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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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Replying to: Car_man (Sep 13, 2005 2:16 am) Thanks
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Replying to: dpav (Sep 13, 2005 3:52 pm) Given what one can get a car loan from a credit union, I think 6% is too high. But that's just me. Some banks are charging a lot more than that. |
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You're very welcome mi_sat. Most manufacturers' standard finance and lease rates are not very attractive. Honda doesn't need to provide low interest rates on the Odyssey because it sells well enough on its own. Financing this van through an independent bank is not a bad idea. Car_man Host Smart Shopper / Prices Paid Forums |
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Dpav, leases' mileage allowances have no impact upon their money factors. Honda finance's standard money factors are exactly the same for 36 and 39 month leases right now, .00255. Its standard factor drops slightly, to .00235, for 42 and 48 month terms. Car_man Host Smart Shopper / Prices Paid Forums
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Replying to: Car_man (Sep 15, 2005 3:22 am) What is the residual on a 36 mo lease EX-L thru Honda Finance (or other bank that you have access to) ? Have you seen anything yet ? Thanks
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Replying to: dpav (Sep 15, 2005 3:01 pm) Not many banks leasing -- at least that I am aware of. |
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Replying to: Car_man (Aug 31, 2005 3:06 am) |
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Do you know the current Base MF, Base Acq Fee and residual for a maxed out 06 Touring Odyssey for 36 mos  15,000 per year? Thanks. |
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You're welcome dpav. If you were to lease a 2005 Honda Odyssey EX-L (non-Touring and without the entertainment or navigation systems) though Honda Finance for 36 months with 15,000 miles per year, its buy rate lease money factor and residual value should currently be .00255 and 55%, respectively. Car_man Host Smart Shopper / Prices Paid Forums |
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Hello wfmud1977. I am sorry to say that it is usually fairly expensive to get out of leases well before their scheduled end dates. In order to do so, you need to purchase the vehicle that you are currently leasing from the bank that you are leasing it through. It often turns out that it costs more to do so than your vehicle is worth on the open market. Furthermore, many banks expect consumers who end their leases early to still make all, or at least the depreciation portion of their remaining lease payments. As you can see, this can get very expensive. You can determine approximately how much it will cost you to get out of your current lease by comparing its purchase price to its value on the open market at this time. You should place a call to the bank that you are leasing your vehicle through to find out its exact price. Once you know exactly how much money it is going to cost you to buy your leased vehicle you need to compare it to its current value on the open market. You can find out approximately what your vehicle is worth by looking up its Edmunds.com True Market Value in the Used Vehicle Pricing section of this site. You also may want to stop by the following discussion: "Real-World Trade-In Values". One of our most knowledgeable community members, Terry, frequents that discussion and he is often kind enough to give community members who give him an accurate description of their vehicles with his opinion on their value. Don't forget to check to see if you are still on the hook for your remaining lease payments. The difference between your leased vehicle's current value and how much it will cost you to buy it plus any remaining lease payments that you are obligated to pay will equal the cost of getting out of your lease right now. You may find that you are better off waiting until you are closer to the scheduled end of your lease to get another new vehicle. Car_man Host Smart Shopper / Prices Paid Forums |
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