2013 and earlier-Honda Odyssey Lease Questions

CarMan@Edmunds

Greetings rosenbj1. 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-L without navigation with RES and 12,000 miles per year are .00092 and 54%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

Honda is currently providing $1,250 dealer cash on this model. Make sure to take it into account when negotiating your selling price.

As I mentioned, Honda is scheduled to introduce its new May programs some time tomorrow. It is difficult to say how different its new program will be. I will gladly share with you what I am able to find out about the new program when it is available if you're interested.

Car_man
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CarMan@Edmunds

Hi rose33. Through May 3rd (today) Nissan Motor Acceptance Corp.'s buy rate lease money factor and residual value for a 24 month lease of a 2010 Odyssey EX-L without navigation with RES and 15,000 miles per year are .00092 59%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

As I mentioned, Honda is scheduled to introduce its new May programs some time tomorrow. It is difficult to say what they will be like at this point but if you're interested I would be happy to provide you with an update when the program comes out. Let me know.

Car_man
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ingirl

We are very close to making a deal happen today on one of these - before this current offer runs out. It would be nice to know if the next incentive is going to be better.
Taking a risk whether to sign the deal today or not.

We almost got screwed on one of these leases on Saturday, but I walked to of the dealership and will never go back!!!

We are now shopping around. What a painful process.

mnb99

Can anyone tell me the new money factor and residual % for May?

I am looking at EXL w/RES and NAV and just got back from a dealer tonight. He said the current dealer cash is now $1500. Also quoted me a 53% residual and a money factor of .00117 for a 36 12000 mile lease.

Basically the numbers look like this:

37915 MSRP
34404 Invoice
- 1500 dealer cash
32915 Sell price

475 cash offset
1205 sales tax
15 flat tax (whatever that is)
373 DMV fees.
595 Acquisition fee
35579 Gross Cap Cost
700 trade in down

53% residual
.00117 MF

Monthly Payment $475. No money out of pocket, including first payment.

I don't know if this is a good deal or not.

andykirby

I think the money factor should be .00102

mobilejae

Is there dealer cash incentive for May?

Please let me knwo ASAP, as I am negoitating a deal.

For lease and buy? Thank you.

bthessel

So I am coming up on the end of my lease on my Odyssey. It was a 3 year lease and I am way under my miles. What is everyone's experience with the damage inspection? There are some scrapes on the one back fender that are showing the black plastic underneath, and a small crease type dent in the hood. Would these fall under the 1500 damage allowance or should I just go ahead and have them fixed before the inspection? I worry the inspection will want the whole hood replaced rather than just the dent fixed.

dukehouston76

Hi, I am in TX

I recently signed a lease on a 2010 Honday Odyssey EX. This particular model had a leather upgrade.. it has no RES and no Navigation etc.,

Here are the particulars.
1. Gross Capitalized cost - $28,463
2. Agreed upon value of the vehicle $27,253

Cars.com - MSRP - $30,685 Invoice - $27,878 for this vehicle without Leather.

3. Capitalized Cost Reduction - N/A
4. Adjusted Capitalized Cost - $28,463
5. Residiual Value - $17,751 (@58%) - Is this good or bad?
6. Depreciation - $10,712 - Is this reasonable?
7. Rent Charge - $2,612 - What is this and should it be low or high?
8. Total Base Payments - $13,324
9. First month Payment - By Dealer
10. Monthly Payments - 35 months - 370
11. Downpayment - 0 - Total Drive out - Nothing
12. Tax and Title - I recieved the check for $300 last week from Dealer not sure why. - Can anyone explain this?

I do not have a credit history of any auto/home loan before.. my score was good 690+.

With that said, can anyone tell me if this was a good deal. and what's the thing to worry about in this deal.

Thanks in advance for your responses.

cheapreading

On a 2010 EX-L w/ 12K for 36 months. Any assistance appreciated.

irv51

I'm in Westchester County, NY and local dealer quoted this lease today:

Due at signing: $3,000 cash out of pocket
(this INCLUDES DMV and tax. This is on top of my trade-in 1999 Honda CRV LX with 72,000 miles for $3,000)

Lease payments: $350/month

I think it's a good deal. What do you think? Thanks in advance.

CarMan@Edmunds

Hi mnb99. Honda Finance'a May buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX-L with RES, NAV, & 12,000 miles per year are .00117 and 53%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

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CarMan@Edmunds

Hi mobilejae. Yes, Honda is providing $1,500 dealer cash on purchases or leases of the 2010 Odyssey in May.

Car_man
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CarMan@Edmunds

Hi cheapreading. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX-L without RES or NAV with 12,000 miles per year are .00117 and 55%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

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CarMan@Edmunds

Hi irv51. You never mentioned the selling price of the Odyssey that you are interested in. Other than the monthly payment, the selling price is the most important number to look at when negotiating a deal. 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 exactly how much of a dealer discount you are being given. Let us know what this Odyssey's selling price is and either myself or another knowledgeable community member will gladly tell you what we think.

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pearliegirl

So is the residual 55% or 53%?

pearliegirl

Can you get the $1500 plus the low money factor, and the same residual?

yhari

Bthessel,

It may depend on who is inspecting it and how much "wear" they feel it is. Most of the time this is covered under the $1500 exclusion. But everytime I have turned in my Hondas the dealer recieving the car has bought it from Honda before it ever went back for inspection or auction. I can't imagine them not buying the car unless they are in bad shape (the dealer) or the car is in really bad shape. If it has low miles I would take it to CarMax or another dealer and see if you can get some cash over the payoff. If you are buying/leasing another Honda you can probably use the low miles to your advantage and negociate some trade value for the van or at least push the liability over to the dealer. If you are doing this, make sure the dealer is buying the car versus just letting the lease run out and sending it back to honda. Dealers right now really want to make a deal on the 2010 Oddyseys. I just yestrerday traded the lease on my 2008 EX-L in with 17k miles (about 5k miles under where it should be in the lease) for sign and drive (35 payments / 12k miles a year) for my same payment of 341.99 per month. The car I traded in was dirty on the inside (Kids!!!) and had a dent in the front bumber (bumper needed repainting) and it appraised well enough for me to get into something new and avoid a payment, upcoming maintenance and higher interest rates in the future when my lease on the 2008 wouold have naturally ended. Best of luck!!!

pearliegirl

Thoughts on this deal?

36 months, 12,000 miles/year

Zero due at signing (I said I would pay the first month payment)

$450/month (inludes everything, including taxes)

yhari

Pearliegirl,

I ran the numbers through the leasguide.com lease calculator. I assumed NC as your state (3% tax on payment) and I came up with the same number using a selling price of 33,000, 595 Bank Fee (Honda Leasing) and residual and MF from CarMan posting above. So about $450 a month with you making the first payment. I think you may be able to negotiate better than this .. I am thinking you can at least get them to pay your first payment.

Thanks
yhari

kyfdx

I think NC charges 3% of the selling price, like VA?

Could be wrong...

pearliegirl

I am in Massachusetts (6.25%).

I began by negotiating the sale price, and this is where I arrived:

$31,999
+fees
+taxes
+plates
__________
$34,522

- $1500 dealer incentive
money factor: .00117

Lease price: $450/month with nothing due at signing.

This is less than anywhere else I've found by at leaset $35/month. I thought it was such a good deal that it may be too good to be true. Everything seems to check out though. I am going there tonight to see. Any more thoughts are appreciated. I will post what happens.

twinmommy2

I was hoping someone could comment as to whether or not I have signed a good deal tonight on an EX-L at a dealership in NJ. I thought it was but now I'm not so sure. My 2007 Touring lease is expiring next month. It's in excellent condition w/ only 23,000 miles on it. They get the '07 Touring and we put $2K down and pay no other fees. Dealer making 1st payment. Lease is $325/mo. w/ 35 payments remaining, 12K miles/yr.
Don't know what these numbers means but it seems important from reading the other posts so I'll include it:
Capitalized cost 29,030
Total Cap 30,522
Cap Reduction 2,048
Net Cap 28,473
Residual 18,763
Thanks so much in advance for any input you can give!!

twinmommy2

Oops just realized I didn't put "2010" Odyssey EX-L lease. Hope that was self-explanatory!

yhari

kyfdx,

Its 3% of the lease payment .. so if your lease payment is $300, you acutally pay 3$309 every month to Honda leasing. If you decide to buy the car at the end of the lease, you have to pay an additional 3% on the purchase price when you register the car.

Thanks
yhari

yhari

Pearliegirl,

Best of luck! As I mentioned above, $450 is good but you may be able to do better such as getting them to make your first payment (sign and drive). Please post how things went.

Thanks
Yog Hari

yhari

twinmommy,

I am confident that your 2007 Touring has some trade in value. Have you checked kbb.com versus your lease buyout? My guess is you have at least $1000 in trade value. A good way to check this as well is to look at your dealers used car inventory and see how much they are asking for a similar car vs. your buy out. My guess is like $3-5k more. I am not sure how taxes on leases are handled in NJ, so for the purposes of this post I will assume 3% of the payment like NC. I just traded my 2008 EX-L no res, no nav in for a new 2010 EX-L with the same specs. Sign and drive (35 payments) for 341.99 a month. So I definitely think you can do better depending on what the trade value of your Touring is. I would try and work a ZERO out of pocket deal. It really is the best way to go when you lease. Why no Touring this time? What will the kids say

Thanks
yhari

pearliegirl

Reporting back on last night. It was sort of a disaster. Not because of the deal though. We have a trade, and they were rediculously low on it. In fact they even told me that the entire side of the car had been repainted, even though it was not on the carfax, not to mention it was dusk and raining out. We are the second owner, so I guess anything is possible, but I was thinking if in fact the entire side had to be repainted, wouldn't that have cost so much that the person would have reported it, or the place that did the repair would have? Who knows. It is a BMW 328xi, and a BMW dealer offered me 3K more than these guys. I also thought, wouldn't a BMW inspector notice the paint? Well, unfortunately that deal appears dead. I'll keep everyone posted on other deals. This process can be so annoying.

gene00

One thing confuses me (I've never leased before). Do you factor the sales tax (calculated on the amount of depreciation) up front, i.e. as part of the sales price, or do you add it on to your monthly payment? You don't want to pay it twice.

gene00

If you advertise your 328xi on craigslist or autotrader for $1000 over what the BMW dealer offered you for it, It'd probably sell within a week. Trade-ins are a huge money-maker for dealerships, and a huge money loser for consumers. Just look at what they're willing to give you vs how much they'd sell the same car for (after a cosmetic cleanup by their minimum wage staff). Selling a car can be a pain, so you have to decide if the effort is worth the money. The best luck I had selling my used cars, was at a lot near where I used to live, where you pay them $150 to have the car on their lot for a month, buyers can sit in the car and start the engine, but not drive it unless you're there. I sold 3 cars there over 7 years, and it was always the first caller who bought the car. By the time they call you, they've pretty much already decided to buy the car. If you have something like that near you, give it a try.

kyfdx

Gotcha.. Hard to keep up with every state, as far as lease taxes go...

(but, I try)

irv51

Hi Car_man, the selling price is 40,755 and with estination and handling the total is 41,535. I'd like to hear your or another community member's input on this. Thanks again.

minivan_bound

First of all, thank you Carman and kyfdx - just reading you two helped immensely.

Today we finally leased an EX-L with NAV/RES for 36 mos/12k yr, and as prepared as I was, and as happy as I am with the monthly payment, the numbers still don't completely make sense to me.

I first negotiated a value of the car (based upon Edmund's TMV), and reminded them of the $1,500 dealer credit. Then I made sure they used the money factor you guys posted. And I negotiated a little less for the monthly payment (which was less than I came up with before I got there). I thought I made sure the residual was the right percentage, but that is where I think I'm having the issue. It didn't add up, but the monthly payment seemed fine, so I said ok.

After we were done negotiating (which got me to my monthly payment), when they put it on paper for me to sign, it was like they lumped it all together and filled in the lines... here's what's filled in.

"Amount do at signing:"
Advance Monthly Payment (1st Month) $499
A whole bunch of other things - N/A (understandable)

"My monthly payment is determined as shown below:"
Agreed Value- $32,467.51
Residual - $20,094.95
Gross/Adj. Cap Cost - $35,708.51
Depreciation - $15613.56
Rent Charge - $2350.44
Total of base pmts - $17,964.00
Base mthly - $499.00
Other - N/A
Sales Tax/Use - N/A (in three places... same thing)
(Sales tax is 8% (IL))

"Estimated Fees and Taxes During Lease Term:"
lessor estimates - $3,063

That's everything, sorry about the three page essay about this.

p.s. - the amount I negotiated was $32,450 (which they wrote on here as $32,467'ish...).

I can't make sense of where the $35,708 Cap Cost came from b/c they didn't itemize it. And that's over $600 more than what 8% tax would add to the $32,467...

TT&L should have been around $225. And he did mention a $25 ERT fee (I didn't argue with that... I was fine with the monthly payment... should I have been?)

hatedealing

Hi twinmommy2,
Where did you get the car? I think you got a good deal. I tried several of my local dealers and couldn't even get close to the deal you got (I live in Princeton, NJ). One dealer told me that with using $2000 down and paying $325 x 35 months, they would be losing about $1480 on the car. So they told me they wouldn't sell me the car at that price. Please help. Thanks

irv51

Hi Car_man, I was wrong - I quoted the sticker price of 40,755. The ACTUAL selling price works out to 36,112. Please let me know if this is a good deal. Thanks again.

shenanigans

I live in California so taxes are based on the finalized monthly lease price. But I got a 2010 Odyssey polish metal for $29,350, which MSRP was $34,115. I feel I got a pretty good deal, I found a website that showed dealer invoice to be $31,000. But with the $1500 dealer cash and the $630 holdback the place to start negotiating was $28,803. Dealers don't like to negotiate the holdback but I contacted a couple of dealers through their internet sales manager and after a couple of e-mails back and forth they came up with $29,350, with $2k down (includes 1st month) 36 month lease, 12,000 miles/year came out to be $365 with taxes (CA tax was almost $27/month). Just FYI one of the dealers gave me a quote of $29,100 but they didn't have the dark gray color. Good luck!

shenanigans

I forgot my Odyssey is a EX-L. And I love the van. Way nicer than the Toyota Sienna even though they have a really cool Sport Edition. Lease is only a 3 year so I hope Honda puts out the new body style in the next three years. Should be sportier.

delta737h

gene00,

There are four basic ways in which states compute and collect sales tax...

(1) Most states compute monthly tax on the base payment and collect it monthly.

(2) Some states levy tax on either the net selling price (Illinois, Washington State) or the depreciation and collect it upfront. However, one can elect to roll the sales tax into the lease. In this case, the lessor pays the sales tax on the lessee's behalf upfront.

(3) A few states (e.g., Ohio, NJ) , compute a pre-tax (taxable) payment; multiply it by the term of the lease to get the total taxable payments; and levy tax on this total amount. The tax is collected upfront but, again, can be rolled into the lease as described in (2).

Whether one basis tax on base payment, net selling price, depreciation, or total pre-tax payments; it's important to separate the taxable from the non-taxable items as defined by each state. With few exceptions (NY), it's illegal to levy tax on tax.

Hope this helps.

John

twinmommy2

Hi hatedealing,
We're still waiting to pick up the car and don't have it in our possession so I hope you don't mind my not naming the dealer at this time. I can tell you however that we went over to Hamilton Honda and after haggling price back and forth with them, they were willing to match the deal but couldn't beat it. Since we don't live near Hamilton, we went with the dealership closer to me. My '07 Odyssey Touring was part of the deal and it had a little equity because it only had 23,000 miles on it. I'm guess about $1K maybe, not sure. Good luck!

matte0

I am going to lease a standard Odyssey EX in NYS, what would be a good lease price with nothing down except DMV and 1st months payment, tax is in the payment. Does $359.11 sound like a real number a Honda dealership gave me or is it impossible.

gene00

Yes thanks John, that clears things up. I was just confused by Pearliegirl's computation where tax was figured into the total sales price. She's in Mass, so their rules must require the tax collection up front.

hondaforever

Hello everyone, I researched this forum extensively before I finally leased last week, so I feel obligated to post my deal here now . I leased a 2010 EX (no RES) - cherry red metallic (really hard to obtain IMO only next to the dark blue, had to wait a few weeks for this to be available). Monthly cost - $346.
Money factor - 0.00117
Residual - 58%
Negotiated price - Invoice minus the standard $1500 honda incentive

I paid $10 extra for title and drove away with the van after $356 payment. (First month is not free now - that deal is over)

matte0 Hope this helps, let me know if anyone wants more details or have any comments.

Thanks.

lorir48

Is this an EX-L without RES and NAV? Also, is this money factor the Tier A number? It sounds like you got a great deal. What state are you in? My lease is up in July and I am watching closely. Last month we tried to negotiate geting out of the current lease but we only qualify for Tier B credit and the monthly payment was up nera $500 so we walked away. They were adding the remaining months on the lease back onto the cap cost and it just didn't pay. We are paying $434 per month now on our 2007 and we are really hoping to come in well under that on the new lease, in NJ or PA. THANKS!

twinmommy2

Hi lorir48, Just picked up our 2010 EX-L (no RES, no NAV) today in Freehold, NJ for $325/mo. (dealer made 1st payment) and $2K down. Traded in our '07 Odyssey Touring (lease ends in July) with just under 24,000 mi. and recv'd. $1K in equity credit towards the new lease plus of course the $1500 dealer cash incentive. We worked really hard for this deal and we're Tier A credit I believe. We were paying $420/mo. on the '07 Touring so we're happy to be paying $100 less a month for the EX-L. Good luck and hope this helps!

jscreen

Hi,
Just got back from dealership with lease offer on EX of $289 with same requirements (i.e. $1,999 down, etc.) as the current LX deal.

First is this a good deal? Second what additional charges, etc. should I look out for?

Thanks!

pearliegirl

We pulled the trigger on the Odyssey last night.
2010 EX-L w/ RES & NAV
36 months
12k miles/year
53% residual
Monthly payment: $450 (includes everything rolled in, taxes, etc.)
Price of the car: $31,999
The only thing we "put down" was the first month ($450), and that was it.
We are in the Boston area.

jmail

Carman,

Can you please post the new mf and residual for the Odyssey EXL (no nav/no res) for a 36 month 12k mi/yr lease?

Thanks!

CarMan@Edmunds

Yes, pearliegirl, the dealer cash is compatible with Honda Finance's special lease program.

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CarMan@Edmunds

Thanks for the additional information, irv51. You were quoted a selling price of $40,755 on the Odyssey that you're interested in. The 2010 Odyssey Touring has a dealer invoice price of $37,612. If we subtract the available $1,500 dealer cash from that it drops to $36,112. So it appears as though the selling price that you were given is more than $4,000 over invoice. This is NOT a good deal. If I was in the market for a new Odyssey in an area that has a decent level of competition, I personally would shoot for a selling price of around $500 over invoice and see what happens.

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CarMan@Edmunds

Ah ha. Now that's more like it. This selling price is right around dealer invoice, which is an excellent deal. Just make sure that the dealer uses Honda Finance's buy rate lease money factor of .00117 (assuming that you qualify for its top credit tier) to calculate your payment and you're in business.

Car_man
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CarMan@Edmunds

Here you go, jmail. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX-L without navigation or the entertainment system with 12,000 miles per year are .00117 and 55%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

When negotiating your deal on this van, make sure to take advantage of the $1,500 dealer cash that is currently available on leases of it.

Car_man
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