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I was in another odyssey forum and they told me to ask you. I am trying to lease a 2010 Odyssey and they are charging me 38779 Gross Cap Cost. they are giving me 21000 for my Honda Pilot 2008 VP trade in and getting me to a payment of 427.10
12000 miles, a money factor of .00060 (net cap cost is 33240.02). I think I am getting taken advantage of. What do you think?? What should my negotiating price be? Do you think I could get them down? Thanks for all of your help I appreciate any feedback.
Looking at a Honda dealership in NH (no state sales tax), found a 2011 EX-L with RES. MSRP is 36,050. With our trade-in and some cash we are putting down $5K. The payment is going to be $512/month for 36 months, 12K miles per year.
Now in the interest of full disclosure, we recently came out of a bankruptcy, so our credit is hosed and therefore the rates are not going to be optimal. We are using a co-signer who I am told has A1 credit rating.
What other info do I need in order to figure out whether this is a good deal or not? I see other numbers being kicked around this forum, like residual (which I believe I heard is 63% for the Odyssey's??), numbers like ".00060" etc., among other things.
So...please forgive the amateurish questions. If we are going to take this, we need to do it by this weekend (long story, but has to do with sinking a bunch of $$ into our current car if we wait).
Thanks in advance!
selling price $34,550.00
48% residual
Money factor .00060
I think the pre-tax monthly payment is $433. I have 8.75% tax here in Orange County, CA.
Although it's a 0 down, I still have some out-of-poket upon signing. I was told $1053.16, which includes the first month payment, DMV fee, and some other fees. Is this normal?
Overall is this offer good?
Thank you!
Given that you're just out of bankruptcy I'd not recommend taking on any more debt than you need to and certainly not leasing which is what you're looking at doing. There are plenty of nice affordable used minivan that are 4-5 years old with under 50K miles out there for under $12K which you can finance for 3 years for well under $225 a month even @ 10% interest, perhaps even without a cosigner. At that point you'll own it (vs. have nothing), have built your credit back up, have saved some money and perhaps have paid back some creditors you owe money to. Don't over extend yourself and avoid filing bankruptcy again.
Only buy a $36K minivan when you've figured out your finances and can pay cash for it. I'd recommend taking a personal finance class and seek some money management counselling.
Here's my recent quote:
"I have calculated your lease on the 2011 Honda Odyssey EX-L RES for 36 months and 15,000 miles per year. The first month payment and fees comes to just $792.83 down. The monthly payment will be $492.58 and the residual is 61% which equals to $22,466.30."
Based on a sell price of $33,900 including destination. Acq. fee extra and included in adjusted cap cost. I'm hoping for a more attractive money factor in November plus I think I can get a few hundred more off of the $33,900.
I know your credit is poor, but I just got 60 mo at 3.17% from BofA. At that rate with $5000 down you can BUY the car for $514 / mo. At the end of 3 years you'll only owe $11,800 and have a van that should be worth close to $20K vs. nothing if you lease.
2011 Odyssey EX-L Featured Special Lease
$345/month with $1,000 down
Excludes Tax, $595 Lease Acquisition Fee, $239 Doc Fee, $125 Title & Reg fees and first payment. Destination included. 36 months - 12k miles/year. Expires 2010-10-30.
No RES but it's a comparison of lease.
BTW - is there some formula I can use to tell if what we are seeing makes sense? For example, with an MSRP of A, and a residual of B, and a money factor of C payments should be A? Again I apologize for the lack of knowledge on this subject - this ain't my thing
I'll keep you posted on our dealings as we go through this painful process.
They have their own "Live Market Driven Pricing" which got me about 3K off MSRP for a brand new 2011 Odyssey! No B.S. ....no inflated Doc/Licensing, or dealer add-ons either. (Gorgeous facility, staffed with people that actually care!)
If you want a no-stress way to buy a car, I'd give them a shout! Definitely worth the drive!
36 month
15K mile
$552/month
First month and fees at signing $764.
Started dealing with a few dealers a few days ago, price started at 576, then down to 575, then to 571, to 569, to 567, to 564, then down to 552! Last day of the month probably helped. Deals are out there to be had.
Honda Finance charges a $595 acquisition fee on every vehicle that it leases. Lessees can either pay this charge at lease signing or roll it into their vehicle's capitalized cost to make it part of their monthly payment.
Car_man
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Car_man
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Car_man
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Closed on a deal for a lease on 10 odyessey.
Initially the dealer wanted full MSRP they were inflating my trade value and charging me 462 per month with tax (then they went to 488). 12000 miles
I did my homework here and went to several dealerships and ended up with this.
Here s the deal
Gross Cap Cost 33,500
price of vehicle 32900
No out of pocket (trade value 4000)
15000 miles
.00060 money factor
18000 for residual
412 per month with tax
This is for an EXL with Nav and Res. I am NOT a car expert and I have a headache from this whole process but I am most certain I saved myself some money. Thanks to everyone here !!
Can I get the November rates for the 2011 Odyssey EX-L 15K 36 Months?
Thanks
Are there any other leasing specials on any 2011 Odysseys right now?
Thanks!!
36 months, 15K miles per year
MSRP: $35,230
Initial Cap. Cost: $30,693.07
Residual: 62%
Lease End Value: $21,842.60
Assignment Fee: $595.00
Doc Fee: $239.00
Registration: $125.00
Base Monthly: $358.01
6.25 % tax: $22.38
Total Monthly: $380.39
Zero out of pocket
Money Factor is 0.00180. This factor is for a 'true no money down lease'. They told me if I put money down (First & Fees), money factor would increase (did not get what % it would increase to- since we were looking for zero out of pocket anyway).
Deal from Weymouth Honda, Weymouth, MA. We are located in Southeastern MA and internet/ telephone shopped several dealers in the area and around Boston. Stopped shopping after my internet inquiry off their site. We came to verbal agreement in October and had to order the vehicle (2 weeks). Gave $100.00 deposit to secure vehicle which was refunded today. I did request an email with pricing details so I had something in writing. I was concerned about new lease rates in a new month (November)- but they said they would make my October deal work ($397.21 w/ zero down). I took the risk of not driving to sign paperwork prior to October month end. They also told me if November rates go down, so will the payment. They stuck to their word. Very straight forward and no nonsense. Excellent experience overall dealing with them.
I am in the market for a 2011 EX-L Odyssey with RES.
Can you please list the MF and Residual for this car at 12000 miles per year. I think the MF has changed for November.
Thanks
Plz send info of the dealer which is giving this much discount.
Thanks,
If I recall correctly, they were about $1600 off sticker at the time. I would venture a guess they could be lower at this point since the car isn't as new and inventory is rolling in. Good luck with your search!
The best I've found so far on a plain EX-L is $393/mo including taxes on a 12K 36 month lease after $1000 down, first month + fees ($1952 out of pocket). Its from a dealer in Northern NJ.
I will post the name of the dealer in NJ if its allowed. Otherwise, let me know and I can send info some other way (does this site have PM?). Likewise, I want to know where you guys are getting good quotes. Dealers seem to either "get it" and send you a good quote right away, or send you something laughable after they try their best to get you to test drive it.
I have been working with three different dealers in the Bay Area, looking for a 2011 Touring Elite. There are none to be found in black. The dealer is scheduled to receive one in December and has marked it as mine in his inventory. That is good. However, due to demand, all the dealers have said that they are sticking firm on MSRP - one even said he was charging more than MSRP.
Has anyone had any similar experiences or gotten a Touring Elite at less than MSRP?
Car_man -- any advice on the price? Also, I am looking at a single-payment lease as I have the money and would prefer not to have the monthly payments. Any thoughts pro or con on that? I anticipate turning the car in after 3 years, so I haven't really looked at buying. I am in the preferred credit rating category, so I can get the "Super Preferred" rates for both money rate and auto loan.
thanks!
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Car_man
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Currently there is a dealer in town with a 2010 exl with res and their Internet price is approximately 35000.
Can this vehicle be leased now that they have 2011 on the lot? They also had a 2011 exl with res with msrp of 38000.
How do I approach this situation? What is reasonable as far as payments or leases?? We definitely need the 15000 miles per year if we lease.
Can anyone tell me what a good negotiation should look like and what I can expect before I walk in a dealership? I am lost but see all these posts of people getting excellent deals in the northern and western states.
Please share your best advice with me! It is much appreciated!!
On leases: Money Factor is fixed by Honday Financial and so is residual. Your only negotiation is price and you have to do your research to find out what dealer will give you the BEST price.
Also, make sure you compare the selling price since your payments may be much higher than what you see posted around here. Most of the monthly payments people list here reflect top tier credit.
Car_man
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That minimal lease support is the only special that is available on the new Odyssey right now.
Car_man
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Car_man
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I'm sure that dealers are going to try to charge as much as they can for the new Odyssey while it's fresh. Having said that, I'm surprised that the dealers in your area won't discount this van at all. I'm sure that they'll change their tune in a couple of months.
Car_man
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It sounds as though you are new to leasing. If so, you definitely should check out the following informative articles on the subject that are available here at Edmunds.com: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.
In short, the easiest way to get a good deal on a leased vehicle is to shop around for the lowest possible selling price and then have the dealer that you decide to go with calculate your vehicle's monthly payment using its buy rate lease money factor.
If I was interested in leasing an Odyssey, I personally would probably go with a new 2011 model. Since you already have a vehicle, you aren't exactly in a hurry to get something new. If you wait a few months to get get a new Odyssey you may end up being less upside down on your current vehicle and may be able to negotiate a larger discount on your new one.
Car_man
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2011 EX
Sale price: 27,459
327/mo (includes 7% tax), 36/12K, 1st month + 240 due at signing>
Should I go for it?
Thanks
The gross cap cost is the sum of the Agreed Upon Value and any amounts the lessee elects to finance (capitalize) in the lease such as acquisition fee, taxes, negative equity, etc. The AHFC "Leadership Leasing" Lease Worksheet captures this detail.You should ask the dealer for a copy of their LEASE WORKSHEET which they submitted to AHFC along with your lease agreement when the lease was originated. If this document is not submitted, Honda will not fund the lease. As such, the dealer should have a copy of this document as good business practice dictates that they keep a copy for their records. Accordingly, it should be readily available to you upon request. There is absolutely no reason for the dealer not to provide you with this document. I routinely require that this document be given to me at lease inception as it contains details of the lease not provided in the lease agreement. This includes such data as money factor, residual factor, and itemization of the gross cap just to name a few.
As far as taxes are concerned, you didn't indicate your state and so I have no idea how your sales tax is computed. There are four (4) methods used to compute sales tax on consumer retail car leases in the US...
(1) Tax the lease payment as they are received. This is the easiest and by far the
most commonly used method. It's used in such states as FL, PA, and CA
(2) Tax the selling price (IL, TX, WA)
(3) Tax the sum of the taxable payments (NJ, NY, OH)
(4) Tax the depreciation (CO)
Each state decides which one of the four methods they will use. This means that dealers do not determine how sales tax is computed as individual states make this determination and regulate accordingly. Depending upon how the lease is structured, the sales tax calculation can be quite complex. To compound the problem, states have different regs regarding the taxability of fees and rebates. Some tax acquisition fees and rebates; others don't. Those that tax depreciation often define depreciation differently. Some define it as the difference between the adjusted cap and the residual while others define it as the difference between the agreed upon value and residual.
In your Honda lease agreement, there should be a line that says "MONTHLY SALES/USE TAX. If that field reflects N/A, then most likely you live in a state that does not tax according to the method described in (1) above. If so, your sales tax was calculated according to (2), (3), or (4) above and was either (a) paid upfront at lease inception or (b) financed in the lease in which case it's embedded in the gross cap. I'm betting on the latter.
Hope this helps.
John