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Honda Odyssey, Car Leasing, Van
#2162 of 2988 2010 EX-L, Northern Virginia
Sep 28, 2010 (10:38 am)
Wanted to share a pleasant buying and leasing experience with everyone. Had luck with Fairfax Honda. My deal was a little tricky because I was actually trading in two vehicles and getting two vehicles. However, the Odyssey lease was actually done outside of the other two trade-ins.
Here is what happened... bought a 2007 Odyssey in Sept. 2007 and paid 26.5K (not OTD). Took the car to Carmax recently and they offered 20K. Good deal considering the car had 34K miles. We had been having issues with the stuttering engine and my wife really wanted a new one. So, we went in a negotiated a great price on a 2010 EX-L. MSRP was $34,185 and sale price was $28,675 (see more below about this price) + tax, title, acquisition fee, doc fee, etc.
Because we were getting a new car, I needed to get rid of my 2010 Acura TL SH-AWD with Tech to keep my monthly payments the same. Problem was, I couldn't find anyone to give me enough on the trade to make any deals work. However, Fairfax Honda currently has their own version of Cash for Clunkers. They will pay KBB Fair price + 10% if you get into a new vehicle which averages 3 MPG more than your current vehicle.
They agreed to honor their website and gave me $35K for the trade. We agreed to a price for an Accord (replacement vehicle), but I thought that the deal was financing or incentive. Therefore, the price I negotiated included adding the incentive back in ($1200). The sales manager told me that you can do both at which point I mentioned my negotiated price didn't take this into consideration. He was willing to work with me and basically gave me another $1,000 off the Odyssey price (was $29,675 and ended up at $28,675) and threw in a set of all weather mats for the Accord. Here is the price for the Honda Accord (with dealer throwing in Wheel Locks, All Weather Mats and Mud Guards):
Sale Price $27,839.00
Document Fees $ 385.00
Registration $ 10.00
DMV Fees $ 47.75
Tax Rate 3.2%
Tax $ 846.72
OTD (Out Of Door) $ 29,128.47
I financed using the 1.9% for 60 months. Payment = $509.
Here are the details on the Odyssey Lease:
MSRP - $34,185
Base Cap Cost - $28,675
Delivery - $included above
Adjusted Cap Cost - $30,659.75 (includes rent charge, acq. fee and doc charges)
Residual (52%) - $17,776.20
Money Factor - .0006
Term - 36 months
Sales Tax (Virginia) - 3.2%
Monthly payment - $386.94
Very happy and a very pleasant buying experience. Would highly recommend.
#2163 of 2988 Re: 2010 Odyssey EX-RES deal [dogsambam]
Sep 28, 2010 (11:59 am)
I'm located in Massachusetts. I dealt with Weymouth Honda in Weymouth, MA (near Quincy). Best of luck to you, and sorry for the delayed response--it appears you have to click on the box to get email notification of responses!
#2164 of 2988 Re: 2010 Odyssey EX-RES deal [beckman03]
Sep 28, 2010 (4:54 pm)
I hate to be a pain, but do you know how much the lease was before they added in tax? I am getting high numbers still in Illinois which is leading us to say, if we are paying high prices lets just do a 2011. I would appreciate any help you can be,
#2165 of 2988 Re: 2010 Odyssey EX-RES deal [dogsambam]
Sep 29, 2010 (4:06 am)
Tax is added on a pro-rated basis each month. So you have the base of about 394.33 plus 6.25% tax each month making the payment on the EXL R + N to be 419 after tax. Again, this was Massachusetts, so Illinois just might be different, but considering how expensive it is to live here, I'd think it wouldn't be so different!
#2166 of 2988 Re: 2010 Odyssey EX-RES deal [beckman03]
Sep 29, 2010 (7:42 am)
Beckman, thanks for your helpful posts, here's the Odyssey EX-RES deal I am considering. The dealer is in eastern Massachusetts. Here in western Mass. two dealers have an almost-monopoly (Balise & Lia), so no competition and thier deals reflect that.
These are the straight terms I received on the phone upon my first inquiry recently, I haven't made any kind of counter-offer yet.
Price: $ 26,396
money factor .0006
Due at closing:
Cap cost reduction: $1,999
Acquisition fee: $ 595
Plates & Reg: $ 129
Document Fee: $ 299
!st payment: $ 231.62
Monthly payment: $218 + 6.25 MA tax = $231.62
I didn't calculate the monthly payment, I'm using the salesman's number he gave me on the phone. I'll be trading in my old '99 Odyssey, but we haven't factored that in yet.
Can you say which items might be better negotiated?
Is it common to finance some of the up-front items in the lease? Thanks again.
Is the residual usually on the sales price or the MSRP?
Does 54% sound right?
I'd appreciate some perspective on this. Thanks so much,
#2167 of 2988 Re: 2010 Odyssey EX-RES deal [flash27]
Sep 29, 2010 (8:06 am)
Looks pretty good to me. Money factor is good. The Selling price is good, but is that your actual sales price or the total cap cost reduction (Is the sales price $26,396, or $28,395 with a $1999 cap cost reduction?). If the Sales Price is $26,396, then it's a great deal, just make sure--that's where I'd be negotiating. I'm not really good with the Cap Cost reduction because I just didn't think putting money down on a lease was worth it (better off paying down $2000 in credit card bills, instead ofa 1.44% interest lease!). Doc fee is usually not negotiable. You should be able to finance the Acquisition fee of $595 (I think that is common). 54% residual sounds right.
Are you sure you want to trade the 99 odyssey for a lease? You might get more from private party sale, unless you're interested in using the car for your cap cost reduction. Your payment sounds good. Payment will obviously go up if you decide to finance the Acq. fee.
Residual is always based on MSRP.
Good luck to you! Keep me posted if you end up taking the lease!
#2168 of 2988 Lease deal today - Acq. Fee ?
Sep 30, 2010 (5:32 pm)
Here is a summary of a lease deal I made today on a new 2010 Ody Ex.
Cap Cost: $26,530
Acquisition Fee: $595
Cap Reduction = $0
Gross Cap Cost: $27,125
Residual = 55%
Sell price $26,530 is the same as Edmunds TMV price, so I think I did good on the price.
Q: I am still wondering if I could have got this for lower???
I was surprised by the Acquisition fee but still took the deal.
It was financed through Honda.
Q: Has anyone had any success in negotiating this fee down or away?
#2169 of 2988 2010 Honda Odyssey EX-L/RES (MSRP$35,785)
Oct 01, 2010 (11:16 am)
hi car_man: can you please provide the following information?
For the month of October, 2010 ---
MF and residual % for 3 year (12K/yr.) lease
MF and residual % for 3 year (15K/yr.) lease.
$1,500 marketing support is extended to 11/1/10.
thank you so much for your help!
Oct 01, 2010 (7:03 pm)
Hi Carman...do you know what the residual and money factor are for a 2011 Touring, 15k miles per year, 36 months? I drove one today, and loved it. My lease on my SUV isn't up for 60 days so I am hoping to wait the new release out pricing wise a bit.
#2171 of 2988 Re: Escape lease [rtadams]
Oct 04, 2010 (2:35 am)
You're very welcome, rtadams.
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