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Honda Odyssey, Car Leasing, Van
#2551 of 2988 Re: 2012 HONDA ODYSSEY TOURING LEASE [munch21043]
Oct 27, 2011 (1:53 pm)
I'm in VA so sales tax is 3.125% which I believe is on the whole vehicle. I have the lease in front of me which is not that clear, intentially I'm sure. The MSRP was $41990. Dealer added a couple of things plus a processing fees. They applied $3378 of "excess value" from the old car as cap cost reduction. Here are the numbers
Gross Cap Cost $45,118 (MSRP + 3378)
Cost Reduction $3378
Adjust cap Cost $41739
Residual value $23934
Depreciation and amortized Amount $17805
Rent Charge $3664
Monthly Payment $596.38
Total Payments $21469
Looking at it more closely, it seems the vehicle was sold at MSRP with a residual of .58. I think the MF was .00155
This may sound naive but I was only concerned about the out of pocket which was zero and the payment, which was lower than was paying on the 2010 Odyssey so I'm happy but I'm curious if this was a good deal or not.
The current advertised lease for the LX with 12k and no money down is $360 a month which still requires taxes, freight, fees etc. I figured about $15,000 total lease cost on a $29,000 vehicle. So a total lease cost of $21,000 for the $41,000 vehicle with 15K mileage seems about right. Any thoughts
#2552 of 2988 Re: 2012 HONDA ODYSSEY TOURING LEASE [dave1129]
Oct 27, 2011 (9:22 pm)
Someone can obviously dissect your lease numbers and show you where you overpaid. But my advice is to not get into that and just enjoy your wheels and put this money you have saved to some good use.
#2553 of 2988 2012 EX-L with Navi lease
Oct 28, 2011 (6:51 am)
I have been quoted a monthly lease payment of $560.00 for a 2012 Odyssey EX-L with Navi. It also has a DVD added as an option. The negotiated price is around $39500 with a zero down (am trading in an Acura MDX but breaking even on that payoff amount and trade-in value), 61% residual and 0.0015 money factor. Mileage limit is 12k a year and the lease is a 36 month contract. Is that a good deal?? Should I hold back for a better deal?
#2554 of 2988 Re: 2012 Odyssey EXL with DVD, Touring, and Elite [munch21043]
Oct 28, 2011 (5:08 pm)
Just got back from dealer, quoting October rates for EXL w/ NO Nav and NO RES of:
#2555 of 2988 Re: 2012 Odyssey EXL with DVD, Touring, and Elite [foosman9469]
Oct 31, 2011 (5:39 am)
Got a 36 month lease. $3,100 down with total payment (including tax) at $379 a month. With 15,000 miles.
What do you think about this deal? Deal is done and if it is bad you wont hurt my feelings.
#2556 of 2988 Re: 2012 Odyssey EXL with DVD, Touring, and Elite [allazzerman]
Oct 31, 2011 (2:40 pm)
That's a great price you got. What was the MF and residual that they gave you? Also the agreed upon value of the vehicle.
The value for my lease (which I have to finalize) is
Value of car: $37400
Mileage limit: 12k/yr
Downpayment: $650 (trade in value)
Adding up Taxes (for TX) and fees, my monthly payments are coming to just over $550. They had initially quote me a monthly payment of $616 but I haggled with them and they brought it down to $550. Now I'm thinking I should have stuck for an even lower price.
Also, in TX for rent charge calculation, they add the adjusted capitalized cost and the estimated residual value and multiply that by the MF to get the monthly rent charge.... is this how it's done everywhere?? I was surprised that they add those two values up before multiplying by the MF
#2557 of 2988 Re: 2012 Odyssey EXL with DVD, Touring, and Elite [leasenoob]
Oct 31, 2011 (3:36 pm)
How much are they charging for the dvd add-on? Is it the same as the factory-installed units? And I'm confused by your numbers. In your first post you said the negotiated price was $39500. Was that the net capitalized cost, did it include taxes? In the 2nd post you have the value of the car at $37400. Assuming your MF and res are correct, I'd have to know the net cap cost, to compute your lease.
Haggling for monthly payments instead of the whole deal (and knowing every number) is playing right into the dealer's hands. They can massage a lot of the numbers to get a good-looking monthly payment while making the deal worse for you.
In any event, the trade-in throws your whole deal up in the air. It looks like you're getting a grand total of $650 for your trade-in? Is it really a trade-in or a lease return? If it's a lease return, the computations gets more complicated. If it's a pure trade-in, I'll give you $700 right now for your MDX sight unseen! You can run the numbers yourself, leaseguide.com will give you the basic terms and calculations. Good luck.
#2558 of 2988 Re: 2012 Odyssey EXL with DVD, Touring, and Elite [gene00]
Oct 31, 2011 (4:06 pm)
Thanks for the info gene. For starters that MDX is a lease return so sorry.... can't sell it to you for $700. And the $ amounts in the first email were approx. ones. The ones I entered in the second email are the ones from the lease doc:
Gross cap: $40311.68
Cap reduction: $659.24
Adjusted cap cost: $39,652.44
Rental charge: $3495.41
Upfront sales tax: $2274.45
MSRP was 37685 for base vehicle.
I'm going to the dealership right now. Hopefully, I'm not getting taken for a ride. I thought I was doing well compared to some other quotes here but then I read that last one for <$400 a month and was thinking yikes.
#2559 of 2988 Re: 2012 Odyssey EXL with DVD, Touring, and Elite [leasenoob]
Oct 31, 2011 (4:54 pm)
The reason I asked about the dvd is I need that number to add on to the MSRP. The MSRP should be something like 37685 + 1400 = 39085. The numbers you have here don't include anything for the dvd player, maybe the current model you're dealing on doesn't have it?
In any case, running the numbers that you gave gives a monthly payment of ~$557, which is paying full retail for the car and getting a free dvd player, or just paying full retail period (if no dvd). IHMO this deal (-dvd) could be had by walking into any dealer in the country. As I said before, it all depends on the lease trade-in. If they're doing you a favor on the lease trade, be happy. If they're profiting mightily off of it, at least you're making somebody happy
#2560 of 2988 Re: 2012 Odyssey EXL with DVD, Touring, and Elite [leasenoob]
Nov 01, 2011 (6:51 am)
The end price came to $33,050. Felt good about that but the sticker was $38,000 but those can always come down.