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Car Buying Advice - 2017 Honda Odyssey lease-Is this possible?
catski2012
Member Posts: 10
Hi. New to leasing - would like to present a realistic offer and stick to it. Got TMV from Edmunds on an Odyssey ExL (no nav or entertainment) in my area (22307) of $33,025 and used this to calculate a strong lease based on an easy formula I found on another site (not sure how to use residual and MF so went another route). I came up with a monthly of $330 with $660 at signing (first and last). Is this possible? How much should I expect to pay in taxes and other monies for getting it on the road? Thank you!
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NathanCrumback
Administrator Posts: 508
@catski2012, VA is one of the more expensive states to lease in because of the way they calculate tax on a lease (Tax is levied on the sales price upfront). The residual for a 36 month 12K miles lease on a 17 Odyssey EX-L is 58% with a money factor of .00119 for top tier credit.
Also, VA has one of the higher Documentation Fees with an average around $490. It's hard to estimate the exact payment but if you pay taxes and fees up front, you would want to be around $345/mo. I would estimate taxes, fee, and first months payment to be around $3,000. If you roll all of those into the cap cost (lease payment), you'll probably be around $415-420/mo.
Edmunds Moderator5
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