- #843 of 1835
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Re: 07 Odyssey Touring w/RES & NAV Best Leasing Deal [horacej]
by Car_man HOST
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Nov 14, 2007 (3:28 am)
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Replying to: horacej (Oct 15, 2007 4:37 pm)
Here's the information that you're looking for, horacej. Honda is no longer providing lease support on the 2007 Odyssey. As a result, if you want to lease one through Honda Finance you will have to use its standard lease program. Honda Finance's current buy rate lease money factor for 36 month leases is .00270 for consumers who qualify for its top credit tier and pay a security deposit at lease signing. Honda Finance's current 36 month, 12,000 mile per year residual value for the 2007 Odyssey Touring with RES and Navigation is 51%. The lack of lease support on this van is annoying, but at least it means that you can take advantage of the $2,000 dealer cash that is currently available on it. Make sure to use this cash to negotiate an attractive capitalized cost for your lease.
As far as the deal that you were quoted goes, $4,000 is way too much money to put down on a lease. I always advise consumers not to make down payments on leased vehicles. Those who make large down payments risk losing part or all of them if their vehicle is totaled in an accident or stolen and never recovered. You would be better off going with a zero down lease.
It is difficult for me to say how good a deal this is without knowing the MSRP and selling price of the model that you want. Let me know what these numbers are and I'll tell you what I think.
Car_man
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- #844 of 1835
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Re: Signed, sealed, delivered [tclanton]
by Car_man HOST
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Nov 14, 2007 (3:29 am)
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Replying to: tclanton (Oct 17, 2007 3:19 am)
Congratulations on getting your new Odyssey, tclanton. Thanks for taking the time to stop back and share the details of your lease with everyone. Don't forget to stop by the new Dealer Ratings & Reviews section of Edmunds.com to share your thoughts on your recent dealer experience with everyone. Enjoy your new van  .
Car_man
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- #845 of 1835
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Re: EX-L Nav & Res Fair Deal ? [macsnjets]
by Car_man HOST
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Nov 14, 2007 (3:35 am)
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Replying to: macsnjets (Oct 23, 2007 1:01 pm)
You are correct, macsnjets. The special lease program that Honda was running on the 2007 Odyssey in October was not compatible with its $2,000 dealer cash. As a result, the $500 under dealer invoice that you were quoted for a lease of this model last month was an excellent deal. In November, Honda pulled the plug on its lease support for the '07 Odyssey so now consumers can take advantage of the two grand.
Car_man
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- #846 of 1835
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Re: Good deal or not - EXL - Miami [robby1234]
by Car_man HOST
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Nov 14, 2007 (3:47 am)
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Replying to: robby1234 (Oct 26, 2007 4:11 pm)
Hi robby1234. The dealer invoice price of the Odyssey that you are interested in is $28,794, so the selling price that you are interested in is around $400 under invoice...which is a very good deal. Of course, this has all changed for the month of November. Honda is no longer providing lease support on the 2007 Odyssey. As a result, you will have to use its standard lease money factor to lease one through Honda Finance. On the plus side, you can use the $2,000 dealer cash that is available on this van to negotiate a much lower capitalized cost for your lease.
Car_man
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- #847 of 1835
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Re: Quoted Lease in NC on 2007 EX-L w/ RES [alfstinky1]
by Car_man HOST
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Nov 14, 2007 (3:56 am)
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Replying to: alfstinky1 (Oct 30, 2007 12:27 pm)
Hello alfstinky1. You never mentioned how long you want to lease, so for now I will assume that you are interested in a 36 month lease. Let me know if you want something different. In November, Honda Finance's buy rate lease money factor and residual value for a 36 month lease of a 2007 Honda Odyssey EX-L with the Entertainment system and 12,000 miles per year are .00270 and 51%, respectively for consumers who qualify for its top credit tier and pay a security deposit at lease signing. When negotiating your lease on this van, make sure to take the $2,000 dealer cash that Honda is providing on it into account.
Car_man
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- #848 of 1835
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Re: looking to lease 2007 Odyssey ex-l [marc27]
by Car_man HOST
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Nov 14, 2007 (4:01 am)
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Replying to: marc27 (Nov 13, 2007 1:49 pm)
Hi marc27. The problem with leasing this late in the model year is that Honda is no longer providing lease support on the 2007 Odyssey. Not only that, but vehicles' residual values (which are used to calculate the depreciation portion of your lease) gradually decrease as the model year progresses. This late in the model year, the residual values of 2007 models have fallen to the point that in many instances it is actually less expensive to lease a 2008 model than it is to lease a leftover one.
Car_man
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- #849 of 1835
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Re: looking to lease 2007 Odyssey ex-l [Car_man]
by marc27
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Nov 14, 2007 (7:50 am)
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Replying to: Car_man (Nov 14, 2007 4:01 am)
Car_man,
The same way that the residual is dropping, shouldn't the sale price be dropping as well?
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- #850 of 1835
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Re: looking to lease 2007 Odyssey ex-l [marc27]
by aluecker
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Nov 14, 2007 (2:52 pm)
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Replying to: marc27 (Nov 14, 2007 7:50 am)
marc27, i'm also in the philly area (but the other side of the river.
the best quote i've gotten today on the 2007 odyssey ex-l with res is 28,199. i'm also trying to get a lease, but with the lease program over, the monthly payments are coming back high. i'm using the numbers carman is providing to negotiate.
the dealer that quoted me 28,199 is also quoting me $537 per month with $2,000 down. something's not right.
i'd love some more info about which dealer you're working with if you're willing to share.
thanks.
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- #851 of 1835
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Re: looking to lease 2007 Odyssey ex-l [aluecker]
by aluecker
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Nov 14, 2007 (6:54 pm)
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Replying to: aluecker (Nov 14, 2007 2:52 pm)
carman -
clarification on the 07 lease details...
i've spoken to 3 dealers today and all are telling me that the res % is 49, not 51 as you are stating.
could you follow up on this and tell me where the discrepency might be?
thanks.
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- #852 of 1835
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Re: looking to lease 2007 Odyssey ex-l [marc27]
by Car_man HOST
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Nov 15, 2007 (2:28 am)
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Replying to: marc27 (Nov 14, 2007 7:50 am)
You're right, marc27. Dealers are usually willing to provide larger discounts on vehicles at the end of the model year, but it's not like were talking about going from full MSRP at the beginning of the model year to several thousand dollars under at the end. Most dealers are willing to provide decent discounts on models like the Odyssey fairly early in the model year. The drop in residual values has much more impact upon vehicles' lease payments than the small price advantage that leasing at the end of the model year provides.
Car_man
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