2013 and earlier-Honda Odyssey Lease Questions

mjolnir68

I have been offered an Odyssey EX-L with RES and NAV for 470/month on a 36 mo./12,000 mile lease, with no money down, all fees and state tax included (NJ 7%) meaning no out of pocket payments at signing. Just pick up the keys and drive off. Good deal?

hotlanta2

I was offered EXL with Nav and RES in the southeast for $440/month plus tax on a 36 month lease with 12,000 miles per year. No money down!!

Good luck

finbar127

I was offered the following in New York:

2010 Honda Odyssey LX
36 Month Lease w/ 12,000 Miles Per Year

MSRP - $27,515
Negotiated Price - $24,207
Residual Value - $15,959 (58%)
Money Factor - .00092
Monthly Payment = $266.06
Tax/Title/Tags & $595 aquisition fee paid up front out of pocket.

If I wanted 15,000 miles per year it would change the residual value to 56%

The most they would offer for my 2000 Grand Caravan was $800 (not included in above figures). I will probably try to sell it myself. It is not in the best shape but I should get more than $800 for it.

What does everyone think?

coolsak

Wow, it is really good deal.
I got $299 with $2000 signing for EX.

Can I get dealer information?
I want to use your number.

Thanks.

adammmms

Sounds like a decent deal to me, we pay $469 for our 2008 with the same features. Our lease is up next month in Jersey too, which dealer are you working with, south or north?

yeek

Picked up our 2010 EX-L last night. I think we got a reasonable deal.
It has no extras or options. 12k year/36 mo 0-0-0-0 Honda Big Event Deal

$366 month (plus state sales tax)

Absolutely zero down, all tags and fees wrapped into monthly payment, zero out the door, first month paid by dealer, full tank, simply sign and drive.

Wife's out at Home Depot in it now buying some plants. Having an Odyssey van may end up costing me more then I thought.

kidlkcf

Hi, I never did get a reply to my message. So not sure. I'm going to a dealer today, and will inquire. I'm afraid to wait until the lease is up next month b/c the deals seem really good now.

minivan2010

I picked up a 2010 EX base van today for $311/month with sign and drive.
0 down, 0 fees, first payment paid by dealer. It was an advertised special on dealer website and there was no negotiation. Only addition is sales tax, registration/plate.
Thanks everyone for sharing your deal info.Based on other EX lease deals I was comfortable walking into the dealer and asking for the special advertised as it was pretty much close to what others are paying this month.
Thanks again

tankerdriver

Great Forum...just drove home in my new 2010 Silver EX-L.

Pin Strips
Mud Flaps
Cargo Tray
Wheel Locks

Details:
Gross Cap Cost: 31,823.35
Adjusted Cap Cost: 28,969.17
Residual: 18,763.25
Total payments: 13,075.56
Agreed upon value: 29,799
Traded in a 2005 EX-L (2,717 Equity--$12,000 for Trade In)
$1,500 Cash down -- $500 out of pocket and $1000 financed into lease (includes tax, tag, fees, 1st month payment)
Monthly payment: 363.21 (35 months left) ($326 if I paid all $1,500)
2nd tier credit (approx: 3%)
They had the $1,250 marketing help w/ the lease.
Annapolis Honda, MD

Overall good experience, went in to get my hatch fixed and end up with a new car, good deals right now. This is my 1st lease so I'm not sure how it all works, but think I got a good deal (perhaps had $1,000 wiggle room, but I was unprepared.) They wouldn't go any lower, I even walked out, but decided to get it. My trade needs some work so I think I got a fair price for trade in--they also said they lost about $200-300 on the deal. (I'm sure they'll make it up plus some on the trade in when it's cleaned up).

So how did I do??? Thanks and hope this helps someone.

dylrex

I'm currently in negotiations on an EX-L RES and the internet manager is telling me the money factor jumps from .00092 to .00102 if I were to put any money down. My current Odyssey lease is up in June and they have told me I have $1000 equity in the vehicle so I was just going to trade it and use the equity to lower the cap cost. Does anyone out there know if what the dealer is saying is true about the money factor jumping? Also, don't I qualify for the lowest MF considering I am a returning Honda customer?
Thanks for your help.

andykirby

just did a deal on a 2010 Odyssey EX-L with RES. Paid $1,500 up front with $395 per month with the 0001020 money factor. Rear bumper was a little scratched but the dealer will fix it. Paying about $25 less per month and $500 less up front than I did three years ago. Limited color choices for this model in upstate NY.

brooklynfishy

Narrowed down our choice to the Odyssey, and went into a dealership last night. I'm in NYC, so I'm expecting negotiation to be a bit more difficult as pricing here from all dealers seems to be a bit out of whack.

Just off the cuff, without negotiating or discussing options, the salesman told me that the EX-L (w/o nav or RES) would run roughly $450 a month with no money down. That seems high compared to what I've seen here, and I'm not sure whether I should try returning to that dealer to negotiate or going elsewhere.

At any rate, would it be unreasonable to expect to find an EX-L with nav and RES for around invoice or lower, or are they harder to find or priced at a premium? I tried plugging in some of the numbers here, and it would appear that if I could get it down to invoice, I should be able to around $425-450 a month given the following:

- no money down
- invoice of $33,695
- dealer incentive of $1250
- fees of roughly $1k
- money factor of 0.00102
- residual of 58%

Does this sound like a fair deal, or am I being overly optimistic? I want to start negotiating, but I don't want to walk in there expecting a lot more car for my money than I'm going to be able to nab.

Also my first lease, so if I've gone way off base, please excuse my ignorance.

ardentazn

Hello all,
I have bought cars before, but 1st time trying to lease.

My assumption:
It is better for me to lease since I am self employed (1099). Which equals to full write off???

My Goal:
get lease price to be as close to purchase price as possible. And perhaps come out on top with the write offs.

Research Results:
2010 Odyssey EX
invoice price = $27,098 (according to TMV)
purchase price= $25,957 (+ T&L)

what should I aim for?
-money factor?
-residual?
or can I just ask the dealers to give me the total cost if I was to buy it at the end of 3 yrs???

Thanks!

irv51

A dealer offered me this lease:
-$289 per month
- 3 yrs
- 12k miles/yr
- dealer provided these numbers based on the assumption that I trade-in my older CRV for $3000 (the dealer didn't actually get to see the CRV yet but $3000 seems about right)

What do u think? Thanks in advance.

ronnieabs

Someone mentioned buying a car in NYC. You'll be paying for their rent and the higher cost of operations. make your deal on the phone and then take a convenient ride to a NJ dealer by train, bus or a friend, to pick up your vehicle.

The residual for the LX and the EX is 58% The EX-L is 55% and the EX-L with RES and NAV is 53%. The current money factor is 0.00092. and while you calculate the lease based upon 36 months, Honda pays the first payment, so only 35 are due thereafter. You also pay no acquisition fee, the fee to write the lease which is usually $595 at Honda. BMW was around $700.

I've just purchased a Honda Odyssey EX-L and after contacting 12 dealers, Got the best deal in New Jersey for an EX-L with NO RES/NAV @ $363 plus tax.

The best deal we found on this forum was from Virginia (or somewhere) at $363 with tax included and after doing research, I strongly feel they made a mistake and it was without tax. They also claimed to have received a bunch of free options, totalling $600 or so, which I cannot see happening, at least not around here (NYC area).

There was no lower priced lease listed that I could see and most were closer to $400.

You'll pay $468 plus tax for the EX-L with RES/NAV, if you get the same deal, as the residual is lower (not much value for these options). Our Cap Cost (selling price of car) was based upon the Edmunds.com TMV...what people are actually paying, This is what we asked for and finally received, which in the case of the Odyssey is about $1,000 under invoice. Amazing!

The best lease price for a Sienna (the only other vehicle considered) was in the high $500's and about $1,500 out of pocket for the first month, acquisition fee, etc., and as we were looking for value-for-money, this didn't fit the parameters, although to its credit, it is a new model this year.

I believe that if you get these prices, you are doing not just good, but Great!

Acquisition fees are a part of leasing, so to get it for free, is unbelievable. Only out of pocket was around $500 for MV fees and a small dealer fee and tire tax to do the lease, which is routine in NJ.

I called the dealer, two calls later, they emailed me the details to confirm, including that we could get our deposit back for any reason. I went online to Honda Financial's website, gave my name address and a few simple bits of info and 3 minutes later got an email approval.

Some dealers are not reputable and you should look them up online with searchwords like "consumer complaints". Look on www.dealerrater.com and you'll see which reputable dealers are receiving great ratings from hundreds of reviewers...so its not just the owners brother-in-law reviewing them. Those are the ones you should contact. They are selling lots of cars and get benefits on the other end for making their numbers. So doing a deal is in their best interest.

Hope this helps. By the way, the current program ends May 3. Could be a better deal next month, but if they sold a lot this month, Honda might discontinue these special offers.

Good luck.

awinner

I have a dealership in Los Angeles offering me:
EXL-DVD, no NAV
3 years
12k miles/yr
$0 drive off
$0 Down
$0---not even a penny due at signing
$420 plus tax (9.75%)

Grab it, or fight to do better?
Need to know as this purchase will take place in the next 48 hours!

kidlkcf

I'm pleased to report that I just leased an EX w/o leather for $326.47/mo (including tax). Zero at signing. Sign and drive! I'm in NJ.

This included the dealership paying my last 2 payments on my current lease and giving me $200 in equity from my current leased Odyssey EX.

I feel pretty good about this, especially since I reduced my payments by $25/mo from the last lease of the same exact car.

Thank you to this site for providing me with all the information I needed to get here.

prahcharov

I AM ABOUT TO SIGN A 36 MONTH LEASE ON A HONDA ODYSSEY EX-L NO RES OR NAV FOR $405 PER MONTH INCLUSIVE OF EVERYTHING.

WHEN I SAY EVERYTHING I MEAN ALL DOC FEES, LICENSE FEES, TAXES (8.1%), AND WHATEVER ELSE THERE IS.

I DO NOT PAY A PENNY OUT OF POCKET, HAVE NO TRADE IN, HAVE MY 1ST MONTH PAID FOR, AND THEN PAY 35 MONTHS AT $405.

HOWEVER, I AM NEW TO LEASING.

IS THERE SOMETHING I SHOULD BE LOOKING FOR ON THE PAPERWORK WHICH WOULD RED FLAG THIS DEAL? LIKE THE CAP COST OR RESIDUAL?

ANY HELP/ADVICE WOULD BE GREATLY APPRECIATED!

THANK YOU!

haillatu

kidlkcf - this seems like an excellent deal. Congratulations!

Would you mind sharing the final negotiated price for your EX. It seems you got it below 25k not considering the 2 payments and equity.

Also, would you mind sharing the details of the van you returned? It seems the dealer must expect a good resale price for the returned van.

Enjoy your van!

awinner

Where in socal did you end up getting the car and what was the final pricing?
The best I got so far for EXL w/ RES was 3 yr/12k mls/not a penny down...sign & drive, no fees/$420 plus tax in los angeles. So far, no other place can touch that...not too bad. Any additional incentives dealerships are getting from the company? Thanks

shumisha

Just got a deal on EXL with RES .Returned same model with lease expiring 08-10.It had 30k.Told them have 2k on that car in value(equity).New lease:35 payments 0-0-0-0 36k $449 including taxes.Honda Boch Mass

kidlkcf

I don't mind sharing the specifics, but honestly, I'm a little cloudy on how they figured out the $326/mo. The following I know from the paperwork:

Selling price: $26,615
Inception fees: $903.17
Acquisition fee: $595
First month's payment: $326.47

Then, I was told they used the $200 equity from my car to come up with the lower payment. My old van was a 2007 (leased in July of 2007). It had just over 19,000 miles on it with some wear and tear.

By the way, I went in with a competitive quote and they matched it. I went with the second dealership because I really liked the salesperson and overall feeling of the place.

Hope this helps.

sgofstein

Hi ! I'm from NYC area too and I'm looking to lease 2010 Honda Odessey -Exl (no Nav/noDVD) , so price for your Lease 363 $ sounds as a good deal. I would like to ask about tax If the tax in NY should be paid upfront ? I'm first time leasing in NY.
So, how is the outpocket could be only about 500$ ?? If you want to add taxes monthly to you lease it will add more finance charges ? or its only 363 +tax ( all lease tax % 36 month )What dealer from NJ did you use, Thank You for your responce.

dave85

prahcharov - I am picking up the same Odyssey tonight, EX-L no res, no nav - the deal I finally settled on comes out to about $368/mo.
Started with a base of $319/mo, then I rolled in the taxes and fees - works out to be about $368/mo. Sounds like there may be a little room for them to negotiate down. I am in Mass and supply was scarce, the dealer I worked with had to truck in the color I wanted from another dealer.

Good luck - hope this helps

paul333

I just leased a Honda Odyssey EX-L with RES and NAV, no money down for $425 for 35 months after the first month which is no payment. The only other money I paid was $350 for tax and title as well as 6% sales tax on the monthly payment.

Can someone tell me if I got a good deal. I kept calling dealerships in the Cincinnati area all day long and work the price down as low as I could get it.

For anyone interested I got the car from Superior Honda in Cincinnati.

lorir48

I have an Odyssey coming off lease at the end of July. I wanted to see if we could take advantage of the promo going on now so we went in to find out about pricing. We are being offered a new 2010 at just below invoice, only $50 above wha Edmunds says is the TMV for our zip code. They are then adding onto the cap cost the cost of the remaining payments on our lease (about $1300) which I understand means I will now be paying interest on that amount over the nxt 36 months of the new lease. Am I being stupid to accept this deal? I see that the profit on my deal looks to be about $1500 (I could see it on the screen). This is our fourth car from this dealership, but a new salesperson since ours recently retired. He seems like a nice guy just trying his best to be nice and make a living, which we appreciate. The other fees are reasonable and our monthly payment comes to $464 for the new EX-L, just about $25 more per month than we are now paying on our 2007 (same model). Does this make sense?

The second question: we have a dent in the front bumper and now they think it may cost more than the alloted $500 per incident to fix. What is the best way to handle this? We are willing to pay the price they are offering, willing to add on the remaining lease payments to get the new car now, etc. But having to pay out of pocket to fix the dent (no cracking of paint) seems too much. There isn't another scratch on the car. The inside isn't pristine, just average for a family van. Not great, not terrible. We are way under mileage allowance (at 26,000 miles after almost 3 years with an allowance of 36,000).

We don't want to be jerks but don't want to be taken advantage of, either. Dealers, please help! I want your opinions! Thank you!

lorir48

Also, on the above deal, this dealer quoted me an internet price of 29,701 and then when we got to the dealership he said the best he could do is 30,000 PLUS adding onto it the $1250 which he says I only get back if I pay cash for this car, no lease or financing. On top of that he adds the remaining lease payments of $1300 and now we are over a $32,000 cap. I read thrrough these boards last nigfht and felt sick to my stomach. I am being ripped off, right?

paul333

lorir48,

That does not sound like a good deal. You should shop around. I kept calling dealers in my area and would take the lowest price and call the rest of the dealers in my area until finally i was down to just two dealers who kept knocking off a few dollars on the monthly payment. One of the two complained of my tactic and said that the other dealer was simply trying to "steal" his business and they would both lose money. I basically told him to stop complaining and either give me a lower price or I would go with the other dealer.

I ended up getting a far better price then I expected even better then examples I saw on this forum. Don't let a dealer make you feel you are obligated to buy from them just because they spent time with you and they are nice to you. The dealer I finally bought from never complained once they just kept lowering the price until I finally got my 2010EX-L WITH NAS and RES 36 month lease for $425 a month...they made the first payment..no other fees except the title which was $350 in KY and a 6% sales tax on the monthly payment. Once the lease is up I owe nothing.

Good Luck!

rosenbj1

Hi Car_man.
I am checking out prices for a 2010 Odyssey EX-L w/ RES (no Navi) for a 12k/36m lease. I'll be able to qualify for their top credit tier. Could you post the residual and money factor for this lease? Much appreciated.

haillatu

Thanks kidlkcf for sharing the info.

For everyone else in the market right now, this is what I got yesterday from a dealer in VA for a basic Odyssey EX (no RES, no NAV) for 15k miles per year for 36 months.

MSRP 30615
Negotiated Price 24959
Destination Charge 710
Lease Acquisition Fee 595
Cap Cost 26264
Residual Factor 56%
Residual Value 17144.4
Money Factor 0.00092

Depreciation Fee 253.32
Finance Fee 38.74
Lease Payment 292.06

Sales Tax 832.57
Registration 88.50
Documentation Fee 385.00
Total 1-time Fees (paid in cash upfront) 1,306.07
Monthly Cost 36.28

Lease Payment with everything Included 328.34

Monthly Lease Payment if First month paid by dealer (which the dealer did in my case) 320.22

Note that since I paid the TTL costs upfront, my payment for next 35 months is going to be 293.

The strategy I used was to get the prices from Zag.com. Turns out that 1 dealer in VA has the lowest price nationwide among 183 certified dealers on Zag.com. I used that price to negotiate with other dealers. The dealer with lowest price on zag was almost unresponsive. Several dealers just didn't get back after I told them what I was expecting. The inventory is quite low in my area. Since Zag just gives you 3 dealers and 2 dealers with the lowest price didn't have it in stock and the third one was politely laughing me off, I started submitting quote requests from other dealer websites. When they would get back, I would let them know that this is the current offer I have, will you match or better that?

It's my first lease and couldn't have done it without this forum. Big thank you to carman for posting the Honda MF and residual numbers and everyone else for posting what they are getting.

haillatu

rosenbj1: while I don't know the exact numbers, generally the difference between 12k and 15k is 2% in residual. The MF is .00092 for the top tier. The residual for 12k would be 54% based on carman's numbers in #1975.

rose33

Carman,

Could you provide me with the money factor and residual for a 24mo/15k lease of the EX-L with RES. I would appreciate it very much. Thanks!

sgofstein

Can you please, provide me with contact onfo for NJ dealer that you have got lease
from . I'm also from NY area and looking to lease EXL before end of promotion singn and drive 03/05/10.
Thank you

lorir48

Can you please share the name of the dealership in NJ? I am negotiating now and would love to know where you leased your car (I am looking for the same one).

Thank you!

brooklynfishy

Can you guys let me know what you think?

MSRP: 37,915
Cap Cost: 33,319
Residual: 53%
Money Factor: 0.00102
Acquisition Fee: $595

I've got to pay the taxes up front (at 8.875% in NYC, that comes to $1567.24), so my monthly comes to $435. Money down would be the fees, taxes and first payment, for $2800.

Does this sound fair? This was from my local dealer. I managed to do just a bit better, but I'd have to hop in the car and do some driving, and to be honest for the few hundred bucks it might resolve to it might not be worth my time, effort, gas, etc.

tinatina

Hi, is this a good deal on a lease

2010 Odyssey EX-L $28,855 includes destination
36 Month Lease/12,000 Miles per year
$807 Total Drive Off (includes 1st payment and DMV) - I am in N. CA.
35 payments of $386 (includes tax)
$18,763.25 Residual

I have also shopped for an EX and received a monthyly payment of about $337 with taxes.

paul333

Hi brooklynfishy,

I just leased the exact same Odyssey for $425 a month, first payment made by Honda, so 35 payments, I get the car for 36 months. My taxes in KY are 6% which brings my monthly payment to $450. The only money I paid the dealer befor driving it off the lot was $350 for document and title fee.

By the way, i't my first time with NAV and we love it!

brooklynfishy

Paul, could you let me know what the negotiated price of the vehicle was?

Seems to me that none of the dealers I'm speaking with is giving me an invoice or lower price, slightly above. One even said the $1250 cash back is 'dealer discretion', and 'we choose to keep that'. Nice!

I'm thinking if the only incentive is that $1250 and they're keeping it, there's no rush to buy the vehicle.

paul333

Hi Brooklynfishy,

According to the papers the dealer gave me the agreed apon price of the van is 33,000.00. I really didn't negotiate that, I only negotiated the lease payment since I didn't plan on buying the van after the lease is up.

Does it matter what they say the agreed upon price is? Maybe I should of checked this before I leased. Is this still a good deal do you think?

-Paul

brooklynfishy

Well, it was a patent waste of time. The dealer didn't have the vehicle, and weren't very remorseful either. Luckily for me I followed up with other dealers online so I have backup options, but what a stupid way to waste an hour finding parking, going there and waiting, etc.

If you're in NYC and looking for a Honda, don't consider Brooklyn an option.

maggie229

Here is an offer I got. I am in California.

EXL, no DVD, no NAV. 12K milage per year.
Monthly payment $413, that's with tax included. I asked specifically to make sure I don't need to add 8.75% California tax on top of this.

Out of poket charge $528. This covers all initial fees.

First month paid by dealer.

They said the base price they used is $29770.
Money Factor 0.00092 (This is the same as someone else's deal in this thread)
The Residual factor is 55%, which brings residual value to $18763.25. I tried to tell them that the residual factor should be 58% (that's what I saw from this thread). But they are firm on 55%.

The 'really big thing' promotion is ending very soon. If this is a good deal I would need to make a decision like today. Any comment would be appriciated.

maggie229

Hi tinatina,

I am also in CA. Could you please share the dealer information? Your deal is better than the one I am getting...

tinatina

Hi,

Anderson Honda -Palo Alto. - deal with one of the sales managers. Please note that the money due includes the first month payment (you have to make it) plus the registration/license fee.

roqfish

467 down
425 month including 9.25 tax
36m/12k per year
Tier 2 credit
I think there was money on the table - but I was tired.

awinner

So I ended up getting the car a few days ago....2 dealers told me they could not make the deal with me, they said if you can get that deal somewhere else, go get it. I know inventory is very light in the Los Angeles area.

EXL-Res
Sign and drive--The only money I spent that day was on a bag of pretzels from the vending machine
12k miles/year
36 month lease
$418 plus tax (9.75%) for 35 payments.

I think that was a fair deal...agreed?

ronnieabs

The $363 payment was based upon the selling price being $30,249 (which includes a mandatory $710 destination charge - MSRP is $34,115) and 55% residual value and 0.00092 money factor. Based upon 36 months, this calculates to $363 before tax. Yes, if you pay the tax over the life of the lease it is with finance charges on the tax, but if you don't have the cash, the finance charge is minimal. You only pay tax on the $363 x 36. Under this deal, your Honda dealer is paying the first month's payment and Honda finance is waiving the lease aquisition fee of $595, so there is notyhing out of pocket except for DMV registration of around $250 and Dealer fees of about $250 and tire tax. You will pay $363 plus 8% if you reside in NYC. Call DCH Academy Honda in Old Bridge, NJ and ask for Internet sales. The sale is ending May 3, Monday.

ronnieabs

DCH Academy Honda, Old Bridge, NJ. See my other reply today for details.

lorir48

Since the lease payment is based on the price you negotiate, it does matter--quite a bit. If you paid 33,000 plus fees then you probably could have gotten a better deal since that is about $3000 over invoice. Your lease cost is calculated by first determining the sales price of the car, then the residual value, and you are paying the difference between the two, divided by the number of months on your lease-- plus fees, taxes, etc. The less you "pay" for the car, the lower your lease payments are. It has nothing to do with buying the car at the end of the lease.

CarMan@Edmunds

Hi dylrex. What the dealer told you is correct. The .00092 money factor is a part of Honda Finance's special "Sign & Drive" lease program. If you put anything down, the factor jumps slightly to .00102. Quite frankly, you are always better off putting as little money down as possible when leasing anyhow so you're definitely not missing out on anything by going with a zero down lease.

Car_man
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CarMan@Edmunds

Hi ardentazn. I certainly am not an accountant, but I have heard that people who are self-employed are better off leasing for tax purposes as well.

Through May 3rd (today) Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX without the entertainment system with 15,000 miles per year are .00092 and 56%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

If I was in the market for this van right now, I personally would shoot for a selling price of around $500 over invoice, which is equivalent to $750 inver invoice once the $1,250 dealer cash that is available on it is taken into account.

Again, these are all Honda's April programs. It is scheduled to introduce its new May programs some time tomorrow. I would be happy to provide you with an update on what the new program is like if you're interested.

Car_man
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