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Prices Paid: Buying & Leasing Experiences Honda Odyssey Lease Questions
1835 messages, Last post on Dec 02, 2009 at 6:34 PM
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Replying to: jayrider (Jul 18, 2009 12:21 pm)
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Replying to: andy603 (Jul 18, 2009 3:49 pm) |
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I am considering buying a car from someone whose lease term is up. It is a 2007 Honda Odyssey EX-L with 35K miles. The seller tells me that her lease is up and she is considering selling the car to make a little bit of money, if she is able to make some money, she will sell it to a private party, if not, she will return it to Honda Finance. To buy the car, I (and the lessee) would need to send checks to Honda. I am trying to figure out how to evaluate the deal and the numbers on her end. Been researching money factor and residual value in the past 30 min but can't seems to make sense of those terms for this car. Would appreciate any help you could provide! Thanks!
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Replying to: car_newbie (Jul 19, 2009 8:17 pm) She'll get the title from mail (2 to 4 days) as soon as Honda received full payment. Probably when you agreed a price to buy the car, and she'll ask you to cut 2 checks : buyout for Honda, 1 profit to her. She signs the back of title and transfer ownership. Check the price in KBB re trade-in and private sale price re this car. Sale / Purchase agreement should be setup and she should not drive the car when waiting for the title in a few days. In theory the car is yours once you paid Honda and her with checks, just a matter of time for the title to arrive from Honda or RMV in mail.
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Replying to: bigdadi118 (Jul 19, 2009 9:41 pm)
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Replying to: mrthnman (Jul 20, 2009 6:14 am) |
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| My lease experience was based on spending as little physical time at the dealer possible, i.e., doing all I could by email and phone first: I picked up the Odyssey EX-L (no RER, no Nav) for 525 per month for 36 months; zero down (other than taxes, bank fee, NYS inspection fee; license and title, NYS tire waste fee). I got the fees line item broken down by email first, as well as other figures (MSRP, sale price, money factor, etc.). I did everything I could first to minimize time at dealer, including down payment and insurance by phone, but I knew I wanted an Odyssey and couldn't give a damn about the color, although they had the one I wanted. From arrival to driving off was 90 minutes, 45 of which were because they were disorganized and made mistakes on the paperwork, which I made them re-do. I would have done better not using Honda Finance b/c the money factor they offered was higher than a bank and I found a slightly cheaper price (519) elsewhere but the cheaper dealer was incompetent so I didn't bother. If I'd done the deal 3 or 4 weeks ago, it would have been substantially cheaper, folks say, but I'm happy it's over, frankly. Buying/leasing a car is the most disgusting purchase experience humans have to endure, short of a high colonic. I also tried Authority Auto's "Improve Your Deal" service, but the guy said at this moment where I was 525 was a good price, although he recommended waiting til next month for hopeful dealer cash offers. Maybe so, maybe not. Thanks for all the help on the board and from Edmunds along the way. | |
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Replying to: hondabuyer8 (Jul 22, 2009 1:10 pm)
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Replying to: mrthnman (Jul 22, 2009 1:35 pm) |
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Replying to: hondabuyer8 (Jul 22, 2009 1:10 pm) Thanks.
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