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Comments
Your deal raises further questions in my mind as to how Honda is handling the special financing. Maybe MPLSHONDADLR can shed some light.
It appears from this buyer's experience that getting the 0.9% or 2.9% financing is not automatic. Why would a buyer, for reasons other than a low credit score, not be eligible for the sprecial financing?
Is there currently a trade off for the dealer where they get more dealer cash (beyond the $2000 that appears to be available nationwide) for deals that don't use the special financing? The simple question is: can the dealer sell the vehicle for less on a cash deal than with the special APR?
I understand that this can vary by region, but what is everyone's understanding of how the special financing is working right now?
Thanks.
My guess is that when Honda provides incentives to the dealer (not the customer ones), these are split across the sale of the vehicle and financing - if these are 2 separate bins, then a dealer may not make money on how you buy (cash vs finance) -
Someone more familiar with the business structure of a dealership can answer this better but from what I saw, there were 2 separate owners of profit - the sales manager and the finance director - u have to negotiate, directly or indirectly, with both of them for the best deal depending on how the mfr to dealer incentives work (unless of course you can negotiate at successively higher level up to the person responsible for sales+financing+service for all dealerships in a region)
I was talking to a fleet mgr at a Toyota dealership (reg Sienna) - he gave me an interesting option to reduce the base cost - he showed me his allocation of Siennas for the next 2 weeks that were in transit to Houston drop off (from where it is trucked to the dfw dealership) - if I can make my mind up on a Sienna before it being delivered to Houston, I could take off a few "factory" items that are typically installed at the "port" in Houston - items like rear spoiler etc - I added up about $800 MSRP ie you strip the minivan of items you don't care and then negotiate from there - The Honda sales guy said he was not aware of that ( and may not matter for odysseys as their factory options are quite limited)
std disclaimers on credit score, how hot a car in the market etc apply
I don't plan to put any money down with a rate that is so low. Have people been asked to put money down as a requirement to getting that rate?
The clarifying question would be: would the dealership have given you the exact same deal (OTD price) if you had paid cash. If the answer is yes, then why would they have not offered the special AHFC financing.
Last month, when I started looking for an Ody, it was very clear when I contacted dealers that there was one price with the special financing (0.9 or 2.9%) and another (always $1000 less) without the financing. As of June 3rd, all dealers were offering the lower priced vehicle and the special financing. None, however, appeared willing to budge on the vehicle price, even if I was paying cash. That leads me to believe that there is no disincentive for the dealer to offer the AHFC special financing. The exception being if they think they can get a buyer to bite on a higher rate that will provide higher proifit.
I think it might be a function of your credit score. I bought a CRV in '01 and financed every last drip at the then, 'special rate', of 3.9% with AHFC. So unless something has changed, you should not need a downpayment with good credit.
I sorry but that is complete BS! Either the dealer flat out lied to you or at the very least you were led to believe less then accurate information. You do not have to buy an extended warranty, pro pack (which to me, if you dont want it you shouldn't have to pay for it) or pre-paid oil changes (which may not be bad given you're locking in at todays value, not a future value) in order to qualify for the national low rate APR option offered by Honda to well qualified buyers.
That is good to know that given a good credit score I can finance 100 % at the special rate.
The answer is yes - the cash price is the same as the finance price (this month).
"Last month, when I started looking for an Ody, it was very clear when I contacted dealers that there was one price with the special financing (0.9 or 2.9%) and another (always $1000 less) without the financing."
Last month Honda was offering either $2K in DLR cash or $1K AND the low rate APR. This month through 07/07/08 they are giving the dealer the $2K AND the low rate APR option.
So, can you think of any reason why (other than being in a different region with different incentives), that the Dallas-Fort Worth buyer was unable to get or was not offered the special financing. It does not strike me as something that should need to be negotiated. When Honda is offering the special financing, either you are well qualified and you get it or you are less than well quailified and you don't get it.
Based on your direct response to the DFW poster, it sounds like you think the dealer might have been playing games with him/her and may not have been entirely forthcoming about the availability of the financing.
Thanks again for your insight.
$28,295 plus tags, title, lic, doc fee APR not mentioned
$28,200 plus tags, title, lic, doc fee ($498) no special APR available
$28,627 plus tags, title, lic, doc fee ($499) APR not mentioned
$27,781 plus tags, title, lic, doc fee ($487) no special APR available
Best quote in Tennessee so far is
$29,118 plus tags, title, lic, doc fee($299) APR not mentioned
Has anyone in the SF Bay Area gotten a good price for the 08 EX-L with RES trim?
I got a quotes from AutoNation in Fremont for the following trims:
EX-L with RES: $30,800 OTD price with 2.9% financing
EX-L with Nav & RES: $32,700 OTD price with 2.9% financing
Are these prices reasonable? Thanks.
-Ryan
That leads me to my second question. Does the dealer get both the 2k marketing support and 2k if I finance with them at the low .9% for 36 months? Or just one or the other, which makes no sense to me. Why offer the other if the dealer is going to get the marketing support. Please help!
Thanks a ton!!!!!
These forums are the best thing since sliced bread!
I got a lot of price quote from dealders around DC area, then asked price quote in my local dealer which is about 2 hours to DC. They did the price match and we accepted the offer. It took 3 hours to finalize the deal.
I generated one OTD of $22200 by myself, and asked if the dealers in DC area can match, they all denied. I think there is one dealer could beat the price, which offered $20522 before freight, TTL, and OTD around $22300, but I called them twice to get the OTD price, they did not replied me although they promised to reply. So I passed it, and considering the 2 hours distance and only $200 saving, I'm not disappointed with passing it.
They had around 260 Odysseys in May, and now they have 223.
So the sale is not good for them, and I expect that Honda will give more incentives in July.
Just my two cents.
I just bought an EX-L w/o RES or Nav. Here is what I paid.
$26,991 (this includes the destination charges of $635)
I also received the 2.9% for 60 months.
I talked to 4 different dealerships in the Richmond area. 3 of the 4 were about $1000 higher than what I paid. I think I got a fair deal based on what I saw other EX-L's going for on this forum and taking into account the $2K dealer cash and holdback money. I ended up buying from West Broad Honda. They were honest and straight forward throughout the process. I hope this info helps any new shoppers.
Does the dealer get both the 2k marketing support and the 2k financing "bonus" if I finance with them? I want to make it fair for the dealer and myself of course, but don't want to be bent over as well. Thanks for the input!
Ryan comes back with a quote of $32,800 with an $1599 appearance package, after talking with Steve Cole, the manager, when Steve and i had agreed on a Total Final Price of $30,888 without any appearance package charge during our phone conversations.
When i ask Ryan to bring Erick or Steve over, he refuses and mentions to me that they are both busy and can not come over. He also mentions to me that they both don't remember ever mentioning the price that i am quoting to him.
I was so furious that i drove 45 minutes for nothing. I wish Erick and Steve had mentioned to me that they can not offer the 08 odyssey EX-L with DVD and NAV for that price before i had driven 45 minutes to make the trip to Laurel, MD.
I recommend to anyone who is thinking of buying a Honda car from Ourisman Honda and Volkswagen in Laurel, Maryland to stay away from this dealership. They are very dishonest and are cheats. They will tell you one thing over the phone and when you get their the salesman is rude and starts acting smart with the customer.
Hope this helps someone who is thinking of buying a car from this dealership. I had a bad experience with them.
apollo
The 0.9 and 2.9 financing is offered by American Honda Finance and has nothing to do with the dealer whatsover. The $2000 is a dealer incentive and most just pass it along to move product. It's better than a rebate because the consumer doesn't have to pay tax on it.
Don't worry about a dealer agreeing to sell a vehicle at a number that is not "fair" to them because they won't.
I spoke to the dealership and they confirmed the price by email and this price is good till monday.
Great deal at Hendrick Honda in Woodbridge VA.
08' EX-L $27200 OTD. Was going to go with the EX-L w/ RES but couldnt justify the $1500 DVD player.
Here are their advertised prices this weekend (plus they emailed me a $300 coupon to further subtract from these prices):
2008 Honda Odyssey LX
$20,485.00
2008 Honda Odyssey EX
$22,855.00
2008 Honda Odyssey EX-L
$25,595.00
2008 Honda Odyssey EX-L RES
$27,130.00
2008 Honda Odyssey EX-L RES and Nav.
$29,349.00
regards
Brainage2
I had communicated with a sale agent for about a week and had been very precise with the numbers. So there were not much negotiations when we got there It was only about thirty minutes talk and we spent rest of three hours to sign all the paperworks.
I feel that the dealers are eager to get rid of all the vans and trucks. I'm saying this because our local Honda dealer beat this dealer's initial offer, it doesn't happen very often. So both small and big dealers feel the pressure.
I'm pretty happy with my purchase and like my new vehicle.
Good luck
Will post about whether or not they actually honor that price and not do a bait and switch.
I am about to close a deal with them, possibly tomorrow and could really use it if you don't mind.
My email is coolzeus10@hotmail.com
Thanks
Finally i became a proud owner of 2008 Ody . It was a great effort today , driving down to Hendrick Honda today 200 miles .
I was at the dealership at about 4.40 PM , and all the deal is done by 8.00 pm .
The total experience was buying at Costco ...no hassles ...nobody tried to charge / sell more .
The OTD for an EXL + RES is 30,028 /--.This includes NJ tax 7% and Title.
I will be able to post the break up in the morning.
I also took one more person with me and he took a EXL and the OTD price for that was 28,300/-.
Both got the 2.9 % APR for 60 months.The monthly payment for EXL + RES is 538/-
Thank you very much for all the information shared by members of this board.
The dealer also gave us Mudguards / door sill protector.
The salesman name is Daniel O.His service was very good , staying late uptill 8.00 pm on a sunday.
regards
Brainage2
10 responed (Only one gave the exact break up with OTD)
Many of them gave base price $30,000 (including destination fee)
One gave $29.850 and happen to be close to my house
I am thinking about making a offer of 29000 + TTL.
Is this realistic? I know it is kind of low. What you guys think?
Any one in twin cities, MN looking for Odessey RES/NAVI?
We can team up. I think $29000 can happen in July/August!!!
This site is helping me a lot. Thanks a lot.
Please also copy to Dealer rating/comments on Edmund's forum.
If they won't email you in B&W, they must hiding something.
Good luck and happy shopping
The Breakdown is :
Base Price + Freight = $ 23200 ( I used a $ 300 coupon that they had other wise the price was $ 23500)
Processing Fee - $ 399
Tax + Title + Tags = $ 756
Total OTD = $ 24356
This was a totally pleasant, hassle free experience. I highly recommend this dealership to anyone in Northern Virginia (Hendrick Honda, Woodbridge).
The price I paid was the price that was given to me over email and there were no extras and other BS (the so called appearance package was already included in the price), not even Ex Warranty upsells or anything. I just said no once and they never brought it up again.
Finished everything in an hour and was on my way.
Got the 0.9% for 36 months.
I think this was a very good deal for me. I have not seen anyone post a lower price on an EX here than what I paid today in a long time.
What do you guys think?
Also spoke to Ourisman...SLEEZY. Would never deal with them.
but would prefer NAV too.
Would love to come together with another shopper.
I may also be able to purchase 2 so it would be a total of 3 if I could find someone else !
I am holding out for July incentives as well.
Take the EX-L for instance. They advertise (and a number of members have reported purchasing at this price) the EX-L for $25,595. It has been reported that this price does not include dest. of approx. $635 or processing fee of $400. This brings the total, before TTL to $26630.
They also offered a widely available coupon that would take $300 off of that price. Each vehicle also has an included appearance package that includes: wheel well edge guards, mud guards, door edge guards, wheel locks, and pin striping. This package would have a varying value to each buyer, but, by my estimate, this would have an installed cost to the dealer of a minimum of $300 and would likely be worth slightly more than that to the average buyer.
Reducing the $26630 price by $300 (coupon) and $300 (appearance package) leaves a final cost on the base vehicle of approx. $26,000. IIRC, this is approximately $1000 less than the $27,000 that has been stated (and I think roughly confirmed by MPLSHONDADLR?) as the current minimum hard cost of an EX-L assuming Honda dealer cash of $2000.
Again, unless a lot of people on this board are fabricating similar stories, which I very highly doubt, there are many confirmed cases of people buying at this price point from Hendricks Honda without any other hidden costs or pressure to be upsold on warranties. Buyers also report getting the special financing at this price.
So, what gives? Are the incentives higher in the DC area? Are these vehicles damaged? Or, are there other factors allowing them to sell them at a "loss"?
I just looked at a report on Honda's internal website. There are two Hendricks Honda stores -- one in VA and one in NC. VA sold 221 units in June while NC sold 352. 221 isn't that strong but perhaps in that area it's HUGE. 352 on the other hand is strong. Hendricks NC is ranked 18th in volume while VA is a dismal 139.
My guess is they (VA) are trying to pump the numbers up to NC's numbers. The only way to do true high volume sales is to sometimes give 'em away. My guess is that in the greater DC area there are more Honda dealers which spreads the volume thin.
I tell this to people all of the time, "If a dealer is willing to LOSE real dollars to sell you a car, buy it."
I also don't think much of the theory that the cars may be damaged or something as for me, they did not have the color and trim that I wanted and they got it from another dealership in the area and did not charge me any extras for it.
I don't know how they do it, but it is for real. May be they are not that greedy and are happy to make their holdbacks on the cars.
Btw, another dealership full of sleezy salesmen is Landmark Honda in Alexandria. They tried to tell me that the financing and the cash incentive cannot be combined and the dumb fool tried to show me a piece of paper from their dealership which had all the prices listed and the title of that page said these prices were applicable with the special financing, he was still tryiing to deny it after I pointed it out to him that the sentence "Plus special interest financing" means that I can get both.
I hope you understood my post to say that I did believe members were getting the advertised deal. In the past there have been isolated posters that claimed to have gotten fantastic deals, but their stories did not necessarily contain all of the facts and could not be corroborated by any other buyers. In this case there are many buyers confirming the price, so I was try to differentiate your purchases from those isolated posts in the past.
Can you confirm what exactly you received as part of their appearance package? Thanks.
I got the following in the price as part of the so called appearance package - Door Edge Guards, Wheel Well Guards, Pin Stripes, Mud Guards, Floor Mats and Wheel Locks.
The mats are really flimsy and kind of cheap quality, they look like they are barely a quarter of an inch thick and will break apart after light use.
You can go and sign up on their website for a newsletter and they will email you the specials, I think it is once a month and usually that email has the coupon in it.
I talked to Salesperson Sarah and she was very responsive, you can call their dealership and ask to speak to her. I will also email you her email ID if you want to talk to her directly by email.
She is usually quick to respond.
In the meantime I will try to contact them and get a quote too...
let us update each other..
My 2 cents on that... Unless you flat out don't want to provide it, I almost GUARANTEE they will honor a coupon that might have expired a couple days ago! I just have a hard time seeing them turning away a $25k - $35k sale because of a measly $300 coupon! Heck, I bet the salelady would even honor it, if you just mentioned the coupon... My dealer "threw in" four extra wireless headsets for our kids, and did it long after we had negotiated the price. Those 4 wireless headsets alone would have cost $320 + tax if purchased as an accessory.
Wow...what did I ever do to you man....don't try to jump to conclusions just because you don't see things straight.
I simply stated what was written on the coupon in BOLD Letters. The point about whether or not they will honor it is a different issue. And just because you can concoct an argument based on questionable theories does not mean you can question my intentions.
I have already emailed the poster with the contact info and if he still asked for the coupon, I would forward it to him, it is of no use to me now.