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Honda Odyssey, Car Leasing, Van
#2641 of 2988 Need help, quickly! I think I am being taken advantage of....
Apr 26, 2012 (4:50 am)
I am in Rochester, NY. I am looking to lease a new 2012 Odyssey, LX in Smokey Topaz. I have a 2006 Honda CRV EX to trade, with 106,000 miles and I owe $3,923. (this was a previous lease buyout from the same dealer I am working with for the Odyssey) Here is what they are telling me, and I will try my best to explain as I am still trying to wrap my arms around the terms:
Cap Cost is $32,995
(price of van at $32,455 plus $595 acq fee and $75 DMV fee)
Cap Cost reduction of $4,874
(they are offering me $9,800 allowance for my trade - minus what I owe and using a portion for taxes and "other fees" which they say total around $1,315.) I am confused here as the numbers don't seem to add up.
Nothing out of my pocket, and Honda will pay the first payment.
This is for a 15,000 mile a year lease. They say the residual value is $18,823. They are "throwing in" the cargo tray and all weather mats.
Payments will be $312 a month for 36 (really 35) months. There is a good chance I will buy it out in the end.
I think I need to negotiate the base price of the car, because they are charging me MSRP. I don't know how to do this, and I am a woman, single mom to three kids, including newborn twins - I just really feel like I am being taken for a ride. I am questioning them about the numbers and they seem very fuzzy about it all. I don't know what to do. I want the van, but I feel like I am not getting full value of my CRV, plus they are charging me full price for the van. I called another dealership and they said it was a good deal, but I am not convinced.
The adverstised deal they are offering is $287 a month for the EX with a $12,000 mile 36 month close end lease. $1,500 trade or cash down, fees, first payment, taxes due at signing. Honda pays first payment.
Any suggestions?? The current deal ends by Monday, and I want to make a decision today or tomorrow.
Thank you for your help!
#2642 of 2988 Re: Need help, quickly! I think I am being taken advantage of.... [justmeplus3]
Apr 26, 2012 (10:04 am)
First of all, these numbers match an EX and not an LX. Assuming that is what you are getting, here is what you need to do.
(1) Start afresh. Do not follow through with this deal.
(2) Go to cars.com and contact dealers in your area. The reason i prefer third party site is you can send a message to the dealer whereas from honda's website, you cannot send a message to the dealer and that puts the ball on dealers' court to play in their favor.
(3) In the message, state you want an EX in the specific color and you are willing to pay xxx. The amount should be Invoice minus at a minumum $1000 to account for factory rebate. Others here have done much better than this but that will require negotiation skills.
(4) In the message, do not mention trade or first payment credit. Just get them to agree on the price.
(5) Once the price is agreed, mention your trade and tell them exactly what you want for it.
(6) Once the trade is agreed, then mention that you want to lease and give them the money factor you want them to give you. Money factor is published here on this forum.
It is approaching end of month so there will be extra incentive for dealers to meet your price. Don't stress over this and enjoy this experience. Remember, if you ever feel the dealer has the upper hand in the transaction, just start again with new dealer.
Hope this helps.
#2643 of 2988 Re: Need help, quickly! I think I am being taken advantage of.... [coupedncal]
Apr 26, 2012 (2:43 pm)
It does, thanks. It is an EX, I made a typo. Can I ensure that cars.com won't contact the same dealer? Where on the forum can I find the money factor?
And - for my trade, at what point do I mention that I owe money on it?? After they agree on a trade price for me?
#2644 of 2988 Re: Need help, quickly! I think I am being taken advantage of.... [justmeplus3]
Apr 26, 2012 (3:19 pm)
Cars.com actually work the same way as honda website. You pick the dealer to contact. Except as I stated, on cars.com you can actually type a message whereas on honda website, you can only provide your contact info. the message from cars.com goes to dealers' internet dept so you skip all the games that salespeople on the floor play. And you also can get a lower price this way as internet dept sells more cars and they expect to make less commission per car. That's what i have heard and this came to be true when we bought an Ody a month ago.
As for trade, you should mention the loan balance once you have settled on the purchase price and you have moved on to trade pricing negotiation.
Lastly, i am hopeful others here can chime in on money factor for April. Ours was bought in March so it won't be applicable any more.
#2645 of 2988 Honda odyssey EX-L with RES 2012 in east bay,CA
Apr 27, 2012 (7:29 am)
This is the first time I am going to lease a car and try to do things correct.
Here the details I have so far. I went to 2 dealership and there were difference between them, one told me $437 and the other $ 380 a month. Yesterday I found this forum and I hope someone can help me.
I am looking for 2012 Odyssey EX-L with these terms:
1. $5000 down payment
2. 36 month lease & 12k/yr
I would like to know how much should I be paying a month all included, I believe I need to know the fees, Money Factor and Residual value, the tax is 8.75%/
I really appreciate is there anywhere online or someone can get me the information.
if anyone has leased something like this, would you be kind enough to post up your figures?
#2646 of 2988 Re: Honda odyssey EX-L with RES 2012 in east bay,CA [elcaporale]
Apr 27, 2012 (9:22 am)
Your best bet is to negotiate a selling price first and find out money factor (interest rate) you will qualify for. Once you have that, go to this site and plug in your numbers to get your monthly payment.
Your payment should be within $5-$10 of what this site tells you. It likely won't be exact because dealer puts in misc charges that you don't find out about until the day of sale.. tire disposal fee, etc.
#2647 of 2988 Re: Honda odyssey EX-L with RES 2012 in east bay,CA [coupedncal]
Apr 27, 2012 (1:01 pm)
Thanks coupedncal. I will start as you mentioned.
#2648 of 2988 honda odyssey ex lease 479+1000 down
Apr 28, 2012 (12:54 pm)
Offer was 525 0 down. Tradein is 07 Saturn aura ex w/115k, we owe 11400 still. Or 479 with 1000 down. This suppsed to be best deal they will do by Monday only. What you think?
#2649 of 2988 Re: Need help, quickly! I think I am being taken advantage of.... [coupedncal]
Apr 28, 2012 (1:26 pm)
Hi - just wanted to give you a big THANKS and an update...
I bailed on the first dealer and started over. They gave me a hard time doing that, tried to come back and offer me $30,695 for the van, but then changed the allowance for my trade to $7,500!! That made the monthly payment exactly the same, but they tried to make it sound like they were discounting the van as a favor. AND - made me feel guilty for asking for the mats/tray!! "that is money out of our pockets that we are giving you, you won't find a better deal elsewhere, blah blah"
Did exactly what you said to do, and this is what I ended up with:
Odyssey EX with cargo tray and all weather mats
Selling price of $29,000 (This was my initial offer to them, and I probably should have gone lower......but for my area I believe this is a great price)
They gave me $10,000 for my CRV, paid off the $3900 I owed.
Nothing out of my pocket - $226 a month, 36 months, 15K a year.
No haggling at all, super nice dealer, and it was a fantastic experience.
It still blows my mind how the other dealer treated me and how I ended up with the same exact van for $3,500 less and more money for my trade, and my payments are almost $100 less per month!! I used leaseguide.com, edmunds, and trucar for my reference numbers. I am very happy. Thanks again!!
#2650 of 2988 Re: Honda odyssey EX-L with RES 2012 in east bay,CA [coupedncal]
Apr 28, 2012 (7:09 pm)
This is what I finally got after hours of negotiation:
MRSP: 37455, BASE CAPT COST: 32943, COST: 1927, CAP COST REDUCTION: 4677 (2750 for a 2001 ODYSSEY-EX VAN + down payment of the difference), ADJUSTED CAP COST: 29538, RESIDUAL: 20880, MONEY FACTOR: 0.00115, TERM 36 MO/12K, TAX: 8.75% (too bad)
Monthly lease: 298.5 + TAX
What do you think ? I believe I made a good deal for the EX-L with RES and just got it home