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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
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Hi skiiiii664. The money factor that you were quoted to lease this van looks right to me. This is a good sign because it means that the dealer that you are working with is not trying to mark-up your van's factor to add additional back-end profit to your deal. I cannot give you a complete assessment of this deal through because you never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be happy to give you my opinion on this van's selling price and calculate a lease payment using Honda Finance's actual lease program for you if you provide me with these numbers. Car_man Host Smart Shopper / Prices Paid Forums
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Replying to: Car_man (Oct 05, 2005 3:13 am) Thank you for your reply. The MSRP is 31345. The Vehicle price is 29258. There is a 595. acquisition fee Then there is a 900. cash reduction It says the net cap cost is 28953. I look forward to your response. Thank you for your input. Skiiiii664 |
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| Does anyone know what the buy rate lease money factor and residual value should be on a 2006 Odyssey EX for a 48 month lease with 12,000 miles a year? I will be buying in NY if that makes a difference. | |
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Replying to: mi_sat (Sep 05, 2005 10:52 am) This seems like a very good deal to me. And i missing something here? I have never leased a vehicle before. This is all very new to me. If anyone has any suggestions they are greatly appreciated. I'm going back tomorrow morning to finalize deal. thanks |
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You're very welcome Skiiiii664. It looks as though you are bring given just over a $2,000 discount on this van, which sounds reasonable to me. Let's use Honda's actual lease program to calculate a monthly payment on it and see what we come up with. According to my calculations, if you were to lease a 2006 Honda Odyssey EXL with no DVD/nav with an MSRP of $31,345 and a selling price of $29,258 through Honda Finance right now for 36 months with 15,000 miles per year, your zero down, pre-tax monthly payment should be around $405. I did not include a down payment in my calculation because I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for your Odyssey would be exactly the same, regardless of whether you had put $900 down, or had made absolutely no down payment at all. If you still want to make a $900 cap cost reduction, it would lower the payment for an otherwise identical lease of this van to around $378. With the waiver of your van's security deposit, these payments would increase to $4010 and $383, respectively. Car_man Host Smart Shopper / Prices Paid Forums |
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Hi kevinb8. If you were to lease a 2006 Odyssey EX, without leather, navigation, or the entertainment system, through Honda finance right now for 48 months with 12,000 miles per year, its buy rate lease money factor and residual value should be .00255 and 64%, respectively with the payment of a security deposit and Honda Finance's acquisition fee. Car_man Host Smart Shopper / Prices Paid Forums |
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Hi cliff1371. 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 would be happy to give you my opinion of this deal, but you never mentioned the selling price or MSRP of the van that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this van's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. Car_man Host Smart Shopper / Prices Paid Forums
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Car_man, Thanks for the info, much appreciated. Do you know what the security deposit and acquisition fee should cost me? Thanks again. |
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I am looking for and EX-L w/DVD to lease in Los Angeles. What is an appropriate deal? MSRP is 32945 Thanks
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At a dealership in Maryland I am being offered a 36 mo./15K lease of a 2006 Odyssey w/ roof rack for $439.27. This includes taxes, tags and no money down. I have been given the following info: sales price: 24556 msrp 25892 residual 62% /$16504 money factor .00325 Is this a good deal? Thanks
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