2013 and earlier-Honda Odyssey Lease Questions

CarMan@Edmunds

Hi csholt. Honda is not currently providing any lease support on the 2009 or 2010 Odyssey. Honda Finance's current buy rate lease money factor for a 36 month lease of either model is .00285.

The only incentive that Honda currently has on this van is $1,250 dealer cash on leftover '09s. This lack of support takes away any sense of urgency to get one before the end of the month. If anything, I personally would think that Honda's incentives on the Odyssey will eventually improve, not get worse. Of course, it is difficult to say exactly what manufacturers will do with their future incentive programs.

Given the fact that you still have over two grand left on your current lease, you would definitely be better off waiting to get something new.

I'm surprised that you can't fit two child seats in the back of your Pacifica. I have a vehicle that's around the same size as it, if not smaller, and I can easily fit two child seats for my kids in the back.

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csholt

Thank you! The residual I finally got was 52% and again the MF was much higher than your findings. .00285 sounds much more reasonable right along with current rates I was finding elsewhere.
We have a connection in our area (not the quote I was given yesterday!) but if the car is not available, there's nothing we can do even with the connection. I agree that they will improve on their incentives, especially now that CFC is over, but we have a small window of when we need to get into a larger vehicle... would we like to wait till our current lease balance is lower? absolutely. We just are hoping to slide into the end of an opportunity and get lucky with finding the trim model for the 2009 price we want.
Oh we can fit two child seats in the Pacifica no problem... we have a third baby coming soon Three seats do not fit at all.

CarMan@Edmunds

You're very welcome, csholt. Congratulations on the pending arrival of your third little one. I had to stop at two myself. My wife and I were afraid of being outnumbered .

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squishyalmon

Hello, new to this forum...hoping to find answers to some leasing questions please.

Looking to lease an 2010 EX-L w/ dvd and navigation, 36-mth lease w/ 12k miles, and no cap cost reduction. Has top tier credit. Received two offers after talking to nearby dealers:

Dealer 1 - $666 for 36 months, tax & fees included. Dealer claimed residual is 52% ($19,716). Quote didn't mention capitalized value or money factor.
Dealer 2 - $1260 for 1st month + $652 (600 payment + 52 tax) for 35 months. Dealer claimed residual is 52% ($19,716) and money factor is .00158. Quote didn't mention capitalized value.

They look almost identical, since the extra $14 monthly from Dealer 1 works out to be an extra $490 over 35 months...However, I have a feeling I can do much better. Do you agree? Thank you

uboat316

Just got a quote for following:

2010 Odyssey EXL w/RES + NAV
$1200 total out of pocket upfront which is first payment, registration and doc fee
$569/month (which includes 7% NJ sales tax)
Residual is 50%
Money Factor is .00158
Quote doesn't specify the final price, but I calculate it at $32,710 if I'm doing this right.

Any information you can share back would be appreciated.

uboat316

15k miles/year

jayrider

Msrp should be $37915 for the exl +res=nav. If your selling price is $32710 then congratulations on the deal of the year. $5205 off msrp. I think there is a problem -- what is your cap cost without down payment? The actual selling price.

loudube

I think they are giving you the wrong residual. I just got one this week in NJ and the residual is 52%. If you want to find a good sale price, you should inquire at a few dealerships using the internet. From what I understand, the internet salesman is authorized to give you the best deal and you don't have to go down to the dealership. It also puts the quote in writing. I was able to get a few hundred under the invoice, which worked out to be a little over 3k less the MSRP on the EX-L (no res or nav)

Good Luck!

comer98

Hi, I am looking at leasing a 2010 EX-L or EX-L RES. Anyone have the October residuals and money factors for 36 mos, 10k and 12k miles? Thanks in advance!

CarMan@Edmunds

Hi comer98. Honda Finance's October buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX-L without RES or navigation with 12,000 miles per year are .00158 and 54%, respectively for consumers who qualify for its "Super Preferred" credit tier.

The numbers for an otherwise identical lease of a '10 Odyssey EX-L with RES are .00158 and 53%.

I don't believe that Honda Finance offers 10,000 mile per year leases on Honda division vehicles, but if it does, its residuals for that term are likely 1% higher.

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mpopick

Hi, I am interested in leasing the above for 36 mos & 12K miles. Would anybody have the October residuals & money factor?

mosherinc411

Just leased a 2010 Odyssey ex...36 months...want to know if I can have a wireless dvd system installed by a local business????

jayrider

As long as you can remove it with out damaging the interior -- no problem. If you purchase the van at lease end no problem. If you have to modify the interior in such a way that you can't remove the system -- could be a problem. Money will solve any problem of course -- your money.

jrw118

Any guesses if there will be any incentives for a lease of a 2010 lx or ex? Also when would be the best time? We are ready but not in a rush. Want to get the best price. Just saw an add today for an LX $0 down and $299 a month. Sounds attractive but would love to get the ex if possible. Any chance of seeing pricing in that neighborhood for the ex?

ojha

I got 2010 - LX 26,700 OTD don't know about EX price

CarMan@Edmunds

Hi mpopick. Honda Finance's November buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX without RES with 12,000 miles per year are .00139 and 56%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

The money factor for an otherwise identical lease of a '10 Odyssey EX with RES would be the same, but its residual value would be 55%.

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CarMan@Edmunds

Hi jrw118. Honda is not providing any cash incentives at all on the 2010 Odyssey in November, just a special lease program. It is difficult to predict exactly when Honda will introduce cash on the '10 Odyssey. Honda did introduce cash on the 2009 Odyssey in January of this year, but there's no guarantee that it will do so with the '10 model in a couple of months.

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tga01

CAR Man

Would you have the November Lease Rates / Residual for an 2010 Odyssey EX-L with RES and NAV. for 15,000 miles ??

THANK YOU SO MUCH in Advance !!!!

barrybuckeye

Car_Man,

In NC EX-L with RES, told dealer would "sell" at invoice price of $32,531 and the MSRP is $35,715
51% residual with 15,000 miles 36 month lease

I have $2,500 in an equity trade.

My calculation shows:
2010 Odyssey EX-L RES

MSRP $35,715.00
Invoice $32,531.00
Equite ($2,500.00)
Quoted Offer from Dealer $30,031.00
Doc Fees $399.00

Residual Percentage 51%
Residual (always quoted as % of MSRP) $18,214.65
Money factor 0.00158

Interest payment $76.86
Portion of car used $339.32
Lease fee $416.17

Dealer says it should be $445/month. Are my residual numbers correct? Am I missing something?

Thank you

barrybuckeye

Ok,

It is always nice when folks post results, so here is mine:

36 month lease
15,000 miles

Odyssey Cap cost at $32,531 plus $399 for doc fees
Money factor .00139
Residual 50%

Equity $2,500

Monthly $412 plus tax (3% in NC) for $425 total out the door.

I would not have done this without equity from my 07 Odyssey EX-L RES lease. I had a payoff of $18,666 and they offered the above mentioned $2,500 above that for the vehicle. Otherwise, leasing would have been virtually $500/month and there are too many options when it gets to that number.

Good luck and hope this helps someone.

airoops

Just pulled the trigger on a 2010 EX. This board (and the Ody and Sienna purchase boards) have been very helpful to me, so hope this helps others. Details:

30 month lease. $274/month ($291 with tax)
$2300 out of pocket at signing which includes:
$425 reg and doc fees
$291 first payment
$595 bank fee
$1000 cap cost reduction and tax.

This works out to a vehicle price of 26000, and residual of $18675 (61%)

Supposedly this was a special lease offer for returning Honda financial customers, luckily I leased an Accord 6 years ago, and that counted.

Dealership (Bernardi) was great... I would highly recommend.

socal_bbfan

Hello,

We went through a "special" warehouse buying program recently and got pricing on a 2010 EX-L with NES as well as with NES and Nav. The pricing was ok, but not exciting. However, the residuals on a 36 mos, 12 K lease were lower than I see here...only 48% for either version although financing was .00139. The dealer didn't even want to quote us a 24 or 30 month lease option--we are leasing while we wait for the next major upgrade in 2011.

Is the residual lower because we are in California...or was the dealer picking a place to make the deal sweeter for himself?

Thanks!

robbyg

That seems too good to be true - the 26k was the base cap cost? That is $1,700 under invoice! Do you know if this a dealer special or is through Honda Financial and where are you located? Is this for 12k miles?

airoops

yes, 12k miles. Dealer in Massachusetts. You can go on bernardi's website and see the add under specials - looks like it ends tomorrow. Was very happy when I saw the add as I knew it was a very good deal.. and even happier when I got there and they honored the pricing. The only catch was that you needed to have previously leased a car through Honda.

Again, probably best car buying experience ever. Would highly recommend dealer and staff.

robbyg

airoops - I went to the site and I see the Ody LX lease special for $299/month but don't see the EX special you got.

That is truly a great deal, my 07 EX lease is up next month and if I can find this deal here in Los Angeles I would be very happy.

airoops

try this link... http://www.bernardihonda.com/MiscPage_45

groundsloth

Hey guys,

Would you be able to post the latest rates/residuals for 2010 Odyssey EX-L w/RES and NAV for 36/m and 12k?

Thanks!

tac99us

I hope someone can help.

I have a co-worker who leases a honda odyssey, the lease is almost up and he no longer needs the vehicle. I would like to purchase it at the buy-out price, which is a lot lower then what i can find on the used lot.

How can i go about doing this?

I called the dealership which he orig. leased from and they said that i cannot assume his current lease, and that if he turns it in, they wont sell it to me for the buy-out price.

any help is appreciated. thanks

robbyg

Thanks airoops - that must be a dealer special because I can't find anything like that here in LA. Hope you enjoy the van!

jayrider

Any dealer can buy the van -- even independent used car shops. Find one that will buy and sell to you . Obviously you will have to pay a fee for the service. Check around.

tac99us

if a shop purchased it and then sold to me - sounds like there would be sales tax twice, that would of course be passed on to me.

am i able to just assume his lease? i was told honda did not do this.

jayrider

There are time limits in lease assumptions. Last 6 months of a lease or so -- no transfer. If he buys --sales tax. If you buy from him sales tax again. If you get a dealer to buy and resell to you only you pay sales tax. Dealer may charge 300 for the service. Honda dealers are not the only ones who can buy the van. Call a reliable used car dealer and pose the question.

yortiz

Try going through a credit union. I sold my honda to a relative for just the payoff amount two years ago and it was very easy. The credit union sent the payoff to AHFC and I signed an odometer statement. I believe I called AHFC and they told me it was ok to sell to a third party. Good luck!

tac99us

sorry - i'm new to this. is AHFC honda finance company?

yortiz

yes, AHFC is American Honda Finance Co.

tac99us

yortiz - did you have him pay the money for the payout and then sign it over to your relative as a gift?

CarMan@Edmunds

Here you go, tga01. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX-L with RES, NAV, and 15,000 miles per year are .00139 and 49%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

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CarMan@Edmunds

Hi barrybuckeye. Honda Finance's current 36 month, 15,000 mile per year residual value for the '10 Odyssey EX-L with RES but without NAV is actually 50% and its money factor is .00139.

As far as this van's selling price goes, this dealer isn't really selling you it at invoice, since they are baking in a $399 doc fee which is essentially pure profit. Having said that, even $399 over invoice is an excellent deal.

I see that you have $2,500 in equity from your trade that you are considering using as a capitalized cost reduction on your lease. You would be much better off if you had the dealer cut you a check for that $2,500 rather than applying it towards your new lease. I always advise consumers to put as little money down as possible when leasing. Those who make large down payments on leased vehicles risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.

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CarMan@Edmunds

Hi airoops. Thanks for taking the time to share the details of your lease with everyone. I'm glad to hear that you had a pleasant dealer experience. If you haven't already, you can tell even more people about it by stopping by the Dealer Ratings & Reviews section of Edmunds.com.

Thanks again and enjoy your new ride :shades: !

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CarMan@Edmunds

Hello socal_bbfan. It's strange that the dealer would quote you a different residual value on this car given the fact that dealers do not have the aithority to alter Honda Finance's published residual values. Honda Finance's current 36 month, 12,000 mile per year resid for a 2010 Odyssey EX-L with the RES is 52%. With RES and NAV it drops slightly to 51%. Make sure that the dealer uses these resids to calculate your payment, or find a different dealer that won't play games with you...there's plenty of them in Cali.

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CarMan@Edmunds

Hey groundsloth. Honda Finance's November buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX-L with RES, NAV, and 12,000 miles per year are .00139 and 51%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

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robbyg

Hi Car_man, can you confirm that the residual on a 2010 EX for 36 mos/12K per year is still 56% and the money factor is .00139? I'm in the Los Angeles area. Also, when do the residuals typically change, and do you think it will be the same in December?

Finally, if you can stop by the Toyota Sienna Lease forum when you get a chance, I was inquiring there about lease rates from Toyota since I want to see how they stack up to Honda.

Thanks!

yortiz

I know the credit union paid Honda the payoff and then I signed an odometer statement. Don't think I signed it over as a gift though. I do know we didn't pay sales tax twice. Sorry I don't have better details...

jayrider

In illinois you are taxed on the book[?] value of your car -- not what it cost you if the number is too low [zero]. You can give cash up to a certain amount with no tax but cars get charged when you get a new title/registration. Otherwise folks would under represent the bill of sale from an individual to lower taxes.

artfog

Hi car man,
What's the money factor and residual for the 2010 Ody Touring. Same as EX with Res/Nav?
Thanks

artfog

Well I just leased a Touring today with Money Factor 0.00139 and Residual of 51%.
3 years ago my residual was 58% - interesting why it dropped so much.

tac99us

Is there any advantages to buying out the lease through a honda delearship? Any difference in warranty or anything?

The only thing I can think of is that if i go to a honda delearship they PROBABLY won't charge me , where as if i go to a VW delearship they may.

Our local Honda place is a joke, i get a different answer everytime i call.

thanks in advance

jayrider

Don't understand your post. What exactly are you trying to do?

tac99us

I have a co-worker who leases a odyssey that he no longer needs. i would like to buy it out and take ownership of teh vehicle.

I guess i can do this at any willing dealership, BUT is there any advantage in doing it at a Honda dealership?

jayrider

No advantage -- especially if they want it and jerk you around. Make some calls to dealers you have had good experiences with and talk to the sales mgr. Tell him what you want to do and ask what the paperwork fee would be. Try the used car lots as well. Someone should help.