2013 and earlier-Honda Odyssey Lease Questions

jsevenseven

Thanks Car Man. I have decided too wait for an 07. What would the residual and money factor be for an 07 EXL Navi, for 36 months 12k per year?

Thanks,

mayref

Honda is advertising a special lease rate for the LX on its website:

http://automobiles.honda.com/tools/current_offers.asp?Function=new&ModelName=Ody- ssey

Is this a good deal?

Thanks

exnissan

I was checking if any 2006 Odyssey were left, but someone told me not to lease a 2006 since once you drive off its one year old in terms of resale value. But does it matter since I am leasing the vehicle? I was looking at the 2006 since due to possible marketing support or lease cash on the vehicle to lower the selling price to determine my payment on a 36 month/12,000 miles lease. Carman, do you know the MF and Residual value? Should I go with the American Honda Lease or outside company?

CarMan@Edmunds

I probably would have waited for the 2007 model too, jsevenseven. Here's the info that you're looking for. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda Odyssey EX-L with navigation but without the DVD option with 12,000 miles per year are .00293 and 58%, respectively.

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CarMan@Edmunds

Hi mayref. The answer to your question is not really. Honda is not currently providing any lease support on the 2007 Odyssey. As a result, if you were to lease one through Honda Finance, you would have to use its standard lease program...which is nothing great. Furthermore, most manufacturers' advertised leases leave a little meat on the bone so to speak. The selling prices of leased vehicles are negotiable and consumers are usually able to negotiate lower selling prices than the ones that advertised leases are based upon. You will still have to use the standard lease program, but you should be able to negotiate a more attractive capitalized cost for a 2007 Odyssey.

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CarMan@Edmunds

Hi exnissan. Leasing at the end of the model year often does not pay because vehicles' residual values gradually fall as the model year progresses. Residual values are used to calculate the depreciation portion of vehicles' lease payments. The lower a vehicle's residual values are, the more expensive it will be to lease. Late in the model year it often turns out that new models, in this case a 2007 Odyssey, would be less expensive to lease than a leftover model, a 2006 Odyssey. Whether this is the case will depend upon how low a selling price you can negotiate on an '07 model, but there is a very good chance that it is.

Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a base 2006 Odyssey EX with 12,000 miles per year are .00293 and 57%, respectively. The numbers for an otherwise identical lease of a 2007 model would be .00293 and 61%.

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robbyg

Hi Car_man - I was looking at this lease special in the link provided on the 07 LX Odyssey as well and it seems like a good deal to me since they are offering it for 4K under MSRP. I tried punching the numbers on the offer into a lease calculator and I'm not sure what money factor they are using, but it seems that it is much higher than .00293.

Can you take a look at it again and see what kind on numbers you come up with and if you still think it is not a good lease deal?

2007 Odyssey Feature Standard Lease

wenmar

I was given a price quote today for both the 2006 and 2007 EX-L models. I have read some recent previous posts that indicate a better "deal" on 2007 leases, but I have not experienced that. For the 2006: price of $28,163.43 with $650 at signing for 36 months, monthly payment: $471.75.
For the 2007: price of $29,973 with $650 at signing for 36 months, monthly payment of $504.38. I was given the conversion factor for the 2006 @ .00207 but not for the 2007. I think these seem reasonable selling prices. Is it crazy for me to think I might get into an EX-L for closer to $450 a month? How could I negotiate further?

davidd3

I am also in the market to lease a new Ody, be it a 2006 or a 2007. As I understand, at this moment, it is a bit less expensive to lease a 2006 (if you can still find what you're looking for). The situation seems to be like this. Money factor is the same (high) rate for both. Residual is better on the 2007 since it's newer. Sales price is lower on the 2006 since it's older and there is an incentive. It's almost a wash, but the lower sales price of the 2006 more than offsets the higher residual of the 2007, which makes the 2006 slightly less expensive to lease at this time.

In my opinion, now is not a good time to lease an Ody since there's no leasing support. I am hoping that we will see lease support on the 2007s after the 2006s are finally cleared out. Maybe October will be too soon. But if not October, then hopefully November. If you can wait, it is not crazy to think that you can lease an EXL for closer to $450 per month (no money down, tax and acquisition fee rolled in). All it will take is a little lease support to get to $450. With a lot of lease support, it could go closer to $400, which is what I'm paying on my 2004 Ody EX-L-RES.

xpectin2

I don't know what part of the country everyone else lives in, but right now honda is having a lease special on their 2007 Odyssey's that no matter how low the dealer goes on the 2006 - they just can't match it. We have decided on the basic EX - it is $329 + tax, with $3,499 due at signing. The LX is $289, the EX-L is $377. When we went in to each honda dealership no one claimed to have heard anything about it (I'm sure so they can either charge you more or hope to get rid of more '06s), but it's right there on honda automobiles web page so they quickly came back with the right numbers. Hope this helps someone - Oh and this special ends on Monday Oct. 2nd so jump on it if you're intersted.
Details can be found on honda's website - here's the link
Honda current offers

davidd3

Well, October is now here and presumably with it a new leasing program for the Odyssey. Does anyone have details for AHFC's current leasing program on the 2007 Ody EXL? Any sign of lease support yet, or will we have to wait until November?

ifsandbuts

I have never done a lease before -- how do you assess if this is a good deal:
http://automobiles.honda.com/tools/current_offers.asp?Function=new&ModelName=Ody- ssey

And it just mentions the LX -- would they typically have a comparable lease on the EX, or only what is listed?
Thanks!

davidd3

Finally heard back from a couple of dealers. No lease support (yet). Only time will tell what November will bring.

CarMan@Edmunds

Hi robbyg. The advertised lease that you saw for the 2007 Odyssey really is not anything special. Honda is not currently providing any lease support on this van. As a result, anyone who wants to lease one through Honda Finance right now has to use its standard lease money factors. Honda Finance's current 36 month buy rate standard money factor is .00280 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

Furthermore, the discount on this van is not as large as you think it is. There is a $3,839 spread between the MSRP and capitalized cost of the van in the ad. However, $2,515 of that comes from a down payment made by the person who is leasing it. This means that there is only a dealer discount of $1,324. This isn't terrible on a vehicle that has a spread of around $2,500 between its full MSRP and dealer invoice price, but it isn't as good as you thought it was.

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CarMan@Edmunds

unfortunately there's still no lease support on the Odyssey, davidd3. This van's lease program varies depending upon how long you lease it for and its mileage allowance. For now I will assume that you are interested in a 36 month lease with 15,000 miles per year. Let me know if you want something different. Honda Finance's current buy rate lease money factor and residual value for a 36 month lease of a 2007 Odyssey EX-L with 15,000 miles per year are .00280 and 58%, respectively. This is for a non-Touring model without the entertainment system or navigation. This lease program is scheduled to run through October 31st, but there's no guarantee that it will be any better in November.

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CarMan@Edmunds

Hi ifsandbuts. The advertised lease that you saw for the 2007 Odyssey really is not anything special. Honda is not currently providing any lease support on this van. As a result, anyone who wants to lease one through Honda Finance right now has to use its standard lease money factors. Honda Finance's current 36 month buy rate standard money factor is .00280 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. This lease program is available on all 2007 Odyssey models, but other trim levels have different residual values and prices that will make their monthly payments a little different.

The other important aspect of this deal is the vehicle's selling price. There is a $3,839 spread between the MSRP and capitalized cost of the van in the ad. However, $2,515 of that comes from a down payment made by the person who is leasing it. This means that there is only a dealer discount of $1,324. This isn't terrible on a vehicle that has a spread of around $2,500 between its full MSRP and dealer invoice price, but consumers who are in an area that has a decent level of competition may be able to do better.

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stevern

Wow, this forum has been quiet for some time. I wonder why - I guess the lease deals aren't so great right now, unlike when we leased our 04 Odyssey.

So our 2004 Odyssey EX-L 24 month lease (which I already extended 6 months) is rapidly approaching maturity. I'm thinking about an 07 EX-L RES, 36 months, 12k miles/year. I'd like to start doing my homework on it now and shoot for a November deal (I realize that the November numbers aren't even out yet, I know that Car_Man is very busy and can take awhile to respond. He's helped me with my last 3 leases!)

I'm curious to know what kind of deals people are getting. Oh, I'm in the NY metro region.

Thanks

dlub

OK just got this deal and I am not sure how much of a deal it is.
07 Ex-L
MSRP-$31,938
Selling Price-$29,288
12K miles a yr
36 month lease
$1699 down
my payment $438.00/month

Let me know if anyone else out there is getting anything better. I am also looking at the EX-L w/(RES) and I am not sure how much this will tack onto the $438.00/month payment.

mb6986

Back in March of 2004 I entered a 3 year lease (36K miles) for a EX-L with RES for $299 plus tax. There was zero down and AHFC waived the security and acquisition fee. I am not sure if a deal like mine is going to come back but all the other numbers I read here seem really high. Does anyone know if AHFC/Honda will take back a car several months early without penalty if you are to buy/lease another Honda (in my case another Odyssey)? I have 600 alloted miles left on the van and have been thinking of getting a new Ody to do the people carrying duty. Miles cost $0.15 per mile over 36K and I generally do about 800 miles a month. A new Ody EX-L with RES in my area is now $400 over invoice. Any thoughts on price trend? Is it better to buy now, around Christmas, or when the lease matures in April? Thanks. :shades:

guest

how critical is honda on the lease end inspection of the vechile. i am going to lease another honda at the end of my lease.

hondaford

I wanna know, too. I have a pilot coming up this spring and am looking at buying or leasing a ody touring. I am a little scared of the PAX tires, so thinking of leasing.
My pilot has a minor dent in the door, with no paint damage. I suspect it was there when I leased it, but cannot prove it. I am a little afraid they are going to charge me a zillion dollars for it. the car is very clean inside and will be well under mileage.

davidd3

I just returned an Odyssey. They did an inspection and somehow came up with $505 of stuff on a vehicle that looked pretty darn good to me after 3 years of usage. However, I am not being charged for anything since they have a $1,500 tolerance policy. That's a nice thing about leasing from Honda. I leased another Honda by the way, a Pilot this time, but that didn't factor into it at all.

Good luck!

jerhot

I too leased a 2004 Odyssey EX-L RES, but I leased it for 4 years to make my payment a little lower. My lease matures one year from now. This is the second Odyssey I have leased. I sold the first one about 3 months before my lease matured. I suggest you sell your Odyssey too.

When it was on the market, I called AHFC every month and got a payoff amount. Be sure and ask for the payoff without taxes, because AHFC assumes you will be paying taxes. The payoff will include any early termination fees.

Odysseys hold their value well, and I was able to put mine on the market for about $2,000 above my payoff. I found a buyer who negotiated with me and I dropped the price a little.

In the meantime, I leased the new Odyssey. I took my buyer to the same dealership so they could handle the paperwork. Because the dealership did the paperwork, I was assured everything was handled legally, plus I was not the one buying the car from Honda (thus I didn't have to pay sales tax), my buyer was. The dealer charged me $250 to do the paperwork, but I still made around $1,200.

mb6986

Thanks Jerhot. The difference between what I can get from the dealer on a trade-in and the pay-off amount is about $2K excluding taxes. The private sale value of my Odyssey is about $1K less than the pay-off amount. I have never sold a car myself and not sure if I want to go through it. I will instead run some numbers before I approach a dealer. It is important to weigh the payments I am not going to be making ($340*5) and the excess mileage (800*0.15*5) against the depreciation on a new 07' Odyssey assuming the deal I can get now is going to be as good as any when April rolls around. Wonder if the availability of the new Sienna around the beginning of the new year will force some competition in my favor. :P

davidd3

Your case is the exception, not the rule. It is unusual for people to make money by selling their leased vehicles for more than the payoff amount. Residuals values are set rather high. This serves to make the monthly payment on a lease more affordable, but it also generally makes for an unattractive purchase option at the end of the lease (assuming that you do actually use all or most of the miles allowed under the lease and factored into the residual value). Maybe you had very low mileage, far less the lease allowed??? Most folks find themselves significantly "upside-down," so much so that the only thing that makes sense is to return the vehicle at the end of the lease.

mb6986

Assume a conservative trade-in value of $18K (for an 04' EXL RES with 36K miles, I would lose about $3,500 when I payoff AHFC. "Savings" from not having to make future payments ($340*5), excess mileage (800*0.15*5), and taxes avoided with the trade-in totaled to about $3,551. It does seem make financial sense to go for the 07 Odyssey now assuming the depreciation and miles for the extra 5 months worth of ownership are insignicant. What does everyone think? (It is possible that I'll created this analysis to justify my personal preference.) :P

CarMan@Edmunds

Welcome back, stevern. The Odyssey discussion has been fairly quiet lately. As you said, the deals on it are not nearly as attractive right now as they were when you leased your 2004 model. Honda is not currently providing any sort of lease support on the 2007 Odyssey. As a result, if you were to lease one through Honda Finance' you would have to use its standard lease program. Its current standard buy rate lease money factor and residual value for a 36 month lease of a 2007 Odyssey EX-L with the entertainment system and with 12,000 miles per year are .00280 and 57%, respectively. Let me know if you need anything else.

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CarMan@Edmunds

Hi mb6986. While some manufacturers run early lease termination programs that waive lessees remaining monthly payments if they get a new vehicle from time to time, unfortunately I have never seen Honda offer such a program. As a result, you will probably be better off waiting until you are closer to the scheduled end of your lease to get a new vehicle.

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CarMan@Edmunds

Honda Finance is actually fairly lenient when evaluating the lease-end condition of vehicles. I have leased several vehicles through them and have never had a problem. Of course if your car or truck has a huge dent or scratch, you are going to have to pay. However, small dings and scratches are usually forgiven. Besides, Honda Finance waives up to I believe $1,500 worth of excess wear and tear on leased vehicles. The following page describes Honda Finance's lease-end inspection process: Honda Finance Vehicle Inspection.

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dlub

Quick question (Stevern) Where did you get the .00280 money factor? I am in the process of finalizing my lease deal with a dealer in Delaware and the told me that last months money factor was .00280 but this month(Nov.) it went to .00290. Does anyone know where to get the official money factor #'s?

Here is the deal I worked-
EXL- with RES MSRP is $33,290
selling price is $29,833 this includes Dest, but they will add $95 dealer prep fee and that is it no dealer accessories.
Is this a good deal and can anyone tell me how to figure out my monthly payment if I put down $1,699?

rwall10597

I had a 3.2TL leased through AHFC that we turned in and purchased an ‘06 EXL-RES. I just wanted to pass on a few things I learned about the $1500 allowance.

The damage assessment is based on a walk around inspection, so if you have scraped up the bottom of the bumpers or something, that doesn't even factor in. The inspector does actually walk around the car, but even if they see something, they are supposed to determine if it is really noticeable from 6 feet or so. It couldn't be more forgiving.

My car had an array of little door dings. A parking lot gate had closed on the trunk leaving a few little dents. One of the door dings was a really good one too. Plus, I almost forgot, my wife backed into a yellow post the day we found out we were pregnant knocking some paint of the right rear quarter and bumper, and making a little wrinkle in the quarter panel. It compounded out for the most part, all but the wrinkle. The car wasn’t a mess or anything, but it was all stuff that would sure cause you not to buy the car if you were looking. It did favor the upper end of the normal wear and tear spectrum.

The only thing they called me on was two almost unnoticeable door dings on one of the doors, and only because there were two in the same door. They were little dents, no paint, the said that was worth $95. That still left me with $1405 to spare...

Really, don't sweat it! There is no need to worry at all.

Another note, if your tires are worn out, they are included in that $1500 allowance, so don't bother replacing them. I unknowingly replaced 2 right before I turned it in fearing some crazy $200 a piece bill or something. They could have charged me $700 each and I still would have been fine.

Good luck.

cidchris

Hi Car_Man,

I was wondering what the November lease numbers look like for the Odyssey. I am looking at the EX with no options. Interested in MF and residual for 36 and 42 month leases, with 12k and 15k miles. State is Massachusetts. THANKS!!!!

robbyg

My local dealer here in So Cal informed me that for an 07 Ody EX with 12K and 36 months the residual is 60% and the current money factor through AHFC is .00290 for the "Super Preferred" credit tier.

If you're out there Car_man does this sound like the correct information?

my3boys1

I am interested in leasing a honda odyssey EXL with dvd, however right now the lease special is on the lx. Does anyone know if there will be a lease special with the EXL model????
Thanks

23109vc

I'm also very interested in any deals on the Odyssey EX-L with DVD and RES....maybe just get the touring with this stuff... I want a loaded up Odyssey, and want to know how much it's really going to cost me in terms of money down and monthly payments. I'm in CA.

I'm comparing the Odyssey to some other more upscale vehicles like the XC90, RX350, and MB R series. The lease prices on the Odyseey don't seem too great, to where it almost makes sense to spend *marginally* more for a MUCH more expensive car...

hkim

I am interested with EX-L with RES/NAVI model.
Our local dealer offered me 430/month(including tax) with $3000 out of pocket(including first month payment and all docs fee).
I think it is quite good deal.
What do you think???

artfog

A week ago I leased through honda finance a 2007 touring for 0.0028 money factor and 58% residual (36 months).
There was a lease acquisition fee of $595, which they said was standard.
I had to put down a $550 refundable deposit for the .0028 rate, otherwise it would be .0029. Was that a mistake?

hondaford

I have seen the term "money factor" explained before, but do not recall where.
True or false: that is a euphemism for apr? What is the translation to convert mf to apr?
I understand that you are paying for the usage of the automobile, and paying interest only on the remainder of the auto that you are in possession of, but do not own? :confuse:

chow3

Car Man or anyone with any help here is my question. We decided that we would like a ex-l or ex-l res. We can wait until the end of next month. This months offers are as follows for 36 month 12k per year: ex-l cap 28698( not sure if this included the 595 destination, but it should)-- residual 59%, msrp 31,690 and money factor at .0029 plus 218.50 for plate fees ect. I figure pre-tax, if I pay the 218.50 at lease inception with first month I should be at or about 412-413. Plus a 6.5% tax i should be at or under the 440/month mark. The dealer says $440 plus tax. Am I missing something? also do you know the residuals for the 36 month 12k lease for the ex and ex-l and exl-res

stevern

Hello, I just completed the deal on our 07 EX-L RES and might be able to add some insight. An important thing to factor into the equation is the bank fee (plus interest on that) that American Honda Financial adds when you lease.

I think the dealer's price is pretty accurate. For your deal, I came up with $449 before tax and $479 adding tax in.

It also looks like you are getting the van $100 over invoice, which is a great deal (the same that I paid). I believe the resdiudal is the same for EX, Ex-L, & EX-L RES, 57% The money factor is also the same .0029 (.00028 with lease loyalty).

I hope this helps. We picked up our 07 Ocean Mist yesterday and love it. Good luck.

maferna

Hello Car_Man et al,

Many thanks for all the excellent information provided.

I may be getting an EX-L Res in the next few days; are the MF and residuals still 0.0028 and 57%? Given it´s almost the end of the year, would it be possible to get it below invoice, to compensate for the high lease MF?

Thanks in advance

vb1pa

hi,

I just notice there is a new promotion on honda.com for LX. I was wondering if anyone has the new numbers for exl with nav and res?

Is residual/lease better with or without res and nav? Any one know ?

Thanks

nbkramer1

I have a 2004 EX, coming off lease @ the end of the year and I spoke one Monday to someone from Honda that told me the money factor went down to (I think he said).00164 till the end of the year and that I could lease an EX-L for around $360 per month. Is that good or can we get it for better???
Thanks, and Happy (Honda) Holidays.

vb1pa

ok so i got .00164 with 55 res. on exl with dvd and nav. 36 12k. gave them a 1250 check and have 35 payments of 447.50. What you thnik? good?

thnanks

CarMan@Edmunds

Anyone who was considering leasing a 2007 Honda Odyssey but has not yet is in luck. Honda recently introduced a new special lease program on this model. Super Preferred tier customers can now lease one using a special money factor of .00164 for up to 36 months. This is a great time to lease this van.

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maferna

Damn! Just bought a week ago; 0.00235 36 mo, 12k, 54% residual (low, but since I plan to buy at the end of the lease (it works for me, I did all the buying vs leasing analysis), it´s better at the end of the lease). Down only the 1st payment and title and registration. Payment $469.00 a month, including sales tax. Financed through Bank of the West.

Paid $30,532 for a 2007 EX-L Res.
Price includes destination, doc. fee, and the following accessories/extras:

- Front windows tint, mudguards, cargo tray and wheel locks.
- Price does not include TTL.

Got a little bit less for my trade than I expected, though. I expected $16,500+ and got $16,000.

Bought in AZ...

Anyways, had I waited 10 days, I could have saved $27 a month... Oh well, you can't win all the battles, I still think I did OK, and even if I didn't, it's done, and now it's time to enjoy the van, which I love, BTW.

Many thanks for all the insight, and see you in a year, as I may be looking into a better ride for myself (it's my turn!)

M

groundsloth

I have gotten a quote for an EX-L with RES & NAV from a NJ dealer based on the following (zero down).

36 months 12K
MSRP: $35,490
Cap Cost: $30,713 including destination
Residual: 55%
MF: 0.00164
Tax: 7%

The dealership says the payment should be $443.52.
I am coming up with $420.84. That's a significant difference in my opinion.

Who's correct?

Thanks!

kyfdx

I see two possibilities..

1) The Cap Cost is the selling price, and they've added in something else to get the actual (higher) cap cost ($595 acquisition fee?)

2) Sales tax is calculated on something other than the monthly payment (Illinois taxes the entire purchase price, for example).

Otherwise, I get the same calculation that you do..

regards,
kyfdx

groundsloth

Thanks, kyfdx.

My upfront costs are comprised of the $595 acquisition fee, first month payment, and $216 registration for 3 years (that's how it goes in NJ).

I believe in NJ you only pay partial tax, at least this is how my other car lease was calculated.

It's possible they used the 15K miles residual which is 53% rather than 55%. I haven't yet seen the paperwork so it's possible they used the wrong residual.

To me math is math. Have you ever heard of dealers using a different lease formula?

Also, do you think it's a decent deal ($420) for this van?

Thanks again!

kyfdx

$420/mo. looks like a decent deal..

The 15K vs. 12K calculation would make sense.. You'll have to find out if that is the case..