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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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I am looking to lease a 2006 Honda Oddessy Touring with NAV and DVD in NJ. The msrp is $39,345. We need 15,000 miles per year included. We only visited one local dealer and were quoted $589 per month on a no money down 36 month lease. I'm not sure if that includes taxes. I also did not ask what the inception payment is. Is this in the ballpark? What do you think the best we will do is? |
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You're welcome sesarj. The money factor for a 36 month lease with only 12,000 miles per year would still be the same, but the residual value for a 12k lease is 2% higher than the residual for a 15k lease. Car_man Host Smart Shopper / Prices Paid Forums |
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No problem cliff1371. The selling price and lease money factor that you were quoted for this van look great. I personally wouldn't have put so much money down, but other than that this looks like a very good deal. I am glad that you were able to negotiate an offer that is so much more attractive than the other quote you were given earlier. Car_man Host Smart Shopper / Prices Paid Forums |
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Greetings freedy. Let's work up a lease payment on the van that you are interested in and see what we come up with. According to my calculations, if you were to lease a 2006 Honda Odyssey EL-X with DVD with an MSRP of $32,945 and a capitalized cost of $30,041 through Honda Finance right now for 24 months with 12,000 miles per year, its zero down, pre-tax monthly payment should be around $538. The payment for an otherwise identical 30 month lease should be around $517. The payment for an otherwise identical 36 month lease should be $405. As you can see, the 36 month lease program for this model is WAY better than the 24 and 30 month programs. If you were to lease with 15,000 miles per year, the 36 month payment would increase to around $421. For the 36 month term, I used a money factor of .00255, a 12k residual value of 61%, and a 15k residual of 59%. This factor is much better than the .00370 that you would have to use for a 24 or 30 month lease of this van. Car_man Host Smart Shopper / Prices Paid Forums
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Sesarj, Honda Finance's current 36 month buy rate lease money factor for consumers who qualify for its top credit tier and pay a security deposit is .00245. If you opt to have your vehicle's security deposit waived, the base factor increases to .00255. If you do not qualify for Honda Finance's "Super Preferred" credit tier, the factor would be a little higher than that. Car_man Host Smart Shopper / Prices Paid Forums
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Happy Halloween formercdguy. You never mentioned the selling price of the van that you are interested in leasing. This is an important number 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 the price of the Odyssey that you want to lease you don't know how good a price you are getting it for. The second reason is that one needs the selling price of a vehicle that they want to lease is that it is necessary to calculate its lease payment. I would be more than happy to give you my opinion on the payment that you were quoted and even calculate what your payment should be like on this van using Honda Finance's actual lease program if you let me know what its selling price is. Car_man Host Smart Shopper / Prices Paid Forums |
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Replying to: Car_man (Oct 31, 2005 9:54 am)
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Ok, I went to my dealership and signed a tentative deal, but only but a very small amount down ($80 - don't laugh,its all I had, no actual plans that night to "seal a deal" I wanted the van but was still just looking...) Here's what I have going. I currently drive a 2002 GMC Envoy SLE. I owe $13,500 still on this vehicle. I went to the Honda dealership with the goal of spending no more than $400/month.for a loan or lease. I am putting NO downpayment down on the LX. The trade in value that the HOnda dealer quoted me was only for $11,000 for the Envoy. The ending situation I left with was the following. THey will take the Envoy from me, and pay off the remaining loan amount. I am putting NO more money down as a down payment, but need to pay 1st month and NY taxes at delivery (total 1748 - $80). No security dep either. The monthly payment that they got it down to is $394. Money factor was .00245. Its a 42 month lease, I can't remember right now if it was 12 or 15K a year. I normally wouldn't even put 12K on car in a year. I think this is a good deal because I have NO money to put into it, besides that 1st month payment and taxes, (which they can't control.) and, they are dealing with the Envoy. My payment for the 2002 Envoy is $400 right now. I am walking away with a better vehicle for less $$ a month ( I know the $1748 DOES count in the long run) and less headache at the end of the lease as opposed to keeping a loan for a 2002 Envoy. I know $394 is probably a LOT for an LX, but I am coming in with a sort of negative equity from that Envoy. Should I continue with this deal? I feel good about it but you guys know the way it really works. Thanks so much
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Good evening. I am looking to lease an '06 Touring with NAV in Queens/Brooklyn/Long Island area if possible. What is a good price for 36 months/12k year/zero down/first month, DMV and out the door with taxes included with no additional fees? I went to Hillside and Paragon in Queens, both dealer were jammed with people and both quoted prices in $620/$640 range, and I am a repeat Ody customer of both. I got a letter from HFAC that I am pre-approved for a $37k lease with them so I guess my credit and history is good with HFAC. I was thinking that $580 range was good. Is that too little or too much or just right. Please let me know. BTW, this would be my 3rd Ody. 1st was '00 LX at above terms for $400/month. Current, which expires next month, is '03 EXL-RES at above terms for $450 month. Thanks.
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I am negotiating an odyssey EX-L w/ Res in Los Angeles. The dealer price is to be 29,796. He told me that they just got new money factors on 11/2. now it's .00265 w deposit and .00275 w/o. Is this correct? Thanks
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