling price
  • jayriderjayrider Member Posts: 3,602
    You might try shopping at the end of the month to see if the deal is a bit better. There may be manufacturer incentives. Maybe not. I'd wait a month or two or three.
  • hondabuyer8hondabuyer8 Member Posts: 6
    Agree there are no incentives for leasing Odyssey now (though I expect there will be dealer cash back next month or in September if any 2009s left), the rate I got for the Odyssey ($525 p/month, nothing down except taxes, bank fee, registration, and security deposit) is actually cheaper than the MDX rate in the link you sent, which is

    "2009 MDX Featured Special Lease $499.00 per month for 36 months. $2,899.00 total due at signing. Excludes security deposit, down payment, taxes, titles and fees. For well-qualified buyers."

    The extras in the MDX would be 2899 + crazy intangibles like "down payment" (!!) and "fees". The 2899 alone amortized over 36 months is $80, bringing the MDX to 579 and that is not counting the "downpayment". . More sleazy dealer tricks and wording to push up the buyer's total cost. And you need to know what the credit score cut off is for "well qualified". Honda's Tier One is 720. No way is the MDX a better deal even without incentives.
  • andy603andy603 Member Posts: 59
    sorry, but I dont understand folks that only care about the monthy payment and can say its a 'good' or 'bad' price. If your goal is to be under a certain amount a month that of course make sense but to seemingly negotiate based on that is like give the dealer your cards face up. You gotta negotiate a walk out the door price or cap cost first and ideally do your homework on monthly payments at home in a spreadsheet and take it to the dealer with you...a table of various prices, money factors, etc so you can see what it might be.

    just my 2 cents.
  • bigdadi118bigdadi118 Member Posts: 1,207
    yes lots ot other things to consider, actually it is a sliding scale to compare the lease of Odyssey and MDX ... minivan : suv ... 2wd : awd ... tutor : rolex ... mercury : lincoln ... with the increase amount : can get how much more (do I need them) ... residual amount in buying after the lease.
  • jayriderjayrider Member Posts: 3,602
    I know it's apples to oranges but I figured a lease on a new Audi Q5 quattro premium with leather , roof etc. Msrp 39170 sell for 36700. 36 months - 15k miles - $561 + tax and fees. In illinois may add about $75. Zero down except first month. They are only charging 1.2% interest.
  • andy603andy603 Member Posts: 59
    need to know a bit more to determine how good that lease was..on the surface it sounds great...1.2%=.0005 money factor...basically interest free. You got the car at about 7% off of MSRP which doesn't sound great but I dont know what your residual % was either.
  • jayriderjayrider Member Posts: 3,602
    Just figured that lease for fun. Not in the market. Res is 47% -- just took cap cost off truecar. MF was as you posted -- .0005. Got the info off ridewithg.com. Would have tried to negotiate on price/audicare etc but as i said -- not buying or leasing anything now.
  • car_newbiecar_newbie Member Posts: 1
    I am considering buying a car from someone whose lease term is up. It is a 2007 Honda Odyssey EX-L with 35K miles.

    The seller tells me that her lease is up and she is considering selling the car to make a little bit of money, if she is able to make some money, she will sell it to a private party, if not, she will return it to Honda Finance. To buy the car, I (and the lessee) would need to send checks to Honda.

    I am trying to figure out how to evaluate the deal and the numbers on her end. Been researching money factor and residual value in the past 30 min but can't seems to make sense of those terms for this car. Would appreciate any help you could provide!

    Thanks!
  • bigdadi118bigdadi118 Member Posts: 1,207
    Honda is unable to conduct third-party sales. Her leased vehicle may only be purchased by her, the original lessee(s) or by a dealer.
    She'll get the title from mail (2 to 4 days) as soon as Honda received full payment. Probably when you agreed a price to buy the car, and she'll ask you to cut 2 checks : buyout for Honda, 1 profit to her. She signs the back of title and transfer ownership. Check the price in KBB re trade-in and private sale price re this car. Sale / Purchase agreement should be setup and she should not drive the car when waiting for the title in a few days. In theory the car is yours once you paid Honda and her with checks, just a matter of time for the title to arrive from Honda or RMV in mail.
  • mrthnmanmrthnman Member Posts: 24
    you may have to pay tax twice on this tranasction for the 2 changes in ownership....
  • jayriderjayrider Member Posts: 3,602
    Someone has to pay tax on the first buyout from honda. Since honda only sells to the leaser than that's whose responsible. When you buy from that party you pay sales tax. Didn't think of that one bigdadi118, could be a deal breaker if the seller wants to add the sales tax into the sale price. 20k X 7% = $1400 X 2 = $2800.. Unless the buyout is real low -- not sure it makes sense.
  • hondabuyer8hondabuyer8 Member Posts: 6
    My lease experience was based on spending as little physical time at the dealer possible, i.e., doing all I could by email and phone first: I picked up the Odyssey EX-L (no RER, no Nav) for 525 per month for 36 months; zero down (other than taxes, bank fee, NYS inspection fee; license and title, NYS tire waste fee). I got the fees line item broken down by email first, as well as other figures (MSRP, sale price, money factor, etc.). I did everything I could first to minimize time at dealer, including down payment and insurance by phone, but I knew I wanted an Odyssey and couldn't give a damn about the color, although they had the one I wanted. From arrival to driving off was 90 minutes, 45 of which were because they were disorganized and made mistakes on the paperwork, which I made them re-do. I would have done better not using Honda Finance b/c the money factor they offered was higher than a bank and I found a slightly cheaper price (519) elsewhere but the cheaper dealer was incompetent so I didn't bother. If I'd done the deal 3 or 4 weeks ago, it would have been substantially cheaper, folks say, but I'm happy it's over, frankly. Buying/leasing a car is the most disgusting purchase experience humans have to endure, short of a high colonic. I also tried Authority Auto's "Improve Your Deal" service, but the guy said at this moment where I was 525 was a good price, although he recommended waiting til next month for hopeful dealer cash offers. Maybe so, maybe not. Thanks for all the help on the board and from Edmunds along the way.
  • mrthnmanmrthnman Member Posts: 24
    at which dealer was this deal ?
  • hondabuyer8hondabuyer8 Member Posts: 6
    Bay Ridge Honda, Brooklyn.
  • mvc1234mvc1234 Member Posts: 1
    How many miles allowed per year?

    Thanks.
  • vermin3vermin3 Member Posts: 4
    Car_Man,

    Looking to lease 2010 EX Odyssey 36/12k so can you tell me the current residual an d MF for this model.

    Thanks
  • hondabuyer8hondabuyer8 Member Posts: 6
    12,000 per year, 3-year lease.
  • andy603andy603 Member Posts: 59
    when someone leases, please indicate your money factor, term, net cap cost, miles allowed and residual %. There is no way to tell if anyone got a good deal if you just indicated a monthly payment. Thanks!!
  • gt0279agt0279a Member Posts: 14
    Any info for current Odyssey Lease rates as well as for 2010 model? Thanks

    Specifically looking at an EX-L w/ RES and NAV, 10k/yr 36mo
  • csholtcsholt Member Posts: 4
    We are about to have our third child and currently drive (lease) a Chrysler Pacifica. Our lease has $2100 left in payments (plus wear/tear and a turn in fee regardless of when we turn it in) The car seats do not fit in our Pacifica and we want an Odyssey, not a Town and Country.
    I would really like the EXL but the EX fits better with our "budget" at the moment.
    A few questions-
    Is it beneficial to lease at month end as in THIS month (we know it's already model year end- or close enough since the 2010's are out) or should we wait till Labor day weekend? Looking on the Costco site, there was a message about a possible $1250 cash to dealer deal going on till 9/8 but it didn't sound positive about those findings... anyone?
    Anyone know what the current lease rates are? I'm looking into our Credit Union as well, trying to do as much "homework" before getting quotes/traveling to dealerships. I did submit a query through Costco to get a quote and researched here and CR for invoice and lowest paid. What is the lowest paid price anyway (for San Diego county)?
    I know better than to name a price and shop monthly payments (even though we need to stay below a certain monthly payment)... I have been using a lease calculator to do all those numbers up front but don't know what to use as the money factor (was using 0.0016 MF) and the Residual Value??? Was guessing around 50%??? (based on some reading here but it wasn't a recent date)
    Can anyone recommend a dealership in San Diego?
    Can someone better explain a manufacturer holdback?
    Looking to put nothing down, we have the $2100 of payments from our current car to add in, 36 month lease would be ideal but could go longer, 10-12k miles/year (we drive very little)

    Any guidance and info would be much appreciated as I'm just learning as I go at this point :)
    Thanks!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go andy603. Honda Finance's current buy rate lease money factor and residual value for a 24 month lease of a 2009 Odyssey Touring with 12,000 miles per year are .00285 and 51%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier. The numbers for an otherwise identical 36 month lease are an unattractive .00285 and 44%.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi capricon. This van's lease payment will vary depending upon what sort of selling price you are able to negotiate. For now I will assume that you are able to get one for $500 over dealer invoice. According to my calculations, if you were to lease a 2009 Honda Odyssey EX-L with navigation and entertainment that has an MSRP of $37,915 and a selling price of $34,905 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment should be around $616. Ouch :sick: .

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi vermin3. Here's the information that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2010 Odyssey EX with 12,000 miles per year are .00285 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go, gt0279a. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX-L with navigation, entertainment, and 12,000 miles per year are .00285 and 52%, respectively for consumers who qualify for its top credit tier.

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