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2013 and earlier-Honda Odyssey Lease Questions
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Right now I am leaning towards turning the van in and buying an older van to drive for a few years since there are not any good deals like the '04 Ody lease offer. I will also probably extend the lease for a month to give me time to find a suitable used van. Ohio requires that you pay the entire tax bill for the term of the lease upfront, so I am only going to extend the lease 1 month at a time because you can not get a tax refund if you terminate the lease extension early.
I am also tempted to buy a new '05 Mazda MPV LX for <$18K which comes with a 4 year warranty. It's no Ody, but is still a good value.
I got the internet price offer of $24,571 (not bad at all!!) for the EX version.
I went down to the dealer and when I asked the salesperson that at this price I would rather lease, he says the price is not valid anymore and offered a selling price at $26,861 ($2,200 more expensive).
Now I am confused: can I be hard in the negotiation and keep asking for the internet price ???
I would be happy to estimate what your lease payments should be like on the two prices that you were quoted, however in order for me to do so I need you to provide me with these vans' full MSRPs (including their destination charges). Let me know and I'll run some numbers.
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I need to close a deal !!!
My first intention was to buy a Ody/EX/06.
I got the internet price offer of $24,571 (not bad at all!!) for the EX version.
I've got to the dealer and when I asked the salesperson that at this price of $24,597 I would rather lease, he said the price was not valid anymore and offered a selling price at $26,861 ($2,200 more expensive).
Now I am confused: can I be hard in the negotiation and keep asking for the internet price ??? Can the internet purchase price offer be valid for a lease ?
Txs.
Al/Miami
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We are about to buy a 2006 Odyssey EX-L w/RES (DVD)and live in Minnesota. You talked in an earlier post about ten states getting a preferred interest rate for the Memorial Day weekend. Is Minnesota one of those states? Also, we are planning on leasing the Odyssey 36/12,000 or 48/12,000. What are the current money factor and residual rates for the about lease terms and miles? Does $28,724 sound good for a final price? Thanks!
Thanks for all your diligent help.
I've kept my eye on either EX-L or EX-L RES for a while, but I want to get a good deal on lease.
What do y'all think?
Rob
AHFC Lease 36 mos/36k mi;
57% residual;
0.0027 factor;
$595 acquisition fee;
thanks in advance for any info....
can you answer a few questions for me
1.if my credit score is 781/830 will I be able to get the best deal as a Honda lease customer?
2. AAA offers a lease negotiation program- where they negotiate the "best" lease price for you- is it worth it
3. I went to one dealer last night and although I don't have all the info in the format you like it with a total out of pocket of 3000, my payments for a 36 month lease on Odysessy EXL/res would be $385 with a residual of 18778.65 at the end of the term. I live in NY and the tax is 8.75% what other information should I be looking for to see if I am getting a fair deal?
Are there any confirmed Honda Lease promotion for Odysseys from Honda?
I assume from your residual that you intend 12k mi per year?
Does the lease payment quote include taxes?
Does that lease payment also include all Dealer fees (i.e. Doc, title, reg, tire, acquisition, security deposit, etc.)?
Like you, I am also curious to know the credit score cut off for AHFC Lease top tier rating. At present, I think the best lease money factor available from Honda is 0.00270.
Many warehouse clubs like Costco have an Auto Buying program that often has very fair, no haggle pricing arrangements with select local dealers. Does the AAA service have an additional cost for that service?
There are also some fairly good lease brokers who specialize in auto leases. They negotiate a great price with a dealer but also tack on their own fee into the lease. They sometimes can get a better overall deal especially if you are not inclined to spend the time and effort haggling and researching.
If your lease quote included all taxes and fees (assuming AHFC top rating) and is your final on the road number, it sounds competitive (sale price more than 3% below invoice).
Please keep us all updated on your experiences.
Knowledge is power.
29,956 purchase price for exl w/ dvd
the lease is 12,000 per year
the taxes were paid up front as part of the 3000 down(1195.42 ny tax, 595 aquisition, 385 first month, 824 down)
36 months at 385
residual 18,788.65
Am I missing something- it seems good but I am no expert- they told me that my credit qualifies me for the top tier program
as for your second post
the aaa no haggle program- it costs nothing you just walk into a qualifying dealer and the price is abt 300 aboce invoice- however I know people who have begotiated better prices themselves and the dealer will tell you you can't combine offers so you don't get the 500 dealer incentive
as for the aaa lease program it also costs nothing- they deliver the car to your door- I have no idea how good it is b/c they haven't gotten back to me yet.
What about the new lease special on EX at $309/month?
I am debating if I should lease at that price or purchase one with 4.9 % APR for 60 months @ around $500/month payment with $500 down.
Does Honda Financing ever have any APR specials for purchasing?
Still using the standard figures?
There are no special lease terms available at this time.
Where on the Edmunds site is this $309 EX deal listed and what are the particulars (how many months, cash up front, etc.)?
Below are the specifics. It shows up when I type in my zip code, 77381. It might just be for Houston area.
http://www.edmunds.com/new/2006/honda/odyssey/100625408/incentives.html?vdp=off&- - setzip=77381&state=TX
$309 Monthly Payment
36 Month Term
$1999 Down Payment
$325 Security Deposit
12000 Annual Mileage
Restrictions: Lease based on a 2006 Odyssey EX (model #RL3826EW). Prices include $500 dealer contribution to achieve $309 monthly payment.
Comments: $3,228 due at signing. Dealer participation may vary. Incentives and Rebates are provided subject to the terms of our Visitor Agreement. Tax, tags and insurance are extra.
I am looking to lease a 2006 EX in Houston area and where did you get your quote?
If you don't mind me asking, what is your credit score like?
Mine is around 687 and I was wondering if I can get a similar deal.
I'm not clear on the financial incentive to pay your taxes three years in advance.
Usually the money down (cap cost reduction)is also taxed so your $824 may be also going toward some other taxes and fees.
Again we are assuming this a EX L RES 36/36 AHFC lease at a factor of 0.0028 (highest credit rating with no security deposit and not a repeat AHFC lease customer).
If the monthly lease number and $3000 up front are your final on the road numbers, it looks like a competitive deal.
I am skeptical, however, because your price of $260 over invoice with the above parameters could easily yield a monthly payment of over $420 monthly.
If given the opportunity, it sounds better to take the $385 per month with $3k down and run.
Let us know how the deal plays out.
Taking a stab at it here but it looks like an offer of $390 below invoice (including dealer incentive) as a purchase price assuming a 57% residual and top rating money factor.
On some EX trim levels, some people on these forums are reporting much lower prices paid (for whatever that's worth).
Should I just go and get the lease special before it ends or should I negotiate for a better monthly payment and wait until July?
$309/month sounds like a good deal to me, but I also want to get the very best deal I could get.
The cost of a lease depends mainly on the initial purchase price, anticipated value at the end of the term (residual) and the interest rate. AHFC is probably the the primary lease agent for these new Hondas now and they have fair terms that might be hard to significantly beat. With AHFC, the residual and interest are non-negotiable. Getting the best purchase price is thus the only way you can improve your lease terms.
If the reports of EX purchase prices in Texas on this forum are accurate, you should be able to negotiate a much better lease than this "special" based on a much better purchase price. Also, this "special" requires a pretty hefty amount of money up front that you may not need to put down in your own negotiated lease. Lastly, this "special" lease quote does NOT even include any taxes or fees.
I don't know for sure what will happen with these 06 car prices as the 07s are introduced this summer but suspect that deals will continue to be available when dealers are eager to move inventory.
Honda Odyssey EX: MSRP $28945
Dealer says they are selling for $25,690 ($500 under invoice?)
I can't seem to come up with the same payments they gave me, maybe I'm using wrong money factor or residual.
Dealer gave me the following:
15,000 mile/yr with $671.20 out the door payment
Lease payment including TTL = $421.20
18,000 mile/yr with $695.84 out the door payment
Lease payment including TTL = $445.84
-------------------
So I tried to calculate myself, here is what I did for the 18,000 mile/yr lease:
Net cap cost = $25,690 - 695.84 = $24,994.16
Residual = $15,888.10 ???
Deprec fee = (24944.16 - 15888.10) / 36 = $252.95
Money factor = .002800 ???
Rent charge = (24944.16 + 15888.10) x .002800 = $114.47
Payment = 252.95 + 114.47 = $367.42
Tax = 367.42 * .08 = 29.39
Payment with tax = 367.42 + 29.39 = $396.81
What am I doing wrong? I'm gettingn 396.81 verus 445.84 from dealer
Houston currently has a lease deal for $309/month for 36 months at 12k miles/year with $3200 down.
Would 2007 lease special be better?
When would Honda start offering 2007 lease specials?
Price offered $28,268.00 indluding destination (invoice)
Trading in for my Accord $19,000.00
(with $17460.04 remaining amount the down
payment will come out to be $1,553.96 + first month payment + title ($249) + $35 doc feet
with Money factor 0.00280 and residual of 59% ($18,453)
my monthly payment comes out to be $368.29 + tax ($405.45 including tax) for 36months 12000 miles
Let me know how I did.
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What AHFC terms will a "preferred" (over 680) rating provide?
What other tiers and terms does AHFC have?
What are the AHFC residual formulas now?
12k mi 36 mos 57%
15k mi 36 mos 55%
18k mi 36 mos ??%
How about for the 48 month leases?
12k mi 57%.
15k mi 55%
18k mi <55% ???
Confirm if your lease is through AHFC and your money factor. Honda also has an acquisition fee of $595.
Is NY auto lease tax 8% or 8.25%?
Let us know what you learn.
Many car buying "experts" including Edmunds suggest shopping for your best purchase price FIRST. If you start with a great purchase price you are in the best position to get a great lease. (See Car Man's advice in post #294 above).
SECONDLY, and separately negotiate the trade if you have one.
LASTLY, if you know your credit rating and the leasing company being used, ask for a monthly lease payment. It is often best to know your actual Capitalized Cost for the vehicle before cranking out a payment number.
Use the leasing calculator (on the Edmunds site or elsewhere) to check the dealer's numbers.
(This assumes that you have already done honest soul searching to determine if leasing a new car is best for your personal situation. In many cases, leasing a new car may not be the cheapest way to drive in the long run).
As a "preferred" tier, what kind of "due at signing" cost and monthly payment should I expect for an EX?
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