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Prices Paid: Buying & Leasing Experiences Honda Odyssey Lease Questions
1838 messages, Last post on Dec 08, 2009 at 3:51 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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I’m trying to use the lease calculators widely available on the internet but I have some questions and I’m hoping that someone with knowledge can help me… Let’s assume this scenario $33,810 MSRP $29,690 Sales Price (Includes destination charge) $ 1,930 Tax (Florida) $ 200 Tag / Title $ 55 Doc. Fee 1) What should I use as my Base Capitalized Cost? 2) What should I use as my Adjusted Capitalized Cost? 3) Any down payment should be subtracted from the Adjusted Capitalized Cost? Thanks a lot!!!
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Replying to: colo232 (Jan 11, 2008 10:52 am) 1) What should I use as my Base Capitalized Cost? The selling price 2) What should I use as my Adjusted Capitalized Cost? Selling price + $595 acquisition fee 3) Any down payment should be subtracted from the Adjusted Capitalized Cost? Yes, if it is actually a capitalized cost reduction... Don't subtract money due upfront for 1st payment, security deposit, title fees, etc.. Once you have a payment, apply the Florida tax rate to the payment amount. Hope that helps, kyfdx |
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Replying to: colo232 (Jan 11, 2008 10:52 am) You use net cap cost to figure the cost of the lease payments along with the lease term, residual and money factor. Where P = monthly payment, C = net cap cost, R = residual, T = term in months, and M = money factor. P = ((C-R) / T) + ((C+R) * M) The current lease promo on the Ody LX is 0.00113 and 59% residual. So if you look at the LX the MSRP is $23,370, the net cap (for this deal) is $23,370, and the residual is $15,632 . The term is 36 months. So using the formula: P = (($23,370 - $15,632) / 36) + ($23,370 + $15,632) * 0.00113) which should result in a payment of $259 per month. In your case, I don't know what the residual and MF numbers are for the Ody you are looking at. Once you get them, you take your purchase price and add the $595 lease acquisition fee (bank fee), the tags, dealers, fees, etc then take off any money you are putting down at signing - this can include cash or trade equity. This is your net cap cost. You run the numbers and get the payment. A security deposit is also required unless you are a current AHFC lease holder or pay a higher MF to have it waived. This the payment rounded up to the nearest $25 increment. So if your payment comes out $301 then your deposit is $325. If you choose to roll that into the lease, you adjust the cap cost and refigure the payment. One thing to note, as far as I know Florida taxes a lease on the monthly payment and no tax is paid up front. So you would calculate your payment w/o tax then add the correct amount to the payment to get your actual net payment. The rate varies by city/county so you have to account for that. Dennis |
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Residual values are calculated from the … a) MSRP $32,210 57% = $19,272 b) Base capitalized Cost Selling price $29,690 57% = $16,923 EX-L / RES Money factor is 0.00228 with 57% residual. I’m planning in $2,000 total out of pocket at sign in.
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Replying to: colo232 (Jan 11, 2008 1:04 pm) Always from MSRP |
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Replying to: colo232 (Jan 11, 2008 1:04 pm) You state in one place "$33,810 MSRP $29,690 Sales price" and now you say $32,210 MSRP - the MSRP on an 08 EX-L DVD RES is $34,445 including destination. I will assume you are talking about an 08 EX-L DVD RES, so 57% of MSRP is $19,633.65. If I plug this into a lease calc along with $29,690 (what you said your selling price was including destination) and 36 months and the 0.00228 MF you state then I get $391.80 per month plus tax with the $595 bank fee, security deposit, first month's payment, and TTL due at signing. Note that your sale price is well under the $31,246 invoice price. There is $1,000 in dealer money on the 08 Ody but Edmunds notes "Dealer Cash cannot be combined with the 2008 Odyssey special AHFC lease/purchase plan". So if you get the cheap lease deal the dealer does not get the $1,000 cash. Now your 0.00228 MF is not what I would call "real cheap" but it is below the standard lease rate of 0.00270 or 0.00275 that Honda gets for standard rates. So I would assume your dealer would not get the $1,000 cash if you lease so your selling price could be higher. Dennis |
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Replying to: nick_metro (Jan 07, 2008 1:37 pm) Here is what I got. MSRP: 29555 Cap Cost: 28127 (includes everything-all fees,1st pyment, etc, nothing due at signing..sign and drive) Residual: 17437 MF: 00113 36 months/12k Payments: $378.38 (tax included) I am also looking to see if this is a good deal. To me it looks like they are not giving you the correct MF. I think .00113 is the advertised special.
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Replying to: klong1 (Jan 11, 2008 7:26 pm) They don't show a special for the EX, so I don't know if the rates are the same or not. In the past, they have been - but that is no guarantee. If this is the correct rate, then it is a pretty good one (2.71% effective). The only other variable is the price. You show your cap cost with everything rolled in, what are you paying for the van including destination and any dealer fees? $26,864 is invoice and that would be a nice number to pay, if you can. Less is super, more not so good. Dennis
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Replying to: dwynne (Jan 11, 2008 8:08 pm) That is what I am trying to understand. He gave me a leasing cost of 27,187 which included 1st pymt,doc fee, and lic fee. He told me the sale price on the van was $26,000 plus the fees gave us the $27,187. We also opted for the Tint and splash option (We live in Arizona and you have to have dark tinted windows to survive). I had quotes from at least 6 different dealers and they all came in about $20-60 more per month.........Just trying to figure out if I should go with it. Thanks for responding.
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i am looking to lease a ex-l odyssey with RES 2008 with 36month/15k a year. crown honda in redding ca 777 down 451 a month. san leandro honda in bay area was 449 a month....now i am embarrased. i didnt ask how much san leandro wanted down(in my mind when i was talking to the salesman i assumed it was the same) and it is too late right now. but for you californians is 777 down and 451 a month competitive for an ex-l, color of my choice, with RES? thanks..i could go into the price and money factor but for a lease it is basically how much are you putting down and what is the monthly payment in terms of comparison of offers, no? thanks in advance
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