2013 and earlier-Honda Odyssey Lease Questions

CarMan@Edmunds

Hi Ian. Honda Finance's July buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX-L RES with 15,000 miles per year are .00110 and 56%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

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CarMan@Edmunds

Thanks Dan. Honda Finance's current 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 .00110 and 62%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

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wchang

Hi Car_man,

The information you gave: "2011 Odyssey EX with 12,000 miles per year are .00110 and 62%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier. "

Does that remain the same for a 2011 Odyssey LX?

I've had dealers come back to me with prices such as 26750 for a LX model and my credit is above 750+. I have a currently leased accord with only 14,500 miles out of 36K lease so I'm hoping I can negotiate some kind of value out of it (crossing fingers)

I know its highly doubtful any dealer will credit me with any miles left on a lease, but do you know if thats even a possible negotiating point?

Many thanks for your time helping people like me on these forums.

Warren.

coupedncal

Most people in your shoes with unused miles actually come out way ahead by selling the car to carmax. Do give that a try. I doubt your dealer is going to give you anywhere close to what these guys will offer.

CarMan@Edmunds

Hi Warren. I believe that the numbers for the Odyssey LX are exactly the same as they are for the EX right now.

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wchang

To everyone,

I was talking to multiple dealers about odysseys, i'm looking for a base LX model in silver or mocha and suddenly no one wants to talk price. The one dealer that I thought had locked into a pricing of $349/mo suddenly says prices changed and its now $379/mo.

However when I tried asking WHAT changed, I couldn't get an answer. Has there been a deeper inventory cut or pricing change? I'm not sure if they're trying to give me a high rate or the pricing increased over 1-2000.

I was originally quoted a LX model vehicle price of 26,445.

viperz4

Hi Car man,

Can you please tell me what are the July money factors and Residual values for a 2011 Odyssey EX-L model for 12,000 miles 36 months lease? This is for a model without navigation or entertainments packages.

Thanks!

leanne910

I visited a Honda dealership today and was given a money factor of .00144 for a 3 yr lease. Are there regional differences in the rates? I was hoping for the .00110 ...??? Any help is appreciated!

viperz4

I am in Iowa and recently closed the deal on a new lease for EX-L model. I worked with 59% residual and MF of 0.00144 as well.

dwynne

>> I was hoping for the .00110

That was the July rate, the August rate sounds like it went up.

Dealers can mark up the rate for extra profit (hardly ever see it at a Honda dealership) and the rate is for top tier lessees so everyone will not qualify for that rate.

That said, if you look at the Oddy lease specials on the Honda page they show a 3/36 lease with a payment of $319 a month with $1,999 due at signing. That works out via a reverse lease calculator to a MF of 0.00143994 - so there is your 0.00144.

Also on the same page is a $0 down 35 payment lease with a payment of $360 (35 payments). Reverse calc shows 0.001124969 as the MF ($0 down leases are a little strange to figure so it is a little off) - so there is your 0.00111 MF.

Both deals run though 9/11/2011 for the same model (LX) but one is better deal than the other. 36 x $319 + $1,999 = $13,483 . 35 x $360 = $12,600 . I know which deal I would take

Ask the dealer for the "$0 down lease deal" and see if you can't get the lower MF and better deal.

CarMan@Edmunds

Here's the information that you're looking for viperz4. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX-L with 12,000 miles per year are .00110 and 59%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

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raechris1

Hi Car Man.
I am trying to confirm information the dealer is giving me. I am being quoted a 785 credit score, but being told the money factor and residual value is the same for Preferred and Super Preferred lease with HFC. Accordingly, I am looking at an 11 Honda Odyssey EX-L w/ RES, 12k, 36 mos. Quoted .00144 and 58% residual. If your information is different, can you share a source or give a number to the Honda department that can confirm? When I call HFC, they tell me the dealer has the information. The sales and finance guy at the dealer tell me they are the same.
Thanks,
Chris

on_the_cheap

Please?

CarMan@Edmunds

Hey Chris. Honda Finance's current buy rate lease money factor for the 2011 Odyssey is .00110 for consumers who qualify for its top credit tiers. Honda does not usually share this information directly with the general public. If the dealer that you are currently working with isn't being honest with you, you can always comparison shop with a different dealer.

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CarMan@Edmunds

Hello on_the_cheap. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX-L without RES or Nav with 15,000 miles per year are .00110 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

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domcantdrive55

Apologies for being an absolute newbie with the money factors and residual rates... I just need some confirmation that our family is not getting fleeced - thanks in advance for your help. The offer we got (DC-area dealer):

Car = 2011 Oddy EX-L RES
Monthly = $529 + tax
Down = $0.00
TTL = not included

Dealer said that was it (I emailed the dealer and told them I've been on edmunds following current oddy climate - thanks everyone!).

So, does this sound like a good deal considering inventory, or should we look around more.

thanks again

CarMan@Edmunds

Hi domcantdrive55. The easiest way to evaluate this deal is to look at this vehicle's selling price compared to its MSRP. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. Without these numbers it is more difficult to tell how large a dealer discount you are being given, and in turn if there is any room left to negotiate. Let us know what these numbers are and I'm sure that either myself or another helpful community member will let you know what they think.

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YBM667

Hi Carman,

With 5 months to go on my lease, I'm getting very close to the mileage limit on my 2009 Odyssey Touring. I've fielded a lot of phone calls from dealers offering to get me a new 2011 Odyssey Touring Elite for the same lease payment. I think the deal takes advantage of the robust used car market to offset the buyout cost of my 2009 lease. I'm trying to evaluate the deal based on current MF and Residuals to see what the sales price of the 2011 Odyssey really looks like. Can you please provide the current MF and residuals for a 2011 Touring Elite with 15K miles per year? Do you think the current used car market is strong enough to at least get back the buyout value of my 2009 vehicle, in case I have to do that on my own?

Thanks so much for your help.

dwynne

Do you have Carmax in your area? If so, take your Ody down and see what they will give you for it. I did this with my wife's near-end-of-lease Pilot and got $2k more then the current lease buy out price. You can get an idea of what they will pay based on what they sell used Odys for. They show 5 2009 tourings nationwide ranging from $34k (19k miles) to $30k (42k miles). They like to make $3k or more on each car, so figure a 45k sample if excellent shape with clean history and no body repairs would sell for $29-30k and maybe they would offer $25-27k for it. It depends on the condition and local market.

You can also try tradein at autotrader and see what you offers you can get.

You can check online here at edmunds and kbb for their trade in values (25-27k for a clean example), but those a book numbers - you want real offers to buy.

Once you know if you have any positive equity in your current van or not, you can then start to negotiate the new deal. Once you have made your best deal on the new lease, THEN see if they will match of beat your best purchase price. To try to swap cars otherwise is most likely going to result in you overpaying.

eppy1999

I highly recommend trying to make money on your expiring lease. I just traded in my 2008 Odyssey LX lease and was able to make an additional $2300 over the buyout. Because the dealer doesn't have to pay tax that's extra money in your pocket. It's certainly possible that my purchasing another vehicle aided my ability to deal this car, but it's certainly better than just turning it in. One other note, if you're getting close to your mileage and your lease is through Honda Finance, call them and see about getting a mileage credit. They gave me a credit up to $500 for additional miles. Good luck!

YBM667

Thank you, DWYNNE. My office mate, whose dad works for BMW, actually gave me the same advice. I brought the Ody to Carmax this morning. Based on raw numbers, my current lease buyout is $19.5K and the Carmax purchase price is $26.5K, which means I net $7K. Not bad!

The Carmax rep also said that they will take care of all the paperwork. I just need to bring in the car and my Honda Financial Services account number and they'll do the rest.

What I forgot to ask is if there will be taxes involved in this transaction. Would you know how that works?

Thanks again for all the great advice on this forum.

eppy1999

The dealer should not have to pay any taxes which means more money goes into your pocket. At least here in Ohio that was the case for me. When I called Honda Finance they gave me a lease buyout number for myself and one for the dealer which did not include any taxes.

dwynne

No taxes, Carmax buys the car from AHFC as a dealer so no taxes apply. The price to them and you are the same, Honda Finance is not set up (nor will they except) sales tax on a buy out. You would have to pay that yourself when you title the van - if you were buying.

The only thing to worry about: The agreement to sell to Carmax is totally written in their favor and they give you a "bank draft" for your equity and not a real check. The agreement would let them unwind the deal at any point even if they have paid off your van. If so, you would owe them back the equity (if the draft had cleared) AND the money for the buyout - you would get the van back as well. It worried me a lot, but I sold two on lease cars to them without a hitch - but something COULD go wrong in some rare cases. They buy financed and leased cars all the time and rarely (almost never) is a deal unwound. Cases could be the car turns out to be stolen, they get the title from the lease/loan bank and it is marked salvage or something, or they never get the title. Be sure you don't have a late payment or pending payment before you sell them the car and watch online or call to make sure the lease gets paid off in a timely fashion.

Note that if you sell them a car and owe more than they offer, they require the difference in cash or certified funds. So they give you a draft you have to pay them real money .

I would also try the auto trade trade in thing to see what offers you get. Some other dealer may offer you more than Carmax.

You can see now why the dealers were all hot to swap your lease for a new van - they were going to try to make a lot off of both ends of the deal.

naae

Does anyone know if the money factor has increased in September or could it be more in New York? I was told for an Odyssey EX-L with no RES or NAVI the money factor is a little higher for their top tier at .00155.

gene00

The other thing to be cautious of is the "for the same lease payment" part of the deal. The money factor in your original lease may have been a little or a lot higher, so you could end up with an artificially inflated MF on your new lease. You'd have to run all of the numbers, i.e. your current deal vs selling the car and acquiring a fresh lease at current rates.

YBM667

Thank you DWYNNE, GENE, and EPPY for all the advice.

2011oddy

Hello,

I am looking for the September money factor for a 2011 Odyssey EX-L with NAV, and also the residual for 15K/yr and 12K/yr?

Since the 2012 are en route, can you provide us with the September rates for the 2012 model as well?

MANY THANKS!

squirreljam

Car_Man, I'm bumping 2011oddy's post, as this info would help me too; if possible, would greatly appreciate adding to the mix the info on how those numbers would change if the new vehicle was EXL-RES only instead of nav...

Anyway, thanks a ton,
Squirreljam

2011oddy

It seems that everyone has gone silent...

CarMan@Edmunds

Here's the information that you're looking for, YBM667. Honda Finance's September buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey Touring Elite with 15,000 miles per year are .00155 and 52%, respectively for consumers who qualify for its top credit tier.

The used car market is certainly a lot stronger today than it was when you leased your Odyssey several years ago so it's possible that the dealer might be able to do something to get you out of your van early.

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CarMan@Edmunds

Here you go naae. Honda Finance's September buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX-L with 15,000 miles per year are .00155 and 55%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

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CarMan@Edmunds

Greetings to the appropriately named 2011oddy. Honda Finance's September buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX-L with Navigation and 15,000 miles per year are .00155 and 54%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

The numbers for an otherwise identical lease of a 2012 model would be .00185 and 59%.

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

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2011oddy

Very helpful, thank you! Why is EX-L NAV 54% resid while EX-L is 55% resid? The NAV DINGS you?

Thanks for the 2012 rates also. The monthly on a 37500-ish sticker with a 2000 discount off msrp, using 12000 miles/yr x 3yr lease with no cap cost reduction is $560 for the 2011 #s vs $525 for the 2012 #s. The higher resid offsets the higher money factor!

So if one is leasing, the #s point to: WAIT FOR A 2012!

This assumes that one can get the same $2000 off MSRP for a 2012 that they can for a 2011. If not, it may be a wash...

Hmmm

kyfdx

Honda has had lower residuals for NAV equipped cars for years.. Over-priced options depreciate faster than the base car.

You are corrrect about your calculations... the variable is the selling price. The 2011 and 2012 models aren't likely to have the same price.

squirreljam

Hi guys - What's Honda Finance's lease acquisition fee (is it still 595)?

gene00

Yes, $595. Took 5 secs to look it up on honda's site btw (click on 'see details' for any lease under current offers).

squirreljam

Thanks, gene00. I'm so used to AHFC hiding these numbers so that dealerships can [try to] mark them up, I figured 'twas easier to post here...

Just today a dealer rep tried to upsell the factor on a lease; quoted .00195 instead of .00185 - quickly backed off that once I said that I only wanted the "buy rate".

gene00

A while back I went in to an Acura dealer to inquire about a lease. I also had done my homework, and the finance guy lied right to my face about not only the money factor, but what the equivalent interest rate was for the inflated money factor he had quoted me, saying it was Acura's lowest current rate. I sometime think these guys enjoy lying more than they enjoy selling cars.

dwynne

I have never had a Honda dealer try to quote me over the buy rate or mark up the fee. Most of the "premium brands" do this all the time, you about can't find a BMW dealer that will give you the buy rate. Most are honest and will tell you (if you know to ask) that they are not quoting the buy rate (and can't or won't).

gene00

I don't know why they wouldn't be able to quote you the buy rate. Isn't anything over that (assuming you have a qualifying credit score) just another way to increase their profit?

markymark58

I was wondering if I'm being offered the "best deal" on a 2012 touring elite. This is at the dealership in Jax, Fl. The price is $43622 before tax and tag and a $599 "administrative fee"" with $2000 down and $677/mo for 36 months with 12,000 miles/ yr, 59% residual and a 0.00200 lease factor. The car should be delivered in one month.

gene00

$43,622.00 is a $00,053.00 discount off full retail. A $599 administrative fee is charging you $599 to breathe their air while you're in the dealership. You decide if it's a good deal or not. Honda will probably (not for sure though) have end-of-year incentives, and if you're having to wait a month to get his one anyway, and if you absolutely don't have to have it, wait until you can find one on the lot - you can deal more with a car thats sitting in their inventory.

CarMan@Edmunds

You're very welcome, 2011oddy. The addition of navigation quite frequently huts vehicles' residual values. The same often goes for those rear entertainment systems.

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dwynne

>> The addition of navigation quite frequently huts vehicles' residual
>> values. The same often goes for those rear entertainment systems

Rather than VALUES I would say PERCENTAGES. The residual percentage of a NAV or RES example may be less than an example without these options. The residual value would still be higher. So the extra options do not decrease the value of the van but the options do not retain as much of their original cost as the rest of the van does. Right?

kyfdx

That's true... the residual percentage is less, but the residual value is still a little bit higher... But, that lower percentage applies to the whole vehicle.
For example... If you had a $35K vehicle with 55% residual = $19,250
$38K vehicle with 53% residual = $20140

For that $3000 option, you'd pay around $2100 over the life of the lease..
(just rough numbers for illustration.. not actual).

On a Honda product, adding NAV usually adds $40-$60 per month to the lease payment... That's a big hit...

regards,
kyfdx

dwynne

That is why they mark it up - extra profit.

Seems like most of the premium dealerships are owned by large, multi-city companies and each department at each dealership has to show a profit and send money home to the mother ship. So the way for the F&I to make money is to jack up the acquisition fee and the lease and loan rates - and try to sell mop and glo and extended warranties.

A BMW dealer once let me bring my own lease in rather than give me the buy rate on the MF and bank fee. He made nothing and the dealership didn't even make the normal "doc fee". He explained "if I give you the buy rate I will not make anything and I have to make something on every deal". No matter that the dealership made a profit selling the car to the 3rd party lease bank, HIS department had to make additional profit.

dwynne

I understand, but thanks for the clarification for those playing along at home

The statement made it seem like if you chose NAV or RES your Ody would be worth LESS down the road and not more.

When you can get a new Garmin for < $100 any day and one with lifetime maps and traffic for < $200 I can't image why you would pay extra for NAV at the prices the automakers want to charge. Every on board NAV I ever owned was far inferior and out of date compared to a cheap Garmin. Map updates for an in-car NAV also cost more than a whole portable GPS!

2011oddy

On board NAV = bigger screen, voice commands are integrated with car's audio and the rest of the electronics, no worry about having it stolen or hiding it from view, and yes, resale with NAV is better. Honda NAV is the best by far, BMW and MB stinks. Toyota won't let you use while rolling. I am on my 2nd Oddy with NAV, we love it. I have a Garmin also, don;t use it in the Oddy and don't want to...

foosman9469

Looking for lease rates (money factor and residual) on 2012 EX-L, 36 month, 12,000 miles/year and 15,000 miles/year.

THANKS!

munch21043

Dear Car Man,

What are the November RV and MF for 15000/yr 36 mos. for these 3 models. Also what is a buy rate versus a money factor?? If November rates aren't available can you tell me the October rates?

Regards
Munch