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2013 and earlier-Honda Odyssey Lease Questions

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Comments

  • sgtssgts Member Posts: 2
    Jut leased for the first time, and I'm geting an uneasy feeling about everything. As stated previously. They said they would give us $28000 for our trade, we owed 8,000, they would cut us a check for $5000- after we did a one pay of the $15,000. AFTER going through all our paperwork again, I realize I have nothing in writing that says how much they were giving us for our truck (it does say they are taking the $15,000 from the truck) and nothing showing the amount they need to pay off and to who (now I know we filled out the paperwork stating the pay off information) BUT, we personally have nothing stating these two things, am I just over thinking it?
  • btw01btw01 Member Posts: 2
    Hi Car Man,

    Can you tell me what the August money factor and residual % is for the 2012 Odyssey EXL w/ RES on a 12k 36month lease for top credit rating, please?

    These factors are set by Honda, correct? I also understand they still have the $1,250 dealer cash for August as well, correct?

    Thanks,
    Brad
  • btw01btw01 Member Posts: 2
    When calculating the lease price, one of the factors is the residual value which is calculated as a % of MSRP set by Honda. My question is that when you add on options such as splash guards, roof rails, doorsill garnish, etc., does this increase the MSRP value that the residual % is applied against?
  • kyfdxkyfdx Moderator Posts: 235,188
    Nope..

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  • delta737hdelta737h Member Posts: 626
    edited August 2012
    btw01,

    Usually after market add-ons or dealer adds are not fully residualized if at all. Fund providers know that dealers inflate the cost of add-ons and so they don't allow the add-ons to be fully residualized. For instance, if a dealer-installed moon-roof retails at $2,000, the fund provider may only allow $1,200 of that amount to be residualized. So, $1,200 would be added to the MSRP to arrive at the adjusted MSRP and the residual value would be computed based on this adjusted MSRP using the prevailing residual rate.

    Hope this helps.

    John
    TheAutoLeaseGeek
  • klockboyklockboy Member Posts: 33
    Hello:

    Can I please get MF and Residual Value on a Touring Elite. Lease will be for 36 months with 15K/Year.

    Thank You for this great service you provide.

    Best,
    Tom
  • scottcarascottcara Member Posts: 12
    Trying to get some feedback I just sold my 2006 Sienna that was bought for $38K. I sold it for $10K and didn't pay any finance charges. I figured the $28K depreciation over 6 years at 13,500 miles per year driven (car had 81K miles) works out to be about $388/mo in usage costs.

    If I lease, I would be paying $498/month for 36 months at 15K.

    If I buy the Odyssey at $34K, put down $10K and finance $24K, the 0.9% rate will give me a payment of about $400/mo.

    Aren't we always better off financing than leasing? What am I missing? The interest rate on the $ in the bank being left vs. 0 down on the lease is marginal when they are only giving 1% on savings.
  • gene00gene00 Member Posts: 115
    edited August 2012
    You didn't say how many years you'd be financing the car if you bought it, is your $400/mo payment also for 36 months?

    5 years of ownership is about the break even point for lease vs purchase, over that a purchase usually wins. Since interest rates for purchases are currently so low (if you qualify for the .9% vs something like 3.2 % for leasing), if you can get it around $31k, I like the idea of the purchase. Plus get the longest offered extended warranty (before you hit 6k on the odometer) from one of the national discount honda dealers, and drive your car for as many years as you can stand (lets say 7 or more), you are way ahead of the lease.

    On the other hand, if you'll want a new one when the 2016's come out, by all means lease it.
  • scottcarascottcara Member Posts: 12
    Thanks Gene, I appreciate those comments. My thought was regardless of the payment in financing it is cheaper to finance always rather than lease...Even if I wanted to sell the car I should be able to do better than the residual value in every case right?

    Selling the 2012 Ody in 2016 would still net me a better value if I hold title, right?
  • robrothrobroth Member Posts: 33
    edited August 2012
    There is no ALWAYS.... whether it's 'always better to purchase than lease' or 'always can sell for more than the residual'. It's a case by case thing and nobody has a crystal ball to know what a vehicle will be worth at the end of a lease. I can tell you in the case of my wife's 2008 Pilot, we came out WAY ahead leasing. 0.7% interest on the lease vs 3%+ buying and I sold it at the end of the lease for $7K over residual. Even if you wanted to buy, it literally would have been cheaper to lease for 3 years then buy with the 0.7%. Even if you had cash, banks were paying out more than that in interest.

    I then leased a 2011 Odyssey for my wife. I have absolutely no idea how this one will turn out. There are no absolutes in lease vs buy, you need to evaluate each case and even then you can only guess how much the vehicle will have depreciated by the lease end.
  • scottcarascottcara Member Posts: 12
    Thank you very much. I need some advice on final lease figures.

    $498/Mo EX-L w/Res 0/0/0 15K/36Mo or
    $549/Mo Touring 0/0/0 15K/36Mo

    Is the Touring worth $51 more per month?
  • mrthnmanmrthnman Member Posts: 24
    I'm in the market too ...what does 0/0/0 mean , no first month payment ? sales tax included ? which dealer gave you this quote ?
  • robrothrobroth Member Posts: 33
    is it worth $51 more a month? $1800 over the lease lifetime? Only you know if it's worth it to you. Look at the extras you get with the Touring and decide if they are worth $1800 out of your pocket. I got the touring for my wife as I felt the extra options were something that would make her life easier with the kids and for long family trips. I thought the Elite was overkill, split screen TV with one DVD for each kid is kind of ridiculous, but having the "rear entertainment system" has been a life saver on more than one occasion.
  • jacobbbeamjacobbbeam Member Posts: 2
    Hi hoping someone can help. EX-L no nav, no res. MSRP is 35.8k.

    I'm pretty close to buying.

    The deal is 32,700 (w/Destination) then subtract the $1,250 cash.

    That feels like a decent deal to me - below invoice before incentives.

    But what I can't figure out, is that people are getting pricing much lower - like 31,500 before incentive.

    I think there is only 700 in holdback on the van + 350 in HDAG. I think I'm giving them a profit of about 600 bucks - that is fair.

    Most of the really low prices that I have seen are in states with sales tax (oregon is not).

    Does anyone know if dealerships go lower in states with sales tax?

    Any other advice - if I'm within $200 bucks of a great deal, that is fine.

    But I don't want to be $1,000 off.

    Thanks.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings Brad. Honda Finance's August buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey EX-L with RES and 12,000 miles per year are .00063 and 54%, respectively for consumers who qualify for its top credit tier.

    The buy rate is the lowest possible money factor that the dealer can use to calculate your lease payment, but dealers are sometimes allowed to mark vehicle's money factors up to add additional back-end profit to deals. Honda dealers aren't notorious for doing this like say BMW dealers are, but it's still something to keep an eye on.

    Yes, Honda is currently providing $1,250 dealer cash on this van that you should take into account during your negotiations.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome, Tom. Thanks for the recognition. Honda Finance's August buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey Touring Elite with 15,000 miles per year are .00063 and 50%, respectively for consumers who qualify for its top credit tier.

    When negotiating your deal, make sure to take advantage of the $1,250 dealer cash that is currently available on this van.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi jacobbbeam. A selling price of under dealer invoice minus the available dealer cash is a very good deal on a leased Odyssey. Just make sure that the dealer is using Honda Finance's buy rate lease money factor of .00063 (top credit tier) to calculate your payment and you're in business.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • klockboyklockboy Member Posts: 33
    Thanks Car_Man.

    Truly the best place on the internet to get relevant information regarding the purchase of a car. An invaluable resource.

    Tom
  • brycalbrycal Member Posts: 3
    I am looking to lease an Odyssey EX in Main Line/Chester Couty Philadelphia area. Has anyone recently purchased/leased in this area and can you recommend a dealer?

    Bryan
  • eraweraw Member Posts: 1
    Looking to lease EXL in the RI area (but willing to travel to nearby CT, MA or lower NH). Looking for any recent lease deals in this area.
    This will be our first lease and have found this forum to be invaluable in helping to understand negotiating a lease. A few questions: 1. For those who have recently negotiated, how did you use the 1250 dealer cash incentive in your negotiations? Did you bring up the dealer incentive once you almost agreed on a final price? 2. We are seriously considering carwoo to use for the negotiations. For those who have used carwoo (or any type of internet sales), is it advantageous to mention you are looking at a lease before or after you negotiate price?
  • kriptonkripton Member Posts: 2
    Hi Carman

    Can you please update money factor and residuals for EX-L with Navi
  • kriptonkripton Member Posts: 2
    edited August 2012
    May not be good deal, but badly need it by this weekend and this the best I can get.

    Last night signed up the deal and will be picking up the vehicle today.
    36 Months/12k per yr
    Including everything
    ( Tax + Title + Bank fee+ dealer fee+ Firstmonth Payment ) Monthly payment - $459

    Out of pocket due at signing - dealer wash - 95 + window etch 199 = $294
  • wlovettwlovett Member Posts: 17
    I am considering leasing an EX-L w/ RES. I usually buy but in this case I will be leasing. Since its August 2012, can anyone tell me from a depreciation standpoint does it make sense to wait and lease a 2013 since the 2012 has depreciated almost a full year by now?
  • dylrexdylrex Member Posts: 111
    edited August 2012
    I thought I would share the deal I received yesterday.
    I have a friend that was contacted by the dealership that he had leased his 2010 EX-L RES from and they offered to take his current van and put him into a 2012 for the exact same payment and terms as his 2010. I was skeptical when I heard this but it was true. He picked it up last week.

    Since I had a 2010 as well, I contacted his dealership and asked if they would do the same for me. Yesterday, I dropped off my 2010 with 8 months left on a 36 month lease and drove away with a new 2012 EX-L RES for the same payment ($399 tax included) I was paying on my 2010. We only paid our first months payment at delivery. This is a 36 month lease with 15k miles a year.
    We're very happy with this deal.
  • mrthnmanmrthnman Member Posts: 24
    which dealer did this ?
  • dylrexdylrex Member Posts: 111
    Performance Honda in Cincinnati.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome Tom. Thanks for the nice compliment!

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Sure, kripton. Here you go. Honda Finance's August buy rate lease money factor and residual value for a 36-month lease of a 2012 Odyssey EX-L with Navigation and 15,000 miles per year are .00063 and 52%, respectively for consumers who qualify for its "Super Preferred" credit tier.

    When negotiating your lease on this van, make sure to take advantage of the $1,250 dealer cash that is currently available on it.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • jsnow1jsnow1 Member Posts: 1
    Hi...I am also in Cinti and the dealer called me as well. However, on our current term we are paying 496 for a EX-L Res for 15k miles and it seems like you got a MUCH better deal. Can you tell me how you got 399.99?

    Thanks
  • dylrexdylrex Member Posts: 111
    When we traded in our 07 EX-L RES for the 2010, I asked the dealership to give me $1k in equity which I used as a cap cost reduction on the 2010. If I remember right, we bought the van for invoice minus around $1250 dealer cash minus the $1k in equity. I knew the van was worth more than the buyout.
    I would have attempted to get some positive equity out of our 2010 van but we had a few cosmetic blemishes that I felt would work against us. What dealership contacted you? You should tell them if they can lower your payment, you'll make the trade.
    Good luck!
  • twindragonstwindragons Member Posts: 3
    edited September 2012
    Thanks for the information on this forum, it was helpful in our search. Today we leased a Honda Odyssey EX-L (Smokey Topaz w/o Res or Navi)

    Lease info: Honda Finance -- $0 down, $0 security, $0 due at signing 36 Mo., 12K, money factor .00053, residual 55%
    MSRP: $35,855 Cap: $32,500 (title, acquisition, documentation, first month payment rolled into cap) Payments: $414.72 (including tax)

    After talking to a number of San Francisco Bay Area Honda dealers we went with SF Honda. The internet sales department was responsive, price is competitive with other dealers and was not a hassle. We negotiated over the phone and they responded quickly to all of our requests. When we agreed on the model and color we wanted, they had it prepped it and waiting when we arrived. We completed the finance paperwork and drove it away in about 90 minutes.
  • hbcsc153hbcsc153 Member Posts: 27
    edited September 2012
    Hi Car_Man!

    Can you please tell me what the September money factor and residual value for the 2012 Odyssey Touring on a 12k/15k 36-Month lease for the top credit rating?

    Are there any dealer cash in September?

    Thanks in advance,

    Emil
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Here you go hbcsc153. Honda Finance's September 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 .00032 and 48%, respectively for consumers who qualify for its top aka "Super Preferred" credit tier.

    The residual value for a lease with 12,000 miles per year would be 2% higher.

    Honda is currently providing $1,250 dealer cash on this model.

    Car_man
    Host
    Prices Paid: Buying & Leasing Experiences Forum
  • hbcsc153hbcsc153 Member Posts: 27
    Thanks Car_man.

    Now to find a good deal on the Touring in So Cal. At the moment the lowest I have is $36,600 (includes destination), with just sending some emails out. I think that I will wait closer to the end of the month, and then really start.
  • jonathannycjonathannyc Member Posts: 12
    Hello Carman!

    just wanted to run some numbers by you. thanks to your amazing information and my negotiation I have penciled a deal for a Odyssey EX-L at $366/month for 15,000 miles for 36 months with 0 due at signing (True sign and drive) the $366 is including NYS Tax (8.875%) with nothing due at signing other than first month.

    What do you think of those numbers?!
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You're very welcome hbcsc153.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey jonathannyc. What is this van's selling price? Having it will make it much easier for me to evaluate this deal. Thanks.

    Car_man
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    Prices Paid: Buying & Leasing Experiences Forum
  • joenyc111joenyc111 Member Posts: 28
    edited September 2012
    Hi Jonathan ..

    The best (true sign and drive) I was able to get anywhere is $444 including sales tax in NJ. Our sales tax is 7% in NJ compared to 8.87% in NY. The MSRP on my car is $35,855 including destination. This is the most basic EX-L they have which includes no NAVI and no RES.

    I would love to get the same deal you are getting if it is legitimate. Which dealer did you get this deal from?

    Thank you
    - Joe
  • nikkhasnisnikkhasnis Member Posts: 3
    Hello,

    Leased an Odyssey EX-L (no Navi/RES) for $3K down and $300/month for 36 months at 12k/year. $3K includes all taxes/fees and 1st month payment. Only extra is $300 for DMV tag.

    Not sure about the deal. Asked couple of other dealers in the area (Princeton,NJ), but no one could match this deal.

    The only thing is that the residual value seems a bit high to me.

    Down = $3000 (Cap cost reduction = $982, 1st payment = $300, Acq fee = $595, Doc fee = $249, UPF taxes = $866, NJ tire fee = $7.5)
    MSRP = $35855
    Gross Cap cost = $30299
    Total Cap cost = $29247
    Residual value = $19003 (53% of MSRP)
    Total cost of lease = $32503

    Free oil changes and car wash for life. 20cents/mile after 36K miles.

    Based on truecar.com,
    Avg paid in the are = $32818
    Dealer pricing = $32452

    Few questions
    1. Is the deal good? I am horrible at negotiating, so may not be a great deal, but is it good?

    2. The residual value seems a bit high, I was expecting 16-17K. Is the $19K value fair?

    3. I was told by the dealer that Honda includes GAP insurance in the lease, but do not see that in the paperwork. Is there a separate form for that?

    4. Window etching was not included. Is it a problem if I get it done (I have heard I can get it done at the police station for free)? Does that void any lease agreement?

    5. Financing is done through Honda Finance, anyone dealt with them after lease in order to buy the vehicle? How negotiable are they?

    Thanks,

    Nikhil
  • lease_o_buylease_o_buy Member Posts: 14
    Hello,

    I leased the 2012 Odyssey Touring Elite for $615/mth for 36 mos in NJ. Gunmetal metallic and gray leather interior.

    Includes:
    -12k / year
    - Honda 2 yr maintenance (oil change, roadside assist, tire replacement)

    Did not ask for any extras (rack, guards, weather mats).

    Just curious, how much did you pay for yours? Thanks!
  • jonathannycjonathannyc Member Posts: 12
    Hello Car_Man

    I know I used the True Market Value of the van and we actually negotiated the price lower than cost for the dealership. The only thing stopping me is my trade-in they want to give me wholesale (2010 Outback Premium for $16k) I worked out the terms of the lease to $366/month and at the last minute said i needed to trade in the car (so it wasn't a scam with the pricing)

    Dealer is selling the Odyssey EX-L below cost or pretty much at dealer cost from what the sales manager told me, his hope was that i send him more business and become a repeat buyer. Which i will once we come to terms on my trade in :) the 366/month number stays until we can work out the trade in.
  • jonathannycjonathannyc Member Posts: 12
    you have to do some traveling and it will take a bit to procure it. massachussets. Since they are a no-temporary tag state its a nightmare for out of state buyers to pick up vehicles. if you're willing to do the work. the price can be had :) hope that helps!
  • hbcsc153hbcsc153 Member Posts: 27
    Hello!
    Picked up a 2012 Odyssey Touring (Smoky Topaz ) at Miller Honda in Van Nuys, CA last evening. Did most of the initial shopping online, and sent a few emails around. A few other dealers gave fairly low numbers. Took the lower numbers to Miller, as this is the dealership that I take our existing 2005 Odyssey EX-L to for all the services and repairs. The service department has treated us well. Even though they quoted higher before, they matched the price. They quoted $695 for the Protection Package (wheel locks, splash guards and cargo tray). No way was I going to pay that much. They came back with $376 for it, which I thought was reasonable, considering it would have cost me about $250 buying online, and then installing.
    Trim: Touring
    MSRP: 42,160
    Vehicle Price: $35,772 (includes destination)
    Destination: $830
    Accessories: $376
    Doc Fees: $80
    Taxes: $3,169.95 (8.75% in CA)
    Tags: $335
    Total OTD: $39,759.30

    We decided to do a lease, so those numbers below.
    Lease info: Honda Finance
    Drive Off: 1,000 (includes 1st month payment, registration, doc fee and a couple of small fees).
    Term: 36 Months with 12K miles per year
    Money Factor: 0.00032
    Residual: 50% ($21,080)
    MSRP: 42,160
    Cap Cost: 36,687.77 (includes the $595 Bank Fee)

    Payments: $491.59 (including tax)

    Ask if you have any questions.
  • wakolmanwakolman Member Posts: 3
    I am looking at an ad for a new 2012 Odyssey LX advertised at $219/mo.
    36 mo. lease, 12k mi per year
    $0 sec. deposit
    $595 acquisition fee
    TTL and service fee TBD
    Residual value $16,355

    How does this compare to other lease deals on the base LX? I have seen ads for $249 and $279, and the national advertised price of $310.

    Scoop it up or keep shopping?
  • george185george185 Member Posts: 3
    Hi-

    I am negotiating a lease for a 2012 Honda Odyssey EX-L w/res. The finance manager is hell bent on adding a disposition fee to my total cost. I have tried to research and everywhere I have looked I see that this is not something that is charged at the signing. Am I right in assuming that this guy is trying to wrangle some extra dollars. The cost that I have negotiated is 35050 OTD.
    Also, can someone tell me what the acquisition feels and the document fees should be for this van.
    Thanks

    George
  • dylrexdylrex Member Posts: 111
    I'm no expert but I believe all disposition fees are paid when the vehicle is returned, not upfront. Also, there are no disposition fees if you are financing through Honda.
    Sounds to me like they are trying to add to their profit.
    Honda finance charges a $595 acquisition fee on all of their leases.
    Just my opinion but I definitely think you can do MUCH better on your negotiated price.
    I leased the same vehicle last month and my cap cost was slightly over $32k.
    Good luck!
  • george185george185 Member Posts: 3
    Can you give a breakup of your cap cost? What does it include?
  • dylrexdylrex Member Posts: 111
    Our cap cost was $32, 056.50. It looks like the doc and title fees were included in that. The contract says that we were to pay $682.86 at signing but we only had to pay our first months payment of $399.36

    I hope this helps.
  • george185george185 Member Posts: 3
    If that's including all your fees and taxes then that's a phenomenal deal!
  • wakolmanwakolman Member Posts: 3
    Follow up: We could get the LX for the advertised price of 219 +tax/mo, but we decided the EX was equipped the way we wanted. That is for $263/mo TAX included. It is about $1300 at signing, including the first payment. 3 yr/36k mi. This advertised price is good thru 9/29. Maybe it will be as good or better in Oct! Russ Darrow in MKE was the dealership.
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