2014 Honda Odyssey Lease Questions

mochla · May 2014

Hello! I received the following offers in Aurora, IL. Are these good deals? I am trying to figure out if I should wait until after 7/1/14 when a new law is supposed to be signed that will only charge taxes on leases for the monthly payment instead of the entire cost of the car in Illinois. Any advice is appreciated.

Lease
2014 Honda Odyssey EX
MSRP $32955.00
savings $5295.00
sale quote $27,660.00
36 month term
12,000 miles per year
due at lease signing - first payment $366.89
Zero money down
included - tax , title , license and Doc fee
Special Monthly Lease Payment *366.89
(with 35 payments left) with approved credit

Lease
2014 Honda Odyssey EXL
MSRP $36,455.00
Savings $6173.00
sale quote $30,282.00
36 month term
12,000 miles per year
due at lease signing - first payment $393.99
Zero money down
included - tax , title , license and Doc fee
Special Monthly Lease Payment *393.99
(with 35 payments left) with approved credit

Michaell · May 2014

@mochla said:
Hello! I received the following offers in Aurora, IL. Are these good deals? I am trying to figure out if I should wait until after 7/1/14 when a new law is supposed to be signed that will only charge taxes on leases for the monthly payment instead of the entire cost of the car in Illinois. Any advice is appreciated.

Lease
2014 Honda Odyssey EX
MSRP $32955.00
savings $5295.00
sale quote $27,660.00
36 month term
12,000 miles per year
due at lease signing - first payment $366.89
Zero money down
included - tax , title , license and Doc fee
Special Monthly Lease Payment *366.89
(with 35 payments left) with approved credit

Lease
2014 Honda Odyssey EXL
MSRP $36,455.00
Savings $6173.00
sale quote $30,282.00
36 month term
12,000 miles per year
due at lease signing - first payment $393.99
Zero money down
included - tax , title , license and Doc fee
Special Monthly Lease Payment *393.99
(with 35 payments left) with approved credit

The deals you are being quoted are both good discounts off MSRP. Honda also offers a balloon payment program - it works like a lease except the car is registered and titled in your name rather than the finance company.

I don't think the governor has yet signed that bill. We're watching closely to see if it happens.

mochla · May 2014

Thank you Michaell. I read that it would go into effect on 7/1/14 if signed. The Salesman said the vote is later this year and would not go in affect till January 2015, if it passes. Can you confirm if he is correct? If it's 1/15 then I may move on it, if it's 7/1/14 then I think I can wait.

Michaell · May 2014

@mochla said:
Thank you Michaell. I read that it would go into effect on 7/1/14 if signed. The Salesman said the vote is later this year and would not go in affect till January 2015, if it passes. Can you confirm if he is correct? If it's 1/15 then I may move on it, if it's 7/1/14 then I think I can wait.

I was trying to find an article to link to, but no luck. Other Illinois based members on this board have indicated that the bill has been passed by the legislature and is on the governor's desk waiting to be signed. If signed, it will go into effect 7/1/14.

mike2555 · May 2014

Looking for MF and RES% on a 2014 odyssey EX-L in Socal. 12,000 miles for 24 and 36 months. Does RES lower the Residual %. Thanks in advance for your support.

Michaell · May 2014

@mike2555 said:
Looking for MF and RES% on a 2014 odyssey EX-L in Socal. 12,000 miles for 24 and 36 months. Does RES lower the Residual %. Thanks in advance for your support.

24/12 - 62%

36/12 - 56%

Deduct 2% from each if you want an EX-L with RES.

MF is .00055 for all, as is $1500 lease cash.

j_michael · May 2014

@mochla said:
Thank you Michaell. I read that it would go into effect on 7/1/14 if signed. The Salesman said the vote is later this year and would not go in affect till January 2015, if it passes. Can you confirm if he is correct? If it's 1/15 then I may move on it, if it's 7/1/14 then I think I can wait.

http://www.ilga.gov/legislation/BillStatus.asp?DocNum=2317&GAID=12&DocTypeID=HB&SessionID=85&GA=98

The govenor signed the bill. According to the text of the bill, it reads to me that it would become effective 7/1/14. However, the link above says it will not become effective until 1/1/15. I too am in a dilemma over this.

j_michael · May 2014

@mochla said:
Hello! I received the following offers in Aurora, IL. Are these good deals? I am trying to figure out if I should wait until after 7/1/14 when a new law is supposed to be signed that will only charge taxes on leases for the monthly payment instead of the entire cost of the car in Illinois. Any advice is appreciated.

Mind sharing which dealership you got those quotes from?

mizshutterbug · May 2014

I am new here but today went to a local Honda dealer and received the following information for leasing the 2014 Honda Odyssey XE-L and wonder if it sounds right? I haven't leased a vehicle for years so need a little help. This is what the sheet he gave me with breakdown reads - Market Value $36,455.00 ~ Accessories $598.00 ~ Dealer Discount -$4856.00 ~ Net Price $32, 197.00 ~ Taxes, Fees $1,081.08 ~ Total $33,278.08. I am in Wisconsin and the sales tax is 5.1%. He is saying Due on Delivery $655.97 (nothing paid down) and they note special fees for the added amount from my payment to total that $655.97 but are not saying what. Then the base payment is $379.55 plus the monthly tax is $19.36 which makes the grand total $398.91. He said I was getting the $1500 discount and the 0.00055 money factor rate. What I guess I see is they seem to be avoiding telling me what the $1,081.08 is used for although it lists TAXES/FEES and then that amount and the Monthly Tax is listed below for $19.36 separately. I was not too happy with the $598 for the Auto Butler Exterior at $399 and a Theft Deterrent at $199. They did offer Lifetime Car washes for free. The Residual Value is $20,414.80. It also says payments include Gap insurance and service contract but the service contract wasn't explained to me. Since I am new to leasing just wonder if this sounds like an okay deal or no? I haven't signed anything yet as they had to get the van delivered from Illinois and it won't be available till Monday. Thanks in advance for any advice/help you can provide.

Michaell · May 2014

@mizshutterbug said:
I am new here but today went to a local Honda dealer and received the following information for leasing the 2014 Honda Odyssey XE-L and wonder if it sounds right? I haven't leased a vehicle for years so need a little help. This is what the sheet he gave me with breakdown reads - Market Value $36,455.00 ~ Accessories $598.00 ~ Dealer Discount -$4856.00 ~ Net Price $32, 197.00 ~ Taxes, Fees $1,081.08 ~ Total $33,278.08. I am in Wisconsin and the sales tax is 5.1%. He is saying Due on Delivery $655.97 (nothing paid down) and they note special fees for the added amount from my payment to total that $655.97 but are not saying what. Then the base payment is $379.55 plus the monthly tax is $19.36 which makes the grand total $398.91. He said I was getting the $1500 discount and the 0.00055 money factor rate. What I guess I see is they seem to be avoiding telling me what the $1,081.08 is used for although it lists TAXES/FEES and then that amount and the Monthly Tax is listed below for $19.36 separately. I was not too happy with the $598 for the Auto Butler Exterior at $399 and a Theft Deterrent at $199. They did offer Lifetime Car washes for free. The Residual Value is $20,414.80. It also says payments include Gap insurance and service contract but the service contract wasn't explained to me. Since I am new to leasing just wonder if this sounds like an okay deal or no? I haven't signed anything yet as they had to get the van delivered from Illinois and it won't be available till Monday. Thanks in advance for any advice/help you can provide.

Using the MF of .00055 and residual of 56% against your MSRP and Net price gives me a pre-tax payment of $386.84. 5.1% sales tax takes that payment to $406.57.

You might want to find a dealer who doesn't equip their cars with the theft deterrent and auto butler exterior and save $600 - over 36 months that reduces your payment $16.67/mo. There are some expected fees at the beginning of a lease (acquisition fees being the largest, usually), but I would absolutely have them detail each of them for you, just to be safe.

Gap Insurance is part of every Honda lease - but check with them about the service contract.

ryan2014 · May 2014

Hi all, I'm new to the forum and been following it for the past couple of days.

I m in South east Georgia( Savannah) and in the market for a 7 seater minivan, and after some research zeroed in on Honda Odyssey EX-L. +/- RES.

I know GA is not an ideal state to lease but given my circumstances we would like to go for it.

Can somebody give us some advice on, what will be the fair lease terms for the above models in GA. Really appreciate if you can suggest on , RV,MF and expected down payment and Monthly due. Thank you.

ryan2014 · May 2014

We are looking to lease for 2 or 3 yrs with 12000 miles/ Yr.

Thank you

kyfdx · May 2014

@ryan2014 said:
Hi all, I'm new to the forum and been following it for the past couple of days.

I m in South east Georgia( Savannah) and in the market for a 7 seater minivan, and after some research zeroed in on Honda Odyssey EX-L. +/- RES.

I know GA is not an ideal state to lease but given my circumstances we would like to go for it.

Can somebody give us some advice on, what will be the fair lease terms for the above models in GA. Really appreciate if you can suggest on , RV,MF and expected down payment and Monthly due. Thank you.

.00055 MF and 54% for 36mo, 12K/yr. $1500 lease cash.

ryan2014 · May 2014

Thank you very much kyfdx@edmunds.
Can you also suggest a fail value price for the above models in GA

Thank you

kyfdx · May 2014

@ryan2014 said:
Thank you very much kyfdx@edmunds.
Can you also suggest a fail value price for the above models in GA

Thank you

Sorry... I wouldn't have a clue..

You can build your car, using the tabs above, and Edmunds will give you the True Market Value. And, you can check out the Odyssey Prices Paid discussion, here:

http://forums.edmunds.com/discussion/16768/honda/x/2014-honda-odyssey-prices-paid-and-buying-experience#latest

Once you go to that link, page back a few pages to read recent posts.

h22a1 · May 2014

Any news on the May MF and incentives?

Michaell · May 2014

@h22a1 said:
Any news on the May MF and incentives?

May numbers are available ... what trim level, lease term and miles per year?

h22a1 · May 2014

EX-L 3yr/12k per year. Any lease cash? Thank you!!!

Michaell · May 2014

@h22a1 said:
EX-L 3yr/12k per year. Any lease cash? Thank you!!!

56% residual and .00055 MF. $1500 lease cash on EX-L trim.

h22a1 · May 2014

Sorry, is the MF the same in all states this month? I'm in Western WA.

chwtom · May 2014

I believe the current lease program ended May 12. Does anyone have the current MF and residual for a 2014 Touring Elie with 36 months/12k miles?
Thanks!

Michaell · May 2014

@h22a1 said:
Sorry, is the MF the same in all states this month? I'm in Western WA.

For the Odyssey, yes.

Michaell · May 2014

@chwtom said:
I believe the current lease program ended May 12. Does anyone have the current MF and residual for a 2014 Touring Elie with 36 months/12k miles?
Thanks!

51% residual and .00055 MF

ryan2014 · May 2014

@ryan2014 said:
Hi all, I'm new to the forum and been following it for the past couple of days.

I m in South east Georgia( Savannah) and in the market for a 7 seater minivan, and after some research zeroed in on Honda Odyssey EX-L. +/- RES.

I know GA is not an ideal state to lease but given my circumstances we would like to go for it.

Can somebody give us some advice on, what will be the fair lease terms for the above models in GA. Really appreciate if you can suggest on , RV,MF and expected down payment and Monthly due. Thank you.

Hello,

Thank you for answering my earlier questions.

I am having very difficult time to deal with the Honda dealers in South GA as none seems to be interested in leasing and if they are the quotes are too high when compared to this forum.
For eg; For a EX-L, they are asking $ 4000 down and $428 for 15k/36 months.(includes all !!).
Let me know if its a fair value. They are not disclosing any of the MF,RV,Sale price etc.

So now thinking of leasing from Florida or South Carolina, if I get a better deal. What do you guys think..?

I am aware that the taxes wont change and I have to pay the sales tax on the sale price etc for Georgia, but wondering if there are any implications to expect ? Like any law against leasing in a different state, future maintenance( can I have it maintained at local dealer) etc..!!

Really appreciate if some body can throw some light into this.

I am interested only in Honda Odyssey and buying is'nt an option for us as we cant afford.

Thank you in advance.

desparado · May 2014

Wonderful platfrom, wish I knew it before...

I have just leased a 2014 EX-L in Georgia, for $ 1200 down and $ 359/month for 35 months.
36 months/12k lease.

Let me know if its a good deal. thank you moderator.

Michaell · May 2014

@desparado said:
Wonderful platfrom, wish I knew it before...

I have just leased a 2014 EX-L in Georgia, for $ 1200 down and $ 359/month for 35 months.
36 months/12k lease.

Let me know if its a good deal. thank you moderator.

It looks to be a pretty fair deal. When your lease is up, come on back and we will help you get a better deal. Knowledge is power!

desparado · May 2014

@Michaell said:

@ Michaell, many thanks. Yes I intend to follow this forum and other topics as well in the future.

I am waiting for the delivery of the vehicle this weekend.

Let me know, If I need to pay any particular attention to any details and catch phrases on the contract/lease documents as this is my first time.

Again, keep up the good work and thank you.

ryan2014 · May 2014

@desparado said:
Wonderful platfrom, wish I knew it before...

I have just leased a 2014 EX-L in Georgia, for $ 1200 down and $ 359/month for 35 months.
36 months/12k lease.

Let me know if its a good deal. thank you moderator.

Hello desparado,

can you tell me which dealer you leased the vehicle from ?

thx

ryan2014 · May 2014

@kyfdx said:
Once you go to that link, page back a few pages to read recent posts.

Hello kyfdx,

Thank you for answering my earlier questions.

I am having very difficult time to deal with the Honda dealers in my area as none seems to be interested in leasing and if they are, the quotes are too high. For eg; For a EX-L, they are asking $ 4000 down and $428 for 15k/36 months.(includes all !!). They are not disclosing any of the MF,RV,Sale price etc.

So now thinking of leasing from Florida or South Carolina, if I get a better deal. What do you think..?

I am aware that the taxes wont change and I have to pay the sales tax on the sale price etc for Georgia, but wondering if there are any troubles in the future to expect ? Like any law against leasing in a different state, future maintenance( can I have it maintained at local dealer) etc..!!

Really appreciate if you can throw some light into this.

I am interested only in Honda Odyssey and buying is'nt an option for us

Thank you.

Michaell · May 2014

@desparado said:
Let me know, If I need to pay any particular attention to any details and catch phrases on the contract/lease documents as this is my first time.

Just make sure you understand all the numbers on the lease agreement and that they match the quote the dealer gave you. Don't let them rush you - and if you find something not to your liking, you always have the right to walk out.

Michaell · May 2014

@ryan2014 said:
So now thinking of leasing from Florida or South Carolina, if I get a better deal. What do you think..?

I am aware that the taxes wont change and I have to pay the sales tax on the sale price etc for Georgia, but wondering if there are any troubles in the future to expect ? Like any law against leasing in a different state, future maintenance( can I have it maintained at local dealer) etc..!!

Other than the taxes, there shouldn't be any major issues I'm aware of. All Honda dealers are required to perform warranty work, regardless of where you got the car. Now, you may not get preferential treatment (loaner cars, good appointment times, etc.) but they can't simply refuse the work.

drkewl · May 2014

Looking to lease a honda odyssey touring trim level in Virginia. What is a reasonable lease deal we should expect for 3/10-12k miles? Thank you in advance for any help/guidance!

Michaell · May 2014

@drkewl said:
Looking to lease a honda odyssey touring trim level in Virginia. What is a reasonable lease deal we should expect for 3/10-12k miles? Thank you in advance for any help/guidance!

Residual is 51% for 12k. Honda doesn't offer 10k leases.

MF is .00055 andvthere is $1500 lease cash available.

drkewl · May 2014

null
How much off of msrp should we expect to get after negotiation? ( I guess car cost plus fees equals cap cost) ?? Thank you again for your help

kyfdx · May 2014

@drkewl said:
null
How much off of msrp should we expect to get after negotiation? ( I guess car cost plus fees equals cap cost) ?? Thank you again for your help

Check the Odyssey Prices Paid discussion, here:

http://forums.edmunds.com/discussion/16768/honda/x/2014-honda-odyssey-prices-paid-and-buying-experience#latest

soccerdad23 · May 2014

Got a quote for a 2014 Touring in Greater Los Angeles area for $0 down, $513.59/month before taxes. MSRP 42710, Selling price 37500, Net Cap 39116.56 with a money factor of 0.00055. Is that what everyone else is getting around here? I'm still looking at roughly $560/month after taxes. Am I missing something, or does this still feel a little high?

Michaell · May 2014

@soccerdad23 said:
Got a quote for a 2014 Touring in Greater Los Angeles area for $0 down, $513.59/month before taxes. MSRP 42710, Selling price 37500, Net Cap 39116.56 with a money factor of 0.00055. Is that what everyone else is getting around here? I'm still looking at roughly $560/month after taxes. Am I missing something, or does this still feel a little high?

The poor residual on the Touring trim level is what's hurting you. Only 49% for 36 month, 15K per year lease. What lease term and miles per year are you wanting?

With your MSRP, selling price and MF, I calculate a pre-tax payment of $538.27 for 36 months.

samcacpr · May 2014

Hi

Looking to lease this week an Odyssey EX or EXL in Central Florida Area.

Any advise?

Thanks

Michaell · May 2014

@samcacpr said:
Hi

Looking to lease this week an Odyssey EX or EXL in Central Florida Area.

Any advise?

Thanks

Negotiate your best price. What lease term and how many miles per year are you looking for?

mochla · May 2014

@j_michael said:
The govenor signed the bill. According to the text of the bill, it reads to me that it would become effective 7/1/14. However, the link above says it will not become effective until 1/1/15. I too am in a dilemma over this.

Yes, just saw this also and am confused. Bill goes into effect 1/1/15 but the Bill itself refers to cars leased on 7/1/14 and later. If I can find out additional information, I will post back here. The car dealership I got those quotes from is Valley Honda in Aurora located on Ogden Ave (Rt. 34)

lino9671 · May 2014

Hello All! I am currently leasing a 2012 Honda Odyssey EX-L no navi or entertainment package for $363 a month 3 year 12k a year in miles. I am turning it in shortly. I got a price today for the same car (2014 EX-L) for $369. $1700 down dmv fees,tax,registration,documentation,etc. My question is........ can anyone else share what they are paying? I live in Central N.J. The dealer at first said he quoted me for an EX and made a mistake but will honor the price. Seems like a game he is playing. Thanks! By the way, money factor and residual would be appreciated.

fingot1 · May 2014

Can I please get the rates on a 2014 odyssey ex and ex-l 36 months/ 12k miles / and any lease cash?

Michaell · May 2014

@fingot1 said:
Can I please get the rates on a 2014 odyssey ex and ex-l 36 months/ 12k miles / and any lease cash?

56% and .00055.

$1000 lease cash on the EX; $1500 on the EX-L

samcacpr · May 2014

Hi

They offer me for EX-L $2,000 cash due and monthly payment of $493 is this good?

samcacpr · May 2014

This is for 12,000 miles and 36 months lease

Michaell · May 2014

@samcacpr said:
Hi

They offer me for EX-L $2,000 cash due and monthly payment of $493 is this good? This is for 12,000 miles and 36 months lease

What is the MSRP and selling price? With that information, we should be able to help determine if this is a fair deal.

samcacpr · May 2014

Hi

MSRP = $36,455

Selling Price = $35,608.01

Michaell · May 2014

@samcacpr said:
Hi

MSRP = $36,455

Selling Price = $35,608.01

Using this information with the MF of .00055 and a residual of 56%, I get a pre-tax payment of $452.85. 9% tax takes me to $493.60.

Do you know if your selling price includes the $1500 lease cash from Honda?

samcacpr · May 2014

The quote have this

Vehicle Price = $36,455.00
Discount = $2,343.99

            Total $34,111.01

Appearance Protection = $499.00
Propack = $699.00
Theft Protection = $299.00

Vehicle Selling Price = $35,608.01

samcacpr · May 2014

The numbers are good or bad

Can I get better numbers?

2014 Honda Odyssey Lease Questions

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