2013 and earlier-Honda Odyssey Lease Questions

Kirstie_H

A reporter seeks to interview someone who is planning to lease a car in the near future, or recently got into a lease. Please respond to pr@edmunds.com by Sept 16, 2010 with your daytime phone number and some words about your experience.
Thanks,
Jeannine Fallon
Corporate Communications
Edmunds.com

alfstinky1

Hi Car_man, I know that Acura issues 10K/36mo. leases but I never see anyone post a Honda 10K/36 mo. deal. Is that because Honda does not have a 10K lease option? Thank you.

beckman03

I wanted to first give a big thank you to the people here posting information about leasing Odysseys, personal experiences, and general leasing info. It really made my choice and shopping experience smooth and easy to get my Odyssey EX-RES. I managed to get the following deal:

2010 Odyssey EX-RES (Slate Green Metallic)
3yr/36k miles (12k miles per year)
MSRP: $32,285
Selling Price: $26,521 (includes destination charge of $780)
Residual: $17,434
Incentive: $1,500
Money Factor: 0.0006 (1.44%)
Acquisition Fee: $595
Doc Fee: $239
Title and Registration: $125
Base Monthly Payment: $296.xx
Sales Tax: 6.25%
Monthly Payment after tax: $314.xx
First Payment: $679 (first payment, 239 doc fee, 125 title and reg)

How did I do? I think I did really well, and I wanted to say also that I dealt with Weymouth Honda in Weymouth, MA. No haggling, got the price on an online chat, went in and test drove the car, loved it, and got it at the price quoted. Fantastic experience. Sounds like now is the time to get a 2010 Odyssey if you're on the fence! Thanks again everyone!

flash27

Dear beckman,
Thank you. I'm looking to lease an Odyssey here in western Massachusetts to replace my old Odyssey. I paid cash before, so I'm new to leasing. I'm much more interested in preserving cash these days.
Your numbers are pretty self explan. for me. But could you explain how the Money Factor is figured in. Perhaps there's a link to all this information. I'm still looking for one.
Did the dealer discount the MSRP from $32,285 to $26,521? Is that typical?

Thanks again. This is very helpful as

marltash

Will Honda let me out of a lease? I am 11 months into a 36 month 450/month lease and change my mind -- don't want the mini-van now! Do I have any options?
Thanks

CarMan@Edmunds

You're very welcome, odyseeker1. Thanks for the update. It sounds like you did well. Enjoy your new ride!

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hello kisyntym. Honda Finance's September buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey LX with 15,000 miles per year are .00060 and 53%, respectively for consumers who qualify for its top credit tier.

In order to qualify for Honda Finance's top credit tier, I believe that one has to have a credit score of something like 730. It does lease vehicles to consumers with lower scores than that, but its money factors for consumers with lower credit scores are higher.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hi kisyntym. Honda is providing $1,500 dealer cash on the 2010 Odyssey right now. This cash is being paid by Honda to dealers to use as they please. Savvy consumers who are in an area that has a decent level of competition should be able to get dealers to knock all of that cash off of their vehicle's negotiated selling price.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

That's a good question, alfstinky1. You're right Honda Finance does lease Acura models with 10,000 miles per year, but I have never seen mention of a Honda division lease with only 10k. There is a good chance that Honda Finance does not offer such a low mileage allowance on Honda division vehicles. It wouldn't hurt to ask your dealer to see what they say.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hi marltash. I am sorry to say that it is usually very expensive for consumers to get out of leases well before their scheduled end dates. Some consumers who want to get out of leases early are able to find individuals who will assume their leases for them, but unless something has changed I don't believe that Honda Finance allows lease transfers.

By far your least expensive option is to stick with your Odyssey for a while longer.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

rtadams

Hi Car_man:

Have the lease rates changed in September for the Odyssey? Looking through previous posts, I see the MF as .00098 and Res as 52% for a 3 year/ 36k mile lease in August. Also, is the $1500 incentive still available as well?

My dealer called me yesterday asking to end my current Odyssey lease 4 mos early (of course meaning, $1461 worth of payments being rolled into the new car). I'm hoping the $1500 dealer cash is still available to cover this. We are very happy with the current car and would be just fine keeping this body style if it means a better lease deal. Our current car ends in January which is only a few months after the new model hits showroom floors, usually not a good time to lease.

Thanks a lot for your help.

alfstinky1

Hi Carman, could you please post the Sept. Res and MF for the 2010 EXL 36mo 12K please. Thank you.

cincinnatus

I just want to clarify one thing: there is a $1750 cap cost reduction listed in the lease offer. It is part of the $1999 due at signing ($249 + $1750 = $1999). A lot of the math that I see on here seems to have the dealer absorbing that cap cost reduction rather than it being paid by the user. When I read the offer from AHFC it says that the cap cost reduction may be paid by the suggested dealer contribution, which to me sounds like the dealer CAN absorb the cap cost reduction, if you can negotiate that.

Is it everyone else's read on this offer that the cap cost reduction should be absorbed by the dealer rather than paid by the end user?

bigbutr

Carman,

Is the residual higher for this vehicle than just the EX-L? I am putting together a lease proposal and am seeing 53-54 percent for the LX and EX-L but I wonder if it is a little higher for a more equipped vehicle.
Thanks!

CarMan@Edmunds

Hi rtadams. Honda Finance's September buy rate lease money factor for the 2010 Odyssey is .00060. Its residual values vary by trim level.

The $1,500 dealer cash is indeed still available and should be taken into account during your negotiations.

While it's difficult to say what Honda's January lease program will be like, I personally wouldn't be willing to waste the final four payments on my current lease to get something new now.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Here you go, alfstinky1.

Honda Finance's September buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX-L with 12,000 miles per year are .00060 and 52%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

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

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hi cincinnatus. Don't worry about what the advertised payment says. Just shop around for the lowest possible selling price on the exact Odyssey that you are interested in, making sure to take advantage of the $1,500 dealer cash that is currently available on it.

Once you have arrived at a selling price that you are comfortable with, have the dealer calculate your vehicle's payment using its buy rate lease money factor of .00060 (assuming that you qualify for its top credit tier).

If you do this, you will almost certainly be able to negotiate a better deal than the one that is being advertised.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hi bigbutr. The residual values for vehicles that are equipped with navigation or entertainment systems are typically lower than they are for base models. That is the case with the Odyssey. If you add RES and Nav to the EX-L, its residuals drop by 2% to 48% for a 36 month, 15k, top tier lease.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

rtadams

Thanks Car_man,
That's exactly what I needed. The trim level is the EX-L and according to your other post, the residual is 52%.

I know the dealership pretty well so they are going to try to buy my current Odyssey in a separate transaction if the math works out. Otherwise, I will not eat the last 4 payments and take my chances in January.

Thanks again.

beckman03

Money factor is basically the interest rate that you pay on your lease term. .0006 money factor translates to about 1.44% interest for the 3 year lease. That's the money the leasing company (Honda Lease Trust) charges you to use the car they bought basically. You're paying depreciation of the car (a portion of MSRP) plus interest basically.

And Yes, the dealer discounted the MSRP from 32,285 to $26,521. MSRP is still listed as $32,285, but the selling price of the car was $26,521. MSRP would stay the same no matter what you pay for a car. Selling price is what drives your payments down (along with other factors of course!). Best of luck in your search--I know you'll get a great deal!

hondaluvr26

We are in the neg process with pricing on the 2010. Considering they are coming out with the new model in 3 weeks I'm trying to get a good price on the older model (I actually like it better). I was offered yesterday $31,900 for the EX-L RES model with .00060000 M/F (1500 rebate included in price) only upfront cost is first payment. 51% res on a 36 month 12K mile lease... Payments around $470 a month. Does this sound right? I keep trying to good the est. payment for these numbers and I'm getting a higher payment... Also, I've never leased before and I'd like to know what kind of charges I'm looking at if say my kid spills a drink on the carpet-- any idea?

beckman03

This doesn't sound like a good deal. Not sure about an EX-L RES, but I got numbers from my dealer for an EX-L RES + NAV. I was quoted:

exl R + N would be 419/month with 783 due sale price 31,473 and residual 18993

Sounds like you could do better. I mean, the 783 up front cost quoted above is first month plus registration and doc fee, and the monthly payment is $50 per month less ($50 x 36= $1800 through the life of the lease you'd be paying more than the above situation I was quoted from my dealer). I think you have some negotiating room...

Best of luck!

Edited to Add: Payment of $419 quoted above also included tax. FYI.

Also edited to Add: I found that I did actually get numbers for an EX-L RES (same thing as above.. tax included, first month, doc fee and registration due at signing):

383/month with 747 due at start sale price is 29,562 and the residual is 18,250

njspiker

hi car_man: can you please provide the following information?

MF and residual % for 3 year (12K/yr.) lease
MF and residual % for 3 year (15K/yr.) lease.

thank you so much for your help!

njspiker

Also edited to Add: I found that I did actually get numbers for an EX-L RES (same thing as above.. tax included, first month, doc fee and registration due at signing):

383/month with 747 due at start sale price is 29,562 and the residual is 18,250

is this for 3 year (12K/year) deal? please confirm! Thanks!

dogsambam

Where are you located. We are looking for a EXL with RES and NAv and would snag that deal.

leaserguy

what tips do you have - here in Alexandria Virginia- do the dealers like to get the vans out there and therefore offer deals of leases at the start of a new line like this?

lccalvert_1999

Hello all,

Wanted to share a pleasant buying and leasing experience with everyone. Had luck with Fairfax Honda. My deal was a little tricky because I was actually trading in two vehicles and getting two vehicles. However, the Odyssey lease was actually done outside of the other two trade-ins.

Here is what happened... bought a 2007 Odyssey in Sept. 2007 and paid 26.5K (not OTD). Took the car to Carmax recently and they offered 20K. Good deal considering the car had 34K miles. We had been having issues with the stuttering engine and my wife really wanted a new one. So, we went in a negotiated a great price on a 2010 EX-L. MSRP was $34,185 and sale price was $28,675 (see more below about this price) + tax, title, acquisition fee, doc fee, etc.

Because we were getting a new car, I needed to get rid of my 2010 Acura TL SH-AWD with Tech to keep my monthly payments the same. Problem was, I couldn't find anyone to give me enough on the trade to make any deals work. However, Fairfax Honda currently has their own version of Cash for Clunkers. They will pay KBB Fair price + 10% if you get into a new vehicle which averages 3 MPG more than your current vehicle.

They agreed to honor their website and gave me $35K for the trade. We agreed to a price for an Accord (replacement vehicle), but I thought that the deal was financing or incentive. Therefore, the price I negotiated included adding the incentive back in ($1200). The sales manager told me that you can do both at which point I mentioned my negotiated price didn't take this into consideration. He was willing to work with me and basically gave me another $1,000 off the Odyssey price (was @ $29,675 and ended up at $28,675) and threw in a set of all weather mats for the Accord. Here is the price for the Honda Accord (with dealer throwing in Wheel Locks, All Weather Mats and Mud Guards):

MSRP $31,855.00
Invoice $29,244.00
Sale Price $27,839.00
Document Fees $ 385.00
Registration $ 10.00
DMV Fees $ 47.75
Tax Rate 3.2%
Tax $ 846.72
OTD (Out Of Door) $ 29,128.47
I financed using the 1.9% for 60 months. Payment = $509.

Here are the details on the Odyssey Lease:

MSRP - $34,185
Base Cap Cost - $28,675
Delivery - $included above
Adjusted Cap Cost - $30,659.75 (includes rent charge, acq. fee and doc charges)
Residual (52%) - $17,776.20
Money Factor - .0006
Term - 36 months
Sales Tax (Virginia) - 3.2%
Monthly payment - $386.94

Very happy and a very pleasant buying experience. Would highly recommend.

Lee

beckman03

I'm located in Massachusetts. I dealt with Weymouth Honda in Weymouth, MA (near Quincy). Best of luck to you, and sorry for the delayed response--it appears you have to click on the box to get email notification of responses!

dogsambam

I hate to be a pain, but do you know how much the lease was before they added in tax? I am getting high numbers still in Illinois which is leading us to say, if we are paying high prices lets just do a 2011. I would appreciate any help you can be,

beckman03

Tax is added on a pro-rated basis each month. So you have the base of about 394.33 plus 6.25% tax each month making the payment on the EXL R + N to be 419 after tax. Again, this was Massachusetts, so Illinois just might be different, but considering how expensive it is to live here, I'd think it wouldn't be so different!

flash27

Beckman, thanks for your helpful posts, here's the Odyssey EX-RES deal I am considering. The dealer is in eastern Massachusetts. Here in western Mass. two dealers have an almost-monopoly (Balise & Lia), so no competition and thier deals reflect that.

These are the straight terms I received on the phone upon my first inquiry recently, I haven't made any kind of counter-offer yet.

Price: $ 26,396

36 months/12K
residual 54%
money factor .0006

Due at closing:

Cap cost reduction: $1,999
Acquisition fee: $ 595
Plates & Reg: $ 129
Document Fee: $ 299
!st payment: $ 231.62

Monthly payment: $218 + 6.25 MA tax = $231.62

I didn't calculate the monthly payment, I'm using the salesman's number he gave me on the phone. I'll be trading in my old '99 Odyssey, but we haven't factored that in yet.

Can you say which items might be better negotiated?
Is it common to finance some of the up-front items in the lease? Thanks again.
Is the residual usually on the sales price or the MSRP?
Does 54% sound right?

I'd appreciate some perspective on this. Thanks so much,

beckman03

Looks pretty good to me. Money factor is good. The Selling price is good, but is that your actual sales price or the total cap cost reduction (Is the sales price $26,396, or $28,395 with a $1999 cap cost reduction?). If the Sales Price is $26,396, then it's a great deal, just make sure--that's where I'd be negotiating. I'm not really good with the Cap Cost reduction because I just didn't think putting money down on a lease was worth it (better off paying down $2000 in credit card bills, instead ofa 1.44% interest lease!). Doc fee is usually not negotiable. You should be able to finance the Acquisition fee of $595 (I think that is common). 54% residual sounds right.

Are you sure you want to trade the 99 odyssey for a lease? You might get more from private party sale, unless you're interested in using the car for your cap cost reduction. Your payment sounds good. Payment will obviously go up if you decide to finance the Acq. fee.

Residual is always based on MSRP.

Good luck to you! Keep me posted if you end up taking the lease!

kfg1

Here is a summary of a lease deal I made today on a new 2010 Ody Ex.

Cap Cost: $26,530
Acquisition Fee: $595
Cap Reduction = $0
Gross Cap Cost: $27,125
MF=0.0006
Residual = 55%

Sell price $26,530 is the same as Edmunds TMV price, so I think I did good on the price.
Q: I am still wondering if I could have got this for lower???

I was surprised by the Acquisition fee but still took the deal.
It was financed through Honda.
Q: Has anyone had any success in negotiating this fee down or away?

Thanks

njspiker

hi car_man: can you please provide the following information?

For the month of October, 2010 ---
MF and residual % for 3 year (12K/yr.) lease
MF and residual % for 3 year (15K/yr.) lease.
$1,500 marketing support is extended to 11/1/10.

thank you so much for your help!

heathernj

Hi Carman...do you know what the residual and money factor are for a 2011 Touring, 15k miles per year, 36 months? I drove one today, and loved it. My lease on my SUV isn't up for 60 days so I am hoping to wait the new release out pricing wise a bit.

CarMan@Edmunds

You're very welcome, rtadams.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

I'd be happy to help you out, njnj.

Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX-L with the RES and 15,000 miles per year but no navigation are .00060 and 49%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

The residual value for a lease with only 12,000 miles per year would be 2% higher.

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

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hi leaserguy. Dealers will likely be more inclined to blow out any leftover 2010 Odyssey models that they have left in inventory to clear them of of their lots ASAP than they will be to cut good deals on new 2011 models.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hey njnj. Please see post #2172 for the information that you're looking for. Thanks and let us know if you have any other questions.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

I sure do, heathernj.

Honda Finance's October buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey Touring with 15,000 miles per year are .00200 and 60%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

heathernj

Thanks Car_man...wow, what a residual!

njspiker

Thank you very much! Car-man!
-njnj

dodgehappy

Hi Car_man,

Can you please provide Residual and money factors for 2011 Odyssey EX- 12000 miles per year and 36 month *and* 42 month lease?

dodgehappy

How do these figures look on a 2011 Odyssey EX?
42 month lease
$409 per month with tax
$30,392 selling price
$500 out of pocket
$19,355.30 residual
$249 doc
$34 title
$1095.61 tax
full payoff on a trade in odyssey lease with 7 remaining payments

CarMan@Edmunds

No problem, heathernj. You're right, the 2011 Odyssey definitely has impressive residual values.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Any time njnj.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

CarMan@Edmunds

Hi dodgehappy. Honda Finance's October buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX with 12,000 miles per year are .00200 and 67%, respectively.

The numbers for an otherwise identical 39 month lease are .00200 and 64%.

Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum

dodgehappy

Thanks Car_man- any idea on money factor and residual on a 42month lease? Dealer said money factor was .001900, but wanted to verify they didnt bump it up. he didnt give me residual yet so wanted to check that ahead of time too.

barry255

Thanks Car_man for all your info.

Is it possible to get the the Residual and MF for the 2011 EX-L with 36 months and 20,000 miles?

Thanks

albertob

Dear Car_man

I am also in the market to lease a 2011 odyssey or sienna. Can you compare residual and money factor for both of these vans for

Odyssey Touring Elite and Sienna Limited
36 mo. lease
10K miles or 12K miles

thanks