2013 and earlier-Honda Odyssey Lease Questions

catman2050

On the Honda site, I see an advertised lease special for an LX model and on Edmunds, I see an advertised lease special for an EX model. Does anyone know if there is a lease special for the EX-L model...and, if so, what it is?

sirius2

What's the residual on that puppy?

mpgxsvcd

The lease deal turned out to be a scam. They through in about $2000 worth of up front money at the last minute. The payment was also closer to $500 per month for 36 months. So instead I bought it for $490 a month for 60 months. I would never lease an Odyssey. The Honda terms are just unreasonable! :mad:

sirius2

Well, according to Edmunds, the retail value of my 2003 Odyssey EX is close to 20K and my lease residual is under 18K. Looks like I overpaid for my lease the last three years. When signed I thought the residual would be high, but I guess the Odyssey values have held up. Looks like the only recourse is to buy out the vehicle at the end of the lease. Can't see how the lease extension would cure this defect. Any thoughts?

jwilco

Interested in reaction to offer below:

In 6/04, leased for 24 mos, a 2004 Odyssey EX w/ DVD, putting down $3000 (via trade in), and paid $165/month

Now, AHFC is offering a month-to-month lease up to an additional 24 months for a continued $165/month (includes tax) - don't know yet how this breaks down by cap cost, residual, money factor. No additional fees.

Seems like a good deal, since initial capital was designed to reduce payments only for first 2 years.

Makes me think that in this case, putting up more money up front actually benefited me, but perhaps this deal is par for lease extensions. Thoughts?

[Deleted User]

Well, I see all the vehicle specials from last month are back in the lineup, with the exception of the Odyssey. Oh where, oh where is our special Odyssey lease program...oh where, oh where could it be?

sirius2

Wow! Looks like you got a heck of a deal. I put $3K trade on a 36 month EX lease and I'm paying $282/mon(inc tax). How can you turn that down? I got a similar offer but am leaning more to just buying it outright because we love the 2003, and the reliability factor is high. Just curious what was your residual?

lauraz

Hi, Car_Man--

We have an 03 Ody in excellent shape but with a lot of miles (62K at the moment) and know we will purchase our car at the end of the lease (1.5 years to go). Although we negotiated more miles than usual (15K/year for 5 years), an extended service agreement, and other goodies, we still ended up with an agreement at MSRP (28,800).

My question: can we pre-pay the lease early and negotiate the end price down because it is early? I know there will be LOTS of these cars coming on the market afterlease at the same time, and wonder if beating everyone else to the punch might buy us some leeway. Or are we stuck with the initial final price agreed to?

Thanks,
A Leasing Novice
(same as #170 and #190...please don't make me ask you again!!!)

CarMan@Edmunds

Hi lauraz. Unfortunately, you probably aren't going to be able to save yourself any money by trying to purchase your Odyssey well before the scheduled end of your lease. No only is it probably worth less than it would cost you to buy it right now, but Honda Finance may also want you to make your remaining lease payments, or at least the depreciation portion of them on it. Five years is really too long to lease for, but you probably will not come out ahead by trying to get out of your lease early.

Car_man
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CarMan@Edmunds

Hi mpgxsvcd. Honda Finance charges an acquisition fee of $595 on every vehicle that it leases. Doc fees are charged by individual dealers and really aren't anything more than a fay for them to add additional profit to deals. Granted, dealers do incur legitimate expenses when they title and register your vehicle for you, but many dealers take advantage of doc fees and make them unreasonably high. Assuming that your vehicle is in good condition at the end of your lease, you would get your full security deposit back.

It;s difficult for me to say how much your lease payment would be on this van without knowing its full MSRP and approximate selling price. I'd be happy to estimate a lease payment on it if you let me know what these numbers are.

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CarMan@Edmunds

Hi catman2050. I have seen the lease payments that Honda is advertising on the Odyssey right now. Even though Honda is advertising a lease on this van it technically is not "special." Its payments are being calculated using Honda Finance's standard lease program. As a result, the same money factor would be available for any 2006 Odyssey model. Honda Finance's current buy rate standard money factor for 36 month leases is .00265. This is equivalent to an interest rate of around 6.36%.

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CarMan@Edmunds

You absolutely should extend this lease, jwilco. $165 a month for any Honda Odyssey is an absolute steal. You would have to pay three to four times that to lease one for 24 months now. Take advantage of the down payment that you made two years ago and extend this baby at an unbelievably low payment. That's what I would do if I was in your situation.

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someguy1

Car_Man

What are the residuals and mf's on odyssey's right now for 3 years/15K?

Thanks,
KA

21sd1

I'd like to offer a different perspective on this - if you know for sure that you want to own the vehicle beyond the lease term, you may be better off purchasing now. The key is to compare the finance cost of leasing vs financing the used car loan for purchase of the lease. If your money factor converted into a APR is higher than the APR you can obtain to buy it outright, then you should exercise your current payoff option and start paying down the loan. Otherwise, if the finance cost to lease it is lower, than you are better off keeping the unit to maturity and checking rates again. If the lease rate is still lower, then you can ask your finance company if they will extend your lease and check it again at the end of the extension.

21sd1

Since these types of arrangements truly are 'extensions' of the original contract, lending laws require that lessors repeat all of the language contained in the original contract, including the dreaded early termination clauses.

That said, just because the contract says the lessor can charge thousands of dollars to terminate your lease early (which is almost always enforced if ending a lease early during the original term) does not mean that the lessor is required by law to honor that provision of the contract. Since you have honored the original terms, the financial risk for the lessor is significantly lower, and therefore do not require such provisions to protect against loss.

Can you imagine the uproar if a company charged early termination fees on extensions after sending something on company letterhead stating it is a month-to-month arrangement? That would be eaten alive by the media. Trust the lessor is offering you a legitimate deal. Also remember that extensions are not an option that the lessor has to make to you. Many times people are excluded from these offers due to their payment history.

21sd1

Regarding the selling of lease cars to a third party - it depends if the lessor has dealer licenses to transfer title. Many banks (lessors) do not have the necessary licenses in each state to act as a used car dealer, which in essence is required to take a lease car and transfer title directly into someone else's name (other than the lessee).

If your lender does not have licenses, then they can only release the title in the name of the lessee, who then has to re-reg in their name and then transfer to the real buyer. This typically results in double taxation/fees at the DMV. An alternate route is to find a licensed dealer (anyone, not just a franchise new car dealer) who will perform this service for you. Expect to pay a fee, since the mere act of buying a car from a bank and transferring title implies some warranty from the dealer to the ultimate buyer, in addition to the time spent on documentation and payoff.

cbsprings

I was quoted 399.73 for a 2006 EX Odyssey with no leather or DVD at a cost of 26,500 with a lease factor of .00275 with a 59% residual value of 17,077.55 with a $495.00 down payment to cover my first month lease and some type of honda fee. If I move up to the EXLw/DVD I was told it would be $60.00 more per month. Could you tell me if these are good deals or not. I currently lease a 2004 EX/RES with 27,000 miles for a 2yr lease 30k which is expiring in June for 199.00 per month. I'm not sure if it is worth turning in my current vehicle for such higher payments. What numbers should I be getting for a lease quote with no money down?
Thanks,
Cbsprings

hartt

You seem to have a lot of experience dealing with Honda's, particularly in the Cincinnati area. Do you know if Honda will waive the security deposit for returning customers? If so, would I still qualify for the lower money factor or will they use the money factor for not paying a security deposit? I see that for the Odyssey money factor is .00265 but if you don't pay the security deposit it is .00275. Which one would I get?
I have read in some of your previous posts that you have had the most success dealing with Performance Honda. Do you think they are the best to deal with in this area? I dealt with Jeff Wyler on my current lease and I am looking to get a better deal for my next lease.
Also, do you know the MF and residual for an Odyssey EX-L RES for 36 months with 15K a year?
Thanks for your help.

Tim

kyfdx

If you are a current customer of Honda Finance (with a loan or lease), they will waive the security deposit, and you will qualify for the buy rate without the bump for waiving the deposit. At least that was the case the last time that I leased a Honda.. (2001).

I've never had any success making a deal at either Wyler store... but, I've done four deals at Performance, one at Century and one at Nourse in Chillicothe...

The best deals have been at Performance.. though, I should note that trade-in allowance made the difference on a couple of them... The actual price of the car wasn't much different from dealer to dealer..

Century is a nice buying experience, and they are pretty straight shooters... they just don't always have the lowest price, or the biggest selection. It is where I take my Hondas for service, though... as they are good, and the location is convenient for me.

Can't help you with the residual/money factors... Car_man is the expert with all of that information..

regards,
kyfdx
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hartt

Thanks for your reply. I'll be sure to contact Performance when I'm ready.
I'll hit up car_man for the other info.
Thanks again.

Tim

tch06

Hi everybody,

Really appreciate this forum. I recently received a quote for the Odyssey EXL with the following:

Lease is for 36 months, 15,000 miles/year
$1000 out of pocket including (taxes, license, title/reg, doc fee)
Selling price is $27,500 (including destination)
Montly Payment including tax is $409.48
58% is the residual value
Money factor is .00265

Buy out at the end of the lease is $18,180

Is this a good deal?

Thanks so much.

sirius2

By my calculations on the Edmunds Lease calculator you should be at $395/mo. You might want to double check yourself. What part would be the bad deal, sales price, money factor or residual?

tch06

Thanks Sirius2 for replying. Did your calculation include tax? I'll be buying in boston where the sales tax is 5%. As for the bad deal, I was just wondering if others are getting around the same payments I was quoted as well as selling price.

CarMan@Edmunds

Hey someguy1. The Odyssey's lease program varies depending upon what trim level you choose. If you were to lease a 2006 Odyssey LX through Honda Finance right now for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should be .00265 and 59%, respectively.

Car_man
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CarMan@Edmunds

Greetings Cbsprings. Is the $26,500 that you mentioned this van's selling price or MSRP? Either way, I really need both of these numbers to be able to give you my opinion on this deal. Knowing both will show me how much of a discount you are being given and will enable me to use Honda Finance's current lease program to estimate what your lease payment should be.

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gocard1

CAR MAN and OTHERS --

I will be leasing a new 2006 EX-L (no DVD/Nav) for my wife within 2 weeks. Located in Los Angeles. Interested in a 36 or 48 month lease with 15,000 miles per year with no money down (other than tax, title, etc.). Currently have a 2002 Odyssey we will be returning. A broker we know quoted:

3 yr -- 15k miles, $793 drive off, $510/month (including tax which is 8.25%), which is about $471/month w/o tax

4 yr -- 15k miles, $707 drive off, $424/month (including tax) which is about $391/month w/o tax

Decent deals?

What are people finding for the 2006 EX-L on similar terms and with what kind of residuals and money factors?

THANKS!

nifer76

Hi, We just turned in our van and it went very smoothly. We had damage to the vehicle which we got 2 estimates for $1000 and $1200. We decided not to get it fixed and just go ahead w/ the inspection. Good thing we did. We had dents in both bumpers which they considered normal wear and tear and the dent in the door the body shop said would cost $800 to fix was estimated at $250 by the inspector and was covered by the $1500 excessive wear and tear allowance. So we owed nothing. So for our situation we saved by not getting it fixed. We dreaded the inspection, so I just wanted to ease anybody's mind that may be going through the same that it wasn't so bad. When we turned it in we just signed 1 paper and that was it. Took less then a minute. Nice van but glad to be rid of the lease. Hope to help you sleep at night.

[Deleted User]

Thanks for the info nifer, we had our inspection as well and it was pretty painless. The majority of our issues were also normal wear and tear but we do have a dent in the tailgate that came to about $800 that will be covered as well. We haven't turned it in yet as we're still not sure what we want to do with it. Just curious, are you replacing your van or have you already?

bigmomo

I currently lease an '04 EX with DVD -- $306 / 36m / 12k / no cap. reduction.

I'm looking at an '06 EX-L w. DVD which was quoted at..
$462 / 36m / 12k -- no cap. reduction, pre-tax.

I'm looking for advice on the following:
Does this seem like a good price for a 3rd time repeat customer?

Would it make sense to extend the '04 at the same price for 6 months?

Thanks.

[Deleted User]

Hey bigmomo,

We're in the same boat, lease about to expire and no hint of another good deal.

Obviously with what we have now, $462/mo doesn't present itself as a good deal, but I think from everything people are quoting on this board, it's what's currently available. Our lease deal was only to get rid of all the 04's before the new body style came out.

We considered extending ours as well, but who knows what time would buy us. They may not offer another subsidized lease until the next body style change. Our local dealer said they're having no problems selling them right now, so why would Honda want to give them away? Good luck regardless...

bigmomo

Thanks dad23.

I'm leaning toward extending it for 6 mo. and see what happens. I'll call AHFC to get the details on whether it's month-to-month or a set term.

The current prices do not seem great, so I see them more likely going down if anything. My thinking is why shell out more aquisition fees and add $180+ per month? Just keep the same payment and see if the prices get better.

silverva

Like many of you, the lease on our 2004 Odyssey is due to expire very soon. Sadly, it's been a real learning experience shopping for a replacement. It seems that there are no deals out there. At least nothing like we got 2 years ago.

I have been caught completely off guard by a couple of things. First, I had no idea that power sliding doors (both sides) were only available on the higher trim models. Next, I have been equally surprised to learn that DVD or Rear Entertainment Systems are also found only on the higher trim models.

I've been looking at a 2006 Toyota Sienna. It looked really good until I made the mistake of looking at the 2006 Odyssey. Now, all bets are off...

The really sad thing is that Toyota is offering several specials, however the Sienna pales in comparison to the Odyssey.

Side note: We had our inspection this morning. It was a very easy and pleasant experience. No problems and no additional charges.

jenf

Hi Car Man: You seem to be very informed, so perhaps you can help! I absolutley hate the process of buying a car. Currently, I want to buy or lease an 06 Honda Odyssey EX-L. I have quotes as follows:
$27,720
$28,305
How do I determine a 3 year lease price with no money down from these figures? (15k miles/year)
thanks a bunch!

nifer76

Hi dad23,
No we have not yet replaced the vehicle. We are surviving with one vehicle right now, a x-tra cab pick-up, for the 3 of us. We are looking though. Last night we tested the 06 & 07 Camry 4cy, and plan on testing an Accord this weekend. We loved the van and would like to get a new one but the price and mpg are just not fesable at this time. The main reasons we decided to turn it in is the warranty would expire in a year, safety, and payoff price. We decided for the 21,200 approx. we would rather have a new car with a new warranty, and new safety features. We will be purchasing and will not be leasing again.

gocard1

How'd we do?

Agreed to a lease deal last night (in Los Angeles area):

EX-L w/o DVD and Nav
4 years
15,000 miles
Cap Cost 27,700 (which also includes some dealer add-ons that they retail for $675)
Residual -- 45%
Factor -- .00187 (through US Bank)
Payment (including tax of 8.25%) -- 419/month
Drive-Off -- $800 covering title, tax, reg. and 1st month

Feel pretty good about it, but curious as to the forum's view of the world.

Thanks.

gocard1

When I got to the dealer to sign papers, they had the cap cost wrong in the lease. When they put in the 27,700, the monthly payment became 403.64/month (including 8.25% tax). I'm feel very good about it now!!

smith83

Carman,

I was quoted right at $33k for this vehicle. The MSRP is $35,145.00. What would my lease payment/residual/MF/ etc., be for 36 months, 12k and 15k miles per year? I would definitely qualify for the top tier financing.

Thanks,
smithunc.

[Deleted User]

Hi Car_man,

Any word on May lease programs? Our lease is up Sunday, we've pretty much decided not to extend it since we were paying negative equity. If something good doesn't come out in the next few days, we might end up buying out the lease. We're looking at the EX-L RES 36/12 in Colorado Thanks!

pacinpelo

I am in an 03 Ody with 9 months left, looking to move up with 2K of upside down. Outside the 2K I am coming up with no money out of pocket EX-L no DVD, 36mo/12k payment of 435, tax in. Back in November I was given 409 tax in...should have taken the deal. This dealer has shown me a dead cost on the Ody. However there are NO programs on the Ody, AHFC sees no need to they are flying off lots, money factors are high. We also need to know back in 03 and 04 regardless of Ody being the hotest minivan is interest rates were lower.

sirius2

I'm just going to buy out my 2003 @ 17,700 residual. My CU will give me 4.75% for 5 years. Plus I'm under by 2K miles.

I know it's silly, but I probably should have just purchased it from the start. But this is my first Honda and I wanted to be sure.

I figure I'm better to buy it than extend the lease.

emsmall

Hi -
I am VERY new to the message forums, so I'm not sure if I'm posting on the correct forum, please forgive. My question is about my current lease, a 2004 Honda Odyssey EX-RES w/ DVD. I already know that I probably didn't get the best deal I could have, but I'm wondering what my next move should be.
I live in Michigan (north of Detroit). My 24 mo lease is up in July. The ACP was $25,037, the monthly payment w/ tax is $275, the residual value is $20,043. I like the vehicle, as I need towing capacity and room for 2 kids and 2 dogs, but the gas mileage stinks...They are offering to let me extend the lease for up to 24 mo (not interested in THAT long), but I'm thinking I will extend temporarily until I find a deal/vehicle I like better. Do you think this is wise or should I go ahead and buy out the lease?
Thank you for any insight you might have...
emsmall

kyfdx

Just my $0.02, but $275/mo. is very cheap.... If you can extend it for an agreeable period at that price, I'd definitely go for it... Plus, the car is under warranty for another year, so that is another bonus.

Pretty cheap way to keep driving a $20K vehicle for another year...

regards,
kyfdx
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medmdmd

Sounds very good.
That lease factor is almost unheard of now (about 4.5%).

You actually are paying about invoice not $27,700 but that might be because of your add-on accessories.

What bank was used for the lease? What was the bank fee?

medmdmd

What are the May lease terms?
Have they changed?
I heard a rumor that the residuals dropped by 1-2 points.
What are the current standard lease money factors for an EX?

Are any promotions expected for Memorial Day sales blitz?

medmdmd

I read above that factors vary according to trim level.
Do they also vary with options on a trim level (i.e. EX L with/without DVD)?
Does an existing AHFC lease customer get a preferred factor on a new lease through AHFC?

smith83

Carman,

I was quoted right at $33k for this vehicle. The MSRP is $35,145.00. What would my lease payment/residual/MF/ etc., be for 36 months, 12k and 15k miles per year? I would definitely qualify for the top tier financing.

Thanks,
smith83.

howard2dot0

A newbie here...
My credit score is 687 and I was wondering if I should even bother to go to the local Honda dealer to see if they would give me the May special of $269/month lease for a 2006 Odyssey LX.
If I can't get a good deal on Odyssey I may have to settle for a Sienna or Quest.
Thanks for any help in advance.

genester1

Hello all,

I am looking to lease an ODY EX-L w/DVD in Ohio. What price should I aim for via a 36 or 48 mo. lease w/ 12K/year?

(I don't care about the residual or the total vehicle price, I won't be buying at the end of the lease, so lowest monthly payments is the goal for me). Thanks in advance for all your help.

P.S. If any of you have recent lease offers/prices in states other than Ohio, I would appreciate them as well!

[Deleted User]

After so many months of looking and waiting for Honda to come out with some type of lease special, we ended up buying out our lease. Turns out we have a "friend" in the business who was able to buy our van from Honda and sell it back to us at a more favorable price. We have the 04 EX cloth with DVD, 21,000 miles and the residual was $21,155. We were able to buy it back for $18950 and bought an extended warranty, also at his cost, so we're very pleased.

antivan

Hello : seems best I can do here in metro ny area is $450 mo 36month/12k yr for 06 exl-res. 2k down there is no sec dep or acq fee, $18778 residual & .0028 money factor. Any thoughts on this?