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2014 Honda Odyssey Lease Questions

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  • kyliebradyappakyliebradyappa Member Posts: 41
    Michaell, I checked there per your suggestion to a previous poster and there isn't much on EX-L RES. I do see a lot of people posting on EX-L with no options around the same price as what I was quoted with RES so I'm thinking it's a good deal?
  • MichaellMichaell Moderator Posts: 240,090

    @kyliebradyappa said:
    Michaell, I checked there per your suggestion to a previous poster and there isn't much on EX-L RES. I do see a lot of people posting on EX-L with no options around the same price as what I was quoted with RES so I'm thinking it's a good deal?

    Yep, the folks over on the Prices Paid board are adamant about waiting for a great price. I'd love to hear what they have to say when you post a price for the EX-L RES that is the same as their EX-L quotes. :smile:

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  • kyliebradyappakyliebradyappa Member Posts: 41
    edited August 2014
    So I'm about to agree on the following terms for an EX-L RES:

    Negotiated price: $33,500
    Honda Lease Cash: $1,500
    Equity on previous lease: $1,700 TBD ($1,200 TBD + $500 as extra incentive)
    Net Cap: $30,300 TBD

    With current 54% residual and 0.00055 MF on a 36 month/12k, I'm getting a per month estimate of $322.71 with 8% tax included. I'm thinking this is a good deal. Thoughts?
  • dragosdordragosdor Member Posts: 5

    Can someone help me with the best lease offer on a '14 Odyssey EX-L in Houston, TX Aug 2014?
    I was given a sales price of 34500 and monthly payment of $399 after a trade in equity of $3000
    (use the equity in the trade in as down payment)
    What is the best price paid for this vehicle? also I read about this $1500 cash incentive...how can I make sure I receive that? Thank you!

  • kyfdxkyfdx Moderator Posts: 235,188

    @kyliebradyappa said:
    So I'm about to agree on the following terms for an EX-L RES:

    Negotiated price: $33,500
    Honda Lease Cash: $1,500
    Equity on previous lease: $1,700 TBD ($1,200 TBD + $500 as extra incentive)
    Net Cap: $30,300 TBD

    With current 54% residual and 0.00055 MF on a 36 month/12k, I'm getting a per month estimate of $322.71 with 8% tax included. I'm thinking this is a good deal. Thoughts?

    Can't calculate without knowing the MSRP. Are you positive you are getting $1500 off the negotiated price? The $1500 is dealer lease cash. If they've quoted you a number, they have probably already included it. Also, what is the meaning of TBD in regards to your lease equity and Net Cap? To Be Determined?

    Don't forget to account for acquisition fee, title/license/doc fees.

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  • MichaellMichaell Moderator Posts: 240,090

    @dragosdor said:
    Can someone help me with the best lease offer on a '14 Odyssey EX-L in Houston, TX Aug 2014?
    I was given a sales price of 34500 and monthly payment of $399 after a trade in equity of $3000
    (use the equity in the trade in as down payment)
    What is the best price paid for this vehicle? also I read about this $1500 cash incentive...how can I make sure I receive that? Thank you!

    What is the MSRP? Use the pricing tools at the top of the page to determine your target price, either with or without the $1500 lease cash.

    What lease term and how many miles per year?

    We recommend that you not use your trade equity as a down payment - if the vehicle is stolen or totaled, you would be out that money.

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  • kyliebradyappakyliebradyappa Member Posts: 41
    Hi kyfdx,

    I know you need the MSRP to calculate but I I don't have the exact price yet so I just used the $38,055 standard for the time being. I will get the MSRP later today and will let you know.

    As for the $1.5k cash, I know it is not baked in that number as I was negotiating on possibly purchasing the vehicle. They also confirmed I would get it on top of the negotiated price.

    The TBD on the equity of trade in and net cap is due to the fact that they haven't inspected my current lease yet. I told them how many miles under I was and they gave me an estimate on how much I could possibly receive towards the new lease pending inspection...hence TBD. I'm pretty sure they will eat into this to make some money "back" once they inspect.
  • dragosdordragosdor Member Posts: 5

    @Michaell said:
    We recommend that you not use your trade equity as a down payment - if the vehicle is stolen or totaled, you would be out that money.

    Michael I don't know the exact MSRP on the vehicle they offered, but I remember the only dealer installed option was a $299 tint. So I would estimate $36600+$299 to be the starting MSRP price.
    Lease calculation is for 3yr/12k

    On the equity down payment issue...I don't understand your recommendation. If they require some $2000+tax at signing, then is it better to put cash instead of trade? Will that make a difference in case of a total?

  • MichaellMichaell Moderator Posts: 240,090

    @dragosdor said:
    On the equity down payment issue...I don't understand your recommendation. If they require some $2000+tax at signing, then is it better to put cash instead of trade? Will that make a difference in case of a total?

    I don't buy into the concept of required money due at signing. It's your choice to roll in any upfront taxes and fees into the cap cost or pay them up front. If you want to pay it up front, certainly you can choose to use cash or trade equity. If not, then the payment would go up accordingly.

    What we're recommending is not to put any down payment (or cap cost reduction) at the beginning of the lease. If the car is stolen or totaled, you would be out that money.

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  • i_spyi_spy Member Posts: 41

    Hi there,

    I am debating between two models. Could you please let me know the residual and money factor on a 36 months / 10k miles per year lease on the following?
    I assume the $1500 lease credit can apply for both models. Also, usually how much does Honda charge on lease end excess miles? Is it possible to lower the MF even lower with multiple deposits?

    2014 Odyssey EX-L
    2014 Odyssey EX-L w/ RES

    Thanks,

    i-Spy

  • MichaellMichaell Moderator Posts: 240,090

    @i_spy said:
    Hi there,

    I am debating between two models. Could you please let me know the residual and money factor on a 36 months / 10k miles per year lease on the following?
    I assume the $1500 lease credit can apply for both models. Also, usually how much does Honda charge on lease end excess miles? Is it possible to lower the MF even lower with multiple deposits?

    2014 Odyssey EX-L
    2014 Odyssey EX-L w/ RES

    Thanks,

    i-Spy

    Honda does not support 10K leases; the RV for 36/12 on the EX-L is 56% and on the EX-L w/ RES is 54%. .00055 MF and $1500 lease cash.

    Honda does not support multiple security deposits, as the base MF is so low to begin with.

    I don't have the exact numbers from Honda, but I suspect the overage is charged at .10 to .25 per mile.

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  • i_spyi_spy Member Posts: 41

    Thanks, Michaell

    One more question. What's the current standard/wholesale bank fee if I go through Honda Finance for the lease?

  • kyfdxkyfdx Moderator Posts: 235,188

    @i_spy said:
    Thanks, Michaell

    One more question. What's the current standard/wholesale bank fee if I go through Honda Finance for the lease?

    $595

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  • mscott07mscott07 Member Posts: 9

    Hi, I am planning to contact a dealer tomorrow about leasing an EX-L w/ RES and was wondering about this $1500 lease cash. I can't find anything about it. Please tell! Thanks. :-)

  • kyfdxkyfdx Moderator Posts: 235,188

    @mscott07 said:
    Hi, I am planning to contact a dealer tomorrow about leasing an EX-L w/ RES and was wondering about this $1500 lease cash. I can't find anything about it. Please tell! Thanks. :-)

    It's cash that Honda pays the dealer for selling/leasing the vehicle. Since you know about it, you can adjust your offer accordingly.

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  • ranajoranajo Member Posts: 57

    Hi, am looking to lease an Odyssey EX in Dallas.

    What are the supported lease programs by Honda? I assume it is 3 years with 12K miles. Could you provide me with the money factor and residuals based on 12K and 15K miles on a 3 year lease? If the optimal supported lease is longer than 3 years, please provide the relevant information for that period.

    Also, what is the bank fee that is charged on a lease? Does the EX qualify for the $1,500 incentive?

    Please note that this is for an EX as opposed to a EX-L.

    Thanks for your help. I am hoping to conclude a deal this weekend and so this information is obviously critical. Most of the money factor and residual information seems to be for the EX-L.

  • mscott07mscott07 Member Posts: 9

    Thank you, I did find the lease cash online. Where are the lease negotiating tools mentioned at the top of the page?

  • mscott07mscott07 Member Posts: 9

    Also, ive seen you mentioned the exl w/ res is 2 points lower on residual. What does that mean exactly?

  • i_spyi_spy Member Posts: 41
    Just got a deal on a 2014 Ody EX-L. $385 per month for 35 months, $0 drive off. sounds good?
  • i_spyi_spy Member Posts: 41
    On a 36 months lease with 12k per year
  • MichaellMichaell Moderator Posts: 240,090

    @i_spy said:
    Just got a deal on a 2014 Ody EX-L. $385 per month for 35 months, $0 drive off. sounds good? 36mo 12k

    What were the MSRP and selling price?

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  • MichaellMichaell Moderator Posts: 240,090

    @ranajo said:
    Hi, am looking to lease an Odyssey EX in Dallas.

    What are the supported lease programs by Honda? I assume it is 3 years with 12K miles. Could you provide me with the money factor and residuals based on 12K and 15K miles on a 3 year lease? If the optimal supported lease is longer than 3 years, please provide the relevant information for that period.

    Also, what is the bank fee that is charged on a lease? Does the EX qualify for the $1,500 incentive?

    Please note that this is for an EX as opposed to a EX-L.

    Thanks for your help. I am hoping to conclude a deal this weekend and so this information is obviously critical. Most of the money factor and residual information seems to be for the EX-L.

    Odyssey EX and EX-L have the same RV - 54% for 36/15. Add 2% for 12K.

    .00055 MF. The difference is the lease cash is $1000 on the EX but $1500 on the EX-L

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  • MichaellMichaell Moderator Posts: 240,090

    @mscott07 said:
    Also, ive seen you mentioned the exl w/ res is 2 points lower on residual. What does that mean exactly?

    If the residual on the EX-L is 51%, the residual on the EX-L with RES would be 49%.

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  • brizzlebrizzle Member Posts: 7
    Got a offer today on EXL with RES MSRP $38205 sale price $35072. 36 /12 lease for $466 down and $466 a month OTD in SC. Good deal ? Or can we do better?
  • MichaellMichaell Moderator Posts: 240,090

    @brizzle said:
    Got a offer today on EXL with RES MSRP $38205 sale price $35072. 36 /12 lease for $466 down and $466 a month OTD in SC. Good deal ? Or can we do better?

    54% and .00055 MF. With your MSR and selling price, I get a pre-tax payment of $431.78.

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  • brizzlebrizzle Member Posts: 7
    So with tax, tag , and other fees ( approx) $1000, not a bad deal? Does MF and RV change on the touring or touring elite?
  • MichaellMichaell Moderator Posts: 240,090

    @brizzle said:
    So with tax, tag , and other fees ( approx) $1000, not a bad deal? Does MF and RV change on the touring or touring elite?

    MF is the same for all trim levels. Touring and Touring Elite RV for 36/12 drops to 51%.

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  • yortizyortiz Member Posts: 42

    Is the residual on a 2014 EX-L 54 or 56%? I see both mentioned in previous posts this month. Thanks.

  • kyfdxkyfdx Moderator Posts: 235,188

    @yortiz said:
    Is the residual on a 2014 EX-L 54 or 56%? I see both mentioned in previous posts this month. Thanks.

    What term and mileage?

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  • yortizyortiz Member Posts: 42
    36 months/12k and 15k. Thanks.
  • MichaellMichaell Moderator Posts: 240,090

    @yortiz said:
    Is the residual on a 2014 EX-L 54 or 56%? I see both mentioned in previous posts this month. Thanks.
    36 months/12k and 15k. Thanks.

    36/15 is 54%.

    36/12 is 56%

    This is for the "base" EX-L, without NAV or RES. Deduct 2% from RV if you want either.

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  • kyfdxkyfdx Moderator Posts: 235,188

    @yortiz said:
    36 months/12k and 15k. Thanks.

    56% and 54%

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  • coj142coj142 Member Posts: 3

    First time attempt at leasing. Looking at EX-L w RES or Touring. We live in DC, so we're talking with dealerships in VA and MD. I remember seeing something on this thread about MD dealerships having slightly higher lease payments because how they work the transaction/taxes or something. It was a NOVA post.

    Am I remembering this correctly? Do VA or MD dealerships use all the same metrics/parameters?

    Also, has anyone had a decent experience in the last two weeks in getting a good price at an area dealership they'd be willing to recommend.

    Thanks.

  • MichaellMichaell Moderator Posts: 240,090

    @coj142 said:
    First time attempt at leasing. Looking at EX-L w RES or Touring. We live in DC, so we're talking with dealerships in VA and MD. I remember seeing something on this thread about MD dealerships having slightly higher lease payments because how they work the transaction/taxes or something. It was a NOVA post.

    Am I remembering this correctly? Do VA or MD dealerships use all the same metrics/parameters?

    Also, has anyone had a decent experience in the last two weeks in getting a good price at an area dealership they'd be willing to recommend.

    Thanks.

    Virginia applies sales tax to the monthly payment; Maryland applies sales tax to the entire selling price up front - you either pay this amount at lease signing or have it added to the cap cost.

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  • hwboihwboi Member Posts: 2
    Hi,

    Can anyone tell me if the current MF for a 2014 EX-L lease is still .00055? Also, is the $1,500 lease incentive still available? I did some searching and I think it's $500 right now.

    Trying to get a lease in the $400 or less ball park with $0 down in Houston, TX.

    I have a quote for a 2015 EX-L with sales price of $33,043, residual of 21230.90 and monthly of $482. I don't have info on MF but the lease seems high to me.

    There is a Honda dealership on MA that lets me price out a lease on their website for a 2014 EX-L. Capitalized cost of $32,097.91 for a sign and drive, MF 0.00039 (not sure if this is possible given current promotions) with monthly of $354. If this is true, I'm inclined to purchase from them and ship it down to Houston!

    First time leaser, am I just getting bad deals in Houston?
  • kyfdxkyfdx Moderator Posts: 235,188
    hwboi said:

    Hi,

    Can anyone tell me if the current MF for a 2014 EX-L lease is still .00055? Also, is the $1,500 lease incentive still available? I did some searching and I think it's $500 right now.

    Trying to get a lease in the $400 or less ball park with $0 down in Houston, TX.

    I have a quote for a 2015 EX-L with sales price of $33,043, residual of 21230.90 and monthly of $482. I don't have info on MF but the lease seems high to me.

    There is a Honda dealership on MA that lets me price out a lease on their website for a 2014 EX-L. Capitalized cost of $32,097.91 for a sign and drive, MF 0.00039 (not sure if this is possible given current promotions) with monthly of $354. If this is true, I'm inclined to purchase from them and ship it down to Houston!

    First time leaser, am I just getting bad deals in Houston?

    The money factor is .00049, this month. .00039 if you use the true "Sign and Drive" program. EX-L trim and above still have $1500 lease cash.
    Lease taxes are very high in Texas. Unless they have tax credits, you are paying sales tax on the full selling price of the vehicle. Taxes alone will be over $50/mo. on an Odyssey lease in Texas.

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  • hwboihwboi Member Posts: 2
    kyfdx,

    Thanks, I really appreciate it! Yeah, I've heard the same about lease taxes in Texas.
  • mannydommannydom Member Posts: 41
    edited September 2014
    kyfdx said:

    hwboi said:

    Hi,

    Can anyone tell me if the current MF for a 2014 EX-L lease is still .00055? Also, is the $1,500 lease incentive still available? I did some searching and I think it's $500 right now.

    Trying to get a lease in the $400 or less ball park with $0 down in Houston, TX.

    I have a quote for a 2015 EX-L with sales price of $33,043, residual of 21230.90 and monthly of $482. I don't have info on MF but the lease seems high to me.

    There is a Honda dealership on MA that lets me price out a lease on their website for a 2014 EX-L. Capitalized cost of $32,097.91 for a sign and drive, MF 0.00039 (not sure if this is possible given current promotions) with monthly of $354. If this is true, I'm inclined to purchase from them and ship it down to Houston!

    First time leaser, am I just getting bad deals in Houston?

    The money factor is .00049, this month. .00039 if you use the true "Sign and Drive" program. EX-L trim and above still have $1500 lease cash.
    Lease taxes are very high in Texas. Unless they have tax credits, you are paying sales tax on the full selling price of the vehicle. Taxes alone will be over $50/mo. on an Odyssey lease in Texas.
    Is the MF of .00049 mentioned above applicable for 2015 EX-Ls as well? What about the residual of $21,230.90. Is that ok for 2015 EX-L? Thanks.
  • kyfdxkyfdx Moderator Posts: 235,188
    mannydom said:

    kyfdx said:

    hwboi said:

    Hi,

    Can anyone tell me if the current MF for a 2014 EX-L lease is still .00055? Also, is the $1,500 lease incentive still available? I did some searching and I think it's $500 right now.

    Trying to get a lease in the $400 or less ball park with $0 down in Houston, TX.

    I have a quote for a 2015 EX-L with sales price of $33,043, residual of 21230.90 and monthly of $482. I don't have info on MF but the lease seems high to me.

    There is a Honda dealership on MA that lets me price out a lease on their website for a 2014 EX-L. Capitalized cost of $32,097.91 for a sign and drive, MF 0.00039 (not sure if this is possible given current promotions) with monthly of $354. If this is true, I'm inclined to purchase from them and ship it down to Houston!

    First time leaser, am I just getting bad deals in Houston?

    The money factor is .00049, this month. .00039 if you use the true "Sign and Drive" program. EX-L trim and above still have $1500 lease cash.
    Lease taxes are very high in Texas. Unless they have tax credits, you are paying sales tax on the full selling price of the vehicle. Taxes alone will be over $50/mo. on an Odyssey lease in Texas.
    Is the MF of .00049 mentioned above applicable for 2015 EX-Ls as well? What about the residual of $21,230.90. Is that ok for 2015 EX-L? Thanks.
    .00136 MF for 2015.

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  • kimeroskimeros Member Posts: 7
    edited September 2014
    Thanks for all the great info guys. Question: I'm being offered (Central NJ area) an Odyssey EX-L 2014 with Nav with these conditions: 299 US/Month (sales tax included), 3K Down, 20,381.15 residual value, 3 years/36K miles. I'm trading in my Toyota RAV 4 2011 for 14K US (KBB says it's worth 17K, other web sites ~13-15K, I still owe 7K). I Plan to purchase the vehicle after the lease if it works for me, but that residual value is high. I'v read in this forum that this is not something the delaer has control of. What do you think of the deal and conditions, and what can I do to improve the deal? Also, How do you use the MF and residual % values? do you multiply them by the MSRP to get the monthly payments, etc.? Thanks in advance!
  • MichaellMichaell Moderator Posts: 240,090
    kimeros said:

    Thanks for all the great info guys. Question: I'm being offered (Central NJ area) an Odyssey EX-L 2014 with Nav with these conditions: 299 US/Month (sales tax included), 3K Down, 20,381.15 residual value, 3 years/36K miles. I'm trading in my Toyota RAV 4 2011 for 14K US (KBB says it's worth 17K, other web sites ~13-15K, I still owe 7K). I Plan to purchase the vehicle after the lease if it works for me, but that residual value is high. I'v read in this forum that this is not something the delaer has control of. What do you think of the deal and conditions, and what can I do to improve the deal? Also, How do you use the MF and residual % values? do you multiply them by the MSRP to get the monthly payments, etc.? Thanks in advance!

    Lots of numbers, and lots of ways for the dealer to manipulate them to their advantage.

    First - what are the MSRP and negotiated selling price of the Odyssey?

    Second - we do not recommend that you put money down or use trade equity to lower your payment. If the van is stolen or totaled, you are out that money.

    Third - residual value is set by Honda Finance and cannot be modified by the dealer.

    The only way to improve the deal is to negotiate a lower selling price and to ensure that the dealer is using the base MF in the deal (inflated money factors are rare with Honda, however).

    The residual value is calculated by multiplying the MSRP by the residual percentage. Divide that number by 36 to get the depreciation amount of the monthly payment.

    The finance charge is calculated by adding together the cap cost (selling price) and the residual value then multiplying the sum by the money factor decimal value.

    Add the two together to get the pre-tax payment.

    In NJ, the tax for a lease is calculated up front (depreciated amount x tax rate) and can either be paid for up front or it can be rolled into the cap cost and spread out over the lease term.

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  • kimeroskimeros Member Posts: 7
    I got the info Michaell: MSRP $38,455.00 + $499.00 Pro Package Total Price= $38,954.00
    included in the Pro Package are wheel locks, trunk liner, and splash guards
    already on the vechicle.

    Sales Price is $35,514.00
  • MichaellMichaell Moderator Posts: 240,090
    kimeros said:

    I got the info Michaell: MSRP $38,455.00 + $499.00 Pro Package Total Price= $38,954.00
    included in the Pro Package are wheel locks, trunk liner, and splash guards
    already on the vechicle.

    Sales Price is $35,514.00

    MF is .00049 and the residual is 55% for 36/12 for EX-L. With the MSRP and selling price you've provided, I get a pre-tax payment of $419.27/mo.

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  • kimeroskimeros Member Posts: 7
    Michaell said:

    kimeros said:

    I got the info Michaell: MSRP $38,455.00 + $499.00 Pro Package Total Price= $38,954.00
    included in the Pro Package are wheel locks, trunk liner, and splash guards
    already on the vechicle.

    Sales Price is $35,514.00

    MF is .00049 and the residual is 55% for 36/12 for EX-L. With the MSRP and selling price you've provided, I get a pre-tax payment of $419.27/mo.

    So with 3K Down, that's how they can lower that to 299 US/Month with tax included. Is your 419.27 US considering 0 down? Thanks.
  • MichaellMichaell Moderator Posts: 240,090
    kimeros said:

    Michaell said:

    kimeros said:

    I got the info Michaell: MSRP $38,455.00 + $499.00 Pro Package Total Price= $38,954.00
    included in the Pro Package are wheel locks, trunk liner, and splash guards
    already on the vechicle.

    Sales Price is $35,514.00

    MF is .00049 and the residual is 55% for 36/12 for EX-L. With the MSRP and selling price you've provided, I get a pre-tax payment of $419.27/mo.

    So with 3K Down, that's how they can lower that to 299 US/Month with tax included. Is your 419.27 US considering 0 down? Thanks.
    Yes - we do not advise putting money down on a lease. It does not save you any money and if the van is stolen or totaled, you are out that down payment money.

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    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • sbs0sbs0 Member Posts: 13
    I recently visited a dealership in Washington State and was told that they are required to include a $595 fee for all leases which includes gap insurance. Is this requirement valid? And is gap insurance necessary? Especially if folks are recommending not to put down money on the lease?
  • kyfdxkyfdx Moderator Posts: 235,188
    sbs0 said:

    I recently visited a dealership in Washington State and was told that they are required to include a $595 fee for all leases which includes gap insurance. Is this requirement valid? And is gap insurance necessary? Especially if folks are recommending not to put down money on the lease?

    Every Honda lease has a $595 acquisition fee, and all Honda leases include GAP insurance.

    GAP insurance is exactly why you don't want to put money down.. If the car is totaled, GAP covers any shortage between your insurance and the vehicle payoff.

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  • sbs0sbs0 Member Posts: 13
    thanks for the quick response kyfdx. makes sense!

    also, is there a particular time of year when to get the best deal on a lease? it seems like 2014 inventory is low. Should I wait a bit for a '15 or does it not matter?
  • kyfdxkyfdx Moderator Posts: 235,188
    sbs0 said:

    thanks for the quick response kyfdx. makes sense!

    also, is there a particular time of year when to get the best deal on a lease? it seems like 2014 inventory is low. Should I wait a bit for a '15 or does it not matter?

    This is a pretty good time of year to lease the 2014.. Because, they will all be gone, soon. It might be Spring before the rates on the 2015 are this good.

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  • ym9787ym9787 Member Posts: 1
    We just leased a 2014 Odyssey EX-L from Honda and I'm wondering how good our deal was. MSRP was 36,455 / Residual at 53% $19321.15 / sale price 32,000 / we put 2K down (hadn't yet read all your warnings on not putting money down) / 15K miles per year for 36 months / taxes and fees came out to $2410.5 (including a maintenance package for $695). our total monthly payment is $353.12. For some reason, I woke up this morning feeling like they got the better of us :(
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