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2013 and earlier-Honda Odyssey Lease Questions

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  • elcaporaleelcaporale Member Posts: 8
    This is what I finally got after hours of negotiation:

    MRSP: 37455, BASE CAPT COST: 32943, COST: 1927, CAP COST REDUCTION: 4677 (2750 for a 2001 ODYSSEY-EX VAN + down payment of the difference), ADJUSTED CAP COST: 29538, RESIDUAL: 20880, MONEY FACTOR: 0.00115, TERM 36 MO/12K, TAX: 8.75% (too bad)

    Monthly lease: 298.5 + TAX

    What do you think ? I believe I made a good deal for the EX-L with RES and just got it home

    Thanks everyone!
  • tellomastertellomaster Member Posts: 5
    If you don't mind me asking, what was your credit score to get that rate? Are you Tier 1 or 2?

    Thanks
  • elcaporaleelcaporale Member Posts: 8
    I don't know what is tier 1 or tier 2? but was 770 with Experian I think they used.
  • tellomastertellomaster Member Posts: 5
    Thanks. I'm 720, so i hope i qualify for the same rate.
  • coupedncalcoupedncal Member Posts: 252
    As far as I know, all scores over 700 qualify as tier 1 and lowest interest rate applies. At least this is what my finance manager told me when we leased couple of months ago.
  • abinitioabinitio Member Posts: 6
    I got an offer from a local dealer. 1,500 out of pocket, 350 after tax / month. With the current 2009 Odyssey EX, I had 380 after tax / month with same out of pocket. Looks like a good deal for 2012. I'm in NJ and the tax rate is 7%. Can you guys give me an idea whether I should go for this deal? Or do i need to shop further?
  • dr_moreldr_morel Member Posts: 2
    Hi all

    Just posting the deal I think I'm going to take tomorrow...

    2012 Honda Odyssey EX-L w/ RES
    MSRP $37455
    My Price $33409 (sale sticker, TMV is 34712, USNews Avg price for my area is 34526)
    Fees $1303 (bank, processing, tax, title, license)
    Down payment $5000 (first payment taken out of this)
    Net cap cost $30016
    MF .00102 (was .00092, but got bumped when I had dealer pull out a $890 fee. Is that common?)
    Term 36mo/36k miles

    $333/mo $0 due at signing

    Also, selling a 2005 Prius with 121,300 miles and in fair condition (front bumper cracked, some dings and dents, everything else in top shape for a 2005) for $5775 cash in a private sale. Carmax offered $5500.

    Thoughts?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi justmeplus3. You're absolutely right, you need to negotiate this van's selling price. There's no reason to pay full MSRP for an Odyssey right now. Given the fact that Honda is giving dealers $750 dealer cash on this model right now, f I was in the market for one I personally would shoot for a selling price of right around dealer invoice, perhaps a bit under. You should shop around with a few dealers until you find one that is willing to meet that price.

    You can look up the exact invoice price of the van that you want over in the New Vehicle Pricing section of Edmunds.com. The invoice price of a 2012 Honda Odyssey LX is currently $26,786. So shoot for a selling price of around that or slightly less.

    Using Honda's current lease program, I estimate that a 2012 Odyssey LX that has an MSRP of $29,205 and a selling price of $26,700 would have a zero down, pre-tax monthly payment of around $308...assuming that you qualify for its top credit tier.

    You should treat your new vehicle and your trade-in as separate transactions. This just makes everything simpler and keeps the dealer from clouding up the deal. In fact, it would be in your best interest to have the dealer cut you a check for any equity that you have in your CR-V rather than using the proceeds from it as a down payment for your new lease. Consumers who make large down payments on leased vehicles risk losing part or all of the money that they put down if their vehicle is totaled in an accident or stolen and never recovered.

    I hope that this helps you out. I know from first-hand experience that car shopping with kids in tow is not an easy thing to do :). Good luck and please let us know if you have any other questions.

    Car_man
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  • helenc1helenc1 Member Posts: 4
    Hi, any advice for a 1st time lease... looking to lease a 2012 Odyssey EX-L in Miami, FL. Tax 7%. Just went to 1st dealer, offered $475+tax no down.

    I would really appreciate your help. :confuse:
  • dodgehappydodgehappy Member Posts: 118
    Hi Helenc1,

    I am just starting to work with dealers in the Ohio now on an EX-L lease. I have received quotes so far with 6.75% tax included and 0.00 out of pocket of:
    432.00
    447.00
    485.00

    Hopefully this will give you an idea of what is out there, though I’m not sure how FL deals may differ from Ohio deals but $475 plus tax sounds on the high end.
  • tellomastertellomaster Member Posts: 5
    I was close to buying an Odyssey and here is where i was at in FL:

    2012 EX-L w/RES 36/12 $5K out of pocket was $299+tax, so it would have been $317 a month.

    I could have gotten that a little lower, maybe, but it was good. The 5K down was my car I sold in order to keep payments low.
  • dodgehappydodgehappy Member Posts: 118
    edited May 2012
    Received some additional EXL lease qutoes. Lowest so far at $418 with 0.00 out of pocket and 6.75% tax Included per month. How does this sound for basic EXL?
  • helenc1helenc1 Member Posts: 4
    sounds great, was that in FL?
  • helenc1helenc1 Member Posts: 4
    Thank you, I'll keep looking!!!
  • dodgehappydodgehappy Member Posts: 118
    It is for Ohio. Did some more shopping and now found as low as 30500 for the vehicle and 394 with tax lease payment.
  • ccc132435ccc132435 Member Posts: 31
    edited May 2012
    I am in the market for an Odyssey EX or EX-L

    Can someone please share or point me where to find the current Residual Value and MF?

    Also, Are taxes paid on monthly leasing payments in TX if your lease agreement is signed in TX?
    A few years ago I leased a car in other state then moved to TX and soon as I changed my address with the leasing Co. the tax in my monthly payment was removed.

    Will we see better deals around July/Aug when 2013 models start selling?

    Thanks
  • dodgehappydodgehappy Member Posts: 118
    Planning to close on an EXL lease this weekend, please confirm the current money factor and residual
  • suvindcsuvindc Member Posts: 28
    This is probably the first lease I rushed into in a long while as I was up against abnormal time constraints and I'm curious what you guys think. We purchased last week.

    Traded in: 2008 Mercedes ML350 (44k miles valued at $23500 by every dealer in the area including this one - we owed $2500 less)
    Purchased: Honda Odyssey EX (no Nav / RES)
    Came with: XM satellite radio (free for 3 months) & rear camera
    Out the door check: $3005 included TTL
    Monthly payment: $325
    Residual: $19k

    Feedback??
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi ccc132435. Honda Finance's current buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey EX with 15,000 miles per year are .00102 and 57%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The numbers for an otherwise identical lease of an Odyssey EX-L are .00102 and 54%.

    When negotiating your deal on this van, make sure to take advantage of the $750 cash incentive that is currently available on it.

    This program is scheduled to run through July 9th. It is difficult to say what Honda will do after that date. I don't expect the deals on the 2013 Odyssey to be any better than this when it is first introduced, but no one knows for certain what automakers will do with their future programs.

    Car_man
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  • abuyusufabuyusuf Member Posts: 4
    Hi Car Man, Can you please tell us about $750 cash incentive origin. I couldnt find it on honda website?

    Should I negotiate on it in addition to negotiated cap reduction cost or is it in form of first monthly payment?

    Thanks
  • l_kayso_grandyl_kayso_grandy Member Posts: 1
    Car_Man:

    I haven't seen any MF and residuals on Odyssey Touring and Touring Elites. I'm hoping to get into one of these if I can swing it. 36 mo/12k per year. Also, any others in the forum want to weigh in on whether or not the Touring with the 6 Speed auto is worth the step up? Thanks.
  • john589john589 Member Posts: 1
    Car_Man,

    I was quoted $26,875 for 24 month and $21,750 for 36 month residual values on the Touring. This was from an ALG rep two days ago.

    I am also trying to get a Touring in California and got a $38,429 cost cap with .00102 mf quote from the dealer but a 59% residual and 708 a month payment. But I think he used the 36 not 24 month numbers so I am going back to him with the ALG quotes to negotiate down to around a 560 monthly payment.

    Cheers

    John
  • hercules05hercules05 Member Posts: 2
    Thanks for this info.
    Can you tell me if there money down on this lease for $394 with tax.
  • dodgehappydodgehappy Member Posts: 118
    nothing out of pocket at signing
  • xeroxalixeroxali Member Posts: 1
    Can someone please post the MF, residual for a 36 mo, 15k a year lease on a 2012 odyssey touring in the central NJ area please? I should qualify for tier1 credit. Planning to get one before the 7/9 expiry of current rebate cycle. If anyone is aware of upcoming deals, please do share.

    Also, any recommendations, cautions for dealers in NJ?

    Thx a bunch.
  • petercx7petercx7 Member Posts: 20
    For people who wants to lease a odyssey,
    I leased a EXL without res or navi for $3000 drive off and monthly payment of $321, lease paperwork showed they are at price below invoice of $1753 and residual value at 20078.80, this was at DCH HONDA of temecula, ca 92591 FYI
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi abuyusuf. Manufacturers typically do not advertise dealer cash like they advertise consumer cash incentives. The $750 on the 2012 Odyssey definitely exists. Use it to negotiate as low a selling price as possible on the Odyssey that you are interested in.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi l_kayso_grandy. Honda Finance's June buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey Touring with 12,000 miles per year are .00102 and 53%, respectively for consumers who qualify for its top credit tier.

    The numbers are exactly the same for the Touring Elite.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi John. Honda Finance's residual values are usually different than ALG's residuals. The money factor that you were quoted is right on the money.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi xeroxali. Honda Finance's June buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey Touring with 15,000 miles per year are .00102 and 51%, respectively for consumers who qualify for its top credit tier.

    There is $750 dealer cash on this van that you need to make sure to take into account during your negotiations.

    Car_man
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  • dylrexdylrex Member Posts: 111
    Hi Car_Man.

    Can you please tell me the buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey EXL-RES with 15,000 miles per year?

    Also, is there any dealer cash still available?

    Thank you!!
    Tim
  • sam_hikessam_hikes Member Posts: 4
    Hi Car_Man,

    Does the June lease promo expire on July 9 and when do you think the new promo info will be available? Should I do my deal now?
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Tim. Through July 9th, Honda Finance's buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey EX-L RES with 15,000 miles per year are .00102 and 53%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    There is $750 dealer cash on this van right now.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey sam_hikes. I just mentioned this in the other discussion. You are correct, Honda's June programs are scheduled to run through July 9th. It is difficult to say what Honda's new July programs will be like when they are introduced. I doubt that the Odyssey lease program will get any worse, so there probably isn't a hurry to finalize your deal, but you never know.

    Car_man
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  • voltayre74voltayre74 Member Posts: 3
    got a name at the dealer? I am looking to lease a Odyssey in the Temecula area too
  • odyssey_dad4odyssey_dad4 Member Posts: 3
    Thanks for all this info. Do you know when the July program details will be known?
  • petercx7petercx7 Member Posts: 20
    DCH temecula, Andy is the salesman and Scott was the manager. Easy to deal with
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're welcome odyssey_dad4. The July programs were published yesterday...and it's good news for anyone who waited. The Odyssey is probably around $30 per month less to lease in July than it was in June.

    There is $1,250 dealer cash on the 2012 Odyssey this month, versus only $750 last month.

    Car_man
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  • odyssey_dad4odyssey_dad4 Member Posts: 3
    Super helpful. Thanks again Car_man
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Glad that I could help. You're welcome odyssey_dad4.

    Car_man
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  • dylrexdylrex Member Posts: 111
    edited July 2012
    Hi Car_Man.

    I see Honda increased the dealer cash this month to $1,250.

    Can you please tell me the buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey EXL-RES with 15,000 miles per year?
    Thank you!!
  • brycalbrycal Member Posts: 3
    I was quioted $340+ tax for a 36mo/12k lease on an EX, nothing out of pocket. The nationally advertised deal on an LX is $310. Do you think it is realistic to get the EX for the nationally advertised LX price of $310 - how much cushion is usually built into these advertised deals?
  • jfn1000jfn1000 Member Posts: 40
    Yes, it just may be. I'm in Mass. and Weymouth Honda iffers it at a no haggle $311 including Mass 6.25% sales tax with a total of $657 due at signing. Pretty good deal for those that don't like to haggle!
  • honda_mom1honda_mom1 Member Posts: 1
    Including the 8.25 sales tax in the Bay Area (Ugh!) and including everything for a three year lease on my no RES or NAV, dark cherry colored 2012 EX-L Odyssey, I paid $14872.23 in a "one pay lease payment" on June 28, 2012

    I like the car very much, but am wondering how I faired. I've never done the lease thing before. Can you let me know?
  • voltayre74voltayre74 Member Posts: 3
    ok, I got quoted $398 for a 15k 3 yr lease with $2500 down on a EX-l RES.

    Is anyone getting better? Because with tax, its almost $450.

    Does anyone have experience doing the Costco thing?
  • awinnerawinner Member Posts: 27
    edited July 2012
    I'm in a 2010 Odyssey now...allegedly the dealership has an exchange program going on. Our current lease is not up til April 2013, but they said they would take back our old Odyssey and take care of payments (9x455.00) and put us in a 2012 Odyssey EX-L with RES. $458/month including tax (what we are currently paying on our lease), with 0 down / 0 drive off / 0 due at signing, with 12,000 miles years for 36 months. Metallic/Truffle. Please let me know as I want to do this by Tuesday as our next payment is due on Thursday.
  • odysseyohioodysseyohio Member Posts: 1
    Got same offer. Traded in 2010 Odyssey EX with 25500 miles on it in for 2012 Topaz/Truffle EX with roof rack. They paid last 9x$365 payments remaining and let me out the door for $325+$20 for taxes a month = total monthly payment $345 with zero down, no out of pocket.
  • sgtssgts Member Posts: 2
    Not certain we got the best deal, but we are comfortable with it, but I'd love to hear feedback. It was definitelya whole new car buying experience.

    Honda oddy ex-l with res. Everything 36 k/36 mo, taxes, random dealer fees for $15,000- at some point during the negotiations I lost track of many of the specifics (horrible I know) ... We got max value for our trade 28,000, we owed 8,000 and they wrote us a check for $5,000. We decided to do a one pay lease.
  • scottcarascottcara Member Posts: 12
    Before I sign, wanted to determine the deal is good or not with this team's guidance.

    EX-L w/RES 0/0/0 Silver
    15K/yr 3 YR
    MSRP $38,058
    SP $34,014

    $498/Month
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey dylrex. Sorry for the delay in my response, I was away on vacation.

    You're absolutely right about the dealer cash.

    Honda Finance's July buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey EXL-RES with 15,000 miles per year are .00063 and 52%, respectively for consumers who qualify for its "Super Preferred" credit tier.

    Car_man
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