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2013 and earlier-Honda Odyssey Lease Questions

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome dodgehappy. The .00190 money factor that you were quoted for a 42 month lease is right in line with Honda Finance's buy rate for that term.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi barry255. Honda Finance's October 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 .00200 and 62%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    15,000 miles per year is the highest mileage allowance that Honda Finance publishes residual values for. If you need to drive more than that, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.

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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings albertob. Here's the Honda information that you're looking for. Toyota's lease program varies by region, so I can't provide you with an accurate depiction of what the Sienna's lease program is like right now without knowing what state you are in.

    Honda Finance's October buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey Touring Elite with 12,000 miles per year are .00200 and 62%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    I'm not sure if Honda Finance offers 10k leases on Honda Division vehicles, but if it does its resids for them would be 1% higher.

    Car_man
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  • barry255barry255 Member Posts: 4
    Thanks for your reply.

    Is there any way to know the cost for pre-buying overage miles?
  • drivingmamadrivingmama Member Posts: 15
    I am interested in leasing a Touring model and talked to the dealership about what kind of a deal I can get. I was not going to purchase it today and the sales person knew that.. so I didn't get all the specifics. He quoted me about $564-574 a month with just paying the license, 1st payment and 15K a year for mileage. I might need more miles so he said I could buy them upfront for .10 vs pay .15 at the end. How does this sound?
  • heathernjheathernj Member Posts: 24
    Based on the residual and money factor that I received on here from Car_man a few days ago, and the pricing for a Touring that the AMEX program is offering (which is the best I have seen so far), that is the ballpark that I was calculating when I was running lease numbers for 36mo/15k miles. That was with an MSRP of 41,535 and a sale price of 38,840 when I was running the lease model. I am in NJ and the monthly payment (I calculated $575) includes 7% sales tax.
  • drivingmamadrivingmama Member Posts: 15
    Excellent! Thanks! I talked to another dealership today. MF of .0021. The selling price is 38,481. Final payment is $572 with 8.75% tax. I'm wondering if I should go for it.
  • heathernjheathernj Member Posts: 24
    I am pulling the trigger on a similar deal shortly. I think that my selling price may be $400 more because I will likely use the AMEX program but we are still working that. I really think that it depends on your timing, I know what color I want and when I need it (end of November) so it's looking like it needs to be order. I can't be without a car, and don't want to extend my current lease because it's a Lexus SUV and the numbers don't make sense for me. Good luck with what you decide, and definitely post the deal you end up getting!!
  • lebdoglebdog Member Posts: 4
    Our '08 Odyssey EX-L W/RES 24,000 miles pay off 21,100 lease is up in DEC. We are lookin at the '11 Odyssey EX-L W/RES. Super preferred lease customer. No security deposit and don't want to put any down. Do you know what we should pay monthly and the other lease factors to look for when we strike a deal. We are in Olympia Washington. Capitol City Honda
  • saudadesaudade Member Posts: 1
    edited October 2010
    Hi Car_Man,

    We are trying to decide between these three vehicles. Can you please provide money factor/residuals for a 36 month lease/18,000 miles for each? We are new to "educated" leasing; last time I leased was when I was way younger and only cared about the monthly payment..

    I am awaiting internet quotes on the 2011, but for the 2010 Touring I got this:
    $35,237+ $780 destination (msrp $41,535). Lease for 36 months would be $523.79 (I'm assuming for 12,000 miles - we'd need 18,000) with only first months payment due at signing including NJ sales tax and NJ DMV fees

    For the 2010 EXL w/NAV & RES we got:
    $32,450+ $780 destination. Lease for 36 months would be $490.74 with just first months payment due at delivery including NJ sales tax and NJ DMV fees. Again, assuming 12,000 miles - we would need 18,000.

    Still trying to figure out what else I need to know. This is all so complicated.. But does this sound like a decent deal? And if so, is there any chance of us getting a similar deal on the 2011 Elite?

    Thanks so much!

    (edited because I kept leaving out details! sorry..)
  • heathernjheathernj Member Posts: 24
    Can you tell me where in NJ you are getting quoted $35,237 for a Touring? Thanks!
  • gene00gene00 Member Posts: 115
    Hi Car-man. I'm trying to reconcile your quoted buy rate lease money factor and residual value for a 36 month lease of a 2011 Odyssey EX with 12,000 miles per year ( .00200 and 67%, respectively) vs what I get when I enter the same terms on the Honda website. On their site (http://automobiles.honda.com/tools/finance-calculator.aspx) I get a monthly payment of $527.08 for a 36 mo/12,000 mile EX lease, whereas I get a monthly of $421.91 when I plug your MF and residual values and use the MSRP ($30,950) into the LeaseGuide calculator for both MSRP and Cap Cost, plus my county's (Marin in CA) sales tax rate of 9%. Barring minor differences for things like licence and acquisition fees, what could be accounting for the large discrepancy?
  • lebdoglebdog Member Posts: 4
    edited October 2010
    I'm trading my 2008 odyssey ex-l w/res 26500 miles with a pay off of 21600. I ran multiple dealer quotes and want to know if this is a good deal. The only thing I need to ask is if they will use .002 factor since we hav the super preferred lease rate.
    Price- $36,830.00
    Residual- 63%
    Money Factor- .00210
    Trade- $24,000.00
    Payoff- $21,600.00
    Taxes- $1,605.00

    License Fees- $90.75
    Documentation Fee- $150.00
    Residual at the end of your lease = $23,202.00
    Payment = $518.00
  • onetoughmugonetoughmug Member Posts: 6
    We always negoiate payment, figuring everything else will fall into place. Right or wrong that is how we do it.

    Tomorrow we will pick up our 2011 Touring at 48 months, 15k a year and our payment with Michigan tax is 529 a month. The only thing due when we pick up the van is our first months payment of 529. This will be our first Honda as our lease on the Tahoe is up. We are not trading anything in nor are we placing any money down.

    The second best dealer had the touring at 539 a month same 48 months and same 15k a year with only the first months payment due at signing. But 10 dollars is 10 dollars.

    Go get them!
  • ramssaranramssaran Member Posts: 36
    onetoughmug,

    What is the buyout amount at the end of the lease?
  • onetoughmugonetoughmug Member Posts: 6
    I will let you know tomorrow when we sign the paperwork and see all of the numbers listed.
  • onetoughmugonetoughmug Member Posts: 6
    $19,191.
  • albertobalbertob Member Posts: 17
    I am in California. Would be great to compare the Honda lease program with the Sienna.
  • britm3britm3 Member Posts: 17
    OK guys, great info on this thread which has helped me get a good deal so happy to give back on the details of my deal:

    2011 Odyssey Touring
    MSRP 41,535
    Discount -4,255
    Selling Price 37,280
    Doc Fee 364
    Lease Acquisition Fee 595
    Net Cap Cost = 32,780+595+363=38,239

    Term 36 months
    Residual 62% or 25,752
    Money Factor .0021 (.0001 over base)
    Sales Tax 6.25%
    Payment $511 monthly

    FYI I do have a trade in this deal which being valued very fairly, thus no complaints on the .0001 higher money factor.

    For those asking about the Sienna deals, the Sienna Limited appears to have no lease support whereas the Sienna LE has virtually a 0% money factor, so I was quoted close to $700 (36mo 12k) for a well optioned Sienna Limited (~44k MSRP).
  • heathernjheathernj Member Posts: 24
    This is great to see, I'm going to try for about the same tomorrow.
  • gene00gene00 Member Posts: 115
    I'm curious about tracking trade in deals - could you describe your trade in in more detail, i.e. kbb terms? year, make, model, mileage, 'condition', any major issues, what the dealer valued it at? Thanks.
  • samravsamrav Member Posts: 1
    Hi britm3,

    I am looking for similar deal on 2011 Odyssey Touring, do you mind sharing your state and dealer name ? I am in NC Lease deals are crazy here.
  • drivingmamadrivingmama Member Posts: 15
    Is your monthly payment of $511 including tax?
  • onetoughmugonetoughmug Member Posts: 6
    edited October 2010
    The official numbers for our 2011 Touring.

    Sales Price $37,468.71
    Delivery $785
    Electronic filing fee $24.00
    License Fee $24.00

    Gross Cap Cost is $38,300.71

    Residual Value is $19916.40

    Monthly Payment is 499.44 plus 6% michigan sales tax = $529.41 for 48 months.

    We brought $500 to closing for the vehicle. The dealership ate the $29.41 which totaled our first months payment.

    No trade in.

    Added bonus they drove to Indiana to get the van in the color my wife wanted.
  • heathernjheathernj Member Posts: 24
    edited October 2010
    Car_man...I am hoping that you can clarifying my confusion. A few weeks ago you quoted me 60% residual and .002 money factor for a 2011 Ody Touring, 36 months, 15k miles per year. I have seen posted on here that varying rates of residual between 60% and 62%, and I have also been seeing (here and at the dealer) a money factor of .0021. I know that money factor can vary depending on credit but I have excellent credit (mid-700s) so I would think that I would qualify for the best money factor....are the dealers just trying to make money on me or did the money factor change? What about the residual, did those change? This process is anything but fun with the new model so I want to make sure that I am as knowledgeable as possible before finalizing a deal. Thank you!!!!!
  • onetoughmugonetoughmug Member Posts: 6
    Heather,

    We were tier 1 credit and we walked out with a 48 month 15k a year lease at 499 pre tax on a touring. We were quoted more a larger payment on a 36 month lease with the allotted 15k a year. As long as you have tier 1 credit I would pound them on the payment. We called 7 dealers and worked our payment down. This residual, money factor, etc is crazy to understand. Call them and tell them you want to pay "X" a month and have them work from there.
  • dodgehappydodgehappy Member Posts: 118
    Anyone know if Honda dealer installed accessories can be residualized? The dealer seems to be spreading the full cost over the life of the lease so my guess is no, but wanted to double check before signing.
  • heathernjheathernj Member Posts: 24
    Thank you for your reply and input! I've have an offer of $513.59 pre-tax for 36 months/15k for a Touring. Sales price = $400 over invoice. I am going to finalize at lunch today and will report back once I am done.
  • jfioccajfiocca Member Posts: 7
    I used this site in March of 2008 to work a deal on our lease for a Touring. I am now in the market for a '11 Elite. I searched back a few pages, but only find values for the Touring and not the Touring Elite.

    Can someone fill in the blanks? thanks!!!
    The official numbers for our 2011 Touring.

    Residual Value
    Money Factors
    Etc..

    I will work the sales price, but not sure what the residual and money factors would be on the new Elite.

    :confuse:
  • heathernjheathernj Member Posts: 24
    Sales Price = $38,090 with destination, so $400 over invoice
    Residual = 60%
    Money rate = between .0020 and .0021
    Tax rate = 7%
    Honda Lease Acquistion Fee = $595
    Net Cap Cost = $38,685
    36 months/15k miles per year
    $548.13 per month with tax

    $1,122.23 due up front ($259 Doc + $307.60 DMV + $7.50 Tire Fee +$548.13 1st month payment)

    Smokey Topaz with Truffle interior, being built in two weeks. Autosport Honda in Bridgewater, NJ......highly recommend.
  • lebdoglebdog Member Posts: 4
    I am finding my dealerships in Washington state are sticking to the retail pricing on the new 2011 odysseys. Is this a regional thing or am I just not negotiating well enough. others seem to be paying close to my exl w/res for touring models?? should I push harder for just over invoice??
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi saudade. Here's the information that you're looking for.

    Honda Finance's October 36 month buy rate lease money factor and residual value for a 36 month lease of a 2011 Honda Odyssey Touring Elite with 15,000 miles per year are .00200 and 60%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The numbers for an otherwise identical lease of a 2010 Odyssey Touring are .00060 and 48%, respectively.

    The numbers for an otherwise identical lease of a 2010 Odyssey EX-L with nav and res are exactly the same.

    15,000 miles per year is the highest mileage allowance that Honda Finance publishes residual values for. If you need to drive more than that, you will have to purchase additional miles on a per-mile basis. It is less expensive to do so at lease signing than it is to wait until lease-end and have to pay an excess mileage penalty.

    Honda is currently providing a $1,500 dealer cash incentive on the 2010 Odyssey, but nothing on the new 2011 model.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi gene00. Interestingly, I've found that the lease calculators that are up on manufacturers' websites tend not to be very accurate for some reason. Chances are that the calculation that you came up with by plugging all of the raw data into a calculator on your own is more accurate than the calculator on the Honda site.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi heathernj. The .00200 top tier money factor is Honda Finance's top factor for 36 month leases for consumers who pay a security deposit equivalent to their vehicle's monthly payment rounded up to the nearest $25 increment at lease signing. Honda Finance will waive its security deposit requirement in exchange for an increase of .00010 in your vehicle's money factor. That's probably why the factor that you were quoted is slightly higher.

    According to the latest information that I have seen, Honda Finance's current 36 month, 15,000 mile per year residual value for an '11 Odyssey Touring is 60%. That resid would increase to 62% for leases with only 12,000 miles per year.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jfiocca. Here's the information that you're looking for. Honda Finance's October 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 .00200 and 60%, respectively for consumers who qualify for its top credit tier.

    Car_man
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  • loibsloibs Member Posts: 15
    What is the current (October 2010) Money Factor and Residual Value for a 2010 Odyssey EX-L w/Nav & Rear Ent 12,000 miles per year?

    MSRP w/ destination $37,985. What is a reasonable Agreed Upon Value?

    Does Honda offer 39 month leases with better rates for 2010 or 2011 Odyssey?
  • jfioccajfiocca Member Posts: 7
    Thank you so much. Working the numbers now! Is is possible to get a money factor better than .002??
  • gene00gene00 Member Posts: 115
    I don't know if you can get a lower rate, but the honda website is showing a $1670 cap cost reduction on a 2011 Odyssey LX lease:

    http://automobiles.honda.com/current-offers-detail.aspx?ModelName=Odyssey&offeri- d=090111c080c5bf72&modelid=RL5H2BEW
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi loibs. Here's the information that you're looking for. Honda Finance's October buy rate lease money factor and residual value for a 36 month lease of a 2010 Odyssey EX-L w/Nav, rear entertainment, and 12,000 miles per year are .00060 and 50%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    Honda's 39 month lease program for the 2010 Odyssey is much worse than its 36 month program.

    When negotiating your deal on this van, make sure to take advantage of the $1,500 dealer cash that is currently available on it.

    If I was in the market for this vehicle right now, I personally would shoot for a selling price of a couple hundred dollars over dealer invoice minus the dealer cash. You can look up the dealer invoice price over in the New Vehicle Pricing section of Edmunds.com.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, jfiocca. That's the best available money factor on this van right now. Honda isn't providing any lease support on the new 2011 Odyssey yet.

    Car_man
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  • mike2555mike2555 Member Posts: 18
    Car man,

    I have looked through pages of post but can not find the residual values that I need. Can you list the residual values for a 2011 EX-L and EX-L with RES. Both of these would be for 12,000 miles. Thanks
  • loibsloibs Member Posts: 15
    Thanks car_man.

    Please let me know what you think of the following deal I was offered today @ Pauly Honda, Libertyville, IL.

    2011 Odyssey EX-L
    MSRP $35,230

    Vehicle Cost $31,985
    Markup 2,095

    Total Selling Cost $34,080

    Acquisition Fee 595
    Doc Fees 175

    Capital Cost $34,850

    Residual: 64% = 62% Base + Bump 2%
    Money Factor .0021

    Only 2 EX-L's in stock. 2 week wait to get preferred color. This is a large dealer. Very few EX-L's in stock in Chicago area.

    Was quoted an internet price of $33,630 by Pauly and $32,970 by a dealer over the border in WI. Salesmen stated that all internet prices are before $780 destination charge. Is this true? Is the $595 acquisition fee normal and customary?
  • loibsloibs Member Posts: 15
    12,000 miles/year
  • britm3britm3 Member Posts: 17
    Yes that payment includes 6.25% sales tax.
  • marltashmarltash Member Posts: 9
    I leased a mini-van 7 months ago for 36 months but no longer have the need for the Odyssey. Is there any way out of the lease????? Thanks??
  • maggie229maggie229 Member Posts: 4
    edited October 2010
    I was just offered a 36 months, 12000 miles/year lease on 2010 touring, 0 down, $477/month + tax. Is this a good deal?

    I was told the base value they uses is $35051. But I tried to plug in those numbers like 58% residual, money factor .00060, etc., couldn't come up with this $477. Actually I kept getting something higher... Thank you!
  • a4000a4000 Member Posts: 9
    money factor would not be .00060 or .0060...try something like .0021
  • drivingmamadrivingmama Member Posts: 15
    Will you provide any info regarding location of your dealership? I have about 2 weeks til I can get my car. I need to secure my pricing:).
  • drivingmamadrivingmama Member Posts: 15
    How often does Honda usually adjust their money factor and is it usually at the beginning of a month? Do we expected any changes at the beginning of November for the Touring or Touring Elite?
  • dodgehappydodgehappy Member Posts: 118
    Picked up our new 2011 Odyssey EX Crystal Black w/ Truffle, shes a beauty! Leased for 36 months with a selling price of $29803 before accessories/ taxes/fees/etc. Added a few dealer installed options- splashguards, side molding, roof rails for about another $600. Completed the deal over the internet and was happy with the process.
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