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2014 Honda Odyssey Lease Questions

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  • MichaellMichaell Moderator Posts: 240,145

    @samcacpr said:
    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

    The appearance protection, propack and theft protection are pure profit makers for the dealer. You should ask for a unit that doesn't have them installed, or find a different dealer who doesn't inflate the price with these unnecessary add ons.

    And, the discount does not tell me if the $1500 lease cash is included or not. You should use the shopping tools at the top of the page to get the invoice price of the Odyssey, then use that as the starting point for your negotiations. Your goal is to get to a selling price of invoice minus the $1500 lease cash.

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  • samcacprsamcacpr Member Posts: 7

    Thanks

  • doovdoov Member Posts: 7

    Looking to lease a 2014 odyssey EXL w/ RES in SE Michigan. Started with the National deal...EXL (NO RES, 36 mon/12k for $299 with $3499 down) and working my way from there.

    Looking for 36 month 15K lease on EXL w/ RES.
    MSRP $38,055
    Sale Price $33007
    Fees $247(doc fee, E filing, license title)
    MI sales tax 6%
    Residual 54% (20.549.70)
    They haven't told me the money factor.
    They have offered me $320 per month with $4299.38 at closing including all taxes and acquisition fees, etc. it sounds like(have to confirm that tomorrow).
    Please advise.

  • kyfdxkyfdx Moderator Posts: 235,200

    @doov said:
    Looking to lease a 2014 odyssey EXL w/ RES in SE Michigan. Started with the National deal...EXL (NO RES, 36 mon/12k for $299 with $3499 down) and working my way from there.

    Looking for 36 month 15K lease on EXL w/ RES.
    MSRP $38,055
    Sale Price $33007
    Fees $247(doc fee, E filing, license title)
    MI sales tax 6%
    Residual 54% (20.549.70)
    They haven't told me the money factor.
    They have offered me $320 per month with $4299.38 at closing including all taxes and acquisition fees, etc. it sounds like(have to confirm that tomorrow).
    Please advise.

    .00055 MF and 52% residual. $1500 lease cash. The EX-L w/RES residual is 2% lower than the EX-L, which adds a lot to the lease cost. (higher MSRP, lower % residual). If they are showing you 54%, I'd say they are quoting you 12K/yr, instead of 15K. (or, quoting numbers for the EX-L without RES)

    Assuming sales price, plus $595 acq.fee and $3500 CAP cost reduction, I get a payment of $293/mo + tax. That's about $10/mo. less than your quote, but I don't know the breakdown exactly of the $4300 due.

    Just because the ad shows $3500 down doesn't mean you have to do that.. (and, I wouldn't). Keep the $3500 in your pocket and have them add it to the CAP cost (or, not subtract it, to be accurate). That will add about $100/mo. to your pre-tax payment, but it will also give you a clear representation of the cost of your lease.

    Oh yeah.. check that residual percentage.

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  • doovdoov Member Posts: 7

    Thank you. Yes, you are correct that the residual for 36month/15K lease is 52%( $19788.60). They were quoting me 36/12k originally. Total Cap Cost as written is $30,106.12 (Sale price $33007 + $595 acquisition - $3637 cap reduction). The rest of the $4300 down is (first month payment $332, fees/insurance $247, taxes $231.69). The monthly payment is $314.04 before tax/ $332.88 after taxes (first month included so only 35 payments). They list the MF on their documents as the 0.00055. Does that change your base calculations from $293/month?

    They are also covering ~$450 (~3000 miles @$0.15/mile) in mile overage on my current lease separately(which is why I am going with the higher 15 K this time as we plan to do more driving this time around and don't want to have to worry about it or skimp).

    I don't mind paying more upfront and save on the interest anyway. so am fine with more upfront.

    One additional question, I have explored the idea of a single lease payment to further save on interest, given that interest rates are so low for the money I have sitting around and higher on their financing certainly. He used different formulas, but apparently(and I have to compare all the numbers as he went through it really fast which always makes me suspicious), the total one lease payment is $15072.98 out the door, while the total of the above deal payments are 35 x 332.88 +$4299 out the door = 16,099.80 for a net savings of about $1000 over the course of the lease. I have found a lot less online about single lease payments, but the theory of saving on the interest payments makes logical sense, although I have read there are risks if the car is stolen, totalled, etc. Any thoughts about this?

  • kyfdxkyfdx Moderator Posts: 235,200

    The problem with One-Pay on this vehicle, is the money factor is very low to start with. When they calculate a One-Pay lease, they substitute a lower money factor, calculate the lease as a normal lease, then add up the resulting (lower) payments.

    The normal discount for One-Pay on a Honda lease is .00080. But, with the base money factor on the Odyssey only being .00055, they can only take it down to .00001, for a discount of .00054. So, $28-$30/mo. pretax is about all you can save. If it had a higher money factor, the savings would be closer to $40-$45/mo.

    If you have $16K sitting around in a money market fund earning 0.01% interest, and that isn't your emergency fund, then it's a reasonable use of your money. But, if not, then I'd just stick with the regular lease (and, roll that $3500 into the lease payment).

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  • johnrobbins2johnrobbins2 Member Posts: 3

    Felt slightly shafted yesterday trying to get a lease on a EX-L w/RES. Started with the Touring, but the price was too high. Since they had my "number" from that point, they stuck around that for the EX-L w/RES ($370 /month - $3k down not including 1st month). They didn't have the car on the lot so nothing is in stone yet, and I'm looking to see if I can get a better deal with a fresh start at a new dealership. Any tips on starting with the EX-L National Deal then bumping to the EX-L w/RES or should I start with the EX-L w/RES and try to just work that route alone?

    Appreciate the advice!

  • kyfdxkyfdx Moderator Posts: 235,200

    If you want the EX-L with RES, then the residual is 2% lower than than the EX-L. That, plus an MSRP that is $1600 higher. All other numbers and incentives are the same.

    EX-L with RES will be $50-$55 per month more than the EX-L, given the same parameters.. If you want to use the advertised deal as a barometer, then that's your delta. You might as well negotiate for the vehicle you want, from the start. Springing it on them later will not change those numbers.

    Personally, I couldn't stomach paying $1800-$2000 extra over the life of a lease, for a $1600 MSRP option.. but, maybe that's just me.. :)

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  • johnrobbins2johnrobbins2 Member Posts: 3

    haha thanks for the quick response kyfdx. This is our first lease so it's all so new and overwhelming! We have twin girls who are going to be using the RES quite a bit over the next 3 years so it's worth it this time around!

    I'll take that advice though with starting on the actual vehicle.

    Last question, I've been doing a ton of reading and trying to estimate how much each factor in leasing actually affects the monthly payments. I only have about $3500 MAX for the down payment. Any advice on dropping that for a slightly higher monthly payment (any initial cash saved out of my pocket is extremely helpful)? When we bought our house there was a fine line on moving the interest rate vs down payment and how it helped us get everything sorted out. I figure car buying isn't any different, just not sure where that line is! :smile:

  • kyfdxkyfdx Moderator Posts: 235,200

    Sure... the dealer doesn't care about your downpayment. Advertised leases are structured with hefty cash upfront, so the can advertise a lower lease payment. Every $1000 adds or subtracts about $28/$30 per month, pretax from the lease payment... So, if it's structured with $3500 upfront, rolling that into the lease will add about $98-$105 per month to the payment.

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  • mochlamochla Member Posts: 5

    @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.

    The Illinois Automobile Dealers Association had this on their website and I called and got confirmation that the bill will not go into effect until 1/1/15. They will be modifying the effective date within the bill of 7/1/14 to match the 1/1/15 date. Here is a link to their site:
    http://illinoisdealers.com/

    So now I have to decide between paying the extra lease tax or waiting 7 months to lease a car.
    Ugh!

  • cndnbkncndnbkn Member Posts: 76

    Thanks again to all the posters and moderators in this forum. We just picked up a 2014 Honda Odyssey EX-L Diamond White Pearl with Truffle interior. Purchase price Paid 31,279, MSRP $36,455, down payment $425(includes first month payment and $75 tag fee).

    36 months, 12k miles per year, 56% residual(20,414.88), .00055 money factor(1.32%)

    Payment was $343 per month for just depreciation and rent, tax(3% just on depreciation in NC) was rolled in and added $10.xx per month. Total payment $353.89.

    A good lease as I see it is getting the payment to be 1% of MSRP with effectively no money down, in this case we are at .941 which is an excellent lease.

    Great vehicle, could not be happier with all the tech, safety and luxury in this vehicle.

    no trade in or anything else to cloud these numbers.

  • kyfdxkyfdx Moderator Posts: 235,200

    That's a really nice deal.. thanks for reporting back. Nothing like real-world numbers.

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  • thelexthelex Member Posts: 6

    We've been offered this deal for a 2014 Odyssey Touring Elite.

    36 month lease
    15k mi/yr = 36k mi total

    Cap Cost $39,535.00
    $568.86 first payment incl our local tax
    $595 Honda Financial Services acquisition fee
    $385.75 DMV license and registration
    $1567.61 total drive off

    How does this deal sound? Thanks

  • thelexthelex Member Posts: 6

    oops, I mean 45k mi total on the lease

  • MichaellMichaell Moderator Posts: 240,145

    @thelex said:
    We've been offered this deal for a 2014 Odyssey Touring Elite.

    36 month lease
    15k mi/yr = 36k mi total

    Cap Cost $39,535.00
    $568.86 first payment incl our local tax
    $595 Honda Financial Services acquisition fee
    $385.75 DMV license and registration
    $1567.61 total drive off

    How does this deal sound? Thanks

    What is the MSRP?

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  • thelexthelex Member Posts: 6

    $45,280 is the MSRP

  • MichaellMichaell Moderator Posts: 240,145

    @thelex said:
    $45,280 is the MSRP

    Thank you ... using your MSRP and selling price with the residual of 49% and a base MF of .00055, I calculate a pre-tax payment of $515.83. Does your selling price include the $1500 lease cash available from Honda this month?

    Also, what state is this in? Illinois, Texas and Georgia have different tax laws that increase the lease payment.

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  • johnrobbins2johnrobbins2 Member Posts: 3
    Michell, anywhere I can find that $1500 Honda lease cash online anywhere so I can show it to the dealer?
  • MichaellMichaell Moderator Posts: 240,145

    @johnrobbins2 said:
    Michell, anywhere I can find that $1500 Honda lease cash online anywhere so I can show it to the dealer?

    You can check the 'incentives' pages here at Edmunds or maybe even on the Honda website.

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  • thelexthelex Member Posts: 6

    Yes, the selling price includes the $1500 lease cash. I've had other dealers try and tell me that you don't get the lease cash if you negotiate down the selling price lol.

    @Michaell said: Thank you ... using your MSRP and selling price with the residual of 49% and a base MF of .00055, I calculate a pre-tax payment of $515.83. Does your selling price include the $1500 lease cash available from Honda this month?
    Also, what state is this in? Illinois, Texas and Georgia have different tax laws that increase the lease payment.

  • aytayt Member Posts: 13

    Hi... I am new here. I am interest in leasing a 2014 Honda Odyssey EX-L. I was quoted the following over the phone. Can you please let me know if this is a good deal or close to it. Thank you.

    MSRP: $36,455 (Don't have the negotiated price)
    Monthly Payment: $405 including tax at 9% (CA)
    Term: 36 months and 15K miles per year
    Down payment: $1,000 (includes 1st month payment)

  • MichaellMichaell Moderator Posts: 240,145

    @ayt said:
    Hi... I am new here. I am interest in leasing a 2014 Honda Odyssey EX-L. I was quoted the following over the phone. Can you please let me know if this is a good deal or close to it. Thank you.

    MSRP: $36,455 (Don't have the negotiated price)
    Monthly Payment: $405 including tax at 9% (CA)
    Term: 36 months and 15K miles per year
    Down payment: $1,000 (includes 1st month payment)

    Seems to be a fair deal, though without the selling price it's hard to fully evaluate.

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  • aytayt Member Posts: 13

    Hi Michaell...I called the dealer back and they quoted me selling price of about $31,827...With that information, would you be able to tell me if good deal

  • MichaellMichaell Moderator Posts: 240,145

    @ayt said:
    Hi Michaell...I called the dealer back and they quoted me selling price of about $31,827...With that information, would you be able to tell me if good deal

    Using your MSRP and selling price with the MF of .00055 and residual value of 54%, I get a pre-tax payment of $365.59. 9% tax takes the payment of $398.49, pretty close to the $405/mo that the dealer quoted.

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  • thelexthelex Member Posts: 6
    edited June 2014

    This is in California. And yes, the selling price includes the $1500 lease cash. Thx

    @thelex said:
    Yes, the selling price includes the $1500 lease cash. I've had other dealers try and tell me that you don't get the lease cash if you negotiate down the selling price lol.

    Also, what state is this in? Illinois, Texas and Georgia have different tax laws that increase the lease payment.

  • akh217akh217 Member Posts: 4

    Hello, I just found this page and I want to thank everyone for the great information here! I'm looking to lease an Odyssey in Southern California and I was wondering if the $1500 lease cash is still available? I thought I read somewhere that it was expired. I'm going back to a dealer that had initially quoted me the following for the EX-L: $34,000 $2400 down $410/month. I am actually looking for an EX-L RES now and hopefully in a better position to negotiate.

  • MichaellMichaell Moderator Posts: 240,145

    @akh217 said:
    Hello, I just found this page and I want to thank everyone for the great information here! I'm looking to lease an Odyssey in Southern California and I was wondering if the $1500 lease cash is still available? I thought I read somewhere that it was expired. I'm going back to a dealer that had initially quoted me the following for the EX-L: $34,000 $2400 down $410/month. I am actually looking for an EX-L RES now and hopefully in a better position to negotiate.

    $1500 lease cash is still available.

    What lease term and miles per year?

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  • akh217akh217 Member Posts: 4
    edited June 2014

    It was for a 3 year 12,000 mile term. I'm looking for a good price(monthly) I can shoot for with 0 down or $1000 down. I'm getting the impression, from looking around, that putting more down on a lease is not ideal. Thanks!

  • MichaellMichaell Moderator Posts: 240,145

    @akh217 said:
    It was for a 3 year 12,000 mile term. I'm looking for a good price(monthly) I can shoot for with 0 down or $1000 down. I'm getting the impression, from looking around, that putting more down on a lease is not ideal. Thanks!

    We recommend not putting money down to lower your payment.

    Be aware that the residuals on the EX-L with RES are 2 points lower than on the EX-L.

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  • wifesayssowifesaysso Member Posts: 1

    Just signed a new lease-Philly Western Suburbs, EX-L RES,$440/month, w tax, 36/12k, no money down. They got me out of current lease 1 year early.
    Had been quoted as much as $540/ month. In awe of the lower prices on this forum. How did I do?

  • akh217akh217 Member Posts: 4
    Thanks for the help! Would it make a big difference if we were to hold off until July?
  • MichaellMichaell Moderator Posts: 240,145

    @akh217 said:
    Thanks for the help! Would it make a big difference if we were to hold off until July?

    It's hard to predict what the numbers will be next month - could be better, could be worse.

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  • akh217akh217 Member Posts: 4

    Thanks, that's what I figured. I did end up back at the dealer and got the following:
    2014 Odyssey EX-L White Diamond Pearl/Truffle

    3 year 12,000 Miles/year
    MSRP $36,445
    Sale Price $32,600
    Additional Cap cost - $595 (I think this is the bank fee)
    Down: $1000 (includes 1st payment)
    $414.84/month (including 9% tax)
    RV 56% ($20,409.20)

    Probably not the greatest deal, but way better than I could have done without this forum. I'm fairly certain of the numbers, although I am going from memory as I left the paperwork at home. Thanks!

  • thelexthelex Member Posts: 6

    Update: We just got a 2014 Touring Elite 36 mo lease @ 15k mi/yr. Total lease payment including local tax in California is $550/mo. Drive off out of my pocket was net ZERO. I didn't have to put one penny down to drive the vehicle off the lot.

    We had a 2011 Touring Elite that was 2 months from the end of lease. Vehicle was already over it's mileage cap by 850 mi. Slight damage to front and rear bumpers the form of scratches. Otherwise vehicle is in great shape.

    Payoff on the old van was about $26k. KBB fair value on trade in was about 29k. They offered us enough on the trade to pay off the remaining 2 months lease, cover the damages, and take care of the end of lease $350 termination fee.

    This is actually about $100 less than our old lease payment. And we got a higher mileage allotment.

  • jtg22jtg22 Member Posts: 3
    edited June 2014

    can you please let me know if this is a fair deal? 14 EX-L MSRP: $36,455. Purchase price: somewhere around $32,500. $0 drive off. $0 down. all taxes, fees, ttl, etc rolled up into payments. $415/mo 36 mos. 12k miles. southern california. thanks.

  • speedra421speedra421 Member Posts: 7

    I just signed paperwork to lease a 2014 Odyssey EX-L without RES and without NAV. Color = Smoky Topaz. Selling price was 29490. No money down. Including 3% sales tax and first year property taxes payments are 375/month for 36 month/15K lease. Money factor 0.00055. Residual was 54%. Deal was done in VA but registering the car in NC. I think this was a good deal but just wondering what other people are getting. Thanks!

  • chuckjrchuckjr Member Posts: 95

    What are the residual and MF on the 2014 Ex and EX-L 36 mos 12k miles?

    Does anyone know if Honda will offer a loyalty credit if I trade in an acura?

    thanks.

  • MichaellMichaell Moderator Posts: 240,145

    @chuckjr said:
    What are the residual and MF on the 2014 Ex and EX-L 36 mos 12k miles?

    Does anyone know if Honda will offer a loyalty credit if I trade in an acura?

    thanks.

    EX and EX-L have the same residual at 56% for 36/12 and MF of .00055. $1000 lease cash on EX; $1500 on EX-L.

    Don't know of any loyalty credits from Honda.

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  • chuckjrchuckjr Member Posts: 95

    thanks. How much do those numbers on the Ex-L change for 24 mos?

  • kyfdxkyfdx Moderator Posts: 235,200

    @chuckjr said:
    thanks. How much do those numbers on the Ex-L change for 24 mos?

    63% residual.

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  • chuckjrchuckjr Member Posts: 95

    thanks kyfdx@Edmunds

  • pokergempokergem Member Posts: 9

    Hi everyone! First time leasing a car, can someone tell me how this looks (I am in NJ):

    2014 Honda Odyssey Touring
    Exterior Color: Crystal Black
    Interior: Truffle
    MSRP: $42,710.00
    Selling Price: $39,103.00
    Lease Term: 36 Months
    Mileage: 12,000 per year
    Out-of-pocket: $1,000.00
    Monthly Payment: $577.00
    Out-of-pocket: $2,000.00
    Monthly Payment: $545.00

    I was told that the residual was 51% or $21,782 and the money factor is .00055. I am coming up with $553 w/ no money down. is that correct?!?

  • kyfdxkyfdx Moderator Posts: 235,200

    I get $515/mo.+ tax..

    No money down and $1000 out of pocket are pretty much the same thing... For $1000 out of pocket, the $1000 goes to the first payment and title/registration fees. So, you have to add the $595 acquisition fee to the CAP cost. Adding in $595, I get $532./mo. + tax.. That makes $577/mo. pretty close...

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  • awise1awise1 Member Posts: 2

    Below is what I was JUST offered moments ago via email. Southeastern PA, 25 miles west of Philly.

    2014 Odyssey EX-L

    MSRP $36455.00
    Your Sale Price $32450.00
    Trade $10600.00
    includes payoff
    Money Factor .00055
    residual 56% or $20415.00

    35 payments of $439.00 plus tax = 478.94 out the door
    with only $730.00 due at signing

    What do you think?

  • awise1awise1 Member Posts: 2

    @wifesaysso said:
    Just signed a new lease-Philly Western Suburbs, EX-L RES,$440/month, w tax, 36/12k, no money down. They got me out of current lease 1 year early.
    Had been quoted as much as $540/ month. In awe of the lower prices on this forum. How did I do?

    Better than me. What dealer did you go to? I was offered this at Roberts in Downingtown:

    2014 Odyssey EX-L

    MSRP $36455.00
    Your Sale Price $32450.00
    Trade $10600.00 includes payoff Money Factor .00055 residual 56% or $20415.00

    35 payments of $439.00 plus tax = 478.94 out the door with $730.00 due at signing

  • chuckjrchuckjr Member Posts: 95

    The deal @awise1 posted is the same I was offered in LA and seems to be coming from Honda with the 1500 dealer cash built in. I have only seen the "deal" listed on one local dealers site but they are listing it as a MFR offer.
    With $1200 drive off I was quoted $375 pre-tax. Sales price was $32900

    _Manufacturer Offer
    2014 Odyssey 6 Speed Automatic EX w/ Leather Featured Special Lease

    $299 per month for 36 months
    $3,499 cash due at signing
    Applies to select new 2014 Honda Odyssey.
    Offer only valid 5-13-2014 through 7-07-2014
    $299.00 per month for 36 months. $3,499.00 total due at signing._

  • jsalimaojsalimao Member Posts: 2
    Hi, I am looking at leasing a 2014 Odyssey but the price I was quoted seems off. I thought I was prepared by checking what the tmv was but the numbers didn't add up. I was quoted 26,000 plus ~900 for inception for the LX which seemed like a good deal based on the tmv of 27,700. The invoice was 29,000. However the payment was 372 per month (36 month/12k). I believe this is after tax (7%). Do they usually sell the car for less when doing a lease? Do the numbers add up here? I didn't think I needed to know to MF or residual. I thought these were fixed. Do these need to be negotiated? It seems like people are being quoted less for the EX. Thanks in advance!
  • MichaellMichaell Moderator Posts: 240,145

    @jsalimao said:
    Hi, I am looking at leasing a 2014 Odyssey but the price I was quoted seems off. I thought I was prepared by checking what the tmv was but the numbers didn't add up. I was quoted 26,000 plus ~900 for inception for the LX which seemed like a good deal based on the tmv of 27,700. The invoice was 29,000. However the payment was 372 per month (36 month/12k). I believe this is after tax (7%). Do they usually sell the car for less when doing a lease? Do the numbers add up here? I didn't think I needed to know to MF or residual. I thought these were fixed. Do these need to be negotiated? It seems like people are being quoted less for the EX. Thanks in advance!

    residual is set by the bank and cannot be changed by the dealer. the base MF, on the other hand, can (and often is) marked up by the dealer for extra profit.

    It's also important to note that the dealer may use a company other than Honda Finance for leases - we don't have any of their numbers to validate.

    Leases should be negotiated like a purchase - secure the best price using the tools at the top of the page, subtract out the lease cash, and that becomes your net cap cost.

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  • chuckjrchuckjr Member Posts: 95

    @Michaell I had a question regarding your comment "Leases should be negotiated like a purchase - secure the best price using the tools at the top of the page, subtract out the lease cash, and that becomes your net cap cost."

    Is it typical that I should be able to get a great sales price and then deduct dealer cash from the great sales price? Recently both Acura (on the TL) and Honda (odyssey EXL) balked at that idea.

    It used to be I could rely on fleet/internet sales to be straightforward but with this round of negotiations I'm finding them just as shifty as traditional salesman

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