2013 and earlier-Honda Odyssey Lease Questions

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  • kisyntymkisyntym Member Posts: 18
    I am interested in a lx lease. I have a credit score of 700. can someone explain what other fees i may have to pay up front besides first month, aquisition and dmv?
    Also am I correct that you pay tax on the monthly payment, not for the sale price of the car?? and can that be added to the monthly payment or does it have to be paid up front?

    Thank you.
  • kisyntymkisyntym Member Posts: 18
    Dear carman,
    Offer for a lx lease. 1500 total down. 310 a month including tax. 36 months 12000 miles per year.
    In New York city.
    I know I don't have all of the figures, but does this deal sound reasonable?

    Thank You
  • anaky1220anaky1220 Member Posts: 14
    I have never leased a car before but am now wanting to lease an EX-L. We will only be living in the US for 2 years so buying would not be worth it. I need to do this quickly as our rental is being turned in next Wednesday. I have excellent credit (according to the credit union) but didn't know that there should be a number with that. I've tried reading up on leasing but I'm still confused. Can you give me some beginners advice and an idea of what I should be looking at for payments for 24 months and 12,000 miles?

    Thank you
  • fletchedmfletchedm Member Posts: 39
    I'm sure nobody knows yet (if you do please post it), but where do you think the numbers will go starting 9/5/07. The lots still seem pretty full. My guess is they will just extend the current program. What do you think?

    -Fletch
  • kisyntymkisyntym Member Posts: 18
    Hello everyone, I signed a lease order form at the dealer today. 2007 LX 1500 total down 36 months 12000 per. 316 a month including tax. Tomorrow I sign the contract and drive home. When I signed the lease order It said Down payment =1500 I told the dealer I am not putting a down payment down the 1500 was for aquisition, dmv, first month, etc. he said yes, no down payment and the next line of the lease order said total due 0. Tomorrow I am worried about the finace guy changing the deal. Any pointers on what to be aware of.?
  • fly787fly787 Member Posts: 2
    Dear Carman;

    Just leased an odyssey exl 2007 no nav no res.
    You wont be surprised to find out that I do not know how to read the numbers on the lease agreement ie. "aquisition fee, dealer fee" ect. All I do Know is that I put 1500 total down and my payments are 371 monthly .00014 factor for 36 mth 12000 miles/yr. including mud guards.

    Will you please run these numbers and let me know how much I actually paid out the door. I believe you call this cap cost.

    Thanks
  • kisyntymkisyntym Member Posts: 18
    Fly787
    Does your monthly payment include tax?
  • kisyntymkisyntym Member Posts: 18
    I have a deal for a LX lease pending primary lender approval, and teir one credit. I am not sure if I have teir one. Is there a form I should get from the dealer showing my lease is approved by the lein holder. I don't wan't to sign the contract without the financing approved.
    Any help or suggestions are appreciated.
  • cccompsoncccompson Member Posts: 2,382
    If there's any question in your mind, just write on the contract that it is contingent on whatever credit terms you require.
  • fly787fly787 Member Posts: 2
    yes the 371 does include taxes.
  • usairusair Member Posts: 23
    went to dealers in Charlotte, NC for Ody, seems they not keen to deal. What about those year end deals? seems ody selling a lot again that is why no one wants to deal
  • kisyntymkisyntym Member Posts: 18
    thanks everyone who gave me advice.
    finally got my lease!! 2007 LX 3 year 36000 miles $1500 total out of pocket, $328.89 per month.
    In nyc
  • anaky1220anaky1220 Member Posts: 14
    We had a horrible experience with this dealership last night. We negotiated a lease with them for 2 YR LEASE/12000 MILES PER YEAR $419 PLUS TAX WITH $1343.51 AT SIGNING (that was 445.19 with tax) for and EX-L (no DVD or NAV). We drove down there, spent several hours and they told us that we couldn't get the lease because we didn't have enough credit (although out rating was very high). We went home and after getting there, they e-mailed and said we could get the lease if we did a one payment lease (pay the whole thing in one payment). They would not give us any pay down. When we arrived with two exhausted kids for the second time that day they announced a nearly $5000 price increase (making our monthly payments over $600 if we had paid monthly) having making. At first they said that we misunderstood the deal then we showed them where they had written it, they said that they made a mistake and should not have to pay for their mistake and didn't we also sometimes make mistakes? We are beyond angry. Stay away!
  • mnfinanceguymnfinanceguy Member Posts: 1
    That's not a bad deal. I just got the same exact lease on the same vehicle yesterday for $403/month, including tax. However, the difference might be due to your state tax which is rolled into the lease payment.
  • fletchedmfletchedm Member Posts: 39
    Does anyone know for sure what the current residuals are. I am getting diff rates for diff dealers which I thought was impossible. What is the correct rate for EX-L, EX-L RES and EX-L RES/NAV all for 12K miles. Thanks!
  • anaky1220anaky1220 Member Posts: 14
    I wrote the other night about our terrible experience with Honda of Ocala. Last night the general Manager called me and apologized saying that a deal was a deal and his people should have honored ours. He offered to do so and anything else I might need to make things right. It was too late because we had already gotten a car (we were desperate as as we expected to have a car Friday night and desperation means we paid too much) but I had to write again to this site as I respect the fact that the general manager tried to make it right.
  • tdinyctdinyc Member Posts: 3
    What dealer did you get the price of $419 from? I'm getting prices of $446 including NY tax with approximately $1,400 at signing, including first month's payment. I know that NY tax is 8.375% vs. NJ at 7%, but should not be a $27/month difference.
  • throcks23throcks23 Member Posts: 1
    Need help and leasing for the first time. 07 Odyssey EX-L (no RES or Navi) Lease term 39 months and $379 a month. Very strange that I set the price of the van with the salesman at $27,500 then asked the lease terms for that price they said they could not give me that price and that the invoice for the lease was 30.205 and i could get $1000 off and settled at $29,500? Is that right?? Shouldn't I discuss the price first? Please help. Staten Island, N.Y. Nissan
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi msherman1. Dealer invoice is a very good selling price for a leased Honda Odyssey right now. Furthermore, the .00140 lease money factor that you were quoted is right in line with Honda Finance's August buy rate for it. If you like the vehicle, go for it. This is a good deal.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi 6422130. The $2,000 dealer cash that Honda is currently providing on the 2007 Odyssey is not compatible with the .00140 special lease money factor. If you want to lease an Odyssey right now, you will probably be better off leasing it using Honda Finance's special program than using the dealer cash and leasing it through an independent bank.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hey dkot. What you were told is correct. The $2,000 dealer cash is not compatible with the '07 Odyssey's special lease program.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Welcome calhungster. Let's take a look at the lease program for the vehicle that you are interested in. Through September 4th, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of an '07 Odyssey Touring with RES, NAV, and with 12,000 miles per year are .00140 and 54%, respectively. This special lease program is not compatible with the $2,000 dealer cash.

    I can give you an idea of what sort of lease payment to expect on this van, but your payment will vary depending upon what selling price you are able to negotiate. for now I will assume that you will be able to get it for $500 over dealer invoice. According to my calculations, if you were to lease an '07 Honda Odyssey Touring with RES and NAV that has an MSRP of $39,690 and a selling price of $36,483 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $510.

    I see that you are considering trading in your current Odyssey when leasing your new one. There's nothing wrong with doing so, but it would be in your best interest to have the dealer that you are working with cut you a check for your van rather than using the proceeds from it as a down payment for your lease. I always advise consumers against making large down payments on leases. Those who make them risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on your new van, bimmer_man. Make sure to stop by the new Dealer Ratings & Reviews section of this site to share your thoughts on your recent dealer experience with everyone. Enjoy your new ride!

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    You are correct, wgbcworship. The $2,000 dealer cash that Honda is providing on the 2007 Odyssey is not compatible with its special lease program. Through September 4th, Honda Finance's buy rate lease money factor for a 36 month lease of an '07 Odyssey is .00140 for consumers who qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi kisyntym. At lease signing, consumers who lease through Honda Finance are required to pay their vehicle's first month's payment, a security deposit equivalent to that payment rounded up to the nearest $25 increment, its $595 acquisition fee, and any required state taxes or fees. You can also pay a capitalized cost reduction aka down payment at lease signing to reduce your vehicle's monthly payment, but making one is not a good idea because you risk losing part or all of it if your vehicle is totaled in an accident or stolen and never recovered. You can roll the aforementioned acquisition fee into your vehicle's capitalized cost to make it part of your monthly payment if you want. Honda Finance will waive its security deposit requirement in exchange for an increase of .00010 in your vehicle's money factor.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi kisyntym. You really need to find out what selling price you are being charged for the van that you are interested in. I will work up a sample lease payment on one assuming a reasonable price of $500 over dealer invoice to give you something to compare the payment that you were quoted to. According to my calculations, if you were to lease a 2007 Honda Odyssey LX that has an MSRP of $26,240 and a selling price of $24,329 through Honda Finance right now for 36 months with 12,000 miles per year, your zero down, pre-tax monthly payment would be around $316, assuming that you qualify for its "Super Preferred" credit tier and pay a security deposit at lease signing. As you can see, the monthly payment that you were quoted looks good to me.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Greetings anaky1220. Since you are new to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment.

    I can give you an idea of what sort of lease payment to expect on the van that you are interested in. For now i will assume that you will be able to negotiate a selling price of $500 over dealer invoice. According to my calculations, if you were to lease a 2007 Honda Odyssey EX-L that has an MSRP of $31,690 and a selling price of $29,254 through Honda Finance right now for 24 months with 12,000 miles per year your zero down, pre-tax monthly payment should be around $469.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi Fletch. It is difficult to say what Honda's September lease program will be like for the Odyssey before it is actually published. Please feel free to check back with me in a couple of days and I can fill you in on the details of the new program.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi fly787. The methods for calculating sales tax on leased vehicles vary from state to state. Since the monthly payment that you mentioned includes sales tax it is difficult for me to back into your vehicle's selling price. You should be able to find the amount that you were charged right on your lease agreement though.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Congratulations on getting your new Odyssey, kisyntym. Make sure to stop by the new Dealer Ratings & Reviews discussion to share your thoughts on your recent dealer experience with others. Enjoy your new Odyssey :) .

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    I am sorry to hear about your horrible dealer experience, anaky1220. You can share your thoughts on this dealer with a wider audience by posting a review of them in the new Dealer Ratings & Reviews section of Edmunds.com.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi fletchedm. Honda's August lease program for the Odyssey is only scheduled to run through September 4th. I don't know what its new September program will be like, but I can provide you with the details of its current one. Honda Finance's current 36 month, 12,000 mile per year buy rate lease money factor and residual value for the 2007 Odyssey EX-L without RES & NAV are .00140 and 56%, respectively. The numbers for an otherwise identical lease of an EX-L with RES but no NAV are .00140 and 54%. The numbers for an otherwise identical lease with both RES and NAV are .00140 and 53%.

    Car_man
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  • tclantontclanton Member Posts: 15
    I am looking to turn in my 2004 Odyssey and lease a new one. The van I am interested in has an MSRP of $33290 and an invoice price of $30199. It is an EX-L with RES. I am trying to get it for less than $400/month with 15000 miles per year and I only want to pay tag, title and 1st month payment out the door. Does this sound reasonable or am I crazy? I guess it will depend on the new September details. Anyone know what these will be?
  • fletchedmfletchedm Member Posts: 39
    That's what I thought. I saw an ad in the paper running the last few days showing 59% on an EX-L RES and I checked the price to prove they are using 59%. Don't understand how they could be doing this???

    -Fletch
  • tclantontclanton Member Posts: 15
    What was the term and mileage on the EX-L RES at 59%?

    Is this the September Honda Financial residual?
  • tclantontclanton Member Posts: 15
    A dealer in Virginia quoted me $439/mo on a 2007 Odyssey EX-L w/ RES. Only tag, title and 1st month payment due at signing.

    39 month
    15000 miles per year
    $29827 selling price
    0.00121 current special lease factor
    48% residual

    I believe the residual is too low.

    What lease period and mileage gives a 59% residual on the EX-L RES?
  • fletchedmfletchedm Member Posts: 39
    36K miles and 36 months, looking for $2998 down and $278 a month I think.

    -Fletch
  • purban04purban04 Member Posts: 1
    We want to lease a 2007 Odyssey EXL with navigation and entertainment systems. The sticker price is around $35,000+.

    They say I need to pay $4400 (includes tax license registration etc + 2500 down) and lease is $469 per month for 36 months/15000 miles a year. I do not know anything about leasing. Can someone help me negotiate a good lease?

    Thanks, Purban04
  • mav11mav11 Member Posts: 2
    $1500 out of pocket (includes first month payment, tax, title)
    36 month lease
    15k miles/year
    $410/month (includes sales tax)

    good? bad? indifferent?
  • wgbcworshipwgbcworship Member Posts: 6
    CarMan, could you please post a table of the current residuals and rates for each model in the lineup? Thanks!
  • shipsships Member Posts: 5
    Car man, Do you have the residual & money factor numbers for an '07 EX-L RES/DVD for September? What's a good OTD price with 0 down?
  • mcloutimclouti Member Posts: 1
    I have a 2006 Honda Odyssey van that I leased through Honda Finance in June of 2006. (36 month lease) My monthly payment is $517. I am currenty over my 15K mileage amount by nearly 8,000 miles and anticipate that mileage to continue to be over. My question is would it be better for me to refinance the vehicle now at the payoff amount on the vehicle for the next 5 years (my payment would be roughly the same) and avoid the excess mileage charges, or should I wait until the end of my lease. What are the advatages/disadvantages of waiting? Appreciate anyone's input on this.
  • wgbcworshipwgbcworship Member Posts: 6
    Today I just finished my deal. Got an EX-L RES (no nav) $1200 upfront for fees ($0 cap cost red) at invoice, 36 mo, 12k, res:.53, mf:.00121, total payment w/ 8.25% tax 455.61. I'm satisfied.
  • gec1gec1 Member Posts: 2
    Hi --I am searching for a really good lease of 2007 honda odyssey ex and have been presented with the following...is it good or should i be able to get better? will they be better next month as the new 2008 hit the sales floor? many thanks for any responses Want to do something by this weekend if possible.

    39mo lease
    $279 month ttl
    $1785down ( includes 1st month payment, doc fees $599,$21 title, tag and lemon law, upfront taxes of $100, cap reduction $789
    12,000miles per year
    no disposition fee

    MSRP $29290
    purchase option $14995

    thanks for all comments!
  • gec1gec1 Member Posts: 2
    Car man---can you pls advise my question on leasing on the #806 posting? Hoping to do simething in the exxt few days...thanks!
  • mbrubake1mbrubake1 Member Posts: 6
    Have been reading alot on this forum--Below is the breakdown of the lease that was finally negotiated with our Honda Dealership. I did research on all aspects of this car and think pretty good deal--This is a 15K Per year - 36 Month lease---Any feedback--Protection Package and Fabric Protection added in by dealership for free--discont applied reflects this (Not sure why this was done) I do not plan on purchasing this car after lease--Please advise Carman--Honda Odyssey - EX

    MSRP - $28,695
    Freight - $595
    Honda Protection Package (Guards/Locks/Tray) - $995
    Appearance Fabric Protect - $249
    Discount - (-3,824)
    Total Selling Price- $26,710

    I was showing invoice with freight @ $26,625

    Money Factor - .00121 - 2.9%
    Sales Tax - $2073
    License- Reg - $76
    Processing Fee - $399.50

    Residual - 56% - $16,402.40

    Payments - $393 (Including Tax)
    Cash Due - $437 (First Month Payment + Tags)

    15,000 Miles Per Year - 36 Months
  • mbrubake1mbrubake1 Member Posts: 6
    Gec 1---Where is your Freight Charges of $595---Also will you have to add tax to your payment
  • tclantontclanton Member Posts: 15
    I just spent an entire Saturday afternoon at a local NC Honda dealership negotiating a lease on a 2007 Honda Odyssey EX-L with RES. The end result was me leaving without a new car! Below are the details.

    36 months
    15000 miles per year
    $850 total out of pocket (included 1st month payment)
    $422 per month plus 3% NC tax ($434.66 with tax)

    I needed them to get down to $406 including tax per month.

    According to the sales manager, this included selling the car at Invoice minus holdback minus Travelers discount or something.

    $33737 MSRP
    $28540 Selling price

    51% Residual

    Hopefully they will call me Monday with a better offer.
  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi gec1. The best way to evaluate whether a lease is a good deal is to look at its selling price. The selling prices of leased vehicles are negotiable, just as if you were paying cash for or financing them. If you tell me what this van's selling price is, I would be happy to give you my opinion of this deal. If I was interested in leasing a 2007 Honda Odyssey right now, I personally would shoot for a selling price of around $500 over dealer invoice. You can get additional feedback on how much you should pay for this van by visiting the "Honda Odyssey Prices Paid and Buying Experience" discussion.

    Once you have arrived at a selling price that you are comfortable with, make sure that the dealer calculates your monthly payment using Honda Finance's buy rate lease money factor of .00121 (for top tier customers who pay a security deposit) and you're in business.

    Car_man
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  • CarMan@EdmundsCarMan@Edmunds Member Posts: 38,514
    Hi mbrubake1. Let's take a look at the selling price that you were quoted for the Odyssey that you are interested in. The dealer invoice price for a 2007 Honda Odyssey EX without leather, navigation, or the entertainment system is currently $26,624. The price that you were quoted is only $86 over this, so it is a very good deal. Furthermore, the money factor that you were quoted is right in line with Honda Finance's current buy rate for this model. If you like the van, I personally don't see any reason not to pull the trigger on this deal.

    Car_man
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